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On April 9, 2020, the International Accounting Standards Board (IASB) issued the Exposure Draft (ED) Interest Rate Benchmark Reform - Phase 2 proposing amendments to IFRS 9
Financial Instruments (IFRS 9), IAS 39
Financial Instruments: Recognition and Measurement (IAS 39), IFRS 7
Financial Instruments: Disclosures (IFRS 7), IFRS 4
Insurance Contracts (IFRS 4) and IFRS 16
Leases (IFRS 16), with a comment period ending on May 25, 2020. The ED represents the second phase of the IASB project addressing the impacts of the
Interest Rate Benchmark Reform on financial reporting when an existing interest rate benchmark (i.e., IBOR) is replaced with an alternative benchmark interest rate. Specifically, the ED discusses the following:
The proposed amendments will enable entities to reflect the effects from transitioning from IBOR to alternative benchmark rates without giving rise to accounting impacts that would not provide useful information to users of financial statements.
The ED proposes an effective date of January 1, 2021 and permits earlier application. It also requires retrospective application in accordance with IAS 8
Accounting Policies, Changes in Accounting Estimates and Errors except for the restatement of prior periods which would only be permissible if, and only if, it is possible without the use of hindsight.
The full history of this IASB project, including related supporting materials, can be accessed
For more information on the financial reporting library, contact a local
MNP Assurance Professional, or
Jody MacKenzie, Director, Assurance Professional Standards.
This communication contains a general overview of the topic and is current as of May 11, 2020. The application of the principles addressed will depend upon the particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions you take about the application or not of any of the information presented be made in consultation with a qualified professional who can address any variance that may be required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2020. All rights reserved.
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