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IASB tentatively decides to amend IFRS 4

  • IASB (International Accounting Standards Board) Image

Jul 22, 2015

At its July 20, 2015, meeting, the IASB tentatively decided to amend IFRS 4, “Insurance Contracts,” by addressing the consequences of different effective dates for IFRS 9, “Financial Instruments.”

The amend­ments would permit an entity that meets certain conditions to exclude from profit or loss, and recognize in other com­pre­hen­sive income, the dif­fer­ence between the amounts that would be recog­nized in profit or loss in ac­cor­dance with IFRS 9 and the amounts recog­nized in profit or loss in ac­cor­dance with IAS 39, Financial Instruments: Recognition and Measurement.

The IASB intends to discuss the scope of the amendments to IFRS 4, as well as whether the effective date of IFRS 9 should be deferred for the insurance industry, during its September meeting. A new standard is expected to be published in 2016. For further details, see the Deloitte observer notes on the IASB’s dis­cus­sion.

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