Chapter 7 Effective date and transition U.K.
7.1EFFECTIVE DATEU.K.
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7.1.8. Interest Rate Benchmark Reform, which amended IFRS 9, IAS 39 and IFRS 7, issued in September 2019, added Section 6.8 and amended paragraph 7.2.26. An entity shall apply these amendments for annual periods beginning on or after 1 January 2020. Earlier application is permitted. If an entity applies these amendments for an earlier period, it shall disclose that fact.U.K.
7.2TRANSITIONU.K.
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Transition for hedge accounting (Chapter 6) U.K.
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7.2.26.As an exception to prospective application of the hedge accounting requirements of this Standard, an entity:U.K.
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(d)
shall apply the requirements in Section 6.8 retrospectively. This retrospective application applies only to those hedging relationships that existed at the beginning of the reporting period in which an entity first applies those requirements or were designated thereafter, and to the amount accumulated in the cash flow hedge reserve that existed at the beginning of the reporting period in which an entity first applies those requirements.