The International Accounting Standards Board has presented the final version of the amendments to the transition requirements in IFRS 17, which were pointed out by many compilers.
The previous version was presented this summer, but by December (based on the results of the recent monthly meetings of IASB members) it was decided to slightly expand the initial wording after reviewing the feedback.
The amendments to the standard will provide compilers with an option to disclose more useful information to the users. However, all changes concern only the transition requirements and do not affect the basic principles.
IFRS 17 and IFRS 9 Financial Instruments have somewhat different transition requirements, which in practice could cause accounting mismatches. This has been pointed out by many of those who are required to implement IFRS 9 together with IFRS 17, as this is permitted in the case of insurance business.
Thanks to the timely efforts of the IASB, this problem has been resolved in a timely manner, and now no difficulties are expected after January 1, 2023 (when IFRS 17 enters into force).