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Amendments to IFRS 17 Insurance Contracts

Date recorded:

Oral Update

In this meeting the staff provided the Board with an oral update on the progress of the balloting process of the amendments to IFRS 17 and on other activities to support the implementation of IFRS 17. The Board confirmed that the amendments are very urgent and the amendments are currently expected to be finalised at the end of June 2020. The pre-ballot draft has been provided to Board members and external reviewers, and the staff is currently analysing the comments received. Any sweep issues arising from those comments will be brought to the Board in the May 2020 IASB meeting.

The staff have also uploaded educational material on the IASB website based on the meetings of the Transition Resource Group (TRG). The material is based on the version of IFRS 17 that was originally issued, however the material will still be helpful even after the amendments have been issued. At that point, a new webcast will be added that explains the changes that have been introduced by the amendments.

The staff also advised the Board that although there are no further TRG meetings scheduled, it is available for consultation by the Board.

One Board member supported the strategy for the educational material and highlighted that constituents should be exercising care when they use guidance that is affected by the amendments. An example is the guidance on mutuals where even after the amendments the guidance remains useful and substantially correct. However, there will be a clarification to the Basis for Conclusions as part of the amendments that may impact on whether the guidance is still relevant for particular entities.

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