EFRAG has submitted its endorsement advice relating to the extension of the temporary exemption from applying IFRS 9 Financial Instruments (Amendments to IFRS 4 Insurance Contracts) ('the Amendments') for use in the European Union and European Economic Area to the European Commission.
The
objective of the Amendments is to allow qualifying entities to continue
to defer the application of IFRS 9. Currently IFRS 4 requires insurance
entities to apply IFRS 9 from 1 January 2021, the change will mean that
IFRS 9 becomes effective for annual periods beginning on or after 1
January 2023, with earlier application permitted.
EFRAG
assesses that the Amendments meet all the technical endorsement
criteria of the IAS Regulation and are conducive to the European public
good. It therefore recommends their endorsement. EFRAG's recommendation
is explained in the letter to the EC and accompanying appendices here.
EFRAG has also updated its Endorsement Status Report which can be found here.
EFRAG
© EFRAG - European Financial Reporting Advisory Group
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