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Version date: 26 February 2020 - onwards

Modifications that would not have resulted in significantly different accounting for the contract (paragraph 73 of IFRS 17) (para. BC320)

(paragraph 73 of IFRS 17)

BC320 The Board decided that all modifications that would not have resulted in significantly different accounting for the contract should be accounted for in the same way as changes in estimates of fulfilment cash flows. Doing so results in symmetrical accounting for contract modifications that eliminate rights and obligations and for contract modifications that add rights and obligations. This reduces the potential for accounting arbitrage through contract modification.