EFRAG endorsement status report - Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform – Phase 2 now reflected
15 January 2021
A Commission Regulation endorsing amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform – Phase 2 ('The Amendments') has been published by the European Union. The Amendments are effective for annual periods beginning on or after 1 January 2021 with earlier adoption allowed.
The amendments address issues that might affect financial reporting when changes are made to contractual cash flows or hedging relationships, as a result of the transition from an IBOR benchmark rate to alternative benchmark rates.
The report may be accessed here.