On 25 June 2020, the IASB has issued Amendments to IFRS 17 Insurance Contracts, which makes targeted amendments on the following aspects of IFRS 17: 

• Deferral of the date of initial application of IFRS 17 by two years to annual periods beginning on or after 1 January 2023;
• Recognition of insurance acquisition cash flows relating to expected contract renewals, including impairment test requirements, and transition provisions;
• New CSM allocation relating to investment services;
• Substantial improvement on the accounting for recovery of losses from underlying insurance contracts through reinsurance contracts held;
• Substantial improvement on the risk mitigation option accounting; and
• Other amendments impacting several areas of IFRS 17.

Listen to Francesco Nagari, Deloitte's Global IFRS Insurance Leader, for the key highlights and outcomes from the recent IASB’s publication on IFRS 17.

The webcast is available here.