General Insurance Article - IFRS 17 delayed by another year


Commenting on the International Accounting Standards Board’s (IASB) decision today to further defer the effective date of IFRS 17 Insurance Contracts to 1 January 2023, Alex Bertolotti, global IFRS 17 leader at PwC, said:

 “The IASB’s decision to further defer the effective date to 1 January 2023 is a welcome one.

 "It recognises the practical difficulties for many insurers in implementing the significant changes brought about by IFRS 17. The extra year gives some insurers a chance to consider how to derive more business value from their extensive IFRS17 projects.

 "For others, it will de-risk the delivery timetable. The additional time will also be welcome as insurers consider how they can use IFRS 17 to tell a clearer and more understandable story about their company.”
 
 The IASB is expected to issue the amendments to IFRS 17 around the middle of the year.

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