IFRS 17 — Insurance Contracts

Effective date:

An­nual re­port­ing pe­ri­ods beginning on or after January 1, 2021. Earlier application is permitted if both IFRS 15, Revenue from Contracts with Customers, and IFRS 9, Financial Instruments, have also been applied. An entity shall apply the standard retrospectively unless impracticable, in which case entities have the option of using either the modified retrospective approach or the fair value approach.

Published by the IASB:

May 2017

Included in Part I of CPA Canada Handbook:

March 2018


IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard. The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts. This information gives a basis for users of financial statements to assess the effect that insurance contracts have on the entity's financial position, financial performance and cash flows.


History of IFRS 17

The following table shows the history of this standard subsequent to the adoption of IFRS in Canada.




Included in Part I of the CPA Canada Handbook2

May 18, 2017

IFRS 17, Insurance Contracts, pub­lished

Ef­fec­tive for an­nual reporting pe­ri­ods be­gin­ning on or af­ter Jan­u­ary 1, 2021. Earlier application is permitted, if both IFRS 15, Revenue from Contracts with Customers and IFRS 9, Financial Instruments have also been applied.

March 2018

June 1, 2018

Basis of Conclusions and Illustrative Examples in respect of IFRS 17 added

The Basis for Conclusions and Illustrative Examples issued by the International Accounting Standards Board in May 2017 that accompany, but are not part of IFRS 17, Insurance Contracts, have been added to Part I of the CPA Canada Handbook.

June 2018

August 1, 2018

A summary of the endorsement activities carried out by the AcSB before approving and incorporating IFRS 17 Insurance Contracts into Part I has been added.

Given the complexity of IFRS 17 and the change it represents for Canadians, the AcSB performed extensive additional outreach activities. The Summary lists these activities, all of which were influential in the development of the final standard.

August 2018

November 2018

Effective date of IFRS 17, Insurance Contracts deferred

The IASB tentatively decided that the mandatory effective date of IFRS 17 should be deferred by one year, so that entities would be required to apply IFRS 17 for annual periods beginning on or after January 1, 2022.

Superceded by the IASB project to amend IFRS 17 completed in June 2020 below, which defers the effective date of IFRS 17 by two years.

June 2020

Amendments to IFRS 17 to address concerns and implementation challenges that were identified after IFRS 17 was issued

The amendments are effective for annual periods beginning on or after January 1, 2023 with earlier application permitted. [The IASB has also published 'Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4)' to defer the fixed expiry date of the amendment also to annual periods beginning on or after January 1, 2023.]

November 2020

December 2021

Initial Application of IFRS 17 and IFRS 9 – Comparative Information (Amendment to IFRS 17). The amendment adds a transition option relating to comparative information about financial assets presented on initial application of IFRS 17.

IFRS 17, including this amendment, is effective for annual reporting periods beginning on or after January 1, 2023.

March 2022


  1. For further details of relevant developments prior to this, please refer to our Deloitte Global section.
  2. Newly issued, amended or revised IFRSs are part of Canadian GAAP only after they are approved by the Accounting Standards Board in accordance with its due process.

The above summary does not include details of consequential amendments made as the result of other projects.

Related Interpretations

  • None

Related IFRIC Agenda Rejection Notices

  • None

AcSB’s IFRS Discussion Group meetings

Amendments under consideration

  • None

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.