Before going into the annual summer recess, the International Accounting Standards Board (IASB) held a podcast on insurance contracts which included an explanation of the proposed amendments to the IFRS 17 Insurance Contracts standard, which is due to take effect in 2022.

The exposure draft was the result of an exercise by the Resource Transition Group which highlighted a number of problems in the original standard when considering implementation of IFRS 17 Insurance Contracts.

A total of 12 amendments have been proposed in eight areas. These include: