The Transition Resource Group (TRG) for IFRS 17 will meet four times during 2018 to discuss questions raised regarding the implementation of the IFRS 17 Standard. In this article, Milliman consultants summarise key points arising from the TRG meeting of 2 May 2018. The TRG meeting covered some of the implementation challenges raised by TRG members and a number of examples relating to the following concepts in IFRS 17:
• Coverage units
• Contract boundaries
• Risk adjustment at the group level
• Bundling insurance contracts
There are a number of areas of International Financial Reporting Standard (IFRS) 17 where the International Accounting Standards Board has allowed firms to make choices on their approaches. This paper by Milliman consultants focuses on the approaches available under IFRS 17 for the derivation of the discount rates for use in the various calculations required by the Standard.
What involvement does the Financial Conduct Authority (FCA) have in Part VII transfers and what are its current expectations? This article summarises the key points of the FCA’s approach to the review of Part VII transfers and provides perspective from Milliman’s experience of Part VII transfers.