{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/848/","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","title":"Reference Rate Reform","area":"Broad Transactions","group":null,"subtopics":[{"number":"848-10","topic":"848","title":"Overall","area":"Broad Transactions","paragraphs":15,"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 As presented, every paragraph in this subtopic has been superseded — the substantive guidance in Sections 05 through 55 was superseded by ASU 2020-04 and ASU 2021-01, and the transition paragraphs (848-10-65-1 and 65-2) were superseded on 07/02/2026 at the end of the transition period set by ASU 2020-04, ASU 2021-01, and ASU 2022-06 (which deferred the sunset date).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after the sunset date.","concepts":["reference rate reform","libor transition","optional expedients","sunset date","superseded guidance","contract modifications","hedge accounting relief","transition period"],"categories":["Transition and effective dates","Derivatives and hedging","Financial instruments","Subsequent measurement"],"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":"848-10-00-1","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=\"SL122633513-237841\"><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\"><strong class=\"ph b\">Financial Statements Are Available to Be Issued</strong></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\"><strong class=\"ph b\">Financial Statements Are Available to Be Issued</strong></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\"></td><td class=\"entry\"></td><td class=\"entry\"></td><td class=\"entry\"></td></tr><tr><td class=\"entry\"><div class=\"xref-range displayInline\"><a href=\"/asc/848/10/#848-10-05-1\" class=\"xref\">848-10-05-1 through 05-3</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/848/10/#848-10-05-1\" class=\"xref\">848-10-05-1 through 05-3</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/848/10/#848-10-05-2\" class=\"xref\">848-10-05-2</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/848/10/#848-10-15-1\" class=\"xref\">848-10-15-1 through 15-4</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/848/10/#848-10-15-1\" class=\"xref\">848-10-15-1 through 15-4</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/848/10/#848-10-15-3A\" class=\"xref\">848-10-15-3A</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/848/10/#848-10-15-3A\" class=\"xref\">848-10-15-3A</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/848/10/#848-10-35-1\" class=\"xref\">848-10-35-1</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/848/10/#848-10-35-1\" class=\"xref\">848-10-35-1</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/848/10/#848-10-35-2\" class=\"xref\">848-10-35-2</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/848/10/#848-10-35-2\" class=\"xref\">848-10-35-2</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><tr><td class=\"entry\"><a href=\"/asc/848/10/#848-10-50-1\" class=\"xref\">848-10-50-1</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/848/10/#848-10-50-1\" class=\"xref\">848-10-50-1</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/848/10/#848-10-55-1\" class=\"xref\">848-10-55-1</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/848/10/#848-10-55-1\" class=\"xref\">848-10-55-1</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/848/10/#848-10-65-1\" class=\"xref\">848-10-65-1</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2022-06/\" class=\"xref\">Accounting Standards Update No. 2022-06</a></td><td class=\"entry\">12/21/2022</td></tr><tr><td class=\"entry\"><a href=\"/asc/848/10/#848-10-65-1\" class=\"xref\">848-10-65-1</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/848/10/#848-10-65-1\" class=\"xref\">848-10-65-1</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/848/10/#848-10-65-2\" class=\"xref\">848-10-65-2</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2022-06/\" class=\"xref\">Accounting Standards Update No. 2022-06</a></td><td class=\"entry\">12/21/2022</td></tr><tr><td class=\"entry\"><a href=\"/asc/848/10/#848-10-65-2\" class=\"xref\">848-10-65-2</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></table></div></div>","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\nFinancial Statements Are Available to Be Issued | Superseded | Accounting Standards Upda…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0d83383ebd931faf8dd81740d28732679b255207255f57fc15554a8d014fe0a0","downloaded_from":"2026-09-10T02:01:01.971Z","last_downloaded_at":"2026-09-10T02:01:01.971Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval 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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 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Leases","topic_title":"Leases","score":0.7771,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a13e1baf063b48776a1f69a86164588900b518a62830eefad03810d9878e429a","downloaded_from":"2026-09-10T01:53:10.688Z","last_downloaded_at":"2026-09-10T01:53:53.488Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}}],"prev":{"number":"845-985","title":"Software","topic_title":"Nonmonetary