NZASB ED 2019-3
Tier 1 and Tier 2
Amendments to PBE IFRS 17
The New Zealand Accounting Standards Board (NZASB) is seeking comments on NZASB ED 2019-3 Amendments to PBE IFRS 17 (this ED).
When PBE IFRS 17 Insurance Contracts was issued the NZASB was aware that the International Accounting Standards Board (IASB) would be issuing an exposure draft of proposed targeted amendments to IFRS 17 Insurance Contracts.
At the end of June 2019, the IASB issued IASB ED/2019/4 Amendments to IFRS 17. The proposed targeted amendments address some concerns and challenges raised by IASB stakeholders with the implementation of IFRS 17.
This ED proposes equivalent targeted amendments to PBE IFRS 17 relating to the following topics:
- additional scope exclusions – credit card contracts and loan contracts that meet the definition of an insurance contract;
- allocation of acquisition costs to expected contract renewals;
- allocation of surplus to service relating to investment activities;
- reinsurance contracts held – reduced accounting mismatch;
- simplified presentation in the statement of financial position;
- extension of the risk mitigation option;
- transition modifications and reliefs; and
- minor amendments.
Accessing the Consultation Documents
Commenting on the Proposal
This is your opportunity to comment on these proposals.
Comments are due to the NZASB by 19 November 2019.
Send your comments—both formal and informal— to the NZASB using the upload form below.
Upload your submission here
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We would appreciate receiving a copy of your comments in electronic form (preferably Microsoft Word format). This helps us to more efficiently collate and analyse comments. Please also specify the exposure draft number and title in your electronic file.
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We intend publishing all comments on the XRB website, unless they may be defamatory. If you have any objection to this, we will not publish them. However, they will remain subject to the Official Information Act 1982 and, therefore, may be released in part or in full. The Privacy Act 1993 also applies.
If you have an objection to the release of any information contained in your comments, we would appreciate you identifying the parts of your comments to be withheld, and the grounds under the Official Information Act 1982 for doing so (for example, that it would be likely to unfairly prejudice the commercial position of the person providing the information).