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Source: European Parliament

International Financial Reporting Standards (IFRS): IFRS 17 – Insurance Contracts

27-10-2020

This briefing, prepared for a scrutiny session of the ECON Committee, provides background on the International Financial Reporting Standard (IFRS) 17 Insurance Contracts which will have a major impact on the accounting of insurance companies. IFRS 17 was issued by the IASB in 2017; the Parliament adopted a resolution on 3 October 2018. As some remaining issues were raised at EU level, the IASB has issued amendments to IFRS 17 on 25 June 2020. The next step for endorsement was the EFRAG’s consultation on its draft endorsement advice of 30 September 2020 (closing on 29 January 2021). The scrutiny session feeds ECON’s views into this process.

This briefing, prepared for a scrutiny session of the ECON Committee, provides background on the International Financial Reporting Standard (IFRS) 17 Insurance Contracts which will have a major impact on the accounting of insurance companies. IFRS 17 was issued by the IASB in 2017; the Parliament adopted a resolution on 3 October 2018. As some remaining issues were raised at EU level, the IASB has issued amendments to IFRS 17 on 25 June 2020. The next step for endorsement was the EFRAG’s consultation on its draft endorsement advice of 30 September 2020 (closing on 29 January 2021). The scrutiny session feeds ECON’s views into this process.

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