ACCOUNTING STANDARDS UPDATE 2022-06—REFERENCE RATE REFORM (TOPIC 848): DEFERRAL OF THE SUNSET DATE OF TOPIC 848

Overview

On December 21, 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, to defer the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848.

The amendments in this Update apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform.

Transition and Effective Dates

The amendments in the Update were effective for all entities upon issuance of the Update (December 21, 2022).

Post-Issuance Activities

None.

Additional Information

• Download the Accounting Standards Update
• Read the Press Release introducing the ASU

Have A Question?

Submit questions about the new requirements using our Technical Inquiry System.