Listen to our webinar on amendments to the current insurance contracts Standard
In May 2016, the International Accounting Standards Board (the Board) completed its planned technical decisions on applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (amendments to IFRS 4).
In this webinar Martin Edelmann and Sue Lloyd, members of the Board, and Joanna Yeoh, Senior technical manager, provide an overview of the forthcoming amendments to IFRS 4.
Responding to some companies’ concerns about the timing of the implementation of IFRS 9 Financial Instruments (IFRS 9) and the forthcoming insurance contracts Standard and the related consequences, the Board has, following public consultation, confirmed that it will issue amendments to IFRS 4 that:
- give companies that issue insurance contracts the option to remove from profit or loss the volatility that may be caused by certain changes in the measurement of financial assets when applying IFRS 9 before the new insurance contracts Standard; and
- give companies whose predominant activities are insurance-related an optional temporary exemption from applying IFRS 9 until 2021.