The main topic of the paper is the large signal averaged model of a switch-mode flyback power converter. The use of the large-signal averaged models of switching converters allows for fast simulation of power systems. The known averaged models of a flyback are based on the state-space averaging or switch-averaging approach. The model presented in the paper is derived with the use of the separation of variables approach and include parasitic resistances of all converter components. The limitations of the model accuracy are discussed. The calculations based on the averaged model are compared with detailed full-wave simulations and measurements results.