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First technical discussion of the IASB’s IFRS 17 Transition Resource Group (TRG)

    EY | February 14, 2018

    IFRS 17 Insurance Contracts (IFRS 17 or the standard) represents a fundamental change to accounting practice for most entities issuing insurance contracts and is expected to require significant implementation effort.

    Therefore, as one of the activities to support implementation of IFRS 17, the International Accounting Standards Board (IASB or the Board) has set up a Transition Resource Group (TRG).

    Important highlights you need to know:

    • The first technical discussion of the IASB’s TRG took place on 6 February 2018.
    • The TRG discussed six IASB staff papers on specific issues submitted to the Board.
    • IASB staff responses to twelve further issues raised were summarised and reported to the TRG.
    • The IASB staff agreed to revise, and bring to a future meeting, one of the papers covering amortisation of the contractual service margin and guidance on coverage units.
    • Some TRG members expressed concern at potential operational difficulties and the cost-benefit implications of some of the interpretations.
    • The next TRG meeting will be held on 2 May 2018.

    To find out more, please read EY’s summary report.