EFRAG seeks comments on its Draft Endorsement Advice on Initial Application of IFRS 17 and IFRS 9 – Comparative Information (Amendment to IFRS 17)
EFRAG has issued a draft endorsement advice letter and a separate invitation to comment relating to the endorsement for use in the EU of the Amendment.
The narrow-scope Amendment addresses an important issue related to accounting mismatches between insurance contract liabilities and financial assets arising in the comparative information presented on initial application of IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments. The Amendment relates only to the presentation of comparative information. The Amendments become effective on initial application of IFRS 17.
EFRAG's overall preliminary assessment is that the Amendment satisfies the criteria for endorsement for use in the EU and therefore recommends its endorsement. EFRAG is seeking comments on all aspects of its analyses supporting its preliminary conclusions.EFRAG's draft endorsement advice letter is available here.
You are asked to provide your comments on the draft endorsement advice letter by downloading the invitation to comment here, filling in the comments and submitting the response by clicking on the ‘Comment publication’ link below.
Comments are requested by 19 January 2022.
For your information, EFRAG has also updated its Endorsement Status Report, which is available here.