Read PwC's observations from the February 25, 2020 IASB meeting where the IASB concludes its technical discussions on the proposed amendments to IFRS 17, retaining unchanged the annual cohort requirement in IFRS 17.
On 25 February 2020, the IASB (‘Board’) completed its deliberations responding to the feedback received on its proposals in the Exposure Draft, ‘Amendments to IFRS 17’ (‘ED’). The Board tentatively decided:
The Board tentatively decided that it would make no other amendments to IFRS 17. In particular, the Board tentatively decided that it would retain, unchanged, the annual cohort requirement in IFRS 17 and to finalise the editorial correction that would specify that, when assessing whether a contract meets the criteria for the scope of the variable fee approach (‘VFA’), an entity should assess the variability of the amounts to be paid to the policyholder over the duration of the insurance contract (rather than over the duration of the group of insurance contracts).
The views in this In transition are based on our observations from the 25 February 2020 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.
US Insurance Practice Leader, PwC US
Richard de Haan
Global Actuarial Leader, PwC US
Managing Director, National Professional Service Group, PwC US