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IASCA Holds ‘Insurance Contract’ Training Course for Berniq Airways
06-Jul-2022
CAIRO- The International Arab Society for Certified Accountants (IASCA), conducted a specialized training course entitled “The Accounting Treatment of Insurance Contracts in accordance with the IFRS” for a group of the Libyan Airways (Berniq) cadres, in Cairo - Egypt.
The course aimed at improving the cadres’ professional capabilities at Berniq by providing them the needed information to draft Insurance Contracts, where such information will be the basis for the decisions made by the users of the financial statements in evaluating the impact of insurance contracts on the financial position, financial performance, and cash flows of the institution.
During the training course, practical case studies from the airlines sector were presented, in terms of accounting and presentation of financial statements as well as their direct impact on data, systems, and operations, and most notably on the profitability of the airways sector.
Moreover, the challenges the airway companies face in the application of IFRS 17 were also addressed, especially since the application of the standard will cause a drastic change in the financial statements and the key performance indicators (KPIs) of insurance companies. IFRS 17 requires insurance companies to use updated estimates and assumptions that reflect updated relevant market information, the timing and amounts of cash flows and the uncertainty relating to insurance contracts.
At the end of the training course, certificates of attendance were given to participants who in turn expressed their gratitude for the course’s topics that match their practical needs and requirements.
It is worth mentioning that Berniq Airways was established in 2018. It is a private airline based at Benghazi Benina International Airport, in Benghazi - Libya.