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Magazine

May 2020

IFRS17 Update


Much-needed breathing space

The International Accounting Standards Board in March announced a further delay to the effective date for IFRS17 implementation to 1 January 2023.
 

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Singapore: Postponement is a positive development

Actuaries OnTap CEO and founder Alex King shared his thoughts on what the announced delay in IFRS17 was likely to mean for the Singapore market.
 

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Hong Kong: Deferment provides impetus for insurers to improve operations

Welcoming the delay in the effective date of IFRS17, Hong Kong’s professional actuarial body sees the deferment facilitating an orderly introduction in the regional financial hub. 
 

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Australia: Room to breathe and a chance to improve

Actuaries Institute Australia’s Elayne Grace talks about how this move affects the insurance sector in Australia.
 

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India: More time will ensure proper implementation

Actuarial consultant Sai Srinivas Dhulipala outlines the challenges that insurers face in India with regard to IFRS17 implementation. 
 

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South Korea: Insurers must use IFRS17 deferment wisely

AA Consulting actuary and Institute of Actuaries Korea IFRS17 team leader Kyeongmun Kwak discusses the postponement.
 

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Malaysia: Delay allows for more breathing space

The delay is seen as a welcome development for the Malaysian market, according to experts.
 

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Sri Lanka: Delay will help industry deal with operational issues

The delay has come as a blessing in disguise for the market according to Sri Lanka Insurance Corporation as it gives players more time to review their processes and test their systems.
 

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