IASB consults on minor amendment to IFRS 17 transition

The International Accounting Standards Board (IASB) has proposed a narrow-scope amendment to the transition requirements in IFRS 17 Insurance Contracts to improve clarity of comparative information

The proposed amendment does not affect any other requirements in IFRS 17.

Many insurers will apply IFRS 17 and IFRS 9 Financial Instruments for the first time from 2023 and are at an advanced stage of preparing to apply these new standards. However, some of these insurers have informed the IASB of significant temporary accounting mismatches on initial application of the new standards that can make the change in accounting more difficult to communicate to investors.

These mismatches arise in circumstances when IFRS 9 is not reflected in the accounting for financial assets in the prior periods presented when IFRS 17 and IFRS 9 are first applied.

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