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IBOR Reform and the Effects on Financial Reporting – Phase II [Research]

Next steps:

The IASB plans to issue an Exposure Draft in the first half of 2020

Last updated:

November 2019


Recent market developments have brought into question the long-term viability of Interbank offered rates (IBORs) and the IASB is currently looking into the potential effects of financial reporting.

The first phase of the project deals with pre-replacement issues (issues affecting financial reporting in the period before the replacement of an existing interest rate benchmark). It was added to the standard-setting agenda of the IASB in December 2018 and saw the publication of an exposure draft of proposed amendments in May 2019. The IASB is currently working towards the finalization of these amendments with an additional Board meeting scheduled for August 28, 2019.

The second phase of the project deals with replacement issues (issues that might affect financial reporting when an existing interest rate benchmark is replaced). Deliberations have not begun yet and are currently expected to be taken up in Q3 2019.


Other Developments

November 2019

On November 25, 2019, the IASB staff updated the Work Plan to indicate that the Board plans to issue an Exposure Draft in the first half of 2020. 

October 2019

On October 1, 2019, the IASB® staff updated the work plan to indicate that the Board expects to issue an Exposure Draft (no date specified).

August 2019

On August 15, 2019, the International Accounting Standards Board (the Board) added the second phase of its project focused on potential financial reporting implications linked to the interest rate benchmark reform—IBOR reform.



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