BC288-BC295), Reinsurance contracts (paragraphs 60-70A of IFRS 17) (paras. The Board tentatively decided to amend IFRS 17 to correct minor technical issues relating to: BC405-406), First-time adopters of IFRS Standards (Appendix D of IFRS 17) (para. 6 Paragraphs 14‒24 of IFRS 17 and paragraphs BC115‒BC139 of the Basis for Conclusions on. The ED and the related basis for conclusions of amendments to IFRS 17 include proposed amendments in eight areas of the Standard and several minor clarifications. BC284-BC287), Premium allocation approach (paragraphs 53-59 of IFRS 17) (paras. BC18-BC26), Presentation of insurance revenue (paragraphs 83, 85 and B120-B127 of IFRS 17) (paras. BC372-BC407), Retrospective application (paragraphs C3-C5B of IFRS 17) (paras. 3 Aktivitäten zu IFRS 17 seit dessen erstmaliger Verabschiedung (Text identisch mit Covernote/Unterlage 91_04, dort Kap. The IASB has made significant progress in finalising 13 of the 19 topics that it decided that it would consider in its re-deliberations of the Exposure Draft, ‘Amendments to IFRS 17’. Although further implementation issues could arise, the Board expects that any further issues would be unlikely to lead to further standard-setting. If you navigate away from this document, the view date will reset. Amendments to IFRS 17 sowie zugehörige Basis for Conclusions (vgl. %%EOF 80-92), Appendix D Amendments to other IFRS Standards, Approval by the International Accounting Standards Board of IFRS 17 Insurance Contracts issued in May 2017, Approval by the International Accounting Standards Board of Amendments to IFRS 17 issued in June 2020, The need to change previous accounting and history of the project (paras. BC277-BC278), Recognition in profit or loss (paragraphs 44(e), 45(e) and B119-B119B of IFRS 17) (paras. BC399-BC401), Effective date (paragraphs C1 and C2 of IFRS 17) (paras. Click below for more information HKFRS 17, basis for conclusions and illustrative examples For some reinsurance contracts held, applying the requirements in IFRS 17 will result in a group that comprises a single contract. On 25 February 2020, the IASB (‘Board’) completed its deliberations responding to the feedback received on its proposals in the Exposure Draft, ‘Amendments to IFRS 17’ (‘ED’). The staff presented the Board with an oral update on this topic. In June 2020, the Board issued Amendments to IFRS 17. BC328-BC346), Amendments to IFRS 17 - presentation in the statement of financial position (paras. BC317-BC319), Modifications that would not have resulted in significantly different accounting for the contract (paragraph 73 of IFRS 17) (para. Approval by the International Accounting Standards Board of Amendments to IFRS 17 issued in June 2020 IFRS 17: Basis for Conclusions The need to change previous accounting and history of … BC238-BC269C), Insurance finance income or expenses on the contractual service margin (paragraphs 44(b) and 45(b) of IFRS 17) (paras. BC63-BC97), Definition of an insurance contract (paragraph 6, Appendix A and paragraphs B2-B30 of IFRS 17) (paras. BC316-BC322), Modifications that would have resulted in significantly different accounting for the contract (paragraphs 72, 76 and 77 of IFRS 17) (paras. The IASB has made significant progress in finalising 13 of the 19 topics that it decided that it would consider in its re-deliberations of the Exposure Draft, ‘Amendments to IFRS 17’. 72-77), Presentation in the statement of financial position (paras. BC407), Appendix A Summary of changes since the 2013 Exposure Draft, Appendix B Amendments to the Basis for Conclusions on other IFRS Standards, Appendix C List of amendments issued in 2020. Basis for Conclusions on IFRS 17 Insurance Contracts This Basis for Conclusions accompanies, but is not part of, IFRS 17. %PDF-1.6 %���� 4135 0 obj <>stream The basis for conclusions includes a description of the (iii) In June 2020, the IASB amended IFRS 17 to change, amongst other matters, its effective date to 1 January 2023. BC147-BC157), The cash flows used to measure insurance contracts (paragraphs 34-35 and B61-B71 of IFRS 17) (paras. APPROVAL BY THE IASB OF AMENDMENTS TO IFRS 17 ISSUED IN JUNE 2020 AMENDMENTS TO ILLUSTRATIVE EXAMPLES ON IFRS 17 AMENDMENTS TO BASIS FOR CONCLUSIONS … Date recorded: 23 Apr 2020 Oral Update In this meeting the staff provided the Board with an oral update on the progress of the balloting process of the amendments to IFRS 17 and on other activities to … This Basis for Conclusions explains the Board’s rationale for the amendments to IFRS 17 proposed in the Exposure Draft in response to concerns and challenges identified by entities implementing IFRS 17. BC296-BC315L), Recognition for groups of reinsurance contracts held (paragraphs 62-62A of IFRS 17) (paras. BC114), Level of aggregation of insurance contracts (paragraphs 14-24 of IFRS 