# ASC 848-10: Reference Rate Reform — Overall Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/848/10/) 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. Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure. Source downloaded (UTC): 2026-09-10T02:01:01.971Z to 2026-09-10T02:01:22.011Z Record version: sha256:a2e28ceef78d9700604fda88ebc5ade6b3daff3ac3e6a126284c84f1a7eadbfd Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 848-10: Reference Rate Reform — Overall ### Machine-generated study aids ```json { "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 As presented, every paragraph in this subtopic has been superseded — the substantive guidance in Sections 05 through 55 was superseded by ASU 2020-04 and ASU 2021-01, and the transition paragraphs (848-10-65-1 and 65-2) were superseded on 07/02/2026 at the end of the transition period set by ASU 2020-04, ASU 2021-01, and ASU 2022-06 (which deferred the sunset date).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.", "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subsequent measurement, disclosure, and implementation guidance in 848-10 (paragraphs 05-1 through 55-1) has been superseded by ASU 2020-04 and ASU 2021-01.", "848-10-65-1 and 848-10-65-2, the transition paragraphs, were superseded on 07/02/2026 after the end of the transition period stated in ASU 2020-04, ASU 2021-01, and ASU 2022-06.", "ASU 2022-06 deferred the sunset date of Topic 848;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 period" ] } ``` Source downloaded (UTC): 2026-09-10T02:01:01.971Z to 2026-09-10T02:01:01.971Z Record version: sha256:02192ddfab0924c171b7fd0dcd0e6ce7d3decd33779aaed5826f3a88ecacedc2 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 848-10-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/848/10/#00-status) SEC content: no ##### [848-10-00-1](https://asc.understandingaccounting.org/asc/848/10/#848-10-00-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:01.971Z to 2026-09-10T02:01:01.971Z Record version: sha256:0d83383ebd931faf8dd81740d28732679b255207255f57fc15554a8d014fe0a0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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
Source downloaded (UTC): 2026-09-10T02:01:04.431Z to 2026-09-10T02:01:04.431Z Record version: sha256:5abd98593c008b5ca37861ca6d355c0763a2d83d45c443f6acedc2116ebc9910 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 848-10-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/848/10/#05-overview-and-background) SEC content: no ##### [848-10-05-1](https://asc.understandingaccounting.org/asc/848/10/#848-10-05-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:04.431Z to 2026-09-10T02:01:04.431Z Record version: sha256:9206ca78ccb988bd7eae794f02afb7286e2125e957ec79d2e5e29a5e877c41bc Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2020-04](https://asc.understandingaccounting.org/updates/asu-2020-04/). ##### [848-10-05-2](https://asc.understandingaccounting.org/asc/848/10/#848-10-05-2) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:04.431Z to 2026-09-10T02:01:04.431Z Record version: sha256:03eb5954f9b05ccdcdd181809c67eb9d08795f5ad23ae83464a932153fa0d873 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2020-04](https://asc.understandingaccounting.org/updates/asu-2020-04/) ##### [848-10-05-3](https://asc.understandingaccounting.org/asc/848/10/#848-10-05-3) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:04.431Z to 2026-09-10T02:01:04.431Z Record version: sha256:9727d69cac8eb8bc52afc98db2971465115f9bcdd9be9ced10fa9ee1151e8ec5 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2020-04](https://asc.understandingaccounting.org/updates/asu-2020-04/). Source downloaded (UTC): 2026-09-10T02:01:07.183Z to 2026-09-10T02:01:07.183Z Record version: sha256:36dd1b56aad8d48e5e2189f8cf11dc779816999ff76a221194cb289a095fc590 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 848-10-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/848/10/#15-scope-and-scope-exceptions) SEC content: no ##### [848-10-15-1](https://asc.understandingaccounting.org/asc/848/10/#848-10-15-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:07.183Z to 2026-09-10T02:01:07.183Z Record version: sha256:5a19dae56cf73b834fcfd3908e915c4ca790c4cb41b71c9e23490d8db8a7dae5 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2020-04](https://asc.understandingaccounting.org/updates/asu-2020-04/). ##### [848-10-15-2](https://asc.understandingaccounting.org/asc/848/10/#848-10-15-2) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:07.183Z to 2026-09-10T02:01:07.183Z Record version: sha256:3a6698f9f3d6d20f066d16709380d66c3d8b7e238912a0944e0135229cd36966 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2020-04](https://asc.understandingaccounting.org/updates/asu-2020-04/). ##### [848-10-15-3](https://asc.understandingaccounting.org/asc/848/10/#848-10-15-3) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:07.183Z to 2026-09-10T02:01:07.183Z Record version: