May 15, 2018
AcSB Decision Summary – May 15, 2018
The Board received an update on the implementation of IFRS 17 Insurance Contracts, including a summary of the AcSB Insurance Transition Resource Group meeting of April 25, 2018. The Board also discussed a demographic overview of Canadian and foreign insurance entities operating in Canada, including type of entity (life, property, casualty, etc.), size (revenues, assets) and accounting frameworks applied. The Board made no decisions.
December 14, 2017
AcSB Decision Summary – December 14, 2017
The Board discussed the due process activities performed by the IASB as well as the breadth and extent of its own due process activities undertaken to consult Canadians and influence the development of IFRS 17 Insurance Contracts over the last 17 years. The Board decided to proceed with its endorsement process for this standard.
The Board reaffirmed its 2016-2021 Strategic Plan commitment to assist Canadians in adopting new complex IFRS Standards, including IFRS 17. The Board will:
- work with others around the world and the IASB to actively encourage a common global adoption date;
- encourage the early identification and resolution of implementation issues including through its Insurance Transition Resource Group and by supporting the Canadian member of the IASB Transition Resource Group; and
- incorporate the non-authoritative guidance for IFRS 17 into the CPA Canada Handbook – Accounting.
In addition, the Board will assess the need to act if adopting IFRS 17 ahead of others would put our publicly accountable enterprises at a disadvantage.
June 22, 2017
AcSB Decision Summary – June 22, 2017
The Board approved the establishment of an AcSB Insurance Transition Resource Group, to be chaired by Board member Charles Henaire. The Group will discuss Canadian implementation concerns that arise and support any Canadian member(s) of the IASB’s Transition Resource Group for IFRS 17 Insurance Contracts should such a member be appointed.
The Board directed the staff to bring a terms of reference and statement of operating procedures for the Group to a future meeting.
November 21, 2016
AcSB Decision Summary – November 21-22, 2016
The AcSB discussed points to be included in its response letter to the U.S. Financial Accounting Standards Board (FASB) on its Exposure Draft, “Financial Services — Insurance.”
The AcSB encourages stakeholders to share their views on the FASB’s Exposure Draft by submitting comment letters to the FASB by December 15, 2016.
April 20, 2016
AcSB Decision Summary – April 20, 2016
Some AcSB members participated in an education session on the IASB’s forthcoming new standard on insurance contracts and recent developments in that project.
January 12, 2016
AcSB Decision Summary – January 12, 2016
The AcSB discussed concerns raised by stakeholders related to proposals on contractual service margin and transition in the forthcoming new insurance contracts standard, including receiving feedback from discussions at a meeting of the AcSB’s Insurance Accounting Task Force. No decisions were made.
March 18, 2015
AcSB Decision Summary – March 18-19, 2015
The AcSB provided input on matters to be discussed relating to the Revenue Recognition and Insurance Contracts projects at the Forum’s March 26-27, 2015 meeting in London, U.K.
March 18, 2014
AcSB Decision Summary – March 18-19, 2014
The AcSB discussed the comment letters received on the AcSB Exposure Draft, “Insurance Contracts,” as well as the Canadian stakeholders’ responses to the IASB Exposure Draft, “Insurance Contracts.” The AcSB also discussed recent deliberations of the IASB, and discussions between the AcSB and IASB representatives on this topic. No decisions were made.
October 21, 2013
AcSB Decision Summary – October 21, 2013
The AcSB discussed additional input from its Insurance Accounting Task Force, a public roundtable and other sources on the IASB’s Exposure Draft, “Insurance Contracts,” and reviewed a draft of its comment letter.
October 9, 2013
AcSB Decision Summary – October 9, 2013
The AcSB discussed additional input from its Insurance Accounting Task Force on the IASB’s Exposure Draft, “Insurance Contracts,” in developing the points to be included in the AcSB comment letter to the IASB. The AcSB also considered a presentation from the insurance industry on some field testing of the IASB’s proposals undertaken by Manulife Financial Corporation and three U.S.-based insurers. The AcSB and the IASB are holding Discussion Forums on the Exposure Draft in Toronto on October 21 and 23, 2013. The AcSB will consider the views expressed by stakeholders at the discussion forums and other meetings before finalizing its response.
The AcSB also encourages Canadian stakeholders to respond to the IASB’s Exposure Draft by October 25, 2013. The AcSB issued its corresponding Exposure Draft to adopt the IASB’s proposed new standard into Canadian GAAP and requests comments by January 6, 2014 to allow sufficient time for interested stakeholders to respond.
September 11, 2013
AcSB Decision Summary – September 11-12, 2013
The AcSB discussed initial feedback from its Insurance Accounting Task Force on the IASB’s Exposure Draft, “Insurance Contracts,” and considered points to be included in the AcSB comment letter to the IASB on the proposals.
The AcSB and the IASB are holding Discussion Forums on the Exposure Draft in Toronto on October 21 and 23, 2013. The AcSB encourages stakeholders to participate in the discussion forums and share their views with IASB and AcSB members. The AcSB also encourages Canadian stakeholders to respond to the IASB’s Exposure Draft by October 25, 2013.
The AcSB also agreed to issue its exposure draft to adopt the IASB’s proposed new standard for a 90-day comment period. The exposure draft will be issued shortly.
July 10, 2013
AcSB Decision Summary – July 10, 2013
The AcSB approved a plan on how to consult Canadian stakeholders in order to develop an informed response to the IASB’s Exposure Draft, “Insurance Contracts.” In conjunction with the IASB, the AcSB plans to seek the advice of its Insurance Accounting Task Force and the views of interested User Advisory Council members on the proposals, and plans to hold discussion forums in October 2013. The AcSB will also meet with interested parties and organizations throughout the comment period.
November 29, 2010
AcSB Decision Summary – November 29, 2010
The AcSB approved a response letter to the IASB's Exposure Draft, "Insurance Contracts."
November 3, 2010
AcSB Decision Summary – November 3, 2010
The AcSB directed its staff to continue developing a response to the IASB’s Exposure Draft, “Insurance Contracts.” The AcSB confirmed the views expressed on other recent IASB proposals that the IASB and the FASB should take the time to deliberate constituents’ comments fully, and to resolve the differences between their approaches and produce a common standard.
The AcSB agrees with the proposal to use a current basis of measurement for insurance liabilities and the proposed building block approach to determine these measurements. However, the AcSB decided to recommend that the IASB reconsider its discount rate proposal in order to provide more decision-useful information to financial statement users. The AcSB is developing an alternative to the IASB’s proposal.
The AcSB will finalize its comment letter in a meeting on November 29, 2010.
October 13, 2010
AcSB Decision Summary – October 13, 2010
The AcSB discussed a report on the initial deliberations of its Insurance Accounting Task Force on the International Accounting Standards Board’s (IASB's) Exposure Draft, "Insurance Contracts." No decisions were taken.
September 1, 2008
AcSB Decision Summary – September 2008
The AcSB considered whether to retain its current guidance on insurance-related topics as guidance for applying IFRS 4 after the adoption of IFRSs. Consistent with its general policy of adopting IFRSs without modification, the AcSB decided not to carry forward Section 4211, Life Insurance Enterprises — Specific Items, Guideline AcG-3, Financial Reporting by Property and Casualty Insurance Companies, Guideline AcG-8, Actuarial Liabilities of Life Insurance Enterprises — Disclosures, and Guideline AcG-9, Financial Reporting by Life Insurance Enterprises.