IASB to hold additional meeting on IBOR report

Released 20 August 2019

A meeting will be held at the International Financial Reporting Standards Foundation (IFRS Foundation) on Wednesday 28th August 2019 to further discuss the IBOR reforms.

Ahead of the meeting, staff papers have been released regarding ‘redeliberation of proposed amendments to IFRS 9 and IAS 39. In this paper the following recommendations were considered:

IAS 39 to be amended to provide an exception to retrospective assessment;

for 'macro hedges' under either IFRS 9 or IAS 39, entities should assess whether a non-contractually specified risk component is separately identifiable only when the hedge is designated as such;

final amendments should clarify the end of the application requirement proposed in the exposure draft;

scope of exceptions should be clarified so that these only apply to hedging relationships that are directly affected by uncertainties about timing and/or amount of interest rate benchmark-based cash flows of the hedged item or instrument; and

reduction to the disclosure requirements proposed in the exposure draft.

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