The IASB published its Exposure Draft ED/2021/8 Initial Application of IFRS 17 and IFRS 9 – Comparative Information (Proposed amendment to IFRS 17) on 28 July 2021.
This Exposure Draft (ED) proposed a narrow-scope amendment to IFRS 17 Insurance Contracts to enable insurance entities to improve the usefulness of the comparative information presented on initial application of IFRS 17 and IFRS 9.
The ED proposed narrow-scope amendments to the IFRS 17 transition requirements for entities that first apply IFRS 17 and IFRS 9 at the same time. The proposed amendment applies to financial assets for which comparative information presented on initial application of IFRS 17 and IFRS 9 has not been restated for IFRS 9. The proposed amendment would permit an entity to present comparative information about such financial assets as if the classification and measurement requirements of IFRS 9 had been applied to that financial asset. The ED proposed no change to the transition requirements in IFRS 9.
In December 2021, the IASB published the final amendment to IFRS 17 Initial Application of IFRS 17 and IFRS 9 – Comparative Information (Amendment to IFRS 17).
For more information on our IFRS 17 endorsement project, please see here.
The UK Endorsement Board’s outreach on this project included targeted outreach and public consultation on our draft comment letter.
Thank you to all who participated in this project.
Following public consultation on the draft comment letter, the final comment letter was submitted to the IASB on 23 September 2021.
An accompanying Feedback Statement, describing how feedback received from stakeholders was addressed, was published on the same date.
The UKEB draft and final comment letters, the responses received from stakeholders and the accompanying feedback statement can be found at the foot of this page.