IFRS 17: the new reporting standard takes effect
After almost two decades in development, International Financial Reporting Standard 17 (IFRS 17) came into effect on 1 January 2022, replacing IFRS 4. This means that IFRS 17 is effective for reporting periods beginning on or after 1 January 2023, with earlier adoption permitted if both IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments have also been applied. The temporary exemption to IFRS 9 Financial Instruments has been extended to 1 January 2023.