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Insurance – Transition to IFRS 17

Insurance – Transition to IFRS 17

The IASB's Transition Resource Group discusses implementation questions from stakeholders

The IASB's Transition Resource Group discusses implementation questions from stakeholders

Making sense of the requirements

The new insurance contracts standard, IFRS 17, has already raised a variety of implementation questions from stakeholders.

To help support implementation and reduce the potential for diversity in practice, the IASB has set up a Transition Resource Group (TRG), which held its first substantive meeting in February. 

The TRG does not have standard-setting authority, and its purpose is to provide a public forum for stakeholders to follow the discussion of questions raised on implementation. The IASB website provides further details on the objective and purpose of the TRG's activities.

 

What happened at the February TRG meeting?

The TRG discussed several questions submitted by stakeholders, including:

  • separating insurance components from a single contract;
  • determining the boundary of certain insurance and reinsurance contracts; and
  • identifying coverage units for the CSM allocation.

Read our summary for a high-level overview of all the topics discussed, and our observations in the articles below.

 

Next steps

The IASB will be informed of the TRG discussion. This is expected to help the Board determine what, if any, action is needed to address the implementation questions discussed. 

The TRG’s next meeting is on 2 May 2018. Bookmark this web page, where you will find our analysis of all future meetings.

We encourage you to speak to your local KPMG contact about the outcomes of this meeting and how they may impact you.

 

Find out more

For KPMG's insights on transitioning to the new standard, visit kpmg.com/ifrs17.

Follow 'KPMG IFRS' on LinkedIn for the latest on IFRS.

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