IFRS 9 Financial Instruments Recognition and Measurement came into force for accounting periods beginning on or after 1st January 2018. Insurance companies however are allowed to postpone their application of IFRS 9 until they also apply IFRS 17 Insurance Contracts which will be for accounting periods beginning on or after 1st January 2022.

Our course starts with a brief overview of the framework applied by IFRS standards for accounting for financial instruments. This will set the context for the important changes in this area of accounting introduced by IFRS 9.

This is followed by:

  • an examination of the scope of the standard and definitions of financial instruments;
  • a consideration of the type of financial instruments commonly reported in the financial statements of insurers and their impacts on balance sheets and profit or loss;
  • a high level overview of the various financial instruments accounting topics and how they fit together;
  • a detailed examination of each of the main IFRS 9 topic areas, these being recognition and derecognition, and classification and measurement;
  • a brief review of the IFRS 7 disclosure regime.

The course then considers the extra regulations applicable to global systemically important banks (G-SIBs). This will involve a review of the Financial Stability Board’s TLAC standard for globally systemically important banks (G-SIBs)

Learning Objectives

  • Minimize the learning curve for getting up to speed on IFRS 9
  • Gain an appreciation the major technical differences between IAS 39 and IFRS 9 as applicable to insurance companies
  • Evaluate the significant impact of these differences through the use of real-world financial statements
  • Providing a framework for understanding how the Basel rules work in practice

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Skill Level: Beginner