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Journal entry — FASB adds project on new benchmark interest rate

Published on: Dec 20, 2017

On December 20, 2017, in response to concerns about the sustainability of U.S. Dollar LIBOR, the FASB voted to add a project related to the addition of the overnight index swap (OIS) rate based on the rate identified by the Alternative Reference Rate Committee (ARRC) (the Secured Overnight Financing Rate (SOFR) or the “SOFR OIS rate”) as an eligible benchmark interest rate for hedge accounting purposes under ASC 815, Derivatives and Hedging

The FASB plans to issue a proposed Accounting Standards Update in February 2018, with the comment period to last the longer of 30 days or until March 30, 2018. The amendments under the proposed guidance would be applied on a prospective basis. 

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