At its meeting on July 28, 2020, the AcSB received an update on international developments relating to IFRS 17, noting that the IASB plans to develop additional educational material for the amendments to IFRS 17 issued in June 2020.The AcSB supports the revised effective date and plans to complete its endorsement process for the amendments, incorporating them into Part I of the CPA Canada Handbook – Accounting no later than November 2020.The AcSB also discussed next steps to support IFRS 17 implementation in Canada. The Board continues to maintain dialogue with industry stakeholders and other national standard setters. Given the standard is now finalized, the Board encourages entities to focus on implementation. The Board will continue to operate its Insurance Transition Resource Group to discuss and raise awareness of implementation matters to help entities adopt IFRS 17 in Canada.

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

At its meeting on July 28, 2020, the AcSB discussed the key issues to be included in its response letter to the IASB’s Exposure Draft. As part of the discussion, the Board considered stakeholder feedback obtained through its outreach on this topic. The AcSB encourages stakeholders to share their views on the Exposure Draft by submitting comment letters to the IASB by September 30, 2020, with a copy to the AcSB. If respondents would like the Board to consider their comments when drafting its letter to the IASB, they should submit their response letters to the AcSB before the September 30, 2020, deadline.

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