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<p>IFRS 17 <em>Insurance Contracts</em> has not yet been adopted for use in the UK.
The International Accounting Standards Board has set an effective date of 1 January
2023 for the standard internationally. Planning for the work to assess the standard
has commenced and it will be assessed against the adoption criteria set out in the
<em>International Accounting Standards and European Public Limited-Liability Company
(Amendment etc.) (EU Exit) Regulations 2019</em>.</p><p> </p><p>Those Regulations
oblige the Secretary of State to consult such persons as are considered to be representative
of those with an interest in the quality and availability of accounts, including users
and preparers of accounts. We expect that the Investment Association will have an
interest in the quality of accounts prepared by companies as it represents investment
managers who manage over £8.5 trillion of assets on behalf of clients in the UK and
around the world. As a result, we expect outreach activities, when finalised, to include
input from many user representatives including the Investment Association.</p>
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