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European Commission text with "top up" regarding IFRS 4 amendments

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14 Jul 2017

The European Commission has made available the text sent to the European Parliament and the Council of the European Union regarding the endorsement of 'Applying IFRS 9 'Financial Instruments' with IFRS 4 'Insurance Contracts' (Amendments to IFRS 4)'. The text includes a "top up" that would allow a financial conglomerate to elect that none of its entities operating in the insurance sector apply IFRS 9 in the consolidated financial statements for financial years the commencement of which precedes 1 January 2021 where certain conditions are met.

The conditions are set out in Article 2 of the text, which can be accessed here in all official EU languages.

The EFRAG has updated its endorsement status report to include a link to the document.

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