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 AcSOC meeting on October 26-27, 2017, the AcSB Chair reported that AcSB’s process to incorporate IFRS 17 into Canadian GAAP is underway. Both the Board and the IASB are forming transition resource  groups. The IASB group includes a representative from one of Canada’s large life insurers and AcSB member Charles Henaire, Deputy Chief Financial Officer of Great-West Lifeco, will chair the Board’s group. The AcSB’s risk attached to this project is that there will be a delay in the endorsement processes in Europe, and Canada will end up being the initial implementer of the new standard. Given that the Board has committed (through its Strategic Plan) to take the necessary action should this circumstance occur, the Board will closely monitor the situation.

In addition, Micheline Dionne, a member of the Executive Committee of the International Actuarial Association and Chair of its Insurance Accounting Task Force charged with writing the actuarial model standards on insurance, provided details of a model standard of actuarial practice (ISAP 4) being developed to accompany IFRS 17, Insurance Contracts.

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.