Phase 2—which amends IFRS 9 Financial Instruments; IAS 39 Financial Instruments: Recognition and Measurement; IFRS 7 Financial Instruments: Disclosures; IFRS 4 Insurance Contracts and IFRS 16 Leases—finalises the Board’s response to the ongoing reform of inter-bank offered rates (IBOR) and other interest rate benchmarks.

The amendments complement those issued in 2019 and focus on the effects on financial statements when a company replaces the old interest rate benchmark with an alternative benchmark rate as a result of the reform.

These amendments are effective for annual reporting periods beginning on or after 1 January 2021, with early adoption permitted.

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