23/05/2022 - EFRAG's Final Letter on the IFRS Interpretations Committee's Tentative Agenda Decisions in the final phase of implementing IFRS 17 Insurance Contracts
EFRAG has published its Final Letter on the IFRS Interpretations Committee's (IFRS IC's) Tentative Agenda Decision in the final phase of implementing IFRS 17 Insurance Contracts. EFRAG's Final Letter is available here.
In its Final Letter, EFRAG is appreciative and supports the IFRS IC's work and efforts to bring consistency in applying IFRS Standards.
Nonetheless, 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. EFRAG also emphasises the importance of the IFRS IC undertaking outreach before any Tentative Agenda Decisions, in particular considering that common practices are still emerging with the implementation at this stage.
EFRAG's Final Letter is available here.
