Dec 05, 2016
From the Financial Reporting View
The November 2016, Issue 56 of KPMG ISG’s IFRS Newsletter: Insurance summarizes the November IASB meeting, at which the Board discussed key issues related to the forthcoming insurance contracts standard, IFRS 17. Those issues include the level of aggregation, recognizing changes in estimates, derivatives used to mitigate financial risk, and transition.
The Board decided that entities within the scope of the standard would be required to adopt IFRS 17 for annual periods beginning on or after January 1, 2021, assuming that the IASB issues the standard in the first half of 2017, as planned.