FYI Article – Get Ready. The Insurance Contracts Standard Is Coming
Feb 21, 2017
On February 21, 2017, the Accounting Standards Board (AcSB) released an article describing the extensive due process steps it has undertaken to date on the complex Insurance Contract standard. The AcSB has taken an active role in influencing the development of IFRSs and in endorsing a standard before incorporating it into Canadian GAAP.
After years of outreach and deliberations, the Insurance Contracts standard is expected to be issued by the IASB this year. As a result, the AcSB will complete its due process prior to the standard becoming Canadian GAAP.
While some might assume the process is simple because our policy is to incorporate IFRSs as issued by the IASB into the CPA Canada Handbook – Accounting, there are many steps that are taken to ensure that the standard meets the needs of our stakeholders. In fact, we spend over 40 per cent of our time influencing and adopting IFRSs.
Review the article on the AcSB's website.
