IFRS Standards Amended in Response to IBOR
After an accelerated response period, the IASB have finalised the proposed changes to the IFRS standards in advance of the move away from discredited interest rate benchmarks such as LIBOR.
The changes amend some of the requirements for hedge accounting to ensure companies can still report useful information during the period of uncertainty caused by the phasing out of interest-rate benchmarks such as Interbank Offered Rates (IBORs). The amendments also require companies to provide additional information to investors about their affected hedging relationships.
The amendments come into effect on 1 January 2020 but companies may choose to apply them earlier.
Read more and access the amendments here.