IFRS 2020
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Book Publish Date
06-Apr-2021
the most important amendments in the 2020 version which include:
• The main change made since January 1, 2019 is Interest Rate Benchmark Reform which amends IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: Disclosures.
• Interest Rate Benchmark Reform amends IFRS 9, IFRS 7 and IAS 39 and is effective from January 1, 2020.
The amendments modify some specific hedge accounting requirements to provide relief from potential effects of the uncertainty caused by the reform of benchmark interest rates, such as interbank offer rates (IBORs). In addition, the amendments require an entity to provide additional information to investors about its hedging relationships which are directly affected by any such uncertainty.