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The IASB staff have provided a verbal update to the Board on the initiatives in progress leading to the release of the final IFRS 17, anticipated in June 2020. |
Ralph Ovsec, Senior Director, Insurance Consulting and Technology, at Willis Towers Watson, said: “In spite of the challenges posed by COVID-19, the implementation of IFRS 17 remains urgent, as entities need certainty of the amendments to IFRS 17 to avoid unnecessary and undue costs and disruptions in its implementation.”
A pre-ballot draft of IFRS 17 has been circulated to the Board and to a select group of SMEs, and many comments have already been received. The IASB staff is reviewing those comments to confirm whether any further adjustments to IFRS 17 are required. Any further adjustments will be brought to the May 2020 IASB meeting as sweep issues. June 2020 remains the target date for the release of the final IFRS 17. A webcast is being planned to introduce the amendments to stakeholders, with a date yet to be determined.
IFRS 17 was originally published in May 2017 and has been revised following feedback from key stakeholders both before and after the publication of the June 2019 Limited Exposure Draft.
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