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Insurance Contracts – AcSB

Date recorded:

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.

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