Amendments to IFRS 17 – AcSB

Date recorded:

At its meeting on September 17-18, 2019, the AcSB met with representatives from the Canadian Institute of Actuaries (CIA) to better understand the CIA’s work in supporting the implementation of IFRS 17, Insurance Contracts. The Board is committed to working together with the CIA to assist entities in applying the new insurance contract standard.

The AcSB also met with an external party that assists Canadian entities with IFRS 17 systems implementation to better understand the current landscape and the challenges these entities face. In addition, the AcSB discussed its response letter to the IASB, after considering the feedback it received from stakeholders through its extensive outreach activities. The Board decided on the key matters to raise with the IASB and directed staff to make amendments based on its comments. The Board’s response letter was sent to the IASB by the September 25, 2019, deadline.

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

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