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Insurance – Implementing IFRS 17

Insurance – Implementing IFRS 17

How are insurers’ implementation challenges regarding the new standard being addressed?

How are insurers’ implementation challenges regarding the new standard being addressed?

What's the latest news on IFRS 17?

The new insurance contracts standard, IFRS 17, promises a new era of increased transparency and reduced diversity in the accounting for insurance contracts. 

After issuing IFRS 17 in May 2017, the International Accounting Standards Board (the Board) has been monitoring and supporting its implementation and has learned much about stakeholders’ concerns and implementation challenges. 

In October 2018, the Board identified 25 concerns and implementation challenges warranting further exploration and set criteria for proposing amendments to IFRS 17. The Board has since redeliberated all topics, decided to propose a two-year deferral of IFRS 17’s effective date to January 2023, and agreed amendments to the standard in eight key areas. See below for the summaries of amendments agreed by the Board.

The Transition Resource Group for Insurance Contracts (TRG) also discussed several of the issues raised by stakeholders at its four substantive meetings in 2018 and 2019. No further TRG meetings are currently scheduled.

Read our analysis of the topics discussed by the Board and the TRG. 

 

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