Insurance contracts – Amendments to IFRS 17 and IFRS 4

The International Accounting Standards Board (IASB) has issued Amendments to IFRS 17 (the Amendments). The aim of the amendments is to address the concerns raised by stakeholders and help entities to more easily transition and implement IFRS 17 Insurance Contracts.

The IASB also issued an amendment to the previous insurance Standard IFRS 4 Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4) so that entities can still apply IFRS 9 Financial Instruments alongside IFRS 17.