{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/848/10/","source":"FASB Accounting Standards Codification, Basic View","usage":"Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.","number":"848-10","topic":"848","title":"Overall","area":"Broad Transactions","paragraphs":15,"summary":"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 As presented, every paragraph in this subtopic has been superseded — the substantive guidance in Sections 05 through 55 was superseded by ASU 2020-04 and ASU 2021-01, and the transition paragraphs (848-10-65-1 and 65-2) were superseded on 07/02/2026 at the end of the transition period set by ASU 2020-04, ASU 2021-01, and ASU 2022-06 (which deferred the sunset date).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after the sunset date.","concepts":["reference rate reform","libor transition","optional expedients","sunset date","superseded guidance","contract modifications","hedge accounting relief","transition period"],"categories":["Transition and effective dates","Derivatives and hedging","Financial instruments","Subsequent measurement"],"level":"intermediate","topic_title":"Reference Rate Reform","sections":[{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"848-10-00-1","para":"00-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">The following table identifies the changes made to this Subtopic.</div><div class=\"norm-text\"><table class=\"asc-table\" id=\"SL122633513-237841\"><tr><td class=\"entry\"><strong class=\"ph b\">Paragraph</strong></td><td class=\"entry\"><strong class=\"ph b\">Action</strong></td><td class=\"entry\"><strong class=\"ph b\">Accounting Standards Update</strong></td><td class=\"entry\"><strong class=\"ph b\">Date</strong></td></tr><tr><td class=\"entry\"></td><td class=\"entry\"></td><td class=\"entry\"></td><td class=\"entry\"></td></tr><tr><td class=\"entry\"><strong class=\"ph b\">Financial Statements Are Available to Be Issued</strong></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2020-04/\" class=\"xref\">Accounting Standards Update No. 2020-04</a></td><td class=\"entry\">03/12/2020</td></tr><tr><td class=\"entry\"><strong class=\"ph b\">Financial Statements Are Available to Be Issued</strong></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2020-04/\" class=\"xref\">Accounting Standards Update No. 2020-04</a></td><td class=\"entry\">03/12/2020</td></tr><tr><td class=\"entry\"></td><td class=\"entry\"></td><td class=\"entry\"></td><td class=\"entry\"></td></tr><tr><td class=\"entry\"><div class=\"xref-range displayInline\"><a href=\"/asc/848/10/#848-10-05-1\" class=\"xref\">848-10-05-1 through 05-3</a></div></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2020-04/\" class=\"xref\">Accounting Standards Update No. 2020-04</a></td><td class=\"entry\">03/12/2020</td></tr><tr><td class=\"entry\"><div class=\"xref-range displayInline\"><a href=\"/asc/848/10/#848-10-05-1\" class=\"xref\">848-10-05-1 through 05-3</a></div></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2020-04/\" class=\"xref\">Accounting Standards Update No. 2020-04</a></td><td class=\"entry\">03/12/2020</td></tr><tr><td class=\"entry\"><a href=\"/asc/848/10/#848-10-05-2\" class=\"xref\">848-10-05-2</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2021-01/\" class=\"xref\">Accounting Standards Update No. 2021-01</a></td><td class=\"entry\">01/07/2021</td></tr><tr><td class=\"entry\"><div class=\"xref-range displayInline\"><a href=\"/asc/848/10/#848-10-15-1\" class=\"xref\">848-10-15-1 through 15-4</a></div></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2020-04/\" class=\"xref\">Accounting Standards Update No. 2020-04</a></td><td class=\"entry\">03/12/2020</td></tr><tr><td class=\"entry\"><div class=\"xref-range displayInline\"><a href=\"/asc/848/10/#848-10-15-1\" class=\"xref\">848-10-15-1 through 15-4</a></div></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2020-04/\" class=\"xref\">Accounting Standards Update No. 2020-04</a></td><td class=\"entry\">03/12/2020</td></tr><tr><td class=\"entry\"><a href=\"/asc/848/10/#848-10-15-3A\" class=\"xref\">848-10-15-3A</a></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2021-01/\" class=\"xref\">Accounting Standards Update No. 2021-01</a></td><td class=\"entry\">01/07/2021</td></tr><tr><td class=\"entry\"><a href=\"/asc/848/10/#848-10-15-3A\" class=\"xref\">848-10-15-3A</a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2021-01/\" class=\"xref\">Accounting Standards Update No. 