Deferral of IFRS 9 Application for Federally Regulated Life Insurers
Dec 19, 2016
On December 19, 2016, the Office of the Superintendent of Financial Institutions (OSFI) issued the Draft Advisory: Deferral of IFRS 9 Application for Federally Regulated Life Insurers (the Advisory) for consultation.
The Advisory is in response to the September 2016 International Accounting Standards Board (IASB) approved amendment to the IFRS 4, Insurance Contracts allowing companies whose activities are predominately connected with insurance to defer the application of IFRS 9, Financial Instruments before January 1, 2021.
Review the press release and Draft Advisory on the OSFI's website.