(5)The adoption of international accounting standards by the Commission has to be done in a timely manner so as not to undermine investor understanding and confidence. Nevertheless, while endorsing IFRS 9, the need for an optional deferral of its application for the insurance sector is recognised. The IASB has undertaken an initiative to address this issue and is expected to submit a proposal in order to secure a single internationally recognised solution. However, in the case that the provisions adopted by the IASB by 31 July 2016 are not considered satisfactory, the Commission intends to give an option to the insurance sector not to apply IFRS 9 for a limited period of time.