EFRAG publishes Draft Comment Letter on the IASB’s Exposure Draft to Amend IFRS 17
19 July 2019
The European Financial Reporting Advisory Group (‘EFRAG’) has published its draft comment letter responding to the IASB’s exposure draft on Amendments to IFRS 17, Insurance Contracts. The IASB’s due date for responses in 25 September 2019, and EFRAG is seeking comments on its draft response by 2 September 2019.
EFRAG has expressed support for many of the proposed amendments, but has concern with several issues, including:
- Level of aggregation being restricted to annual cohorts;
- Implementation challenges relating to the modified retrospective transition approach;
- How the risk mitigation option will interact with the transitional provisions; and
- The need to publish the final amendments as soon as possible.
The draft response can be accessed here.