What you need to know: London Interbank Offered Rate (LIBOR) ends on December 31, 2021. ASU 2020-04 – Reference Rate Reform (Topic 848) provides temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting. The ASU is effective immediately… Read More »360° Approach to Libor Transition
On June 3, 2020, the FASB issued an Accounting* Standards Update (ASU) 2020-05, Revenue from Contracts with Customer (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities. It provides a one-year deferral of the effective dates for certain entities in applying the new… Read More »Financial Accounting* Standard Board(FASB) Defers Effective Dates For Revenue Recognition and Leases Standards
