Progress of industry to date on implementation of the new IFRS 17 insurance accounting standard
The new insurance contracts standard, IFRS 17 Insurance Contracts, continues to raise a variety of implementation questions from stakeholders.
To help support implementation and reduce the potential for diversity in practice, the IASB has set up a Transition Resource Group (TRG), which held its second substantive meeting on 2 May 2018.
The TRG does not have standard-setting authority, and its purpose is to provide a public forum for stakeholders to follow the discussion of questions raised on implementation. Visit the IASB website for further details.
The TRG discussed several questions submitted by stakeholders, including:
The next TRG meeting is in September and we will provide you with any relevant updates after that meeting.