IFRS 17 – Canadian Concerns over Implementation Timeline

Date de parution : 06/08/2018
Personne(s)-ressource(s) : Stephen Frank

June 8, 2018

Chairman Hans Hoogervorst
International Accounting Standards Board
30 Cannon Street
United Kingdom

IFRS 17 - Canadian Concerns over Implementation Timeline

Dear Chairman Hoogervorst,

On behalf of the Canadian life and health insurance industry, I am writing to you regarding the International Accounting Standards Board’s standard on Insurance Contracts – IFRS 17. The industry strongly supports the need for a common, global standard for insurance contracts and has been actively working toward its implementation in Canada. In our view, however, the effective date of January 1, 2021 does not provide sufficient time for a successful global adoption that will deliver the quality, decision-useful information that investors, analysts and other users are expecting. The purpose of this letter is to provide details about our concerns and to respectfully request a delay of the effective date to January 1, 2023. In addition, insurers would need a similar delay in implementing IFRS 9 given the high degree of inter-connectivity on the implementation of these two standards1...