Technical Accountant: IFRS17

3 weeks ago


Centurion, South Africa Network Recruitment Full time
This organization is a market leader making waves in the insurance industry. The successful candidate will need to be well-rounded in implementing IFRS 17, and exposure therein, and be able to perform the day to day basic accounting functions for the business.

Duties and Responsibilities:
  • Group reporting
  • Regulations reporting
  • Budgets and forecast
  • Process income tax per client onto the general ledger
  • Pay reinsurers and submit reinsurance bordereaux
  • Prepare Balance Sheet reconciliations per client
IFRS 17:
  • Draft IFRS 17 position papers for insurance entities
  • IFRS 17 outlines specific accounting policy choices an entity is required to make to set its methodology
  • Premium allocation approach eligibility
  • Liability for Remaining Coverage (LFRC) adjusted for financial risk and time value of money where a significant financing component exists
  • Liability for Incurred Claims (LIC) adjusted for time value of money and financial risk where claim settlement delays exceed one year
  • Presentation & Disclosure: Disaggregation of Insurance finance income and expense (P/L vs OCI)
  • Recognition of acquisition cash flows (expense vs capitalise)
  • Presentation & Disclosure: Determine the reporting frequency
  • Risk adjustment: Disaggregation of risk adjustment (Insurance service result vs insurance finance income or expenses)
  • Reinsurance: Presentation of income / expenses from reinsurance contracts held (present gross vs net)
  • Identification and classification: Fixed fee service contracts

Skills and Qualifications:
  • CA(SA)
  • 2 years of experience from an insurance space is essential
  • Advanced Excel knowledge


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