Insurance Accounting Alert October 2021

Local contact

EY Global IFRS

5 Nov 2021 PDF
Categories Insurance

IASB agrees to a classification overlay for financial assets presented in comparative periods on initial application of IFRS 17 Insurance Contracts.

At its October 2021 meeting, the International Accounting Standards Board (IASB or the Board) agreed, with certain amendments, to a proposed amendment to IFRS 17 for a classification overlay to address possible accounting mismatches between financial assets and insurance contract liabilities in the comparative information presented on initial application of IFRS 9 and IFRS 17. The IASB expects to publish the final narrow-scope amendments to IFRS 17 in December 2021.