The BIBF Holds an Executive Masterclass on IFRS-17 Updates for Chief Executives and Senior Insurance Officials
April 26, 2022
The Bahrain Institute of Banking and Finance (BIBF), the region’s premiere training and development provider, in collaboration with Lux Actuaries and Consultants, held the first session on the IFRS-17 standards, entitled “Operational Impact and Implementation Plans” addressed to chief executives and senior officials of leading Insurance companies, in the presence of representatives from the Central Bank of Bahrain.
The session highlighted the main implications of IFRS-17 from a financial and operational perspective, including key resource management considerations, system structures and pilot operating schedules, and in line with the BIBF’s commitment to supporting the Insurance sector to ensure a proper implementation of the standards that are expected to have critical impact on the operations and the financials of insurance companies.
The session was delivered as part of the recent agreement signed with Lux Actuaries and Consultants, to provide training programmes to insurance companies in Bahrain and the region, and help ensure sector readiness on how these standards are applied.
The programme also aims to raise awareness and provide training solutions collaboratively for the IFRS-17 standards and its impact on the financial statements of insurance companies.
The session is in line with the International Finance Fund’s initiatives to support the Insurance sector, with the first set of training courses designed to accommodate the needs of board members and executive management of Insurance companies and assist decision-makers in leading their institutions through these changes by putting appropriate resources in place. Furthermore, other training courses will be launched to cover the detailed operational and financial aspects of IFRS-17.
IFRS-17 is an International Financial Reporting Standard issued by the International Accounting Standards Board in May 2017. It will replace IFRS 4 on accounting for insurance contracts and will take effect on January 1, 2023. IFRS-17 aims to ensure that the organisation provides correct information reflecting these contracts, and to ensure that the entity provides correct information that reflects these contracts, and this information is considered a base for users of financial statements to assess the impact of Insurance contracts on the entity’s financial position, financial performance and cash flows.