UKEB Post-implementation Review of IFRS 17 Insurance Contracts
Project Type:
UKEB Post-Implementation Review
Status:
Active
Milestone:
Consultation
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. It will not alter or affect the endorsement and adoption decision made by the UKEB in 2022.
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 has published a Request for Information (RfI) and is currently undertaking further outreach activities.
UKEB Meetings
UKEB Meetings
- 17 September 2026: Updated Draft Request for Information
- 16 July 2026: Initial consultation and Draft Request for Information
- 26 February 2026: Updated Project Initiation Plan
- 29 January 2026: Project Initiation Plan
Timeline
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2
Consultation
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The UKEB published its Request for Information on 1 October 2026 for public consultation.
Request for Information
Request for Information - UKEB Post-implementation Review of IFRS 17 Insurance Contracts
The consultation closes on 30 December 2026.
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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 (PDF) (View as HTML version)
Open for Comment
Deadline: 30 December 2026