IASB issues amendments to IFRS 17
Released 26 June 2020
The International Accounting Standards Board (IASB) has 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 Board first issued IFRS 17 in May 2017 remain unaffected. The amendments, which respond to feedback from stakeholders, are designed to:
•reduce costs by simplifying some requirements in the Standard;
•make financial performance easier to explain; and
•ease transition by deferring the effective date of the Standard to 2023 and by providing additional relief to reduce the effort required when applying IFRS 17 for the first time.
For further details, see https://www.ifrs.org/news-and-events/2020/06/iasb-issues-amendments-to-ifrs-17-insurance-contracts/.