This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

IASB decides on IFRS 17 effective date

  • IASB (International Accounting Standards Board) (blue) Image

16 Nov 2016

The IASB has just voted on the effective date of the forthcoming IFRS 17 'Insurance Contracts', which will be 1 January 2021.

The IASB followed the reasoning of the staff that assuming IFRS 17 is issued in the first half of 2017 the 2021 effective date would allow 3.5 to 4 years from the issuance of IFRS 17 to the mandatory effective date. The Board also decided that an entity may apply IFRS 17 before 1 January 2021 but cannot do so unless it also applies IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers.

The 2021 effective date also means that entities applying the deferral approach, which permits an entity to apply IAS 39 rather than IFRS 9 for annual reporting periods beginning before 1 January 2021, can continue to do so right until the new insurance contract becomes mandatorily effective.

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.