Financial Accounting News

LIBOR Accounting Changes Should Take Effect in 2021: Board

Feb. 26, 2020, 2:33 PM

Accounting changes driven by the move to new benchmark interest rates should apply from the beginning of 2021, the International Accounting Standards Board said.

  • Meeting Wednesday, the board said it would propose accounting changes this year in view of the fact that some existing benchmarks—including the prominent London Interbank Offered Rate—will be replaced as soon as 2021 by new data-based rates.
  • Any changes to existing accounting standards should “be available as soon as possible in order to support preparers in applying IFRS Standards during interest rate benchmark reform,” according to an IASB staff paper accepted by the board.
  • Accounting issues...
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