Deloitte announcement on IFRS17
On 18 May 2017 the International Accounting Standards Board (IASB) published IFRS 17 Insurance Contracts. The effective date for IFRS 17 is set for 1 January 2021.
IFRS Insurance Webcast Thursday, 26 September
Published on 26 September 2019 | Francesco Nagari
Global IFRS Insurance Leader at Deloitte Touche Tohmatsu
Deloitte published its Comment Letter on the Exposure Draft Amendments to IFRS 17.
We are generally supportive of the proposals in the Exposure Draft and have recommended a number of areas where these proposals could be improved.
- We propose a principle-based approach that uses existing concepts in IFRS 17 to define ‘investment-return services’.
- We believe that the scope of the proposed amendment to account for reinsurance contracts held should be extended to all types of reinsurance contracts held.
- We think a better solution could be achieved for the application of the risk mitigation option to reinsurance contracts held.
- We think that IFRS 17 could improve its guidance on the accounting for the adjustments to CSM from the changes in fulfilment cash flows arising from contracts with ’mutualisation’ features.
- We also broadly support most of the remaining amendments.
Listen to Francesco Nagari, Deloitte's Global IFRS Insurance Leader and a member of the IFRS 17 TRG, for the key highlights and outcomes of Deloitte Comment Letter on the Exposure Draft Amendments to IFRS 17.