Transactions","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:699836026e0cbab7a8c1853f359bb7fe73c4bdd5adc254744d5a35b1e6fdf03d","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 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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.","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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class=\"norm-text\"><a href=\"/updates/asu-2020-04/\" class=\"xref\">Paragraph superseded by Accounting Standards 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":"sha256:9dd9169e2a70d426777d6a436c06ef8f3e1c095369c1f7dc31371139615642cc","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 timestamps","source_key":"1943274/2147483546","source_sha256":"2a52861b4d612aa48fecd074485be96a39a15f92f5fc52efc6e7443cdad99d04"}},{"citation":"848-20-55-2","para":"55-2","html":"<div class=\"asc-body\"><div class=\"norm-text\"><a href=\"/updates/asu-2020-04/\" class=\"xref\">Paragraph superseded by Accounting Standards 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 Reform","score":0.8968,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fc5be50a75d0099d3bbe34726c04f27afa6b29cffb2043b52d6c316f4ddc771d","downloaded_from":"2026-09-10T02:01:01.971Z","last_downloaded_at":"2026-09-10T02:01:22.011Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"848-50","title":"Cash Flow Hedges","topic_title":"Reference Rate Reform","score":0.8746,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7aa612a57fbd3804d36c9d05df0dc8b1cf1c087412b69221eeb794af6188ae22","downloaded_from":"2026-09-10T02:02:05.578Z","last_downloaded_at":"2026-09-10T02:02:14.578Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"848-30","title":"Hedging—General","topic_title":"Reference Rate Reform","score":0.8677,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:04ceeb5a5aa116467848bad3cdd9722c2ae876cfb908037c56cb33a4616719a3","downloaded_from":"2026-09-10T02:01:38.800Z","last_downloaded_at":"2026-09-10T02:01:50.444Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"848-40","title":"Fair Value Hedges","topic_title":"Reference Rate 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 retrieval timestamps"}},{"number":"840-40","title":"Sale-Leaseback Transactions","topic_title":"Leases","score":0.8149,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bf79659ed5806d8c16b907c17c8582b833937baa9cc00de781a35dc30b045ec7","downloaded_from":"2026-09-10T01:53:55.811Z","last_downloaded_at":"2026-09-10T01:54:30.575Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}}],"prev":{"number":"848-10","title":"Overall","topic_title":"Reference Rate Reform","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:86c1dd9e2e09250277034c845518f9433dd63890bff4bcc9d0cd4e788181badb","downloaded_from":"2026-09-10T02:01:01.971Z","last_downloaded_at":"2026-09-10T02:01:22.011Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"next":{"number":"848-30","title":"Hedging—General","topic_title":"Reference Rate Reform","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3982a452a1171aa32e63a584bba423965fc8b0e2d655bc915e7cd14f640dbc59","downloaded_from":"2026-09-10T02:01:38.800Z","last_downloaded_at":"2026-09-10T02:01:50.444Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1edc65ebd761bd78aa60e6001cf01de5068c98828a9dbc0869979187def144b9","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"}},{"number":"848-30","topic":"848","title":"Hedging—General","area":"Broad Transactions","paragraphs":20,"summary":"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.","concepts":["reference rate reform","superseded guidance","hedge accounting relief","optional expedients","libor transition","discontinued reference rate","codification maintenance"],"categories":["Derivatives and hedging","Transition and effective dates","Financial instruments"],"level":"advanced","topic_title":"Reference Rate Reform","sections":[{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"848-30-00-1","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=\"SL122633447-237853\"><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/848/30/#848-30-05-1\" class=\"xref\">848-30-05-1</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/848/30/#848-30-05-1\" class=\"xref\">848-30-05-1</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\"><a href=\"/asc/848/30/#848-30-15-1\" class=\"xref\">848-30-15-1</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\"><a href=\"/asc/848/30/#848-30-15-1\" class=\"xref\">848-30-15-1</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/848/30/#848-30-15-1\" class=\"xref\">848-30-15-1</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/848/30/#848-30-25-1\" class=\"xref\">848-30-25-1 through 25-13</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/848/30/#848-30-25-1\" class=\"xref\">848-30-25-1 through 25-13</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/848/30/#848-30-25-7A\" class=\"xref\">848-30-25-7A</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/848/30/#848-30-25-7A\" class=\"xref\">848-30-25-7A</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\"><div