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IFRS Taxonomy Update (Interest Rate Benchmark Reform – Phase 2) [Completed]

Effective date:

The amendments apply to annual periods beginning on or after January 1, 2021. Earlier application of the amendments, and therefore earlier use of the new IFRS Taxonomy elements, is permitted.

Last up­dated:

December 2020

 

Overview

When the International Accounting Standards Board (Board) issues new IFRS Standards or amendments to existing IFRS Standards, it also updates the IFRS Taxonomy to reflect new or amended presentation and disclosure requirements. These updates ensure that the IFRS Taxonomy accurately reflects IFRS Standards.

In December 2020, the International Accounting Standards Board (Board) issued IFRS Taxonomy 2020—Update 2 Interest Rate Benchmark Reform—Phase 2. This Update includes IFRS Taxonomy elements to reflect the new disclosure requirements introduced by Interest Rate Benchmark Reform—Phase 2, which amended IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, issued by the Board in August 2020.

 

Other developments

December 2020

On December 17, 2020, the IFRS Foundation published IFRS Taxonomy 2020 — Update 2 Interest Rate Benchmark Reform — Phase 2. This Taxonomy update includes elements to reflect the amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4, and IFRS 16 introduced by Interest Rate Benchmark Reform — Phase 2 issued in August 2020.

October 2020

On October 30, 2020, IASB staff updated the Work Plan to indicate that the Board plans to issue the IFRS Taxonomy Update in December 2020.  

August 2020

On August 28, 2020, IASB staff up­dated the Work Plan to in­di­cate that the Board plans to re­view the Pro­posed Up­date feed­back in October 2020.

On August 27, 2020, the IFRS Foun­da­tion pub­lished a Pro­posed Tax­on­omy Up­date, “Interest Rate Benchmark Reform – Phase 2”'. Comments are requested by September 28, 2020.

 

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.