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IFRS 17 Insurance Contracts

We now have more clarity over two further proposed amendments to the new insurance standard, IFRS 17 Insurance Contracts:

  • Reinsurance contracts held – recovery of losses on initial recognition of onerous contracts. This amendment has been expanded to any type of reinsurance contracts held. 
  • Expected recovery of insurance acquisition cash flows. This amendment has been confirmed as proposed in the exposure draft (ED), with transition considerations to be discussed at a future meeting.

At its December meeting, the International Accounting Standards Board (the Board) progressed its re-deliberation plan by confirming these two topics, as well as finalising, as drafted in the ED, the six amendments proposed at its November meeting which did not require substantive re-deliberation.

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