At its November 2016 meeting, the International Accounting Standards Board (the Board) discussed issues that have arisen from the external testing of a draft of IFRS 17 Insurance Contracts and in the drafting process thus far.

The Board also decided to set the mandatory effective date for IFRS 17 as for annual periods beginning on or after 1 January 2021. Darrel Scott, Board member, and Andrea Pryde, project leader of the Insurance Contracts project, discuss the deliberations at that meeting.

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