2018/2689(RSP) | [ParlTrack]

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General Activities Documents History

2018/2689(RSP) International Financial Reporting Standards: IFRS 17 Insurance Contracts

Role	Committee	Rapporteur	Shadows
Lead	ECON

Lead committee dossier: ECON/8/12939
Legal Basis RoP 123-p2

Subjects

Links

Activites

2018/10/03 Decision by Parliament, 1st reading/single reading
- T8-0372/2018
2018/10/01 Debate in Parliament
- Debate in Parliament

Documents

Debate in Parliament: Debate in Parliament
Decision by Parliament, 1st reading/single reading: T8-0372/2018

History

(these mark the time of scraping, not the official date of the change)

2019-07-06Show (13) Changes | Timetravel

activities	date: 2018-10-01T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20181001&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament date: 2018-10-03T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2018-0372 type: Decision by Parliament, 1st reading/single reading title: T8-0372/2018 body: EP type: Decision by Parliament, 1st reading/single reading
commission	body: EC dg: Financial Stability, Financial Services and Capital Markets Union commissioner: MOSCOVICI Pierre
committees/0	type Responsible Committee body EP committee_full Economic and Monetary Affairs committee ECON associated False date
committees/0	body EP responsible True committee_full Economic and Monetary Affairs committee ECON
docs	date: 2018-06-08T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE623.675 title: PE623.675 type: Amendments tabled in committee body: EP date: 2018-10-01T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B8-2018-0442&language=EN title: B8-0442/2018 type: Motion for a resolution body: EP date: 2019-02-22T00:00:00 docs: url: /oeil/spdoc.do?i=31584&j=0&l=en title: SP(2018)795 type: Commission response to text adopted in plenary
events	date: 2018-10-01T00:00:00 type: Debate in Parliament body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20181001&type=CRE title: Debate in Parliament date: 2018-10-03T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=31584&l=en title: Results of vote in Parliament date: 2018-10-03T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2018-0372 title: T8-0372/2018 summary: The European Parliament adopted a resolution tabled the Committee on Economic and Monetary Affairs on International Financial Reporting Standards: IFRS 17 Insurance Contracts. It recalled that on 18 May 2017, the International Accounting Standards Board (IASB) issued a new standard on insurance contracts, International Financial Reporting Standard (IFRS) 17, which, if endorsed by the EU, will become effective in the EU on 1 January 2021. The standard is designed to bring a harmonisation of the accounting rules for insurance contracts across different constituencies and is intended to provide a more realistic description and better comparability of financial statements within the insurance sector. Members considered that the benefits of more consistency and transparency come at the price of a fundamental accounting change , entailing considerable and significant efforts and costs, not least for SMEs working in insurance. Whilst noting that the IASB is providing implementation support, in particular by setting up a Transition Resource Group (TRG) for IFRS 17, Parliament called on the European Financial Reporting Advisory Group (EFRAG), in developing its endorsement advice , and on the Commission, when developing its final endorsement , to: examine the potential effects on competitiveness, and insurance markets, for insurance SMEs in particular, and the need for a cost-benefit analysis; examine the impact of new standards on financial stability and long-term investment in the EU, and also the risks entailed by the propensity of accounting provisions to cause pro-cyclical effects and/or higher volatility, particularly as IFRS 17 will shift the focus from historical cost to current values; in this connection, bear in mind Parliament’s recommendations outlined in its resolution of 7 June 2016 on IAS evaluation and its resolution 6 October 2016 on IFRS 9 for the endorsement of IFRS 17; consider the expansion of the ‘public good’ criterion , namely that accounting standards should neither jeopardise the EU’s financial stability nor hinder its economic development; specifically examine whether the practice of some Member States of basing distribution of profits on IFRS accounts without applying any filters to unrealised gains is compliant with the Capital Maintenance Directive; consider broader tests, including field tests, to assess these effects and interactions; assess whether IFRS 17 meets the endorsement criterion of understandability ; consider the concerns put forward by the ESMA, inter alia, that IFRS 17 may fall short of providing sufficient clarity in the presentation of revenue, and that the determination of the discount rate and risk adjustment may hamper effective enforcement; examine the concerns put forward by the EBA on IFRS 17 which permits an insurance entity to determine a discount rate using either a top-down or a bottom-up approach and whether this option might significantly increase the scope for judgement and inconsistency in application potentially leading to reduced comparability of financial information and subjective earnings’ management; assess the potential interaction and any mismatches between IFRS 9 and IFRS 17; examine the achievability of the current implementation timeline of IFRS 17, and to consider potential interaction with implementation dates in other jurisdictions; Lastly, Parliament called on the Commission, together with the European Supervisory Authorities and the EFRAG, to closely monitor, in the event that it is endorsed, the implementation of IFRS 17 in the EU, to prepare an ex-post impact assessment no later than June 2024, and act in line with Parliament’s views thereon. date: 2018-10-03T00:00:00 type: End of procedure in Parliament body: EP
links
other	body: EC dg: url: http://ec.europa.eu/info/departments/financial-stability-financial-services-and-capital-markets-union_en title: Financial Stability, Financial Services and Capital Markets Union commissioner: MOSCOVICI Pierre
procedure/dossier_of_the_committee	Old ECON/8/12939 New ECON/8/12939
procedure/legal_basis/0	Rules of Procedure EP 132-p2
procedure/legal_basis/0	Rules of Procedure EP 123-p2
procedure/subject	Old 2.50.05 Insurance, pension funds 2.50.08 Financial services, financial reporting and auditing New 2.50.05 Insurance, pension funds 2.50.08 Financial services, financial reporting and auditing
procedure/title	Old International Financial Reporting Standards: IFRS 17 Insurance Contracts New Resolution on International Financial Reporting Standards: IFRS 17 Insurance Contracts

2018-10-06Show (3) Changes | Timetravel

activities/1/docs	url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2018-0372 type: Decision by Parliament, 1st reading/single reading title: T8-0372/2018
activities/1/type	Old Vote in plenary scheduled New Decision by Parliament, 1st reading/single reading
procedure/stage_reached	Old Awaiting Parliament 1st reading / single reading / budget 1st stage New Procedure completed

2018-10-04Show (1) Changes | Timetravel

activities/0/docs

url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20181001&type=CRE type: Debate in Parliament title: Debate in Parliament

2018-10-03Show (1) Changes | Timetravel

activities/0/type

Old

Debate in plenary scheduled

New

Debate in Parliament

2018-10-02Show (5) Changes

activities	date: 2018-10-01T00:00:00 body: EP type: Debate in plenary scheduled date: 2018-10-03T00:00:00 body: EP type: Vote in plenary scheduled
committees	body: EP responsible: True committee_full: Economic and Monetary Affairs committee: ECON
links
other	body: EC dg: url: http://ec.europa.eu/info/departments/financial-stability-financial-services-and-capital-markets-union_en title: Financial Stability, Financial Services and Capital Markets Union commissioner: MOSCOVICI Pierre
procedure	dossier_of_the_committee ECON/8/12939 reference 2018/2689(RSP) title International Financial Reporting Standards: IFRS 17 Insurance Contracts legal_basis Rules of Procedure EP 123-p2 stage_reached Awaiting Parliament 1st reading / single reading / budget 1st stage subtype Resolution on statement type RSP - Resolutions on topical subjects subject 2.50.05 Insurance, pension funds 2.50.08 Financial services, financial reporting and auditing

Activites

Documents

History

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