The ASC has issued a
to Singapore insurers to urge them against delaying the
implementation of SFRS(I) 17 Insurance Contracts or FRS 117 Insurance Contracts, despite the tentative decision of the International Accounting Standards Board (IASB) to propose a one-year deferral of the effective date for IFRS 17
Insurance Contracts. The ASC also encouraged Singapore insurers to follow the IASB's deliberations on possible amendments to IFRS 17, in addition to the discussions of the IASB's Transition Resource Group, so as to avoid undue disruption to
implementation and to make good progress in implementation.