class=\"xref-range displayInline\"><a href=\"/asc/848/30/#848-30-25-9\" class=\"xref\">848-30-25-9 through 25-11</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\"><div class=\"xref-range displayInline\"><a href=\"/asc/848/30/#848-30-25-11A\" class=\"xref\">848-30-25-11A through 25-11C</a></div></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\"><div class=\"xref-range displayInline\"><a href=\"/asc/848/30/#848-30-25-11A\" class=\"xref\">848-30-25-11A through 25-11C</a></div></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></table></div></div>","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\n848-30-05-1 | Superseded | Accounting Standards Update No. 2020-04 | 03/12/2020 |\n848-30…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:486d8ccb24734a6d5122afd8006012ad62509a4eedfb846877e59c28f51b32cb","downloaded_from":"2026-09-10T02:01:38.800Z","last_downloaded_at":"2026-09-10T02:01:38.800Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval 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2020-04.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4a858a3cca6c8d436ad4be15c253ce7c8c810e166231966566b79818b2769f58","downloaded_from":"2026-09-10T02:01:46.420Z","last_downloaded_at":"2026-09-10T02:01:46.420Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147483543","source_sha256":"30e1a9d51b91e648bc90009251976281d2a7268ee8b7d0a09ff3b17cfce81c02"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a2ed5c5aacdef7bda564280c0a90c48f3818acdb8baec3f44e94c4b479d7d7fb","downloaded_from":"2026-09-10T02:01:46.420Z","last_downloaded_at":"2026-09-10T02:01:46.420Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not 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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":["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."],"categories":["Derivatives and hedging","Transition and effective dates","Financial instruments"],"audience_level":"advanced","student_note":"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.","related_topics":["848","848-10","848-40","848-50","815","815-20"],"key_concepts":["reference rate reform","superseded guidance","hedge accounting relief","optional expedients","libor transition","discontinued reference rate","codification maintenance"],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7efe32058c7efa41f6e45f5f5bcbb44acfc898492e5a9e1d4eb3ea5d870415bb","downloaded_from":"2026-09-10T02:01:38.800Z","last_downloaded_at":"2026-09-10T02:01:50.444Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"related":[{"number":"848-50","title":"Cash Flow Hedges","topic_title":"Reference Rate Reform","score":0.9302,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4b69b5a6114fa07c4632a53fa9ff4a8b85bb45719ff9339d42a68549ab88a297","downloaded_from":"2026-09-10T02:02:05.578Z","last_downloaded_at":"2026-09-10T02:02:14.578Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"848-40","title":"Fair Value Hedges","topic_title":"Reference Rate Reform","score":0.9196,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:daead1c8d69b9f9badabc530ee0b4386315f268e0114ede6b1c09bd3538a5a09","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":"848-20","title":"Contract Modifications","topic_title":"Reference Rate Reform","score":0.8677,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:31a894be1588ca092f2687e6e70f3e87e4826ae5cf026dd4f212428f4ad9be97","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"}},{"number":"848-10","title":"Overall","topic_title":"Reference Rate Reform","score":0.8644,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7a6b5383c521013a7487fc8909150da4258f3306a488e5e510906e5a36d9fb8b","downloaded_from":"2026-09-10T02:01:01.971Z","last_downloaded_at":"2026-09-10T02:01:22.011Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"840-30","title":"Capital Leases","topic_title":"Leases","score":0.7355,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:eae37384ba122a54344d942842094d7113f1a47a2a2150dcc76c1e9abb38df97","downloaded_from":"2026-09-10T01:53:10.688Z","last_downloaded_at":"2026-09-10T01:53:53.488Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"840-980","title":"Regulated Operations","topic_title":"Leases","score":0.7278,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c892f4d07b306bfced03b43558ff7eeda5a7101cba189a5bae89a05b32f9d886","downloaded_from":"2026-09-10T01:55:18.640Z","last_downloaded_at":"2026-09-10T01:55:41.940Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}}],"prev":{"number":"848-20","title":"Contract Modifications","topic_title":"Reference Rate Reform","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f3a848effc3e70f0a1b56c6ef51c779fffdffa33e3cc92eef0cc524f7424f707","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"}},"next":{"number":"848-40","title":"Fair Value Hedges","topic_title":"Reference Rate Reform","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3c51e9be576a7db48e08873e7146bd65ca682ac9d457b52a46069f08d6b6c992","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"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8113b3164591dae90b665d4941357f557538d1f796decc132247d7bd2f958992","downloaded_from":"2026-09-10T02:01:38.800Z","last_downloaded_at":"2026-09-10T02:01:50.444Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"848-40","topic":"848","title":"Fair