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News Release IAA: IFRS 17 (27/06/2019)

IAA Issues Statement on IFRS 17 Insurance Contracts Amendments.

The International Actuarial Association (IAA) expressed its support for the continued development of IFRS 17 Insurance Contracts in response to the issuance of an exposure draft of proposed amendments issued by the International Accounting Standards Board (IASB) on June 26.

The IAA continues to be supportive of developing and applying a technically sound international accounting standard on insurance contracts and looks forward to continuing its contribution to the successful completion of the IASB’s amendment considerations including any future work of the IFRS 17 Transition Resource Group.

As part of its support for implementation of IFRS 17, the IAA is developing an International Standard of Actuarial Practice (ISAP)[1] covering actuarial work on IFRS 17 and planning to publish it following its meeting in Tokyo in November.  It is also planning to issue an educational note for actuaries (and other professionals) in order to serve the public interest; the publication of which will likely be after the approval of the ISAP on IFRS 17.

To learn more about the work of the IAA on this topic, please visit the dedicated website.