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Amendments to IFRS 4 (Deferral of effective date of IFRS 9)


Currently, under IFRS 4 Insurance Contracts, the effective date to apply IFRS 9, for the temporary exemption from IFRS 9, is 1 January 2021.


The Exposure Draft on the Amendments to IFRS 17 that was issued in May 2019, proposed to extend the temporary exemption from IFRS 9 by one year. Subsequently, based on the IASB's re-deliberations, the effective date of IFRS 9 has been extended further to 1 January 2023 in order to align with the effective date of IFRS 17 Insurance Contracts. Refer to the project page IFRS 17 - Insurance Contracts.


In this regard, the IASB has issued Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4) ('the Amendments') on 25 June 2020. As a result, EFRAG has issued an endorsement advice letter relating to the Amendments. EFRAG's overall assessment is that the Amendments satisfy the criteria for endorsement for use in the EU and therefore recommends their endorsement.

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