IASB to Propose Narrow-Scope Amendment to IFRS 17

When the Standard was issued, IASB initiated a comprehensive program of stakeholder engagement to fully understand the practical challenges of implementing IFRS 17 and to identify possible refinements to ease the burden of transition. This led to the Board commencing a process of evaluating the need for making possible amendments to the standard at its October meeting. In that meeting, the Board decided that any amendments should not result in less useful information for investors, disrupt existing implementation processes, and risk undue delays in the effective date of a standard that is much-needed to address inadequacies in the current wide range of insurance accounting practices.  The amendment proposed at this month’s meeting meets these criteria.