Other Guidance

The IFRS 17 WG will update this page with items that should offer further guidance on IFRS 17:

Publication / Presentation

Content

  • Actuarial Association of Europe discussion paper on the role of Actuaries in relation to IFRS 17.
  • Discusses the obligations of Actuaries both working: 1) Within insurers; and 2) As Auditors of insurers - In the context of IFRS 17.
  • In particular, the paper covers the tasks, responsibilities and requirements of the Actuary, also in the context of the regulatory environment and standards for the actuarial profession.
  • This European Standard of Actuarial Practice (ESAP) is a model standard for actuarial standard setting bodies in Europe to consider. The revision approved by the General Assembly of the Actuarial Association of Europe on 11 October 2019.
  • Provides guidance to Actuaries for performing services in connection with IFRS 17.
  • In particular, guidance is provided regarding appropriate actuarial practices around:
    • Materiality;
    • Proportionality,
    • The measurement approaches; and
    • Disclosures.
  • In preparation for the new standard, the Canadian Institute of Actuaries have published a series of educational notes, including illustrative examples, and to provide guidance related to the measurement and presentation of insurance contracts under IFRS 17.
  • Educational notes includes guidance on a range of topics including, but not limited to, Fair Value Measurement, Risk Adjustment and Discount Rates.
  • In August 2021, the IAA released International Actuarial Note 100 Application of IFRS 17 Insurance Contracts. This is an educational document that serves to familiarize actuaries with approaches that might be taken to work relating to IFRS 17 Insurance Contracts and to demonstrate how the actuarial profession might approach the topics.
  • The International Federation of Accountants (“IFAC”) published a paper on August 3 2021, which highlights how the enhanced audit requirements may impact the auditor’s effort to identify and assess the risks of material misstatement and consequently plan their audit response to the identified risks, including the degree to which they plan to evaluate and rely on controls as part of their testing strategy.

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