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IASB tentatively decides to amend IFRS 4

  • IASB (International Accounting Standards Board) (blue) Image

22 Jul 2015

At its meeting on Monday, the International Accounting Standards Board (IASB) followed a staff recommendation to amend IFRS 4 'Insurance Contracts' to address the consequences of different effective dates of IFRS 9 'Financial Instruments' and the new insurance contracts standard expected to be published in 2016.

The amendments would permit an entity to exclude from profit or loss and recognise in other comprehensive income the difference between the amounts that would be recognised in profit or loss in accordance with IFRS 9 and the amounts recognised in profit or loss in accordance with IAS 39 Financial Instruments: Recognition and Measurement provided that the entity issues contracts accounted for under IFRS 4, applies IFRS 9 in conjunction with IFRS 4, and classifies financial assets as fair value through profit or loss in accordance with IFRS 9 when those assets were previously classified at amortised cost or as available-for-sale in accordance with IAS 39.

The IASB intends to discuss the scope of the amendments to IFRS 4 and whether the effective date of IFRS 9 should be deferred for the insurance industry during its September meeting. Please click for our Deloitte observer notes for details of the IASB's discussion.

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