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IASB to delay IFRS 17

The International Accounting Standards Board (IASB) has proposed to delay the implementation of IFRS 17 by one year to January 2022.

The new standard for insurance contracts was introduced by the IASB in May 2017 to replace the existing IFRS 4 in all countries except the US. This move by the IASB comes after many in the insurance community warned last month that they faced “serious operational constraints” on their ability to meet the original 2021 deadline.

The IASB has also announced the extension of the deferral of IFRS 9 implementation to 2022 so that the dates of the two accounting standards coincide.