November 14, 2018 / 2:21 PM / a month ago

Global accounting body proposes one-year delay to insurance rule

LONDON, Nov 14 (Reuters) - A global standard setting body has proposed a one-year delay to implementing its new accounting rule aimed at increasing visibility in how insurers earn money.

A spokeswoman for the International Accounting Standards Board (IASB) said that a meeting of the IASB on Wednesday backed a 12-month delay to January 2022.

The industry had called for introduction of the rule to be delayed until 2023. There will be a public consultation on the proposed delay.

Reporting by Huw Jones; Editing by Susan Fenton

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