The Commission Regulation amending IFRS 4 to allow for optional deferral on IFRS 9 until 1 January 2021 for insurance companies was today published in the Official Journal of the EU .
The amendments to IFRS 4 address the temporary accounting consequences of the different effective dates of IFRS 9 and the new standard for insurance contracts replacing IFRS 4 (IFRS 17).
This covers the IASB deferral options and the European “top-up” which extends the option to include also European bancassurers.