GASB Finalizes LIBOR Transition Relief

Thoughtware Alert Apr 20, 2020
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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.  

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