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Insurance Accounting Alert - IASB meeting (March 2020)
IASB defers IFRS 17 Insurance Contracts to 1 January 2023.
The IASB has now completed its planned re-deliberations on the Exposure Draft Amendments to IFRS 17 (the ED) issued in June 2019. At its meeting on 17 March 2020, the IASB:
- Agreed to defer the effective date of IFRS 17 to annual reporting periods beginning on or after 1 January 2023
- Agreed to extend the fixed expiry date of the temporary exemption from applying IFRS 9 Financial Instruments (IFRS 9) for qualifying insurers (as contained in IFRS 4 Insurance Contracts), so that all entities must apply IFRS 9 for annual reporting periods beginning on or after 1 January 2023
- Gave the IASB staff permission to start the balloting process for finalising amendments to IFRS 17
The staff expects the amendments will be issued in the second quarter of 2020.