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Amendments to IFRS 17, Insurance Contracts [Research]

Next steps:

The IASB expects to issue an Exposure Draft in June 2019

Last up­dated:

April 2019

Overview

IFRS 17, Insurance Contracts was issued by the IASB on May 18, 2017.  Implementing IFRS 17 represents fundamental changes for some insurers for the following reasons: (i) many concepts in IFRS 17 are new; (ii) it is the first time an IFRS Standard has prescribed the measurement of insurance contracts; and (iii) because insurers currently use local requirements to account for their insurance contracts, they are approaching the transition to the new accounting requirements from many different perspectives. Also, applying the requirements in IFRS 17 will prompt changes in insurers’ operations; for example, many insurers may have to upgrade their data, systems and processes.

Since IFRS 17 was issued, the Board has proactively been working to support insurers and others with the transition to the new Standard, including through establishing a Transition Resource Group and providing education materials. As part of that process, it has sought to understand any concerns and implementation challenges that insurers have identified while implementing the Standard. 

In December 2018, the IASB has decided to formally set up a project to amend IFRS 17. The Board is currently discussing stakeholder concerns and implementation challenges raised since the Standard was issued and is considering whether there is a need to amend the Standard. The criteria against which any possible amendment would be considered were agreed at the Board’s October 2018 meeting. To date the Board has discussed 15 of the 25 topics initially identified at its November 2018 and December 2018 meetings. The Board will discuss the remaining topics in early 2019.

Regarding any proposed amendments to IFRS 17, the Board will follow its normal due process for standard-setting, which includes a public consultation.

For further details, refer to the project on the IASB’s website.

 

Other de­vel­op­ments

April 2019

On April 12, 2019, the IASB® staff updated the work plan to indicate that the Board expects to issue an Exposure Draft in June 2019.

January 2019

On January 25, 2019, the IASB® staff updated the work plan to indicate that the Board expects to issue an Exposure Draft in Q2/2019.

December 2018

On December 14, 2018, the IASB staff has added a new project to the work plan in respect of amendments to IFRS 17, in­di­cating that the Board ex­pects to is­sue an Ex­po­sure Draft in the first half of 2019.

 

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