News

Transition Resource Group ('TRG')

2018 - 2019

The TRG is a discussion forum established by the International Accounting Standards Board (IASB) to support the implementation of IFRS 17 Insurance Contracts. The purpose is to: Invite discussion and analysis of potential stakeholder issues arising from the implementation of IFRS 17, Provide a public forum for stakeholders to learn about the new insurance accounting requirements and Help the IASB determine whether additional action is needed, such as providing clarification or issuing other guidance. Our summaries highlight the key insights and observations to note from each of these meetings.

April 2019 Meeting

The following topics were discussed at April’s TRG meeting:

  • Investment components within an insurance contract

We note that the four TRG meetings held to date have covered all 127 submissions to the TRG up to April 2019. Therefore no further meetings are scheduled at present. However, the IFRS has noted that further TRG meetings may be scheduled in the future depending on the nature of any new submissions and whether discussion of those submissions would provide helpful education to stakeholders at this stage of implementing IFRS 17, without disrupting implementation processes under way.

For a link to the official TRG summary and accompanying podcast for this meeting, please click here.
 

Deloitte IFRS in Focus Summary

September 2018 Meeting

The following topics were discussed at September’s TRG meeting:

  • Accounting for insurance risk consequent to an incurred claim
  • Determining discount rates using a top-down approach
  • Commissions and reinstatement premiums in reinsurance contracts issued
  • Premium experience adjustments related to current or past service
  • Cash flows that are outside the contract boundary
  • Recovery of insurance acquisition cash flows
  • Premium waivers
  • Group insurance policies
  • Industry pools managed by an association
  • Annual cohorts for contracts that share in the return of a specified pool of underlying items

For a link to the official TRG summary and accompanying podcast for this meeting, please click here.
 

Deloitte IFRS in Focus Summary

May 2018 Meeting

The following topics were discussed at May’s TRG meeting:

  • Combination of insurance contracts
  • Determining the risk adjustment for non-financial risk in a group of entities
  • Cash flows within the contract boundary
  • Boundary of reinsurance contracts held with repricing mechanisms
  • Determining the quantity of benefits for identifying coverage units.

For a link to the official TRG summary and accompanying podcast for this meeting, please click here.
 

Deloitte IFRS in Focus Summary

February 2018 Meeting

The following topics were discussed at February’s TRG meeting:

  • Separation of insurance components of a single insurance contract
  • Boundary of contracts with annual repricing mechanisms
  • Boundary of reinsurance contracts held
  • Insurance acquisition cash flows paid and future renewals
  • Determining the quantity of benefits for identifying coverage units
  • Insurance acquisition cash flows when using fair value transition

For a link to the official TRG summary and accompanying podcast for this meeting, please click here. 

Deloitte IFRS in Focus Summary
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