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

IFRS 17 Steering Committee – Towards a Smooth Transition

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The implementation of IFRS 17 will have a significant impact on the valuation of insurance contracts. Coordination among the various CIA entities is paramount to ensure proper management and implementation of the necessary changes related to IFRS 17 in Canada. The IFRS 17 Steering Committee coordinates these efforts and updates members frequently about IFRS 17. Read the committee’s full mandate.

Change to the IFRS 17 Effective Date

The International Accounting Standards Board (IASB) met on November 14, 2018 to discuss concerns expressed by various parties (including the CIA) about the substance, timing, and transitional requirements under IFRS 17. Following that meeting, the IASB announced that it had voted to propose a one-year deferral of the effective date for IFRS 17 from on or after January 1, 2021, to on or after January 1, 2022, pending a public consultation.

While the potential for the standard to change adds to the uncertainty faced by actuaries in Canada, the Committee on Life Insurance Financial Reporting (CLIFR), the Committee on Property and Casualty Insurance Financial Reporting (PCFRC), and other CIA committees continue their work to develop timely Canadian guidance based on the current version of the standard. We strongly encourage members to maintain the momentum and take full advantage of this one-year extension.  

IFRS 17 Guidance and Education

The IFRS 17 blog (log in required) is an excellent resource for members looking to stay current with efforts to implement the standard. Here are some of the most recent posts to the blog:

Contact Us

As always, we would love to hear from you. Please send your comments to ifrs17@cia-ica.ca.

Cynthia Potts and Les Rehbeli, Co-chairs, IFRS 17 Steering Committee.

 

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