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5 Oct. 2017

New international insurance rules – Australia to have a voice

Australian insurers will be well-represented at an international group that will support the implementation of a new insurance standard that aims to improve international comparability.

The new standard, IFRS 17 Insurance Contracts – Australia’s AASB 17 Insurance Contracts – represents a fundamental change to existing practice for most international insurers and is therefore expected to require significant implementation effort. Australian insurers will face less change as they have already been using similar insurance accounting.

To support the implementation of the new standard, the International Accounting Standards Board (IASB) has established the Transition Resource Group on IFRS 17 Insurance Contracts (the TRG). The TRG will provide a public forum for stakeholders to follow the discussion of questions raised on implementation and to inform the IASB in order to help it determine what, if any, action is needed to address those questions.

The AASB is pleased to advise that Anne Driver, Group Head of Finance Policy & Assurance at QBE has been appointed a member of the international TRG.

Additionally, Anne will chair the Australian Accounting Standards Board (AASB) Transition Resource Group on AASB 17 Insurance Contracts (AASB TRG). Initially established during the development of the standard, this group has been recently reinvigorated to support the transition phase, with new members appointed to ensure broad reach into the Australian market. The AASB TRG will discuss Australian implementation issues and raise with the IASB TRG those issues of most significance.  In addition the AASB TRG will support Anne to provide feedback on issues raised directly with the IASB TRG.

“Australian stakeholders will have a voice at the table as key interpretations of the standard are discussed and debated during the transition period”, said Ms Driver.

AASB Chair Kris Peach commented, “Anne’s appointment will leverage Australia’s extensive experience with insurance accounting similar to the new proposals and enhance the IASB’s ability to provide useful implementation assistance to those countries facing greater change. We encourage Australian insurers to contact the AASB if they have implementation queries.”

AASB 17 Insurance Contracts was issued in Australia in July 2017 and will take effect in on 1 January 2021.

Further information on the IASB TRG.

 

Further information on the AASB TRG