When insurers apply IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments for the first time, they could face operational complexities and one-time accounting mismatches in the comparative information they need to present.

The International Accounting Standards Board's (the Board) proposed narrow-scope amendment aims to provide insurers with an option to present comparative information about financial assets on a basis that is more consistent with how IFRS 9 will be applied in future reporting periods.

Following feedback on these proposals, the Board has decided to:

  • expand the scope of the proposals to financial assets that are unconnected with insurance activities, and to insurers that have already adopted IFRS 9; and
  • extend the proposed disclosures to include the impairment requirements that an insurer has applied to those financial assets.

The Board plans to issue final amendments by the end of 2021.

Find out more here: A new transition option for IFRS 17

Get in touch

For further information on IFRS 17 implementation, please contact Brian Morrissey or Niall Naughton of our Insurance team. We'd be delighted to hear from you.