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EFRAG issues draft endorsement advice on amendments to IFRS 17

  • EFRAG (European Financial Reporting Advisory Group) (dk green) Image

28 Dec 2021

The European Financial Reporting Advisory Group (EFRAG) has issued a draft endorsement letter and a separate invitation to comment relating to the use in the European Union (EU) of 'Initial Application of IFRS 17 and IFRS 9 – Comparative Information (Amendment to IFRS 17)' (‘the Amendment’).

The narrow-scope Amendment addresses accounting mismatches between insurance contract liabilities and financial assets arising in the comparative information presented on initial application of IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments.

EFRAG recommends the endorsement of the Amendment. EFRAG’s initial assessment is that the Amendment meets the technical requirements of the Regulation (EC) No 1606/2002 of the European Parliament and of the Council on the application of international accounting standards.

Comments are requested by 19 January 2022.

For more information, see the press release, the draft endorsement advice letter and the invitation to comment on the EFRAG website.  EFRAG has also updated its endorsement status report to reflect the draft endorsement advice.

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