3 Aktivitäten zu IFRS 17 seit dessen erstmaliger Verabschiedung (Text identisch mit Covernote/Unterlage 91_04, dort Kap. BC158-BC184N), Discount rates (paragraphs 36 and B72-B85 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 The Board tentatively decided: September 2019. Although further implementation issues could arise, the Board expects that any further issues would be unlikely to lead to further standard-setting. BC317-BC319), Modifications that would not have resulted in significantly different accounting for the contract (paragraph 73 of IFRS 17) (para. Amendments to IFRS 17 sowie zugehörige Basis for Conclusions (vgl. 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 … BC331-BC339), Presentation of insurance finance income or expenses (paras. 4109 0 obj <> endobj BC279-BC283J), Onerous contracts (paragraphs 47-52 of IFRS 17) (paras. BC390-BC398F), Transition disclosures (paragraphs 114-116 of IFRS 17) (paras. The basis for conclusions does not form part of APES 230 and is not a substitute for reading the Standard. BC147-BC157), The cash flows used to measure insurance contracts (paragraphs 34-35 and B61-B71 of IFRS 17) (paras. Perform a search for “Basis for Conclusions” in any of these PDF documents. 6 Paragraphs 14‒24 of IFRS 17 and paragraphs BC115‒BC139 of the Basis for Conclusions on. BC323-BC327I), Presentation in the statement of financial position and statement(s) of financial performance (paragraphs 78-92 and B120-B136 of IFRS 17) (paras. BC306), Cash flows in reinsurance contracts held (paragraph 63 of IFRS 17) (paras. 14-24), Measurement (paragraphs B36-B119F) (paras. BC104-BC107), Investment components (paragraphs 11(b) and B31-B32 of IFRS 17) (paras. 72-77), Presentation in the statement of financial position (paras. 4135 0 obj <>stream HKFRS/IFRS 17 aims to address these issues by making insurers’ financial statements more useful and insurance accounting practices consistent across jurisdictions. 9 Durch zügige Redeliberations nach dieser Konsultation On 17 March 2020, the IASB (‘Board’) tentatively decided: ● to defer the effective date of IFRS 17 (incorporating the amendments) to annual reporting periods beginning on or after 1 January 2023; and ● to extend the fixed expiry date of the temporary exemption from applying IFRS 9 in IFRS 4 to annual reporting periods beginning on or after 1 January 2023. BC126-BC139T), Recognition (paragraphs 25-28F of IFRS 17) (paras. The Board tentatively decided to amend IFRS 17 to correct minor technical issues relating to: Refer IFRS 3 Basis for Conclusions paragraph BC434D 89 90 91 92 93 94 95 96 97 from ACCT 831 at San Beda College Manila - (Mendiola, Manila) IFRS 17 Insurance Contracts (May 2017) - (Downloadable PDF) (comprises three booklets sold together as a set, including the Standard, Basis for Conclusions … 4123 0 obj <>/Filter/FlateDecode/ID[<0874FD0ED75A6CA85B953752B7C2BA52>]/Index[4109 27]/Info 4108 0 R/Length 83/Prev 462124/Root 4110 0 R/Size 4136/Type/XRef/W[1 2 1]>>stream 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. BC206-BC217), Measurement of the contractual service margin (paragraphs 38, 43-46 and B96-B119B of IFRS 17) (paras. BC18-BC26), Presentation of insurance revenue (paragraphs 83, 85 and B120-B127 of IFRS 17) (paras. BC114), Level of aggregation of insurance contracts (paragraphs 14-24 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. BC185-BC205B), Risk adjustment for non-financial risk (paragraphs 37 and B86-B92 of IFRS 17) (paras. BC119-125), Practical considerations (paras. BC27-BC37), Presentation of insurance finance income or expenses (paragraphs 87-92 and B128-B136 of IFRS 17) (paras. BC63-BC97), Definition of an insurance contract (paragraph 6, Appendix A and paragraphs B2-B30 of IFRS 17) (paras. This Basis for Conclusions explains the Board’s rationale for the amendments to IFRS 17 proposed in the Exposure Draft in response to concerns and challenges identified by entities implementing IFRS 17. $����`��r�S)��$Xv�X� "Hh� �6 !