72-77), Presentation in the statement of financial position (paras. BC350-366), Disclosures that the Board considered but did not include in IFRS 17 (paras. HKFRS/IFRS 17 aims to address these issues by making insurers’ financial statements more useful and insurance accounting practices consistent across jurisdictions. Basis for Conclusions on IFRS 17 Australian Accounting Standard AASB 17 Insurance Contracts is set out in paragraphs 1 – Aus132.1 and Appendices A – D. All the paragraphs have equal authority. BC110-BC113), Prohibition on separating non-insurance components when not required (paragraph 13 of IFRS 17) (paras. h��U�O[e�{�޺K{oi+"d���bKYGLM�[ 29-71), Modification and derecognition (paras. BC1-BC15), The need for a new approach (paras. Click below for more information HKFRS 17, basis for conclusions and illustrative examples 0 BC158-BC184N), Discount rates (paragraphs 36 and B72-B85 of IFRS 17) (paras. Board plans to publish any resulting amendments to IFRS 17 in mid-2020. BC27-BC37), Presentation of insurance finance income or expenses (paragraphs 87-92 and B128-B136 of IFRS 17) (paras. IFRS 17 replaces IFRS 4 and sets out principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of IFRS 17. Although further implementation issues could arise, the Board expects that any further issues would be unlikely to lead to further standard-setting. BC399-BC401), Effective date (paragraphs C1 and C2 of IFRS 17) (paras. This revision represent a significant improvement to IFRS 17.-No amendments of IFRS 17 or its Basis for Conclusions (BC) will be produced to clarify that the considerations in the BC apply only to some mutual entities, except for BC227-BC237), Insurance contracts with direct participation features (the variable fee approach) (paragraphs 45 and B101-B118 of IFRS 17) (paras. %PDF-1.6 %���� 4135 0 obj <>stream BC147-BC157), The cash flows used to measure insurance contracts (paragraphs 34-35 and B61-B71 of IFRS 17) (paras. BC347-BC371), Explanation of recognised amounts (paragraphs 97-116 of IFRS 17) (paras. APPROVAL BY THE IASB OF AMENDMENTS TO IFRS 17 ISSUED IN JUNE 2020 AMENDMENTS TO ILLUSTRATIVE EXAMPLES ON IFRS 17 AMENDMENTS TO BASIS FOR CONCLUSIONS … The Board tentatively decided to amend IFRS 17 to correct minor technical issues relating to: IFRS 17 Insurance Contracts (May 2017) - (Downloadable PDF) (comprises three booklets sold together as a set, including the Standard, Basis for Conclusions … BC185-BC205B), Risk adjustment for non-financial risk (paragraphs 37 and B86-B92 of IFRS 17) (paras. (iii) In June 2020, the IASB amended IFRS 17 to change, amongst other matters, its effective date to 1 January 2023. BC390-BC398F), Transition disclosures (paragraphs 114-116 of IFRS 17) (paras. BC407), Appendix A Summary of changes since the 2013 Exposure Draft, Appendix B Amendments to the Basis for Conclusions on other IFRS Standards, Appendix C List of amendments issued in 2020. 3 Aktivitäten zu IFRS 17 seit dessen erstmaliger Verabschiedung (Text identisch mit Covernote/Unterlage 91_04, dort Kap. When the July 2019 amendments to FRS 101 were issued, it was noted that the effective date of the changes to the defined term ‘qualifying entity’ would be changed, if the effective date of IFRS 17 was changed. On 25 February 2020, the IASB (‘Board’) completed its deliberations responding to the feedback received on its proposals in the Exposure Draft, ‘Amendments to IFRS 17’ (‘ED’). Amendments to IFRS 17(June 2020) proposes amendments to this standard with effect for annual periods beginning on or after 1 January 2023. Approval by the International Accounting Standards Board of Amendments to IFRS 17 issued in June 2020 IFRS 17: Basis for Conclusions The need to change previous accounting and history of the project (paras. BC405-406), First-time adopters of IFRS Standards (Appendix D of IFRS 17) (para. Approval by the International Accounting Standards Board of Amendments to IFRS 17 issued in June 2020 IFRS 17: Basis for Conclusions The need to change previous accounting and history of … BC270-BC276E), Foreign currency (paragraph 30 of IFRS 17) (paras. The objective of IFRS 17 is to ensure that an entity provides relevant in­for­ma­tion that faith­fully rep­re­sents those contracts. BC67-BC81), Investment contracts with discretionary participation features (paragraphs 4(b) and 71 of IFRS 17) (paras. 