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Amendments to IFRS 17 – International Accounting Standards Board

Date recorded:

At its meeting on December 13, 2018, the International Accounting Standards Board (the Board) continued its discussions on possible amendments to IFRS 17 and tentatively decided to amend the requirements in IFRS 17 so that the presentation of insurance contract assets and liabilities in the statement of financial position is determined using portfolios of insurance contracts rather than groups of insurance contracts. The Board also tentatively decided not to amend the requirements in IFRS 17 relating to the following topics:

  1. the presentation and measurement of premiums receivable and claims payable;
  2. the discount rates used to determine the adjustments to the contractual service margin;
  3. the risk adjustment for non-financial risk in consolidated financial statements;
  4. the principle-based approach to determining the discount rates used to measure insurance contracts, or to limit the number of risk adjustment techniques an entity can use;
  5. the option to present specified amounts of insurance finance income or expenses in profit or loss or other comprehensive income;
  6. the definition of an insurance contract with direct participation features;
  7. non-transitional requirements relating to risk mitigation activities;
  8. the classification, applying IFRS 17 and IFRS 3, Business Combinations, of contracts acquired in a business combination as insurance contracts;
  9. the determination of the insured event for insurance contracts acquired in a business combination;
  10. future cash flows in the measurement of reinsurance contracts held; and
  11. the treatment of accounting estimates in interim financial statements. The Board will discuss the remaining topics in early 2019.

Review the IASB Update and podcast on the Board's Web site.

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