Global Standards for the world economy

Monday 26 August 2019

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Insurance Contracts


 Implementation


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.

 

Supporting materials

 

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 published alongside IFRS 17

 
Title Published
Debrief: IFRS 17 Insurance Contracts May 2017
Effects Analysis—describes the likely costs and benefits of IFRS 17 May 2017
Project Summary—provides an overview of the project to develop IFRS 17 May 2017
Feedback Statement—summarises feedback on the proposals that preceded IFRS 17 and the Board's response May 2017
Fact Sheet May 2017

Webcasts and podcasts by the staff

 
Title  Slides Date live
Webinar: Introducing IFRS 17
AM Session


PM Session

AM Session

PM Session
 May 2017
Further webinars on aspects of IFRS 17 TBA

Implementation sessions at IFRS Foundation conferences

 
Conference Date
IFRS workshop in Amsterdam 29 June 2017
IFRS workshop in Toronto 1 November 2017
 

Implementation: IASB monitoring and support

Technical enquiries and implementation issues

 

Although the Board does not provide a formal technical enquiry service, stakeholders may make us aware of implementation questions relating to IFRS 17 via email to insurancecontracts@ifrs.org.

Questions should be submitted only if they:

  1. relate to, or arise from, IFRS 17; and
  2. indicate that IFRS 17 can be applied in different ways that are expected to result in diversity in practice; and
  3. 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 Transition Resource Group.

Transition Resource Group

 

The Board will be establishing a TRG to support the implementation of IFRS 17 Insurance Contracts.

A call for nominations for members is available here.

Meetings with investors, regulators and national standard setters

 

These meetings are intended to support stakeholders and obtain information about implementation issues and developing practice relating to IFRS 17.

 

Educational materials  Slides Date
Webinar: Understanding IFRS 17 (AM session) 17 May 2017
Webinar: Understanding IFRS 17 (PM session) 17 May 2017









Related information

Contacts


Project email: insurancecontracts@ifrs.org

 

Andrea Pryde
Associate Director
apryde@ifrs.org

 

Joanna Yeoh
Senior Technical Manager
jyeoh@ifrs.org

 

Roberta Ravelli
Senior Technical Manager
rravelli@ifrs.org

 

Izabela Ruta
Technical Manager
iruta@ifrs.org