03/08/2020 - Save the Date - IBOR Reform - Phase 2: Do the Amendments meet the endorsement criteria in the EU?
EFRAG is organising a public outreach event on the endorsement of the IASB's Amendments on Interest Rate Benchmark Reform – Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 4, IFRS 16 and IFRS 7) on Monday 7 September 2020 from 16:00 till 17:30, CEST.
EFRAG is organising a public outreach event to collect stakeholders' views on the endorsement of the IASB's amendments on Interest Rate Benchmark Reform – Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 4, IFRS 16 and IFRS 7) on Monday 7 September 2020 from 16:00 till 17:30, CEST.
On 23 July 2020, the IASB has completed its deliberations on the so-called replacement issues that arise on transition from IBOR to alternative benchmark rates.
The Amendments are needed to avoid the discontinuation of hedge accounting relationships solely due to the impacts of the Interest Rate Benchmark Reform, to properly account for modifications of financial instruments and lease contracts and to deal with the implications on hedge accounting arising from the reform.
Given the urgency of the matter, both the IASB and EFRAG have substantially reduced their consultation periods and are following a fast track due process.
In order to receive sufficient and timely input from our stakeholders, EFRAG will be issuing a Draft Endorsement Advice (DEA) shortly after the IASB will have issued the forthcoming final amendments.
The DEA will be open for comments only until 7 September 2020; interested stakeholders are invited to submit their responses in time.
Therefore, to help obtain stakeholder input on the Endorsement Advice, a public outreach will be held on Monday 7 September from 16:00 till 17:30 CEST.
The input received from the outreach together with the comment letters received will be used as the formal outcome of the public consultation, for the purposes of developing the EFRAG Final Endorsement Advice.
To participate in the event please register here.