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Insurance Contracts – AcSOC

Date recorded:

At the Accounting Standards Oversight Council meeting on February 23-24, 2017, it was noted that the IASB has announced that it plans to issue its new insurance contracts standard in May 2017. While prudential regulators in Europe are in favour of the new standard, there is concern that the European endorsement process might delay its adoption. To assist preparers, the IASB has decided to form an implementation group and the AcSB will also form a domestic working group. In reply to a member’s question as to whether the complexity of the IASB’s insurance contracts standard could result in differing interpretations, the Chair of the AcSB said that timing of implementation is a crucial element in determining whether the standard will be interpreted differently across jurisdictions. She expressed the hope that Canada will not be a first adopter; however, it is too early to venture an opinion.

Review the meeting summary on the AcSOC's Web site.

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