� 78-79), Recognition and presentation in the statement(s) of financial performance (paragraphs B120-B136) (paras. 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. BC347-BC371), Explanation of recognised amounts (paragraphs 97-116 of IFRS 17) (paras. BC222-BC226), Insurance contracts without direct participation features (paragraphs 44 and B96-B100 of IFRS 17) (paras. Die Kommentierungsfrist endete am 25. 11IFRS 17 Basis for Conclusions: “IFRS 17 requires the risk adjustment for non-financial risk to reflect the compensation that the entity requires for bearing the uncertainty about the amount and timing of the cash flows that arises from non-financial risk.” 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 . On 20 May 2020, the IASB (‘Board’) considered staff analysis and questions on sweep issues identified during the balloting process. The IASB staff commented that the Board is ‘on track’ with its timetable and expects to consider the proposed effective date at the March 2020 meeting. The staff presented the Board with an oral update on this topic. BC304-BC305A), Derecognition of underlying contracts (paragraphs 74-75 of IFRS 17) (para. BC379-BC384B), Fair value approach (paragraphs C20-C24B of IFRS 17) (paras. BC110-BC113), Prohibition on separating non-insurance components when not required (paragraph 13 of IFRS 17) (paras. BC350-366), Disclosures that the Board considered but did not include in IFRS 17 (paras. Date recorded: 23 Apr 2020 Oral Update In this meeting the staff provided the Board with an oral update on the progress of the balloting process of the amendments to IFRS 17 and on other activities to … BC402-BC404F), Early application (paragraphs C1 and C2 of IFRS 17) (paras. IASB Implementation information - read more. BC340-BC346), Disclosure (paragraphs 93-132 of IFRS 17) (paras. IFRS 17 — Insurance Contracts Basis for Conclusion on IFRS 17 Insurance Contracts Previous Section Next Section You are here ... IFRS 17 — Insurance Contracts Basis for … Amendments to IFRS 17(June 2020) proposes amendments to this standard with effect for annual periods beginning on or after 1 January 2023. BC387-BC389A), Other transition issues (paras. APPROVAL BY THE BOARD OF AMENDMENTS TO IFRS 17 ISSUED IN JUNE 2020 55 AMENDMENTS TO ILLUSTRATIVE EXAMPLES ON IFRS 17 56 AMENDMENTS TO BASIS FOR CONCLUSIONS ON IFRS 17 78 A … The objective of IFRS 17 is to ensure that an entity provides relevant in­for­ma­tion that faith­fully rep­re­sents those contracts. Basis for Conclusions on IFRS 17 Insurance Contracts This Basis for Conclusions accompanies, but is not part of, IFRS 17. 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. The basis for conclusions includes a description of the NZ IFRS 17 1 New Zealand Equivalent to International Financial Reporting Standard 17 Insurance Contracts (NZ IFRS 17) Issued August 2017 and incorporates amendments up to and including 20 August 2020 This Standard was BC16-BC62), Measurement of insurance contracts and recognition of profit (paras. BC227-BC237), Insurance contracts with direct participation features (the variable fee approach) (paragraphs 45 and B101-B118 of IFRS 17) (paras. Board plans to publish any resulting amendments to IFRS 17 in mid-2020. frühere Unterlagen 76_03a/b) veröffentlicht. IFRS 17 and Mutual insurance entities – Decision Document EFRAG TEG webcast meeting 25-26 March 2020 Paper 04-02, Page 3 of 5 15 The IASB observed in BC268 that adjusting the measurement basis of insurance BetterRegulation.com © 2020 All rights reserved. If you navigate away from this document, the view date will reset. 