Question to the Department for Business, Energy and Industrial Strategy:

To ask Her Majesty's Government why the UK Endorsement Board’s analysis for the endorsement of IFRS 17 made no assessment of whether the need to override the application of a standard would be "extremely rare".

The UK Endorsement Board’s Endorsement Criteria Assessment (ECA) for IFRS 17 sets out the results of the UK Endorsement Board’s assessment of the standard against the adoption criteria in SI 2019/685. The ECA states that this assessment has not identified any requirement of IFRS 17 that would prevent individual or consolidated accounts prepared using the standard from giving a true and fair view of the entity’s assets, liabilities, financial position and profit or loss. Following discussion of this matter by the UK Endorsement Board at its meeting on 9 May 2022, the final version of the ECA makes specific reference to the fact that the UK Endorsement Board is satisfied that the circumstances in which the application of IFRS 17 would result in accounts which did not give a true and fair view would be extremely rare.