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IFRS® Accounting Standards

Interest Rate Benchmark Reform (Proposed amendments to IFRS 9 and IAS 39)


The Accounting Standards Board (AcSB) has issued its Exposure Draft that corresponds to the International Accounting Board’s (IASB) Exposure Draft on this topic.

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 AcSB’s due process includes:

  • ensuring that Canadian entities’ financial reporting needs are considered by the IASB; and
  • issuing the AcSB’s own exposure draft on each IASB proposal.

Subject to the responses to the AcSB’s Exposure Draft on whether the IASB’s proposals are appropriate for application in Canada, the AcSB expects that the amendments will be incorporated into Canadian GAAP in accordance with the AcSB’s strategy of adopting IFRS Standards for publicly accountable enterprises.

Staff Contact(s)

Sean Wang, CPA, CA, CFA Principal, Accounting Standards Board

Project Status

  • Information gathering

    Completed prior to June 2018

  • Approving project

    The IASB added the project to its research agenda in June 2018

  • Consulting stakeholders

    IASB Exposure Draft issued in May 2019

    AcSB Exposure Draft issued in May 2019

    The AcSB consulted with our IFRS® Discussion Group and the Canadian Banking Association in May 2019

  • Deliberating feedback

    The IASB and the AcSB are deliberating comments on their Exposure Drafts

  • Final pronouncement

Read the AcSB’s response letter to the IASB's Exposure Draft, "Interest Rate Benchmark Reform (Proposed amendments to IFRS 9 and IAS 39)"


This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal ballot process.