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Transition to IFRS 17 - February 2019

Transition to IFRS 17 - February 2019

Preparing the Market for IFRS 17

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Brian Morrissey

Head of Insurance & Actuarial

KPMG in Ireland

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New proposals target loan contracts and transition requirements

Two more important amendments to IFRS 17 Insurance Contracts were proposed at the International Accounting Standards Board's February meeting.

The proposals aim to provide practical relief for insurers and other financial statement preparers by amending IFRS 17 in two areas:

  • loans that transfer significant insurance risk; and
  • transition requirements for acquired claims liabilities.

These proposed amendments complement the Board’s tentative decisions to date to:

  • defer the effective date of IFRS 17 to January 2022;
  • extend the temporary exemption from applying IFRS 9 to January 2022;
  • propose an amendment to IFRS 17’s balance sheet presentation requirements; and
  • propose amendments to four other important areas of the standard last month.

All of these actions are subject to the Board’s normal due process, which requires that an exposure draft be published followed by a public comment period. The Board has now covered most of the 25 areas of IFRS 17 in which it decided to explore making amendments to address stakeholders’ concerns and implementation challenges. The Board is expected to discuss the remaining topics and potential sweep issues at their March 2019 meeting, while an exposure draft of the amendments to IFRS 17 is expected in mid-2019.

Read our web article to find out more.

Previous KPMG Insurance IFRS 17 series

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