NZASB ED 2018-7
Tier 1 and Tier 2
The New Zealand Accounting Standards Board (NZASB) is seeking comments on ED PBE IFRS 17 Insurance Contracts.
These proposals are based on the requirements in IFRS 17 Insurance Contracts. However, the NZASB is proposing to amend the scope of the PBE Standard to capture schemes:
- that are intended to be fully funded from contributions and levies; and
- where there is evidence that the entity manages the scheme in the same way as an issuer of insurance contracts, including assessing the financial performance and financial position of the arrangement on a regular basis.
No PBE-specific modifications other than the scope outlined above are proposed. The invitation to comment (ITC) outlines the requirements that were considered for possible modification and the NZASB’s rationale for its decision not to make any modifications, and seeks feedback on those decisions.
When finalised, PBE IFRS 17 will supersede PBE IFRS 4 Insurance Contracts.
NZASB staff have made available below a copy of ED PBE IFRS 17 marked-up from IFRS 17 and relevant parts of forthcoming IPSAS 42 Social Benefits.
Commenting on the Proposal
Send your comments—both formal and informal—by 17 May 2019 to the NZASB using the upload form below.
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