Goodbye to LIBOR: Reference Rate Reform

Overview

As of December 31, 2021, LIBOR can no longer be used to issue new loans in the U.S. It has been replaced by the Secured Overnight Financing Rate (SOFR), as an arguably more accurate and secure pricing benchmark.

This course provides an overview of the development of reference rate reform and of this reform's accounting and reporting effects. The Topic 848 guidance is covered, including amendments issued in 2021.

Learning Objectives

Upon completion of this course, you will be able to:

  • identify key considerations with respect to reference rate reform and the FASB relief efforts
  • differentiate between contract modifications related and unrelated to reference rate reform
  • identify optional expedients for contract modifications and hedging activities
  • recognize key requirements related to relief for one-time sales of held-to-maturity securities
  • recognize transition requirements from the reference rate reform ASU

Designed For

CPAs and other accounting and finance professionals, especially those persons who create, maintain, or analyze contracts for leases or who work with derivatives and hedging

Advanced Preparation

None

WebCE® is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. For more information regarding WebCE administrative policies such as refunds, cancellations and concerns, please contact Support Services at 877-488-9308.

Find this course for your license:

License or Certification

Regulator

Type