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IBOR reform – IASB publishes final phase 2 amendments
In this video, we provide an overview of the final amendments in phase 2 of the IASB’s project to amend IFRS in response to IBOR reform.
The IASB published Interest Rate Benchmark Reform – Phase 2, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 in August 2020 to address the accounting issues that arise when financial instruments are modified from referencing an Interbank Offered Rate (or IBOR), to reference a nearly risk free interest rate. Tony Clifford and David Bradbery describe the reliefs provided, the additional disclosures and the transition requirements.