Report on the financial accounting implications of the transition from EONIA to the €STR and the introduction of €STR-based fallbacks for EURIBOR

ECB
By November 6, 2019 12:47

Report on the financial accounting implications of the transition from EONIA to the €STR and the introduction of €STR-based fallbacks for EURIBOR

Report by the working group on: euro risk-free rates

On the financial accounting implications of the transition from EONIA to the €STR and the introduction of €STR-based fallbacks for EURIBOR

This report by the working group on euro risk-free rates focuses on the implications for International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) of the transition from the current euro overnight index average (EONIA) to the European Central Bank’s euro short-term rate (€STR) and the inclusion of fallback rates for EURIBOR based on a €STR-based term structure methodology. While the report primarily focuses on the EU Benchmarks Regulation (BMR) implications for hedge accounting related topics, it also touches upon challenges for non-hedge related topics. While the working group acknowledges that EONIA and EURIBOR contracts are held by reporting entities across the world and, therefore, considerations under other accounting frameworks may also be relevant, this report focuses on IFRS/IAS as the predominant reporting framework within Europe. Implications for national generally accepted accounting principles (GAAP) do not fall within the scope of the report.

ECB
By November 6, 2019 12:47

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