Financial Services Ireland

INSURANCE ACCOUNTING ALERT

IASB agrees re-deliberation plan for amendments to IFRS 17

At its meeting on 20 November, the IASB Board agreed a re-deliberation plan for proposed amendments to IFRS 17. It plans to complete deliberations by February 2020.

See key highlights below or, for a more detailed overview, download our latest accounting alert at the end of this page.

What you need to know:

The Board agreed to the staff’s recommended plan to re-deliberate 13 topics.
The Board agreed to confirm at a future meeting six proposed amendments to IFRS 17.
The Board agreed that it will not consider feedback raised in the comment letters on 14 potential amendments to the standard the Board had previously considered and rejected.
The staff have undertaken to provide an analysis of three new topics and to present this to the Board at a future meeting.

How we see it:

The items on the list for deliberation cover the main expected areas based on the feedback from the outreach activities provided at the last IASB meeting. The fact that the Board are re-deliberating a topic does not mean that there will necessarily be changes for each of these topics.
There will be significant interest in the effective date re-deliberations, and given the impact on implementation projects, we expect that IASB will consider this topic urgently.
The Board has set a very ambitious time table to complete re-deliberations. Whether they meet this will depend on the extent of the discussions. Any amendments to the standard in addition to those proposed in the ED would require time to develop.

If you have any questions, please reach out!

Ciara McKenna

FS Partner, Assurance, Insurance

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EY Insurance Accounting Alert November 2019

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IASB agrees re-deliberation plan for amendments to IFRS 17

Ciara McKenna

FS Partner, Assurance, Insurance

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