2021-01</a></td><td class=\"entry\">01/07/2021</td></tr><tr><td class=\"entry\"><a href=\"/asc/848/10/#848-10-35-1\" class=\"xref\">848-10-35-1</a></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2020-04/\" class=\"xref\">Accounting Standards Update No. 2020-04</a></td><td class=\"entry\">03/12/2020</td></tr><tr><td class=\"entry\"><a href=\"/asc/848/10/#848-10-35-1\" class=\"xref\">848-10-35-1</a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2020-04/\" class=\"xref\">Accounting Standards Update No. 2020-04</a></td><td class=\"entry\">03/12/2020</td></tr><tr><td class=\"entry\"><a href=\"/asc/848/10/#848-10-35-2\" class=\"xref\">848-10-35-2</a></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2020-04/\" class=\"xref\">Accounting Standards Update No. 2020-04</a></td><td class=\"entry\">03/12/2020</td></tr><tr><td class=\"entry\"><a href=\"/asc/848/10/#848-10-35-2\" class=\"xref\">848-10-35-2</a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2020-04/\" class=\"xref\">Accounting Standards Update No. 2020-04</a></td><td class=\"entry\">03/12/2020</td></tr><tr><td class=\"entry\"><a href=\"/asc/848/10/#848-10-50-1\" class=\"xref\">848-10-50-1</a></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2020-04/\" class=\"xref\">Accounting Standards Update No. 2020-04</a></td><td class=\"entry\">03/12/2020</td></tr><tr><td class=\"entry\"><a href=\"/asc/848/10/#848-10-50-1\" class=\"xref\">848-10-50-1</a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2020-04/\" class=\"xref\">Accounting Standards Update No. 2020-04</a></td><td class=\"entry\">03/12/2020</td></tr><tr><td class=\"entry\"><a href=\"/asc/848/10/#848-10-55-1\" class=\"xref\">848-10-55-1</a></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2021-01/\" class=\"xref\">Accounting Standards Update No. 2021-01</a></td><td class=\"entry\">01/07/2021</td></tr><tr><td class=\"entry\"><a href=\"/asc/848/10/#848-10-55-1\" class=\"xref\">848-10-55-1</a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2021-01/\" class=\"xref\">Accounting Standards Update No. 2021-01</a></td><td class=\"entry\">01/07/2021</td></tr><tr><td class=\"entry\"><a href=\"/asc/848/10/#848-10-65-1\" class=\"xref\">848-10-65-1</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2022-06/\" class=\"xref\">Accounting Standards Update No. 2022-06</a></td><td class=\"entry\">12/21/2022</td></tr><tr><td class=\"entry\"><a href=\"/asc/848/10/#848-10-65-1\" class=\"xref\">848-10-65-1</a></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2020-04/\" class=\"xref\">Accounting Standards Update No. 2020-04</a></td><td class=\"entry\">03/12/2020</td></tr><tr><td class=\"entry\"><a href=\"/asc/848/10/#848-10-65-1\" class=\"xref\">848-10-65-1</a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2020-04/\" class=\"xref\">Accounting Standards Update No. 2020-04</a></td><td class=\"entry\">03/12/2020</td></tr><tr><td class=\"entry\"><a href=\"/asc/848/10/#848-10-65-2\" class=\"xref\">848-10-65-2</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2022-06/\" class=\"xref\">Accounting Standards Update No. 2022-06</a></td><td class=\"entry\">12/21/2022</td></tr><tr><td class=\"entry\"><a href=\"/asc/848/10/#848-10-65-2\" class=\"xref\">848-10-65-2</a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2021-01/\" class=\"xref\">Accounting Standards Update No. 2021-01</a></td><td class=\"entry\">01/07/2021</td></tr></table></div></div>","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\nFinancial Statements Are Available to Be Issued | Superseded | Accounting Standards Upda…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0d83383ebd931faf8dd81740d28732679b255207255f57fc15554a8d014fe0a0","downloaded_from":"2026-09-10T02:01:01.971Z","last_downloaded_at":"2026-09-10T02:01:01.971Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval 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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":["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."],"categories":["Transition and effective dates","Derivatives and hedging","Financial instruments","Subsequent measurement"],"audience_level":"intermediate","student_note":"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.","related_topics":["848","815","470","310","842"],"key_concepts":["reference rate reform","libor transition","optional expedients","sunset date","superseded guidance","contract modifications","hedge accounting relief","transition 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