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FRC publishes draft response to proposed amendments to IFRS 17

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16 Aug 2019

The Financial Reporting Council (FRC) has published a staff draft of its response to the International Accounting Standards Board (IASB)’s Exposure Draft ED/2019/4 Amendments to IFRS 17 ("the exposure draft").

The draft response outlines the FRC staff’s tentative conclusions on issues raised in the IASB's exposure draft. Although the FRC agrees with the majority of the proposals in the exposure draft, it raises some concerns regarding proposals to address accounting mismatches between reinsurance contracts held and onerous underlying insurance contracts. The FRC also highlights some practical challenges of implementing the annual cohort requirement, especially for contracts that share risk.

The FRC has stated that it welcomes stakeholders’ views on its staff draft to inform its final response to the IASB.

The draft response can be accessed on the FRC website.

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