The International Association of Actuaries (IAA) has published the International Actuarial Note 100 on the Application of IFRS 17 Insurance Contracts (IAN 100), developed by the IAA’s Insurance Accounting Committee. It is educational material aimed at covering the interpretation of the standard, specifically as it relates to actuaries. IAN 100 serves to familiarize actuaries with approaches that might be taken and to demonstrate how the actuarial profession might approach the application of IFRS 17 to improve quality, credibility and public confidence in information disclosed and recognized in financial statements prepared in compliance with IFRS 17.

Over the past 20 years, the IAA has given significant input to the development of the International Financial Reporting Standard 17, Insurance Contracts (IFRS 17) and has gained significant insight into the challenges and key approaches of reporting under IFRS 17 and the role of the actuary in that reporting process. Over this time Deloitte members of the IAA Insurance Accounting Group, including Tamsin Abbey, Thomas Ringsted, Bob Miccolis, Derek Wright, Jiri Fialka and Andrew Warren, have contributed to the development of this important supporting material for actuaries assisting entities who will need to report under the requirement of IFRS 17.

IAN 100 is based on the Standard issued in May 2017 and the amendments published in June 2020. It also reflects some of the discussions at the Transition Resource Group (TRG) meetings held in 2018 and 2019.  This IAN will be reviewed periodically and may be revised in the future to reflect any future changes to the standard by the IASB.

It is important to note that “An IAN does not impose any obligation on any IAA Member Association or any individual actuary to promote or apply the practices described.  It is not a definitive statement as to what constitutes generally accepted practice in the area under discussion and the language used is not directive.

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