Published on 6 February 2020 | Francesco Nagari
Global IFRS Insurance Leader at Deloitte Touche Tohmatsu
At its October and November 2019 meetings, the IASB discussed the feedback from outreach and comment letters on the Exposure Draft (ED) Amendments to IFRS 17.
In the light of that feedback, at its November 2019 meeting, the IASB decided on its plan for redeliberating some of the matters raised by respondents on the ED and approved three list of topics to be deliberated during its next meetings:
(a) Amendments that the IASB Staff has identified for the IASB to confirm at a future meeting without expecting substantial discussion.
(b) Topics that the IASB Staff has identified for the IASB to consider further the feedback from respondents and for which there is an expectation of substantial discussion.
(c) Topics that the IASB Staff has identified as not needing further consideration. All of which were approved in the November 2019 meeting.
On 30 January 2020, the IASB discussed the following topics from the second list drawn at its November 2019 meeting:
(a) Scope exclusion from IFRS 17 for some credit card contracts;
(b) Transition—the prohibition from applying the risk mitigation option retrospectively;
(c) Business combinations—contracts acquired in their settlement period;
(d) Interim financial statements; and
(e) Asset for insurance acquisition cash flows—transition and business combinations.
Listen to Francesco Nagari, Deloitte's Global IFRS Insurance Leader and a member of the IFRS 17 TRG, for the key highlights and outcomes from January 2020 IASB's discussions and decisions.