IFRS® Standards

AcSB Exposure Draft – Interest Rate Benchmark Reform (Proposed amendments to IFRS 9 and IAS 39)

Summary

The Accounting Standards Board (AcSB) proposes, subject to comments received following exposure, to incorporate into Part I of the CPA Canada Handbook – Accounting, amendments to IFRS 9 Financial Instruments, and IFRS 39 Financial Instruments: Recognition and Measurement.

Staff Contact(s)

Katharine Christopoulos, CPA, CA, CPA (Illinois)

Senior Principal, Accounting Standards Board

How to reply

Respond to AcSB Exposure Draft – Interest Rate Benchmark Reform (Proposed amendments to IFRS 9 and IAS 39 by June 17, 2019 submitting a comment letter (in a Word file)

Background

The International Accounting Standards Board (IASB) recently issued an Exposure Draft, Interest Rate Benchmark Reform (Proposed amendments to IFRS 9 and IAS 39) available on the IASB website.

This Exposure Draft focuses on the issues affecting financial reporting in the period before the replacement of an existing interest rate benchmark with an alternative interest rate. More specifically, the proposed amendments to IFRS 9 and IAS 39 address concerns related to uncertainties arising from Interest Rate Benchmark Reform on the hedge accounting requirements in IFRS 9 and IAS 39.

The IASB’s Exposure Draft includes a Basis for Conclusions that is not part of this Exposure Draft. The Basis for Conclusions may provide useful information to stakeholders.