In transition - The latest on IFRS 17 implementation - March 2023
On 14 March 2023, the IFRS Interpretations Committee (IFRS IC) considered the accounting for premiums receivable from an intermediary. The issue is whether an insurer should remove the premiums receivable from the measurement of a group of insurance contracts under IFRS 17, and instead recognise a separate financial asset under IFRS 9 when, once the policyholder pays the premiums to the intermediary, the insurer is obliged to provide the insurance service to the policyholder. The IFRS IC tentatively decided that there are two acceptable approaches and that the premium receivable could be accounted for under either IFRS 17 or IFRS 9. The tentative decision will be subject to a 60-day public consultation period.
15 March 2023
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