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Comment letter deadline for ED on different effective dates of IFRS 9 and the new insurance contracts standard

When Feb 08, 2016
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On December 9, 2015, the IASB published an exposure draft (ED/2015/11) with proposed amendments to IFRS 4, Insurance Contracts that are intended to address concerns about the different effective dates of IFRS 9, Financial Instruments and the forthcoming new insurance contracts standard. Comments are requested by February 8, 2016.

The amendments proposed in ED/2015/11, Applying IFRS 9, Financial Instruments with IFRS 4, Insurance Contracts (Proposed amendments to IFRS 4) are intended to provide two options for entities that issue insurance contracts within the scope of IFRS 4: (i) an option that would permit entities to reclassify, from profit or loss to other comprehensive income, some of the income or expenses arising from designated financial assets; this is the so-called overlay approach; and (ii) an optional temporary exemption from applying IFRS 9 for entities whose predominant activity is issuing contracts within the scope of IFRS 4; this is the so-called deferral approach.

On January 12, 2016, the AcSB issued an Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders are encouraged to submit their comments by February 8, 2016.

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