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New agenda paper for IASB's session on a possible narrow-scope amendment to IFRS 17

  • IASB meeting (blue) Image

26 May 2021

As reported earlier, the IASB will discuss the accounting for derecognised financial assets when insurers first apply IFRS 17 'Insurance Contracts' and IFRS 9 'Financial Instruments' on Thursday. An updated agenda paper for the session has now been made available on the IASB website that provides additional information and staff analysis. The question for Board members has also been amended.

The original agenda paper analysed feedback from some insurers and recommended the Board make a narrow-scope amendment to IFRS 17 to address the issue of accounting mismatches arising from financial assets derecognised in the comparative period. After releasing the paper, the staff received subsequent information provided by insurers that suggested that the staff recommendation included in that agenda paper was too narrow, not sufficiently clear and would not completely address the issue of concern for those insurers. It was also stated that implementing the recommended amendment would cause operational challenges.

Based on that information, the staff prepared the updated agenda paper to analyse and clarify additional aspects concerning the presentation of comparative information on initial application of IFRS 9 and IFRS 17 and updated the question for Board members accordingly.

Please click to access the updated agenda paper on the IASB website. As noted earlier, the session is now scheduled for Thursday 27 May 2021, 13:30-14:30.

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