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The measures confirmed would amend IFRS 4 Insurance Contracts to give companies whose business model is to predominantly issue insurance contracts the option to defer the effective date of IFRS 9 until 2021 (the ‘deferral approach’). It would also give insurers who implement IFRS 9 the option to remove from profit or loss some of the accounting mismatches and temporary volatility that could occur before the new insurance contracts Standard is implemented (the ‘overlay approach’).

The insurance contracts Standard is currently being deliberated by the IASB and a final Standard is expected to be issued in 2016.

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