SOCPA Adopts IASB's Amendments to IFRS 17

SOCPA Adopts IASB's Amendments to IFRS 17

SOCPA, represented by the Accounting Standards Committee, adopted the IASB amendment to IFRS 17 "insurance contracts" which was published by IFRS in a document titled "Initial Application of IFRS 17 and IFRS 9―Comparative Information (Amendment to IFRS 17)".
The purpose of this amendment is to help financial statement preparers when switching to IFRS 17, so that the requirements of IFRS 9 "Financial Instruments" are in line with the requirements of IFRS 17 "insurance contracts" with respect to comparative information for financial instruments that have been de-recognized in the year of comparison or for which IFRS has not required a re-presentation of comparative information, in order to reduce chances of accounting mismatches between financial assets and insurance contract liabilities in the comparative financial statements presented at the initial application of both standards and available to insurance companies.

The amendment can be viewed here.