AcSB response – Interest rate benchmark reform exposure draft
Jun 17, 2019
On June 17, 2019, the Accounting Standards Board (AcSB) responded to the IASB’s Exposure Draft, Interest Rate Benchmark Reform (Proposed amendments to IFRS 9 and IAS 39).
The AcSB supports the IASB’s decision to provide relief to the forward-looking aspect of the hedged accounting requirements in the first phase of this project.
However, the AcSB thinks some of the project issues in Phase 2, such as the retrospective assessment and the recycling of the accumulated other comprehensive income balance, are closely related to the issues in the first phase and should be addressed as soon as possible.
Review the press release and response on the AcSB's website.
