The International Accounting Standards Board (Board) continued its considerations of how to respond to the concerns and implementation challenges raised in relation to the new insurance contracts Standard, IFRS 17, during its January meeting. The Board decided to propose targeted improvements in three areas that it expects will ease implementation of the Standard and also make it easier for companies to explain the results of applying IFRS 17 to investors and others. The Board concluded that on balance, these amendments meet the criteria for potential changes the Board agreed in October 2018.
The changes the Board voted to propose are linked to the recognition of contract costs, reinsurance contracts and the investment service elements of a contract.
The Board will continue its discussions at future meetings and expects to publish a document for consultation on proposed narrow-scope amendments around the middle of the year.
Further information can be found on the Board’s dedicated page on its work to support implementation of IFRS 17.