diff --git a/CHANGELOG.md b/CHANGELOG.md
index c4420fb805b..e62693b8d37 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -34,21 +34,27 @@ Ref: https://keepachangelog.com/en/1.0.0/
 
 # Changelog
 
+## [Unreleased (2.0)]
+
+* (core) [\#227](https://github.com/cosmos/ibc-go/pull/227) Remove sdk.Result from application callbacks
+
+
 ## [Unreleased]
 
 ### Bug Fixes
 
+* (modules) [\#223](https://github.com/cosmos/ibc-go/pull/223) Use correct Prometheus format for metric labels.
 * (06-solomachine) [\#214](https://github.com/cosmos/ibc-go/pull/214) Disable defensive timestamp check in SendPacket for solo machine clients.
-* (07-tendermint) [#\210](https://github.com/cosmos/ibc-go/pull/210) Export all consensus metadata on genesis restarts for tendermint clients.
+* (07-tendermint) [\#210](https://github.com/cosmos/ibc-go/pull/210) Export all consensus metadata on genesis restarts for tendermint clients.
 * (core) [\#200](https://github.com/cosmos/ibc-go/pull/200) Fixes incorrect export of IBC identifier sequences. Previously, the next identifier sequence for clients/connections/channels was not set during genesis export. This resulted in the next identifiers being generated on the new chain to reuse old identifiers (the sequences began again from 0).
 * (02-client) [\#192](https://github.com/cosmos/ibc-go/pull/192) Fix IBC `query ibc client header` cli command. Support historical queries for query header/node-state commands.
 * (modules/light-clients/06-solomachine) [\#153](https://github.com/cosmos/ibc-go/pull/153) Fix solo machine proof height sequence mismatch bug.
 * (modules/light-clients/06-solomachine) [\#122](https://github.com/cosmos/ibc-go/pull/122) Fix solo machine merkle prefix casting bug. 
 * (modules/light-clients/06-solomachine) [\#120](https://github.com/cosmos/ibc-go/pull/120) Fix solo machine handshake verification bug. 
 
-
 ### API Breaking
 
+* (04-channel) [\#220](https://github.com/cosmos/ibc-go/pull/220) Channel legacy handler functions were removed. Please use the MsgServer functions or directly call the channel keeper's handshake function.
 * (modules) [\#206](https://github.com/cosmos/ibc-go/pull/206) Expose `relayer sdk.AccAddress` on `OnRecvPacket`, `OnAcknowledgementPacket`, `OnTimeoutPacket` module callbacks to enable incentivization.
 * (02-client) [\#181](https://github.com/cosmos/ibc-go/pull/181) Remove 'InitialHeight' from UpdateClient Proposal. Only copy over latest consensus state from substitute client.
 * (06-solomachine) [\#169](https://github.com/cosmos/ibc-go/pull/169) Change FrozenSequence to boolean in solomachine ClientState. The solo machine proto package has been bumped from `v1` to `v2`.
@@ -72,6 +78,7 @@ Ref: https://keepachangelog.com/en/1.0.0/
 
