BC4.124 When the IASB issued IFRS 9 in 2009, it acknowledged the difficulties that might be created by differences in timing between the classification and measurement phase of the project to replace IAS 39 and the Insurance Contracts project. The IASB consistently stated that the interaction between IFRS 9 and the Insurance Contracts project would be considered once the IASB’s insurance contracts model had been developed sufficiently.

BC4.125 In addition, after IFRS 9 was issued in 2009, the IASB received feedback from interested parties in various jurisdictions that had chosen to apply IFRS 9 early or who had reviewed IFRS 9 in detail in preparation for application. Some asked questions or raised application issues related to the requirements for classifying and measuring financial assets.

BC4.126 Finally, when the IASB was developing the first requirements of IFRS 9, its priority was to make improvements to the accounting for financial instruments available quickly. Consequently, the IASB issued the classification and measurement requirements for financial assets in IFRS 9 in 2009 while the FASB was still developing its classification and measurement model. However, the boards remained committed to trying to achieve increased comparability internationally in the accounting for financial instruments.

BC4.127 Accordingly, in November 2011 the IASB decided to consider making limited amendments to IFRS 9 with the following objectives:

(a) consider the interaction between the classification and measurement of financial assets and the accounting for insurance contract liabilities;