Date: 10 December 2021
The International Accounting Standards Board (IASB) has issued a narrow-scope amendment to the transition requirements in IFRS 17 Insurance Contracts, providing insurers with an option aimed at improving the usefulness of information to investors on initial application of IFRS 17. The amendment relates to insurers’ transition to IFRS 17 only and does not affect any other requirements in IFRS 17.
IFRS 17, including this amendment, is effective for annual reporting periods starting on or after 1 January 2023. More information on IASB’s amendment can be found on the IASB website at the following link.