IFRS Taxonomy updated for IBOR Amendments

Posted on January 8, 2021 by Editor

Late last year, following an accelerated amendment process, the International Accounting Standards Board (IASB) issued a package of amendments to the IFRS Standards designed to help ease the ongoing Inter-Bank Offered Rates (IBOR) transition.

The amendments should ensure that investors and regulators have sufficient, useful information about the effects of the reform on entities. Recently, the IASB finalised updates to the IFRS Taxonomy that reflect the Interest Rate Benchmark Reform – Phase 2 amendment.

The new IFRS Taxonomy 2020—Update 2 Interest Rate Benchmark Reform—Phase 2 and accompanying updated XBRL taxonomy are now available on the IFRS website.

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