On or about 26 June 2019, the International Accounting Standards Board (IASB) seeks public consultation on proposed amendments to the insurance contracts Standard, IFRS 17.
The aim of these amendments is to continue supporting implementation by reducing the costs of implementing the Standard and making it easier for companies to explain their results while applying the Standard. This was in response to the concerns and challenges raised about implementing the Standard.
IFRS 17 was issued in May 2017. It is the first truly international accounting standard for insurance contracts and addresses the many inadequacies in accounting for such contracts.
Following discussions with those affected by the Standard after it was issued, the IASB decided to propose amendments to IFRS 17 to alleviate concerns and challenges raised about implementing the Standard.
The proposed amendments are designed to minimise the risk of disruption to implementation already underway. They do not change the fundamental principles of the Standard or reduce the usefulness of information for investors.
In the light of the proposed amendments, the IASB has also proposed to defer the effective date of the Standard by one year to 2022.
The comments are to reach IASB by 25 September 2019.
Source: IFRS website, 26 June 2019