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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

Overview

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.

Date1

Development

Comments

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

Notes

  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

  • None

Amendments under consideration

Correction list for hyphenation

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