IFRS 17 - Canadian request for two-year Implementation Date DeferralRelease Date: 08/02/2018 Staff Reference: Stephen Frank
August 2, 2018
Chairman Hans Hoogervorst
International Accounting Standards Board
30 Cannon Street
IFRS 17 - Canadian request for two-year Implementation Date Deferral
Dear Chairman Hoogervorst,
Thank you again for meeting with the Canadian delegation earlier this month. We very much appreciated the opportunity to discuss with you why the Canadian industry strongly believes that the 2021 implementation date for IFRS 17 will result in undue implementation risk and that a two-year deferral is important to ensure a successful implementation of the new standard. Ultimately, we agree that a deferral could add costs and extend a period of uncertainty, but we still feel the risks of poor implementation are much greater issues.
In follow-up to our discussion there are three areas in particular where we would like to provide you with some follow-up information. These relate to 1) why insurers need more time to implement IFRS 17 than the banks required to implement IFRS 9, 2) why a timely decision to defer the implementation date will not result in insurers slowing their implementation work efforts and 3) why a timely decision on deferring IFRS 17 by year end 2018 is important...