During its October meeting, IASB discussed the feedback it received from stakeholders about the new insurance contracts standard, IFRS 17. This feedback has allowed IASB and its technical staff to better understand concerns about the implementation of IFRS 17 and whether further steps, including possible standard-setting, are required.
IASB has previously stated that it will respond to implementation challenges, if required. In the October meeting, IASB considered whether to respond to the feedback received but was not asked by staff to make decisions about whether to propose any changes to the standard. At this meeting, IASB agreed on the criteria it will use in evaluating potential changes to IFRS 17, namely that any changes should not result in less useful information for investors, disrupt existing implementation processes, and risk undue delays in the effective date of a much-needed standard, which can address inadequacies in the current wide range of insurance accounting practices.
IASB will discuss further whether there is a need to propose changes to IFRS 17 in the coming months. It is too early to say whether these discussions will result in any proposals to change the standard. If any changes were to be proposed, IASB will follow its normal due process for standard-setting, which includes a public consultation.
Keywords: International, Accounting, Insurance, IFRS 17, Insurance Contracts, Implementation Supports, IASB
Previous ArticleESMA Advised on Steps to Contain Risks of ICOs and Crypto Assets
The Hong Kong Monetary Authority (HKMA) revised the Supervisory Policy Manual module CG-5 that sets out guidelines on a sound remuneration system for authorized institutions.
The European Banking Authority (EBA) published the final guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate parent undertakings in European Union (EU), as laid down in the Capital Requirements Directive (CRD).
In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.
The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.
The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.
The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.
The European Securities and Markets Authority (ESMA) published recommendations from the Working Group on Euro Risk-Free Rates (RFR) on the switch to risk-free rates in the interdealer market.
The European Central Bank (ECB) published a paper as well as an article in the July Macroprudential Bulletin, both of which offer insights on the assessment of the impact of Basel III finalization package on the euro area.
The International Swaps and Derivatives Association (ISDA) published a paper that explores the impact of the Fundamental Review of the Trading Book (FRTB) on the trading of carbon certificates.
The Prudential Regulation Authority (PRA) published the remuneration policy self-assessment templates and tables on strengthening accountability.