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The International Financial Reporting for Insurers (IFRI) Certificate Program was introduced in November 2020 by the Society of Actuaries (SOA). Developed through a joint effort that included a Big Four accounting firm, SOA staff and a project oversight group made up of actuaries and accountants, the program was created in response to the International Accounting Standard Board’s issuance of International Financial Reporting Standard (IFRS) 17 Insurance Contracts. This standard is effective for reporting periods beginning on or after Jan. 1, 2023, in most countries. A total of 250 people have participated in the SOA’s certificate program through March 2022.
The IFRI Certificate Program is intended for actuaries, or those working with actuaries, in international or multinational insurance firms—from transition teams to those with ongoing reporting responsibilities who want to gain in-depth knowledge of the IFRS standards applicable to insurance with an emphasis on IFRS 17 Insurance Contracts.
This five-month program uses commentary, illustrative examples, exercises and assessments in both self-directed and interactive learning experiences.
The certificate program has six e-Learning modules with self-assessments that measure understanding and reinforce concepts and learning.
- Basic Concepts of IFRS Standards
- The General Measurement Model
- Variations on the General Measurement Model and Key Financial Statement Items for All Models
- Accounting Policies, Presentation and Disclosures
- Application and Implementation of IFRS Upon Transition to IFRS 17
- Actuarial Financial Reporting Process
The program features a private discussion platform to engage with and learn from fellow participants. A past participant of the program said: “Everyone was able to participate and offer their input. The diversity in the background of the participants also helped me view issues from a fresh perspective.”
There are two half-day interactive, instructor-led virtual seminars. A past participant said, “It is a super comprehensive, well-designed course that is taught by some of the best actuarial leaders in IFRS.”
There is a “take-home” assessment to demonstrate understanding of the material. These final assessments are graded on a pass-fail basis.
Flexible to Meet Your Needs
Participants can choose their preferred level of participation in the program:
- e-Learning modules only
- e-Learning modules plus virtual seminars
- e-Learning modules, virtual seminars and final assessment
Participants must pass the final assessment to receive a certificate for the program.
A past participant noted: “This program helped me to understand all the main aspects of IFRS 17 (and other IFRS standards relevant to the business of an insurer) in a formal and systemic way. It enhanced my practical understanding by helping me to connect the missing links that I had when I read the standard alone.”
Statements of fact and opinions expressed herein are those of the individual authors and are not necessarily those of the Society of Actuaries or the respective authors’ employers.
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