How To Develop Your Skill For Great Success And Happiness Including Become CPA? | Additional special tips From Admin
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IASB, GASB address interbank-offered rate phaseout
The International Accounting Standards Board (IASB) and GASB took action Thursday to support financial statement preparers during the uncertainty arising from the phasing out of interest rate benchmarks such as interbank-offered rates.
The impending phasing out of rates such as the London Interbank Offered Rate (LIBOR) will lead preparers to use new benchmarks such as more observable or transaction-based rates, which are seen as less vulnerable to manipulation. LIBOR is expected to cease in its current form in 2021.
In preparation for the change, the IASB amended its new and old financial instruments standards, IFRS 9, Financial Instruments, and IAS 39, Financial Instruments: Recognition and Measurement, as well as IFRS 7, Financial Instruments: Disclosures.
The amendments:
The IASB also has started work on considering the potential consequences on financial reporting of replacing an existing benchmark with an alternative.
The amendments take effect on Jan. 1, 2020, but early application is permitted.
GASB, meanwhile, proposed new guidance to assist state and local governments in the transition from interbank offered rates to other reference rates.
The exposure draft, Replacement of Interbank Offered Rates, would:
The removal of LIBOR as an appropriate benchmark interest rate as proposed would be effective for reporting periods beginning after Dec. 15, 2020. All other requirements of this proposed statement would be effective for reporting periods beginning after June 15, 2020. Earlier application would be encouraged.
Comments will be accepted through Nov. 27 and can be emailed to director@gasb.org.
Earlier this month, FASB issued a proposal related to rate reform.
The proposal would provide optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships affected by reference rate reform.
— Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA‘s editorial director.
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A note for you if you pursue CPA licence, KEEP PRACTICE with the MANY WONDER HELPS I showed you. Make sure to check your works after solving simulations. If a Cashflow statement or your consolidation statement is balanced, you know you pass right after sitting for the exams. I hope my information are great and helpful. Implement them. They worked for me. Hey.... turn gray hair to black also guys. Do not forget HEALTH?
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