BC166 The IFRS does not address financial or non‑financial assets held by insurers to back insurance contracts. [IFRS 9 applies to an insurer’s financial assets, including financial assets held to back insurance contracts. In September 2016, the Board issued Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Amendments to IFRS 4) to address concerns arising from the different effective dates of IFRS 9 and the forthcoming insurance contracts Standard. Those amendments include a temporary exemption from IFRS 9 for insurers that meet specified criteria and an option for insurers to apply the overlay approach to designated financial assets.] IAS 39 identifies four categories of financial asset, with three different accounting treatments. In developing IAS 39, the Board’s predecessor (IASC) acknowledged that most countries had a mixed measurement model, measuring some financial assets at amortised cost and others at fair value. IASC decided to retain, but regulate and structure, the different approaches as follows: