Other Guidance

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

Publication / Presentation	Content
Role of actuaries in relation to IFRS17	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.
ESAP 1 General Actuarial Practice	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.
ISAP 4	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.
Canadian Institute of Actuaries IFRS 17 Educational Notes	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.
IAN 100	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 Auditor’s Response to the Risks of Material Misstatement Arising from Estimates Made in Applying IFRS 17 Insurance Contracts	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.
EFRAG response to IFRS IC tentative agenda decision	On 23 May EFRAG published its Final Letter on the IFRS Interpretations Committee's (IFRS IC's) Tentative Agenda Decision in the final phase of implementing IFRS 17 Insurance Contracts. In its Final Letter, EFRAG is appreciative and supports the IFRS IC's work and efforts to bring consistency in applying IFRS Standards. Nonetheless, EFRAG reports concerns heard from its constituents that the Tentative Agenda Decision, and other interpretation issues that may arise less than one year before the date of first application of IFRS 17, would unduly disrupt the implementation of the Standard. Given the significant efforts to implement IFRS 17 by insurance entities, EFRAG kindly reminds the IFRS IC that an Agenda Decision may have a potential impact on implementation at this stage. EFRAG also emphasises the importance of the IFRS IC undertaking outreach before any Tentative Agenda Decisions, in particular considering that common practices are still emerging with the implementation at this stage.
ESMA disclosure guidance	In May ESMA issued the guidance on disclosures around IFRS 17, including in respect of 2022 interims and 2022 financial statements.
EFRAG - EU endorsement process for IFRS 17	On 2 May the Accounting Regulatory Committee ('ARC') voted by written procedure in favour of the amendments to IFRS 17 Initial Application of IFRS 17 and IFRS 9 - Comparative Information.
UK endorsement of IFRS 17	The UK Endorsement Board (UKEB) announced in May 2022 that it has approved the adoption of the IASB's IFRS 17 for use by UK companies. It is the first major standard adopted by the UKEB since the UKEB received delegated powers from the Business Secretary on 22 May 2021.
AAE General Assembly approved the European Actuarial Note (EAN 4) on IFRS 17	In January 2023, the AAE General Assembly approved the European Actuarial Note (EAN 4) on IFRS 17. EAN 4 is an educational document for the AAE General Assembly approved the European Actuarial Note (EAN 4) on IFRS 17. EAN 4 is an educational document for actuaries reporting under the IFRS 17.
IFRS 17: Insurance Contracts Application Guidance	“IFRS 17: Insurance Contracts Application Guidance” has been published by the UK. The Standard is being applied by HM Treasury in the Government Financial Reporting Manual (FReM) from 1 April 2025.
The German actuarial association has prepared a summary report	The German actuarial association has prepared a summary report on specifics of IFRS 17 on German life insurance contracts.
Canadian Standards of Practice (SOP) updated	Canadian Standards of Practice (SOP) were updated for changes required by the adoption of IFRS 17. These changes align the SOP with the requirements of IFRS 17, and incorporate the guidance 17. These changes align the SOP with the requirements of IFRS 17, and incorporate the guidance of ISAP 4.
IFoA resources to support member IFRS 17 learning	The IFoA provide access to a number of resources to support member IFRS 17 learning, including: Life long access https://actuaries.org.uk/learn/lifelong-learning/ifrs-17/ Discount Rate Working Party IFRS 17: Future of Discount Rates \| Institute and Faculty of Actuaries IFRS 17 for General Insurers Working Party IFRS 17 for General Insurers \| Institute and Faculty of Actuaries CSM Working Party: https://www.actuaries.org.uk/practice-areas/life/research-working-parties/ifrs-17-contractual-service-margin-csm
IFRS 17 Insurance Contracts becomes effective on 1 January 2023.	IFRS 17 Insurance Contracts becomes effective on 1 January 2023. Audit committees need to be active now if they are to provide the strong governance needed to help ensure a robust implementation. As part of their oversight role during the adoption of IFRS 17, insurers’ audit committees need to assess and monitor the effectiveness of their external auditors’ response to the risks of material misstatements – particularly the auditors’ approach to auditing estimates and associated judgements made in the application of the standard. The Global Public Policy Committee (GPPC) – which comprises representatives from the six largest global accounting networks BDO, Deloitte, EY, Grant Thornton, KPMG and PwC – has published a paper to help audit committees evaluate the effectiveness of their auditors’ approach. This paper builds on the two previous papers published by the GPPC in 2020 on guidance for audit committees relating to IFRS 17 implementation. https://www.iasplus.com/en/publications/global/other/gppc-material-misstatements https://www.iasplus.com/en/publications/global/other/implementation-ifrs-17-governance https://www.iasplus.com/en/publications/global/other/implementation-ifrs-17-key-judgements

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Other Guidance