March 2021
Intermediate to advanced
1424 pages
51h 16m
English
Content preview from Wiley GAAP 2021, 2nd Edition
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58ASC 848 REFERENCE RATE REFORM
TECHNICAL ALERT
In March 2020, the FASB issued ASU 2020‐04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform. The ASU was issued in response to concerns about structural risks of the interbank offered rates and the risks of cessation of LIBOR and is designed to provide relief from the potential accounting burden when transitioning from reference rates, like LIBOR, that may be discontinued. FASB stakeholders raised concerns about contract modifications, hedge accounting, and the volume of contracts, such as debt agreements, leases, and derivatives.
If certain criteria are met, the ASU's changes offer optional expedients and exceptions for applying the Codification to the contract, hedging relationships, and other matters. ASC 848 is unique in that the guidance sunsets in 2022. When certain benchmark rates are discontinued, contracts will be modified. The optional expedients and exceptions can be applied to contract modifications and hedging relationships entered into or evaluations made until December 31, 2022.
Effective Dates
The amendments are effective ...
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