IFRS 17 Insurance Contracts was issued by the International Accounting Standards Board (Board) on 18 May 2017 and has a mandatory effective date of annual periods beginning on or after 1 January 2021. The Board is currently undertaking a number of activities to support implementation of the Standard.
This page will be updated throughout the implementation phase with information relating to these activities.
In addition to the materials provided with IFRS 17 itself, including the Illustrative Examples, various materials that support implementation of IFRS 17 have already been published or are planned. These are summarised below. Throughout the implementation phase, the Board will monitor implementation and will consider whether additional materials might be helpful.
Materials for Investors
Education meetings with investors, regulators and national standard setters
These education and meeting materials are intended both to educate stakeholders and to obtain information about implementation issues and the developing practice relating to IFRS 17.
Although the Board does not provide a formal technical enquiry service, stakeholders may make us aware of implementation questions relating to IFRS 17.
Implementation questions should meet the following criteria:
- must be related to, or arise from, IFRS 17;
- may result in possible diversity in practice; and
- are expected to be pervasive, ie relevant to a wide group of stakeholders.
Any question submitted should include a detailed description of the possible ways in which IFRS 17 could be applied.
IASB staff will evaluate each submission to assess whether and what type of support might be needed. This support may be the inclusion of the topic on the Transition Resource Group (TRG) agenda for discussion at a TRG meeting.
Transition Resource Group
The Board has established a Transition Resource Group to support the implementation of IFRS 17 Insurance Contracts.
Further details about the TRG, including agenda papers and meeting summaries, can be found here.