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Insurance Accounting Alert December 2021
IASB amends IFRS 17 to permit a classification overlay for financial assets presented in comparative periods on its initial application.
0n 9 December 2021, the IASB amended IFRS 17 to add a transition option for a “classification overlay” to address possible accounting mismatches between financial assets and insurance contract liabilities in the comparative information presented on initial application of IFRS 17.
If an entity elects to apply the classification overlay, it can only do so for comparative periods to which it applies IFRS 17 (i.e., from transition date to the date of initial application of IFRS 17). No amendments have been made to the transition requirements of IFRS 9.