IASB published an updated work plan, along with the update of its meeting in April 2019. The update on the IASB meeting highlights preliminary decisions of the Board. Additionally, a summary of the meeting held by Transition Resource Group for IFRS 17 on insurance contracts (TRG) in April 2019 has been published. One of the key developments is the announcement that an exposure draft of certain proposed amendments to IFRS 17 is expected to be published at the end of June 2019.
The key topics discussed at the IASB meeting on April 09-11 included accounting policies and accounting estimates (in relation to amendments to IAS 8), implementation matters, disclosure initiative related to accounting policies, update on research program, primary financial statements, goodwill and impairment, dynamic risk management, and amendments to IFRS 17 on insurance contracts. It is expected that the exposure draft of proposed amendments to IFRS 17 will be published at the end of June 2019.
In addition, the Transition Resource Group for IFRS 17 had met in London on April 04, 2019. TRG members discussed investment components within an insurance contract and received a report on other questions submitted. From February 2018 to April 2019, there have been four TRG meetings covering all 127 IFRS 17 submissions received up to April 2019. The discussions at the TRG meetings are based on the agenda papers that provide an accounting analysis of implementation questions submitted to the TRG. These agenda papers provide a basis for TRG members, as industry experts involved in IFRS 17 implementation, to understand the implementation questions raised and share their views on the accounting analysis. Although the analysis in an agenda paper may be relevant to other fact patterns, all relevant facts and circumstances of a particular fact pattern need to be evaluated when applying IFRS 17. IASB also made available a podcast covering the TRG meeting and the April 2019 IASB meeting about IFRS 17 recorded by Board member Darrel Scott and technical staff member Andrea Pryde.
Keywords: International, Accounting, Banking, Insurance, IFRS 17, Work Plan, Insurance Contracts, Transition Resource Group, IASB
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