Endorsement of IFRS 4 amendments regarding IFRS 9 seems to follow in the wake of expected IFRS 9 endorsement in the EU
15 Nov 2016
IFRS 9 endorsement must be seen as on its way following the Accounting Regulatory Committee’s vote in favour of endorsing the standard and the European Parliament not having raised an objection. The amendmends to IFRS 4 regarding the application of IFRS 9 with IFRS 4 have now passed the first hurdle as well with a positive EFRAG draft endorsement advice.
At the last EFRAG Board meeting on 10 November, the EFRAG Board members agreed that although the amendments do not address all of the concerns voiced they would like to send a positive endorsement signal. Therefore, the draft endorsement advice states:
Without qualifying our advice, we note that the Amendments address many of the concerns raised in our endorsement advice on IFRS 9 but do not address the cost concerns of entities undertaking insurance activities that are not predominant insurers.