# ASC 848-20: Reference Rate Reform — Contract Modifications Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/848/20/) 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): 2026-09-10T02:01:25.341Z to 2026-09-10T02:01:35.010Z Record version: sha256:1edc65ebd761bd78aa60e6001cf01de5068c98828a9dbc0869979187def144b9 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 848-20: Reference Rate Reform — Contract Modifications ### Machine-generated study aids ```json { "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was the placeholder subtopic for contract modifications under Reference Rate Reform, but every paragraph in it has been superseded — Sections 05, 15, 35, and 55 were all superseded by ASU 2020-04 (with 848-20-15-2A superseded by ASU 2021-01).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.", "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[ "Every paragraph shown in 848-20 (05-1; 15-1 through 15-11; 35-1 through 35-15; 55-1 and 55-2) is marked 'Paragraph superseded by Accounting Standards Update No. 2020-04.'", "Paragraph 848-20-15-2A was separately superseded by Accounting Standards Update No. 2021-01, which addressed derivatives affected by the discounting transition.", "Because the Overview and Background (05), Scope (15), Subsequent Measurement (35), and Implementation Guidance and Illustrations (55) sections are all superseded, 848-20 imposes no recognition, measurement, or disclosure requirements.", "The optional expedients for contract modifications made because of reference rate reform must be located in the current, non-superseded portions of Topic 848 rather than in 848-20.", "Topic 848 as a whole provides elective, temporary relief allowing modifications tied to reference rate reform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" ] } ``` Source downloaded (UTC): 2026-09-10T02:01:25.341Z to 2026-09-10T02:01:25.341Z Record version: sha256:eaa0ade596898b6b36e8447c9e0e8a0fcb726032bddc6b3730134dbcb949fbc0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 848-20-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/848/20/#00-status) SEC content: no ##### [848-20-00-1](https://asc.understandingaccounting.org/asc/848/20/#848-20-00-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:25.341Z to 2026-09-10T02:01:25.341Z Record version: sha256:5893d5bc4d3fd3f9ab11f9ed4c0b28704b77ec2d3c2c27cbe553840b1e2946cd 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
848-20-05-1SupersededAccounting Standards Update No. 2020-0403/12/2020
848-20-05-1AddedAccounting Standards Update No. 2020-0403/12/2020
848-20-15-1 through 15-11
SupersededAccounting Standards Update No. 2020-0403/12/2020
848-20-15-1 through 15-11
AddedAccounting Standards Update No. 2020-0403/12/2020
848-20-15-2 through 15-5
AmendedAccounting Standards Update No. 2021-0101/07/2021
848-20-15-2ASupersededAccounting Standards Update No. 2021-0101/07/2021
848-20-15-2AAddedAccounting Standards Update No. 2021-0101/07/2021
848-20-35-1AmendedAccounting Standards Update No. 2021-0101/07/2021
848-20-35-1 through 35-15
SupersededAccounting Standards Update No. 2020-0403/12/2020
848-20-35-1 through 35-15
AddedAccounting Standards Update No. 2020-0403/12/2020
848-20-35-5AmendedAccounting Standards Update No. 2021-0101/07/2021
848-20-35-8AmendedAccounting Standards Update No. 2020-0608/05/2020
848-20-55-1SupersededAccounting Standards Update No. 2020-0403/12/2020
848-20-55-1AddedAccounting Standards Update No. 2020-0403/12/2020
848-20-55-2SupersededAccounting Standards Update No. 2020-0403/12/2020
848-20-55-2AddedAccounting Standards Update No. 2020-0403/12/2020
