Pre-meeting summary for the additional IASB meeting on IBOR

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21 Aug, 2019

The IASB, which normally does not meet in August, will hold an additional meeting on 28 August to discuss feedback received on ED/2019/1 'Interest Rate Benchmark Reform (Proposed amendments to IFRS 9 and IAS 39)'. We have posted our pre-meeting summary of the two papers to be discussed where we point out the main issues to be discussed by the IASB and the staff recommendations.

The staff are recommending that the amendments include an exception to the requirement in IAS 39 for retrospective assessment when a hedge is temporarily outside the 80–125% range solely due to uncertainties arising from the reform;  provide relief from the separately identifiable requirement for ‘macro hedges’; clarify when the relief ceases to apply to a group of items designated as the hedged item; clarify that the amendments would apply to hedges of both interest rate and foreign currency risks; and simplify the disclosure requirements.

Our detailed pre-meeting summary is available on our August meeting notes page and will be supplemented with our popular meeting notes after the Meeting.

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