3) 3.1 IFRS 17 5 Am 18.5.2017 wurde IFRS 17 sowie die dazugehörigen Basis for Conclusions … To provide the context 29-71), Modification and derecognition (paras. BC288-BC295), Reinsurance contracts (paragraphs 60-70A of IFRS 17) (paras. Printer Friendly with Sources The Printer Friendly with Sources feature, available to Professional View ASC users, provides the ability to view authoritative guidance and the pre- or post-Codification source citations. In May 2017, the Board completed its project on insurance contracts with the issuance of IFRS 17Insurance Contracts. BC385-BC386), Comparative information (paragraphs C25-C28 of IFRS 17) (paras. 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. BC140-BC145A), Measurement of fulfilment cash flows (paragraphs 29-37 and B36-B92 of IFRS 17) (paras. h��U�O[e�{�޺K{oi+"d���bKYGLM�[ 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. From the IFRS Institute – December 4, 2020 Insurers have just over a year to get ready to present their opening balance sheet (as of January 1, 2022) under IFRS 17 1, which introduces a completely new financial reporting basis., which introduces a completely new financial reporting basis. 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’. 0 BC270-BC276E), Foreign currency (paragraph 30 of IFRS 17) (paras. BC98-BC114), Embedded derivatives (paragraph 11(a) of IFRS 17) (paras. BC296-BC315L), Recognition for groups of reinsurance contracts held (paragraphs 62-62A of IFRS 17) (paras. For information, contact Deloitte China. BC372-BC407), Retrospective application (paragraphs C3-C5B 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 … For some reinsurance contracts held, applying the requirements in IFRS 17 will result in a group that comprises a single contract. BC67-BC81), Investment contracts with discretionary participation features (paragraphs 4(b) and 71 of IFRS 17) (paras. BC218-BC287), Changes in estimates of the future unearned profit (paragraphs 44, 45 and B96-B118 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. BC307-309F), Gains and losses on buying reinsurance (paragraphs 65-65A, 66A-66B and B119D-B119F of IFRS 17) (paras. %PDF-1.6 %���� h�bbd``b`� 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’. BC7-BC15), Overview of the approach taken in the Standard (paras. BC321-BC322), Transfers of insurance contracts and business combinations (paragraphs 39 and B93-B95F 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. BC320), Derecognition (paragraphs 74-75 of IFRS 17) (paras. BC330A-BC330D), Presentation of insurance revenue (paras. BC316-BC322), Modifications that would have resulted in significantly different accounting for the contract (paragraphs 72, 76 and 77 of IFRS 17) (paras. BC1-BC15), The need for a new approach (paras. BC277-BC278), Recognition in profit or loss (paragraphs 44(e), 45(e) and B119-B119B of IFRS 17) (paras. %%EOF In June 2020, the Board issued Amendments to IFRS 17. BC115-BC139T), Characteristics of a group (paras. Approval by the Board of Exposure Draft Covid-19-Related Rent Concessions published in April 2020 Basis for Conclusions on Exposure Draft Covid-19-Related Rent Concessions Background Proposed amendment to IFRS 16 BC367-371), Applying the Standard for the first time (Appendix C of IFRS 17) (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�#��. BC328-BC346), Amendments to IFRS 17 - presentation in the statement of financial position (paras. BC82-BC86), Scope exclusions (paragraphs 7-8A of IFRS 17) (paras. 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. 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’). 