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.
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 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.
Before the IASB Transition Resource Group for IFRS 17 meeting on February 6, our Group met and discussed the same topics, including the boundary of reinsurance contracts held, separation of insurance components in a single contract, insurance acquisition cash flows paid on an initially written contract, and the quantity of benefits for identifying coverage units.