 ### Improvements
 
+* (04-channel) [\#220](https://github.com/cosmos/ibc-go/pull/220) Channel handshake events are now emitted with the channel keeper.
 * (core/02-client) [\#205](https://github.com/cosmos/ibc-go/pull/205) Add in-place and genesis migrations from SDK v0.42.0 to ibc-go v1.0.0. Solo machine protobuf defintions are migrated from v1 to v2. All solo machine consensus states are pruned. All expired tendermint consensus states are pruned.
 * (modules/core) [\#184](https://github.com/cosmos/ibc-go/pull/184) Improve error messages. Uses unique error codes to indicate already relayed packets.
 * (07-tendermint) [\#182](https://github.com/cosmos/ibc-go/pull/182) Remove duplicate checks in upgrade logic.
diff --git a/docs/migrations/ibc-migration-v100.md b/docs/migrations/ibc-migration-v100.md
new file mode 100644
index 00000000000..5f5c814c3ac
--- /dev/null
+++ b/docs/migrations/ibc-migration-v100.md
@@ -0,0 +1,8 @@
+# Migrating from ibc-go v1.x.x to v2.0.0
+
+## Application Callbacks
+
+sdk.Result has been removed as a return value in the application callbacks. Previously it was being discarded by core IBC and was thus unused.
+
+
+
diff --git a/modules/apps/transfer/module.go b/modules/apps/transfer/module.go
index 1c9afbe9f46..a9a1aa4f875 100644
--- a/modules/apps/transfer/module.go
+++ b/modules/apps/transfer/module.go
@@ -362,18 +362,18 @@ func (am AppModule) OnAcknowledgementPacket(
 	packet channeltypes.Packet,
 	acknowledgement []byte,
 	relayer sdk.AccAddress,
-) (*sdk.Result, error) {
+) error {
 	var ack channeltypes.Acknowledgement
 	if err := types.ModuleCdc.UnmarshalJSON(acknowledgement, &ack); err != nil {
-		return nil, sdkerrors.Wrapf(sdkerrors.ErrUnknownRequest, "cannot unmarshal ICS-20 transfer packet acknowledgement: %v", err)
+		return sdkerrors.Wrapf(sdkerrors.ErrUnknownRequest, "cannot unmarshal ICS-20 transfer packet acknowledgement: %v", err)
 	}
 	var data types.FungibleTokenPacketData
 	if err := types.ModuleCdc.UnmarshalJSON(packet.GetData(), &data); err != nil {
-		return nil, sdkerrors.Wrapf(sdkerrors.ErrUnknownRequest, "cannot unmarshal ICS-20 transfer packet data: %s", err.Error())
+		return sdkerrors.Wrapf(sdkerrors.ErrUnknownRequest, "cannot unmarshal ICS-20 transfer packet data: %s", err.Error())
 	}
 
 	if err := am.keeper.OnAcknowledgementPacket(ctx, packet, data, ack); err != nil {
-		return nil, err
+		return err
 	}
 
 	ctx.EventManager().EmitEvent(
@@ -404,9 +404,7 @@ func (am AppModule) OnAcknowledgementPacket(
 		)
 	}
 
-	return &sdk.Result{
-		Events: ctx.EventManager().Events().ToABCIEvents(),
-	}, nil
+	return nil
 }
 
 // OnTimeoutPacket implements the IBCModule interface
@@ -414,14 +412,14 @@ func (am AppModule) OnTimeoutPacket(
 	ctx sdk.Context,
 	packet channeltypes.Packet,
 	relayer sdk.AccAddress,
-) (*sdk.Result, error) {
+) error {
 	var data types.FungibleTokenPacketData
 	if err := types.ModuleCdc.UnmarshalJSON(packet.GetData(), &data); err != nil {
-		return nil, sdkerrors.Wrapf(sdkerrors.ErrUnknownRequest, "cannot unmarshal ICS-20 transfer packet data: %s", err.Error())
+		return sdkerrors.Wrapf(sdkerrors.ErrUnknownRequest, "cannot unmarshal ICS-20 transfer packet data: %s", err.Error())
 	}
 	// refund tokens
 	if err := am.keeper.OnTimeoutPacket(ctx, packet, data); err != nil {
-		return nil, err
+		return err
 	}
 
 	ctx.EventManager().EmitEvent(
@@ -434,7 +432,5 @@ func (am AppModule) OnTimeoutPacket(
 		),
 	)
 
-	return &sdk.Result{
-		Events: ctx.EventManager().Events().ToABCIEvents(),
-	}, nil
+	return nil
 }
diff --git a/modules/core/05-port/types/module.go b/modules/core/05-port/types/module.go
index 4a1c2596b81..9c0885c0cf1 100644
--- a/modules/core/05-port/types/module.go
+++ b/modules/core/05-port/types/module.go
@@ -75,11 +75,11 @@ type IBCModule interface {
 		packet channeltypes.Packet,
 		acknowledgement []byte,
 		relayer sdk.AccAddress,
-	) (*sdk.Result, error)
+	) error
 
