A global standards body has proposed a one-year delay to implementing its new accounting rule aimed at increasing visibility in how insurers earn money, after the industry said it needed more time to prepare for such a sweeping change.
A spokeswoman for the International Accounting Standards Board (IASB) said that at a meeting on Wednesday the IASB backed a 12-month delay to January 2022.
The insurance industry had called for introduction of the rule to be delayed until 2023. There will be a public consultation on the proposed delay.
