“As a NED for a listed insurer, the digital learning by Deloitte is a great way to demystify the complex technical requirements of IFRS17 and has enabled me to understand the practical implications of the requirements. This has been especially useful as we start to look at initial results coming from the financial reporting team”
After nearly 20 years of discussion, the International Accounting Standards Board (IASB) published IFRS 17 Insurance Contracts in May 2018, and then published additional revisions in June 2020. The new Standard is designed to achieve the goal of a consistent, principle-based accounting standard for insurance contracts. It requires insurance liabilities to be measured at a current fulfilment value and provides a more uniform measurement and presentation approach for all insurance contracts.
Transitioning to the new standard is creating significant changes for insurers, and diverse groups of disciplines within the organisation need to know more detail about IFRS 17 and its practical implications on the financial reporting process.
Deloitte has developed a comprehensive, interactive, and modular e-learning approach to give our clients’ teams the necessary practical understanding of the new standard. This forms a key component of the wider change management plan needed in IFRS 17 programmes.
Deloitte’s IFRS 17 digital training solution makes use of mixed media and interactive elements to engage the leaner with the technical content. It contains formative knowledge checks and formal assessments at the end of each module to validate knowledge gained and prove competency.
Hosting has been designed to respond to different training platform needs. The Deloitte IFRS 17 digital training can be deployed into clients’ learning management systems as part of their overall staff training programme; or hosted on the Deloitte learning platform where Deloitte will support user rights management and administration.