The Business Research and Training Center (BRTC) of the Faculty of Business Administration (FBA), University of Macau (UM) has concluded its 5th batch of International Financial Reporting Standards (IFRS) professional training. The sessions were conducted across three successive weekends in May 2024 on the university’s campus.

This latest series focused on the standard relating to Insurance Contracts (IFRS 17), which highlights significant changes in new reporting treatment on insurance liabilities. The series also demonstrates how IFRS 17 could improve the reliability and transparency in reporting insurance contracts.

The executive training was conducted by seasoned IFRS instructor, Mr. Derek Chan, from the University of Macau. The event attracted a diverse audience of around 40 participants, including top executives from insurance firms, auditors, partners, and senior managers from Big 4 and local accounting entities, financial analysts, as well as practitioners from the public and utilities sectors.

With the full adoption of IFRS 17 yet to occur in Macau, this training is the joint effort of BRTC and Professional Committee of Accountants (CPC) to preemptively equip accounting professionals in Macau with the necessary knowledge and skills to cope with the upcoming enforcement of these international standards. Moving forward, the FBA-BRTC of UM is expected to organize more IFRS training programs, fostering continued advancement in financial reporting practices within Macau and cultivating modern financial talents so as to support Macau SAR’s “1+4” Diversified Development Strategy.