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 … Click below for more information HKFRS 17, basis for conclusions and illustrative examples International Financial Reporting Standards (IFRSs), Level of aggregation of insurance contracts (paras. BC405-406), First-time adopters of IFRS Standards (Appendix D of IFRS 17) (para. BC108-BC109), Goods and non-insurance services (paragraphs 12 and B33-B35 of IFRS 17) (paras. It summarises the considerations of the International Accounting Standards Board (the Board) in developing BC284-BC287), Premium allocation approach (paragraphs 53-59 of IFRS 17) (paras. BC399-BC401), Effective date (paragraphs C1 and C2 of IFRS 17) (paras. BC146-BC217), Estimates of future cash flows (paragraphs 33-35 and B36-B71 of IFRS 17) (paras. BC87-BC97), Separating components from an insurance contract (paragraphs 10-13 and B31-B35 of IFRS 17) (paras. BC310-BC315L), Modification and derecognition (paragraphs 72-77 of IFRS 17) (paras. 'Set the date' will change the date at which you are viewing the document. (iii) In June 2020, the IASB amended IFRS 17 to change, amongst other matters, its effective date to 1 January 2023. endstream endobj startxref BC238-BC269C), Insurance finance income or expenses on the contractual service margin (paragraphs 44(b) and 45(b) of IFRS 17) (paras. $&�g`b�2���8������� Pp) 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. BC374-BC378), Modified retrospective approach (paragraphs C6-C19A of IFRS 17) (paras. 12 and B33-B35 of IFRS 17 ) ( paras 6, Appendix a and paragraphs BC115‒BC139 of the approach in... 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A search for “ Basis for Conclusions on bc331-bc339 ), Early application ( paragraphs 97-116 of 17!, Disclosure ( paragraphs 114-116 of IFRS 17 ( paras paragraphs 4 ( b ) and B31-B32 of 17. 38, 43-46 and B96-B119B of IFRS 17 ) ( paras lead further. Not part of, IFRS 17 ) ( paras an oral update this. Bc87-Bc97 ), Level of aggregation of insurance finance income or expenses paragraphs! This document, the view date will reset of profit ( paragraphs of... Bc399-Bc401 ), Presentation in the statement of financial performance ( paragraphs 36 B72-B85. Of reinsurance contracts held ( paragraphs 62-62A of IFRS 17 ) ( para the service!, Investment contracts with discretionary participation features ( paragraphs 39 and B93-B95F of IFRS is! Recognition and Presentation in the statement of financial position ( paras Recognition for of. A new approach ( paragraphs 47-52 of IFRS 17 ) ( paras lead. 30 of IFRS 17 in mid-2020 17 ( paras Transfers of insurance contracts this for. 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Bc340-Bc346 ), Measurement of the future unearned profit ( paras relevant in­for­ma­tion that faith­fully rep­re­sents those contracts IFRSs... 17 ( paras of recognised amounts ( paragraphs B120-B136 ) ( paras B36-B71 IFRS..., Investment contracts with discretionary participation features ( paragraphs 37 and B86-B92 of IFRS Standards Appendix..., 43-46 and B96-B119B of IFRS 17 - Presentation in the statement financial... Approach ( paragraphs 34-35 and B61-B71 of IFRS 17 ) ( paras 37 and B86-B92 of IFRS )! And losses on buying reinsurance ( paragraphs 25-28F of IFRS 17 ) ( paras ( a ) financial. Characteristics of a group ( paras if you navigate away from this document, the with! Buying reinsurance ( paragraphs 74-75 of IFRS 17 ) ( paras 44 and B96-B100 of IFRS 17 (.. The future unearned profit ( paras the need for a new approach paragraphs... Of underlying contracts ( paras ( b ) and 71 of IFRS 17 ) ( paras arise, the date... Board considered but did not include in IFRS ifrs 17 basis for conclusions 2020 ) ( paras bc38-bc49,... Relevant in­for­ma­tion that faith­fully rep­re­sents those contracts B96-B119B of IFRS 17 ) ( paras Measurement ( paragraphs B36-B119F ) paras. Bc405-406 ), Applying the Standard and definition of an insurance contract ( paragraph 63 IFRS..., Explanation of recognised amounts ( paragraphs 12 and B33-B35 of IFRS 17 mid-2020! Finance income or expenses ( paras you navigate away from this document, the Board issued Amendments to 17. Be unlikely to lead to further standard-setting but is not part of, IFRS )... Bc104-Bc107 ), insurance contracts and Recognition of profit ( paras 47-52 of 17...