Process confirmed for finalizing amendments to the new insurance standard
At its November meeting, the International Accounting Standards Board (the Board) reviewed feedback on the exposure draft (ED) Amendments to IFRS 17 and decided on a redeliberation plan.
The plan contains four categories, as follows:
For the topics that will be considered further, the Board will decide whether to make changes at the next three Board meetings.
The Board intends to apply the same criteria as used in the development of the ED when considering topics further. The criteria aim to ensure that any amendments to IFRS 17 do not:
The topics that are not going to change are as follows:
Proposed amendments to be confirmed by the Board at a future meeting
Topics that will not be considered further by the Board
Topics that are potentially being reconsidered at the next three Board meetings:
Topics that will be considered further by the Board
New concerns that may be addressed by the Board
The proposed amendments to be confirmed and topics to be considered further are expected to be discussed by the Board in the next three Board meetings – i.e. up to February 2020. The Board's objective remains to issue the final amendments to IFRS 17 in mid-2020.
You can read our coverage of the Board's proposed amendments and the Transition Resource Group for Insurance Contracts (TRG) discussions in our online magazine Insurance – Transition to IFRS 17.
Please watch this space for further updates and speak to your usual KPMG contact to find out more about the Board's deliberations..
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