Educational Note: Comparison of IFRS 17 to Current CIA Standards of Practice

Group: Actuarial Guidance Council

Publication date: 30-06-2022

Version: Current

Language available: Bilingual

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The Committee on International Insurance Accounting (IIAC) has prepared this educational note which identifies the key differences in the measurement of insurance contract liabilities between IFRS 17 and current CIA Standards of Practice and supporting guidance.

This educational note includes nine sections:
1. Introduction
2. IFRS 17 overview and comparison to current practice
3. Classification of contracts
4. Separation of contract components
5. Selection of measurement approach
6. Measurement considerations
7. Probability-weighted cash flows
8. Discounting
9. Risk adjustment for non-financial risk

Categories: Practice

Types: Educational notes

Topics: Life insurance, Property and casualty insurance

Pages: 38

Format: PDF

Accession no.: 222094