21/04/2022 - EFRAG's Draft Letter on the IFRS IC's Tentative Agenda Decisions in the final phase of implementing IFRS 17 Insurance Contracts
EFRAG has published a Draft Letter on the IFRS IC's Tentative Agenda Decisions in the final phase of implementing IFRS 17 Insurance Contracts and seeks constituents' views on the letter. Comments are requested by 17 May 2022. The Draft Letter is available here.
In March 2022, the IFRS IC published a Tentative Agenda Decision on Transfer of Insurance Coverage under a Group of Annuity Contracts (IFRS 17).
In the Draft Letter, EFRAG reports concerns heard from its constituents that the Tentative Agenda Decision, and other interpretation issues that may arise less than one year before the date of first application of IFRS 17, would unduly disrupt the implementation of the Standard. Given the significant efforts to implement IFRS 17 by insurance entities, EFRAG kindly reminds the IFRS IC that an Agenda Decision may have a potential impact on implementation at this stage and emphasises the importance of the IFRS IC undertaking outreach before any Tentative Agenda Decisions.
EFRAG's Draft Letter is available here.
EFRAG requests comments on its Draft Letter by 17 May 2022. You may comment on EFRAG's Draft Letter by clicking on the Comment publication link below.
