On 14 November 2018 , the International Accounting Standards Board voted to propose a one-year deferral of the effective date for IFRS 17 to 2022. It also proposed extending to 2022 the temporary exemption for insurers to apply IFRS 9. This means that all companies preparing financial statements under IFRS would be required to apply both IFRS 17 and IFRS 9 for annual periods beginning on or after 1 January 2022.
The proposal to defer the application of IFRS 17 was driven by the upcoming meeting in December at which it expected to discuss merits of potential amendments to the Standard and that any such potential amendments could take a year to finalise. It is expected that the Board will be quite disciplined when considering any amendments due to concerns raised by stakeholders.
We believe that the deferral will welcomed by the industry but will not mean that the ongoing IFRS 17 projects will lose steam as there is a significant amount of work to be done.
If you would like to discuss your project please contact:
T: +44 (0)20 7516 2270
Director - Financial Services
T: +44 (0)20 7516 2290