FASB Issues Guidance to Ease LIBOR Transition

Sep 09, 2019
The Financial Accounting Standards Board recently proposed temporary optional guidance to ease the potential burden of transitioning from the London Interbank Offered Rate to an alternative reference rate.

U.K. authorities have said LIBOR could be discontinued in 2021. ICBA serves on the Fed’s Alternative Reference Rates Committee, which is implementing the transition from LIBOR, and has expressed concern with community bank awareness of the transition.