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Amendments to IFRS 17 – International Accounting Standards Board

Date recorded:

At its meeting on November 14, 2018, the International Accounting Standards Board (the Board) discussed the implications of exploring amendments to IFRS 17 on the effective date of IFRS 17 and the expiry date of the temporary exemption from applying IFRS 9, Financial Instruments, in IFRS 4, Insurance Contracts. The Board tentatively decided that: (i) the mandatory effective date of IFRS 17 should be deferred by one year, so that entities would be required to apply IFRS 17 for annual periods beginning on or after January 1, 2022; and (ii) consequently, the fixed expiry date for the temporary exemption in IFRS 4 from applying IFRS 9 should be amended so that all entities would be required to apply IFRS 9 for annual periods beginning on or after January 1, 2022. The Board will continue its discussions at its December 2018 meeting.

Review the IASB Update and podcast on the Board's Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.