IASB agrees to a 90 day comment period for exposure draft on amendments to IFRS 17

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In transition , PwC US May 16, 2019

In addition to agreeing to a shortened comment period for the exposure draft, the IASB revised the scope of its previously proposed amendment for contracts with investment return services and discussed a few other sweep issues related to IFRS 17.

Overview

At the May 15, 2019 IASB meeting, the Board considered some additional amendments to IFRS 17. These related to ‘sweep issues’, which are issues that have arisen after the Board’s main deliberations and that need to be clarified by the Board in a public meeting.

The IASB agreed

  • to extend the scope of its tentative decision from the January 2019 meeting related to amortisation of the contractual service margin for contracts that include an investment return service. The Board agreed to propose that such services could, in certain situations, also be present in the absence of an investment component;
  • to propose two minor clarifications relating to revenue disclosures and presentation;
  • to retain the current description in the Basis for Conclusions related to mutual entities; and;
  • to a 90 day comment period for the forthcoming exposure draft of f amendments to IFRS 17. The exposure draft is expected to be published at the end of June 2019.

The views in this In transition are based on our observations from the May 15, 2019 meeting, and they might differ in some respects from the official report of the meeting that will be published by the IASB in the IASB Update at a later date.

To have a deeper discussion, contact:

Donald Doran

Partner, National Professional Services Group, PwC US

Email

Marie Kling

Partner, National Professional Service Group, PwC US

Email

Mary Saslow

Managing Director, National Professional Service Group, PwC US

Email

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Matt Adams

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David Schenck

David Schenck

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Mary Saslow

Mary Saslow

Managing Director, National Professional Service Group, PwC US

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