BC275 The forthcoming insurance contract Standard will replace IFRS 4 and therefore, the temporary exemption from IFRS 9 will no longer exist when the insurer first applies that forthcoming Standard. However, the Board decided that, even if the forthcoming insurance contract Standard is not effective by 1 January 2021, all insurers must apply IFRS 9 for annual periods beginning on or after 1 January 2021. [Fixed expiry date for the temporary exemption In June 2020, the Board extended the expiry date for the temporary exemption from IFRS 9 to annual periods beginning on or after 1 January 2023 (see paragraphs BC277A-BC277C).]