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EFRAG issues feedback statement on outreach event regarding the potential deferral of the effective date for IFRS 9 for insurers

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Aug 03, 2015

On August 3, 2015, the European Financial Reporting Advisory Group (EFRAG) published a feedback statement summarizing the input received during its insurance specialist user outreach event on the potential deferral of the effective date of IFRS 9 “Financial Instruments” for insurers.

IFRS 9 becomes effective for annual periods beginning on or after January 1, 2018, with earlier application permitted. As part of the public consultation on its draft endorsement advice on IFRS 9, EFRAG wished to gain more insight into the impact on users of the non-alignment of the effective dates of IFRS 9 and the future insurance contract standard, and further, on the advantages and drawbacks of a potential deferral of the effective date of IFRS 9 for insurance businesses.

EFRAG organized an outreach event for users that are following the insurance industry in order to gain a better understanding of the views of individual users. The large majority (89%) expressed a preference of having both IFRS 9 and the future insurance contracts standard implemented by the insurance industry at the same time in a “big bang” approach.

The press release and full feedback statement are available on the EFRAG website.

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