At its meeting on December 11, 2019, the AcSB received an update on international developments relating to IFRS 17, including the discussions at the IASB during October to December 2019. The Board will continue to actively monitor developments and work with other national standard setters to stress the importance of a common global adoption date. The AcSB also considered changes to its Insurance Transition Resource Group’s mandate. The Board decided to expand the Group’s mandate to include advising the Board on documents developed by other parties, such as the Canadian Institute of Actuaries. The Board approved the Group’s revised Terms of Reference, subject to minor amendments.

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

At its meeting on December 11, 2019, the AcSB approved a preliminary plan to respond to the IASB’s upcoming Exposure Draft related to the Primary Financial Statements project. The Board also discussed the communications activities it will undertake related to this project. The IASB expects to issue its Exposure Draft in December 2019. The Board plans to undertake outreach on this Exposure Draft, including virtual and in-person roundtables at locations across Canada, in the first half of 2020.

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