The IASB received an update on the insurance contracts project at its Board meeting yesterday.The staff informed the Board that it should expect sweep issues from the fatal flaw review of IFRS 17 to be discussed at the February Board meeting.
As a result, the staff now expect to publish the final standard in May 2017.
The staff also stated that, over the next few months, they will consider the objective and scope of a transition resource group to provide adequate support for IFRS 17 implementation.
We will publish an update on the detail of the sweep issues, and the conclusions reached by the Board, shortly after the February meeting.
Visit our IFRS – Insurance hot topics page for the latest developments in the insurance contracts project.
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