{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/848/20/","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":"848-20","topic":"848","title":"Contract Modifications","area":"Broad Transactions","paragraphs":31,"summary":"ASC 848-20 was the placeholder subtopic for contract modifications under Reference Rate Reform, but every paragraph in it has been superseded — Sections 05, 15, 35, and 55 were all superseded by ASU 2020-04 (with 848-20-15-2A superseded by ASU 2021-01). As a result, 848-20 contains no operative guidance; the optional expedients for modifications of contracts affected by reference rate reform now reside in ASC 848-20's replacement guidance within Topic 848 (principally 848-10 scope and the successor modification/hedging subtopics). Students should treat this subtopic as an empty shell and look to the current Topic 848 guidance instead.","concepts":["reference rate reform","contract modifications","superseded guidance","optional expedients","libor transition","discounting transition","elective relief"],"categories":["Transition and effective dates","Financial instruments","Derivatives and hedging"],"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":"848-20-00-1","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=\"SL122633450-237848\"><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\"><a href=\"/asc/848/20/#848-20-05-1\" class=\"xref\">848-20-05-1</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Superseded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/848/20/#848-20-05-1\" class=\"xref\">848-20-05-1</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\"><div class=\"xref-range displayInline\"><a href=\"/asc/848/20/#848-20-15-1\" class=\"xref\">848-20-15-1 through 15-11</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/848/20/#848-20-15-1\" class=\"xref\">848-20-15-1 through 15-11</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\"><div class=\"xref-range displayInline\"><a href=\"/asc/848/20/#848-20-15-2\" class=\"xref\">848-20-15-2 through 15-5</a></div></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\"><a href=\"/asc/848/20/#848-20-15-2A\" class=\"xref\">848-20-15-2A</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/848/20/#848-20-15-2A\" class=\"xref\">848-20-15-2A</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/848/20/#848-20-35-1\" class=\"xref\">848-20-35-1</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/848/20/#848-20-35-1\" class=\"xref\">848-20-35-1 through 35-15</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/848/20/#848-20-35-1\" class=\"xref\">848-20-35-1 through 35-15</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/848/20/#848-20-35-5\" class=\"xref\">848-20-35-5</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\"><a href=\"/asc/848/20/#848-20-35-8\" class=\"xref\">848-20-35-8</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2020-06/\" class=\"xref\">Accounting Standards Update No. 2020-06</a></td><td class=\"entry\">08/05/2020</td></tr><tr><td class=\"entry\"><a href=\"/asc/848/20/#848-20-55-1\" class=\"xref\">848-20-55-1</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/848/20/#848-20-55-1\" class=\"xref\">848-20-55-1</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/848/20/#848-20-55-2\" class=\"xref\">848-20-55-2</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/848/20/#848-20-55-2\" class=\"xref\">848-20-55-2</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></table></div></div>","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\n848-20-05-1 | Superseded | Accounting Standards Update No. 2020-04 | 03/12/2020 |\n848-20…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5893d5bc4d3fd3f9ab11f9ed4c0b28704b77ec2d3c2c27cbe553840b1e2946cd","downloaded_from":"2026-09-10T02:01:25.341Z","last_downloaded_at":"2026-09-10T02:01:25.341Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval 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Update No. 2020-04</a>.</div></div>","snippet":"Paragraph superseded by Accounting Standards Update No. 2020-04.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2efe78d8a054fc88066d56a3cd4879f67c6569765df3522eb7ef8ad261ea0536","downloaded_from":"2026-09-10T02:01:35.010Z","last_downloaded_at":"2026-09-10T02:01:35.010Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval 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As a result, 848-20 contains no operative guidance; the optional expedients for modifications of contracts affected by reference rate reform now reside in ASC 848-20's replacement guidance within Topic 848 (principally 848-10 scope and the successor modification/hedging subtopics). Students should treat this subtopic as an empty shell and look to the current Topic 848 guidance instead.","key_points":["Every paragraph shown in 848-20 (05-1; 15-1 through 15-11; 35-1 through 35-15; 55-1 and 55-2) is marked 'Paragraph superseded by Accounting Standards Update No. 2020-04.'","Paragraph 848-20-15-2A was separately superseded by Accounting Standards Update No. 2021-01, which addressed derivatives affected by the discounting transition.","Because the Overview and Background (05), Scope (15), Subsequent Measurement (35), and Implementation Guidance and Illustrations (55) sections are all superseded, 848-20 imposes no recognition, measurement, or disclosure requirements.","The optional expedients for contract modifications made because of reference rate reform must be located in the current, non-superseded portions of Topic 848 rather than in 848-20.","Topic 848 as a whole provides elective, temporary relief allowing modifications tied to reference rate reform to be accounted for as a continuation of the existing contract rather than as an extinguishment or new contract."],"categories":["Transition and effective dates","Financial instruments","Derivatives and hedging"],"audience_level":"intermediate","student_note":"Do not cite 848-20 paragraphs as authority — they were all superseded by ASU 2020-04 (and 15-2A by ASU 2021-01); the common mistake is quoting stale codification text that no longer carries any requirement. Go to the live Topic 848 sections for the reference rate reform expedients.","related_topics":["848-10","848-30","848-40","848-50","815","470-50"],"key_concepts":["reference rate reform","contract modifications","superseded guidance","optional expedients","libor transition","discounting transition","elective relief"],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:806209deb6733e00311a2a25c6afcb17b3907206fe7c4df9bc4385491c744400","downloaded_from":"2026-09-10T02:01:25.341Z","last_downloaded_at":"2026-09-10T02:01:35.010Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"related":[{"number":"848-10","title":"Overall","topic_title":"Reference Rate 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Reform","score":0.8273,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0076cd8db0d50d842483f75192ca19e9c479a57c3624361e4699f857aae2b928","downloaded_from":"2026-09-10T02:01:53.098Z","last_downloaded_at":"2026-09-10T02:02:03.075Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"845-985","title":"Software","topic_title":"Nonmonetary Transactions","score":0.8169,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:afbe9bd900d1c04fac57035789701c2bb05688ffa72b90ff63ddec6b9e710fbf","downloaded_from":"2026-09-10T02:00:42.907Z","last_downloaded_at":"2026-09-10T02:00:58.482Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by 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