The Malaysian Accounting Standards Board (MASB) has issued ‘Amendments to MFRS 17 ‘Insurance Contracts’’ (the Amendments). The aim of the amendments is to address the concerns raised by stakeholders and help entities to more easily transition and implement the Standard.
The MASB also issued an amendment to the previous insurance Standard MFRS 4, ‘Extension of the Temporary Exemption from Applying MFRS 9 (Amendments to MFRS 4)’ so that entities can still apply MFRS 9 ‘Financial Instruments’ alongside MFRS 17.
Since its release in 2017, the MASB has been monitoring the implementation and concerns of MFRS 17 raised by stakeholders which has led to a series of amendments being issued that:
- ease transition by deferring the effective date of the Standard and by providing additional relief to reduce the effort required when applying MFRS 17 for the first time
- make financial performance easier to explain, and
- further reduce costs by simplifying some requirements in the Standard.
This publication will look at the details of these amendments.
If you would like to discuss any of the topics raised please contact us.