2019年-普华永道全球_IASB_proposes_to_further_amend_IFRS_17_PwC_7页_450kb

报告摘要

IFRS 17 Implementation Summary

Core Content

The International Accounting Standards Board (IASB) has been actively addressing implementation concerns and challenges related to IFRS 17, which is a new standard for accounting for insurance contracts. A transition resource working group (TRG) has been established to provide a public forum for stakeholders to engage with the IASB on these issues. The IASB has tentatively agreed to propose certain amendments to IFRS 17 to better reflect the economics of insurance contracts and ensure smooth implementation.

Main Viewpoints and Key Information

1. Proposed Amendments to IFRS 17

The IASB has agreed to propose the following amendments:

Allocation of Insurance Acquisition Cash Flows:
- Require allocation of part of the insurance acquisition cash flows directly attributable to newly issued contracts to any anticipated future renewals.
- These amounts will be recorded as a separate asset subject to an impairment test until the renewed contracts are recognised.
- The impairment test will be based on the expected fulfilment cash flows of the related group of contracts.
Recognition of Gain on Reinsurance Contracts Held:
- Expand the scope of the current exception to allow recognition of a gain in profit or loss when an insurer recognises losses on onerous underlying insurance contracts at initial recognition, provided the reinsurance contract covers the losses on a proportionate basis.
- This applies at contract inception and is limited to proportionate reinsurance contracts.
Risk Mitigation Exemption for Direct Participation Contracts:
- Expand the scope of the risk mitigation exemption from the variable fee approach to include reinsurance contracts used to mitigate financial risk in direct participation contracts.
- The exemption will apply only if the reinsurance contract meets the current conditions outlined in the standard.
Investment Return Service in the General Model:
- Require consideration of the existence of an investment return service when allocating the contractual service margin (CSM) using coverage units.
- An investment return service exists only if the entity provides the policyholder with access to an investment return that would not otherwise be available.

2. Key Considerations

The IASB has not amended the definition of acquisition cash flows but has expanded their allocation to anticipated renewals.
The recognition of gain on reinsurance contracts will be limited to proportionate contracts, as the Board believes that this is the most appropriate scope for the amendment.
The Board has not expanded the variable fee approach to reinsurance contracts issued or held.
The determination of whether an investment return service exists is left to the entity's judgment, with no specific criteria included in the standard.
The Board is considering the need for additional disclosures as a result of these proposed amendments.

3. Future Discussions

The remaining implementation challenges and concerns will be discussed in the first quarter of 2019.
The IASB will assess all proposed amendments against the criteria agreed in October 2018 and consider the need for additional disclosures.
An Exposure Draft of the proposed amendments is expected to be published by the end of the first half of 2019.
The Board is expected to finalise amendments by 1 January 2022.

4. Scope of Amendments

The amendments will not apply to all reinsurance contracts, only those that are proportionate and cover losses on a proportionate basis.
The risk mitigation exemption will not be expanded to include reinsurance contracts issued or held.
The Board has not proposed changes to the level of aggregation, OCI on FV transition approach, date of initial application of comparatives, or optionality on transition.

Next Steps

The IASB will issue an Exposure Draft by the end of the first half of 2019, allowing for public comment and redeliberation of responses.
The expected timeframe for finalising the amendments is 12 to 18 months.
PwC has published several resources and publications related to IFRS 17, which can be accessed by contacting their engagement partner.