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The IASB considers a narrow-scope amendment to IFRS 17 to address accounting mismatches in the comparative period arising from the differences in the transition approaches in IFRS 9 and IFRS 17
On 27 May 2021, the IASB (‘Board’) considered the objectives and principles of a potential narrow-scope amendment relating to the presentation of comparative information on initial application of both IFRS 9, ‘Financial Instruments’, and IFRS 17, ‘Insurance Contracts’.
The potential amendment would introduce an optional classification overlay approach. The approach would permit insurers to classify financial assets related to insurance contract liabilities in a way that would achieve greater consistency with the classification determined on initial application of IFRS 9, to the extent that IFRS 9 was not applied in the comparative period. The overlay approach would apply on an asset-by-asset basis. The Board was not asked to make any decisions – rather, it was asked for views, questions or comments on the staff view and potential next steps. The Board expects to discuss a staff recommendation at a future meeting.
The views in this In transition are based on our observations from the 27 May 2021 meeting, and they might differ in some respects from the official report of the meeting that will be published by the IASB in an IASB Update at a later date.

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