Amendments to IFRS 17 – AcSB

Date recorded:

At its meeting on January 15, 2019, the AcSB received an update on international developments in respect of IFRS 17, Insurance Contracts. At its meetings on November 14 and December 13, 2018, the IASB tentatively decided to propose the following amendments to IFRS 17, subject to public consultation; that: (i) the mandatory effective date of IFRS 17 be deferred by one year, so that entities would be required to apply IFRS 17 for annual periods beginning on or after January 1, 2022; (ii) the fixed expiry date for the temporary exemption in IFRS 4, Insurance Contracts, from applying IFRS 9, Financial Instruments, be amended so that all entities would be required to apply IFRS 9 for annual periods beginning on or after January 1, 2022; and (iii) the presentation of insurance contract assets and liabilities in the statement of financial position is determined using portfolios of insurance contracts rather than groups of insurance contracts. The IASB and the AcSB will expose the proposed amendments to seek stakeholders’ comments once the IASB completes its deliberations. As part of its strategic plan, the AcSB will continue to monitor developments on IFRS 17 and is committed to assisting Canadian stakeholders in adopting this complex new insurance contracts standard.

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

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.