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.

Back to Index


Similar News to this Story

Call for simplification of EU cybersecurity regulation
Insurance Europe has welcomed the European Commission’s review of the Cybersecurity Act (CSA) and the forthcoming digital omnibus initiative, supporti
7 California wildfire lessons learnt for European insurers
The devastating January 2025 wildfires in Los Angeles, which destroyed over 16 000 structures and caused insured losses of approximately USD 40 billio
Do not be left high and dry this summer
Aviva is urging caution as data reveals a correlation between warm weather and fire claims. Number of garden fire claims is already significantly high

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.