UK adoption of Amendments for IBOR Phase 2 and Amendments to IFRS 4

Released 06 January 2021

The Financial Reporting Council (FRC) has reported on the UK’s adoption of Amendments for IBOR Phase 2 and Amendments to IFRS 4.

The IBOR Phase 2 Amendments focus on the effects on financial statements when an entity replaces the old interest rate benchmark with an alternative benchmark rate as a consequence of the global regulatory reform of key interbank offered rates (IBORs). The Amendments are effective for annual periods beginning on or after 1 January 2021, with early application permitted.

The Amendments to IFRS 4 extend the expiry date of the temporary exemption from applying IFRS 9 Financial Instruments from 1 January 2021 to 1 January 2023, to align the effective dates of IFRS 9 with IFRS 17 Insurance Contracts for entities within the scope of the exemption.

Further information, including links to the Amendments, can be found at https://www.frc.org.uk/news/january-2021-(1)/uk-adoption-of-amendments-for-ibor-phase-2-and-ame.

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