Actuarial Support for the Implementation of IFRS 17

International Financial Reporting Standard (IFRS) 17 – Insurance Contracts was released in May 2017. It is the latest IFRS to be developed by the International Accounting Standards Board (IASB) whose standards are used in more than 100 countries for the preparation of public company financial statements. IFRS 17 is effective for annual reporting periods beginning on or after 1 January 2023 with earlier application permitted as long as IFRS 9 is also applied. For more information, please visit the IFRS Website

To support IAA member associations and actuaries worldwide with the application and implementation of IFRS 17, the IAA has developed:

International Standard of Actuarial Practice 4

The IAA develops model standards of practice known as International Standards of Actuarial Practice (ISAPs). To guide actuaries in the use of IFRS 17, ISAP 4 was produced. You may find the following ISAP 4-related documents of interest:

An international actuarial note

International actuarial notes (IANs) are educational and non-binding in nature. They show practices commonly used, or expected to be used, by actuaries and are not intended to define the practice or practices that would be adopted by all actuaries. Their purpose is to familiarize the actuary with approaches that might be taken in the practice area in question. They also serve to demonstrate to clients and other stakeholders, and to non-actuaries who carry out similar work, how the actuarial profession may approach the subject matter. IAN 100 - Application of IFRS 17 Insurance Contracts includes:

  • An introduction to IFRS 17 and approaches to classifications of contracts under IFRS;
  • The accounting models and their components; current estimates, discount rates, risk adjustment, the contractual service margin, premium allocation approach and performance-linked features;
  • Transition, business combinations and fair value; and
  • Reinsurance, presentation, embedded derivatives and many other topics.
Final IAN 100 (Released: 31 August 2021) 

An Educational Monograph

Following monographs on stochastic models and discount rates, a monograph on risk adjustments as required by IFRS 17 was released in May 2018 as part of the IAA’s efforts to support global actuarial work.


Paper on Quality Assurance and Governance Initiatives on IFRS 17 (30 September 2020) Slides / Recording
ISAP 4 Actuarial Support for the Implementation of IFRS 17 (6 February 2020) Slides / Recording

Joint IAA/IASB Webinar (3 April 2019)  Slides / Recording

News Releases
IAA Releases International Actuarial Note on IFRS 17 Insurance Contracts (31 August 2021)
IAA Releases a Paper on Quality Assurance and Governance Initiatives on IFRS 17 (8 September 2020)
The IAA Releases ISAP 4 on IFRS 17 Insurance Contracts  (11 December 2019)

IAA Issues Statement on IFRS 17 Insurance Contracts Amendments (27 June 2019)
IAA President Issues Statement on IFRS 17 Insurance Contracts Deferral (15 November 2018)
Risk Adjustments for Insurance Contracts Under IFRS 17 (29 May 2018)
The IAA and IFRS 17 (18 May 2017)
IAA Responds to the IASB Exposure Draft on Insurance Contracts (10 February 2011)