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2 Jul. 2019

Exposure Draft: ED 292 Amendments to AASB 17 Insurance Contracts

ED 292 Amendments to AASB 17 proposes targeted amendments to AASB 17 Insurance Contracts relating to the following topics:

• scope exclusions—credit card contracts and loan contracts that meet the definition of an insurance contract;
• expected recovery of insurance acquisition cash flows;
• contractual service margin attributable to investment-return service and investment-related service;
• reinsurance contracts held—recovery of losses on underlying insurance contracts;
• presentation in the statement of financial position;
• applicability of the risk mitigation option;
• transition modifications and reliefs; and
• minor amendments.

The Exposure Draft also proposes to defer the effective date of AASB 17 by one year to annual reporting periods beginning on or after 1 January 2022, as well as extending the AASB 9 Financial Instruments temporary exemption in AASB 4 Insurance Contracts by one year.

ED 292  is accompanied by the following two supporting documents prepared by the IASB:
• IASB Basis for Conclusions  on Exposure Draft ED/2019/4 Amendments to IFRS 17; and
• a draft compiled version of IFRS 17  Insurance Contracts, which presents the text of IFRS 17 (paragraphs 1–132 and appendices A–C) with the amendments proposed in the Exposure Draft. Paragraphs of IFRS 17 that the Exposure Draft proposes to amend are shown in black, with new text underlined and deleted text struck through. Paragraphs of IFRS 17 that would not be amended by the Exposure Draft are shown in grey.

Please submit your comments to the AASB by 30 August 2019 via the AASB website, LinkedIn or email.