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Insurance contracts

Date recorded:

The purpose of this session is to brief the Board on the strategy for supporting the implementation of the forthcoming IFRS 17 Insurance Contracts.

The IASB will use its website as a hub for publicly available material. The IASB is considering developing webcasts, case studies and examples and articles. It also expects to interact with those needing to become familiar with IFRS 17 through meetings with those implementing the new Standard, and groups such as National Standard-setters.

Transition Resource Group (TRG)

The IASB is establishing a TRG to analyse and discuss IFRS 17 accounting implementation-related questions. The process will:

  1. provide a public forum for stakeholders to learn about the new requirements from others involved with implementation; and
  2. inform the IASB and help the IASB determine whether it needs to provide additional supporting materials such as webinars or case studies, whether a matter should be referred to the Interpretation Committee or whether the IASB should consider the issue itself.

The TRG is not empowered to issue any authoritative guidance.

A public call for members will be issued at around the time of IFRS 17 is issued, which is expected to be in the second half of May. TRG members are expected to be capable of making a positive contribution in discussing implementation questions. The IASB expects to attract applicants from audit firms and preparers and will seek a balance between different IFRS jurisdictions and expertise across insurance product types. In addition, prudential and securities regulators will be given observer status.

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