On 17 March 2020, the International Accounting Standards Board (the independent, accounting standard-setting body of the IFRS Foundation) agreed to:
- defer the effective date of IFRS 17 Insurance Contracts to annual reporting periods beginning on or after 1 January 2023; and
- extend the fixed expiry date of the temporary exemption for the implementation of IFRS 9 Financial Instruments in IFRS 4 Insurance Contracts, to annual reporting periods beginning on or after 1 January 2023.
(Re)Insurance companies are free to adopt the new accounting IFRS 17 standard earlier than 1 January 2023 provided they also apply IFRS 9 (on or before implementing IFRS 17).
This will be welcome news, especially in the current environment, for all Irish (re)insurers who prepare their Statutory Financial Statements under IFRS accounting standards.
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