Source downloaded (UTC): 2026-09-10T02:01:28.305Z to 2026-09-10T02:01:28.305Z Record version: sha256:2d3269706abfed4ae60dcef06ab126d640a97c71af4135febf5ff85898258d82 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 848-20-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/848/20/#05-overview-and-background) SEC content: no ##### [848-20-05-1](https://asc.understandingaccounting.org/asc/848/20/#848-20-05-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:28.305Z to 2026-09-10T02:01:28.305Z Record version: sha256:b4514e7dcdc494ce5cb79e655a77803aa118b073c290a25d94c39abee9152dac 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): 2026-09-10T02:01:31.283Z to 2026-09-10T02:01:31.283Z Record version: sha256:5c34d70a0cb1c940cfb53c8093774a99ce7499b75aedc242df3c671145027a35 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 848-20-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/848/20/#15-scope-and-scope-exceptions) SEC content: no ##### [848-20-15-1](https://asc.understandingaccounting.org/asc/848/20/#848-20-15-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:31.283Z to 2026-09-10T02:01:31.283Z Record version: sha256:432dad59bf340591d3d2bcff7e449b3c42c8293e17e7d5dee5819968cde43f79 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/). ##### [848-20-15-2](https://asc.understandingaccounting.org/asc/848/20/#848-20-15-2) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:31.283Z to 2026-09-10T02:01:31.283Z Record version: sha256:553c24077656fefad65d38cdd865865c21ba20dfd0425b6cdf9ec33e564e99dd 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/). ##### [848-20-15-2A](https://asc.understandingaccounting.org/asc/848/20/#848-20-15-2A) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:31.283Z to 2026-09-10T02:01:31.283Z Record version: sha256:2c68ad61655cee73f65df6cb35741186a76212e0c613d2487c888299ba6f1a2f 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/). ##### [848-20-15-3](https://asc.understandingaccounting.org/asc/848/20/#848-20-15-3) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:31.283Z to 2026-09-10T02:01:31.283Z Record version: sha256:76ce5acb427186b2d61f9cb3673837b620d96d42490591e981d47392cf874b76 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/). ##### [848-20-15-4](https://asc.understandingaccounting.org/asc/848/20/#848-20-15-4) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:31.283Z to 2026-09-10T02:01:31.283Z Record version: sha256:3e283ed3837e72cbb89db9f73423981587e7fb681a530b99239bf2541ba75f28 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/). ##### [848-20-15-5](https://asc.understandingaccounting.org/asc/848/20/#848-20-15-5) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:31.283Z to 2026-09-10T02:01:31.283Z Record version: sha256:f851f4778b3390281f14d86c1bebee4c21f6ba94fadc550b23d37fe1440ae547 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/). ##### [848-20-15-6](https://asc.understandingaccounting.org/asc/848/20/#848-20-15-6) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:31.283Z to 2026-09-10T02:01:31.283Z Record version: sha256:c66adde826a9727412d41f1e5f86d4d00ab27c6707bc94c2dd88211bf8b70e98 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/). ##### [848-20-15-7](https://asc.understandingaccounting.org/asc/848/20/#848-20-15-7) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:31.283Z to 2026-09-10T02:01:31.283Z Record version: sha256:b1f614db16bf08407c9643f0aa0743a9141a8983200c0fbc6401f811e84ef091 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/). ##### [848-20-15-8](https://asc.understandingaccounting.org/asc/848/20/#848-20-15-8) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:31.283Z to 2026-09-10T02:01:31.283Z Record version: sha256:97b59452789bc1de1b1b23cff1479d21033f146bca95b118e8e0a03dc834ebc7 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/). ##### [848-20-15-9](https://asc.understandingaccounting.org/asc/848/20/#848-20-15-9) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:31.283Z to 2026-09-10T02:01:31.283Z Record version: sha256:096813cc986cbfec4d96ffcbebfdd70428b47f4e04ad20ee0eea93fd99c1576d 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/). ##### [848-20-15-10](https://asc.understandingaccounting.org/asc/848/20/#848-20-15-10) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:31.283Z to 2026-09-10T02:01:31.283Z Record version: sha256:347853175fa89574854e85ac6926ed8fd91bccdbcca775119b125146274fb746 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/). ##### [848-20-15-11](https://asc.understandingaccounting.org/asc/848/20/#848-20-15-11) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:31.283Z