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Insurance Accounting Alert - IASB meeting (December 2019)
The IASB started re-deliberations on the proposed amendments in the Exposure Draft Amendments to IFRS 17 Insurance Contracts.
At the meeting, the Board:
- Agreed to extend the scope of the proposed amendment for “reinsurance contracts held — recovery of losses” to all reinsurance contracts held (the previous proposal applied to proportionate reinsurance contracts only)
- Confirmed the proposed amendment on “expected recovery of insurance acquisition cash flows” as proposed in the ED
- Agreed to finalise six other proposed amendments in the ED to which respondents to the ED either agreed or did not raise concerns the Board had not previously considered
- Noted the IASB staff’s expectation for the Board to consider the proposed effective date of IFRS 17 and the proposed extension of the IFRS 9 temporary exemption towards the end of its re-deliberations