Tentative Board decisions are provided for those interested in following the Board’s deliberations. All of the reported decisions are tentative and may be changed at future Board meetings.

Wednesday, December 15, 2021 FASB Board Meeting

Agenda consultation. The Board discussed stakeholder feedback received on its June 2021 Invitation to Comment, Agenda Consultation. See the media release for additional details and changes to the research agenda.

Reference Rate Reform Implementation:

Reference rate reform—fair value hedging. The staff updated the Board on its progress on the reference rate reform—fair value hedging project. The Board directed the staff to perform additional outreach and research. The Board made no decisions.

Reference rate reform—deferral of the sunset date of Topic 848. The Board decided to add a project to the technical agenda to defer the sunset date of Topic 848, Reference Rate Reform. The Board also made the following decisions.
Deferral Date
The Board decided to defer the sunset date of the guidance in Topic 848 to December 31, 2024.
Transition and Effective Date
The Board decided that the sunset date deferral should be effective immediately with prospective application as of the date of issuance.
Cost-Benefit Analysis
The Board decided that it has received sufficient information and analysis to make an informed decision on the expected costs of the amendments and that the expected benefits would justify the expected costs.
Comment Period of the Proposed Accounting Standards Update
The Board decided on a 45-day comment period for the proposed Accounting Standards Update.
Next Steps
The Board directed the staff to draft a proposed Accounting Standards Update for vote by written ballot.