In transition - the latest on IFRS 17 implementation - Feb 2020

In transition - the latest on IFRS 17 implementation - Feb 2020

Publication date: 27 Feb 2020

Detailed guidance

Detailed guidance

The Board tentatively decided that it would make no other amendments to IFRS 17. In particular, the Board tentatively decided that it would retain, unchanged, the annual cohort requirement in IFRS 17 and to finalise the editorial correction that would specify that, when assessing whether a contract meets the criteria for the scope of the variable fee approach (‘VFA’), an entity should assess the variability of the amounts to be paid to the policyholder over the duration of the insurance contract (rather than over the duration of the group of insurance contracts). One Board member however acknowledged that clarifying paragraph B107 could significantly increase implementation costs for some entities and this would be a relevant factor to consider when re-deliberating the proposed effective date. 

The views in this In transition are based on our observations from the 25 February 2020 meeting, and they might differ in some respects from the official report of the meeting that will be published by the IASB in an IASB Update at a later date.

 
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