EFRAG believes IFRS 4 amendments address the main concerns of entities whose activities are predominantly related to insurance
13 Jan 2017
The European Financial Reporting Advisory Group (EFRAG) has issued final endorsement advice 'Applying IFRS 9 'Financial Instruments' with IFRS 4 'Insurance Contracts''.
EFRAG assesses that, in the specific circumstances arising from the misalignment of effective dates of IFRS 9 Financial Instruments and the future insurance contracts standard, the amendments meet all technical endorsement criteria of the IAS Regulation. EFRAG further assesses that the amendments address the main concerns of entities whose activities are predominantly related to insurance, who are the most significantly affected by the issues arising from the misalignment of the effective dates of IFRS 9 and the forthcoming insurance contracts standard. On that basis, EFRAG assesses that adopting the amendments would be conducive to the European public good.