During the meeting on 21 September, the IASB discussed a possible deferral in addition to the "overlay" tentatively decided on in July and transition reliefs on initial application of the new insurance contracts standard. The IASB decided on the details of the possible deferral, but was split on the final vote with seven members voting to defer the effective date of IFRS 9 for specified entities that issue contracts within the scope of IFRS 4 until the new insurance contracts standard is applied and seven members against. During today's session, the tie was resolved in favour of proposing a deferral.

The IASB also considered today whether there should be a time horizon on how long such a deferral would last - it was decided to propose a deferral until 2021. The deferral of IFRS 9 for insurers to 2021 will expire in 2020 if the IASB issues the new insurance contracts standard with an effective date of 2020. The IASB expects to publish a final standard in 2016. An Exposure Draft proposing both the overlay approach and the deferral approach will be published later this year.

For more information, see Deloitte's meeting notes from the 21 September and 23 September insurance contracts sessions as well as the press release on the IASB website.