IFRS 17 – Insurance Contracts
In May 2017, the International Accounting Standards Board (IASB) issued IFRS 17. IFRS 17 replaces the previous interim standard, IFRS 4 – Insurance Contracts and sets out principles for the recognition, measurement, presentation and disclosure of insurance contracts.
Since its publication in 2017, IFRS 17 has been amended and the amendments include the following:
No. |
Amendments |
Date published |
1. |
Amendments to IFRS 17 – Insurance Contracts |
June 2020 |
IFRS 17 including the amendments can be accessed via the IFRS Standards Navigator. You need to be logged onto the SAICA website to access the IFRS Standards Navigator.
In response to proposed amendments made to IFRS 17, the following submission were made by SAICA to the IASB:
No. |
Submissions |
Date submitted |
1. |
SAICA Submission on ED/2019/4 – Amendments to IFRS 17 – Insurance Contracts |
25 September 2019 |
2. |
Tax related to the fulfilment of insurance contract services and IFRS 17 – Insurance Contracts |
25 September 2019 |
Several resources are available to members on IFRS 17 and these can be accessed from the links provided below.
SAICA Events on IFRS 17
No |
Event |
Date published |
1. |
2021 |
|
2. |
2021 |
|
3. |
2018 Panel Discussion on the new insurance contracts standard |
2018 |
4. |
Breakfast with Darrel Scott on the new Insurance Contracts Standard |
2017 |
SAICA Guides
No. |
Document |
Date published |
| 1. | 2022 Medical Schemes Accounting Guide | November 2022 |
2. |
2021 Medical Schemes Accounting Guide (Including IFRS 17 guidance) |
30 November 2021 |
IASB Educational material
No. |
Document |
Date published |
1. |
July 2018 |
|
| 2. | Reinsurance contracts held: example of proportionate reinsurance coverage | July 2018 |
| 3. | Insurance contracts issued by mutual entities | July 2018 |
| 4. | Premium Allocation Approach: an example with comparison to existing accounting practice | June 2018 |
| 5. | The accounting model explained on one page | January 2018 |
Investors Educational Material
No. |
Document |
Date published |
1. |
July 2020 |
|
| 2. | Insurance Contracts - Accounting to reflect economics | April 2018 |
| 3. | The Essentials—Busting insurance jargon | September 2017 |
Educational webcasts and webinars
Transition Resource Group
The Board has undertaken several activities to support consistent application of the Standard, and has established a Transition Resource Group (TRG) . The purpose of the group is to:
- provide a public forum for stakeholders to follow the discussion of questions raised on implementation; and
- inform the Board in order to help the Board determine what, if any, action will be needed to address those questions. Possible actions include providing supporting materials such as webinars, case studies and/or referral to the Board or Interpretations Committee.
Access the latest summary of the implementation questions submitted to the TRG for consideration. The implementation questions are categorised under the following headings:
No. |
Category |
1. |
Scope |
2. |
Level of aggregation |
3. |
Insurance acquisition cash flows |
4. |
Measurement—contract boundary |
5. |
Measurement—present value of future cash flows |
6. |
Measurement—risk adjustment for non-financial risk |
7. |
Measurement— contractual service margin |
8. |
Modification and derecognition |
9. |
Premium allocation approach |
10. |
Insurance contracts with direct participation features |
11. |
Reinsurance contracts held |
12. |
Investment contracts with discretionary participation features |
13. |
Business combinations and portfolio transfers |
14. |
Presentation in the statement of financial position |
15. |
Recognition and presentation in the statement(s) of financial performance |
16. |
Transition |
17. |
Interim financial statements |
18. |
Other |