ASC

ASC 848-10

Overall

848 Reference Rate Reform

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In brief

IntermediateTransition and effective datesDerivatives and hedgingFinancial instrumentsSubsequent measurement

ASC 848-10 was the "Overall" subtopic of Topic 848, Reference Rate Reform, which provided optional expedients and exceptions for contract modifications, hedge accounting, and other transactions affected by the discontinuation of LIBOR and other reference rates. As presented, every paragraph in this subtopic has been superseded — the substantive guidance in Sections 05 through 55 was superseded by ASU 2020-04 and ASU 2021-01, and the transition paragraphs (848-10-65-1 and 65-2) were superseded on 07/02/2026 at the end of the transition period set by ASU 2020-04, ASU 2021-01, and ASU 2022-06 (which deferred the sunset date). The practical result is that Topic 848 relief is time-limited and no longer available after the sunset date.

Key points (6)
  • Topic 848 provided temporary, optional relief (expedients and exceptions) from otherwise applicable GAAP for contracts and hedging relationships affected by reference rate reform, such as the transition away from LIBOR.
  • All of the scope, subsequent measurement, disclosure, and implementation guidance in 848-10 (paragraphs 05-1 through 55-1) has been superseded by ASU 2020-04 and ASU 2021-01.
  • 848-10-65-1 and 848-10-65-2, the transition paragraphs, were superseded on 07/02/2026 after the end of the transition period stated in ASU 2020-04, ASU 2021-01, and ASU 2022-06.
  • ASU 2022-06 deferred the sunset date of Topic 848; once that date passed, the relief expired and entities must apply ordinary GAAP (for example, Topics 815 and 470) to reference-rate-related changes.
  • ASU 2021-01 clarified the scope of Topic 848 (including derivatives affected by discounting transition) and superseded 848-10-15-3A and 848-10-55-1.
  • Because 848-10 contains no operative text, a reader seeking Topic 848 relief must look to the other subtopics of Topic 848 and to the underlying ASUs for the periods in which the guidance was effective.

For students. Know that Topic 848 was deliberately temporary relief tied to the LIBOR transition, not permanent GAAP; the common misunderstanding is treating its expedients as still available, when the sunset date (extended by ASU 2022-06) ended the relief and superseded even the transition paragraphs.

reference rate reformlibor transitionoptional expedientssunset datesuperseded guidancecontract modificationshedge accounting relieftransition period

Machine-generated study aid for ASC 848-10. Check the source paragraphs below.

848-10-00Status

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848-10-00-1
The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
Financial Statements Are Available to Be IssuedSupersededAccounting Standards Update No. 2020-0403/12/2020
Financial Statements Are Available to Be IssuedAddedAccounting Standards Update No. 2020-0403/12/2020
848-10-05-1 through 05-3
SupersededAccounting Standards Update No. 2020-0403/12/2020
848-10-05-1 through 05-3
AddedAccounting Standards Update No. 2020-0403/12/2020
848-10-05-2AmendedAccounting Standards Update No. 2021-0101/07/2021
848-10-15-1 through 15-4
SupersededAccounting Standards Update No. 2020-0403/12/2020
848-10-15-1 through 15-4
AddedAccounting Standards Update No. 2020-0403/12/2020
848-10-15-3ASupersededAccounting Standards Update No. 2021-0101/07/2021
848-10-15-3AAddedAccounting Standards Update No. 2021-0101/07/2021
848-10-35-1SupersededAccounting Standards Update No. 2020-0403/12/2020
848-10-35-1AddedAccounting Standards Update No. 2020-0403/12/2020
848-10-35-2SupersededAccounting Standards Update No. 2020-0403/12/2020
848-10-35-2AddedAccounting Standards Update No. 2020-0403/12/2020
848-10-50-1SupersededAccounting Standards Update No. 2020-0403/12/2020
848-10-50-1AddedAccounting Standards Update No. 2020-0403/12/2020
848-10-55-1SupersededAccounting Standards Update No. 2021-0101/07/2021
848-10-55-1AddedAccounting Standards Update No. 2021-0101/07/2021
848-10-65-1AmendedAccounting Standards Update No. 2022-0612/21/2022
848-10-65-1SupersededAccounting Standards Update No. 2020-0403/12/2020
848-10-65-1AddedAccounting Standards Update No. 2020-0403/12/2020
848-10-65-2AmendedAccounting Standards Update No. 2022-0612/21/2022
848-10-65-2AddedAccounting Standards Update No. 2021-0101/07/2021

848-10-05Overview and Background

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848-10-15Scope and Scope Exceptions

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848-10-20Glossary

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848-10-35Subsequent Measurement

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848-10-50Disclosure

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848-10-55Implementation Guidance and Illustrations

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Implementation Guidance

848-10-65Transition and Open Effective Date Information

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848-10-65-1
Paragraph superseded on 07/02/2026 after the end of the transition period stated in Accounting Standards Updates No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, and No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848.
848-10-65-2
Paragraph superseded on 07/02/2026 after the end of the transition period stated in Accounting Standards Updates No. 2021-01, Reference Rate Reform (Topic 848): Scope, and No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848.

Related subtopics