During its December meeting, IASB has voted to propose to amend IFRS 17, the insurance contracts Standard issued in May 2017.
IASB communicate that when IFRS 17 was issued, the Board initiated a comprehensive programme of stakeholder engagement to fully understand the practical challenges of implementing IFRS 17 and to identify possible refinements to ease the burden of transition. This, in turn, led to the Board commencing a process of evaluating the need for making possible amendments to the Standard at its October meeting. The Board’s discussions will continue in early 2019 and will be followed by a public consultation on the proposed amendment(s) before any changes are confirmed.
The public consultation will include a one-year deferral of the Standard’s effective date to 2022, which the Board decided to propose during its November meeting.
For more details about IFRS 17 see IFRS 17 Insurance Contracts - Overview.