13 January 2020
Attention is growing over the International Accounting Standards Board (IASB)’s meeting next month, as the board is set to discuss when the new accounting standards IFRS 17 will be introduced.
The introduction had been set for January 2021, but was delayed by another year due to opposition from the member organizations.
Under the new standards, liabilities in insurance contracts will be measured by market value instead of book value.
According to industry sources, European Union (EU)-based members are calling for a further delay, which may influence the board’s decision. Europe-based insurers sent a letter last September to the IASB calling for the implementation date for IFRS 17 to be delayed to January 2023.
The agenda is set to be discussed at the meeting to be held in London from Feb. 24 through Feb. 28.