KPMG Handbook: Reference rate reform in US GAAP

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


  • 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

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