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Insurance Accounting Alert June 2022
IFRS Interpretations Committee issues tentative agenda decision on multi-currency groups of insurance contracts.
The IFRS Interpretations Committee (the Committee) discussed a submission regarding the application of IFRS 17 Insurance Contracts (IFRS 17) and IAS 21 The Effects of Changes in Foreign Exchange Rates (IAS 21) to a group of insurance contracts with foreign currency cash flows.
The Committee agreed to publish a tentative agenda decision (TAD) for public comment that sets out the applicable requirements in IFRS 17 and IAS 21 and explains (i) whether an entity considers currency exchange rate risk when applying IFRS 17 to identify portfolios of insurance contracts; and how an entity applies IAS 21 in conjunction with IFRS 17 in measuring a multi-currency group of insurance contracts. The Committee also discussed comments received on its TAD on profit recognition for annuity contracts issued in March 2022 and agreed to finalise the agenda decision with some minor changes, subject to the IASB not objecting.