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IASB proposes amendments to address concerns about the different effective dates of IFRS 9 and the new insurance contracts standard

  • IASB document Image

Dec 09, 2015

The IASB has published an exposure draft that would amend IFRS 4, "Insurance Contracts," to address concerns about the different effective dates of IFRS 9, "Financial Instruments," and the forthcoming insurance contracts standard.

The amend­ments would provide two options for en­ti­ties that issue in­sur­ance con­tracts within the scope of IFRS 4:

  • Overlay ap­proach — Entities would be permitted “to re­clas­sify, from profit or loss to other com­pre­hen­sive income, some of the income or ex­penses arising from des­ig­nated fi­nan­cial assets.”
  • De­fer­ral ap­proach — En­ti­ties “whose pre­dom­i­nant ac­tiv­ity is issuing con­tracts within the scope of IFRS 4” would be able to employ “an optional temporary exemption from applying IFRS 9.”

 Com­ments on the ED are due by Feb­ru­ary 8, 2016.

For more information, see Deloitte's IFRS in Focus newsletter, as well as the ED, press release, and Snapshot document on the IASB's Web site.

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