IASB issues final amendments to IFRS 17, Insurance Contracts
25 June 2020
On 25 June 2020, the IASB issued final amendments to IFRS 17, Insurance Contracts. These amendments modify the requirements of IFRS 17 based on feedback received from stakeholders, and defers the effective date from annual reporting periods beginning on or after 1 January 2021 (the original effective date) to 1 January 2023.
More information on the amendments may be found on the IASB’s website here. The IASB has also posted a 15-minute video on the amendments on the IFRS Foundation’s Youtube channel here.
BDO will be issuing an IFR Bulletin shortly, which summarises the final amendments. BDO had previously issued an IFRB in March 2020 when the IASB concluded on their technical deliberations, however, minor additional amendments were made subsequently.