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Podcast on tentative decision to defer IFRS 17 effective date released

  • IFRS - IASB Image

Nov 16, 2018

On November 16, 2018, the International Accounting Standards Board (the Board) released a podcast with IASB® Board member Darrel Scott explaining the Board's reasoning behind its decision to tentatively defer the effective date of IFRS 17, "Insurance Contracts" by one year to January 1, 2022 and to extend the fixed expiry date for the temporary exemption to IFRS 9 available to insurers also by one year.

As Mr. Scott explains, the Board had not been very sympathetic to the general calls to delay the IFRS 17 effective date, however, the Board's decision to consider possible amendments to the standard has created a situation of uncertainty that justifies a deferral of application.

Listen to the podcast (approx. 7 minutes) on the Board's website.

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