On March 28, the Financial Accounting Standards Board (FASB) issued ASU 2022-01 to improve and expand fair value hedge accounting. Here’s what this update means for corporates and other organizations using the last-of-layer strategy.
In March, the FASB issued ASU 2020-04 on the “Facilitation of the Effects of Reference Rate Reform on Financial Reporting.”
As LIBOR is phased out, reference rate reform will identify new and alternative reference index rates for financial instruments, including the Secured Overnight Financing Rate (SOFR).
As a follow up to FASB’s June initiative to provide accounting relief to organizations that will need to modify their contracts as LIBOR is replaced by SOFR, FASB released a proposed Accounting Standards Update on Thursday.
In August 2017, the Financial Accounting Standards Board released ASU No. 2017-12, accounting guidance designed to better align a hedge program with an organization’s risk management objectives as reflected on financial statements. While the goal of these changes was to make hedging a more attractive option for corporations and financial institutions, stakeholders have brought up […]