Global Insurance Accounting Standard Delayed Until 2023

Standard setters have agreed to postpone implementation of a new global accounting standard for insurance by another year to 2023.

The International Accounting Standards Board on Tuesday voted 12-1 in favor of delaying implementation of International Financial Reporting Standard 17 Insurance Contracts until Jan. 1, 2023, giving more time to smaller insurers to prepare and ensuring all countries adopt the standard at the same time.

IFRS 17, published in 2017, is the first international accounting standard for insurers and was originally scheduled to be introduced in 2021. Last year, the IASB recommended delaying implementation to 2022 after insurers said they ...