IASB proposes narrow-scope amendment to transition requirements of IFRS 17
29 July 2021
The IASB has proposed a narrow-scope amendment to the transition requirements in IFRS 17 Insurance Contracts.
In case of insurers applying IFRS 17 and IFRS 9 Financial Instruments for the first time from 2023, the current transition requirements result in certain mismatches when IFRS 9 is not reflected in the accounting for financial assets in the prior periods presented when IFRS 17 and IFRS 9 are first applied.
The proposed amendment to IFRS 17 addresses this issue by giving entities an option to present comparative information for certain financial assets in a manner consistent with IFRS 9.
The Exposure Draft of the amendment may be accessed here. Comments on the Exposure Draft are requested by 27 September 2021.