NZASB ED 2019-3
Tier 1 and Tier 2
Amendments to PBE IFRS 17
(Not-for-profit PBEs ONLY)
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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