LAM16050 | IFRS 17 Transitional Provisions: Moving from one accounting standard to another

Entities moving from UK GAAP to IAS in an accounting period beginning on or after 1 January 2023

There may be life insurers that currently report under UK GAAP who decide to transition to IAS in an accounting period beginning on or after 1 January 2023. Regardless of the date of adoption, the full duration of the 10-year IFRS 17 transitional spread will apply to such insurers in respect of their long-term business.

Entities moving from IAS to UK GAAP before the IFRS 17 tax transitional amount spread for tax purposes has unwound

If an entity moves from IAS to UK GAAP before the IFRS 17 tax transitional amount spread for tax purposes is fully unwound, the IFRS 17 tax transitional amount should continue to be brought into tax in the same manner as before.