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Insurance Contracts – AcSB

Date recorded:

At its meeting on December 14, 2017, the AcSB discussed the due process activities performed by the IASB as well as the breadth and extent of its own due process activities undertaken to consult Canadians and influence the development of IFRS 17, Insurance Contracts over the last 17 years. The Board decided to proceed with its endorsement process for this standard.

The Board reaffirmed its 2016-2021 Strategic Plan commitment to assist Canadians in adopting new complex IFRS Standards, including IFRS 17. The Board will:

  • work with others around the world and the IASB to actively encourage a common global adoption date;
  • encourage the early identification and resolution of implementation issues including through its Insurance Transition Resource Group and by supporting the Canadian member of the IASB Transition Resource Group; and
  • incorporate the non-authoritative guidance for IFRS 17 into the CPA Canada Handbook – Accounting.

In addition, the Board will assess the need to act if adopting IFRS 17 ahead of others would put our publicly accountable enterprises at a disadvantage.

Review the Executive Summary on the AcSB's Web site.

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