European Commission 22 November 2016, Commission Regulation (EU) 2016/2067 of 22 November 2016 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard 9 (Text with EEA relevance )

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Commission Regulation (EU) 2016/2067 adopts International Financial Reporting Standard (IFRS) 9 into Union law to improve the reporting of financial instruments through a forward-looking expected loss model. The regulation amends Regulation (EC) No 1126/2008, establishing principles for the classification, measurement, and derecognition of financial assets and liabilities while providing specific rules for hedge accounting and impairment. These provisions apply to annual periods beginning on or after 1 January 2018, with limited options for early application or deferral for the insurance sector.AI