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  • IFRS Bulletin 2020-10

    International Financial Reporting Bulletin

Publikation:

IFRS Bulletin 2020-10 – IASB issues Amendments to IFRS 17, Insurance Contracts

03. Juli 2020

Background

IFRS 17, Insurance Contracts was issued in May 2017 after over 20 years of consultation and development with stakeholders, including preparers, auditors, regulators, investors and other financial statement users. IFRS 17 was originally issued with a mandatory effective date of 1 January 2021. Subsequent to the issuance of the standard, concerns were raised by preparers and other stakeholders about certain requirements of IFRS 17.

In October 2018, the IASB decided to consider potential amendments to IFRS 17 as long as any potential amendments met strict criteria:

(a) the amendments would not result in significant loss of useful information relative to that which would otherwise be provided by IFRS 17 for users of financial statements—any amendments would avoid:

  • (i) reducing the relevance and faithful representation of information in the financial statements of entities applying IFRS 17;
  • (ii) causing reduced comparability or introducing internal inconsistency in IFRS Standards, including within IFRS 17; or
  • (iii) increasing complexity for users of financial statements, thus reducing understandability.

(b) the amendments would not unduly disrupt implementation already under way or risk undue delays in the effective date of the Standard, which is needed to address many inadequacies in the existing wide range of insurance accounting practices.

These potential amendments were considered from October 2018 – June 2019. Once the IASB decided that it would deliberate potential amendments to IFRS 17, the Board tentatively decided to defer the effective date of IFRS 17 to at least 1 January 2022.

This was to allow the Board appropriate time to deliberate issues, expose any potential amendments and release an amended standard, still leaving sufficient time for preparers to incorporate the amendments into their IFRS 17 conversion plans. In June 2019, the IASB issued exposure draft (‘ED’) 2019/4 – Amendments to IFRS 17 with a 90-day comment period, which ended on 25 September 2019.

Subsequent to the comment period closing, the IASB redeliberated in light of the comments received from respondents to the ED and, during the period from October 2019 – March 2020, the IASB concluded its deliberations based on the feedback received from the ED process. These decisions formed the basis for the final amendments to IFRS 17, with additional minor sweep issues discussed at the May 2020 IASB meeting.

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