The International Accounting Standards Board (IASB) has today issued amendments to IFRS 17 Insurance Contracts aimed at helping companies implement the Standard and making it easier for them to explain their financial performance.
The fundamental principles introduced when the IASB first issued IFRS 17 in May 2017 remain unaffected. The amendments, which respond to feedback from stakeholders, are designed to:
Hans Hoogervorst, Chair of the International Accounting Standards Board, said:
“We have listened to feedback and made changes to IFRS 17 that will help companies with the implementation of this much-needed Standard.”
The deferral of the effective date by two years, to annual reporting periods beginning on or after 1 January 2023, is intended to allow time for an orderly adoption of the amended IFRS 17 by jurisdictions around the world. This should enable more insurers to implement the new Standard at the same time.
The IASB has also issued an amendment to the previous insurance contracts Standard, IFRS 4, so that eligible insurers can still apply IFRS 9 Financial Instruments alongside IFRS 17.
The IASB’s Press Release can be accessed at www.ifrs.org.
25 June 2020