Accounting body calls for one-year delay to insurance rule

11/15/2018 4:31:00 AM

Source: Buisiness Insurance

U.K.-based International Accounting Standards Board has called for a one-year delay until January 2022 to implement a new accounting rule aimed at increasing transparency in how insurers earn money, Reuters reported. The European insurance industry had earlier called for introduction of the International Financial Reporting Standards 17 to be delayed until 2023 due to insufficient time to implement the standards properly.