International Financial Reporting Standards

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What you will learn:

Participants in this seminar will gain an understanding of key International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) concepts for insurers, including accounting for financial assets and the valuation methods used for invested assets, as well as the accounting and reporting for insurance and investment contract liabilities. In addition, participants will receive updates to emerging guidance for financial instruments and insurance contracts. Frequent comparisons with U.S. GAAP will enable participants to identify the key differences between these two bases of accounting leading to an appreciation of IFRS implementation issues.

Please note this seminar would be beneficial for a Life or P&C insurer. A portion of the topics covered will be dedicated to long duration contracts.

Seminar Content:

• Evolution of IFRS and GAAP for insurance companies
• IASB history, structure, and key standards
• IFRS accounting for financial assets – invested assets
  • Valuation rules – recognition and measurement
  • Accounting for impairments
  • Required disclosures
• IFRS accounting for insurance contracts - phase I
• Survey of insurance product reporting under IFRS phase I
• IFRS accounting for insurance contracts - phase II
• Survey of the elements of an IFRS annual report
• Implementation issues

Who Should Attend:

Anyone who prepares, reviews, audits, or contributes to IFRS or GAAP financial statements today, or expects they will have to comply with the SEC Roadmap in the future. In addition, analysts, management or others seeking insight into the most significant drivers of IFRS financial results for insurers.

Prerequisites:

No advance preparation or prerequisite is required for this introduction to IFRS seminar. Those needing additional grounding in current U.S. GAAP also may want to attend GAAP 1: Fundamentals of GAAP for Life Insurance Companies and/or GAAP 2: Beyond the Fundamentals.

Class Times:

Class begins at 8:30 a.m. and ends at 5:00 p.m. on the first day and at 3:00 p.m. on the second day.

Estimated CPE Credit: 14.0 hours

Tuition: $1495

Upcoming seminar dates and locations:

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