IASB Publishes Summary of October Meeting of Global Preparers Forum
IASB published a summary of the meeting of the Global Preparers Forum, along with the agenda papers and recordings. The meeting was held on October 08, 2019 at the IFRS Foundation office in London. The meeting included a session to provide an update on the interbank offered rate (IBOR) Reform project and obtain input from the members on potential accounting issues to be considered by IASB during Phase 2 of the project. The next Global Preparers Forum meeting will be held on March 05, 2020.
The Global Preparers Forum members’ comments on potential Phase 2 issues included the following:
- Agreement with the preliminary list of issues identified by technical staff
- A suggestion that issues arising when financial assets are modified be prioritized—there is less guidance on this topic in comparison to when financial liabilities are modified
- Consider the potential impact of IBOR reform on IFRS standards, other than the old and new standards on financial instruments—IAS 39 and IFRS 9
The members also noted that IASB should ascertain the availability of adequate resources to ensure that Phase 2 issues are addressed comprehensively and timely. As part of the next steps, the staff will consider feedback received from the members when it continues discussions on Phase 2 issues at future Board meetings.
Keywords: International, Banking, Securities, Accounting, IBOR, IFRS 9, Financial Instruments, Phase 2, Interest Rate Benchmarks, Global Preparers Forum, IASB
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