On 18 May, the International Accounting Standards Board (IASB) issued International Financial Reporting Standards (IFRS) 17, setting out a single, consistent approach to the accounting for insurance contracts.
The Financial Stability Board (FSB) welcomed the final publication of this standard, which was identified as a high priority at the FSB Plenary meeting of Sept. 25, 2015.
Subject to the relevant endorsement or adoption procedures in IFRS jurisdictions, the standard will become effective on Jan. 1, 2021, which provides enough time for insurers to adapt processes, systems and organizational structures.
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