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Version date: 27 August 2020 - onwards
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Temporary exception arising from interest rate benchmark reform (paras. BC267A-BC267J)

BC267A In April 2020 the Board published the Exposure Draft Interest Rate Benchmark Reform-Phase 2 (2020 Exposure Draft), which proposed amendments to specific requirements in IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 to address issues that might affect financial reporting during the reform of an interest rate benchmark, including the replacement of an interest rate benchmark with an alternative benchmark rate. The term ‘interest rate benchmark reform’ refers to the market-wide reform of an interest rate benchmark as described in paragraph 6.8.2 of IFRS 9 (the reform). The Board issued the final amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 in August 2020 (Phase 2 amendments). Paragraphs BC5.287-BC5.293 of the Basis for Conclusions on IFRS 9 and paragraphs BC289-BC295 of the Basis for Conclusions on IAS 39 discuss the background to these amendments.

BC267B In developing the Phase 2 amendments, the Board also considered the potential effects of the reform on the financia

Comparing proposed amendment...