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Global Standard Setter To Delay Tough New Accounting Rules

Law360, London (November 15, 2018, 6:27 PM GMT) -- The International Accounting Standards Board has proposed delaying the 2021 start date of its sweeping new accounting rules for 12 months, but rejected demands from the global insurance industry for two years’ breathing space.

The board voted on Wednesday to propose delaying the unpopular reforms, known as IFRS 17, until January 2022 following concerns that many companies remain unprepared for the tough new regime.

“The board has provided a clear direction, which will help companies with their planning,” the IASB, which sets accounting rules for the world's biggest businesses, said in a statement Wednesday.

The International Financial Reporting Standard 17 was designed...

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