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IFRS 17Workpapers (Step 4 of 5)

Workpaper assignment

Step 4 of 5
Mission · workpaperWorkpaper · IFRS 17L4 · Expert

Documents

Company profile and case conventions

Memo

Company profile and case conventions

Voyalis Assurances SA (fictitious entity) closes its accounts on 31 December 20X6, in EUR. Case conventions (pedagogical assumptions, not attributed to IFRS 17): revenue of group P allocated over time; entity share of 10% of the returns of group R; quota share of 40% of the treaty; fair value and fulfilment cash flows at transition given by the case, fair value belonging to IFRS 13; the case does not deal with the measurement at fair value.

Insurance service result, insurance finance expense, choice of disaggregation into other comprehensive income and checklist for the reconciliation of the liability: Quota share reinsurance treaty

Premium allocation approach, variable fee approach, reinsurance held, modification, transition and disclosures

10 documents7 sections to document
0 / 4 sections completed
Guided mode

Section 1 of 7

Objective

In progress
Section brief
What to document
The engagement, its scope and the working mode chosen.
Why
A workpaper answers one precise question: framing it avoids off-topic work.
How
Read the objective and the assignment, then choose the mode (guided, semi-guided, professional).
Expected result
You know which question the workpaper must settle, and for which reporting date.
Your role
Preparer of the IFRS 17 workpaper
Level
Expert
Estimated time
≈ 75 min
Progress
0 / 3 steps done (review excluded)

Context

Voyalis Assurances SA (fictitious entity) closes its accounts on 31 December 20X6. It manages a group of one-year travel insurance contracts, a group of three-year contracts, a group of savings contracts with participation, a quota share reinsurance treaty, a modified contract and three groups at the transition to IFRS 17. You prepare the technical note for the chief financial officer.

Assignment

Insurance service result, reconciliation and reinsurance held

Purpose of the workpaper

Record the opening and closing balances, the insurance revenue, the claims and other expenses, the rate of the period and the choice of disaggregation of the finance expense. Compute the insurance service result and the finance expense of the period, record the entries, then prepare the checklist of the information, including the reconciliation of the liability (not computed by the template), and the conclusion. The choice of disaggregation and the amounts of the period are case data.

Questions of the file covered by this workpaper

  • Prepare the outline of the reconciliation of the liability and of the insurance service result of group P.
  • Reinsurance held: how is the treaty measured and which component appears for the onerous group S?

Documents in the file

Open the documents to pick out the relevant information.

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