FASB Proposes Accounting Relief for LIBOR Transition

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The London Interbank Offered Rate (LIBOR) has become the world’s primary benchmark for short-term interest rates. However, due to a rate-setting scandal and a significant decline in the transaction volume used to set LIBOR rates, it is expected that a number of banks currently reporting information used to set LIBOR will stop doing so after 2021. Read on for more information on what’s being done about this global issue.



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