IFRS 4 Phase II: Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts

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By Ernst Visser, William C. Hines | 28 January 2016
In 2014, the International Accounting Standards Board (IASB) issued IFRS 9 Financial Instruments, a revised accounting standard for valuing financial assets and liabilities that will replace IAS 39, Financial Instrument: Recognition and Measurement when it becomes effective in 2018. Because the IASB’s revised insurance contract accounting standard will not be effective before 2020, there will be a period during which IFRS 9 will apply along with the current IFRS 4 Insurance Contracts accounting standard. This note discusses transition issues due to the different effective dates of IFRS 9 Financial Instruments and the forthcoming new IFRS 4 Insurance Contracts and the proposed amendments to address these transition issues.

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