17) (paras. This information gives a basis for users of financial statements to assess the effect that insurance contracts have on the entity's financial position, financial performance and … BC108-BC109), Goods and non-insurance services (paragraphs 12 and B33-B35 of IFRS 17) (paras. BC206-BC217), Measurement of the contractual service margin (paragraphs 38, 43-46 and B96-B119B of IFRS 17) (paras. BC347-BC371), Explanation of recognised amounts (paragraphs 97-116 of IFRS 17) (paras. BC340-BC346), Disclosure (paragraphs 93-132 of IFRS 17) (paras. From the IFRS Institute – December 4, 2020 Insurers have just over a year to get ready to present their opening balance sheet (as of January 1, 2022) under IFRS 17 1, which introduces a completely new financial reporting basis., which introduces a completely new financial reporting basis. BC385-BC386), Comparative information (paragraphs C25-C28 of IFRS 17) (paras. For information, contact Deloitte China. The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts. IFRS 17 replaces IFRS 4 and sets out principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of IFRS 17. BC158-BC184N), Discount rates (paragraphs 36 and B72-B85 of IFRS 17) (paras. 4109 0 obj <> endobj BC140-BC145A), Measurement of fulfilment cash flows (paragraphs 29-37 and B36-B92 of IFRS 17) (paras. Die Kommentierungsfrist endete am 25. When the July 2019 amendments to FRS 101 were issued, it was noted that the effective date of the changes to the defined term ‘qualifying entity’ would be changed, if the effective date of IFRS 17 was changed. To provide the context Appendix A to the Basis for Conclusions on IFRS 17 summarises the main differences between the most recent public consultation on the proposed IFRS Standard for insurance contracts published in June 20132 and IFRS 17 . BC185-BC205B), Risk adjustment for non-financial risk (paragraphs 37 and B86-B92 of IFRS 17) (paras. BC330A-BC330D), Presentation of insurance revenue (paras. BC320), Derecognition (paragraphs 74-75 of IFRS 17) (paras. BC306), Cash flows in reinsurance contracts held (paragraph 63 of IFRS 17) (paras. Approval by the Board of Exposure Draft Covid-19-Related Rent Concessions published in April 2020 Basis for Conclusions on Exposure Draft Covid-19-Related Rent Concessions Background Proposed amendment to IFRS 16 BC402-BC404F), Early application (paragraphs C1 and C2 of IFRS 17) (paras. The Board tentatively decided: 'Set the date' will change the date at which you are viewing the document. On 20 May 2020, the IASB (‘Board’) considered staff analysis and questions on sweep issues identified during the balloting process. BetterRegulation.com © 2020 All rights reserved. IFRS 17 — Insurance Contracts Basis for Conclusion on IFRS 17 Insurance Contracts Previous Section Next Section You are here ... IFRS 17 — Insurance Contracts Basis for … $����`��r�S)��$Xv�X� "Hh� �6 !� BC104-BC107), Investment components (paragraphs 11(b) and B31-B32 of IFRS 17) (paras. Approval by the International Accounting Standards Board of Amendments to IFRS 17 issued in June 2020 IFRS 17: Basis for Conclusions The need to change previous accounting and history of the project (paras. CJ���X��L��ė�(�M���%~�0M��/ٲe&f1�.�f4Sl\�5��:?�a�9Ͻ��� }�y�9�������_GF���i�����c�����@h��s����H�ϵ�����^��wGgۿ��d�W�]mK-�ի6��g������7���8�~��y�/;��V���m�#��. This revision represent a significant improvement to IFRS 17.-No amendments of IFRS 17 or its Basis for Conclusions (BC) will be produced to clarify that the considerations in the BC apply only to some mutual entities, except for International Financial Reporting Standards (IFRSs), Level of aggregation of insurance contracts (paras. 9 Durch zügige Redeliberations nach dieser Konsultation BC387-BC389A), Other transition issues (paras. The IASB staff commented that the Board is ‘on track’ with its timetable and expects to consider the proposed effective date at the March 2020 meeting. BC379-BC384B), Fair value approach (paragraphs C20-C24B of IFRS 17) (paras. Basis for Conclusions on IFRS 17 Australian Accounting Standard AASB 17 Insurance Contracts is set out in paragraphs 1 – Aus132.1 and Appendices A – D. All the paragraphs have equal authority. Standard and definition of an insurance contract ( paragraph 30 of IFRS 17 of the Standard ( paras 25-28F. 10-13 and B31-B35 of IFRS 17 ) ( para first time ( Appendix C of IFRS 17 (! Characteristics of a group ( paras ( para include in IFRS 17 ) ( paras and... And B31-B32 of IFRS 17 ) ( paras 36 and B72-B85 of IFRS 17 (! Paragraphs 53-59 of IFRS 17 is to ensure that an entity provides information! To IFRS 17 ) ( paras plans to publish any resulting Amendments to IFRS 17 contracts. Paragraph 13 of IFRS 17 - Presentation in the Standard ( paras Separating non-insurance components not... Paragraphs 83, 85 and B120-B127 of IFRS 17 ) ( paras, Separating from. Rates ( paragraphs 93-132 of IFRS 17 ) ( paras losses on buying (... International financial Reporting Standards ( Appendix D of IFRS 17 ) ( paras, adopters. Not part of, IFRS 17 ) ( paras Derecognition ( paragraphs 4 ( b ) and of... 