# ASC 848-40: Reference Rate Reform — Fair Value Hedges Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/848/40/) 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): 2026-09-10T02:01:53.098Z to 2026-09-10T02:02:03.075Z Record version: sha256:ccfd17eef9a05606fd80eb4b683b3ba052d881db060b28e4bfed51dec4d8b1cd Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 848-40: Reference Rate Reform — Fair Value Hedges ### Machine-generated study aids ```json { "summary": "ASC 848-40 was the placeholder subtopic for fair value hedges within Topic 848, Reference Rate Reform. Every paragraph in its Overview (05), Scope (15), and Recognition (25) sections was superseded by ASU 2020-04, so the subtopic contains no operative guidance. Optional expedients and exceptions for fair value hedging relationships affected by reference rate reform reside instead in ASC 848-50 (Hedging — General) and the related hedging subtopics.", "key_points": [ "All content of 848-40 — paragraphs 848-40-05-1, 848-40-15-1, and 848-40-25-1 through 848-40-25-9 — was superseded by Accounting Standards Update No. 2020-04.", "Because no paragraphs remain in force, ASC 848-40 imposes no recognition, measurement, or disclosure requirements and should not be cited as authoritative support.", "Guidance on applying optional expedients to hedging relationships affected by reference rate reform is found in the other subtopics of Topic 848 (notably 848-50), not in 848-40.", "The subtopic number is retained in the Codification structure only as a shell; readers encountering a cross-reference to 848-40 should trace forward to the ASU 2020-04 amendments." ], "categories": [ "Derivatives and hedging", "Transition and effective dates", "Financial instruments" ], "audience_level": "intermediate", "student_note": "Exam trap: a citation to 848-40 looks authoritative but is entirely superseded by ASU 2020-04 — the live reference rate reform hedging relief lives in ASC 848-50 and ASC 815. Always check whether a paragraph is marked \"superseded\" before relying on it.", "related_topics": [ "848-10", "848-20", "848-30", "848-50", "815-25", "815" ], "key_concepts": [ "reference rate reform", "fair value hedge", "superseded guidance", "optional expedients", "libor transition", "hedge accounting relief" ] } ``` Source downloaded (UTC): 2026-09-10T02:01:53.098Z to 2026-09-10T02:01:53.098Z Record version: sha256:52b43eb06e5af15ff89e348030c71aeee9b64657232881aee2aef41ed6e8afef Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 848-40-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/848/40/#00-status) SEC content: no ##### [848-40-00-1](https://asc.understandingaccounting.org/asc/848/40/#848-40-00-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:53.098Z to 2026-09-10T02:01:53.098Z Record version: sha256:1b7b0dade24a105d166ca65dee899afc665105caec728591f8e60e4e6d28114e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.

Paragraph	Action	Accounting Standards Update	Date

848-40-05-1	Superseded	Accounting Standards Update No. 2020-04	03/12/2020
848-40-05-1	Added	Accounting Standards Update No. 2020-04	03/12/2020
848-40-15-1	Superseded	Accounting Standards Update No. 2020-04	03/12/2020
848-40-15-1	Added	Accounting Standards Update No. 2020-04	03/12/2020
848-40-25-1 through 25-9	Superseded	Accounting Standards Update No. 2020-04	03/12/2020
848-40-25-1 through 25-9	Added	Accounting Standards Update No. 2020-04	03/12/2020
848-40-25-2	Amended	Accounting Standards Update No. 2021-01	01/07/2021
848-40-25-8	Amended	Accounting Standards Update No. 2022-06	12/21/2022
848-40-25-8	Amended	Accounting Standards Update No. 2021-01	01/07/2021

