In December 2020, the International Accounting Standards Board (Board) issued IFRS Taxonomy 2020—Update 2 Interest Rate Benchmark Reform—Phase 2.
This Update includes IFRS Taxonomy elements to reflect the new disclosure requirements introduced by Interest Rate Benchmark Reform—Phase 2, which amended IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement, IFRS 7 Financial Instruments: Disclosures, IFRS 4 Insurance Contracts and IFRS 16 Leases, issued by the International Accounting Standards Board (IASB) in August 2020.
The Taxonomy update includes IFRS Taxonomy elements to explain the IASB’s new disclosure requirements introduced by the amendments issued in August 2020.
Source: IFRS [media release], 17 December 2020, accessed 21 December 2020