On Dec. 5, RUS GVT declared IFRS 4 on insurance contracts invalid.
RUS GVT issued order 127n on IFRS 4 insurance contracts in the Russian Federation.
Summary
In line with para 8 and 24 of reg of recognition of IFRS and interpretations of IFRS it is ordered to terminate the effect in the territory of the Russian Federation of IFRS 4.
IFRS 4 was introduced by order 217n on the introduction of IFRS and IFRS into force in the territory of the Russian Federation and on the recognition of certain orders.
Subpara 32 of para 1 on IFRS 4 Insurance Contracts of order 217 is declared invalid.
