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ARTICLE · 27 DECEMBER 2019

AICPA Conference Comments On LIBOR

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We previously blogged about the recent AICPA conference. At the conference, representatives from the Office of Chief Accountant also shared some views regarding the discontinuation of LIBOR.

United StatesAccounting and Audit
Anna T. Pinedo
Anna T. Pinedo
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We previously blogged about the recent AICPA conference. At the conference, representatives from the Office of Chief Accountant also shared some views regarding the discontinuation of LIBOR. The Staff of the OCA joined in the July 2019 statement with the SEC Staff from the Division of Corporation Finance, the Division of Investment Management and the Division of Trading and Markets on LIBOR discontinuation. Since, the Staff of the OCA has been following emerging accounting issues related to LIBOR discontinuation. In particular, OCA Staff has been providing guidance relating to the treatment of cash flow hedge accounting involving LIBOR-based interest payments. The Staff pointed out that until the FASB accounting standards update relating to reference rate reforms become effective, the prior Staff guidance on testing the probability and the effectiveness of cash flow hedges that involve LIBOR-based interest payments remains relevant.

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