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

This note, an update of the January 2016 briefing note, discusses the board’s decisions regarding amendments in International Financial Reporting Standards (IFRS) 4 Insurance Contracts. The revised insurance contract accounting standard of the International Accounting Standards Board (IASB) will not be mandatorily effective before 2020.The new standard IFRS 9 Financial Instruments, which replaces IAS 39, will be effective on 1 January 2018. Because of this, there will be two consecutive major accounting changes in a short period of years.