The International Accounting Standards Board’s (IASB) proposed amendments to IFRS 17 Insurance Contracts are primarily intended to address implementation challenges raised by stakeholders. It also suggests deferral of the effective date of the standard by one year to periods beginning on or after 1 January 2022 to give stakeholders more time to transition to the new standard.
To develop our response we worked with the Australian Accounting Standards Board (AASB) Transition Resource Group (TRG) for AASB 17 which is led by Anne Driver, who is also a member of the IASB’s IFRS 17 TRG and the Australian Actuaries Institute AASB 17 Task Force. The AASB TRG has been monitoring and discussing IFRS 17 issues raised by the IASB TRG and IASB, and facilitating discussion of IFRS 17 implementation issues locally.
In our submission, we encourage the IASB to consider the further recommendations set out in the AASB’s submission that address many of the points raised in our submission.