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IBOR reform - the finalization of phase 1
In August, the IASB confirmed the phase one amendments to IFRS 9 and IAS 39 proposed in its May 2019 ED on Interest Rate Benchmark Reform.
The IASB has confirmed the amendments to IFRS 9 Financial Instruments and IAS 39 Financial Instruments: Classification and Measurement as proposed in its May 2019 Exposure Draft on Interest Rate Benchmark Reform. It has agreed to provide relief for the IAS 39 retrospective effectiveness assessment. It has also agreed to address/clarify two issues that arise in hedges of groups of items, to extend the relief to certain foreign currency hedges and to simplify the disclosure requirements.