Accounting Standards Board proposes one-year delay to insurance rule

Accounting Standards Board has proposed a one-year delay to implementing its new accounting rule aimed at increasing visibility in how insurers earn money.

A spokeswoman for the International Accounting Standards Board (IASB) said that a meeting of the IASB backed a 12-month delay to January 2022.

The industry had called for introduction of the rule to be delayed until 2023. There will be a public consultation on the proposed delay.