UKEB Post-implementation Review of IFRS 17 Insurance Contracts
Status:
Active
Milestone:
Initiation
The primary focus of the UKEB post-implementation review (PIR) of IFRS 17 Insurance Contracts is to assess whether the endorsement and adoption of IFRS 17 for use by UK entities had the intended effect, as outlined in the endorsement criteria.
The UKEB will take a holistic approach to the PIR, which is consistent with its approach to the original endorsement and adoption of IFRS 17. The UKEB will consider the standard as a whole, including the disclosures it requires and its interaction with other UK-adopted international accounting standards.
This UKEB PIR will focus solely on significant UK post-implementation issues, if any. This will be used to influence the IASB’s PIR.
Background
The UKEB adopted IFRS 17 Insurance Contracts in May 2022. It was effective for annual periods beginning on or after 1 January 2023. This was the first standard adopted by the UKEB for use by UK entities. It was considered likely to lead to a significant change in accounting practice, therefore the UKEB is required, under Statutory Instrument (SI) 2019/685 International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019, to conduct a PIR and publish a report of the results no later than 1 January 2028.
Outreach
The UKEB plans to publish a Request for Information (RFI) in Q4 2026 and undertake other outreach activities.
UKEB Meetings
UKEB Meetings
- 26 February 2026: Updated Project Initiation Plan
- 29 January 2026: Project Initiation Plan
Timeline
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1
Initiation
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The UKEB published its Project Initiation Plan on 4 March 2026.
Project Initiation Plan: UKEB Post-implementation Review of IFRS 17 Insurance Contracts