​The European Union has published a Commission Regulation endorsing IFRS 17  Insurance Contracts  including the 2020 amendments. The Standard is effective for annual periods beginning on or after 1 January 2023. IFRS 17 replaces IFRS 4   Insurance Contracts  and is designed to ensure that an entity provides relevant information that faithfully represents insurance contracts. This information would provide a basis for users of financial statements to assess the effect that insurance contracts have on the entity’s financial position, financial performance and cash flows. Link to the publication in the Official Journal of the European Union:  here .