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Phase 1- Pre-replacement issues
Issues affecting financial reporting in the period during which there is uncertainty about contractual cash flows arising from the reform
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Sep 2019: Amendments to:
- IFRS 9, Financial Instruments
- IFRS 7, Financial Instruments: Disclosures
- IAS 39, Financial Instruments: Recognition and Measurement
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Corresponding amendments have been notified by MCA in Ind As 109 and Ind AS 107 that are effective from April 1, 2020:
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Phase 2- Replacement issues
Issues affecting financial reporting when the uncertainty about contractual cash flows is resolved and hedging relationships are affected as a result of the reform.
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Aug 2020: Amendments to provide practical expedient for particular changes to contractual cash flows and relief from specific hedge accounting requirements:
IFRS 9, IFRS 7, IAS 39, IFRS 4, Insurance Contracts and IFRS 16, Leases are amended
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Corresponding amendments in Ind AS 109, Ind AS 107 and Ind AS 116 are proposed to be made effective from April 1, 2021.
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