In this issue, we summarise the IASB’s tentative decisions from the January 2020 meeting on phase two of its project responding to IBOR reform.
At the January Board meeting, the International Accounting Standards Board (the IASB or the Board) made further progress in phase two of its project to amend IFRS in response to the financial reporting challenges posed by the interbank offered rate (IBOR) reform. It has agreed solutions to address the majority of the remaining phase two issues associated with hedge accounting arising on transition to RFRs, along with related phase two disclosures. The Board also considered the impact of IBOR reform for other IFRSs relating to leases, insurance contracts and fair value measurement and solutions were agreed.
The IASB plans to publish an exposure draft of the phase two amendments in April 2020.