The International Accounting Standards Board voted this morning, November 14th 2018, to delay the implementation of IFRS 17 for one year to 1 January 2022.
The vote for delay follows a recent open letter from a group of global insurance associations to the IASB. The IASB are emphasising the delay is not to give insurers more time, but to allow for necessary amendments to the standard. The Board will review potential changes to the standard in December.
Some Insurers may welcome the decision; however, deferral is not a reason to delay. Legerity’s view is that firms should not lose momentum on their IFRS 17 projects as timescales will continue to be challenging even with an additional 12 months.
For forward-thinking Insurers, who are already advancing through their proof of concept stage, this is an ideal opportunity to move beyond compliance. These firms should consider additional objectives including insight, analysis, accelerated month end, simplification and process modernisation.
Get in touch today to learn how Legerity’s Cloud based Proof of Concept for IFRS 17 is the next step for Insurance providers seeking technology solutions to the new global accounting standard.
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