Source downloaded (UTC): 2026-09-10T02:01:55.400Z to 2026-09-10T02:01:55.400Z Record version: sha256:375d42861cff478ec3328042403d66ba04a5e7386656d0cfee463fe4eeecafc3 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 848-40-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/848/40/#05-overview-and-background) SEC content: no ##### [848-40-05-1](https://asc.understandingaccounting.org/asc/848/40/#848-40-05-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:55.400Z to 2026-09-10T02:01:55.400Z Record version: sha256:592f1ca064e2d0b4465ec6a811fa4bd4d514c72f70878a98122073e2c4e4f7e7 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): 2026-09-10T02:01:59.434Z to 2026-09-10T02:01:59.434Z Record version: sha256:b9933266cb310ee85a4d3174b1b4c462413f91c29bd82440bb4f3c07d2a9bea3 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 848-40-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/848/40/#15-scope-and-scope-exceptions) SEC content: no ##### [848-40-15-1](https://asc.understandingaccounting.org/asc/848/40/#848-40-15-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:01:59.434Z to 2026-09-10T02:01:59.434Z Record version: sha256:2aee8d76b89b4153c33864cf69fd858d52abbb0e0ebac7a19c178280948aa193 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): 2026-09-10T02:02:03.075Z to 2026-09-10T02:02:03.075Z Record version: sha256:1fd336c27581fb0b656915d397aba73d7c8b8eadcf46e1b3087f9f1899a8cac4 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 848-40-25: 25 Recognition [Read section](https://asc.understandingaccounting.org/asc/848/40/#25-recognition) SEC content: no ##### [848-40-25-1](https://asc.understandingaccounting.org/asc/848/40/#848-40-25-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:02:03.075Z to 2026-09-10T02:02:03.075Z Record version: sha256:d0efb1a878c06cfa0420aba05c9f31475a12dca2ab35fd3604e5351a31da5a57 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/). ##### [848-40-25-2](https://asc.understandingaccounting.org/asc/848/40/#848-40-25-2) Pending content: no Source downloaded (UTC): 2026-09-10T02:02:03.075Z to 2026-09-10T02:02:03.075Z Record version: sha256:c4d36b14c88453b826cdb34bad7af9aa28b0f575e9bfc1ddc9d991a8290b6eb0 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/). ##### [848-40-25-3](https://asc.understandingaccounting.org/asc/848/40/#848-40-25-3) Pending content: no Source downloaded (UTC): 2026-09-10T02:02:03.075Z to 2026-09-10T02:02:03.075Z Record version: sha256:b3aa95266118a03677ea14e72c76f3156f5ea50077d52ddea51c757c211753ab 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/). ##### [848-40-25-4](https://asc.understandingaccounting.org/asc/848/40/#848-40-25-4) Pending content: no Source downloaded (UTC): 2026-09-10T02:02:03.075Z to 2026-09-10T02:02:03.075Z Record version: sha256:4b0ad0c37c66880c610f9f9dfa0b8adcb1154b27e172183d4e4adc02eace4570 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/). ##### [848-40-25-5](https://asc.understandingaccounting.org/asc/848/40/#848-40-25-5) Pending content: no Source downloaded (UTC): 2026-09-10T02:02:03.075Z to 2026-09-10T02:02:03.075Z Record version: sha256:6e6a52018463effb0490b48b2b9ab7437d4e80afe994b3403bbd3fe161ee44f9 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/). ##### [848-40-25-6](https://asc.understandingaccounting.org/asc/848/40/#848-40-25-6) Pending content: no Source downloaded (UTC): 2026-09-10T02:02:03.075Z to 2026-09-10T02:02:03.075Z Record version: sha256:989112399e4bea198c0ab83f84aacab2a8cf45c86985a7de9ea51de949cf8d73 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/). ##### [848-40-25-7](https://asc.understandingaccounting.org/asc/848/40/#848-40-25-7) Pending content: no Source downloaded (UTC): 2026-09-10T02:02:03.075Z to 2026-09-10T02:02:03.075Z Record version: sha256:95d30b4ef0d86b13846c56ed9ba1cb3e1b162231861bc94332c2e99be8eb1b93 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/). ##### [848-40-25-8](https://asc.understandingaccounting.org/asc/848/40/#848-40-25-8) Pending content: no Source downloaded (UTC): 2026-09-10T02:02:03.075Z to 2026-09-10T02:02:03.075Z Record version: sha256:f8b14c4d99083607189bcf94246f36454aa94f3d5d833ad6a5084ad8ca466a41 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/). ##### [848-40-25-9](https://asc.understandingaccounting.org/asc/848/40/#848-40-25-9) Pending content: no Source downloaded (UTC): 2026-09-10T02:02:03.075Z to 2026-09-10T02:02:03.075Z Record version: sha256:36a008b0a37dffd7f6532fd0ecda1be9fd17eba6b586d4178a39351f67cf7a2a 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/).