IFR Bulletin 2019/02

BDO Global - Audit & Assurance provides its clients and business partners with news on development in the field of international financial reporting through the IFR Bulletins - one of BDO's regular publications, focusing on the latest IFRIC interpretations, exposure drafts and amendments of existing standards. Another interesting topic of IFR Bulletins is the interpretations of The European Securities and Markets Authority (ESMA) reports focusing on accounting and financial reporting.

The development of IFRS 17 Insurance Contracts is a long-term project. IFRS 17 is the result of over 20 years of consultation with stakeholders, including preparers, auditors, regulators, investors and other financial statement users.

At the time the standard was issued in May 2017, an effective date of 1 January 2021 was set. A nearly three and a half year implementation period signalled the IASB’s perception of the complexity of the standard and the time and resources required to implement it.

At the November 2018 meeting, the IASB tentatively decided to defer the effective date of IFRS 17 by one year to 1. 1. 2022.

This IFR Bulletin summarizes IASB’s activities concerning the topics considered for potential amendment.

Please speak to your BDO contact if you would like to discuss any aspects of the publication or contact the BDO Audit office for further information.

Archive of all published IFR Bulletins is available from BDO’s Global website: https://www.bdo.global/en-gb/services/audit-assurance/ifrs/ifr-bulletins