IFRS EU endorsement process [May 2023]
The European Financial Reporting Advisory Group (EFRAG) updated its report showing the status of endorsement of each IFRS, including standards, interpretations, and amendments, most recently on 5 April 2023.
On 25 Jun 2020, the International Accounting Standards Board (IASB) issued 'Amendments to IFRS 17' to address concerns and implementation challenges that were identified after IFRS 17 'Insurance Contracts' had been published in 2017. The amendments are effective for annual periods beginning on or after 1 January 2023 with earlier application permitted.
The main changes resulting from amendments to IFRS 17 and IFRS 4 are:
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)
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