FEE has provided input to European Financial Reporting Advisory Group (EFRAG)’s draft letter to further inform the European Commission on the endorsement of the International Financial Reporting Standard (IFRS) for financial instruments (IFRS 9) in the EU. We reiterated our support for a swift endorsement and for an international (as opposed to a European) solution for the issues insurance companies face because IFRS 9 and the future standard on insurance contracts will take effect on different dates. It is important to resolve any uncertainty surrounding the endorsement process, so the financial services industry can start implementing these new requirements.
For more in-depth FEE views see our letter:
FEE comments on the Letter from EFRAG to the European Commission on further information related to the endorsement of IFRS 9
FEE comment Letter to EFRAG on the Draft Endorsement Advice on IFRS 9 (June 2015)
EFRAG’ s draft letter to the European Commission
IASB website on IFRS 9 Financial Instruments
IASB website on IFRS 4 Insurance Contracts