9 Durch zügige Redeliberations nach dieser Konsultation h�bbd``b`� In June 2020, the Board issued Amendments to IFRS 17. $����`��r�S)��$Xv�X� "Hh� �6 !� BC218-BC287), Changes in estimates of the future unearned profit (paragraphs 44, 45 and B96-B118 of IFRS 17) (paras. BC87-BC97), Separating components from an insurance contract (paragraphs 10-13 and B31-B35 of IFRS 17) (paras. $&�g`b�2���8������� Pp) BC402-BC404F), Early application (paragraphs C1 and C2 of IFRS 17) (paras. BC108-BC109), Goods and non-insurance services (paragraphs 12 and B33-B35 of IFRS 17) (paras. Basis for Conclusions on IFRS 17 Insurance Contracts This Basis for Conclusions accompanies, but is not part of, IFRS 17. Appendix A to the Basis for Conclusions on IFRS 17 summarises the main differences between the most recent public consultation on the proposed IFRS Standard for insurance contracts published in June 20132 and IFRS 17 . If you navigate away from this document, the view date will reset. International Financial Reporting Standards (IFRSs), Level of aggregation of insurance contracts (paras. CJ���X��L��ė�(�M���%~�0M��/ٲe&f1�.�f4Sl\”�5��:?�a�9Ͻ��� }�y�9�������_GF���i�����c�����@h��s����H�ϵ�����^��wGgۿ��d�W�]mK-�ի6��g������7���8�~��y�/;��V���m�#��. BC340-BC346), Disclosure (paragraphs 93-132 of IFRS 17) (paras. BC140-BC145A), Measurement of fulfilment cash flows (paragraphs 29-37 and B36-B92 of IFRS 17) (paras. BC316-BC322), Modifications that would have resulted in significantly different accounting for the contract (paragraphs 72, 76 and 77 of IFRS 17) (paras. BC279-BC283J), Onerous contracts (paragraphs 47-52 of IFRS 17) (paras. BC284-BC287), Premium allocation approach (paragraphs 53-59 of IFRS 17) (paras. BC38-BC49), Scope of the Standard and definition of insurance contracts (paragraphs 3-8A and B2-B30 of IFRS 17) (paras. BC115-BC139T), Characteristics of a group (paras. endstream endobj startxref BC104-BC107), Investment components (paragraphs 11(b) and B31-B32 of IFRS 17) (paras. This in­for­ma­tion gives a basis for users of financial state­ments to assess the effect that insurance contracts have on the entity's financial position, financial per­for­mance and … The IASB has made significant progress in finalising 13 of the 19 topics that it decided that it would consider in its re-deliberations of the Exposure Draft, ‘Amendments to IFRS 17’. BC310-BC315L), Modification and derecognition (paragraphs 72-77 of IFRS 17) (paras. BC320), Derecognition (paragraphs 74-75 of IFRS 17) (paras. BC331-BC339), Presentation of insurance finance income or expenses (paras. BC288-BC295), Reinsurance contracts (paragraphs 60-70A of IFRS 17) (paras. The basis for conclusions does not form part of APES 230 and is not a substitute for reading the Standard. Die Kommentierungsfrist endete am 25. BC330A-BC330D), Presentation of insurance revenue (paras. To provide the context 6 Paragraphs 14‒24 of IFRS 17 and paragraphs BC115‒BC139 of the Basis for Conclusions on. BC126-BC139T), Recognition (paragraphs 25-28F of IFRS 17) (paras. 'Set the date' will change the date at which you are viewing the document. At its January 2020 meeting, the IASB extended the scope exclusion from IFRS 17 for some credit card contracts and provided an accounting policy choice related to interim reporting. BC321-BC322), Transfers of insurance contracts and business combinations (paragraphs 39 and B93-B95F of IFRS 17) (paras. Deloitte IFRS Insurance webcast – 24 March 2020 6 Effective date of IFRS 17 Staff conclusions and recommendation • Implementation by 2022 would be demanding for some insurers. 80-92), Appendix D Amendments to other IFRS Standards, Approval by the International Accounting Standards Board of IFRS 17 Insurance Contracts issued in May 2017, Approval by the International Accounting Standards Board of Amendments to IFRS 17 issued in June 2020, The need to change previous accounting and history of the project (paras. The ED and the related basis for conclusions of amendments to IFRS 17 include proposed amendments in eight areas of the Standard and several minor clarifications. 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