20 November 2015 — Consultation Response
FEE has provided input to European Financial Reporting Advisory Group (EFRAG)’s draft letter to further inform the European Commission on the endorsement of the International Financial Reporting Standard (IFRS) for financial instruments (IFRS 9) in the EU. We reiterated our support for a swift endorsement and for an international (as opposed to a European) solution for the issues insurance companies face because IFRS 9 and the future standard on insurance contracts will take effect on different dates. It is important to resolve any uncertainty surrounding the endorsement process, so the financial services industry can start implementing these new requirements.
For more in-depth FEE views see our letter:
FEE comments on the Letter from EFRAG to the European Commission on further information related to the endorsement of IFRS 9