New Insurance Accounting Rules to Be Changed Before Introduction

Controversial new insurance accounting rules need to be updated before their introduction in 2023, standard setters said Tuesday.

The International Accounting Standards Board agreed at its June meeting to draft changes to the first global accounting standard for insurers—International Financial Reporting Standard 17 Insurance. Changes will be needed to avoid a mismatch with IFRS 9 Financial Instruments, another recent standard which many insurers won’t adopt until they start using IFRS 17. Other companies started to use IFRS 9 in 2018.

• The decision was unanimous with 13 IASB members voting to draft changes to IFRS 17, and to cut the comment ...