ECON briefing paper on IFRS 17
27 Oct, 2020
A briefing paper prepared for a meeting of the Committee on Economic and Monetary Affairs (ECON) of the European Parliament discussing the current situation as regards adoption of IFRS 17 'Insurance Contracts' is publicly available.
The briefing paper describes the positive draft endorsement advice of the European Financial Reporting Advisory Group (EFRAG) on IFRS 17 that notes that the Board achieved consensus on all issues with the exception of annual cohorts, with nine Board members voting in favour of the cohorts meeting the endorsement criteria and seven members disagreeing. The briefing paper also cites an article by IASB Chair Hans Hoogervorst explaining the reasons supporting the IASB’s recent decision to uphold the annual cohort requirement in IFRS 17 for grouping insurance contracts to measure and recognise profit.
Please click to access the briefing paper on the website of the European Parliament.
