On or about 7 October 2020, the Accounting Standards Council (ASC) has reaffirmed its policy intent for continuing alignment with the effective date of FRS 117 and SFRS(I) 17 with IFRS 17 Insurance Contracts for eligible entities, to annual reporting periods beginning on or after 1 January 2023.
The reiterated policy intent is in response to the uncertainty between some stakeholders regarding the effective dates of FRS 117 and SFRS(I) 17 with IFRS 17 Insurance Contracts.
Source: ASC, 7 October 2020