EFRAG draft comment letter on proposed amendments to IFRS 17
15 Jul, 2019
The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB exposure draft ED/2019/4 ‘Amendments to IFRS 17'.
The exposure draft addresses concerns and implementation challenges that were identified after IFRS 17 'Insurance Contracts' was published in 2017.
EFRAG is broadly supportive of the changes proposed; however, it has identified possible considerations for the IASB related to the (1) retrospective application of risk mitigation option on transition, (2) issuance of amendments to IFRS 4 which extends the optional deferral of IFRS 9 to allow adequate time for endorsement in Europe, (3) an exception for annual cohorts requirement for certain contracts, and (4) implementation challenges on the restrict use of the modified retrospective approach.
Comments on EFRAG's draft comment letter are requested by 2 September 2019. In addition, EFRAG is inviting users to express their views on the draft comment letter in a 30-minute interview; those interested in participating should contact EFRAG by 16 August 2019. For more information, see the press release and the draft comment letter on EFRAG website.
