EFRAG reacts to ESA's comment on IFRS 17 endorsement process in the EU
26 Oct, 2018
On 18 October, the European Supervisory Authorities (ESAs) had jointly written to the European Financial Reporting Advisory Group (EFRAG) to express concerns on the endorsement process for IFRS 17 'Insurance Contracts'. The EFRAG President has now publicly reacted to that letter.
In his response to the ESA's letter, the EFRAG President refers to EFRAG's letter regarding IFRS 17 sent to the IASB in September and explains that EFRAG is now waiting for the IASB's reaction. If the IASB decides not to re-open IFRS 17, EFRAG will proceed with developing a draft and then a final endorsement advice on IFRS 17. If the IASB decides to re-open IFRS 17, EFRAG will suspend the development of an endorsement advice for the duration of the IASB's redeliberations and contribute to the IASB's due process during that period.
Please click to access the EFRAG letter to the ESAs on the EFRAG website.
