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As of December 31, 2021, LIBOR can no longer be used to issue new loans in the U.S. It has been replaced by the Secured Overnight Financing Rate (SOFR), as an arguably more accurate and secure pricing benchmark.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
Find this course for your license:
License or Certification
Regulator
Type