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FRC publishes draft response to proposed amendments to IFRS 17

The FRC recently published a staff draft of its response to the IASB’s Exposure Draft ED/2019/4 Amendments to IFRS 17 (ED). The draft response can be accessed here. The response outlines the FRC staff’s tentative conclusions on issues raised in this ED. We do not ask questions on the proposals or the staff draft, but would welcome stakeholders’ views to inform the FRC’s final response to the IASB’s ED.

As part of the UK’s preparation to exit the European Union, the Department for Business, Energy and Industrial Strategy is in the process of setting up a new, independent body to adopt and endorse International Accounting Standards for use in the UK. The views expressed in this staff draft are not those of the new body and the new body will not be bound by this draft or any final response to the ED by the FRC. However, any input we receive from constituents will be made available for consideration by the new body.

Please provide any written comments no later than 5 September to Susanne Pust Shah at IFRS17@frc.org.uk

The FRC will also be holding a roundtable event on 5 September to discuss the proposals in the ED and the FRC’s response. If you would like to attend, please register your interest here.

Links:

FRC staff draft  
Roundtable event 
IASB ED 

 

Original article link: https://www.frc.org.uk/news/new-august-2019/exposure-draft-amendments-to-ifrs-17

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