Superseded by IFRS 17: Insurance Contracts, para. C34, May 2017, for annual periods beginning on or after 1 January 2023. Earlier application is permitted, see App. C.
BC228 In July 2014, the Board issued the completed version of IFRS 9. IFRS 9 sets out the requirements for recognising and measuring financial instruments. It replaces IAS 39 and is effective for annual periods beginning on or after 1 January 2018 with early application permitted.
BC229 In late 2015, the Board was at an advanced stage in its project to replace IFRS 4 with a new Standard for insurance contracts but noted that the effective date of that replacement will be after the effective date of IFRS 9. Both IFRS 9 and the forthcoming insurance contracts Standard are expected to result in major accounting changes for most insurers.[All references in paragraphs BC228–BC299 to an insurer shall be read as also referring to an issuer of a financial instrument that contains a discretionary participation feature.] Some
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