CIA (e)Bulletin/(e)Bulletin de l'ICA
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March 2018
 
 

IFRS 17: Where Do I Turn?

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By Les Rehbeli, FCIA and Cynthia Potts, FCIA

IFRS 17 is coming soon, with an effective date of January 1, 2021, and will impact the valuation of insurance contracts significantly. The current valuation approaches used to value insurance contract liabilities in Canada will no longer be applicable. 

The International Accounting Standards Board (IASB) released the final IFRS 17 standard in May 2017 and the International Actuarial Association (IAA) is expected to release its related International Actuarial Standard of Practice (ISAP 4) within a few weeks. The IAA is planning to publish a series of International Actuarial Notes (IANs), which are similar in nature to our CIA educational notes, to assist practitioners with the application of IFRS 17. 

The CIA is very active in this area, with several committees involved in reviewing the IFRS 17 standard and related guidance. 

It is likely that the CIA will propose adoption of the IANs as educational notes. The CIA will provide additional guidance to its members as needed, in the form of educational notes and research papers.

The CIA is also engaged in educating members about IFRS 17, through webcasts, sessions at CIA meetings, and other forums. 

Watch for the IFRS 17 Corner on the website, which will provide up-to-date summaries of the various CIA activities and links to other relevant sources of information.

IFRS 17 Corner is expected to debut in late March 2018.

Les Rehbeli, FCIA and Cynthia Potts, FCIA are Co-chairs of the IFRS 17 Steering Committee.

 

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