IASB agrees on criteria for evaluating any future potential amendments to IFRS 17

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In transition , PwC US Oct 25, 2018

The IASB notes that a high hurdle will be set for any future amendments to IFRS 17.

Overview

On October 24, 2018, the Board unanimously agreed on criteria for evaluating any future potential amendments to IFRS 17. The Board noted that the criteria set a high hurdle for change, and any amendments suggested would need to be narrow in scope and deliberated quickly to avoid significant delays in the effective date. In the coming months, the Board will discuss whether any amendments to IFRS 17 are justified, including a potential deferral of the effective date. If the Board decides to amend the standard, any amendments would be subject to the IASB Board’s due process for amendments to IFRS standards, including developing an exposure draft and subsequent consultation period. The Board shared its concern about the temporary exemption from IFRS 9 if it were to defer the effective date for IFRS 17.

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