July 28, 2020
AcSB Decision Summary – July 28, 2020
The AcSB received an update on international developments relating to IFRS 17 Insurance Contracts, noting that the International Accounting Standards Board (IASB) plans to develop additional educational material for the amendments to IFRS 17 issued in June 2020.
The AcSB supports the revised effective date and plans to complete its endorsement process for the amendments, incorporating them into Part I of the CPA Canada Handbook – Accounting no later than November 2020.
The AcSB also discussed next steps to support IFRS 17 implementation in Canada. The Board continues to maintain dialogue with industry stakeholders and other national standard setters. Given the standard is now finalized, the Board encourages entities to focus on implementation. The Board will continue to operate its Insurance Transition Resource Group to discuss and raise awareness of implementation matters to help entities adopt IFRS 17 in Canada. The Group’s next meeting will be posted on the Group’s webpage once scheduled.
March 3, 2020
AcSB Decision Summary – March 3-4, 2020
The AcSB received an update on international developments relating to IFRS 17 Insurance Contracts, including the discussions at the IASB’s meetings from January to February 2020 and the planned discussions at the March meeting. The Board is focused on achieving a common global adoption date and acknowledges that the recommendation cited in the March IASB staff paper (AP2A) aligns with that goal.
The AcSB explored what options could be available to support achieving a common global adoption date. The Board will discuss these further after the IASB’s meeting on March 17-19, 2020.
The AcSB also discussed its endorsement process for the IASB’s amendments to IFRS 17, as it expects the amendments to be issued mid-2020. IFRS 17, as endorsed by the AcSB and incorporated in the CPA Canada Handbook – Accounting, is currently effective for annual reporting periods beginning on or after January 1, 2021. Therefore, the Board plans to complete its endorsement of the amendments to IFRS 17 as issued by the IASB before the end of 2020.
December 11, 2019
AcSB Decision Summary – December 11, 2019
The AcSB received an update on international developments relating to IFRS 17 Insurance Contracts, including the discussions at the International Accounting Standards Board (IASB) meetings during October to December 2019. The Board will continue to actively monitor developments and work with other national standard setters to stress the importance of a common global adoption date.
The AcSB also considered changes to its Insurance Transition Resource Group’s mandate. The Board decided to expand the Group’s mandate to include advising the Board on documents developed by other parties, such as the Canadian Institute of Actuaries. The Board approved the Group’s revised Terms of Reference, subject to minor amendments.
October 3, 2019
AcSB Decision Summary – September 17-18, 2019
The AcSB met with representatives from the Canadian Institute of Actuaries (CIA) to better understand the CIA’s work in supporting the implementation of IFRS 17 Insurance Contracts. The Board is committed to working together with the CIA to assist entities in applying the new insurance contract standard.
The AcSB also met with an external party that assists Canadian entities with IFRS 17 systems implementation to better understand the current landscape and the challenges these entities face.
In addition, the AcSB discussed its response letter to the International Accounting Standards Board’s (IASB) Exposure Draft, “Amendments to IFRS 17,” after considering the feedback it received from stakeholders through its extensive outreach activities. The Board decided on the key matters to raise with the IASB and directed staff to make amendments based on its comments. The Board’s response letter was sent to the IASB by the September 25, 2019, deadline.
July 17, 2019
AcSB Decision Summary – July 17, 2019
Insurance Contracts
The AcSB received an update on international developments relating to IFRS 17 Insurance Contracts. The Board discussed the proposed amendments to the standard in preparation for its outreach activities with IASB member, Darrel Scott. These activities included:
- hosting a panel discussion on July 18, 2019, featuring Mr. Scott and other experts from the financial reporting community (video recording available);
- consulting with the Board’s Insurance Transition Resource Group; and
- undertaking targeted outreach with Canadian stakeholders.
The AcSB will also hold two virtual roundtables on September 5 and 11, 2019, for Canadian stakeholders across Canada to provide input on the proposed amendments to IFRS 17.
June 18, 2019
AcSB Decision Summary – June 18, 2019
An education session was held on the expected proposed amendments to IFRS 17 Insurance Contracts. No decisions were made.
The AcSB also discussed and approved a plan to respond to the International Accounting Standards Board’s (IASB) upcoming exposure draft on amendments to IFRS 17. The plan includes outreach activities in July 2019 with Darrel Scott, IASB member and advisor on the IASB’s insurance project.
The Board is sponsoring this activity as part of its ongoing work to ensure Canadians are supported during the implementation phase of new standards, and to ensure Canadian views are heard.
The AcSB’s outreach activities on the IASB’s exposure draft include:
- hosting a panel discussion on July 18, 2019 featuring Darrel Scott and other experts from the financial reporting community;
- consulting with the Board’s Insurance Transition Resource Support Group;
- undertaking targeted outreach with Canadian stakeholders; and
- holding a virtual roundtable early September for Canadian stakeholders across Canada to provide input on the proposed amendments to IFRS 17.
May 15, 2019
AcSB Decision Summary – May 15, 2019
The AcSB received an update on international developments of IFRS 17 Insurance Contracts, including summaries of the March 26 AcSB Insurance Transition Resource Group meeting and the May 14-16 discussion at the International Accounting Standards Board (IASB) meeting.
The IASB is expected to issue an exposure draft of proposed amendments to IFRS 17 by the end of June 2019. The AcSB briefly discussed outreach activities it intends to conduct to obtain feedback from stakeholders in mid-July for a forthcoming exposure draft. The Board will be sponsoring a visit from Darrel Scott, an IASB member and IASB advisor on insurance, to participate in the AcSB’s outreach activities. The AcSB Chair, along with representatives from Europe, will be participating on an insurance panel in Hong Kong discussing the implementation and endorsement process. The Board will consider a formal plan to respond to the IASB’s exposure draft at its next meeting.