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IASB votes to reconfirm overlay and deferral approach

  • IFRS - IASB Image

Apr 19, 2016

On April 19, 2016, the International Accounting Standards Board (IASB) voted in favour of the staff recommendations in connection with the redeliberation of the proposals around the application of IFRS 4 together with IFRS 9.

There was a clear majority for supporting the staff's recommendations. Of the 13 board members that were present, only one board member voted against all staff recommendations. Another board member voted for most of the staff recommendations, but against the recommendations around disclosures. There were some comments from board members that will lead to changes, however, these comments were mainly directed towards easier application. Thus, the approaches proposed in the Exposure Draft “Amendments to IFRS 4: Applying IFRS 9, Financial Instruments with IFRS 4, Insurance Contracts” (overlay approach and deferral approach) have been essentially reconfirmed.

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