EFRAG issues open call for tenders to assist with impact analysis of IFRS 17

26 Jan 2018

The European Securities and Markets Authority (EFRAG) has issued an open call for tenders to assist it in its impact analysis of IFRS 17 'Insurance Contracts'.

EFRAG is specifically looking for economic and behavioural expertise to assist in its impact analysis. It will then use this as one of the inputs to its endorsement advice to the European Commission on whether IFRS 17 would be conducive to the European public good.

EFRAG is also conducting its own activities that will support the development of its endorsement advice including surveys, case studies and outreach events.

Further information is available on the EFRAG website.

Transition to the new IFRS for insurance contracts

26 Jan 2018

The IASB has released a summary of the materials and other support available to national standard-setters and regulators planning for implementation of IFRS 17 'Insurance Contracts'.

The materials introduced by IASB member Amaro Gomes include:

  • Set the scene:
    • To understand and explain why IFRS 17 was developed
    • To familiarise stakeholders with the scope, timing and requirements of IFRS 17
    • To understand and explain the possible benefits and costs of IFRS 17
    • To understand and explain how IFRS 17 relates to prudential regulation
    • To understand and explain what investors think about IFRS 17
  • Plan for implementation
  • Education
  • Use implementation support provided by the IFRS Foundation

Please click to access the summary on the IASB website.

Two IASB presentations on financial stability and long-term investments

25 Jan 2018

The IASB has made two presentations publicly available that were originally prepared for the Trustees of the IFRS Foundation in 2017.

The first presentation (20 slides) explores the impact of accounting volatility on financial stability, how IFRS 9 Financial Instruments and IFRS 17 Insurance Contracts contribute to stability, and the relationship between the IFRS Foundation and regulators.

The second presentation (26 slides) explains how accounting standards contribute to long-term investments and how capital markets benefit from transparent reporting.

Investor education sessions on new major standards

24 Jan 2018

On the fringes of the upcoming meeting of the IFRS Foundation in Hong Kong, the Hong Kong Institute of Certified Public Accountants (HKICPA) and the IASB will host a series of educational events for investors on Thursday 1 February 2018.

These sessions, beginning at 11:30am and ending at 6:00pm, focus on

  • IFRS 16 Leases,
  • IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments (impairment of financial assets), and
  • IFRS 17 Insurance Contracts.

Participation in these sessions is free of charge.

Please click for more information on the HKICPA website.

AAOIFI's standard on impairment and credit losses may be early adopted

24 Jan 2018

In November 2017, the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) issued its new standard FAS 30 'Impairment, Credit Losses and Onerous Commitments'. The AAOIFI's Accounting Board has now approved transitional arrangements that will allow for an early adoption of FAS 30 from 1 January 2018.

Transitional arrangements had to be found since while FAS 30 was issued in November, its companion standard FAS 35 Risk Reserves is still only an exposure draft and will need some more time to be issued.

Please see the press release on the AAOIFI website for the transition arrangements.

Agenda for the January 2018 DPOC meeting

23 Jan 2018

The Trustees of the IFRS Foundation will be meeting in Hong Kong from 30 January to 1 February 2018. However, only the meeting of the Due Process Oversight Committee (DPOC) on 31 January will be held in public.

The agenda for the DPOC meeting is summarised below.

Wednesday, 31 January 2018 (16:00–16:55)

  • Introduction and Actions from DPOC meeting held on 7 November 2017
  • Technical activities: Key issues and update
  • IFRS Taxonomy Consultative Group: appointment of Vice-Chair – report on discussions in private session
  • Due Process Handbook Review
  • Correspondence: update
  • Summary

Agenda papers for the meeting are available on the IASB's website.

Live webinar on the scope of the Business Combinations under Common Control project

23 Jan 2018

The International Accounting Standards Board (IASB) announces a live webinar on the scope of its Business Combinations under Common Control project. Registration for the 31 January webinar is now open.

In December 2017 the IASB concluded its discussions of the scope of the project and the webinar will discuss the Board’s decisions and illustrative examples of transactions within the scope.

The IASB will offer a morning and an afternoon session to accommodate stakeholders in time zones around the world. Both 45-minute web presentations will also allow participants to ask questions. Registration is required (on the IASB's website) for the sessions:

A recording of the webinar will be available in due course. Please see the IASB press release for more information.

Insurance contracts transition resource group releases meeting agenda

23 Jan 2018

The IASB has released the agenda for IFRS 17 transition resource group (TRG) meeting on 6 February 2018.

The purpose of the TRG is to seek feedback on potential issues related to implementation of IFRS 17 Insurance Contracts. By analysing and discussing potential implementation issues, the TRG will help the IASB determine whether additional action is needed, such as providing clarification or issuing other guidance. This meeting will be the first meeting where technical matters will be discussed.

The agenda for the meeting is as follows:

Tuesday, 6 February 2018

  • Welcome and in­tro­duc­tory remarks
  • Separation of insurance components of a single contract
  • Boundary of contracts with annual repricing mechanisms
  • Boundary of reinsurance contracts held
  • Insurance acquisition cash flows paid on an initially written contract
  • Determining quantity of benefits for identifying coverage units
  • Insurance acquisition cash flows when using fair value transition
  • Reporting on other questions submitted
  • Administrative matters

Agenda papers for this meeting are avail­able on the IASB's website.

IASB announces fifth research forum

23 Jan 2018

The International Accounting Standards Board (IASB) will host its fifth Research Forum on 11 and 12 November 2018 in Sydney.

The Forum will be held in conjunction with Abacus, an academic journal from the Accounting Foundation at the University of Sydney. The editors of Abacus have issued a call for papers inviting submissions that can provide evidence to inform the standard-setting activities of the IASB.

IASB posts webcast on IFRS 17

22 Jan 2018

The IASB has posted a webcast on the level of aggregation requirements in IFRS 17 'Insurance Contracts'.

The webcast is presented in two parts:

  • Part 1 explaining why and how insurance contracts are grouped.
  • Part 2 discusses recognition, derecognition and disclosures.

For more information, see the press release on the IASB’s website. In addition, earlier webcasts and webinars on IFRS 17 are available through an archive.

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