Insurance: IFRS Standards Postponed

Because Panama changed the date for submitting the first Quantitative Impact Study to January 30, 2020, the entry into force of the International Financial Reporting Standards will also be postponed.

Thursday, August 15, 2019

The Quantitative Impact Study (ECI1) and the second ECI2 are required by Article 296 of Law 12 of April 3, 2012. After the request made by the association of insurers to the Superintendence of Insurance to postpone its delivery, an extension was granted, being January 30, 2020 the date for ECI1 and for the case of ECI2 it must be delivered no later than April 30, 2021.

See "Insurance: Request to Postpone IFRS Standards

With these changes in deadlines, the entry into force of International Financial Reporting Standards (IFRS 17), which was scheduled for January 1, 2021, will also have to be delayed.

Amílcar Córdoba, president of the Panamanian Association of Insurers (Apadea), told that "... the extension should have been given from February 2019, because it was known that the regulation was not firm and most Latin American countries are waiting for it to be firm and for Iasb to release it for implementation."

Cordoba added that "... in Panama the Ssrp was asking us to start now, when the regulations are not in place, which should come into force in 2021."

Among the businessmen's arguments for postponing the entry into force of IFRS 17 is that the regulatory framework is still being discussed at the international level and is not definitive.

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