IASB to consider potential IFRS 9 deferral for insurance activities at next meeting

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Sep 15, 2015

On September 15, 2015, the International Accounting Standards Board (IASB) released the agenda papers for the discussion of the interaction between IFRS 9 "Financial Instruments" and the forthcoming standard on accounting for insurance contracts at the IASB meeting next week. At the July IASB meeting the Board directed the staff to continue exploring possible approaches to resolve the concerns arising from that interaction. Among the alternatives explored is a possible deferral of IFRS 9 for entities that issue contracts within the scope of IFRS 4 "Insurance Contracts" until the new insurance contracts standard is applied.

As it has become obvious that the effective date of the forthcoming IFRS on insurance contracts can no longer be aligned with the effective date of IFRS 9, there have been calls for the IASB to delay the application of IFRS 9 for insurance activities and align the effective date of IFRS 9 for those activities with the effective date of the new insurance contracts standard. In July 2015, the IASB tentatively decided to amend IFRS 4 to address the consequences of different effective dates of IFRS 9 and the new insurance contracts standard.

Review the papers on the IASB's Web Site. Of special relevance are:

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