to 2026-09-10T02:01:31.283Z Record version: sha256:2ebf1ca4e9eb26731f3aba97fe88020dd4564695306e6aa2e046cf1d87fea6b8 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): 2026-09-10T02:01:33.024Z to 2026-09-10T02:01:33.024Z Record version: sha256:82d7faa56bb6fda1190a5445548f7fca57416ba2a9f6a77b0e68442513e91393 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 848-20-35: 35 Subsequent Measurement [Read section](https://asc.understandingaccounting.org/asc/848/20/#35-subsequent-measurement) SEC content: no ##### [848-20-35-1](https://asc.understandingaccounting.org/asc/848/20/#848-20-35-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:33.024Z to 2026-09-10T02:01:33.024Z Record version: sha256:840d6ffa0160987e4655f5f9ac536a9194d45e3d5e943e1dc56e9cb3508db3e8 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/). ##### [848-20-35-2](https://asc.understandingaccounting.org/asc/848/20/#848-20-35-2) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:33.024Z to 2026-09-10T02:01:33.024Z Record version: sha256:5829e31ebe7c36dbfa69e63d89a3c11c5ee4010dc8ca90c873aaaa5705a99b6b 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/). ##### [848-20-35-3](https://asc.understandingaccounting.org/asc/848/20/#848-20-35-3) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:33.024Z to 2026-09-10T02:01:33.024Z Record version: sha256:275b1f6df103980cda2e4f585bcc00d400e5c340591c638946783668171022d6 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/). ##### [848-20-35-4](https://asc.understandingaccounting.org/asc/848/20/#848-20-35-4) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:33.024Z to 2026-09-10T02:01:33.024Z Record version: sha256:ed53fb5a00fa4d654385f1a3c3c7790be17e6786f226fbfd1ecc4a21f55b6adf Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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[Paragraph superseded by Accounting Standards Update No. 2020-04](https://asc.understandingaccounting.org/updates/asu-2020-04/). ##### [848-20-35-7](https://asc.understandingaccounting.org/asc/848/20/#848-20-35-7) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:33.024Z to 2026-09-10T02:01:33.024Z Record version: sha256:28d9052d88ebde948e29405f4b8429636353ba8fb259f2d20d68e6cbff7e11c3 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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[Paragraph superseded by Accounting Standards Update No. 2020-04](https://asc.understandingaccounting.org/updates/asu-2020-04/). ##### [848-20-35-10](https://asc.understandingaccounting.org/asc/848/20/#848-20-35-10) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:33.024Z to 2026-09-10T02:01:33.024Z Record version: sha256:e0623088d2e167f7584885d939ed64caeeaa108969f35921878da9ee1940966f 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/). ##### [848-20-35-11](https://asc.understandingaccounting.org/asc/848/20/#848-20-35-11) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:33.024Z to 2026-09-10T02:01:33.024Z Record version: sha256:d6f4d0ad1c8bafa9317774bb0c5190af887cc075456e4c528c67f07a04353a9b 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/). ##### [848-20-35-12](https://asc.understandingaccounting.org/asc/848/20/#848-20-35-12) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:33.024Z to 2026-09-10T02:01:33.024Z Record version: sha256:6504d5fc10c6e426e68e18590ec788d2218c743020419890fdd898fd3e864c78 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/). ##### [848-20-35-13](https://asc.understandingaccounting.org/asc/848/20/#848-20-35-13) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:33.024Z to 2026-09-10T02:01:33.024Z Record version: sha256:86bfec7a60ff87a0eea7ca1183206bb7f2f45df2f55784bcd973d692d2aa0fc6 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/). ##### [848-20-35-14](https://asc.understandingaccounting.org/asc/848/20/#848-20-35-14) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:33.024Z to 2026-09-10T02:01:33.024Z Record version: sha256:83302d937174a29210c30d3001d4bbf43c52f6ad9432091c071fb891ea645865 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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