IASB release extra update for August

Released 29 August 2019

The International Accounting Standards Board (IASB) met on Wednesday 28th August in the International Financial Reporting Foundation (IFRS Foundation) headquarters in London. This is an unusual move, as the IASB does not usually hold board meetings in August.

The only topic on the agenda was interest rate benchmark reform, and discussed the issues that were raised while the board reviewed the feedback on the exposure draft ED/2019/1 Interest Rate Benchmark Reform (Proposed amendments to IFRS 9 and IAS 39)which was released in May 2019.

The board tentatively agreed 5 actions, but it was agreed that neither IFRS 9 Financial Instruments nor IAS 39 Financial Instruments: Recognition and Measurement should be re-exposed.

Details of the meeting can be found on the update can be found on the IASB website, and a podcast has also been released which recaps the project and discusses the decisions of the board.

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