Audit
IFRS 17 - Impact on non-insurance entities
Scope of the Standard and situations where a contract issued by a non-insurance entity may fall within that scope.
The Exposure Draft proposes to add guidance to the Standard that would clarify the following issues where there is currently diversity in practice:
In our letter we agree with the analysis underlying the Exposure Draft's proposed amendments and the conclusions reached in the proposed Illustrative Example. We also note however that the proposed amendments are detailed and extensive but address only a narrow fact pattern and would prefer the amendments to have a broader and more principle-based focus. That said, we acknowledge that the Board has initiated a research project on income taxes and that this may be a more suitable vehicle to consider the need for broader clarifications.