FRC publishes staff draft response on IASBs ED on IBOR Reform - Phase 2
28 April 2020
The FRC has today published a staff draft of its response to the IASB’s Exposure Draft ED/2020/1 Interest Rate Benchmark Reform - Phase 2 (Proposed amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16). The draft response can be accessed here. The response outlines the FRC staff’s tentative views on this ED. We would welcome stakeholders’ views to inform the FRC’s final response to the IASB’s ED.
The IASB’s Exposure Draft has a short comment period to reflect the urgency of the reform of IBOR and to ensure that the final amendments can be published in Q3 2020.
As part of the UK’s preparation for exit of the European Union, the Department for Business, Energy and Industrial Strategy is in the process of setting up a new, independent body to adopt and endorse International Accounting Standards for use in the UK. As a transitional arrangement, and in order to ensure orderly adoption by the Secretary of State of any necessary amendments to standards after the end of the Transition Period, BEIS has requested assistance from the FRC in undertaking activities relating to UK endorsement. Over the next few months we are planning various outreach activities specifically relating to UK endorsement and we will inform you about them.
Please provide comments no later than 11 May 2020 to Susanne Pust Shah at IBOR2@frc.org.uk The short comment period is to meet the IASB’s timetable.