{"id":139,"date":"2018-10-19T19:47:55","date_gmt":"2018-10-19T11:47:55","guid":{"rendered":"https:\/\/insurance.vincent-chen.com\/en\/?p=139"},"modified":"2020-09-20T19:49:32","modified_gmt":"2020-09-20T11:49:32","slug":"insurers-call-for-delay-to-ifrs-17","status":"publish","type":"post","link":"https:\/\/insurance.vincent-chen.com\/en\/insurers-call-for-delay-to-ifrs-17\/","title":{"rendered":"Insurers call for delay to IFRS 17"},"content":{"rendered":"<p><strong>Nine insurance organisations have written to the International Accounting Standards Board (IASB) calling for a two-year delay to the introduction of IFRS 17.<\/strong><\/p>\n<p>By Chris Seekings | <a href=\"http:\/\/www.theactuary.com\/news\/2018\/10\/global-insurers-call-for-two-year-delay-to-ifrs-17-implementation\/\" target=\"_blank\" rel=\"noopener noreferrer\">The Actuary<\/a><\/p>\n<p>In a letter addressed to the IASB\u2019s chairman Hans Hoogervorst, the group warned of \u201cserious operational constraints\u201d on insurers\u2019 ability to meet the 1 January 2021 implementation date.<\/p>\n<p><!--more--><\/p>\n<p>The organisations also highlighted a range of concerns they have with the standard, including measurements of discount rates, and called for improvements before IFRS 17 comes into force.<\/p>\n<p>\u201cWe are liaising across our markets with the aim of providing timely progress on the necessary improvements,\u201d the letter states. \u201cAs a result, we strongly believe a two-year delay is required.<\/p>\n<p>\u201cThis is essential to allow for the necessary improvements to the standard and to allow adequate time for companies to apply the standard and meet its significant implementation challenges.\u201d<\/p>\n<p>The Insurance Bureau of Canada, the Financial Service Council of New Zealand, the Association for Savings and Investment South Africa and Insurance Europe, are among the nine signatories.<\/p>\n<p>There is no expectation that a delay to the implementation date would result in insurers stopping or slowing their IFRS 17 preparations, according to the letter.<\/p>\n<p>Instead, it is thought that the extra time will help firms deal with challenges around software solutions, acquiring skilled workers, and the system changes needed to prepare data of suitable quality and reliability.<\/p>\n<p>In addition, the group said this would allow for regulatory changes to be finalised in some jurisdictions, and for better understanding of \u201cpotentially very different\u201d financial reporting going forward.<\/p>\n<p>Insurance Europe said: \u201cA number of important issues still need to be resolved in order to ensure the quality and operational practicability of the new standard.<\/p>\n<p>\u201cThe fact that so many insurance associations from around the world have signed this letter demonstrates the importance and urgency to have a decision on a delay and for the IASB to move forward on the necessary improvements.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nine insurance organisations have written to the International Accounting Standards Board (IASB) calling for a two-year delay to the introduction of IFRS 17. By Chris Seekings | The Actuary In a letter addressed to the IASB\u2019s chairman Hans Hoogervorst, the group warned of \u201cserious operational constraints\u201d on insurers\u2019 ability to meet the 1 January 2021&hellip;&nbsp;<a href=\"https:\/\/insurance.vincent-chen.com\/en\/insurers-call-for-delay-to-ifrs-17\/\" class=\"\" rel=\"bookmark\">Read More &raquo;<span class=\"screen-reader-text\">Insurers call for delay to IFRS 17<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"off","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,3],"tags":[],"class_list":["post-139","post","type-post","status-publish","format-standard","hentry","category-global","category-news"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/139","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/comments?post=139"}],"version-history":[{"count":1,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/139\/revisions"}],"predecessor-version":[{"id":140,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/139\/revisions\/140"}],"wp:attachment":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/media?parent=139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/categories?post=139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/tags?post=139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}