Beyond the GAAP no. 141 - February 2020
The full economic and accounting repercussions of this new (health) crisis are not yet known, but meanwhile, the IBOR reform of benchmark rates – a result of the previous (financial) crisis in 2008 and the manipulation of interest rates by certain banks – will soon come into effect. Against this background, the IASB is continuing its work on amending IFRSs (Phase 2 of the project) to clarify the accounting treatment to be used for modifications to benchmark rates as a result of the reform. In this issue of Beyond the GAAP, we update our readers on the tentative decisions made by the IASB in preparation for amending standards.