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

    EU Agencies Update LCR Rule and Macro-Prudential Policy Recommendation

    The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).

    May 23, 2022 WebPage Regulatory News
    News

    EBA Publishes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.

    May 23, 2022 WebPage Regulatory News
    News

    EIOPA Examines Physical Climate Risk Exposure, SII Non-Compliance

    The European Insurance and Occupational Pensions Authority (EIOPA) published a report assessing insurers' exposure to physical climate change risks

    May 20, 2022 WebPage Regulatory News
    News

    EC Publishes Results on Review of Web Accessibility Directive

    The European Commission (EC) published the results of a public consultation, held in October 2021, on the review of the Web Accessibility Directive.

    May 19, 2022 WebPage Regulatory News
    News

    NGFS Report Explores Quantification of Climate Risk Differentials

    The Network for Greening the Financial System (NGFS) published two reports to aid central banks and regulators in their oversight of the financial sector and in their central bank operations

    May 19, 2022 WebPage Regulatory News
    News

    MAS Consults on Adjustment Spreads for Conversion of SOR Contracts

    The Monetary Authority of Singapore (MAS) and the SC-STS are jointly consulting, until June 10, 2022, on setting adjustment spreads for the conversion of legacy SOR contracts to SORA reference rate.

    May 18, 2022 WebPage Regulatory News
    News

    OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities

    The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.

    May 17, 2022 WebPage Regulatory News
    News

    EBA Proposes Standards to Support Secondary NPL Markets

    The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.

    May 17, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).

    May 13, 2022 WebPage Regulatory News
    News

    EBA Issues Standards for Crowdfunding Service Providers Under ECSPR

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.

    May 13, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8206