# Commission Regulation (EU) 2020/34 of 15 January 2020 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Accounting Standard 39, International Financial Reporting Standards 7 and 9 (Text with EEA relevance) (revoked)

EU Regulation 2020/34 · adopted 15 January 2020

Commission Regulation (EU) 2020/34 of 15 January 2020 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Accounting Standard 39, International Financial Reporting Standards 7 and 9 (Text with EEA relevance)

PDFs: Printed copy https://openlegislation.uk/eu-regulation-2020-34/pdf/eur_20200034_adopted_en.pdf

## Introductory text

Commission Regulation (EU) 2020/34
of 15 January 2020
amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Accounting Standard 39, International Financial Reporting Standards 7 and 9
(Text with EEA relevance) (revoked)
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## 1 

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## 2 

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## 3 

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## Signature

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## Annex: Interest Rate Benchmark Reform

### Division: Amendments to IFRS 9, IAS 39 and IFRS 7

## Amendments to IFRS 9 Financial Instruments

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## Chapter 6 Hedge accounting 

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## Chapter 7 Effective date and transition 

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## Amendments to IAS 39 Financial Instruments: Recognition and Measurement

Paragraphs 102A–102N and 108G are added. A new heading is added before paragraph 102A. New subheadings are added before paragraphs 102D, 102E, 102F, 102H and 102J.

## HEDGING

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### Division: Temporary exceptions from applying specific hedge accounting requirements

## 102A An entity shall apply paragraphs 102D–102N and 108G to all hedging relationships directly affected by interest rate benchmark reform. These paragraphs apply only to such hedging relationships. A hedging relationship is directly affected by interest rate benchmark reform only if the reform gives rise to uncertainties about:

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## 102B 

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## 102C 

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### Division: Highly probable requirement for cash flow hedges

## 102D 

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### Division: Reclassifying the cumulative gain or loss recognised in other comprehensive income

## 102E 

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### Division: Effectiveness assessment

## 102F 

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## 102G 

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### Division: Designating financial items as hedged items

## 102H 

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## 102I 

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### Division: End of application

## 102J An entity shall prospectively cease applying paragraph 102D to a hedged item at the earlier of:

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## 102K An entity shall prospectively cease applying paragraph 102E at the earlier of:

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## 102L An entity shall prospectively cease applying paragraph 102F:

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## 102M An entity shall prospectively cease applying paragraph 102G to a hedging relationship at the earlier of:

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## 102N 

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## EFFECTIVE DATE AND TRANSITION

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## 108G 

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## Amendments to IFRS 7 Financial Instruments: Disclosures

Paragraphs 24H and 44DE–44DF are added and a subheading is added before paragraph 24H.

## HEDGE ACCOUNTING

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### Division: Uncertainty arising from interest rate benchmark reform

## 24H For hedging relationships to which an entity applies the exceptions set out in paragraphs 6.8.4–6.8.12 of IFRS 9 or paragraphs 102D–102N of IAS 39, an entity shall disclose:

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## EFFECTIVE DATE AND TRANSITION

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## 44DE 

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## 44DF 

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Source: https://www.legislation.gov.uk/eur/2020/34 (the official version)
Page: https://openlegislation.uk/eu-regulation-2020-34
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.