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Amendments to IFRS 17 – International Accounting Standards Board

Date recorded:

At its meeting on December 11-12, 2019, the IASB met to discuss the feedback on its Exposure Draft relating to:

  1. proposed amendments for the Board to finalize without substantive redeliberation;
  2. insurance acquisition cash flows; and
  3. reinsurance contracts held—recovery of losses.

The Board tentatively decided to finalize the following amendments to IFRS 17 as proposed in the Exposure Draft:

  1. scope exclusion for loans;
  2. the contractual service margin attributable to investment services—coverage units for insurance contracts with direct participation features;
  3. presentation in the statement of financial position—by portfolio instead of group level;
  4. the applicability of the risk mitigation option—for reinsurance contracts held;
  5. transition reliefs for business combinations; and
  6. transition reliefs for the risk mitigation option—the application from the transition date and the option to apply the fair value approach.

The Board also made a number of tentative decisions related to the expected recovery of insurance acquisition cash flows and a number of tentative decisions related to reinsurance contracts held—recovery of losses. At future meetings, the Board will redeliberate the remaining topics for discussion in response to the feedback on the Exposure Draft.

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

Correction list for hyphenation

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