2018年-普华永道全球_IASB_proposes_to_amend_the_effective_date_of_IFRS_17_and_extend_the_temporary_exemption_of_IFRS_9_for_insurers_PwC_4页_440kb

报告摘要

IFRS 17 Implementation Update - November 2018

Core Content

On 14 November 2018, the IASB Board initiated a process to amend the effective date of IFRS 17 and extend the temporary exemption from IFRS 9 for insurers. These changes aim to align the implementation of IFRS 17 with the ongoing discussions and potential amendments to the standard.

Main Points

1. IFRS 17 Effective Date Deferral

The IASB agreed to defer the mandatory effective date of IFRS 17 by one year.
Entities will now be required to apply IFRS 17 for annual periods beginning on or after 1 January 2022.
The deferral was decided to allow time for the Board to assess potential amendments to IFRS 17, which could take at least a year to finalise.
A one-year deferral was considered appropriate to:
- Minimise disruption to entities furthest advanced in implementation.
- Address user concerns about not significantly delaying the adoption of IFRS 17 and IFRS 9.
- Provide a clear signal to the industry that implementation should not be halted.

2. Temporary Exemption from IFRS 9

IFRS 4 allows insurers to defer the application of IFRS 9 until 2021.
The IASB decided to extend this temporary exemption to 1 January 2022, aligning it with the revised effective date of IFRS 17.
The extension aims to avoid mismatches and volatility that would occur if IFRS 9 were applied before IFRS 17.
The Board also noted that the deferral may affect the quality of assets held by insurers, as they may not yet be able to report expected credit loss information under IFRS 9.

3. Implementation Process

The IASB will follow due process, including issuing an exposure draft, allowing public comment, and redeliberating responses.
The final amendments, including the effective date change, are expected to be issued within a year.
The Board will consider potential amendments to IFRS 17 at its December 2018 meeting.

Key Information

The deferral of IFRS 17 was made in response to concerns about implementation challenges and the need for further clarification.
The extension of the IFRS 9 temporary exemption ensures a smoother transition for insurers.
The IASB has established a Transition Resource Working Group (TRG) to facilitate public discussion and address implementation issues.
The Board has set high criteria for any potential amendments to IFRS 17, requiring them to be narrow in scope and quickly deliberated.

PwC Resources on IFRS 17

PwC has developed several publications and resources to support the implementation of IFRS 17, including:

In transition INT2018-05: IASB agrees on criteria for evaluating any potential future amendments to IFRS 17.
In transition INT2018-04: TRG debates more IFRS 17 implementation issues.
In transition INT2018-03: Amendments to IFRS 17 on the IASB Board agenda.
In transition INT2018-02: Insurance TRG addresses unit of account, contract boundary, and coverage unit issues.
In transition INT2018-01: Insurance TRG holds its first meeting on IFRS 17.
In brief INT2017-05: IFRS 17 marks a new epoch for insurance contracts.
In depth INT2017-04: IFRS 17 marks a new epoch for insurance contract accounting.
Using Solvency II to implement IFRS 17
IFRS 17 - Redefining insurance accounting