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).
Following on the second discussion, important highlights you need to know about this third two days TRG meeting are:
- The third technical discussion of the IASB’s TRG for IFRS 17 took place on 26 and 27 September 2018.
- The TRG discussed ten IASB staff papers on specific issues submitted to the Board; many of these provided helpful clarification regarding areas of uncertainty encountered by preparers.
- IASB staff responses to 17 further issues raised were summarised and reported to the TRG.
- The TRG chairman observed that several of the papers discussed at this meeting relate to the mechanics of applying IFRS 17, rather than interpretation of the words in the standard.
- The next TRG meeting, scheduled for 4 December 2018, could be deferred until Q1 2019 if an insufficient number of submissions regarding matters of principle are received. The TRG chairman asked organisations planning to make submissions to do so early in order for the next meeting to be scheduled and communicated to TRG members in a timely manner.
- The chairman of the TRG also mentioned that the IASB would hold an education session on IFRS 17 at its Board meeting during October 2018 to discuss the results of its outreach activities as well as letters recently received from industry groups and from the European Financial Reporting Advisory Group (EFRAG).
To find out more, please download the report 
here.