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January 26, 2018

IASB published an article outlining the information and support available to national standard-setters and regulators planning for implementation of IFRS 17 Insurance Contracts. Also outlined are the steps that national standard-setters or regulators may take when planning for the implementation of IFRS 17 in their jurisdiction. IFRS 17 represents a fundamental change for the insurance sector, with companies expected to apply the accounting requirements in IFRS 17 in 2021.

IASB offers content to help understand and explain the need for developing IFRS 17; to familiarize stakeholders with the scope, timing, and requirements of IFRS 17; to understand and explain the possible benefits and costs of IFRS 17; to understand and explain how IFRS 17 relates to prudential regulation; and to understand and explain what investors think about IFRS 17. Resources available for implementation planning and support have also been outlined.

 

Keywords: International, Insurance, IFRS 17, Insurance Contracts, IASB

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