Commission Regulation (EU) 2017/1988 of 3 November 2017 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard 4 (Text with EEA relevance) (revoked)

EU Regulation 2017/1988 · Adopted 3 November 2017 · Extends to United Kingdom

Contents

1. 1Article 1 Repealed
2. 2Article 2 Repealed
3. 3Article 3 Repealed
4. 4Article 4 Repealed
5. Signature
6. Annex Repealed
7. Applying IFRS 9 Financial Instruments with IFRS 4 (Amendments to IFRS 4) Repealed
8. Amendments toIFRS 4 Insurance Contracts Repealed
9. SCOPE Repealed
10. 3This IFRS does not address other aspects of accounting by insurers, such as accounting for financial assets held by insurers and financial liabilities issued by insurers (see IAS 32 Financial Instruments: Presentation, IFRS 7 and IFRS 9 Financial Instruments), except: Repealed
11. 5For ease of reference, this IFRS describes any entity that issues an insurance contract as an insurer, whether or not the issuer is regarded as an insurer for legal or supervisory purposes. All references in paragraphs 3(a)–3(b), 20A–20Q, 35B–35N, 39B–39M and 46–49 to an insurer shall be read as also referring to an issuer of a financial instrument that contains a discretionary participation feature. Repealed
12. RECOGNITION AND MEASUREMENT Repealed
13. Temporary exemption from IFRS 9 Repealed
14. 20AIFRS 9 addresses the accounting for financial instruments and is effective for annual periods beginning on or after 1 January 2018. However, for an insurer that meets the criteria in paragraph 20B, this IFRS provides a temporary exemption that permits, but does not require, the insurer to apply IAS 39 Financial Instruments: Recognition and Measurement rather than IFRS 9 for annual periods beginning before 1 January 2021. An insurer that applies the temporary exemption from IFRS 9 shall: Repealed
15. 20BAn insurer may apply the temporary exemption from IFRS 9 if, and only if: Repealed
16. 20CDivision 20C Repealed
17. 20DAn insurer's activities are predominantly connected with insurance if, and only if: Repealed
18. 20EFor the purposes of applying paragraph 20D(b), liabilities connected with insurance comprise: Repealed
19. 20FIn assessing whether it engages in a significant activity unconnected with insurance for the purposes of applying paragraph 20D(b)(ii), an insurer shall consider: Repealed
20. 20GParagraph 20B(b) requires an entity to assess whether it qualifies for the temporary exemption from IFRS 9 at its annual reporting date that immediately precedes 1 April 2016. After that date: Repealed
21. 20HFor the purposes of applying paragraph 20G, a change in an entity's activities is a change that: Repealed
22. 20IA change in an entity's activities, as described in paragraph 20H, is expected to be very infrequent. The following are not changes in an entity's activities for the purposes of applying paragraph 20G: Repealed
23. 20JDivision 20J Repealed
24. 20KDivision 20K Repealed
25. First-time adopter Repealed
26. 20LDivision 20L Repealed
27. 20MDivision 20M Repealed
28. 20NDivision 20N Repealed
29. Temporary exemption from specific requirements in IAS 28 Repealed
30. 20OParagraphs 35–36 of IAS 28 Investments in Associates and Joint Ventures require an entity to apply uniform accounting policies when using the equity method. Nevertheless, for annual periods beginning before 1 January 2021, an entity is permitted, but not required, to retain the relevant accounting policies applied by the associate or joint venture as follows: Repealed
31. 20PWhen an entity uses the equity method to account for its investment in an associate or joint venture: Repealed
32. 20QDivision 20Q Repealed
33. Discretionary participation features in financial instruments Repealed
34. 35ADivision 35A Repealed
35. PRESENTATION Repealed
36. The overlay approach Repealed
37. 35BAn insurer is permitted, but not required, to apply the overlay approach to designated financial assets. An insurer that applies the overlay approach shall: Repealed
38. 35CAn insurer may elect to apply the overlay approach described in paragraph 35B only when it first applies IFRS 9, including when it first applies IFRS 9 after previously applying: Repealed
39. 35DAn insurer shall present the amount reclassified between profit or loss and other comprehensive income applying the overlay approach: Repealed
40. 35EA financial asset is eligible for designation for the overlay approach if, and only if, the following criteria are met: Repealed
41. 35FAn insurer may designate an eligible financial asset for the overlay approach when it elects to apply the overlay approach (see paragraph 35C). Subsequently, it may designate an eligible financial asset for the overlay approach when, and only when: Repealed
42. 35GDivision 35G Repealed
43. 35HWhen relevant, for the purposes of applying the overlay approach to a newly designated financial asset applying paragraph 35F(b): Repealed
44. 35IAn entity shall continue to apply the overlay approach to a designated financial asset until that financial asset is derecognised. However, an entity: Repealed
45. 35JDivision 35J Repealed
46. 35KDivision 35K Repealed
47. Interaction with other requirements Repealed
48. 35LDivision 35L Repealed
49. 35MDivision 35M Repealed
50. First-time adopter Repealed
51. 35NIf a first-time adopter elects to apply the overlay approach, it shall restate comparative information to reflect the overlay approach if, and only if, it restates comparative information to comply with IFRS 9 (see paragraphs E1–E2 of IFRS 1). Repealed
52. DISCLOSURE Repealed
53. Disclosures about the temporary exemption from IFRS 9 Repealed
54. 39BAn insurer that elects to apply the temporary exemption from IFRS 9 shall disclose information to enable users of financial statements: Repealed
55. 39CTo comply with paragraph 39B(a), an insurer shall disclose the fact that it is applying the temporary exemption from IFRS 9 and how the insurer concluded on the date specified in paragraph 20B(b) that it qualifies for the temporary exemption from IFRS 9, including: Repealed
56. 39DIf, applying paragraph 20G(a), an entity concludes that its activities are no longer predominantly connected with insurance, it shall disclose the following information in each reporting period before it begins to apply IFRS 9: Repealed
57. 39ETo comply with paragraph 39B(b), an insurer shall disclose the fair value at the end of the reporting period and the amount of change in the fair value during that period for the following two groups of financial assets separately: Repealed
58. 39FWhen disclosing the information in paragraph 39E, the insurer: Repealed
59. 39GTo comply with paragraph 39B(b), an insurer shall disclose information about the credit risk exposure, including significant credit risk concentrations, inherent in the financial assets described in paragraph 39E(a). At a minimum, an insurer shall disclose the following information for those financial assets at the end of the reporting period: Repealed
60. 39HDivision 39H Repealed
61. 39IDivision 39I Repealed
62. 39JIf an entity applied the temporary exemption from IFRS 9 when accounting for its investment in an associate or joint venture using the equity method (for example, see paragraph 20O(a)), the entity shall disclose the following, in addition to the information required by IFRS 12 Disclosure of Interests in Other Entities: Repealed
63. Disclosures about the overlay approach Repealed
64. 39KAn insurer that applies the overlay approach shall disclose information to enable users of financial statements to understand: Repealed
65. 39LTo comply with paragraph 39K, an insurer shall disclose: Repealed
66. 39MIf an entity applied the overlay approach when accounting for its investment in an associate or joint venture using the equity method, the entity shall disclose the following, in addition to the information required by IFRS 12: Repealed
67. EFFECTIVE DATE AND TRANSITION Repealed
68. Applying IFRS 4 with IFRS 9 Repealed
69. Temporary exemption from IFRS 9 Repealed
70. 46Division 46 Repealed
71. 47Division 47 Repealed
72. The overlay approach Repealed
73. 48Division 48 Repealed
74. 49An entity that elects to apply the overlay approach shall: Repealed