This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice ( for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Insurance Contracts (IFRS 9 and IFRS 4) - IASB

Date recorded:

At its meeting on March 15-16, 2016, the IASB considered the feedback from the comment letters and outreach meetings on the Exposure Draft Applying IFRS 9 Financial Instruments (IFRS 9) with IFRS 4 Insurance Contracts (IFRS 4). The Board tentatively decided to set the direction for the redeliberations of the proposed amendments to IFRS 4, by deciding:

  1. to confirm the ED proposal to provide a temporary exemption from applying IFRS 9 for qualifying entities
  2. to confirm the ED proposal that the eligibility for the temporary exemption should be determined at the reporting entity level only. Hence, the assessment of eligibility should consider all of the activities of the reporting entity, and the reporting entity would apply only one Standard, either IFRS 9 or IAS 39 Financial Instruments: Recognition and Measurement, to all of its financial instruments in its financial statements
  3. to confirm that there should be a fixed expiry date for the temporary exemption
  4. to confirm the ED proposal to provide an overlay approach
  5. to confirm the ED proposal that the temporary exemption from applying IFRS 9 and the overlay approach should be optional

The remaining technical issues, including the qualifying criteria for the temporary exemption, will be discussed in the April and May Board meetings. The Board aims to issue the amendments to IFRS 4 in September 2016. 

Review the IASB Update on the IASB's Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.