Standard IFRS 17 endorsed for use in the EU
On 23 November 2021, the IFRS 17 standard Insurance contracts together with the amendments to IFRS 17 were endorsed by the European Commission for use in the European Union. The EU effective date is the same as the IASB’s effective date (annual periods beginning on or after 1 January 2023).
IFRS 17 Insurance contracts was issued in May 2017. The new standard establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersedes IFRS 4 Insurance Contracts.
In June 2020, Amendments to IFRS 17 were issued to address concerns and implementation challenges that were identified after IFRS 17 had been published in 2017.
We will bring more information in the next article.