This month, the IASB outlined its plans for finalising its proposed amendments to IFRS 4 Insurance Contracts and started redeliberations.
The Board discussed the feedback received on its exposure draft addressing concerns about the differing effective dates of IFRS 9 Financial Instruments and the forthcoming insurance contracts standard.
It confirmed that both the temporary exemption from applying IFRS 9 and the overlay approach would be retained as options. It also confirmed that eligibility for the temporary exemption would be assessed at the reporting entity level and that it will have a fixed expiry date.
Its discussions will continue in April and May, and the final amendments to IFRS 4 are currently expected to be published in September.
For a detailed discussion of these developments, read Issue 52 of our IFRS Newsletter.
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