Division Temporary exemption from IFRS 9F1

United Kingdom Repealed

1. 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:
2. 20BAn insurer may apply the temporary exemption from IFRS 9 if, and only if:
3. 20CDivision 20C
4. 20DAn insurer's activities are predominantly connected with insurance if, and only if:
5. 20EFor the purposes of applying paragraph 20D(b), liabilities connected with insurance comprise:
6. 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:
7. 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:
8. 20HFor the purposes of applying paragraph 20G, a change in an entity's activities is a change that:
9. 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:
10. 20JDivision 20J
11. 20KDivision 20K
12. First-time adopter
13. Temporary exemption from specific requirements in IAS 28
14. Discretionary participation features in financial instruments