On Thursday, March 12, the Financial Accounting Standards Board (FASB) added optional relief for companies going through the Libor transition. The relief comes mostly in the form of accounting shortcuts and is designed to help companies more easily modify existing contracts that reference Libor. Companies are looking to complete the transition by the end-of-2021 deadline and the relief looks to allow for a smoother process. The relief provided by the FASB will last for about one year after Libor phases out.
Read more via the Wall Street Journal.