IFRS 17 - stepping a path through the implementation journey
Mobilising your programme against the published IASB standard and an effective date of 1 January 2022
Insurance companies have been waiting over a decade for a single global accounting standard that fits their unique and complex industry. Deloitte understands the insurance industry and its need to gain improved economies of scale and minimise duplication from regulatory change.
In November 2018, IASB voted to defer the effective date of IFRS 17 for one year unanimously, setting the new effective date of initial application of the Standard to be the 1 January 2022. The proposed deferral is subject to public consultation, which is expected within 2019 but it would be safe to suggest that insurers could start incorporating the
The IASB also tentatively decided to defer the fixed expiry date for the temporary exemption to IFRS 9 in IFRS 4 by one year so that all insurance entities can apply IFRS 9 for annual periods on or after 1 January 2022.
How IFRS 17 will be introduced?
The standard is tentatively effective for annual periods beginning on or after 1 January 2022 with early application permitted. Entities must apply the standard retrospectively unless impracticable in which case the modified retrospective approach or the fair value approach is applied
Want to know where to start or end with IFRS 17 planning?
With a tentative date for IFRS 17 effective from 01 January 2022, insurers should by now have completed planning and started on their implementation journeys. Our timeline helps you make sure you have the key stages of the IFRS journey covered, from initial scoping to reporting your year-end 2017 IFRS17 compliant results in Q1 2022