This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice ( for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

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.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.