FASB adds project on new benchmark interest rate to its agenda
Dec 21, 2017
At its December 20, 2017, meeting, the FASB decided to add to its technical agenda a project in which the overnight index swap rate based on the secured overnight financing rate would be included as an eligible benchmark interest rate for hedge accounting purposes under ASC 815, “Derivatives and Hedging.”
The Board has directed the staff to draft a proposed ASU on this topic for a vote by written ballot. For more information, see the meeting minutes on the FASB’s Web site.
