General Insurance Article - IASB eases IFRS17 reporting requirements

Commenting on the decisions from the International Accounting Standards Board (IASB) meeting, which considered certain amendments to IFRS 17.

 Alex Bertolotti, IFRS 17 leader at PwC, said:"The IASB’s decision to potentially raise the level of aggregation for presenting insurance contracts as assets or liabilities on the balance sheet will be welcomed by many insurers.

 "The higher level of aggregation of asset or liability presentation should help to reduce some of the costs of implementation of the Standard for a number of insurers.

 "The IASB rejected 11 further issues and challenges that had been raised, stating that they did not meet the IASB agreed criteria for amendment. However, the IASB has decided to discuss the questions related to the variable fee approach, along with other questions related to transition at a future meeting.

 "It is expected that there will be further discussion by the IASB of the remaining reported concerns in their Board meetings in early 2019.

 "Our message to insurers is 'continue full steam ahead on your projects'- there’s so much to do, there’s little time to do it, and given the criteria for the IASB amending the standard, we do not expect many further amendments."

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