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Amendments to IFRS 17 'Insurance Contracts'



Since IFRS 17 Insurance Contracts was issued in May 2017, the Board has been monitoring the implementation and has learned about concerns and implementation challenges. The Board had previously indicated that it would consider whether additional action is needed to address matters arising during implementation. The criteria against which any possible amendment would be considered were agreed at the October 2018 meeting. The same meeting saw an initial discussion of a list of 25 potential amendments to the standard.

An exposure draft of proposed amendments was published on 26 June 2019 with comments requested by 25 September 2019. The Board generally allows at least 12 to 18 months between the publication of new requirements and their mandatory effective date. The staff expect that the timetable presently envisioned would allow any proposed amendments to IFRS 17 to be finalised on a timely basis to allow for mandatory application for reporting periods beginning on or after 1 January 2022.


Current status of the project

This project has been completed. The IASB issued Amendments to IFRS 17 and Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4) on 25 June 2020.


Project milestones

Date Development Comments
October 2018 Issues first discussed by the IASB
26 June 2019 ED/2019/4 Amendments to IFRS 17 published Comments requested by 25 September 2019
25 June 2020 Amendments to IFRS 17 and Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4) issued Effective for annual periods beginning on or after 1 January 2023


Correction list for hyphenation

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