Insurance accounting

IASB votes in favour of IFRS 17 delay

The International Accounting Standards Board (IASB) has voted to delay the implementation of IFRS 17 for one year to 1 January 2022. The accounting standard for insurance contracts was originally scheduled to take effect in January 2021, but there have been widespread calls by trade bodies around the world to delay the standard for two years. 

Board members also agreed that insurers could postpone by another year the implementation of IFRS 9, the accounting standard for financial instruments, so that both IFRS 9 and IFRS 17 can be applied at the same time. The IASB had decided to discuss the possibility of a one-year deferral because some stakeholders felt a one-year delay could be helpful but a longer delay would be disruptive and might increase costs without a corresponding benefit.

charles.portsmouth@moorestephens.com