IASB has published Interest Rate Benchmark Reform Phase 2

The International Accounting Standards Board (IASB) has published Interest Rate Benchmark Reform Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16), finalising its response to the ongoing reform of interest rate benchmarks around the world. The amendments aim to assist reporting entities to provide investors with useful information about the effects of the reform on their financial statements.

The main amendments in this final stage can be summarised as follows:

• Changes to contractual cash flows
• Hedge accounting requirements
• Disclosures

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Effective date and transition

The amendments are effective for annual periods beginning on or after 1 January 2021, with earlier application permitted. They should be applied retrospectively, and restatement of prior periods is not required, however entities can restate prior periods, if it is possible without the use of hindsight.

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