Alert: Release of IFRS 17 Insurance Contracts

Category: IFRS

Alert: Release of IFRS 17 Insurance Contracts

The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to develop a single source of principle-based guidance to account for all types of insurance contracts. This single source is needed to replace the wide variety of standards and practices currently applied to insurance contracts in different countries.

Most stakeholders, including insurers, agree about the need for a common global insurance accounting standard. IFRS 4 Insurance Contracts, the existing standard under which insurance contracts are accounted for, is an interim standard and does not prescribe the measurement of insurance contracts. Instead, it allows companies to use different practices often based on local accounting requirements. As a result, insurers currently use a wide range of accounting practices for reporting financial information on a key aspect of their business. Consequently, investors face difficulties in comparing and contrasting the financial performance of otherwise similar companies.

Alert: Release of IFRS 17 Insurance Contracts

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Michelle Balmer

Michelle Balmer CPA, CA

Vice President, Assurance

Michelle Balmer, CPA, CA, is a Senior Assurance Services Partner with MNP. With 14 years of experience in public practice, Michelle helps a broad range of public and privately held companies in a variety of industries. She also works on special projects, including costing studies, benchmarking and best-practice studies, operational analyses, litigation support and due diligence.

As a key member of MNP's Assurance team, Michelle has played an instrumental role in assurance policy development, implementing accounting and assurance standards firm-wide and educating assurance practitioners regarding methodologies and new pronouncements. She also provides technical advice and consultation on accounting and assurance issues, as well as on rules of professional conduct issues, to all MNP practitioners.

Michelle was certified a Chartered Accountant (CA) after obtaining a Bachelor of Commerce degree from the University of Alberta. She has been actively involved with the Institute of Chartered Accountants of Alberta, including the Chartered Accountants School of Business, in an instructional and marketing capacity. An avid volunteer, she has assisted numerous groups such as the Easter Seals of Alberta, Paralympic Sports Association and Junior Achievement of Northern Alberta.