The Institute of Chartered Accountants of India
(Setup by an Act of Parliament)
(Setup by an Act of Parliament)
Globally, many jurisdictions have been taking steps for replacing existing Interbank offered rates (IBORs) with some alternate benchmark rates as a result of recommendations of Financial Stability Board. In this regard, IASB identified two groups of accounting issues that could affect financial reporting due to the reform:
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Project Phase |
Amendment in IFRS by IASB |
Developments in India (Ind AS) |
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Phase 1- Pre-replacement issues Issues affecting financial reporting in the period during which there is uncertainty about contractual cash flows arising from the reform |
Sep 2019: Amendments to: - IFRS 9, Financial Instruments - IFRS 7, Financial Instruments: Disclosures - IAS 39, Financial Instruments: Recognition and Measurement |
Corresponding amendments have been notified by MCA in Ind As 109 and Ind AS 107 that are effective from April 1, 2020:
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Phase 2- Replacement issues Issues affecting financial reporting when the uncertainty about contractual cash flows is resolved and hedging relationships are affected as a result of the reform. |
Aug 2020: Amendments to provide practical expedient for particular changes to contractual cash flows and relief from specific hedge accounting requirements: IFRS 9, IFRS 7, IAS 39, IFRS 4, Insurance Contracts and IFRS 16, Leases are amended |
Corresponding amendments in Ind AS 109, Ind AS 107 and Ind AS 116 are proposed to be made effective from April 1, 2021.
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Further, comments on the abovementioned Exposure Draft may be submitted through any of the following modes:
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1 |
Electronically: |
Click on 'submit a comment letter' below (Preferred method) |
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2 |
Email: |
Comments can be sent to: commentsasb@icai.in |
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3 |
Postal: |
Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi 110 002 |
Further clarifications on this Exposure Draft may be sought by e-mail to asb@icai.in.
The Exposure Draft is open for comment until 30th November, 2020
| Due process documents |
| Exposure Draft of Interest Rate Benchmark Reform Phase 2 (Amendments to Ind AS 109 Ind AS 107 and Ind AS 116) [PDF] |