GASB Finalizes LIBOR Transition Relief
Thoughtware Alert
Published: Apr 20, 2020
On April 2, 2020, GASB released Statement 93, Replacement of Interbank Offered Rates, to offer narrow relief to existing hedge accounting guidance as governments update derivative contracts in anticipation of a discontinuation of the widely used London Interbank Offered Rate (LIBOR). This article details relief that GASB concluded was warranted because reference rate reform is a unique circumstance outside of a government’s control.
