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19 May 2020

IBOR: EFRAG draft comment letter on IASB ED/2020/1


Interest rate benchmark reform - phase 2. Proposed amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16.

ESBG welcomes the opportunity to comment on this topic. This letter sets out the most critical is-sues identified by interested stakeholders involved in ESBG’s due process.
 
ESBG welcomes the proposed draft comment letter. We are of the opinion that it contributes to provide relevant and useful information about financial instruments and hedging transactions pre-sented in the financial statements by avoiding unexpected accounting consequences that the IBOR reform could have caused under the current standards.
 
When saying this, we would also like to note that we have suggestions for a few important improve-ments which are discussed more in detail in our answers.

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