IASB to propose one-year deferral of IFRS 17 insurance contracts
Released 14 November 2018
The International Accounting Standards Board (IASB) has voted for the effective date for IFRS 17 (the new insurance contracts Standard) to be deferred to 2022.
The IASB has voted to propose a one-year deferral of the effective date for IFRS 17 and that the temporary exemption for insurers to apply the financial instruments Standard IFRS 9 also be extended to 2022 so that both IFRS 9 and IFRS 17 can be applied at the same time. The decision to propose a one-year deferral acknowledges the uncertainty that arises from the IASB’s discussions about IFRS 17 and responds to comments from stakeholders that implementation should not be unduly disrupted. The proposed deferral is subject to public consultation, which is expected next year.
For more information, see IASB to propose one-year deferral of insurance contracts Standard.