{
  "url": "https://openlegislation.uk/eu-regulation-2020-2097",
  "json_url": "https://openlegislation.uk/eu-regulation-2020-2097.json",
  "id": "eur/2020/2097",
  "title": "Commission Regulation (EU) 2020/2097 of 15 December 2020 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)",
  "short_title": "Regulation (EU) 2020/2097 amending Regulation (EC) No 1126/2008 adopting certain international accounting…",
  "long_title": "Commission Regulation (EU) 2020/2097 of 15 December 2020 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)",
  "citation": "EU Regulation 2020/2097",
  "type": "eur",
  "year": "2020",
  "number": "2097",
  "version": "current",
  "date": "2020-12-15",
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  "provisions": [
    {
      "path": "introduction",
      "kind": "introduction",
      "number": null,
      "heading": "Introductory text",
      "url": "https://openlegislation.uk/eu-regulation-2020-2097/introduction",
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    },
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    {
      "path": "article/3",
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      "status": null,
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    },
    {
      "path": "annex",
      "kind": "annex",
      "number": null,
      "heading": "Extension of the Temporary Exemption from Applying IFRS 9",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/division/1",
      "kind": "division",
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      "heading": "Amendments to IFRS 4 Insurance Contracts",
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      "extent": "E+W+S+N.I.",
      "status": null,
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    },
    {
      "path": "annex/division/2",
      "kind": "division",
      "number": null,
      "heading": "Temporary exemption from IFRS 9",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex"
    },
    {
      "path": "annex/division/2/division/20A",
      "kind": "division",
      "number": "20A",
      "heading": "IFRS 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 2023. An insurer that applies the temporary exemption from IFRS 9 shall:",
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      "status": null,
      "parent": "annex/division/2"
    },
    {
      "path": "annex/division/2/division/20J",
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      "number": "20J",
      "heading": "If an entity no longer qualifies for the temporary exemption from IFRS 9 as a result of a reassessment (see paragraph 20G(a)), then the entity is permitted to continue to apply the temporary exemption from IFRS 9 only until the end of the annual period that began immediately after that reassessment. Nevertheless, the entity must apply IFRS 9 for annual periods beginning on or after 1 January 2023. For example, if an entity determines that it no longer qualifies for the temporary exemption from IFRS 9 applying paragraph 20G(a) on 31 December 2018 (the end of its annual period), then the entity is permitted to continue to apply the temporary exemption from IFRS 9 only until 31 December 2019.",
      "url": "https://openlegislation.uk/eu-regulation-2020-2097/annex/division-2/division-20J",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/2"
    },
    {
      "path": "annex/division/3",
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      "heading": "Temporary exemption from specific requirements in IAS 28",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex"
    },
    {
      "path": "annex/division/3/division/20O",
      "kind": "division",
      "number": "20O",
      "heading": "Paragraphs 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 2023, an entity is permitted, but not required, to retain the relevant accounting policies applied by the associate or joint venture as follows:",
      "url": "https://openlegislation.uk/eu-regulation-2020-2097/annex/division-3/division-20O",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/3"
    }
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    "retrieved_at": "2026-11-01T14:42:12.525124+00:00"
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  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}