March 18, 2020
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.
Click here for full details.
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