IASB Met to Discuss Next Steps in Implementation Support for IFRS 17
During its October meeting, IASB discussed the feedback it received from stakeholders about the new insurance contracts standard, IFRS 17. This feedback has allowed IASB and its technical staff to better understand concerns about the implementation of IFRS 17 and whether further steps, including possible standard-setting, are required.
IASB has previously stated that it will respond to implementation challenges, if required. In the October meeting, IASB considered whether to respond to the feedback received but was not asked by staff to make decisions about whether to propose any changes to the standard. At this meeting, IASB agreed on the criteria it will use in evaluating potential changes to IFRS 17, namely that any changes should not result in less useful information for investors, disrupt existing implementation processes, and risk undue delays in the effective date of a much-needed standard, which can address inadequacies in the current wide range of insurance accounting practices.
IASB will discuss further whether there is a need to propose changes to IFRS 17 in the coming months. It is too early to say whether these discussions will result in any proposals to change the standard. If any changes were to be proposed, IASB will follow its normal due process for standard-setting, which includes a public consultation.
Keywords: International, Accounting, Insurance, IFRS 17, Insurance Contracts, Implementation Supports, IASB
Featured Experts
Gavin Conn
Experienced life actuary; background in economic capital modeling; ALM specialist; IFRS 17 researcher
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Nick Jessop
Scenario modeling expert; risk management specialist; quantitative financial modeler
Previous Article
ESMA Advised on Steps to Contain Risks of ICOs and Crypto AssetsRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
