Regulatory Alerts2020-12-09 | CD-SIBOIF- 1219-1- DIC09-2020Norm Reforming Article 5 of the Standard for the Implementation of the Accounting Framework for Insurance, Reinsurance, and Surety Companies
The Board of Directors of the Superintendence of Banks and Other Financial Institutions (SIBOIF) issued Resolution No. CD-SIBOIF-1219-1-DIC09-2020 to amend the effective date for adopting IFRS 17. This reform aligns the Nicaraguan regulatory timeline with the International Accounting Standards Board's postponement of IFRS 17's mandatory application to January 1, 2023. The amendment mandates that insurance, reinsurance, and surety companies implement IFRS 17 starting from that date and report adoption progress as required by the Superintendent.
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