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The IFRS Interpretations Committee makes its first tentative agenda decision relating to IFRS 17, ‘Insurance Contracts’

Key points

On 15 March 2022, the IFRS Interpretations Committee considered its first submission about the application of IFRS 17, ‘Insurance Contracts’. The submission asked the Committee about the recognition of profit when applying IFRS 17. An insurer includes unearned profit in the measurement of insurance contracts and recognises it as revenue as the insurer provides services. The submission sets out two approaches for determining the services provided under a group of annuity contracts in each period, and asks whether those approaches meet the principle in IFRS 17 of reflecting insurance contract services provided under a group of insurance contracts.
After a comprehensive discussion, the Committee decided that only one of the approaches was acceptable and agreed to make a tentative agenda decision. The tentative agenda consultation will be subject to a public consultation, normally with a comment period of 60 days.
Table of contents (Free registration required to view)
  1. Background
  2. Discussion at the March IFRS Interpretations Committee
  3. Next steps
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