On June 26, the International Accounting Standards Board (Board) proposed amendments in Exposure Draft ED/2019/4 to the Standard, IFRS 17, insurance contracts for public consultation. The changes are proposed in response to feedback from stakeholders who raised concerns and challenges for the implementation. The proposed amendments are open for comments until the 25th of September 2019.
In November 2018 the Board decided to postpone the effective date of IFRS 17 by one year to January 2022. The decision being a compromise on responses from different stakeholders. Hereby a diagram of the planning as it look at the moment.
Hans Hoogervorst, the Chair of the International Accounting Standards Board (IASB), said:
“Moving to IFRS 17 is a major challenge and this proposed package of targeted amendments will help insurers in their ongoing implementation of the new Standard.”
The Exposure Draft Amendments are available here: Exposure Draft ED/2019/4.
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