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17 Oct. 2019

Amendments to AASB 7, AASB 9 and AASB 139 – Interest Rate Benchmark Reform

The AASB issued AASB 2019-3 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform, which amends some specific hedge accounting requirements to provide relief from potential effects of the uncertainty caused by the interest rate benchmark reform.

In addition, the amendments require companies to provide additional information to investors about their hedging relationships which are directly affected by these uncertainties.

These amendments address the accounting effects of uncertainty in the period leading up to the reform. The International Accounting Standards Board (IASB) has also started work on Phase 2 of it’s IBOR Reform project, which will consider the potential consequences on financial reporting from the replacement of an existing benchmark with an alternative. The AASB is closely monitoring and contributing to this project were necessary.