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.
April 13, 2022
May 04, 2020
In March, the FASB issued ASU 2020-04 on the “Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This guidance provides optional practical expedients and exceptions to GAAP for contracts, hedge relationships and other...
February 13, 2020
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). The end of 2019 saw plenty of activity and movement in regulatory...
September 06, 2019
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.
May 29, 2019
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...
December 28, 2018
Under new lease accounting rules, what was once a long-term operating lease off the balance sheet is now a monetary liability, while the offsetting lease asset is non-monetary.
November 19, 2018
With the LIBOR rate continuing to phase out, FASB announced last month that they have added the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) rate, as a benchmark interest rate to the list available for fair value hedging. The...
November 16, 2018
As seen in WG&L Accounting & Compliance Alert, Thomson Reuters/Tax & Accounting.