Value Hedges","area":"Broad Transactions","paragraphs":12,"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.","concepts":["reference rate reform","fair value hedge","superseded guidance","optional expedients","libor transition","hedge accounting relief"],"categories":["Derivatives and hedging","Transition and effective dates","Financial instruments"],"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":"848-40-00-1","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=\"SL122633444-237857\"><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/848/40/#848-40-05-1\" class=\"xref\">848-40-05-1</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/848/40/#848-40-05-1\" class=\"xref\">848-40-05-1</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\"><a href=\"/asc/848/40/#848-40-15-1\" class=\"xref\">848-40-15-1</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/848/40/#848-40-15-1\" class=\"xref\">848-40-15-1</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/848/40/#848-40-25-1\" class=\"xref\">848-40-25-1 through 25-9</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/848/40/#848-40-25-1\" class=\"xref\">848-40-25-1 through 25-9</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/848/40/#848-40-25-2\" class=\"xref\">848-40-25-2</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/848/40/#848-40-25-8\" class=\"xref\">848-40-25-8</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2022-06/\" class=\"xref\">Accounting Standards Update No. 2022-06</a></td><td class=\"entry\">12/21/2022</td></tr><tr><td class=\"entry\"><a href=\"/asc/848/40/#848-40-25-8\" class=\"xref\">848-40-25-8</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></table></div></div>","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\n848-40-05-1 | Superseded | Accounting Standards Update No. 2020-04 | 03/12/2020 |\n848-40…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1b7b0dade24a105d166ca65dee899afc665105caec728591f8e60e4e6d28114e","downloaded_from":"2026-09-10T02:01:53.098Z","last_downloaded_at":"2026-09-10T02:01:53.098Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval 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2020-04.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:36a008b0a37dffd7f6532fd0ecda1be9fd17eba6b586d4178a39351f67cf7a2a","downloaded_from":"2026-09-10T02:02:03.075Z","last_downloaded_at":"2026-09-10T02:02:03.075Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147483495","source_sha256":"f3357a944e9399cb2cd43318521d4fc056f1da19a9d62d92a2d462829a9f7703"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:270cce751381051dfc18cfbc7309c0ca4681efc233e52c3535100a03411809bd","downloaded_from":"2026-09-10T02:02:03.075Z","last_downloaded_at":"2026-09-10T02:02:03.075Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147483495","source_sha256":"f3357a944e9399cb2cd43318521d4fc056f1da19a9d62d92a2d462829a9f7703"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1fd336c27581fb0b656915d397aba73d7c8b8eadcf46e1b3087f9f1899a8cac4","downloaded_from":"2026-09-10T02:02:03.075Z","last_downloaded_at":"2026-09-10T02:02:03.075Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147483495","source_sha256":"f3357a944e9399cb2cd43318521d4fc056f1da19a9d62d92a2d462829a9f7703"}}],"enrichment":{"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"],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2450130a9115e8f5910dc3f1a89889d342d938c214cfcc63a0810e0535569efa","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"}},"related":[{"number":"848-30","title":"Hedging—General","topic_title":"Reference Rate Reform","score":0.9196,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:19cadbcc4718b3cde720c43d25fb992f8113056eca2e136d35f1f1fd1ee50db2","downloaded_from":"2026-09-10T02:01:38.800Z","last_downloaded_at":"2026-09-10T02:01:50.444Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"848-50","title":"Cash Flow Hedges","topic_title":"Reference Rate Reform","score":0.9097,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:082d22b980c0c3baf855508438e2d514d4367f6dd5ab8ff54da8270bdc216286","downloaded_from":"2026-09-10T02:02:05.578Z","last_downloaded_at":"2026-09-10T02:02:14.578Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"848-10","title":"Overall","topic_title":"Reference Rate Reform","score":0.8484,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:eba8355b4d50d338bdff7a117fade886a14b662159f434aed26524d894f03c1b","downloaded_from":"2026-09-10T02:01:01.971Z","last_downloaded_at":"2026-09-10T02:01:22.011Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"848-20","title":"Contract Modifications","topic_title":"Reference Rate Reform","score":0.8273,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:533f4848b889f6d8af0d86a6aba6c1558ee84e78109298577939973210b0618e","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"}},{"number":"840-980","title":"Regulated