IASB – Proposes minor amendment to transition requirements for insurers applying IFRS 17 and IFRS 9 for the first time

July 28, 2021 – IASB has published an exposure draft for consultation covering the Initial application
of IFRS 17 and IFRS 9.

Exposure Draft:
IASB proposes a narrow-scope amendment to the transition requirements in IFRS 17 Insurance Contracts, this change would not affect any other IFRS 17 requirements. Many insurers to apply the 2 standards for first time from 2023, are advanced in their preparations, some report significant temporary accounting mismatches related to standards. Mismatches arise in circumstances where IFRS 9 is not reflected in the accounting for financial assets in prior periods presented when IFRS 17 and IFRS 9 are first applied. Concerned that this will make the change in accounting more difficult to communicate. Proposed change would let these insurers address the issue by giving option to present comparative information for certain financial assets in way consistent with IFRS 9.

Effectiveness:
Comments on the exposure draft must be submitted by September 27, 2021.

For more information, visit www.ifrs.org.

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