On 16 July, the ARC voted to endorse the standard with an amendment proposed by the Commission – an option to remove annual cohorts for intergenerationally-mutualised contracts and cash flow matched insurance contracts.
The draft European Commission regulation on the endorsement of IFRS 17 has now been made public on the EC’s comitology register. The document and translations can be found at the following link:
https://ec.europa.eu/transparency/comitology-register/screen/documents/074944/1/consult?lang=en
The scrutiny period by the European Parliament and Council started last week, will last for 3 months.
The scrutiny period for the endorsement of IFRS 17, including the carve-out for annual cohorts, has ended on Friday 22 October. There were no objections raised by the Council or Parliament.
The European Commission will start the written procedure to have the text in the Commission’s Official Journal, which we can expect by the end of November.
19.11.2021
The EC adopted the regulation on IFRS 17 today, with its publication in the EU’s Official Journal.
Please find the document and its annex here.