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Agenda paper details expected timing of potential IFRS 4 amendments

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

02 Oct 2015

An agenda paper for the next meeting of the IASB, which will be held from 19 to 22 October 2015, explains the IASB staff's expected timetable for finalising potential amendments to IFRS 4 'Insurance Contracts' that would address the interaction between IFRS 9 'Financial Instruments' and the forthcoming standard on accounting for insurance contracts. It also contains recommends a comment period of 60 days for the corresponding exposure draft.

As the IASB’s Due Process Handbook states that the comment period on an exposure draft should normally be for a minimum period of 120 days but can be shorter if the matter is narrow in scope and urgent, the staff suggests having a comment period of 60 days. The staff argues that the comment period needs to strike a balance between the need to finalise any amendments to IFRS 4 sufficiently in advance of the mandatory effective date of IFRS 9 and the need to allow interested parties to consider the proposals and provide input to the IASB.

If the IASB decides that the comment period shall indeed be 60 days (this would also require approval from the Due Process Oversight Committee (DPOC)), the expected timetable would be as follows:

Expected timing Development
December 2015 publication of exposure draft
February 2016
end of comment period
Second quarter of 2016
Third quarter of 2016
issuance of final amendments

Please click to access the agenda paper on the IASB's website.

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