ISA, IFRS, IFAC, PCAOB and other changes

Amendments to IFRS 17 Insurance Contracts

The International Accounting Standards Board (IASB) has published amendments to IFRS 17 Insurance Contracts that aim to help companies implement this standard and facilitate the justification of financial performance.

The fundamental principles of IFRS 17 remain unchanged. Making changes in response to the wishes of stakeholders aims to:

reduce costs by simplifying some of the standard's requirements;

This makes it easier to justify financial performance.

The standard will facilitate the transition by postponing the entry into force of the standard until 2023 and simplifying the requirements for the first application of IFRS 17.

IASB Chairman Hans Hugervorst said, "We have listened to the comments and made 17 amendments to IFRS that will help companies successfully implement this required standard."

Delaying the effective date by two years, i.e., applying the standard to annual reports for periods beginning on or after January 1, 2023, will allow time for the orderly adoption of the amended IFRS 17 by all countries.

The IASB has also issued amendments to the previous standard on insurance contracts, IFRS 4. Therefore, insurers may continue to apply IFRS 9 Financial Instruments together with IFRS 17.

Approved translation of the Financial Reporting Taxonomy in accordance with IFRS 2021

The Ministry of Finance approved the translation of the Financial Reporting Taxonomy in accordance with International Financial Reporting Standards 2021 (hereinafter-Taxonomy), issued by the International Financial Reporting Standards Fund (London, UK).

The translation of the taxonomy is used by enterprises in the cases provided by the Law of Ukraine "On Accounting and Financial Reporting in Ukraine" of 16.07.1999 No 996-XIV.

It will be recalled that capital market participants and issuers submit annual financial statements and annual consolidated financial statements to the Financial Reporting Collection Center, as well as interim financial statements and interim consolidated financial statements based on the IFRS financial reporting taxonomy in a single electronic XBRL format.