23/11/2021 - EFRAG Endorsement Status Report - Update
The endorsement by the European Commission of IFRS 17 Insurance Contracts including the 2020 amendments is now reflected in the Endorsement Status Report.
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'.
