The NOFA Foundation has completed an examination of the perceived differences between the Russian and English versions of IFRS 17 "Insurance Contracts" regarding the definition of the term "underlying items".

In order to analyze the differences between the Russian and English versions, the review took into account the text of IFRS 17 'Insurance Contracts' in English and in Russian, training materials, IASB explanatory notes on the application of IFRS 17 and expert opinions on its application in the Russian Federation.

Based on its review, the Expert Panel concluded that the definition of "underlying" in the text of IFRS 17 Insurance Contracts in Russian appears to reflect the substance of that definition in the context of IFRS 17. The Expert Panel concluded that there is no need to amend the text of IFRS 17 Insurance Contracts in Russian.