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29/07/2015 - EFRAG has published a feedback statement on input received during the individual insurance specialist user outreach on the potential deferral IFRS 9 effective date for insurers

EFRAG has published a feedback statement that summarises the input received during the individual insurance specialist user outreach on the potential deferral of IFRS 9 effective date for insurers. This input is used by EFRAG in developing its Final Endorsement Advice for the European Commission on IFRS 9 Financial Instruments.


IFRS 9 becomes effective for annual periods beginning on or after 1 January 2018, with earlier application permitted. As part of the public consultation on its Draft Endorsement Advice on IFRS 9 Financial Instruments, EFRAG wished to gain more insight into the impact on users of the non-alignment of the effective dates of IFRS 9 and the future insurance contract standard, and further, on the advantages and drawbacks of a potential deferral of the effective date of IFRS 9 for insurance businesses.

In order to obtain a good understanding of the views held by individual users, EFRAG decided to organise an outreach to users that are following the insurance industry as input for the Final Endorsement Advice on IFRS 9. In total 28 users were interviewed with the IASB and relevant National Standard Setter staff observing,  in a period of less than two weeks to obtain input for EFRAG Board's deliberations on the EFRAG Final Endorsement Advice.

A large majority expressed a preference of having both IFRS 9 and the future insurance contracts standard implemented by the insurance industry at the same time in a "big bang" approach (some wanted to accelerate the implementation of the future insurance contracts standard or were neutral on a deferral for the insurance industry). A two third majority was supportive of a deferral of IFRS 9 effective date for insurers.

EFRAG would like to thank the investors and analysts that have participated in the interviews for their valuable contribution.

The feedback report can be found below.

IFRS_9_Pre-endorsement_questionnaire_-_feedback_report_-_August_2015_-_final.pdf