EFRAG issues final endorsement advise on narrow-scope amendment to IFRS 17

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02 Feb, 2022

The European Financial Reporting Advisory Group (EFRAG) has issued its final endorsement advice letter relating to the use in the European Union (EU) and European Economic Area of ‘Initial Application of IFRS 17 and IFRS 9 – Comparative Information (Amendment to IFRS 17)’ (the Amendment).

The Amendment addresses the 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 and improve the usefulness of the comparative information. The Amendment relates only to the presentation of comparative information and becomes effective on initial application of IFRS 17.

EFRAG recommends the endorsement of the Amendment. EFRAG assesses that the Amendment meets the technical endorsement criteria of the IAS Regulation and is conducive to the Euro​​​pean public good.

A press release and the endorsement advice letter to the European Commission are available on the EFRAG website. EFRAG has also updated its endorsement status report.

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