FSRSC adopts the amendment to IFRS 17 Insurance Contracts, Initial Application of IFRS 17 and IFRS 9—Comparative Information

The Financial and Sustainability Reporting Standards Council (FSRSC) has approved on December 15, 2021 the adoption of amendment to IFRS 17 Insurance Contracts, Initial Application of IFRS 17 and IFRS 9—Comparative Information issued by the International Accounting Standards Board (IASB) in December 2021 as amendment to PFRS 17 Insurance Contracts, Initial Application of PFRS 17 and PFRS 9—Comparative Information.

The amendment adds a transition option for a classification overlay to address possible accounting mismatches between financial assets and insurance contract liabilities in the comparative information presented on initial application of PFRS 17.

An entity shall apply this amendment to annual reporting periods beginning on or after January 1, 2023.

The preface to the foregoing amendment can be accessed here.