(paragraphs C25-C28 of IFRS 17)

BC387 IFRS 17 requires entities to present comparative information, applying the requirements of IFRS 17 for the period immediately before the date of initial application of IFRS 17, to provide the most useful information to users of financial statements by allowing comparisons among entities and using trend information. However, if an entity presents comparative information for earlier periods, that comparative information need not be restated applying the requirements of IFRS 17.

BC388 The Board concluded that providing restated comparative information for at least one reporting period was necessary because of the diversity of previous accounting and the extent of the changes introduced by IFRS 17. Because IFRS 17 only requires retrospective application on transition if practicable, and specifies simplified approaches when retrospective application is impracticable, the Board expects that determining the comparative amounts will not require significant incremental time and resources beyond those required to first apply IFRS 17. The Board set the effective date for IFRS 17 based on information given about the necessary time to prepare, in the knowledge that restated comparative information for one reporting period would be required.