IASB Consultation on interest rate benchmark reform
Tier 1 and Tier 2
The International Accounting Standards Board (IASB) has recently issued for comment an Exposure Draft (ED) that seeks to address potential effects that interest rate benchmark reform could have on financial reporting.
This ED proposes changes to IFRS 9 Financial Instruments and IAS 39 Financial Instruments: Recognition and Measurement in light of the reform of interest rate benchmarks, such as interbank offer rates (IBORs).
These proposals seek to provide relief from specific hedge accounting requirements that could have resulted in the discontinuation of hedge accounting solely due to the uncertainty arising from interest rate benchmark reform.
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