BC3.32 IFRS 9 sets out the requirements for the derecognition of financial liabilities. IFRS 17 Insurance Contracts amended those derecognition requirements in IFRS 9 by permitting an exemption when an entity repurchases its financial liability in specific circumstances. The Board’s considerations in providing that exemption are set out in paragraph BC65(c) of the Basis for Conclusions on IFRS 17.