The main changes resulting from amendments to IFRS 17 and IFRS 4 are:

• Deferral of the date of initial application of IFRS 17 by two years to annual periods beginning on or after 1 January 2023 and a change in the fixed expiry date for the temporary exemption in IFRS 4 Insurance Contracts from applying IFRS 9 Financial Instruments so that entities are required to apply IFRS 9 for annual periods beginning on or after 1 January 2023.
• Scope exclusion for credit card contracts and similar contracts and optional scope exclusion for loan contracts with insurance coverage limited to the loan amount
• Recognition of insurance acquisition cash flows relating to expected contract renewals, including guidance for insurance acquisition cash flows recognised in a business combination
• Application of IFRS 17 in interim financial statements
• Allocation of CSM attributable to investment-return service and investment related service
• Risk mitigation option using instruments other than derivatives
• Recovery of losses from underlying insurance contracts through reinsurance contracts held
• Presentation in the statement of financial position
• Transition issues: classification of contracts acquired in their settlement period and guidance on the restatement of the risk mitigation option applied in prior periods
• Minor application issues

The amendments are effective for annual periods beginning on or after 1 January 2023 with earlier application permitted. They are applied retrospectively in accordance with IAS 8.

You can find detail information about amendments to IFRS 17 and IFRS 4 in IFRS in Focus from June 2020.

Sources: www.iasplus.com, IFRS in Focus (June 2020)