IFRS 17 Insurance Contracts
On 24 April 2018 the FRC held a panel discussion on the benefits and barriers to implementing IFRS 17.
Summary of the meeting (PDF)
Project History (2007 to 2017)
In May 2018 the IASB published IFRS 17 Insurance Contracts.
In January 2014, FRC, EFRAG and the National Standard Setters ANC, ASCG and OIC issued a report summarising the findings from a field-test carried out between July to October 2013 on the revised IASB's Exposure Draft Insurance Contracts (see below).
The most commonly stated areas of concern related to:
applying the 'mirroring approach' to contracts that specify a link to the returns on underlying items;
applying the revenue prposals to life insurance contracts; and
the mandatory requirement to use other comprehensive income for presenting the effects of changes in the discount rate on insurance liabilities.
EFRAG and National Standard Setters would like to thank all those that participated in this field-test. The report can be downloaded here (PDF).
On 25 October 2013 the FRC responded to the IASB on the June 2013 Insurance ED. A copy of the response can be accessed here (PDF).
On 2 October 2013 the FRC held an outreach event. The event was an opportunity to discuss the IASB’s recent Exposure Draft (ED) on insurance contracts and listen to views from UK constituents. The meeting was chaired by Roger Marshall and speakers on the day included Stephen Cooper (IASB Board Member) who highlighted the IASB’s proposals and the feedback to date. They were followed by Hugh Francis (Aviva) and Francesco Nagari (Deloitte) who gave the preparer and auditor perspective on those proposals.
The slides (PDF) and a summary of the discussion (PDF) on the day are included in the links.
In September 2013 the FRC issued its Draft Comment Letter on the IASB’s revised Exposure Draft Insurance Contracts (ED/2013/07) and can be downloaded here (PDF).
A field-test started on 10 July 2013. EFRAG and National Standard Setters, in coordination with the IASB staff, performed a field-test to evaluate how these proposals would affect European companies applying IFRS. Additionally, Insurance Europe has agreed to encourage their members to participate. The deadline for completed questionnaires was 11 October 2013.
The joint field-test was designed to identify whether the new requirements are operational, what their impact would be and the costs and benefits associated with introducing them. The participants were asked questions relating to the 2013 ED's five targeted proposals as well as further questions on other areas of the 2013 ED. The exercise was focused on the practical application of the new requirements. The details of this field test can be found here (PDF).
On 20 June 2013, the IASB issued the revised Exposure Draft Insurance Contracts containing proposals on the recognition,measurement, presentation and disclosure of insurance contracts.
ASB's Comment Letters to IASB and other papers on insurance
ASB Comment letter on IASB's ED (November 2010) (PDF)
In July 2010 the IASB published an Exposure Draft Insurance contracts.
ASB Comment letter IASB's DP (November 2007) (PDF)
ASB Summary of IASB DP proposals (July 2007) (PDF)
In May 2007 the IASB published a discussion paper 'Preliminary Views on Insurance Contracts'.