{"id":69,"date":"2018-10-26T18:27:24","date_gmt":"2018-10-26T10:27:24","guid":{"rendered":"https:\/\/insurance.vincent-chen.com\/en\/?p=69"},"modified":"2020-09-19T18:27:52","modified_gmt":"2020-09-19T10:27:52","slug":"iasb-unlikely-to-make-ifrs-17-changes","status":"publish","type":"post","link":"https:\/\/insurance.vincent-chen.com\/en\/iasb-unlikely-to-make-ifrs-17-changes\/","title":{"rendered":"IASB unlikely to make IFRS 17 changes"},"content":{"rendered":"

The International Accounting Standards Board (IASB) is reluctant to make revisions to IFRS 17 amid fears that changes could disrupt existing implementation processes.<\/strong><\/p>\n

By Chris Seekings, The Actuary<\/a> | October 26, 2018<\/p>\n

At a meeting earlier this week, the board agreed that potential changes would be “narrow in scope”, with a number of members arguing against compromising core principles of the standard.<\/p>\n

<\/p>\n

The board also debated alternatives to postponing the implementation date, such as removing the requirement for comparatives, and differentiating between listed and unlisted companies.<\/p>\n

However, both these options are thought to have significant disadvantages, with insurers now facing uncertainty around investment, and whether to accelerate or delay their timetables.<\/p>\n

“Having spent 20 years preparing the standard, there is evidently no appetite for knee-jerk reactions,” Willis Towers Watson (WLTW) senior director, Roger Gascoigne, said.<\/p>\n

“The board is clearly alert to the consequential impacts, particularly on insurers who have already invested significant amounts on implementation.”<\/p>\n

It was concluded at this week\u2019s meeting that changes should not result in less useful information for investors, disrupt existing planning processes, or risk undue delays to the 2021 implementation date.<\/p>\n

This comes after nine insurance organisations wrote to the IASB asking specifically for a two-year delay, warning of “serious operational constraints” on insurers ability to meet the deadline.<\/p>\n

In contrast, The European Supervisory Authorities wrote to the European Financial Reporting Advisory Group last week arguing against any delay in the EU\u2019s endorsement process.<\/p>\n

WLTW said insurers should assume that the 2021 date remains, but added that a delay would allow firms to adopt a value-add approach, instead of struggling to achieve minimum compliance.<\/p>\n

“One practical short-term step may be to revisit the project plans, considering what key aspects would change if the date were delayed by a year or two,” senior director, Kamran Foroughi, said.<\/p>\n

“This would reduce project risks, enable more contingency time, and enable more testing of processes and systems.”<\/p>\n","protected":false},"excerpt":{"rendered":"

The International Accounting Standards Board (IASB) is reluctant to make revisions to IFRS 17 amid fears that changes could disrupt existing implementation processes. By Chris Seekings, The Actuary | October 26, 2018 At a meeting earlier this week, the board agreed that potential changes would be “narrow in scope”, with a number of members arguing… Read More »IASB unlikely to make IFRS 17 changes<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"off","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,3],"tags":[],"class_list":["post-69","post","type-post","status-publish","format-standard","hentry","category-global","category-news"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/69","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/comments?post=69"}],"version-history":[{"count":1,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/69\/revisions"}],"predecessor-version":[{"id":70,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/69\/revisions\/70"}],"wp:attachment":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/media?parent=69"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/categories?post=69"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/tags?post=69"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}