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Mastering IFRS 17: Comprehensive Guide to Insurance Contract
Bestseller
Rating: 4.5 out of 5(88 ratings)
287 students

Mastering IFRS 17: Comprehensive Guide to Insurance Contract

Understand IFRS 17 in Depth: GMM, PAA, VFA, Reinsurance, CSM, and Practical Illustrations
Bestseller
Created byMurtaza Quaid
Last updated 1/2026
English
English [Auto],

What you'll learn

  • Understand the core objective and scope of IFRS 17.
  • Identify what constitutes an insurance contract and distinguish it from financial contracts.
  • Understand separation of non-insurance components from insurance contracts.
  • Learn how to aggregate insurance contracts into portfolios and groups.
  • Apply the General Measurement Model (GMM) to measure insurance contracts.
  • Analyze the concept of Contractual Service Margin (CSM), fulfilment cash flows, and risk adjustment.
  • Use the Premium Allocation Approach (PAA) for short-duration contracts.
  • Account for reinsurance contracts held and recognize gains/losses appropriately.
  • Implement the Variable Fee Approach (VFA) for contracts with direct participation features.
  • Explore practical illustrations and journal entries for each model.

Course content

5 sections • 16 lectures • 4h 42m total length

  • Introduction to IFRS 17: Insurance Contracts24:16

    Explore how the contractual service margin drives life cycle revenue recognition. See how risk, profitability, and timing shape contract grouping.

  • What is an Insurance Contract?36:46

    ifrs 17 defines insurance contract as an agreement that transfers significant insurance risk from the policyholder to the issuer, tied to an uncertain insured event and separate from financial risk.

  • Separating Non-Insurance Components from an Insurance Contract22:00

    Identify non-insurance components from an insurance contract under IFRS 17, applying distinctness tests to investment components, embedded derivatives, and additional services, with IFRS 9 or IFRS 15 as appropriate.

  • Level of Aggregation of Insurance Contracts14:36

    Identify portfolios by similar risk and management, then split each portfolio into onerous, no significant risk, and remaining groups for annual IFRS 17 cohorts.

  • Initial Recognition7:28

    Recognize IFRS 17 insurance contracts at the earliest of the coverage start, the first payment due, or onerous identification; recognize onerous contracts immediately and group contracts for recognition.

  • Overview of Measurement Models9:20

    Explore how IFRS 17 measures insurance contracts using the general measurement model as default, with premium allocation for short-term contracts and the variable fee approach for participation features, including reinsurance.

Requirements

  • Basic understanding of accounting and financial reporting concepts.
  • Familiarity with IFRS principles is helpful but not mandatory.
  • No actuarial background required — concepts are explained from an accountant’s perspective.

Description

IFRS 17: Insurance Contracts is one of the most transformative and complex standards introduced by the IASB, redefining how insurance contracts are recognized, measured, and disclosed. In this comprehensive course, you will master the entire framework of IFRS 17: Insurance Contracts through clear explanations, real-world examples, and step-by-step illustrations.

We begin by laying a strong foundation—explaining what qualifies as an insurance contract and how to identify insurance risk. From there, we move into the core measurement models:

1) The General Measurement Model (GMM), the standard approach applicable to most contracts.

2) The Premium Allocation Approach (PAA), a simplified model ideal for short-term contracts.

3) The Variable Fee Approach (VFA), applicable to contracts with direct participation features.

You’ll also learn about Contractual Service Margin (CSM), fulfilment cash flows, discounting, and risk adjustments, ensuring you grasp the technical intricacies.

The course also covers Reinsurance contracts held, separation of non-insurance components, level of aggregation, and annual cohorts. Each topic is supported by journal entries, real-life examples, and practical illustrations—making complex concepts easy to digest.

Whether you're an accounting student, a financial reporting professional in the insurance industry, or an auditor, this course gives you the tools and clarity to navigate IFRS 17 with confidence.

Who this course is for:

  • ACCA, CA, and CPA students preparing for professional financial reporting exams.
  • Insurance company accountants, finance professionals, and auditors.
  • Professionals involved in financial reporting, actuarial services, and regulatory compliance.
  • Anyone interested in gaining a deep understanding of IFRS 17 and insurance contract accounting.

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