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Insurance IFRS 17 series | Transition to IFRS 17

Insurance IFRS 17 series | Transition to IFRS 17

Progress of industry to date on implementation of the new IFRS 17 insurance accounting standard


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Partner: Audit and Advisory

KPMG in the Isle of Man


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Key takeaways from the Transition Resource Group's May meeting

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.

What happened at the May TRG meeting?

The TRG discussed several questions submitted by stakeholders, including:

  • combining multiple insurance contracts;
  • determining the risk adjustment for non-financial risk in a group of entities;
  • determining the boundary of certain insurance and reinsurance contracts; and
  • identifying coverage units for the CSM allocation for contracts with and without investment components.

For further details, click here.

The next TRG meeting is in September and we will provide you with any relevant updates after that meeting.

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