The reform of interest rate benchmarks such as interbank offered rates (IBORs) caused changes to financial reporting requirements under IFRS® Standards.
The International Accounting Standards Board (the Board) tackled the changes in two phases.
- Phase 1 amended specific hedge accounting requirements where uncertainty could arise in the run-up to transition;
- Phase 2 addressed potential financial reporting issues that may arise when IBORs are either reformed or replaced.
Our materials provide insights and guidance on both phases of reform and their potential impact on your financial statements.