UK Endorsement Board publishes draft UK Endorsement Criteria Assessment on IFRS 17 'Insurance Contracts'
24 Nov, 2021
The UK Endorsement Board (UKEB) has published a draft UK Endorsement Criteria Assessment which assesses whether IFRS 17 'Insurance Contracts', issued by the International Accounting Standards Board (IASB) in May 2017, and subsequent amendments, meet the UK's statutory requirements for adoption of IFRS as set out in Statutory Instrument 2019/685.
The UKEB secretariat's tentative initial assessment concludes that:
- IFRS 17 meets the criteria of understandability, relevance, reliability and comparability required of the financial information needed for making economic decisions and assessing the stewardship of management, as required by SI 2019/685 (see Regulation 7(1)(c)); and
- application of IFRS 17 is not contrary to the principle that an entity’s accounts/consolidated accounts must give a true and fair view as required by SI 2019/685 (see Regulation 7(1)(a)).
Additionally the UKEB tentatively concludes that IFRS 17 is likely to be conducive to the long-term public good in the UK.
On the basis of its assessments against the endorsement criteria, the UKEB is therefore of the tentative view that it will adopt IFRS 17 for use in the UK.
Comments on the draft UK Endorsement Criteria Assessment are requested by 3 February 2022.
For more information, see the press release, Invitation to Comment and draft UK Endorsement Criteria Assessment on the UKEB's website.
