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FRC publishes a summary of the findings from its panel discussion on IFRS 17

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18 Jun 2018

The Financial Reporting Council (FRC) has published a summary of the findings from its panel discussion on IFRS 17 'Insurance Contracts' held in 24 April 2018.

The event provided participants with an opportunity to hear from experts about their key issues and challenges with the standard and enabled them to provide their own views on the standard.

The summary covers:

  • Panel perspectives and observations on IFRS 17.
  • The cost of implementation.
  • Whether implementation should be delayed until the EU has endorsed the standard.
  • Whether Solvency II should be closer aligned with IFRS 17.
  • Whether financial statements prepared under IFRS 17 are comparable and understandable.
  • Whether there are plans to amend UK GAAP for IFRS 17.

The full summary is available on the FRC website.

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