The start date for a new insurance accounting standard may be deferred by a year pending the outcome of a public consultation, which is expected next year.

The International Accounting Standards Board voted last week to propose International Financial Reporting Standard (IFRS) 17 take effect in 2022, instead of 2021.

It will discuss the merits of potential amendments to the standard during its meeting next month.

The Insurance Council of Australia and its global peers previously called for a two-year delay so insurers have more time to prepare for the transition.

IFRS 17 is one of the most significant changes to insurance accounting requirements in more than 20 years. It replaces IFRS 4, an interim measure that resulted in insurers using different accounting standards.