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The Institute of Chartered Accountants of India has released theExposure Draft for Amendments to the Guidance Note on Accounting for Derivative Contracts w.r.t. IBOR Phase 2 Replacement Issues.Comments on the abovementioned ED may be submitted to ICAI via email, post or electronically, so as to be r
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FAQ :
The ICAI has released an Exposure Draft for Amendments to the Guidance Note on Accounting for Derivative Contracts concerning IBOR Phase 2 Replacement Issues.
The Exposure Draft aims to address accounting issues arising from the replacement of Interbank Offered Rates (IBORs) and proposes temporary exceptions to hedge accounting requirements to avoid undue impact on financial statements.
IBOR Phase 2 replacement deals with issues affecting financial reporting when the uncertainty about benchmark interest rate cash flows is resolved, and hedging relationships are impacted by the reform.
The Accounting Standards Board (ASB) of ICAI invites comments from the public on specific aspects of the Exposure Draft, namely paragraph 62 and Appendix IV.
Comments must be received no later than June 21, 2021.
Comments can be submitted electronically via the ICAI website, by email to commentsasb@icai.in, or by post to the Secretary, Accounting Standards Board, ICAI.
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