EAA Web Session 

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In 2017, the IASB issued the new comprehensive insurance accounting standard IFRS 17, amendments followed in 2020. In addition to its general model, IFRS 17 introduces a modified approach, usually referred to as Variable Fee Approach (VFA), for a specific class of participating insurance contracts. Both the identification of such contracts and the application of the approach require a number of accounting decisions based on interpretations of the sophisticated criteria provided by IFRS 17.

During this web session, starting from the revenue recognition concepts of fee-based services, we will discuss the qualification criteria of IFRS 17 for the Variable Fee Approach (VFA), the approach to be applied for insurance contracts with direct participation features. Basis are certain contractual features, including the identification of the underlying items belonging to the contract. Further conditions need to be met to qualify insurer's share in the surplus as (variable) fee. Other contractual features like inheritance and mutualisation may add complexity to the measurement of the cash flows under a contract, and their effect is explained. Changes of the overall variable fee expected to be received under the insurance contracts influence the subsequent measurement of the Contractual Service Margin, the key difference of the VFA to the general model. The explanation of those differences will be the main part of the second session. 

Your early-bird registration fee is € 300.00 plus 19% VAT for bookings by 13 April 2022. After this date, the fee will be € 400.00 plus 19% VAT.

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Coming soon...

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Practical Machine Learning Applications in Finance and Insurance | 16 March 2022

CERA, Module D: ERM - Economic Capital | 23/24 March 2022

Communication for Actuaries | 28-31 March 2022

...and a lot more! Explore our website for more information or download our overview.

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actuarial-academy.com

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