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Transition to IFRS 17 - March 2019

Transition to IFRS 17 - March 2019

Preparing the Market for IFRS 17


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Simon Nicholas

Partner: Audit and Advisory

KPMG in the Isle of Man


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Update from IASB March board meeting

A further three tentative amendments to IFRS 17 Insurance Contracts emerged from the International Accounting Standards Board’s (the Board) March 2019 meeting.

In total, four topics were discussed at the meeting, meaning that all 25 of the stakeholder concerns and implementation challenges the Board agreed to explore have now been covered.

The Board tentatively decided to propose amendments to IFRS 17 in three areas.

  • Scope exclusion for some credit cards that provide insurance coverage.
  • Amending the transition requirements for the risk mitigation option and loans that transfer significant insurance risk.
  • Amending the disclosure requirements regarding insurance acquisition cash flows and contractual service margin (CSM) allocation.

Previous KPMG Insurance IFRS 17 series

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