16 June 2022

In transition - the latest on IFRS 17 implementation - June 2022

The IFRS Interpretations Committee agrees to finalise its agenda decision on the transfer of insurance coverage under a group of annuity contracts and to issue a tentative agenda decision on multi-currency groups of insurance contracts

28 October 2021 | Updated 02 November 2021

In transition - The latest on IFRS 17 implementation - October 2021

On 28 October 2021, the IASB redeliberated the Exposure Draft proposing a narrow-scope amendment relating to the presentation of comparative information on initial application of both IFRS 9 and IFRS 17, considering the feedback from the comment letters received.

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.

24 December 2020 | Updated 11 August 2022

In the Spotlight - Determining CSM allocation using coverage units

IFRS 17, ‘Insurance Contracts’, introduces the concept of ‘coverage units’ for determining how an insurer allocates to different reporting periods the expected profit for providing insurance contract services (that is, the contractual service margin).