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  • New Insurance standard expected in May 2017

New Insurance standard expected in May 2017

20 January 2017

The International Accounting Standards Board (IASB) has recently updated its work plan resulting in the new insurance standard (IFRS 17) now expected to be issued in May 2017.

Other changes made to the work plan include:

  • a decision by the IASB to take onto its agenda a project on the accounting for symmetric prepayment options under IFRS 9, with an exposure draft expected in April 2017;
  • the publication of a practice statement on materiality expected within 6 months;
  • an exposure draft on improvements to IFRS 8 Operating Segments expected in April 2017;
  • an expected decision from the IASB within 6 months on the recently published exposure draft of Annual Improvements to IFRS: 2015-2017 Cycle, which has a response deadline of 12 April 2017;
  • publication of the IFRS taxonomy related to the new insurance standard being pushed back to May 2017 following the delay to the publication of the new insurance standard itself; and
  • a request for information within 6 months following the decision to move ahead with a post implementation review of IFRS 13 Fair Value Measurement.