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New effective date for IFRS 17: 1 January 2023
Final amendments expected to be issued in second quarter of 2020
Published on 1 April 2020 | Francesco Nagari
Global IFRS Insurance Leader at Deloitte Touche Tohmatsu
During its March 2020 meeting, the IASB Board decided to defer the effective date of IFRS 17 (incorporating the amendments) to annual reporting periods beginning on or after 1 January 2023 and to extend the fixed expiry date of the temporary exemption from applying IFRS 9 in IFRS 4 to the same date.
The IASB also gave permission to start the balloting process for the Staff to draft the amendments to IFRS 17 and raise any issues identified during the balloting of amendments for discussion at a future meeting.
The amendments to the IFRS 17 Insurance Contracts are expected to be issued in the second quarter of 2020.
Please view our 24 March 2020 webcast in which Francesco Nagari, Deloitte's Global IFRS Insurance Leader, discussed the meeting highlights and gave an overview of the amendments to IFRS 17 and their implications for insurers.
Deloitte will publish a recorded Insurance webcast following the publication of the Amendments to IFRS 17 to highlight any issues arising from the balloting process that will have implications for how the final amendments (as approved by the Board) are set out in the text of the amended IFRS 17.