The Financial Accounting Standards Board (FASB) on April 20 announced a proposed standard update that would defer for two years the end date of relief provided by transition guidance for businesses shifting away from the London Interbank Offered Rate (LIBOR).
FASB in March 2020 published the temporary guidance, which intended to reduce the costs and complexities of accounting for reference rate reform. The relief period is set to end Dec. 31, 2022; the new standard update would push this date back to Dec. 31, 2024, if approved.
