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17/01/2020 - EFRAG Endorsement Status Report - Update

​The endorsement by the European Commission of Interest Rate Benchmark Reform: Amendments to IFRS 9, IAS 39 and IFRS 7 is now reflected in the Endorsement Status Report.


The European Union has published a Commission Regulation endorsing Interest Rate Benchmark Reform: Amendments to IFRS 9, IAS 39 and IFRS 7 (the Amendments). The Amendments are effective for annual periods beginning on or after 1 January 2020 with earlier application permitted.

The Amendments relate to the issues affecting financial reporting in the periods before replacement of an existing interest rate benchmark with an alternative interest rate.

The Amendments provide relief from the highly probable and prospective assessments required by IFRS 9 and IAS 39 for hedging relationships that are affected by the uncertainties of the IBOR reform. With the same objective, the Amendments provide relief from the retrospective assessment under IAS 39. The exceptions described in the Amendments apply only to those hedging relationships directly affected by uncertainties of the IBOR reform including cross-currency interest rate swaps (for the interest component affected).

Link to the publication in the Official Journal of the European Union: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2020.012.01.0005.01.ENG&toc=OJ:L:2020:012:TOC

The updated EFRAG Endorsement Status Report can be downloaded below and under the menu 'Endorsement Status'