[2] In November 2018 the International Accounting Standards Board proposed to delay the effective date by one year to 1 January 2022.
[6] There would also be a new income statement presentation for insurance contracts, including a conceptual definition of revenue, and additional disclosure requirements.
[10] IFRS 17 permits presenting the effects of changes in the discount rate under Other Comprehensive Income to eliminate the volatility from the P&L.
"[8] Other benefits Hoogervorst saw in the new standard were increased consistency across companies in accounting for insurance contracts and a more theoretically valid measurement of revenue.
[14] In June 2020 the IASB adopted the final set of amendments and deferred the effective date of the standard to January 1, 2023.