IFRS 17 - Insurance Contracts C1-C2: Effective date, date of initial application and transition date

What does C1-C2 require?

IFRS 17 took effect for annual periods that start on 1 January 2023 or later. Earlier adoption is allowed for an entity that applies IFRS 9 by its date of initial application, and it must be disclosed. The date of initial application means the first day of the annual period in which the entity starts applying the Standard; the transition date is the first day of the annual period just before that one.