IASB forced to make changes to IFRS 4 to accommodate insurers’ concerns

Following a raft of criticism of plans to roll out a revised IFRS for insurance contracts before the introduction of the new financial instruments standard, IFRS 9, the International Accounting Standards Board (IASB) has published a consultation on proposals to amend the existing insurance contracts standard, IFRS 4.

This is to address the temporary impact of the different start dates of IFRS 9, Financial Instruments, and the insurance contracts standard.