Regulators announced a transition away from InterBank Offered Rates (IBOR or IBORs) to alternative Risk Free Rates (RFR or RFRs) and COVID-19 has not influenced any delay in implementation. Interest Rate Benchmark Reform will have a fundamental impact on financial institutions and corporates reporting under IFRS and US GAAP across a number of areas.
The classification, recognition and measurement of cash products and hedge accounting are all affected to varying degrees. Other accounting estimates may be impacted as well, for example, those determined under IAS 19, 36, 37 and 40, IFRS 2, 13, 15, 16 and 4/17 and equivalent US GAAP topics, such as ASC 815 and 842 and the formation of ASC 848, as well as other Accounting Standards Updates issued in reference to the upcoming IBOR transition.
The IASB has issued amendments to provide relief for pre-replacement issues in late 2019. The IASB and FASB have since proposed further various amendments to provide additional relief for replacement issues that arise in relation to modifications of financial instruments, aspects of hedge accounting and modifications of lease contracts amongst others.
The USD discounting switch will require gainers under the switch to reimburse those who will face losses. The presentation will provide insights on what the switch is all about, how it changes risk positions and how to best prepare for this imminent transition milestone.
This webinar focuses on accounting replacement issue amendments and provides insights on the imminent USD discounting switch.
- Introduction and current status
- Modifications of financial instruments
- Hedge Accounting amendments (including transition)
- Financial instrument disclosures
- Other amendments and areas not amended by standard-setters
- USD Discounting switch
- Concluding remarks
Our worldwide experts are looking forward to discussing all these topics in more detail with you.
Click HERE to register.
- Ernest De Lachica, Managing Director – Complex Financial Instruments Practice Group
Houston, United States
- Michael Hammer, Global Leader IBOR
- Christine Nebel, Business Development Lead Financial Services
- Shehnaaz Suleman, Associate Director IFRS Technical Advisory Financial Services
Johannesburg, South Africa