The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project that considers possible amendments to IFRS 17 Insurance Contracts.
The objective of this project is to consider stakeholder concerns and implementation challenges raised since the issuance of IFRS 17, and determine whether there is a need to amend the standard.
The AcSB’s due process includes ensuring that Canadian entities’ financial reporting needs are considered by the IASB and issuing the AcSB’s own exposure draft on each IASB proposal. Subject to the responses to the AcSB’s exposure draft on whether the IASB’s proposals are appropriate for application in Canada, the AcSB expects that the amendments will be incorporated into Canadian GAAP in accordance with the AcSB’s strategy of adopting IFRS®
Standards for publicly accountable enterprises.