IFRS and the insurance industry
29 Sep 2008
Publicly accountable entities in Canada are required to switch to IFRSs starting in 2011 (with an option to adopt IFRSs earlier, even in 2008, with approval of the Provincial securities regulator).
The transition from Canadian GAAP will be different for every company. However, particular industries will experience common themes and issues. Deloitte (Canada) has published On the Road Ahead: IFRS Top Ten Accounting Issues in Insurance Industry (PDF 437k). For the insurance industry overall, the following are likely to be the top ten recurring areas of particular significance, and likely differences from Canadian GAAP:
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