IBOR Reform – AcSB

Date recorded:

At its meeting on July 21-22, 2021, the AcSB discussed the proposals to include in the Exposure Draft to amend Section 3856, Financial Instruments. The amendment would provide relief from the accounting requirements in Section 3856 associated with debt modifications and hedge accounting resulting from IBOR reform. The AcSB expects to issue the Exposure Draft in September 2021, with a 30-day comment period ending in October 2021. The Board plans to incorporate the amendments into Part II of the CPA Canada Handbook – Accounting in February 2022 so that the amendments are available for an enterprise’s 2021 year-end financial statements.

Review the Executive Summary on the AcSB's Web site.

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