IASB publish Exposure Draft for Amendments to IFRS 17

Today, the IASB has proposed amendments to IFRS 17 Insurance contracts for public consultation.

It aims at supporting implementation of IFRS 17. After IFRS 17 was issued, concerns about implementation challenges were raised, and the Board decided to address them by developing selected amendments. However, these should not disrupt implementation already underway.

The proposed amendments do neither change the basic principles of IFRS 17 nor reduce the usefulness of information for investors. In the light of the proposed amendments, the Board has also proposed to defer the effective date of the Standard by one year to 2022. (further information)

The proposals are accompanied by Basis for conclusions and a snap shot document.

The proposals are open for comments until 25 September 2019.