United States:
FASB Requests Comments On Accounting For LIBOR Transition
23 September 2019
Cadwalader, Wickersham & Taft LLP
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The Financial Accounting Standards Board ("FASB") requested comments on a proposed
"Accounting Standards Update" aimed at easing potential
accounting burdens on loan market participants, including
significant operational challenges and issues in hedge accounting
effectiveness, presented by the LIBOR transition. The proposal
would apply contract modifications or hedging relationships that
currently reference LIBOR or another reference rate that is
expected to be discontinued. The proposal would not apply to
contract modifications made and hedging relationships entered into
or evaluated after December 31, 2022.
Comments on the proposed update must be submitted by October 7,
2019.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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