KPMG’s in-depth guide explains the optional expedients in ASC 848 that permit an entity to not apply otherwise applicable US GAAP to contracts or transactions that are modified or otherwise affected due to reference rate reform
Applicability
- ASC 848
All companies with contracts or hedging relationships that reference an interest rate that is expected to be discontinued (e.g. LIBOR)
Report contents
- Scope of Topic 848
- Contract modifications
- Hedging relationships: Changes to critical terms
- Fair value hedges
- Cash flow hedges
- Sale and/or transfer of HTM debt securities
- Effective date, transition and termination
Download from KPMG FRV