The Board also decided to extend the temporary exemption to IFRS 9 Financial Instruments , granted to insurers who meet specified criteria, to 1 January 2023. Member firms of the KPMG network of independent firms are affiliated with KPMG International. When the International Accounting Standards Board (IASB) tentatively agreed to a 1-year deferral of the IFRS 17 effective date in November 2018, we saw as many insurers shedding tears of frustration as those that let out a sigh of relief. IFRS in Focus — IASB seeks … © 2020 Copyright owned by one or more of the KPMG International entities. Please complete the CAPTCHA field to verify you are human. You can view which cookies are used by viewing the details in our privacy policy. IFRS in Focus — IASB defers effective date for 'Classification of Liabilities as Current or Non-current' 22 Jul 2020 IFRS in Focus — IASB issues amendments to IFRS 17 'Insurance Contracts' Cash flows in I just want to look at the insurance accounting, and this has been diverging over the past almost 25 years and now the Board needs to bring this all back together in globally consistent requirements, and The IASB also tentatively decided to allow insurers qualifying for deferral of IFRS 9 an additional year of deferral, meaning they could apply both standards for the first time in reporting periods beginning on or after 1 January 2022. I nsurers have gained an extra year before being required to apply IFRS 17 Insurance Contracts.. There are a lot of opportunities also when I hear you talk about the details of what the impact of this project is. Amendments. The IFRS Foundation's logo and the IFRS for SMEs® logo, the IASB® logo, the ‘Hexagon Device’, eIFRS®, IAS®, IASB®, IFRIC®, IFRS®, IFRS for SMEs®, IFRS Foundation®, International Accounting Standards®, International Financial Reporting Standards®, NIIF® and SIC® are registered trade marks of the IFRS Foundation, further details of which are available from the IFRS Foundation on request. After a 20-plus year gestation period and multiple consultations, the International Accounting Standards Board (IASB) issued the amendments to ‘IFRS 17 Insurance Contracts’ on 25 June 2020 – in effect the ‘final’ … IFRS 17 also aims to provide account users with more meaningful information to help them understand insurers' financial performance. In March 2020, the International Accounting Standards Board (IASB) agreed to postpone the effective date of IFRS 17 by one year to allow insurers extra time to implement the changes and to maximise the business value of their IFRS 17 implementation projects. IN2 IFRS 17 is effective for annual periods beginning on or after 1 January 2021. The Board also decided to extend the temporary exemption to IFRS 9 Financial Instruments, granted to insurers who meet specified criteria, to 1 January 2023. KPMG’s Global Lead, Insurance accounting change. The Board also added some additional amendments, again in response to feedback on those proposals. New effective date for IFRS 17 IASB decides to make it 01 January 2023 On 17 March 2020, the International Accounting Standards Board (IASB) has decided on two (2) key actions regarding IFRS 17 Insurance Contracts: Defer the effective date of the Standard to annual reporting periods beginning on or after 1 January 2023; Download our latest Insurance Accounting Alert, below, for the full details on the decision to defer IFRS 17 – including the arguments of stakeholders for and against a delay to the effective date. Visit home.kpmg/ifrs17 to read all of our insights on the new insurance contracts standard. 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