IASB publishes ED Initial Application of IFRS 17 and IFRS 9 – Comparative Information (Proposed amendment to IFRS 17)
Date: 05 August 2021
On 28 July 2021, the IASB published for consultation the Exposure Draft (ED) Initial Application of IFRS 17 and IFRS 9 – Comparative Information (Proposed Amendment to IFRS 17).
This ED proposes a narrow-scope amendment to IFRS 17 to enable insurance entities to improve the usefulness of the comparative information presented on initial application of IFRS 17 and IFRS 9.
The ED proposes narrow-scope amendments to the IFRS 17 transition requirements for entities that first apply IFRS 17 and IFRS 9 at the same time. The proposed amendment applies to financial assets for which comparative information presented on initial application of IFRS 17 and IFRS 9 has not been restated for IFRS 9. The proposed amendment would permit an entity to present comparative information about such financial assets as if the classification and measurement requirements of IFRS 9 had been applied to that financial asset. The ED proposes no change to the transition requirements in IFRS 9.
The IASB has a short comment period of 60 days, closing on 27 September 2021.
The UK Endorsement Board plans to comment on the exposure draft. Given the very short IASB deadline, we are aiming to publish a draft comment letter to the IASB on our website during the week commencing 9th August, with a short comment period. We strongly encourage stakeholders to share views at the earliest opportunity.
If you are interested in providing feedback to our consultation, we encourage you to get in touch at UKEndorsementBoard@endorsement-board.uk as soon as possible, including the name of this project in the subject field of your email.
The exposure draft ED/2021/8 Initial Application of IFRS 17 and IFRS 9 – Comparative Information (Proposed Amendment to IFRS 17) can be found here