01/02/2022 - EFRAG's endorsement advice on Initial Application of IFRS 17 and IFRS 9 – Comparative Information (Amendment to IFRS 17)
EFRAG has completed its due process regarding Initial Application of IFRS 17 and IFRS 9 – Comparative Information (Amendment to IFRS 17) and has submitted its Endorsement Advice Letter to the European Commission.
The Endorsement Advice Letter to the European Commission can be found here.
On 9 December 2021, the IASB issued Initial Application of IFRS 17 and IFRS 9 – Comparative Information (Amendment to IFRS 17 (‘the Amendment’) which was initially issued as an Exposure Draft ED/2021/8 in July 2021.
The narrow-scope Amendment addresses an important issue related to accounting mismatches between insurance contract liabilities and financial assets arising in the comparative information presented on initial application of IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments. The Amendment relates only to the presentation of comparative information. The Amendment becomes effective on initial application of IFRS 17.
EFRAG has submitted its Endorsement Advice relating to the Amendment for use in the European Union and European Economic Area. EFRAG assesses that the Amendment meets the technical endorsement criteria of the IAS Regulation and is conducive to the European public good. EFRAG therefore recommends its endorsement. EFRAG's recommendation can be found in the letter to the European Commission and the accompanying appendices.
The Endorsement Advice Letter to the European Commission can be found here.
EFRAG has also updated its Endorsement Status Report, which can be downloaded here on EFRAG's web page.
