This IASB Update highlights preliminary decisions of the International Accounting Standards Board (Board). The Board's final decisions on IFRS® Standards, Amendments and IFRIC® Interpretations are formally balloted as set forth in the Due Process Handbook of the IFRS Foundation and the IFRS Interpretation Committee.
The Board met on Wednesday 28 August 2019 at the IFRS Foundation's offices in London.
The topic was Interest Rate Benchmark Reform.
The Board met on 28 August 2019 to discuss issues identified while reviewing the feedback on the Exposure Draft Interest Rate Benchmark Reform (Exposure Draft) at the July 2019 Board meeting. The Board also discussed the due process, including permission for balloting amendments to IFRS 9 Financial Instruments and IAS 39 Financial Instruments: Recognition and Measurement.
The Board tentatively decided that:
Twelve of 14 Board members agreed and two disagreed with this decision.
The Board agreed that the amendments to IFRS 9 and IAS 39 should not be re-exposed. All 14 Board members agreed with this decision.
All Board members confirmed they were satisfied the Board has complied with the applicable due process and has undertaken sufficient consultation and analysis to begin the balloting process for the amendments to IFRS 9 and IAS 39.
No Board members indicated they intend to dissent from the issuance of amendments to IFRS 9 and IAS 39.
1Portfolio hedges of interest rate risk or ‘macro cash flow hedges’ (as colloquially referred to in BC6.91 of IFRS 9 Financial Instruments).