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Beyond the GAAP - July / August 2021
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Beyond the GAAP - July-August 2021
In mid-July, the European adoption process for IFRS 17 – Insurance Contracts took a big step forward when the Accounting Regulatory Committee (ARC) voted to endorse the new standard. EU endorsement is now expected in the fourth quarter of 2021.
After a lot of debate across Europe, the ARC finally decided to permit exemptions to the annual cohorts’ rule under certain circumstances. This option is temporary, as the European Commission is planning to re-examine the issue upon the IFRS 17 – Insurance Contracts post implementation review. It is likely to be well received, even though most companies have largely started their transition preparations given that the standard is mandatory from 1 January 2023.
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Inge van Sloun Director
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The International Financial Reporting Standards (IFRS) are constantly under development. Complying with the standards, following the latest developments and analysing their possible impact can be an enormous challenge. Are you looking for expertise to help you with this? If so, you have found the right people at Mazars.