IASB published an updated work plan, along with the update of its meeting in November 2018. The update on the IASB meeting highlights preliminary decisions of the Board.
IASB discussed the implications of exploring amendments related to the effective date of IFRS 17 and to the expiry date of the temporary exemption from applying IFRS 9 on financial instruments in IFRS 4 on insurance contracts. Given the plans to consider whether to explore amendments to IFRS 17 and given the criteria for assessing any such potential amendments, IASB tentatively made the following decisions:
- The mandatory effective date of IFRS 17 should be deferred by one year, so that entities would be required to apply IFRS 17 for annual periods beginning on or after January 01, 2022.
- Consequently, the fixed expiry date for the temporary exemption in IFRS 4 from applying IFRS 9 should be amended so that all entities would be required to apply IFRS 9 for annual periods beginning on or after January 01, 2022.
Other topics discussed at the November meeting included primary financial statements, IFRS implementation issues, objective of management commentary, classification of liabilities as current or non-current (amendments to IAS 1), updating a reference to the conceptual framework (amendments to IFRS 3), and rate-regulated activities.
Keywords: International, Insurance, Accounting, IFRS 17, IFRS 9, IFRS 4, Insurance Contracts, Work Plan, IASB
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