Q1 Financial Results

Update: IFRS 17, Insurance Contracts

Beginning Q1 2023, WCB Nova Scotia, like other regulated insurance sector organizations, will be required to report using the IFRS 17 standard “Insurance Contracts.”

This means that liabilities will be required to be reported at current fair market value, using a lower discount rate than under the previous standard, IFRS 4.

As a result, liabilities are reported as slightly higher, leading to a slight reduction in the funded percentage. In other reporting periods, it is possible this difference could be more pronounced.

Please note, going forward, while public reporting will be based upon IFRS 17, the WCB will continue to also maintain the IFRS 4 standard for the purpose of future decisions and planning, such as operational forecasting, and employer rate setting.