24 June 2015 — Consultation Response
The IASB decided to revise IAS 39, the accounting standard for financial instruments, in response to the global financial crisis of 2008. FEE believes that the outcome of this revision, IFRS 9, will significantly improve financial reporting for financial instruments. Thus, we encourage the EU to swiftly adopt IFRS 9 so the financial services industry can start to implement the requirements of the new standard.
FEE supports EFRAG in asking the European Commission to request the IASB to defer the effective date of application of IFRS 9 for insurance companies, until the IASB finalises its upcoming insurance contracts standard. Currently, the insurance contracts standard will become effective after IFRS 9 does, which may disrupt the financial reporting on insurance contracts and eventually disadvantage investors.