{"id":439,"date":"2018-02-14T02:03:17","date_gmt":"2018-02-13T18:03:17","guid":{"rendered":"https:\/\/insurance.vincent-chen.com\/en\/?p=439"},"modified":"2021-06-28T02:06:28","modified_gmt":"2021-06-27T18:06:28","slug":"first-technical-discussion-of-the-iasbs-ifrs-17-transition-resource-group-trg","status":"publish","type":"post","link":"https:\/\/insurance.vincent-chen.com\/en\/first-technical-discussion-of-the-iasbs-ifrs-17-transition-resource-group-trg\/","title":{"rendered":"First technical discussion of the IASB&#8217;s IFRS 17 Transition Resource Group (TRG)"},"content":{"rendered":"<p>EY | February 14, 2018<\/p>\n<p>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.<!--more--><\/p>\n<p>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).<\/p>\n<p>Important highlights you need to know:<\/p>\n<ul>\n<li>The first technical discussion of the IASB\u2019s TRG took place on 6 February 2018.<\/li>\n<li>The TRG discussed six IASB staff papers on specific issues submitted to the Board.<\/li>\n<li>IASB staff responses to twelve further issues raised were summarised and reported to the TRG.<\/li>\n<li>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.<\/li>\n<li>Some TRG members expressed concern at potential operational difficulties and the cost-benefit implications of some of the interpretations.<\/li>\n<li>The next TRG meeting will be held on 2 May 2018.<\/li>\n<\/ul>\n<p>To find out more, please read <a href=\"\/file\/ifrs\/ey-insurance-accounting-alert-february-2018.pdf\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" src=\"\/images\/icon\/pdf.gif\" border=\"0\"> EY&#8217;s summary report<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"off","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13,17,19],"tags":[],"class_list":["post-439","post","type-post","status-publish","format-standard","hentry","category-ifrs17","category-ifrs17-resource","category-ifrs17-big4"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/439","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/comments?post=439"}],"version-history":[{"count":1,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/439\/revisions"}],"predecessor-version":[{"id":440,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/439\/revisions\/440"}],"wp:attachment":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/media?parent=439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/categories?post=439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/tags?post=439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}