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Insurance Contracts - AcSOC

Date recorded:

At the AcSOC meeting on June 8-9, 2017, the AcSB Chair noted the AcSOC’s support for the AcSB’s activities relating to the Canadian insurance industry’s concerns expressed during the project’s life. IFRS 17 represents a fundamental change to existing practice for most entities and is expected to require a significant implementation effort. As part of its activities to support the implementation of the standard, the IASB is establishing a Transition Resource Group, and the AcSB will nominate a Canadian individual for the IASB’s consideration. The AcSB is monitoring the EU endorsement process. The Canadian insurance industry is concerned that the standard’s effective date in Europe might be delayed beyond January 1, 2021, and that Canada will be placed in the position of being a first adopter of IFRS 17. The AcSB has also worked with, and provided input to, the FASB on its insurance proposals.

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

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