Hello Everyone,
Please find the text of the Online Refresher Course – ‘Insight into Insurance Contracts Standard – Ind AS 117’ starting from 18.06.22 notification below –
Online Refresher Course – ‘Insight into Insurance Contracts Standard – Ind AS 117′ starting from 18.06.22
| Accounting Standards Board 31st May 2022 |
| Launching Online Refresher Course – ?Insight into Insurance Contracts Standard ? Ind AS 117? Organized by the Ind AS Implementation Committee of ICAI |
The Ind AS Implementation Committee of ICAI is pleased to announce the launch of online refresher course –
?Insight into Insurance Contracts Standard ? Ind AS 117?. For registration, kindly visit the link(s) below: –
https://learning.icai.org/committee/accounting-standards/refresher-course-iiic/indas117/
Total sessions ? 5 || Session Duration ? 3 hours per session (includes session break as decided by the faculty).
This course is for: –
- Members who have already completed or are currently undergoing the ?Certificate Course on Indian Accounting Standards (Ind AS)?.
- Members who have experience in Ind AS and would like to have some more understanding on the topic.
- Members who would like to quench their intellectual curiosity on Ind AS.
Session schedule, faculty details & timings: –
| Day | Topic | Date | Time | Faculty Name |
| Day 1 | ? Introduction and Background to Ind-AS 117 Insurance Contracts ? Objective and Scope of Ind-AS 117 (Why this Standard and When to apply this Standard?) ? Key Definitions, Concepts and Principles under Ind-AS 117 and how they apply ? How Ind-AS 117 is intended to improve financial reporting for insurance contracts ? Executive Summary and Overview of Ind-AS 117 (along with overview of the core concepts under Ind AS 117) ? What are Insurance Contracts, as contemplated under Ind-AS 117 – Insurance Risk – how different from Finance Risk – How to assess significant insurance risk? ? How to identify and separate various components of an insurance contract under Ind-AS 117 ? Situations when insurance contracts are to be combined ? Level of Aggregation (viz. Unit of Account) – for insurance contracts ? ‘Initial Recognition’ of Insurance Contracts under Ind-AS 117 ? Brief Overview and Outline of the Measurement approaches | 18th June 2022 (Saturday) | 10 am to 1 pm (IST) | CA. Anjani Khetan |
| under Ind-AS 117 Detailed discussions in subsequent sessions ? Relevant Examples and Case studies | ||||
| Day 2 | ? General Model (a.k.a. Building Block Model) under Ind AS 117 – Understand the General Model – Understand each of its components under the General Model –> Analysis of the components of insurance contract liability, viz. (a) Estimation of cash flows, (b) discount rates, (c) risk adjustment for non- financial risk and (d) contractual service margin – Apply the general model to basic insurance contracts (step- by-step, with example and case study) – Initial Recognition – Subsequent Measurement – Components of insurance revenue, insurance service expense, insurance finance expense and insurance contract liability – Explain CSM Calculation and how CSM is allocated to P&L ? Relevant Examples and Case studies | 19th June 2022 (Sunday) | 10 am to 1 pm (IST) | CA. Anjani Khetan |
| Day 3 | Contd. from Day 2 ? Accounting for Onerous Contracts and Loss Components – Initial Recognition & Subsequent Measurement ? Premium Allocation Approach (PAA) under Ind AS 117 – Applicability / Eligibility – when can one apply PAA – How PAA is different from General Model and what simplification are introduced by PAA – Initial Recognition and Measurement under PAA (explained step-by-step, with example and case study) – Subsequent Measurement under PAA (explained step-by- step, with example and case study) – Practical examples and case study – to gain a greater understanding of the PAA ? Variable Fee Approach under Ind AS 117 – When to apply VFA ? – Explain Variable Fee Approach – step-by-step, with example and case study ? Relevant Examples and Case studies | 25th June 2022 (Saturday) | 10 am to 1 pm (IST) | CA. Gaurav Dave |
| Day 4 | ? Modifications required to Ind AS 117 Measurement Approach … in respect of …. – Accounting for reinsurance contracts held under Ind AS 117 Introduce the approaches that Ind AS 117 permits for reporting the financial performance and financial position of reinsurance contracts held – Contracts with direct participation features – Contracts with discretionary participation features ? Accounting for Contract Modifications – Impact of modifications on financial statements ? Transfer and Derecognition of insurance contracts ? Relevant Examples and Case studies | 26th June 2022 (Sunday) | 10 am to 1 pm (IST) | CA. Keyur Parekh, Actuary Mr. Avdesh Gupta, Actuary |
| Day 5 | ? Business Impact, arising due to implementation of Ind AS 117 – Including new data requirements ? Transition requirements under Ind AS 117 – Explanation and illustration of various transition approaches under Ind AS 117 ? Presentation requirements in the primary financial statements under Ind AS 117 – apply the presentation requirements to a basic insurance contract – understand more on the reconciliations disclosed in the financial statements ? Detailed review of the disclosure requirements set out by Ind AS 117 ? Relevant Examples / Sample Illustrations | 2nd July 2022 (Saturday) | 10 am to 1 pm (IST) | CA Jayesh Pandit CA Mark Miller |
CPE ? 15 Structured || Cost ? Rs. 1500 + 18% GST (i.e., Rs. 1770/-).
It may be noted that physical copies of the books WILL NOT be provided with the course. PPTs and recorded sessions (post completion of LIVE sessions) shall be made available via the Digital Learning Hub (learning.icai.org) of ICAI.
Registration will be on ?first-come, first-serve basis?. In case refund/admission cancellation request has been received from the member for any reason, 10% of gross fee paid (inclusive of GST) will be deducted as per norms of ICAI. No refund request will be entertained after 17th June 2022. In case, batch has been cancelled by the Committee due to unavoidable circumstances, full fees will be refunded to the member by the Committee. In case of any query, kindly email kulashekhar@icai.in
With Warm Regards,
Chairman, Accounting Standards Board
Official Link of Online Refresher Course – ‘Insight into Insurance Contracts Standard – Ind AS 117’ starting from 18.06.22 can be accessed from below –
https://resource.cdn.icai.org/70563asb310522a.pdf
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