sha256:a1a3647606db8bb0f42f338232e0166ae984bf9df772936cb568fb9f22b0620d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2020-04](https://asc.understandingaccounting.org/updates/asu-2020-04/). ##### [848-10-15-3A](https://asc.understandingaccounting.org/asc/848/10/#848-10-15-3A) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:07.183Z to 2026-09-10T02:01:07.183Z Record version: sha256:edddae7919fbd6366edae3632159b98a8ec5e5ccf65ea8768ac2e580d444a732 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2021-01](https://asc.understandingaccounting.org/updates/asu-2021-01/). ##### [848-10-15-4](https://asc.understandingaccounting.org/asc/848/10/#848-10-15-4) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:07.183Z to 2026-09-10T02:01:07.183Z Record version: sha256:2a1733be21b618e248b88cefb708b17377a9563f04d4157fe500e3a60c52da80 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2020-04](https://asc.understandingaccounting.org/updates/asu-2020-04/). Source downloaded (UTC): 2026-09-10T02:01:10.022Z to 2026-09-10T02:01:10.022Z Record version: sha256:bf80daccfc71ebb0d1c9b1bcb06f8014d57392beb32471eb856fa5712af96202 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 848-10-20: 20 Glossary [Read section](https://asc.understandingaccounting.org/asc/848/10/#20-glossary) SEC content: no Source downloaded (UTC): 2026-09-10T02:01:11.854Z to 2026-09-10T02:01:11.854Z Record version: sha256:8b8430e8210effbd271fd415495a1a2b4dda7f4435d10c8b27185255507654ac Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 848-10-35: 35 Subsequent Measurement [Read section](https://asc.understandingaccounting.org/asc/848/10/#35-subsequent-measurement) SEC content: no ##### [848-10-35-1](https://asc.understandingaccounting.org/asc/848/10/#848-10-35-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:11.854Z to 2026-09-10T02:01:11.854Z Record version: sha256:9357364508841e72ce26800f6792c8045913bfdd92198419334ec494fd1752ad Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2020-04](https://asc.understandingaccounting.org/updates/asu-2020-04/). ##### [848-10-35-2](https://asc.understandingaccounting.org/asc/848/10/#848-10-35-2) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:11.854Z to 2026-09-10T02:01:11.854Z Record version: sha256:af6589c1eda783caeb07a443b0084e2bdb57e1dfafc19060498ff953c4326fa5 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2020-04](https://asc.understandingaccounting.org/updates/asu-2020-04/). Source downloaded (UTC): 2026-09-10T02:01:14.599Z to 2026-09-10T02:01:14.599Z Record version: sha256:e5c07da94fb768d749e26d2ab2180f5d2b92d7d674f12174530424086b1647e5 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 848-10-50: 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/848/10/#50-disclosure) SEC content: no ##### [848-10-50-1](https://asc.understandingaccounting.org/asc/848/10/#848-10-50-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:14.599Z to 2026-09-10T02:01:14.599Z Record version: sha256:0086985b1d2765e92c7289220234af8aeb9cb6f44c0e33da1afa40a739e6a13d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2020-04](https://asc.understandingaccounting.org/updates/asu-2020-04/). Source downloaded (UTC): 2026-09-10T02:01:17.284Z to 2026-09-10T02:01:17.284Z Record version: sha256:59244bcbfb25a5f259f127519aba1ca712487800a94ef2358d5b94240476bab6 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 848-10-55: 55 Implementation Guidance and Illustrations [Read section](https://asc.understandingaccounting.org/asc/848/10/#55-implementation-guidance-and-illustrations) SEC content: no #### Implementation Guidance ##### [848-10-55-1](https://asc.understandingaccounting.org/asc/848/10/#848-10-55-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:17.284Z to 2026-09-10T02:01:17.284Z Record version: sha256:350d7f61183fd95051b9e858d84320f8e2175c8b08a1fe1050913ba256254865 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2021-01](https://asc.understandingaccounting.org/updates/asu-2021-01/). Source downloaded (UTC): 2026-09-10T02:01:19.796Z to 2026-09-10T02:01:19.796Z Record version: sha256:58def5a96d30e973dfc34f9c14c3207ada813a42428a380e24c4d46b321a1bcf Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 848-10-65: 65 Transition and Open Effective Date Information [Read section](https://asc.understandingaccounting.org/asc/848/10/#65-transition-and-open-effective-date-information) SEC content: no ##### [848-10-65-1](https://asc.understandingaccounting.org/asc/848/10/#848-10-65-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:19.796Z to 2026-09-10T02:01:19.796Z Record version: sha256:4322f01aa6d240d1927ab9e6e6f6c7b194d686a79382d57fa8e8b2b714bae3b6 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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](https://asc.understandingaccounting.org/asc/848/10/#848-10-65-2) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:19.796Z to 2026-09-10T02:01:19.796Z Record version: sha256:35d813e7ea2f5ee372fc739fc45830a3e0a9d43ca840a87c00dccdebeadd8267 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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_.