The IASB has voted to propose a one-year deferral of the effective date for IFRS 17, the new insurance contracts Standard, to 2022.

The IASB has also decided to propose extending to 2022 the temporary exemption for insurers to apply the financial instruments Standard, IFRS 9, so that both IFRS 9 and IFRS 17 can be applied at the same time.

The proposed deferral is subject to public consultation, which is expected next year. The Board expects to discuss the merits of potential amendments to the Standard during its December meeting.