 	OnTimeoutPacket(
 		ctx sdk.Context,
 		packet channeltypes.Packet,
 		relayer sdk.AccAddress,
-	) (*sdk.Result, error)
+	) error
 }
diff --git a/modules/core/keeper/msg_server.go b/modules/core/keeper/msg_server.go
index 3aeeffdb457..ab9e583385c 100644
--- a/modules/core/keeper/msg_server.go
+++ b/modules/core/keeper/msg_server.go
@@ -500,6 +500,10 @@ func (k Keeper) RecvPacket(goCtx context.Context, msg *channeltypes.MsgRecvPacke
 	// Cache context so that we may discard state changes from callback if the acknowledgement is unsuccessful.
 	cacheCtx, writeFn := ctx.CacheContext()
 	ack := cbs.OnRecvPacket(cacheCtx, msg.Packet, relayer)
+	// This doesn't cause duplicate events to be emitted.
+	// NOTE: The context returned by CacheContext() refers to a new EventManager, so it needs to explicitly set events to the original context.
+	// Events from callback are emitted regardless of acknowledgement success
+	ctx.EventManager().EmitEvents(cacheCtx.EventManager().Events())
 	if ack == nil || ack.Success() {
 		// write application state changes for asynchronous and successful acknowledgements
 		writeFn()
@@ -557,7 +561,7 @@ func (k Keeper) Timeout(goCtx context.Context, msg *channeltypes.MsgTimeout) (*c
 	}
 
 	// Perform application logic callback
-	_, err = cbs.OnTimeoutPacket(ctx, msg.Packet, relayer)
+	err = cbs.OnTimeoutPacket(ctx, msg.Packet, relayer)
 	if err != nil {
 		return nil, sdkerrors.Wrap(err, "timeout packet callback failed")
 	}
@@ -613,7 +617,7 @@ func (k Keeper) TimeoutOnClose(goCtx context.Context, msg *channeltypes.MsgTimeo
 	// Perform application logic callback
 	// NOTE: MsgTimeout and MsgTimeoutOnClose use the same "OnTimeoutPacket"
 	// application logic callback.
-	_, err = cbs.OnTimeoutPacket(ctx, msg.Packet, relayer)
+	err = cbs.OnTimeoutPacket(ctx, msg.Packet, relayer)
 	if err != nil {
 		return nil, sdkerrors.Wrap(err, "timeout packet callback failed")
 	}
@@ -667,7 +671,7 @@ func (k Keeper) Acknowledgement(goCtx context.Context, msg *channeltypes.MsgAckn
 	}
 
 	// Perform application logic callback
-	_, err = cbs.OnAcknowledgementPacket(ctx, msg.Packet, msg.Acknowledgement, relayer)
+	err = cbs.OnAcknowledgementPacket(ctx, msg.Packet, msg.Acknowledgement, relayer)
 	if err != nil {
 		return nil, sdkerrors.Wrap(err, "acknowledge packet callback failed")
 	}
diff --git a/testing/mock/mock.go b/testing/mock/mock.go
index e2062dda51a..9edf5d3536a 100644
--- a/testing/mock/mock.go
+++ b/testing/mock/mock.go
@@ -205,11 +205,11 @@ func (am AppModule) OnRecvPacket(ctx sdk.Context, packet channeltypes.Packet, re
 }
 
 // OnAcknowledgementPacket implements the IBCModule interface.
-func (am AppModule) OnAcknowledgementPacket(sdk.Context, channeltypes.Packet, []byte, sdk.AccAddress) (*sdk.Result, error) {
-	return nil, nil
+func (am AppModule) OnAcknowledgementPacket(sdk.Context, channeltypes.Packet, []byte, sdk.AccAddress) error {
+	return nil
 }
 
 // OnTimeoutPacket implements the IBCModule interface.
-func (am AppModule) OnTimeoutPacket(sdk.Context, channeltypes.Packet, sdk.AccAddress) (*sdk.Result, error) {
-	return nil, nil
+func (am AppModule) OnTimeoutPacket(sdk.Context, channeltypes.Packet, sdk.AccAddress) error {
+	return nil
 }