IFRS 17 Insurance Contracts was issued by the International Accounting Standards Board (the 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.
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.
Questions should be submitted only if they:
- relate to, or arise from, IFRS 17; and
- indicate that IFRS 17 can be applied in different ways that are expected to result in diversity in practice; and
- are expected to be relevant to a wide range of stakeholders.
Any question submitted should include a detailed description of the possible ways in which IFRS 17 could be applied. The submitted questions will be evaluated to assess whether further support might be needed, which could include discussing the question at a future TRG.
Transition Resource Group
The Board has established a Transition Resource Group (TRG) to support the implementation of IFRS 17 Insurance Contracts.
Further details about the TRG can be found here.