BIBF holds executive masterclass on IFRS-17 updates for Chief Executives, senior insurance officials

Manama, April 26 (BNA): The Bahrain Institute of Banking and Financial Studies (BIBF), the region’s premier training and development provider, in cooperation with Lux Actuaries and Consultants, held the first session on IFRS-17 standards, titled “Operational. Impact and Implementation Plans” directed at CEOs 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 BIBF’s commitment to supporting the insurance sector to ensure proper implementation of standards. Which is expected to have a critical impact on the operations and financial statements of insurance companies.

The session comes within the framework of the agreement recently signed with Lux Actuaries and Consultants, to provide training programs for insurance companies in Bahrain and the region, and to help ensure the sector’s readiness for how to implement these standards.

The program also aims to raise awareness and collaboratively provide training solutions for IFRS-17 standards and their impact on insurance companies’ financial statements.

The course is in line with the initiatives of the International Finance Fund to support the insurance sector, with the first set of training courses designed to meet the needs of members of the board of directors and executive management of insurance companies and to assist decision makers in leading their organizations through these changes by providing appropriate resources. Furthermore, other training courses will be launched to cover the detailed operational and financial aspects of IFRS 17.

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IFRS 17 is an international financial reporting standard issued by the International Accounting Standards Board in May 2017. It will replace IFRS 4 on the accounting for insurance contracts and will become effective on January 1, 2023. IFRS aims to No. 17 is to ensure that the institution provides the correct information that reflects these contracts, and to ensure that the entity provides the correct information that reflects these contracts, and this information is a basis for users of financial statements to assess the impact of insurance contracts on the entity’s financial position, financial performance and cash flows. .


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