EFRAG Endorsement Status Report - Update
The European Union has published a Commission Regulation endorsing IFRS 17 Insurance Contracts including the 2020 amendments. The Standard is effective for annual periods beginning on or after 1 January 2023.
IFRS 17 replaces IFRS 4 Insurance Contracts and is designed to ensure that an
entity provides relevant information that faithfully represents insurance contracts. This
information would provide a basis for users of financial statements to assess the effect that
insurance contracts have on the entity’s financial position, financial performance and cash
flows.
Link to the publication in the Official Journal of the European Union: here.
The updated EFRAG Endorsement Status Report can be downloaded below and under the menu 'Endorsement Status'.