How To Develop Your Skill For Great Success And Happiness Including Become CPA? | Additional special tips From Admin
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FASB permits new benchmark rate for hedge accounting
FASB on Thursday made an addition to its list of permissible benchmark interest rates for hedge accounting.
FASB ASC Topic 815, Derivatives and Hedging, provides guidance on the risks associated with financial assets or liabilities that are permitted to be hedged. One of those is interest rate risk, which is the risk of changes in fair values or cash flows of existing or forecasted issuances or purchases of fixed-rate financial assets or liabilities attributable to the designated benchmark interest rate.
The list of permissible benchmark rates grew when FASB issued an Accounting Standards Update (ASU) permitting the Overnight Index Swap (OIS) Rate based on the Secured Overnight Financing Rate (SOFR) for hedge accounting.
The SOFR is a broad Treasury repurchase agreement financing rate that a committee convened by the Federal Reserve Board and the Federal Reserve Bank of New York identified as its preferred alternative reference rate to the London Interbank Offered Rate (LIBOR).
Other permissible benchmark interest rates for hedge accounting are:
The change comes as many organizations are adopting ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which was issued in August 2017. The amendments in Thursday’s ASU take effect concurrently with ASU No. 2017-12.
The new rules take effect concurrently with ASU No. 2017-12, which is effective:
For public companies that already have adopted ASU No. 2017-12, the new rules take effect for fiscal years beginning after Dec. 15, 2018, and interim periods within those fiscal years. For all other companies and organizations that already have adopted ASU No. 2017-12, the new rules are effective for fiscal years beginning after Dec. 15, 2019, and interim periods within those fiscal years.
Early adoption is permitted in any interim period upon issuance of the new ASU if a company or organization already has adopted ASU No. 2017-12.
— Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.
Research & References of FASB permits new benchmark rate for hedge accounting|A&C Accounting And Tax Services
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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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