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AcSB Response – Interest Rate Benchmark Reform Exposure Draft

  • IFRS - AcSB Image

May 25, 2020

On May 25, 2020, the Accounting Standards Board (AcSB) responded to the IASB Exposure Draft, Interest Rate Benchmark Reform—Phase 2 (Proposed amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16).

In its response letter, the AcSB supported the relief provided by the IASB and encouraged the IASB to provide more context and guidance on how the term “economically equivalent” will be applied in practice.

While they support the proposed amendments, they think certain principles underpinning them should be clarified both in the final amendments and in the basis for conclusions. Specifically, they encourage the IASB to provide more context and guidance on how the term “economically equivalent” will be applied in practice.

They also think the IASB should clarify how the proposed reliefs will work in multi-rate jurisdictions.

Review the letter on the IASB's website.

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