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ISCA supports the Board’s initiative in developing a narrow-scope amendment to the transition requirements of IFRS 17 for entities that first apply IFRS 17 and IFRS 9 at the same time.
However, we believe that the prohibition against applying the classification overlay approach to financial assets unconnected with IFRS 17 contracts reduces the benefits of the proposal and should be deleted. We also sought clarity over relevant disclosure and impairment requirements that should be applied when the classification overlay has been used.
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