Superseded by IFRS 17: Insurance Contracts, para.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.
BC285 The Amendments to IFRS 4 would affect only those insurers that have not applied IFRS 9 (other than the requirements for the presentation of gains and losses on financial liabilities designated as at FVPL). Accordingly, non-insurers, or insurers that have already applied IFRS 9, will not be affected by the changes.
BC286 The Amendments to IFRS 4 introduce the overlay approach - the option to reclassify between profit or loss an amount equal to the incremental effect on profit or loss of applying IFRS 9 to designated financial assets until the insurer applies the forthcoming insurance contracts Standard. That approach will affect the financial statements as follows:
(a) the overlay approach will change the reported profit or loss and total OCI. However, the overlay approach will not change the carrying amounts repo
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