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Postpone IFRS 17 Implementation – Insurance Europe

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Industry body Insurance Europe in October 2018 called for a two-year delay before IFRS 17 comes into force in order to solve remaining issues.

IFRS 17 (International Financial Reporting Standard 17) is a forthcoming European accounting standard that substantially changes the way in which premiums, claims, and other components of an insurer’s or reinsurer’s profit and loss statement are reported. It is intended to come into force for annual periods after 1 January, 2021, and supersedes IFRS 4.

Insurance Europe cites the lack of available software solutions and of time for insurers to run simulations and understand the impact of IFRS 17 on reported financials as reasons to postpone the implementation of the new standards.

European accounting standards are devised by the International Accounting Standard Board (IASB) with input from the European Financial Reporting Advisory Group (EFRAG).

Insurance Europe is the European insurance and reinsurance federation of national insurance associations and “represents all types of insurance and reinsurance undertakings”.

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