General Insurance Article - One year final delay for IFRS17


The IASB staff have proposed to the IASB that January 1 2023 be the effective date of the IFRS 17 Insurance Contracts standard.

 This presents a one-year delay to the date proposed in the June 2019 Exposure Draft Amendments to IFRS 17. 

 Ralph Ovsec, Senior Director, Insurance Consulting and Technology, at Willis Towers Watson, said: "We believe this proposal by the IASB staff was considered after discussion with the IASB members, and we therefore believe that the IASB will accept this proposal. The IASB will discuss this on 19 March 2020, and we will provide an update at that time.

 “We also believe this will address the implementation challenges faced by insurers, and we believe companies should continue to press forward at current pace and use this additional time to strengthen their processes and procedures."
  

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