The Board has issued Amendments to IFRS 17, which makes targeted amendments to the following aspects of IFRS 17:

• Deferral to 1 January 2023 of the effective date of IFRS 17 and the fixed expiry date for the temporary exception in IFRS 4 from applying IFRS 9
• 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 investmentrelated 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

Transitional provisions and effective date

An entity applies the amendments retrospectively in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. They are effective for annual periods beginning on or after 1 January 2023. Earlier application is permitted.

Full details of the latest IASB meeting can be found directly on the IASB website