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IFRS newsletter

Bringing you the latest information on recent IFRS topics

This Deloitte newsletter includes the summaries of new and revised standards and interpretations, exposure drafts and discussion documents, including summaries of the documents and consideration of the principal amendments/proposals.

The journey of insurance companies from IFRS 4 to IFRS 17 - September 2019

The road to transition from IFRS 4 “Insurance Contracts” to IFRS 17 “Insurance Contracts” has been and is still a journey of fruitful debates engaging various stakeholders which continue to yield valuable insights sourcing from all key players in the industry. The IASB has recognized that the myriad of concerns raised by stakeholders, pose serious challenges to a smooth transition to IFRS 17. Accordingly, a series of amendments have been proposed to the existing IFRS 17 standard included in the exposure draft published by IASB recently in June 2019.

CFO Survey - the new IFRS

Results Overview

Early summer of 2017 you may have received a request to participate at a survey on the new IFRS, namely IFRS 15 (Revenue from Contracts with Customers) and IFRS 16 (Leases). The survey was focused on how well the Luxembourgish companies are prepared for the implementation of these new standards.

Because issuers discussed and lobbied for a long time against the new standards issued by the IASB issued, it may be derived that the consequences of these standards would be material to many companies.

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