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Insurance associations want IFRS 17 delay

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Insurance associations want IFRS 17 delay

A group of insurance associations are calling on the International Accounting Standards Board to delay the effective date of the new International Financial Reporting Standard, better known as IFRS 17.

In a letter to the board, the group asked for the effective date to be pushed back to Jan. 1, 2023, saying a one-year delay would not "unduly disrupt implementation projects."

The associations said a number of "significant" issues, including implementation concerns raised by the industry, have yet to be addressed. They claimed that additional changes to IFRS 17 must be made to achieve a "high-quality standard" that can still be implemented at a "reasonable" cost.

The letter's signatories include groups from Europe, the U.S., Canada, Australia, New Zealand and South Korea.