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Proposal to amend and defer insurance accounting rules issued.

Proposal to amend and defer insurance accounting rules issued. On June 26, the IASB proposed to amend its first comprehensive insurance standard and defer the effective date from 2021 to 2022. Insurers will incur some costs, but the changes would enable investors to better understand their operations, the board said. "Moving to IFRS 17 is a big task, and this proposed package of targeted amendments will help insurers in their ongoing implementation of the new standard," IASB Chairman Hans Hoogervorst said in a statement. IFRS 17, Insurance Contracts, was issued in May 2017. The proposal would amend that standard in areas related to acquisition costs, profit from investment services, risk mitigation, reinsurance contracts held, and presentation of insurance contract assets and liabilities, as well as provide options for transitioning. Companies should submit comments on the proposed revisions by September 25.

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Title Annotation:IASB News
Publication:The CPA Journal
Geographic Code:1USA
Date:Aug 1, 2019
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