102OAn entity shall prospectively cease applying paragraphs 102H and 102I at the earlier of:

102O An entity shall prospectively cease applying paragraphs 102H and 102I at the earlier of:
(a) when changes required by interest rate benchmark reform are made to the non-contractually specified risk portion applying paragraph 102P; or
(b) when the hedging relationship in which the non-contractually specified risk portion is designated is discontinued.

Additional temporary exceptions arising from interest rate benchmark reform

Hedge accounting

102P As and when the requirements in paragraphs 102D–102I cease to apply to a hedging relationship (see paragraphs 102J–102O), an entity shall amend the formal designation of that hedging relationship as previously documented to reflect the changes required by interest rate benchmark reform, ie the changes are consistent with the requirements in paragraphs 5.4.6–5.4.8 of AASB 9. In this context, the hedge designation shall be amended only to make one or more of these changes:
(a) designating an alternative benchmark rate (contractually or non-contractually specified) as a hedged risk;
(b) amending the description of the hedged item, including the description of the designated portion of the cash flows or fair value being hedged;
(c) amending the description of the hedging instrument; or
(d) amending the description of how the entity will assess hedge effectiveness.