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