Division The overlay approachF1

United Kingdom Repealed

1. 35BAn insurer is permitted, but not required, to apply the overlay approach to designated financial assets. An insurer that applies the overlay approach shall:
2. 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:
3. 35DAn insurer shall present the amount reclassified between profit or loss and other comprehensive income applying the overlay approach:
4. 35EA financial asset is eligible for designation for the overlay approach if, and only if, the following criteria are met:
5. 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:
6. 35GDivision 35G
7. 35HWhen relevant, for the purposes of applying the overlay approach to a newly designated financial asset applying paragraph 35F(b):
8. 35IAn entity shall continue to apply the overlay approach to a designated financial asset until that financial asset is derecognised. However, an entity:
9. 35JDivision 35J
10. 35KDivision 35K
11. Interaction with other requirements