Interest rate benchmark reform practical expedients introduced to ease transition for financial instruments and hedge accounting. The amendment rules revise numerous Ind ASs to align references with the ICAI Conceptual Framework, substitute terminology (eg 'costs of disposal'), and implement practical expedients and transitional provisions for Interest Rate Benchmark Reform-Phase 2 and select COVID-19 rent-concession clarifications. Key operative measures include practical expedients for changes in contractual cash-flow bases and lease modifications required by benchmark reform (subject to economic equivalence), hedge-accounting amendments (amendment of designations, treatment of hedge reserves, subgrouping and a 24 month deemed-identifiability rule), disclosure requirements on reform exposure and transition progress, and retrospective application guidance with relief where retrospective application is impracticable or unduly costly.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest rate benchmark reform practical expedients introduced to ease transition for financial instruments and hedge accounting.
The amendment rules revise numerous Ind ASs to align references with the ICAI Conceptual Framework, substitute terminology (eg "costs of disposal"), and implement practical expedients and transitional provisions for Interest Rate Benchmark Reform-Phase 2 and select COVID-19 rent-concession clarifications. Key operative measures include practical expedients for changes in contractual cash-flow bases and lease modifications required by benchmark reform (subject to economic equivalence), hedge-accounting amendments (amendment of designations, treatment of hedge reserves, subgrouping and a 24 month deemed-identifiability rule), disclosure requirements on reform exposure and transition progress, and retrospective application guidance with relief where retrospective application is impracticable or unduly costly.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
