"As we move beyond the deliberations phase, what people will have is certainty as to the final shape of IFRS 17 and it allow people to move into the final implementation process", says Darrel Scott, Board Member at IASB.
Speaking on the sidelines of InsuranceERM's IFRS 17 conference, on 13 February in London, he said: "There will continue to be concerns of people about the application of the standard. So we will keep our ears to the ground, continuing to listen what is happening at the level of the implementation. and to see whether or not, from an educational perspective and potentially from a TRG perspective, there is a way we can provide assistance to that process".
"In term of the modifications made in the deliberation phase, the reinsurance one has got the most far-reaching effect on the way the industry thinks about how it manages its underlying re/insurance contracts; this is a very specific change that will help people to better implement and better explain the results of their IFRS 17 numbers", he added.