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IASB decides to propose IFRS 9 deferral for insurers

  • IASB (International Accounting Standards Board) Image

Sep 25, 2015

At its September 23, 2015, meeting, the IASB decided to propose a deferral of the effective date of IFRS 9, "Financial Instruments" for entities that primarily issue insurance contracts.

Specifically, the IASB decided to propose amendments to IFRS 4, Insurance Contracts, to give insurance entities the option of deferring — from 2018 to 2021 — IFRS 9’s effective date. The purpose of the deferral would be to address implementation issues related to IFRS 9 before the IASB’s upcoming standard on insurance contracts (which is expected to be issued in 2016) becomes effective.

The IASB also considered how long the deferral should last and decided that it would expire in 2020 if the new insurance contracts standard has an effective date of January 1, 2020.

The IASB is expected to issue an exposure draft proposing the deferral for public comment later this year.

For more information, see press release on the IASB’s Web site.

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