ASCG comment letter on the tentative agenda decisions taken by the IFRS IC in June 2022

The ASCG today submitted its comments to the IFRS IC on its preliminary agenda decision at the June 2022 meeting.

In this comment letter, we agree with the preliminary decision regarding an application question on multi-currency groups of insurance contracts (IFRS 17 Insurance Contracts and IAS 21 The Effects of Changes in Foreign Exchange Rates). In particular, we welcome the IFRS IC’s reasoning which does not narrow the accounting methods that may apply in the relevant fact pattern. We also support the extensive involvement of, among others, members of the Transition Resource Group for IFRS 17 in the decision-making process.