Canadian regulator updates timelines for IFRS 17 implementation

Written by Michael Griffiths

01/10/2020

The Office of the Superintendent of Financial Institutions (OSFI) has released three documents that update the timelines for Canadian insurers to implement IFRS 17.

The Canadian regulator indicated that the changes provide institutions with a “clear picture” of OSFI’s expectations for the implementation of the project.

OSFI has updated two accounting advisories on IFRS 17 and IFRS 9 to revise key milestones and reporting requirements for Canadian insurers, and suggested that they reflect the International Accounting Standards Board’s deferral of IFRS 17 to 1 January 2023.

The regulator also suggested that these advisories align OSFI’s expectations with the timelines set for the implementation of IFRS accounting standards. The IFRS 9 advisory explained that OSFI expects life insurers to defer the application of IFRS 9 until the expected effective date of the IFRS 17 standard on 1 January 2023.

“The move to IFRS 17 is a significant undertaking for the insurance industry.” OFSI assistant superintendent, regulation sector, Ben Gully, commented. “We remain focused on ensuring that our regulatory and supervisory frameworks continue to be effective and remain up to date with the new standard.”

OFSI added that it will continue to work with the Canadian insurance sector to support a “robust implementation” of the new standard in Canada.

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