CMA Final · Corporate Financial Reporting · Leases (Ind AS 116)
The Interest Rate Benchmark Reform Phase 2 amendments added paragraphs 104–106 and C20C–C20D to Ind AS 116. From which annual reporting periods must an entity apply these amendments?
The Phase 2 Interest Rate Benchmark Reform amendments, which added paragraphs 104–106 and C20C–C20D to Ind AS 116, apply to annual reporting periods beginning on or after 1 April 2021, per paragraph C1B.
- ABeginning on or after 1 April 2019
- BBeginning on or after 1 April 2020
- CBeginning on or after 1 April 2021Correct
- DBeginning on or after 1 April 2022
Explanation
Paragraph C1B states that the Interest Rate Benchmark Reform Phase 2 amendments, which amended Ind AS 109, 107, 104 and 116, apply to annual reporting periods beginning on or after 1 April 2021. They were notified on 18 June 2021. The other dates do not match the paragraph.
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