IASB proposed amendments in IFRS 17 & IFRS 9 for financial assets in terms of initial application
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- Last Updated on 5 August, 2021
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The International Accounting Standard Board (IASB) has proposed certain amendments in IFRS 17 Insurance Contracts & IFRS 9 Financial Instruments. The amendments relate to permitting the entities to present the comparative information about financial asset as if the classification and measurement requirements of IFRS 9 has been applied to the financial asset.
IFRS 9 is effective for the accounting period (s) beginning on or after 1 January 2018. However, many insurance entities may have availed the exemption of applying IFRS 9 for the accounting period (s) beginning on or after 1 January 2023. The transitional requirements of both the standards are different.
IFRS 17 require the entities to present the comparative information from the date of its initial application. In contrast with IFRS 17, IFRS 9 permits, but does not require, the restatement of comparative information. These two standards provide different reliefs to entities for transitional requirements and initial application. These differences are expected to have a significant impact on the usefulness of comparative information presented on initial application of IFRS 17 and IFRS 9. To address such differences, certain amendments have been proposed by the IASB.
The detailed document can be accessed here.
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