On 10 March 2015, Insurance Europe published a joint letter from it and the European Insurance CFO Forum to the European Financial Reporting Advisory Group (EFRAG).  The letter highlights concerns over the differing likely implementation timelines for (a) the International Financial Reporting Standards (IFRS) 9 for financial instruments and (b) IFRS 4 Phase II for insurance contracts.  The letter states that IFRS 4 Phase II will not be ready by the implementation date for IFRS 9 in January 2018. The letter comments that, where insurers are required to use IFRS 9 before IFRS 4 Phase II is implemented, this will cause confusion and greater costs for insurers. The letter recommends that a solution is found to align the relevant implementation dates.