NZASB ED 2020-4

  • Not-for-profit

Tier 1 and Tier 2

As PBE IFRS 17 applies only to not-for-profit PBEs, this proposal is relevant for not-for-profit PBEs only.

PBE IFRS 17 – Deferral of Effective Date

The New Zealand Accounting Standards Board (NZASB) is seeking comments on NZASB ED 2020-4 PBE IFRS 17 – Deferral of Effective Date (this ED).

When PBE IFRS 17 Insurance Contracts was issued in July 2019, its effective date was aligned with that of NZ IFRS 17 Insurance Contracts which was initially issued with an effective date of 1 January 2021.

In June 2019 the IASB published IASB ED/2019/4 Amendments to IFRS 17, which, amongst other things, proposed to defer the effective date of IFRS 17 by one year (from 1 January 2021 to 1 January 2022).

In response to constituents’ feedback on IASB ED/2019/4, the IASB has decided to defer the effective date of IFRS 17 by two years (that is, from 1 January 2021 to 1 January 2023).

This ED proposes to defer the effective date of PBE IFRS 17 by one year (that is, from 1 January 2022 to 1 January 2023) to maintain alignment between the effective date of PBE IFRS 17 and the expected effective date of IFRS 17 and NZ IFRS 17.

Consultation Document

Commenting on the proposal

This is your opportunity to comment on these proposals.

Comments are due to the NZASB by 22 July 2020

Send your comments—both formal and informal— to the NZASB using the upload form below. 

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