Initial Application of IFRS 17 and IFRS 9―Comparative Information – AcSB

Date recorded:

At its meeting on July 21-22, 2021, the AcSB received an overview of the expected narrow-scope amendment to IFRS 17, Insurance Contracts. This targeted proposal aims at improving the usefulness of comparative information presented on initial application of IFRS 17 and IFRS 9 Financial Instruments. The AcSB discussed and approved a plan to respond to the forthcoming exposure draft, which includes consulting with its Insurance Transition Resource Group. The AcSB encourages Canadian stakeholders to continue with their implementation efforts. The Board further notes that entities would need to collect information starting from the transition date of IFRS 17 to apply the proposed amendment. Therefore, the Board encourages entities to follow this project to assess potential implications for their implementation efforts.

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

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