At its meeting on the 7th of February 2019, the IASB considered six further potential changes to IFRS 17, including an issue deferred from December 2018. The Board tentatively decided to proceed with two of these changes but, in line with the IASB staff recommendation, did not agree with the four other proposed changes.
The IASB tentatively decided to:
The Board decided not to change the other aspects of IFRS 17 transition requirements that it considered during this meeting. However, the staff noted it will continue to explore further solutions on the topic of retrospective application of risk mitigation and plan to bring back a paper on this topic to a future meeting.
The IASB staff expect to bring papers on the remaining potential changes to IFRS 17 to the March 2019 Board meeting. After the Board has considered all the individual topics, it will consider whether to go ahead with the changes. The IASB staff expect to publish an Exposure Draft of the amendments to IFRS 17 around the end of the first half of 2019.
Read our full alert by clicking below – if you have any questions, please don’t hesitate to reach out.