IFRS Interpretations Committee – Agenda decision on transfer of insurance coverage under a group of annuity contracts

The IFRS Interpretations Committee (Committee) has published a final agenda decision (available here) on methods for determining the amount of revenue to be recognised on immediate annuity contracts. It was confirmed and published by the International Accounting Standards Board (IASB)...

IFRS 17 Insurance Contracts – Deferred effective date of IFRS 17 and the temporary exemption of IFRS 9

At the International Accounting Standards Board's (“IASB”) meeting in December 2019, it was tentatively decided to delay the effective date of IFRS 17 Insurance Contracts (“IFRS 17”) and the fixed expiry date of the temporary exemption from applying IFRS 9...

IFRS 17 Insurance Contracts exposure draft – Key points

On 26 June 2019, the IASB published the exposure draft: ED/2019/4 Amendments to IFRS 17, proposing the long-awaited amendments to the insurance contracts standard. Set out below is a summary of the key points of the exposure draft covering what the...

IFRS 17 Insurance Contracts – Exposure draft is imminent

A few final technical issues prior to publication of the ED At the May 2019 meeting, the IASB discussed a few final technical issues on the proposed amendments to IFRS 17 Insurance Contracts prior to finalising the exposure draft, which is expected...

IFRS 17 Insurance Contracts – Final amendments planned at April 2019 meeting

At the April 2019 meeting, the IASB concluded its deliberations on amendments to IFRS 17 Insurance Contracts (see previous blog articles for further details) and authorised its staff to start the drafting of the exposure draft. The IASB has also...

IFRS 17 Insurance Contracts – Amendments planned at March 2019 meeting

At the March meeting, the IASB continued its discussions on the amendments necessary to IFRS 17 Insurance Contracts, which are looking to address the criticisms raised by stakeholders and thus to more faithfully represent the performance of insurance contracts in...

IFRS 17 Insurance Contracts – Amendments planned at February 2019 meeting

At the February meeting, the IASB continued its discussions on the amendments necessary to IFRS 17 Insurance Contracts, which are looking to address the criticisms raised by stakeholders and thus to more faithfully represent the performance of insurance contracts in...

IFRS 17 Insurance Contracts – Amendments planned at January 2019 meeting

At the January meeting, the IASB decided to make amendments to IFRS 17 Insurance Contracts, relating to the following topics: reinsurance contracts purchased by a primary insurer (reinsurance contracts held); andamortisation of the contractual service margin (CSM) in profit or loss...

TRG Insights on IFRS 17 for Mutuals and Associations

1.      Group insurance policies Under a group insurance policy an entity provides insurance coverage to members of an association or to customers of a bank (members or customers that purchase insurance coverage are referred to as ‘certificate holders’). Some of...

Industry clarity on the IFRS 17 implementation road

The September Transition Resource Group (TRG) meeting provided further clarity in a range of areas related to insurance under IFRS 17. Our analysis addresses the points that we expect will affect most insurers. Other topics discussed applicable to mutuals and...

IFRS 17: 3 early lessons and practical insights

A year and a few months after the issue of the new insurance contracts standard, insurers (issuers of insurance contracts) are recalibrating their IFRS 17 implementation approaches based on the latest technical developments and positions adopted by their peers. Latest...