Superseded by IFRS 17: Insurance Contracts, para.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.
BC293 The temporary exemption from IFRS 9 will be more costly for preparers than just applying IAS 39 because of the additional disclosures required. However, the Board does not consider those costs to be unduly onerous because those disclosures do not require the insurer to apply IFRS 9 in its entirety, and in particular, do not require the application of the expected credit loss model in IFRS 9.
BC294 IAS 39 already requires insurers to disclose fair value information for financial assets eligible for designation under the overlay approach and that is the only additional information needed to apply that approach. However, the overlay approach will be more costly than applying:
(a) only IFRS 9, because an insurer will need to decide which financial assets to designate and will then need to continue to track and measur
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