November 2023
Intermediate to advanced
1360 pages
48h 5m
English
Content preview from Wiley GAAP 2024
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58ASC 848 REFERENCE RATE REFORM
TECHNICAL ALERT
ASU 2022-06
In March 2021, the UK Financial Conduct Authority (FCA) announced the sunset date of USA LIBOR would be June 30, 2023, beyond the then current sunset date of ASC 848. In response, in December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. Effective upon issuance, the ASU extends the time entities can use for reference rate reform relief. The ASU defers the sunset date of ASC 848 from December 31, 2022, the date in ASU 2020-04, to December 31, 2024.
ASU 2020-06
A reference rate is a variable interest rate entities use to determine interest-related cash flows. Interbank offered rates (IBORS) are used as reference rates for a large volume and across a range of financial products. For instance, IBORs are used in lease agreements and debt arrangements. IBORs include:
- GBP LIBOR
- Euribor
- CHF LIBOR
- JPY LIBOR
- TIBOR
- HIBOR
To tie benchmark rates more closely to observable, arms-length transactions, ...
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