IFRS 17 Working Group

WELCOME to the IFRS 17 Working Group Webpage

IFRS 17

Introduction

Purpose

Welcome to the Society’s SAI IFRS 17 webpage! The purpose of this webpage is to act as a central source of information for IFRS 17 resources for actuaries wishing to developing their knowledge of the IFRS 17 standard and its practical application, though it is not meant to be a comprehensive repository of all material that may be available.

 

Background

In 1997, work started on the delivery of an international financial standard for insurance contracts. After nearly 20 years of discussion, the International Accounting Standards Board (IASB) published IFRS 17 Insurance Contracts in May 2017. Following feedback from various industry bodies, a revised version of the standard was issued in June 2020. IFRS 17 is effective for annual reporting periods beginning on or after 1 January 2023.

The objective of the Standard is to ensure that an entity provides relevant information that faithfully represents rights and obligations from insurance contracts it issues. The IASB developed the standard to eliminate inconsistencies and weaknesses in existing accounting practices by providing a single principle based framework to account for all types of insurance contracts, including reinsurance contracts that an insurer holds. In particular, the new standard introduces a prescribed valuation basis for liabilities for the first time. However, IFRS 17 does not only affect the liability measurement and financial reporting and disclosures of an insurer; the standard also has a significant impact on data, systems and processes, therefore requiring a greater level of interaction between the actuarial function, the finance function and others within an organisation.

 

Structure of the IFRS 17 Webpage

The IFRS 17 webpage is a live document to be maintained on an ongoing basis as materials and experience evolves in this area.

The webpage consists of a number of sections as follows:

  1. Introduction – purpose of the webpage and background information (this page).
  2. Materials and Publications - reference materials (TRG papers, IASB publications, material from previous SAI events etc.) for members interested in the details
  3. Contacts - contact members of the IFRS 17 GI and Life Working Groups of the Society, in case you have any queries or feedback on the library

If you have questions about IFRS 17, please email info@actuaries.ie and you will be put in contact with one of the members of the IFRS 17 working groups.