The changes to accounting standards driven by the International Accounting Standards Board (IASB) are far from settled. Insurers are still not happy with the new regime, especially as it imposes a more relaxed regime on banks. The collection of International Financial Reporting Standards (IFRS) has been a long time in the formulation but the changes are now beginning to bite, imposing more demands on the financial and technical resources of insurers. After nearly a decade of arguments between insurers and the IASB, from January 2023 IFRS17, and its cousin IFRS9, imposed new rules requiring the profit on long-term policies to be accounted for evenly across their lifetime. For many insurers used to accruing the profit on policies immediately they are taken out this has required a huge trawl through legacy data and a major adjustment to their balance sheets, not always favourably. For insurers, there are still issues around how alternative assets are treated and the failure to deliver some of the promises around dynamic risk management, especially the restrictions on linking hedging instruments to liabilities. We expect some vigorous lobbying by insurers – led by pan-European trade body Insurance Europe – to get some movement on these points.