IASB Votes to Defer Effective Date of IFRS 17



While the new IFRS 17 Insurance Contracts standard released in May 2017 had an effective date of the 2021 reporting year for most insurers, the International Accounting Standards Board (IASB) has now endorsed a proposal to delay the effective date until the 2022 reporting year, and they will apparently consider a list of technical issues with the standard at its meeting in December. Moody’s Analytics will not be slowing down its development project for planned enhancements in AXIS, including the new IFRS 17 Link modules as a result of this announcement, and we will continue to work with our clients to deliver the full IFRS 17 solution functionality needed to support the new standard in a timely manner.

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