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IBOR Reform – AcSB

Date recorded:

At its meeting on November 10-11, 2021, the AcSB deliberated stakeholders’ feedback on the Exposure Draft, Overall, respondents supported the proposals in the Exposure Draft. The Board re-affirmed the proposals that require: (i) discontinued hedging relationships to be reinstated when that hedging relationship is discontinued solely due to IBOR reform, and the entity would not have been permitted to discontinue that hedging relationship if these amendments had been applied; and (ii) enterprises to disclose the nature and the carrying amount of the financial instruments that are subject to IBOR reform. The AcSB recognizes the urgency of the amendments and is currently in the process of balloting. The Board plans to issue the final amendments to the CPA Canada Handbook on February 1, 2022. The amendments will apply to annual financial statements ending on or after February 1, 2022, with earlier application permitted, including in financial statements not yet authorized for issue.

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

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