The modified retrospective approach

Learning objectives

• Explain that the modified retrospective approach aims at the closest outcome to full retrospective application using reasonable and supportable information available without undue cost or effort.L3
• Analyse a permitted simplification from the information available in a case.L4

Normative references

• IFRS 17 §C6The modified retrospective approach aims to achieve the closest outcome to retrospective application using reasonable and supportable information available without undue cost or effort; in the absence of such information, the entity applies the fair value approach (paras. C6 to C19A).

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

1 question

• What is the objective of the modified retrospective approach on transition?L3