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IASB decides to propose IFRS 9 deferral

  • IFRS - IASB Image

Sep 23, 2015

On September 23, 2015, the International Accounting Standards Board (IASB) confirmed measures that would amend IFRS 4 "Insurance Contracts" to give companies whose business model is to predominantly issue insurance contracts the option to defer the effective date of IFRS 9 "Financial Instruments" until 2021.

These measures would amend IFRS 4 to give companies whose business model is to predominantly issue insurance contracts the option to defer the effective date of IFRS 9 until 2021 (the "deferral approach"). It would also give insurers who implement IFRS 9 the option to remove from profit or loss some of the accounting mismatches and temporary volatility that could occur before the new insurance contracts Standard is implemented (the "overlay approach").

The deferral of IFRS 9 for insurers to 2021 will expire in 2020, if the IASB issues the new insurance contracts standard with an effective date of 2020. The IASB expects to publish the final insurance contracts standard in 2016. An Exposure Draft proposing both the overlay approach and the deferral approach will be published later this year.

Review the press release on the IASB's Web Site.

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