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Staff given permission to draft the final amendments regarding the application of IFRS 4 together with IFRS 9

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

17 May 2016

The IASB voted today in favour of the staff recommendations around (i) the requirement or option to reassess eligibility criteria for the deferral approach, (ii) the fixed expiry date and transition to IFRS 9, (iii) relief for investors in associates and joint ventures, and (iv) the applicability of the overlay approach and the deferral method for first time adopters of IFRS.

In our meeting summary, we outline the topics and recommendations discussed, which partly differ from the proposals in the ED, and offer a table explaining the option to reassess eligibility criteria for the deferral approach. The Board approved the individual staff recommendations either unanimously or with great majority.

The IASB has now published a press release stating that after having voted to reconfirm the overlay and the deferral approach in April, it has now concluded deliberations on this topic and has asked staff to draft the final amendments to IFRS 4 Insurance Contracts, which the Board expects to issue in September 2016.

One Board member intends to dissent from the publication of the amendments because she considers that information would be lost as a consequence of not implementing IFRS 9.

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