Full retrospective application

Learning objectives

• Explain that the Standard is applied fully retrospectively unless impracticable.L1, L2
• Determine the transition approach applicable to a group for which full retrospective application is practicable.L3

Normative references

• IFRS 17 §C3Unless impracticable or para. C5A applies, the entity applies the Standard retrospectively, with two exceptions: the quantitative information required by IAS 8 is not required, and the risk mitigation option in para. B115 is not used for periods before the transition.

Original summaries of the paragraphs (reference register), never a quotation of the standard.

2 questions

• On transition, the entity applies IFRS 17 retrospectively in full for each group of contracts, unless that application is impracticable.L1
• On transition, Delmas SA finds that full retrospective application is impracticable for its group G1 and practicable for its group G2 (management's assessments). Which transition approach complies with the rule for each of the two groups?L3