A decision has been taken to establish a Technical Advisory Group on IFRS 17 Insurance Contracts (‘Insurance TAG’). The purpose of the Insurance TAG will be to support initially the FRC and the Endorsement Board secretariat and, once it is established, the Endorsement Board in developing advice to the Secretary of State for Business, Energy and Industrial Strategy* on the adoption of IFRS 17 for use in the UK.
The primary role of the Insurance TAG is to provide specialised knowledge and technical advice to assist the Endorsement Board and its secretariat or the Financial Reporting Council (FRC) as the case may be in performing a technical assessment of IFRS 17 in accordance with the requirements set out in Statutory Instrument 2019/685.
The IASB is expected to publish a final amended version of IFRS 17 by mid-2020, with a UK decision on endorsement provisionally expected in 2021. The Insurance TAG is expected to provide advice over the course of the development of the endorsement criteria assessment by the Endorsement Board and its secretariat. The Insurance TAG is expected to meet some six or seven times in this period starting from May 2020. Meetings will be held either virtually or physically and are expected to last from 2 to 4 hours. If held physically they will take place in London and will be timed to enable most members to travel to and from London on the same day.
Members of the Insurance TAG should have good knowledge of IFRS 17 and financial reporting for insurance, and wide experience of the insurance sector whether as preparer, auditor, advisor, investor or other user of insurance sector financial reports. A sound understanding of more general IFRS issues and practice will also be helpful.
The selection of members will aim to ensure an appropriate mix of different professional backgrounds, e.g. preparers, auditors, users, academics and regulators.
Members are appointed in a personal capacity, and substitution is allowed only at the discretion of the Chair. The Insurance TAG will be chaired by the Endorsement Board’s Technical Director, or if not yet appointed, the FRC Director of Accounting and Reporting Policy.
The size of the group is limited to 11 members.
The Terms of Reference can be downloaded here.
Applications, in the form of a brief CV and a covering letter, specifying your involvement in IFRS 17 work so far, should be sent to EndorsementBoard@frc.org.uk no later than 27 April 2020.
*SI 2019/685 grants power to the Secretary of State to delegate the endorsement function to an independent body established for the purpose. In due course the Endorsement Board may therefore make decisions on the adoption of international accounting standards rather than advise the Secretary of State. The legislation can be found here: www.legislation.gov.uk/uksi/2019/685/made