Regulatory Alerts2023-01-01
Circular No. 8 of 2023 – Effective Date for IFRS 17 Implementation
The Financial Services Authority has deferred the mandatory implementation date of International Financial Reporting Standard 17 for insurance licensees from January 2021 to January 1, 2024. This adjustment addresses operational and systemic challenges faced by regulated entities as they adapt their internal reporting processes to comply with the new insurance contract accounting rules. All licensees operating under the Insurance Act, 2008 must align their annual financial reporting periods beginning on or after the new effective date with the updated standard.
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