Overview
At its height, LIBOR was the benchmark for over US $350 trillion in financial contracts worldwide. Yet, due to concerns over the manipulation of the rate, standard setters determined that LIBOR should be discontinued. The global response to reference rate reform required financial reporting standard setters to provide practical expedients and exceptions to current modification guidance. This course will provide an overview of the standards issued (including amendments) from both the FASB and GASB to address the transition away from LIBOR.
Prerequisites
Prior experience with GAAP
Objectives
- Recall the optional expedients for entities as a result of reference rate reform
Highlights
- Reference Rate Reform
- LIBOR
- SOFR
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