27 May 2021

In transition - the latest on IFRS 17 implementation - May 2021

On 27 May 2021, the IASB 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.

04 November 2020

In the Spotlight - Transition to IFRS 17 - Oct 2020

IFRS 17 specifies complex transition requirements for entities that are applying IFRS 17 for the first time. Entities will need to evaluate the choices that are available to them and exercise judgement in applying many of the requirements. Those choices and judgements will have an ongoing, long-term effect on amounts recognised on transition, with a corresponding effect on shareholder equity and reported revenue and profit reported in subsequent years for some insurers.

20 July 2020

In the Spotlight - Minimising accounting mismatches relating to financial risk for insurers

IFRS 17, ‘Insurance Contracts’ will bring significant changes to how insurers account for the insurance contracts that they issue. For many insurers, IFRS 9, ‘Financial Instruments’will also bring changes to the accounting for assets held to back the obligations arising from insurance contracts.

25 June 2020

Amendments to IFRS 17, Insurance contracts

The IASB issued the amendments to IFRS 17, ‘Insurance contracts’, on 25 June 2020, together with an amendment to IFRS 4, so that eligible insurers can still apply IFRS 9 alongside IFRS 17. This concluded the IASB’s targeted amendments to IFRS 17 which aimed to ease implementation of the standard by reducing implementation costs and making it easier for entities to explain, to investors and others, the results from applying IFRS 17.

21 May 2020

In transition - the latest on IFRS 17 implementation - May 2020

On 20 May 2020, the IASB (‘Board’) considered staff analysis and questions on sweep issues identified during the balloting process. The Board tentatively decided to amend IFRS 17 to correct minor technical issues relating to: