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FEE supports IFRS 9 deferral for insurance companies

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Jun 22, 2015

On June 22, 2015, the Federation of European Accountants (FEE) responded to the European Financial Reporting Advisory Group (EFRAG) draft endorsement advice on IFRS 9 "Financial Instruments".

The principal comment in the comment letter FEE submitted, however, relates to the potential deferral of IFRS 9 for insurance business activities while the International Accounting Standards Board (IASB) finalizes its forthcoming insurance standard. The letter states:

We agree with EFRAG that the European Commission should ask the IASB to defer the effective date of application of IFRS 9 for institutions with significant insurance activities, or alternatively identify and assess any other workable solutions to address accounting mismatches that may obscure performance reporting by those institutions. FEE stresses the importance of having an international solution for this matter. A Europe-only deferral would de facto be a carve-out from full IFRS, which in our view should generally be avoided as they do not come without consequences.

FEE also states that any deferral of IFRS 9 should be limited in duration and optional.

Please click to access the full comment letter on the FEE Web site.

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