IASB to propose a narrow-scope amendment to IFRS 17
25 June 2021
During its meeting held on 22-23 June 2021, the IASB discussed a narrow-scope amendment to IFRS 17 Insurance Contracts.
The IASB staff had recommended a narrow-scope amendment to IFRS 17 that would permit an entity, on initial application of IFRS 17, for the purpose of presenting comparative information, to elect to measure at fair value through profit or loss financial assets derecognised between the transition date and the date of initial application of IFRS 17 if certain conditions are met.
During the discussion, the Board members supported the amendment. The exposure draft of the proposed amendment is expected by the end of July 2021.
The meeting summary will be made available in due course.