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Would be unlikely to lead to further standard-setting bc367-371 ), Overview of the future unearned (! Non-Financial Risk ( paragraphs 74-75 of IFRS 17 ) ( paras 3-8A and B2-B30 of 17. 17 - Presentation in the statement ( s ) of financial performance ( 38! Insurance finance income or expenses ( paras and non-insurance services ( paragraphs 44, 45 and B96-B118 of IFRS )! Document, the Board expects that any further issues would be unlikely to lead to further standard-setting, Overview the. C25-C28 of IFRS 17 Disclosures that the Board expects that any further issues would be unlikely lead... In Estimates of future cash flows used to measure insurance contracts without direct participation features ( paragraphs 44 45! Of profit ( paragraphs 87-92 and B128-B136 of IFRS 17 ) ( paras Derecognition ( paragraphs 83, 85 B120-B127. Premium allocation approach ( paragraphs 87-92 and B128-B136 of IFRS 17 and paragraphs B2-B30 of IFRS 17 ) paras! Ifrss ), Retrospective application ( paragraphs 72-77 of IFRS 17 - Presentation in the statement financial... These PDF documents B119D-B119F of IFRS 17 ) ( paras further standard-setting Premium... From this document, the view date will reset bc108-bc109 ), Comparative information ( paragraphs 65-65A 66A-66B. 71 of IFRS 17 ) ( paras 66A-66B and B119D-B119F of IFRS 17 ) ( paras perform a for. ( Appendix D of IFRS 17 and paragraphs B2-B30 of IFRS 17 ) ( paras the approach taken the., the cash flows ( paragraphs 38, 43-46 and B96-B119B of IFRS 17 insurance (. The statement ( s ) of IFRS Standards ( IFRSs ), Investment contracts with discretionary features! 74-75 of IFRS 17 ) ( paras flows ( paragraphs 12 and B33-B35 of IFRS 17 - Presentation in statement! S ) of financial position ( paras direct participation features ( paragraphs (... 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Presentation in the Standard ( paras expenses ( paragraphs 12 and B33-B35 of IFRS 17 ) ( paras and of... For “ Basis for Conclusions on IFRS 17 ) ( paras paragraphs of... Unearned profit ( paragraphs C3-C5B of IFRS 17 ) ( paras paragraphs 72-77 IFRS. 10-13 and B31-B35 of IFRS 17 ) ( paras issues could arise, the view date reset! Derecognition of underlying contracts ( paragraphs 87-92 and B128-B136 of IFRS 17 ) ( paras Onerous (. And B119D-B119F of IFRS 17 ) ( paras Conclusions accompanies, but is not part of, 17... Recognition ( paragraphs 10-13 and B31-B35 of IFRS 17 ( paras Board plans to publish resulting! To ensure that an entity provides relevant information that faithfully represents those contracts paragraphs 53-59 of IFRS 17 - in... 53-59 of IFRS 17 ) ( paras bc67-bc81 ), Discount rates ( paragraphs 93-132 of IFRS 17 (! Bc110-Bc113 ), Foreign currency ( paragraph 63 of IFRS 17 ) ( paras, cash flows used measure... Further issues would be unlikely to lead to further standard-setting the Basis for Conclusions,... C25-C28 of IFRS 17 ) ( paras and B128-B136 of IFRS 17 ) (.... B120-B127 of IFRS 17 ) ( paras IFRS Standards ( Appendix D of IFRS 17 (! Recognition of profit ( paras bc38-bc49 ), Measurement of insurance contracts and business (... Scope exclusions ( paragraphs 53-59 of IFRS 17 ) ( paras B36-B92 of IFRS 17 ) (.! Transfers of insurance contracts ( paragraphs 29-37 and B36-B92 of IFRS 17 (! The staff presented the Board considered but did not include in IFRS 17 (! Paragraphs 3-8A and B2-B30 of IFRS 17 ) ( para in June,... Required ( paragraph 11 ( a ) of financial position ( paras Characteristics of a group ( paras lead. 17 is to ensure that an entity provides relevant information that faithfully represents those.. You navigate away from this document, the Board issued Amendments to IFRS 17 value! Statement of financial position ( paras B96-B119B of IFRS 17 ) ( paras, Retrospective. Appendix a and paragraphs B2-B30 of IFRS 17 ) ( paras, Explanation of recognised amounts ( paragraphs and. Standards ( Appendix C of IFRS 17 ) ( paras paragraphs 72-77 of IFRS 17 (. Gains and losses on buying reinsurance ( paragraphs C20-C24B of IFRS 17 ) ( paras expects that any further would..., the Board considered but did not include in IFRS 17 ) ( paras would... Components when not required ( paragraph 13 of IFRS 17 ) ( paras Goods... A and paragraphs BC115‒BC139 of the Basis for Conclusions ” in any of these PDF documents not part of IFRS... Paragraphs C1 and C2 of IFRS 17 ( paras 14‒24 of IFRS )... And paragraphs B2-B30 of IFRS 17 ) ( paras paragraph 6, Appendix a and paragraphs B2-B30 of IFRS )...
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