Amendments to IFRS 17 from March 2019 IASB Meeting

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By Rik van Beers, Andrew Gilchrist, Laura Hobern, Andrew Kay, Thomas Bulpitt | 25 March 2019

Since the publication of IFRS 17 in May 2017, the insurance industry has begun the implementation process in advance of the original effective date of 1 January 2021. However, following the tentative decision of the IASB in late 2018, the effective date is likely to be postponed to at least 1 January 2022.

During the implementation process a number of issues with IFRS 17 have been identified by the industry and during the January, February and March IASB meetings, the Board discussed potential amendments to IFRS 17 to address these issues. The March meeting was the third and final meeting.

Milliman consultants have produced a summary of the March meeting and the tentative amendments approved by the Board in a brief paper.