The Accounting Standards Board (AcSB) established the AcSB Insurance Transition Resource Group (TRG) to assist the implementation of IFRS 17 Insurance Contracts in Canada.
The Group will assist any Canadian member(s) appointed to the IASB® IFRS Transition Resource Group for IFRS 17 Insurance Contracts by providing:
The Group will also discuss implementation issues arising in Canada, including issues for which it has received submissions from the public.
In December 2019, the AcSB expanded the TRG’s mandate to include providing advice to the Board on potential changes to IFRS 17 and documents developed by other parties, such as the Canadian Institute of Actuaries.
The Group consists of:
In addition to members, the AcSB’s Chair and Director, Accounting Standards, attend the TRG meetings. Other individuals participate in the meetings, including the following:
Individuals who submit issues may be asked to participate in the Group’s discussion of that issue.
For upcoming meetings, visit the AcSB calendar.
Before the IASB® Transition Resource Group for IFRS 17 meeting on April 4, our Group met and discussed the same topics including investment components within an insurance contract. Our Group also discussed the IASB’s tentative proposed amendments to IFRS 17 that are expected to be issued for public comment at the end of June 2019.
Before the IASB® Transition Resource Group for IFRS 17 meeting on September 26 and 27, our Group met and discussed the same topics. This included the contract boundary, annual cohorts and premiums in reinsurance contracts issued. Our Group also considered submissions by Canadian stakeholders on the risk adjustment and conversion options under IFRS 17.
Before the IASB® Transition Resource Group for IFRS 17 meeting on May 2, our Group met and discussed the same topics, including the contract boundary and the risk adjustment for non-financial risks in a group of entities. Our Group also considered submissions by Canadian stakeholders on the contract boundary for the premium allocation approach, and for reinsurance contracts.