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News February 2018 The FRC encourages insurers to participate in an EFRAG case study on IFRS 17

The FRC encourages insurers to participate in an EFRAG case study on IFRS 17

09 February 2018
IFRS 17 Insurance Contracts was published in May last year. The standard will be effective from January 2021.

The European Commission asked the European Financial Reporting Advisory Group (EFRAG) to give its advice on the endorsement of IFRS 17 in the European Union. To understand the possible effects of reporting under IFRS 17, EFRAG seeks information from stakeholders.

In November 2017 EFRAG sought a small number of insurers to participate in a large detailed case study. By launching this simplified case study, EFRAG is reaching out to insurers that may not be able to provide in-depth information, but can provide some insight on the expected impact of IFRS 17.

Insurers who use IFRS voluntarily or on a mandatory basis are invited to participate. The case study seeks qualitative and quantitative information. Insurers can select the questions they are able to answer.
All information submitted to EFRAG will be treated as confidential. Responses to the case study are due by 31 May 2018. If you would like to participate, please contact EFRAG. The FRC encourages insurers to participate. Please let us know if you are interested.
 
The FRC will hold an outreach event on IFRS 17 in the spring. We want to discuss with constituents the possible benefits and key challenges of adoption in the UK. Further details on this event will be published shortly. 
 
FRC contact details: Susanne Pust Shah, s.pustshah@frc.org.uk or Anthony Appleton, a.appleton@frc.org.uk
 

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