IASB to Publish Phase 2 Benchmark Reform Taxonomy Update in December
IASB published an updated work plan and a summary of its October meeting, which presents preliminary decisions of the Board. The Board discussed next steps on proposed updates to the IFRS Taxonomy to reflect phase 2 of interest rate benchmark reform, amendments to IFRS 17 on insurance contracts, and extension of the temporary exemption from applying IFRS 9 on financial instruments. The Board expects to publish the IFRS Taxonomy Update for phase 2 of the interest rate benchmark reform in December 2020 and to publish the remaining updates as part of the annual IFRS Taxonomy in the first quarter of 2021.
At its meeting, the Board also decided to begin the post-implementation review of the IFRS 9 classification and measurement requirements, but not to begin the post-implementation review of the impairment and hedge accounting requirements of IFRS 9. As a next step, the Board will discuss a project plan for the post-implementation review of the IFRS 9 classification and measurement requirements and whether the timing of the post-implementation review of impairment and hedge accounting requirements should be considered as part of the 2020 Agenda Consultation at a future Board meeting.
Keywords: International, Accounting, Banking, Insurance, Securities, Interest Rate Benchmark, IFRS 17, IFRS 9, Hedging, Insurance Contracts, Financial Instruments, IFRS Taxonomy, IASB
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