EFRAG is consulting on both its assessment of Initial Application of IFRS 17 and IFRS 9 – Comparative Information (Amendment to IFRS 17) (‘the Amendment’) against the technical criteria in the EU and on its assessment of whether the Amendments are conducive to the European public good. Comments are requested by 19 January 2022.
EFRAG has issued a draft
endorsement advice letter and a separate invitation to comment relating
to the endorsement for use in the EU of the Amendment.
The
narrow-scope Amendment addresses an important issue related to
accounting mismatches between insurance contract liabilities and
financial assets arising in the comparative information presented on
initial application of
IFRS 17
Insurance Contracts and
IFRS 9
Financial Instruments.
The Amendment relates only to the presentation of comparative
information. The Amendments become effective on initial application of
IFRS 17.
EFRAG's
overall preliminary assessment is that the Amendment satisfies the
criteria for endorsement for use in the EU and therefore recommends its
endorsement.
EFRAG is seeking comments on all aspects of its analyses
supporting its preliminary conclusions.
EFRAG's draft endorsement advice letter is available
here.
EFRAG
© EFRAG - European Financial Reporting Advisory Group
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