KPMG: Insurance contracts – New on the horizon
Article Synopsis :
The International Accounting Standards Board (IASB) has followed the implementation of IFRS17 and decided to postpone its effective date while making amendments in seven of the 25 areas it covers.
The extension will be for one year, to 1 January 2022. The amendments are summarised below.
The report, by KPMG, offers a fuller explanation of each of the amendments, the reasons for the change and the implications once implemented
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Digital Insurer's CommentsThis paper from KPMG nicely summarises the amendments the IASB has decided to make to the full implementation of IFRS17.
It also provides the reader with plenty of context and suggests the likely outcome of the changes.
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