On 17 February 2014, Insurance Europe issued a press release calling on the International Accounting Standards Board (IASB) to ensure that the international standard for accounting for financial instruments (IFRS 9) is consistent with the standard proposed for insurance contracts (IFRS 4 Phase II). Insurance Europe seeks amendment of certain proposed aspects of IFRS 9, including a restriction on 'recycling' (re-categorisation of certain assets/liabilities in their financial statements from time to time). Insurance Europe views this restriction as inconsistent with the nature of insurance liability and, therefore, as not providing a true representation of an insurers performance.
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