The redeliberation discussions on the proposed amendments to IFRS 17 Insurance Contracts are now complete.
At its March 2020 meeting, the International Accounting Standards Board (the Board) decided to defer the effective date of IFRS 17 for another year to 1 January 2023. The Board also decided to extend the temporary exemption to IFRS 9 Financial Instruments, granted to insurers who meet specified criteria, to 1 January 2023.
This means that insurers now have just under two years to get themselves ready for a full year of parallel running before going live with reporting on the new basis.
Read more on our Global IFRS page.
For further details on IFRS 17, contact Simon Nicholas.
The International Accounting Standards Board’s (IASB) long-awaited insurance contracts standard was finalised in May 2017.