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EFRAG draft comment letter on proposed amendments to the interest rate benchmark reform

  • EFRAG (European Financial Reporting Advisory Group) (dk green) Image

13 May 2019

The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB exposure draft ED/2019/1 'Interest Rate Benchmark Reform (proposed amendments to IFRS 9 and IAS 39)'.

EFRAG ​welcomes the IASB’s proposals to provide relief on hedge accounting requirements and to split the work in two phases. As stated in the draft comment letter, the ‘EFRAG supports the proposals for providing relief on hedge accounting requirements in these periods until the uncertainty ceases to exist regarding how the reform of IBOR rates will affect the cash flows of the hedged item and of hedging instrument because the details of the replacement of interest rate benchmarks are unknown’. In addition, the EFRAG believes that the second phase related to replacement issues should be addressed as soon as possible.

Comments on EFRAG's draft comment letter are requested by 31 May 2019. For more in­for­ma­tion, see the press release and the draft comment letter on the EFRAG website.

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