The IASB has voted to propose to amend IFRS 17, the insurance contracts Standard issued in May 2017.
When the Standard was issued, the IASB initiated a comprehensive programme of stakeholder engagement to fully understand the practical challenges of implementing IFRS 17 and to identify possible refinements to ease the burden of transition.
This, in turn, led to the IASB commencing a process of evaluating the need for making possible amendments to the Standard at its October meeting. In that meeting, the IASB decided that any amendments should not:
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result in less useful information for investors;
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disrupt existing implementation processes; and
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risk undue delays in the effective date of a Standard that is much-needed to address inadequacies in the current wide range of insurance accounting practices.
The amendment proposed at this month’s meeting meets those criteria.
The IASB’s discussions will continue in early 2019 and will be followed by a public consultation on the proposed amendment(s) before any changes are confirmed.
Full press release
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