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July 2015 IASB Update - Insurance Contracts

  • IFRS - IASB Image
  • IFRS - Meeting Image

Jul 29, 2015

On July 29, 2015, the International Accounting Standards Board issued the Update summary of its meeting on July 20, 22 and 23, 2015.

At its meeting on July 20, 2015, the IASB tentatively decided to amend IFRS 4, Insurance Contracts to permit an entity to remove from profit or loss and recognize in other comprehensive income the difference between (i) the amounts that would be recognized in profit or loss in accordance with IFRS 9, Financial Instruments and (ii) the amounts recognized in profit or loss in accordance with IAS 39, Financial Instruments: Recognition and Measurement for specified assets. The IASB staff will continue to analyse the accounting consequences that could arise from the application of IFRS 9 for entities applying IFRS 4 prior to the new forthcoming insurance Standard.

Review the IASB Update.

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.