ASC

ASC 848-30

Hedging—General

848 Reference Rate Reform

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In brief

AdvancedDerivatives and hedgingTransition and effective datesFinancial instruments

ASC 848-30 was the placeholder subtopic for general hedging guidance under the reference rate reform relief in Topic 848, but every paragraph in it has been superseded — the Section 05, 15, and 25 paragraphs by ASU 2020-04, and paragraphs 848-30-25-7A, 25-11A, 25-11B, and 25-11C by ASU 2021-01. As a result, the subtopic currently contains no operative recognition, scope, or overview guidance. Practitioners seeking the optional expedients and exceptions for hedge accounting relationships affected by the discontinuation of LIBOR and other reference rates must look to the other subtopics of Topic 848, principally 848-40 and 848-50.

Key points (5)
  • All of the overview (Section 05), scope (Section 15), and recognition (Section 25) paragraphs of 848-30 have been superseded and carry no current authoritative effect.
  • Paragraphs 848-30-05-1, 848-30-15-1, and 848-30-25-1 through 25-13 were superseded by Accounting Standards Update No. 2020-04.
  • Paragraphs 848-30-25-7A, 848-30-25-11A, 848-30-25-11B, and 848-30-25-11C were superseded by Accounting Standards Update No. 2021-01.
  • Because the subtopic is entirely superseded, no recognition or measurement conclusion may be supported by citing 848-30.
  • Reference rate reform hedging relief now resides in the remaining subtopics of Topic 848 (for example, 848-40 on fair value hedges and 848-50 on cash flow hedges), which should be consulted instead.

For students. This subtopic is a shell: knowing that 848-30 is fully superseded prevents the common error of citing withdrawn paragraphs for reference rate reform hedging relief, which actually lives in the other Topic 848 subtopics. Also note that Topic 848's relief is optional and time-limited, so the sunset date matters more than the empty 848-30 heading.

reference rate reformsuperseded guidancehedge accounting reliefoptional expedientslibor transitiondiscontinued reference ratecodification maintenance

Machine-generated study aid for ASC 848-30. Check the source paragraphs below.

848-30-00Status

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848-30-05Overview and Background

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848-30-15Scope and Scope Exceptions

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848-30-25Recognition

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