Changes to IFRS 17 Insurance Contracts
27 April 2020
The IASB published an Exposure Draft (‘ED’) entitled Amendments to IFRS 17 in June 2019 with a 90 day comment period which ended on 25 September 2019. Deliberations on these proposed amendments have now been concluded based on the feedback received from the ED process. At a high level, the IASB has decided:
- To confirm most of the proposals in the ED, with some changes to address feedback on those proposals
- To issue the amendments to IFRS 17 in the second quarter of 2020, and
- That IFRS 17 incorporating the amendments will be effective from 1 January 2023.
Amendments not proposed in the 2019 Exposure Draft
The final revisions include some amendments not originally proposed in the 2019 ED in the following areas:
- Fulfilment cash flows – income tax payments
- Risk mitigation option – non-derivative financial instruments at fair value through profit or loss
- Transition - guidance on a number of issues
- Interim reporting.
For more information and a summary of the key areas where the IASB agreed to amend IFRS 17, please refer to IFRB 2020/04 ‘IASB concludes on amendments to IFRS 17 Insurance Contracts’
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