Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Professional Updates »
Open DEMAT Account in 24 hrs
 Draft Panel for Appointment/ Re-appointment of Statutory Auditors of State Co-operative Banks (Stccbs) and Central Co-operative Banks (Ccbs) for the Year 2025-26.
 Commencement of Live Virtual Classes for the students of CA. Final course appearing in May 2026, September 2026 and January 2027 Examinations.
 Information Systems Audit - Assessment Test (ISA - AT), July 2025
 Advanced ICITSS -Adv. Information Technology Test Computer Based Mode (CBT) Schedule May, Jun, Jul, Sep, Oct, and Nov 2025
 Auditing and Assurance Standards Board Online Panel of Experts for addressing Bank Branch Audit related queries
 Results of the Chartered Accountants Intermediate and Foundation Examinations held in January 2025 declared.
 Invitation for contribution to Question Bank in respect of Self-paced Online Module Examinations (Set-A, B, C & D)
 Will deadline for income tax filing change in the new Income Tax Bill?
 Result of the Chartered Accountant Final Examinations held in November 2024 is likely to be declared on Thursday, the 26th December 2024 (Late evening) - (20-12-2024)
 Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) Adv. Information Technology Test - Computer Based Mode (CBT) Dec 2024 Jan-Feb-Mar 2025
 Re-Scheduling of Chartered Accountants Examination scheduled to be held on 13th November 2024 (Wednesday) at the Examination Centre(s) at Hazaribagh (Jharkhand), Jamshedpur (Jharkhand), Ranchi (Jharkhand), Raipur (Chhattisgarh) and Jhunjhunu (Rajasthan)

Exposure Draft of Interest Rate Benchmark Reform - Phase 2 (Amendments to Ind AS 109, Ind AS 107 and Ind AS 116)
October, 31st 2020
Accounting Standards Board
The Institute of Chartered Accountants of India
29th October, 2020

Globally, many jurisdictions have been taking steps for replacing existing Interbank offered rates (IBORs) with some alternate benchmark rates as a result of recommendations of Financial Stability Board. In this regard, IASB identified two groups of accounting issues that could affect financial reporting due to the reform:

Project Phase Amendment in IFRS by IASB Developments in India (Ind AS)
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
Sep 2019: Amendments to:
  • IFRS 9, Financial Instruments
  • IFRS 7, Financial Instruments: Disclosures
  • IAS 39, Financial Instruments: Recognition and Measurement
Corresponding amendments have been notified by MCA in Ind As 109 and Ind AS 107 that are effective from April 1, 2020:
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.
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
Corresponding amendments in Ind AS 109, Ind AS 107 and Ind AS 116 are proposed to be made effective from April 1, 2021.

 


Accordingly, Exposure Draft on Interest Rate Benchmark Reform – Phase 2 (Amendments to Ind AS 109, Ind AS 107 and Ind AS 116) has been issued with the last date of comments being November 30, 2020 which can be accessed at the below link: https://www.icai.org/resource/61633asb50164.pdf

Further, comments on the abovementioned Exposure Draft may be submitted through any of the following modes:

1. Electronically: Click on http://www.icai.org/comments/asb/ to submit comment online (Preferred method)
2. Email: Comments can be sent to: commentsasb@icai.in
3. Postal: Secretary, Accounting Standards Board,
The Institute of Chartered Accountants of India,
ICAI Bhawan, Post Box No. 7100,
Indraprastha Marg, New Delhi 110 002


Further clarifications on this Exposure Draft may be sought by e-mail to asb@icai.in.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2025 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting