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EFRAG sends letter to the IASB on IFRS 17 amendments

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

26 Mar 2020

In September 2018, the European Financial Reporting Advisory Group (EFRAG) submitted a letter to the IASB regarding IFRS 17 'Insurance Contracts' noting a number of concerns of EFRAG's constituents.

EFRAG has now sent a second letter sincerely appreciating the IASB’s efforts to address issues associated with the implementation of IFRS 17 identified in the September 2018 letter. However, while EFRAG is appreciative of the changes made, this new letter expresses regret that some of the conclusions reached by the Board deviate from EFRAG’s recommendations. In particular, EFRAG refers to the annual cohort requirement. In February 2020, the IASB discussed the issue but came to the conclusion that it was not possible to specify an exemption without the use of ‘bright lines’ and without developing a particularly complex set of criteria.

Please click to access the letter on the EFRAG website.

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