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Insurance Accounting Alert - IASB meeting (December 2018)
IASB makes change to balance sheet presentation for IFRS 17 Insurance Contracts.
At its Board meeting on Thursday 13 December, the International Accounting Standards Board (IASB or the Board) considered potential changes to IFRS 17 Insurance Contracts (IFRS 17) on thirteen topics. It tentatively decided to amend the existing provision in IFRS 17 that requires an entity to present separately on the face of the balance sheet groups of contracts that are assets from groups of contracts that are liabilities. The change will allow the separate presentation to be done at a higher level of aggregation — namely portfolio level.