IASB confirms decisions on eight of 19 topics arising from the Exposure Draft ‘Amendments to IFRS 17’

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In transition , PwC US Dec 13, 2019

The IASB confirms decisions on eight of 19 topics arising from the Exposure Draft ‘Amendments to IFRS 17’, extending the scope of the amendment for recovery of losses on reinsurance contracts held to all reinsurance contracts held on the date of recognition of onerous direct contracts.

Overview

On 11 December 2019, the IASB (‘Board’) discussed eight of the 19 topics that it decided it would consider in its re-deliberations of the proposals in the Exposure Draft, ‘Amendments to IFRS 17’ (‘ED’). The Board tentatively decided to finalise six amendments without substantive re-deliberation, as agreed at the November 2019 meeting. The Board also:

  • confirmed the proposals in the ED relating to the recovery of insurance acquisition cash flows; and
  • decided to extend the scope of the amendments relating to accounting for the recovery of losses for reinsurance contracts held on the date of recognition of onerous direct contracts to all reinsurance contracts held, rather than only to those that provide proportionate coverage.

The Board noted that it expects to consider the proposed effective date of IFRS 17 and the proposed extension of the IFRS 9, ‘Financial Instruments’, temporary exemption in IFRS 4, ‘Insurance Contracts’ towards the end of its re-deliberations.

The views in this In transition are based on our observations from the 11 December 2019 meeting, and they might differ in some respects from the official report of the meeting that will be published by the IASB in an IASB Update at a later date. 

To have a deeper discussion, contact:

Donald Doran

Partner, National Professional Services Group, PwC US

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Marie Kling

Partner, National Professional Service Group, PwC US

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Mary Saslow

Managing Director, National Professional Service Group, PwC US

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Matt Adams

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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