At its meeting on June 23-25, 2020, the IASB met to discuss the feedback on its Exposure Draft, Interest Rate Benchmark Reform—Phase 2. The Board tentatively decided to finalize, without substantial changes, the proposals set out in the Exposure Draft subject only to making certain clarifications. With respect to the effective date and transition, the Board tentatively decided to: (i) finalize the effective date proposed in the Exposure Draft—that is, entities would be required to apply the amendments for annual periods beginning on or after January 1, 2021, with earlier application permitted; and (ii) finalize the transition requirements proposed in the Exposure Draft with one change to the requirement for reinstating particular discontinued hedging relationships. An entity would be required to reinstate a discontinued hedging relationship if and only if: (a) the entity had discontinued that relationship solely because of changes required by interest rate benchmark reform; and (b) at the date of initial application of the amendments, that discontinued relationship still met the risk management objective on the basis of which it qualified for hedge accounting (that is the entity still pursued the risk management objective for that hedging relationship) and still met all other qualifying criteria (after taking into account the amendments). At its July 2020 meeting, the Board plans to discuss feedback on proposals on accounting for qualifying hedging relationships and groups of items, as well as any sweep issues that may arise. The Board will also discuss beginning the balloting process for the amendments.