Initial Application of IFRS 17 and IFRS 9 – Comparative Information

Background

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) proposes a narrow-scope amendment to IFRS 17 to enable insurance entities to improve the usefulness of the comparative information presented on initial application of IFRS 17 and IFRS 9.

The ED proposes 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 proposes no change to the transition requirements in IFRS 9. 

Timeline and planned outreach

The IASB’s comment deadline is 27 September 2021.

The IASB plans to issue any resulting amendment by the end of 2021.

The UK Endorsement Board’s planned outreach on this project includes targeted outreach and public consultation on our draft comment letter.

If you would like to contribute to outreach work on this project, please email UKEndorsementBoard@endorsement-board.uk  .

Draft Comment Letter

Our draft comment letter outlines our proposed response to the Exposure Draft and is open for comment until 31 August. Please respond using the invitation to comment documents on this page and send your response to UKEndorsementBoard@endorsement-board.uk .