IFRS 17 is an International Financial Reporting Standard that was issued by the International Accounting Standards Board in May 2017. It will replace IFRS 4 on accounting for insurance contracts which will be effective as of 1 January 2023. It was to be effective as at 1 January 2021. Nonetheless in November 2018 the International Accounting Standards Board proposed to delay the effective date by one year to 1 January 2022. In March 2020, the International Accounting Standards Board further deferred the effective date to 1 January 2023.