Summary of the IFRS 17 test

The IFRS 17 Test is a comprehensive assessment designed to evaluate professionals' understanding and application of IFRS 17, the international standard for insurance contract reporting. This test is particularly suited for finance professionals, actuaries, compliance specialists, and analysts within the insurance and finance sectors. Covering critical areas such as actuarial techniques, financial and data analysis, regulatory compliance, and effective communication, the test ensures candidates possess the essential competencies for maintaining accurate, compliant financial reporting in line with IFRS 17 requirements.

This test assesses the candidate's ability to apply actuarial methodologies for valuing insurance contracts, managing risk, and calculating liabilities, as well as their grasp of IFRS 17 principles and standards. Candidates are required to demonstrate a thorough understanding of IFRS 17’s objectives, technical requirements, and its impact on financial statements. They are expected to interpret financial data, analyze adjustments specific to IFRS 17, and assess overall financial health in a compliant manner. Effective data analysis and management play a central role in IFRS 17, so the test also measures proficiency in data extraction, organization, and interpretation, ensuring candidates can handle and structure complex data sets for accurate reporting.

Additionally, this test examines candidates' ability to communicate complex financial and regulatory information clearly and work effectively within teams that manage IFRS 17 implementation and reporting. Communication skills are essential for explaining technical details, collaborating with cross-functional teams, and facilitating transparent reporting. Lastly, understanding the regulatory environment surrounding IFRS 17 is crucial, so the test covers compliance knowledge, risk mitigation, and navigating regulatory requirements effectively.

Covered skills

Actuarial Techniques
IFRS 17 Knowledge
Financial Analysis
Data Analysis and Management
Communication and Collaboration
Regulatory Compliance