Marshall: Another deferred IFRS application raises debate about IFRS 4

13 Oct 2015

A spate of delays to implementation of new International Financial Reporting Standards (IFRS) is becoming something of a norm as the IASB, the global accounting standard settter, hints at delays to the new insurance contracts revisions to IFRS 4 and possible exceptions for IFRS 9 reporters, says Andrew Marshall, senior technical partner at KPMG UK

The International Accounting Standards Board (IASB) announced during September that it is going to have a public consultation on some measures to help preparers in the insurance sector. This is to deal with those issues arising from implementing IFRS 9, Financial Instruments, before the new insurance contracts standard is available.

The effective date of IFRS 9 is 1 January 2018, and while this might yet seem some time away, given the lengthy evolution of the insurance contracts project, the latter will not now be ready by then.

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