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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Get in touch
For further details on IFRS 17, contact Brian Morrissey, Head of Insurance, via this form.
