Insurance Contracts (IFRS 9 and IFRS 4) - IASB

Date recorded:

At its meeting on April 19-21, 2016, the IASB continued its deliberations on the proposals in the ED Applying IFRS 9 Financial Instruments (IFRS 9) with IFRS 4 Insurance Contracts (IFRS 4) and they tentatively decided: (i) to confirm the ED proposals on the overlay approach; (ii) that an entity should be permitted to apply the temporary exemption from IFRS 9 only under specific circumstances (qualifying criteria); and (iii) to confirm the disclosures for entities that apply the temporary exemption. The remaining technical issues will be discussed in the May meeting. The Board aims to issue the amendments to IFRS 4 in September 2016.

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