Financial Accounting News

Libor Phaseout To Have Minor Impact in International Accounting

Jan. 30, 2020, 7:21 PM

Only limited accounting changes will be necessary when the London Interbank Offered Rate, or Libor, is replaced by new benchmark rates, international standard setters decided Thursday.

The International Accounting Standards Board agreed at its January meeting that only two out of six accounting standards it examined would need changing because of Libor reform: International Financial Reporting Standard 16 Leasing and IFRS 4 Insurance. Other standards could already accommodate the introduction of new benchmark rates.

  • The board will include these recommendations in an exposure draft in the first half of this year and after feedback will issue draft suggestions in 2021....
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