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European Union formally adopts IFRS 4 amendments regarding the temporary exemption from applying IFRS 9

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16 Dec 2020

The European Union has published a Commission Regulation endorsing 'Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4)'.

The amendments change the fixed expiry date for the temporary exemption in IFRS 4 Insurance Contracts from applying IFRS 9 Financial Instruments, so that entities will be required to apply IFRS 9 for annual periods beginning on or after 1 January 2023 (instead of 1 January 2021).

The Commission Regulation amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council was published in the Official Journal of the European Union on 16 December 2020.

EFRAG has updated its endorsement status report to reflect that the European Union has adopted the amendments.

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