At the April 9, 2019 IASB meeting, the Board agreed that the total package of proposed amendments met the criteria agreed to by the Board in October 2018 of avoiding significant loss of useful information to users of financial statements and not unduly disrupting implementation processes already underway or risking undue delays in the effective date of IFRS 17. The Board therefore granted approval for the staff to start the balloting process for issuance of an exposure draft to amend IFRS 17. The Board also reconfirmed the proposed one year deferral of IFRS 17 and the temporary exemption of IFRS 9. None of the Board members noted that they, at this stage, plan to dissent from the proposals in the Exposure Draft.
The IASB Board also agreed that the effective date of the amendments would be consistent with the revised effective date and proposed some clarifying amendments to the standard to ensure that the words in the standard reflect the decisions made by the Board during its deliberations. The Board also considered some additional stakeholder concerns but decided that they did not require amendment of the standard.
The exposure draft of proposed amendments to IFRS 17 is expected to be published at the end of June 2019.
The views in this In transition are based on our observations from the April 9, 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.
US Insurance Industry Leader, PwC US
Tel: +1 (617) 530 6203
US Insurance Practice Leader, PwC US
Tel: +1 (646) 471 8688
Richard de Haan
US Life Actuarial Leader, PwC US
Tel: +1 (646) 471 6491
Managing Director, National Professional Service Group, PwC US