The Board progresses its redeliberations by confirming three more amendments
The Board progresses its redeliberations by confirming three more amendments
First meeting of 2020 covers five areas of IFRS 17
At its first meeting of 2020, the International Accounting Standards Board (the Board) further considered feedback from respondents on IFRS 17 Insurance Contracts and confirmed proposed amendments in the following three areas.
The Board further decided to leave the following areas of IFRS 17 unchanged.
The following seven topics now remain to be addressed by the Board’s redeliberation plan in the coming months, allowing any resulting amendments to be finalised in mid-2020, in line with the Board’s plan.
While the areas of IFRS 17 which remain to be discussed – including a new effective date – are significant, the Board has now covered most of the topics included in its redeliberation plan and remains on track to issue a final version of IFRS 17 in mid-2020. This allows preparers to progress their implementation projects and increases clarity on what the final standard will look like.
The Board will continue to finalise discussions related to its redeliberation plan in February, in line with its objective to issue the final amendments to IFRS 17 in mid-2020. The Board expects to discuss the effective date in March.
You can read our summaries of the Board’s proposed amendments and the Transition Resource Group (TRG) for Insurance Contracts 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.
Visit home.Kpmg/ifrs17 to read all of our insights on the new insurance contracts standard. Also, our insights on insurers’ progress with IFRS 17 and IFRS 9 implementation can be found on our In it to win it web page.
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