Featured Product

    IASB Consults on Amendments to IFRS 17 on Insurance Contracts

    June 26, 2019

    IASB proposed to amend the insurance contracts standard IFRS 17. The amendments aim to reduce cost of implementing the standard and to make it easier for companies to explain their results when applying the standard. As per the proposal, entities would be required to apply the amended standard for annual reporting periods beginning on or after January 01, 2022, as opposed to the earlier date of January 01, 2021. The comment deadline is September 25, 2019 and IASB plans to publish the finalized amendments to IFRS 17 in mid-2020.

    Post stakeholder discussions on the standard that initially issued in May 2017, IASB decided to propose amendments to IFRS 17 to alleviate certain concerns and challenges raised about implementing the standard. The proposed amendments are designed to minimize the risk of disruption to implementation already underway. They do not change the fundamental principles of the standard or reduce the usefulness of information for investors. The exposure draft proposes targeted amendments to IFRS 17 on the following topics:

    • Scope exclusions—credit card contracts and loan contracts that meet the definition of an insurance contract
    • Expected recovery of insurance acquisition cash flows
    • Contractual service margin attributable to investment-return service and investment-related service
    • Reinsurance contracts held—recovery of losses on underlying insurance contracts
    • Presentation in the statement of financial position
    • Applicability of the risk mitigation option
    • Deferral of the effective date of IFRS 17 from 2021 to 2022 
    • Temporary exemption from IFRS 9 on financial instruments
    • Transition modifications and reliefs
    • Minor amendments in paragraphs BC147−BC163

     

    Comment Due Date: September 25, 2019

    Effective Date: January 01, 2022 (Proposed)

    Keywords: International, Insurance, Accounting, IFRS 17, IFRS 9, Insurance Contracts, Financial Instruments, Reinsurance, Reporting, IASB

    Featured Experts
    Related Articles
    News

    EBA Issues Erratum for Phase 2 Package of Reporting Framework 3.0

    EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.

    April 08, 2021 WebPage Regulatory News
    News

    MAS Amends Notice on Related Party Transactions of Banks

    MAS amended Notice 643A that addresses requirements for banks to prepare statements of exposures and credit facilities to related concerns or parties.

    April 08, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Euro Short-Term Rate

    ECB has published, in the Official Journal of the European Union, the Guideline 2021/565 on the euro short-term rate (€STR) and this guideline amends the previous ECB Guideline 2019/1265.

    April 07, 2021 WebPage Regulatory News
    News

    EBA Consults on Standards Related to FRTB-SA

    EBA launched a consultation on the draft regulatory technical standards on the list of countries with an advanced economy for calculating the equity risk under the alternative standardized approach (FRTB-SA).

    April 07, 2021 WebPage Regulatory News
    News

    PRA Proposes Rules Related to IRB Approach for Credit Risk

    PRA is proposing, via CP7/21, the approach to implementing new requirements related to the specification of the nature, severity, and duration of an economic downturn in the internal ratings-based (IRB) approach to credit risk.

    April 07, 2021 WebPage Regulatory News
    News

    BoE Outlines Regulatory Treatment of Recovery Loan Scheme of UK

    The UK government launched the Recovery Loan Scheme (RLS) as part of its continued COVID-19 support for UK businesses, as announced by HM Treasury on March 03, 2021.

    April 06, 2021 WebPage Regulatory News
    News

    FSB Addresses G20 on COVID Measures, TBTF Reforms, and Climate Risks

    FSB published a letter, from its Chair Randal K. Quarles, to the G20 Finance Ministers and Central Bank Governors, ahead of their virtual meeting on April 07, 2021.

    April 06, 2021 WebPage Regulatory News
    News

    OSFI Unwinds Temporary Increase to Covered Bond Limit for Banks

    OSFI issued a letter to the deposit-taking institutions issuing covered bonds and announced the unwinding of the temporary increase to the covered bond limit for deposit-taking institutions, effective immediately.

    April 06, 2021 WebPage Regulatory News
    News

    EU Amends CRR and Securitization Regulation in Response to Pandemic

    To support recovery from the COVID-19 crisis, EU has published two regulations to amend the securitization framework, as set out in the Securitization Regulation (2017/2402) and the Capital Requirements Regulation or CRR (575/2013).

    April 06, 2021 WebPage Regulatory News
    News

    HM Treasury Announces G7 Agreement on Green Agenda Ahead of COP26

    HM Treasury announced that G7 Finance Ministers and Central Bank Governors met ahead of COP 26, the 2021 UN Climate Change Conference, and agreed on green agenda.

    April 06, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6821