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RAPPORT

Insurance Accounting Alert

IASB proposes changes to IFRS 17 for acquisition cash flows

What you need to know

At its meeting on 23 January 2019, the IASB (or Board)
tentatively decided to make changes to the following aspects of
IFRS 17 Insurance Contracts:

  • Deferral of insurance acquisition cash flows for renewals
    outside the contract boundary
  • Accounting for reinsurance contracts held when underlying
    insurance contracts are onerous
  • Extending the scope of the risk mitigation exception in the
    Variable Fee Approach to include financial risk mitigation
    through reinsurance contracts
  • Recognition of the contractual service margin in profit
    or loss under the general model for contracts containing
    investment components

The Board decided not to remove the prohibition in IFRS 17 from
applying the Variable Fee Approach to reinsurance contracts
issued or held.

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