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FEE supports IFRS 9 deferral for insurance companies

  • FEE (Federation of European Accountants - Fédération des Experts-comptables Européens) (lt green) Image
  • European Union Image

26 Jun 2015

The Federation of European Accountants (Fédération des Experts-comptables Européens, FEE) has responded to the EFRAG draft endorsement advice on IFRS 9 'Financial Instruments'.

In its response to the draft endorsement advice published in May 2015, FEE agrees with the conclusion that adoption of IFRS 9 is conducive to the European public good and states that "given the improvements in reporting mandated by IFRS 9 we would welcome its swift adoption".

The principal comment in the comment letter FEE has submitted, however, relates to the potential deferral of IFRS 9 for insurance business activities while the IASB finalises its forthcoming insurance standard. The letter states:

We agree with EFRAG that the European Commission should ask the IASB to defer the effective date of application of IFRS 9 for institutions with significant insurance activities, or alternatively identify and assess any other workable solutions to address accounting mismatches that may obscure performance reporting by those institutions. FEE stresses the importance of having an international solution for this matter. A Europe-only deferral would de facto be a carve-out from full IFRS, which in our view should generally be avoided as they do not come without consequences.

FEE also states that any deferral of IFRS 9 should be limited in duration and optional.

Please click to access the full comment letter on the FEE website.

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