IASB TO PROPOSE ONE – YEAR DEFERRAL OF INSURANCE CONTRACTS STANDARD

The International Accounting Standards Board has voted to propose a one-year deferral of the effective date for IFRS 17, the new insurance contracts Standard, to 2022.

The following was released by The IFRSFoundation:

The Board has also decided to propose extending to 2022 the temporary exemption for insurers to apply the financial instruments Standard, IFRS 9, so that both IFRS 9 and IFRS 17 can be applied at the same time.

The Board has proactively been working to support insurers and others with the transition to the new insurance contracts Standard, including through establishing a Transition Resource Group and providing education materials. As part of that process, it has sought to understand any concerns companies may have about their ability to get ready for the new insurance contracts Standard by the 2021 effective date.

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