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.