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IFRS 17 Mandatory Effective Date Tentatively Deferred for One Year to 2022

The International Accounting Standards Board (IASB) has voted to propose deferring the mandatory effective date of IFRS 17 from annual reporting periods starting on or after January 1, 2021, to those starting on or after January 1, 2022. As a result, the initial balance sheet needed to develop the comparison figures is of January 1, 2021, which is also the transition date.

In October, the CIA sent a letter to the IASB requesting a deferral of the implementation date. We strongly encourage members to maintain the momentum and take full advantage of this one-year extension.

The IASB has received 25 issues related to the IFRS 17 Standard and intends to discuss these in the next few months, with a possibility of making some modifications to the Standard.

More details, as they become available, will appear on our IFRS 17 blog. Read the IFRS 17 announcement.

If you have any questions, please contact ifrs17@cia-ica.ca.

Announcement Number
2018-11(04337)
November 14, 2018