EFRAG issues a background briefing paper on the level of aggregation requirements of IFRS 17 Insurance Contracts.
EFRAG issues the first of three background briefing papers on the requirements of IFRS 17. This paper considers the level of aggregation requirements of IFRS 17. Other background briefing papers will address i) Release of the contractual service margin (CSM) and ii) Transition requirements.
The aim of these documents is to provide simplified information on controversial areas of IFRS 17 to enable constituents to understand the issues and be in a position to comment on EFRAG's draft endorsement advice.
Whilst IFRS 17 applies to all entities that write insurance contracts, and not only insurance companies, it is expected that the biggest impact of IFRS 17 will be on insurance companies. For this reason, the paper focuses on, and refers to, insurance companies or insurers.
Although this paper is not designed to elicit specific comments, constituents are welcome to send their feedback to EFRAG through the IFRS 17 mailbox (IFRS17Secretariat@efrag.org) before 30 April 2018.
Full press release
Full briefing paper
© EFRAG - European Financial Reporting Advisory Group
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