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Items tagged with "LIBOR"

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LIBOR Update to IFRS Taxonomy Proposed

Following the recent update to the IFRS standards in advance of the transition away from discredited interest rate benchmarks such as LIBOR, the IASB have proposed corresponding updates to the IFRS Taxonomy 2019. The Proposed IFRS Taxonomy updates include new elements that reflect the disclosure requirements introduced by the recent amendments to IFRS 9, IAS 39 and […]

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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 […]

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FASB Proposes Update to Ease LIBOR Transition

With global markets expected to move away from discredited interbank offered rates such as LIBOR by 2022, the Financial Accounting Standards Board (FASB) have issued a proposed Accounting Standards Update (ASU). The update is designed to provide temporary and optional accounting relief that should ease the extra burden associated with accounting for contracts affected by […]

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BoE: PRA Proposal on EBA Taxonomy 2.9

IASB Update: Interest Rate Benchmark Reform

With the 2021 switch away from widely discredited interest rate benchmarks such as LIBOR, the mechanics of that transition was again on the agenda for the IASB this summer. Earlier this year IASB proposed changes to IFRS financial instruments standards IAS 39 and IFRS 9 that will allow hedge accounting to continue during the IBOR reforms. […]

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PRA Outline Best Practice in Transition from LIBOR

The UK’s Prudential Regulation Authority (PRA) have issued a document of key findings, good practice and next steps for transition from the London InterBank Offered Rate (LIBOR) to risk-free rates (RFR) for firms to consider when planning their own transition. After a series of manipulation scandals, the once-dominant LIBOR benchmark is being abandoned, with the […]

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