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Insurance Accounting Alert September 2022
IFRS Interpretations Committee agrees to finalise agenda decision on multi-currency groups of insurance contracts.
At its September meeting, the IFRS Interpretations Committee (the Committee) agreed to finalise an agenda decision on the application of IFRS 17 Insurance Contracts and IAS 21 The Effects of Changes in Foreign Exchange Rates to a group of insurance contracts with foreign currency cash flows.
The Committee discussed comments received on its tentative agenda decision (TAD). It did not change its technical analysis and conclusions as laid out in the TAD. The Committee agreed to two changes to the TAD, proposed by the staff, to address points raised in the comment letters. The Committee agreed to finalise the agenda decision, subject to the two changes and some additional improvements to the wording, and subject to the IASB’s agreement.