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European Union formally adopts IBOR 2 amendments

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14 Jan 2021

The European Union has published a Commission Regulation endorsing 'Interest Rate Benchmark Reform — Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)'.

The amendments address issues that might affect financial reporting after the reform of an interest rate benchmark, including its replacement with alternative benchmark rates.

The Commission Regulation amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council was published in the Official Journal of the European Union on 14 January 2021.

EFRAG has updated its endorsement status report to reflect that the European Union has adopted the amendments.

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