EFRAG moves quickly on endorsement advice on IFRS 4/IFRS 9 amendments

  • EFRAG (European Financial Reporting Advisory Group) (dk green) Image

07 Jul, 2020

Following yesterday afternoon's EFRAG Board meeting, the European Financial Reporting Advisory Group (EFRAG) has issued final endorsement advice on ' Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4)'.

In keeping with the deferral of the effective date of IFRS 17 by two years to annual periods beginning on or after 1 January 2023, the amendments change the fixed expiry date for the temporary exemption in IFRS 4 Insurance Contracts from applying IFRS 9 Financial Instruments, so that entities would be required to apply IFRS 9 for annual periods beginning on or after 1 January 2023.

Final endorsement of the amendments is currently expected in the fourth quarter of 2020 - in time for European companies to benefit from the deferral.

Please click to access the final endorsement advice letter and a corresponding press release on the EFRAG website. EFRAG has also updated its IFRS endorsement status report to reflect the development.

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