BC32 The revised Standard incorporates the guidance in SIC-16 Share Capital - Reacquired Own Equity Instruments (Treasury Shares). The acquisition and subsequent resale by an entity of its own equity instruments represents a transfer between those holders of equity instruments who have given up their equity interest and those who continue to hold an equity instrument, rather than a gain or loss to the entity.

BC32A IFRS 17 Insurance Contracts amended IAS 32 by permitting an exemption to the requirements for treasury shares in paragraph 33 of IAS 32 in specified circumstances. The Board's considerations in providing that exemption are set out in paragraph BC65(c) of the Basis for Conclusions on IFRS 17.