Featured Product

    IASB Proposes to Update IFRS Taxonomy to Reflect IFRS 17 Amendments

    July 16, 2020

    IASB proposed to update the IFRS Taxonomy 2020 to reflect recent amendments to certain IFRS standards, including the IFRS 17 on insurance contracts. The key proposed changes reflect amendments to the new and old insurance contracts standards IFRS 17 and IFRS 4, which were issued in June 2020 and titled "Amendments to IFRS 17 and Extension of the Temporary Exemption from Applying IFRS 9." The comment period for this proposal ends on September 14, 2020.

    IASB, in June 2020, had made targeted amendments to the requirements in IFRS 17 in response to the concerns and challenges identified by stakeholders as IFRS 17 was being implemented. The June 2020 change to IFRS 17 amended the effective date of IFRS 17 such that it shall be applied for annual reporting periods beginning on or after January 01, 2023, rather than for annual reporting periods beginning on or after January 01, 2021. Consequently, IASB is proposing to change the effective date of the relevant IFRS taxonomy elements referenced to IFRS 17 from January 01, 2021 to January 01, 2023. IASB is also proposing to change the expiry date of the IFRS taxonomy elements related to IFRS 4 to reflect the amended effective date of IFRS 17. 

    IASB had also extended the temporary exemption from applying IFRS 9 (which amended IFRS 4) in June 2020. IASB is now proposing to change the expiry date of the IFRS taxonomy elements related to those amendments to IFRS 4 to reflect the amended effective date. The June 2020 amendments to IFRS 9 shall be applied when an entity applies IFRS 17. IASB is also proposing to add two tables to the IFRS taxonomy to reflect two new disclosure requirements related to the transition to IFRS 9. In addition, IASB is proposing to add the effective date of the IFRS taxonomy elements related to the transition to IFRS 9 to reflect the amended effective date of those two amendments. To reflect the amended disclosure requirements of IFRS 17 in the IFRS taxonomy, IASB proposes to:

    • Add new IFRS taxonomy elements and one table to the IFRS taxonomy to reflect two new disclosure requirements for insurance acquisition cash flows
    • Add two IFRS taxonomy elements and remove one IFRS taxonomy element from the existing tables to reflect the amended disclosure requirements related to recognition of the contractual service margin in profit or loss
    • Add one IFRS taxonomy element to an existing table to reflect the amended disclosure related to analysis of insurance revenue
    • Amend element labels and documentation labels for the existing IFRS taxonomy elements to reflect the proposed changes to the definitions and requirements in IFRS 17 as amended in June 2020

     

    Comment Due Date: September 14, 2020

    Keywords: International, Insurance, IFRS 17, Insurance Contracts, IFRS 9, Financial Instruments, IFRS 4, IFRS Taxonomy, Reporting, IASB

    Featured Experts
    Related Articles
    News

    BCBS Proposes to Amend Rules on Minimum Haircut Floors for SFTs

    BCBS is consulting on two technical amendments to the rules on minimum haircut floors for securities financing transactions, or SFTs.

    January 26, 2021 WebPage Regulatory News
    News

    EC Consults on Crisis Management and Deposit Insurance Framework

    EC launched a targeted consultation on the review of crisis management and deposit insurance framework in EU.

    January 26, 2021 WebPage Regulatory News
    News

    EIOPA Sets Out Principles for Liquidity Stress Test for Insurers

    EIOPA published a paper that sets out the methodological principles of insurance stress testing with a focus on the liquidity component.

    January 26, 2021 WebPage Regulatory News
    News

    BIS Launches Euro Green Bond Fund for Central Banks

    BIS launched a EUR-denominated, open-ended fund for green bond investments by central banks and official institutions, following the launch of the first BIS green bond fund denominated in USD in September 2019.

    January 25, 2021 WebPage Regulatory News
    News

    EBA Announces Stress Test Timeline; ECB Sets Up Climate Change Center

    EBA announced that it will launch the 2021 EU-wide stress test exercise, with the publication of the macroeconomic scenarios on January 29, 2021.

    January 25, 2021 WebPage Regulatory News
    News

    BoE Discontinues Form CX on Capital Expenditure and Finance Leasing

    BoE announced that the reporting entities are no longer required to report Form CX after the fourth quarter of 2020 reference period, with the last collection on January 29, 2021.

    January 25, 2021 WebPage Regulatory News
    News

    PRA Updates Q&A on Branch Return, Announces End Date of COVID Facility

    PRA published Version 3 of the questions and answers (Q&A) on the Branch Return form, with this version superseding the version published in October 2020.

    January 25, 2021 WebPage Regulatory News
    News

    IAIS Consults on Application Paper on Supervision of Control Functions

    IAIS is consulting on a draft application paper on the supervision of control functions.

    January 25, 2021 WebPage Regulatory News
    News

    ECB President Answers Queries on Application of EU Taxonomy

    ECB published a letter in which the President Christine Lagarde answered questions, from a Member of the European Parliament, on the application of the EU taxonomy on sustainable finance.

    January 22, 2021 WebPage Regulatory News
    News

    PRA Issues Direction on Capital Buffers, Finalizes PS1/21 on SM&CR

    PRA published a direction for modification by consent of 5.1 to 5.3 and 5.5 of the Capital Buffers Part of the PRA Rulebook.

    January 22, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6499