{"id":1079,"date":"2019-06-27T17:48:58","date_gmt":"2019-06-27T09:48:58","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=1079"},"modified":"2020-01-12T18:04:12","modified_gmt":"2020-01-12T10:04:12","slug":"asc-invites-comment-of-exposure-draft-ed-2019-4-amendments-to-ifrs-17","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2019\/06\/27\/asc-invites-comment-of-exposure-draft-ed-2019-4-amendments-to-ifrs-17\/","title":{"rendered":"ASC invites comment of Exposure Draft ED\/2019\/4 Amendments to IFRS 17"},"content":{"rendered":"\n<p>On or about 27 June 2019, the Accounting Standards Council (ASC) invites comments on Exposure Draft ED\/2019\/4 Amendments to IFRS 17 by 16 August 2019.  Comments are to be submitted by 16 August 2019. The compiled comments would then be summarised and forwarded to the IASB. <\/p>\n\n\n\n<p>On or about 26 June 2019, the International Accounting Standards Board (IASB) has published the Exposure Draft ED\/2019\/4 <em>Amendments to IFRS 17<\/em> to address concerns and implementation challenges that were identified after IFRS 17 <em>Insurance  Contracts<\/em> was published in 2017.<\/p>\n\n\n\n<p>The ED proposes amendments to IFRS 17 Insurance Contracts to respond to  concerns and challenges raised by stakeholders during the implementation  of IFRS 17. The potential costs of proposing targeted amendments to  IFRS 17 could be justified if those amendments provide meaningful support to entities implementing the Standard.<\/p>\n\n\n\n<p>It also requires that the amendments do not change the fundamental  principles of the Standard and avoid unduly disrupting current  implementation or risking undue delays in the effective date of IFRS 17.<\/p>\n\n\n\n<p>The main changes proposed in ED\/2019\/4 <em>Amendments to IFRS 17<\/em> are:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Deferral of the date of initial application of IFRS 17 by one year \nto annual periods beginning on or after 1 January 2022 and change the \nfixed expiry date for the temporary exemption in IFRS 4 <em>Insurance Contracts<\/em> from applying IFRS 9 <em>Financial Instruments<\/em>, so that entities would be required to apply IFRS 9 for annual periods beginning on or after 1 January 2022.<\/li><li>Additional optional scope exclusion for loan contracts that transfer\n significant insurance risk and related transition requirements to \nenable entities issuing such contracts to account for those contracts \napplying either IFRS 17 or IFRS 9.<\/li><li>Additional scope exclusion for credit card contracts that provide insurance coverage.<\/li><li>Amendments regarding allocation, recognition, assessment of the \nrecoverability, and disclosure regarding insurance acquisition cash \nflows relating to expected contract renewals.<\/li><li>Amendments regarding the contractual service margin (CSM) allocation\n relating to investment components and related disclosure requirements \nso that in the general model the CSM is allocated on the basis of \ncoverage units that are determined by considering both insurance \ncoverage and any investment return service.<\/li><li>Extension of the risk mitigation option to include reinsurance contracts held.<\/li><li>Amendments to require an entity that at initial recognition \nrecognises losses on onerous insurance contracts issued to also \nrecognise a gain on reinsurance contracts held.<\/li><li>Simplified presentation of insurance contracts in the statement of \nfinancial position so that entities would present insurance contract \nassets and liabilities in the statement of financial position determined\n using portfolios of insurance contracts rather than groups of insurance\n contracts.<\/li><li>Additional transition relief for business combinations.<\/li><li>Additional transition relief for the date of application of the risk\n mitigation option and the use of the fair value transition approach.<\/li><\/ul>\n\n\n\n<p>The exposure draft also contains several smaller proposed amendments.<\/p>\n\n\n\n<p>Source: ASC website, 27 June 2019<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On or about 27 June 2019, the Accounting Standards Council (ASC) invites comments on Exposure Draft ED\/2019\/4 Amendments to IFRS 17 by 16 August 2019. Comments are to be submitted by 16 August 2019. The compiled comments would then be summarised and forwarded to the IASB. On or about 26 June 2019, the International Accounting [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,6],"tags":[],"class_list":["post-1079","post","type-post","status-publish","format-standard","hentry","category-accounting","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1079","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=1079"}],"version-history":[{"count":1,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1079\/revisions"}],"predecessor-version":[{"id":1080,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1079\/revisions\/1080"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=1079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=1079"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=1079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}