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  • IASB issued exposure draft on interest rate benchmark reform (‘IBOR – phase 2’)

IASB issued exposure draft on interest rate benchmark reform (‘IBOR – phase 2’)

09 April 2020

The IASB has issued Exposure Draft 2020/1 – Interest Rate Benchmark Reform – Phase 2, Proposed amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16. The exposure draft has a comment period ending on 25 May 2020.

The Exposure draft considers the effects of interest rate benchmark reform on financial reporting. The IASB had previously issued amendments to IFRS to deal with some of these consequences (‘IBOR – phase 1’). This new exposure draft proposed amendments relating to:

  • Modifications of financial instruments;
  • Hedge accounting; and
  • Disclosures.

The amendments are intended to provide relief from the outcomes that would been created due to interest rate benchmark reform if IFRS standards had not been amended.

The exposure draft may be accessed here.