Amendments to IFRS 17 and IFRS 4 published
Keywords: Mazars, Thailand, IFRS, IFRS 17, IFRS 4, IASB, EFRAG
31 August 2020
IFRS 4, which permits insurers to defer application of IFRS 9 – Financial Instruments, has also been amended so that insurers can apply IFRS 9 and IFRS 17 at the same time (i.e. by 2023 at the latest).
The IASB has not made any changes regarding the annual cohort issue. In other words, preparers are still required to group contracts by year of issue (including contracts with direct participation features). It will be interesting to see what EFRAG says in its endorsement advice.
The amendments are available on the IASB’s website with a paid subscription.