IFRS 17 amendment from IASB - PwC comments

London, 25 June - Commenting on the International Accounting Standards Board’s (IASB) publication of the Amendments to IFRS 17 Insurance Contracts today, Alex Bertolotti, global IFRS 17 leader at PwC, said: 

“The publication today of the amendments to IFRS 17 closes the long-running development of IFRS 17 by the IASB. We welcome the practical benefits that these amendments provide in easing insurers’ implementation of the significant changes brought about by IFRS 17. Insurers can now focus their efforts on refining their implementation projects and deciding how they will use IFRS 17 to tell a clearer and more understandable story about their business.

“IFRS 17, as amended, will be effective for annual periods beginning on or after 1 January 2023, with earlier application permitted. Insurers using the temporary exemption from applying IFRS 9 will apply IFRS 9 from the same date.”