Operations","topic_title":"Leases","score":0.7335,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:85211ccfea1f00cd6054d0ba1cf4cb7401b1bdc9df67354eab9e48f14ef395bc","downloaded_from":"2026-09-10T01:55:18.640Z","last_downloaded_at":"2026-09-10T01:55:41.940Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"840-40","title":"Sale-Leaseback Transactions","topic_title":"Leases","score":0.7293,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4e667d883869c80f658ce98cabeee8ffda865e1177dd92e64fb04049cdabdeac","downloaded_from":"2026-09-10T01:53:55.811Z","last_downloaded_at":"2026-09-10T01:54:30.575Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}}],"prev":{"number":"848-30","title":"Hedging—General","topic_title":"Reference Rate Reform","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3982a452a1171aa32e63a584bba423965fc8b0e2d655bc915e7cd14f640dbc59","downloaded_from":"2026-09-10T02:01:38.800Z","last_downloaded_at":"2026-09-10T02:01:50.444Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"next":{"number":"848-50","title":"Cash Flow Hedges","topic_title":"Reference Rate Reform","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3245212215ef65a9ec3ca6327d08eed90fdee8ff437faacac6c0e5c49c74bc68","downloaded_from":"2026-09-10T02:02:05.578Z","last_downloaded_at":"2026-09-10T02:02:14.578Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ccfd17eef9a05606fd80eb4b683b3ba052d881db060b28e4bfed51dec4d8b1cd","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":"848-50","topic":"848","title":"Cash Flow Hedges","area":"Broad Transactions","paragraphs":42,"summary":"ASC 848-50 was the Reference Rate Reform subtopic addressing cash flow hedges, but every paragraph in it has been superseded (almost entirely by ASU 2020-04, with one paragraph superseded by ASU 2021-01). As codified today it contains no operative guidance; the optional expedients and exceptions for hedging relationships affected by reference rate reform reside in the surviving subtopics of Topic 848.","concepts":["reference rate reform","cash flow hedges","superseded guidance","optional expedients","libor transition","discounting transition","hedge accounting relief"],"categories":["Derivatives and hedging","Transition and effective dates","Financial instruments"],"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":"848-50-00-1","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=\"SL122633441-237861\"><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/848/50/#848-50-05-1\" class=\"xref\">848-50-05-1</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/848/50/#848-50-05-1\" class=\"xref\">848-50-05-1</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\"><a href=\"/asc/848/50/#848-50-15-1\" class=\"xref\">848-50-15-1</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/848/50/#848-50-15-1\" class=\"xref\">848-50-15-1</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/848/50/#848-50-25-1\" class=\"xref\">848-50-25-1 through 25-14</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/848/50/#848-50-25-1\" class=\"xref\">848-50-25-1 through 25-14</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/848/50/#848-50-25-3\" class=\"xref\">848-50-25-3</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/848/50/#848-50-35-1\" class=\"xref\">848-50-35-1</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/848/50/#848-50-35-1\" class=\"xref\">848-50-35-1 through 35-24</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/848/50/#848-50-35-1\" class=\"xref\">848-50-35-1 through 35-24</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/848/50/#848-50-35-19\" class=\"xref\">848-50-35-19</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/848/50/#848-50-35-19A\" class=\"xref\">848-50-35-19A</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/848/50/#848-50-35-19A\" class=\"xref\">848-50-35-19A</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/848/50/#848-50-35-20\" class=\"xref\">848-50-35-20</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/848/50/#848-50-35-24\" class=\"xref\">848-50-35-24</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></table></div></div>","snippet":"The following table identifies the changes made to this 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As codified today it contains no operative guidance; the optional expedients and exceptions for hedging relationships affected by reference rate reform reside in the surviving subtopics of Topic 848.","key_points":["Every paragraph of 848-50 (Sections 05, 15, 25, and 35) is marked 'Paragraph superseded by Accounting Standards Update No. 2020-04,' so the subtopic imposes no current requirements.","Paragraph 848-50-35-19A was superseded separately by Accounting Standards Update No. 2021-01, which addressed derivatives affected by the discounting transition.","No overview (Section 05), scope (Section 15), recognition (Section 25), or subsequent measurement (Section 35) guidance survives in this subtopic.","Relief for cash flow hedges affected by reference rate reform must be researched in the remaining Topic 848 subtopics and Topic 815, not in 848-50.","Superseded paragraph numbers are retained only as historical placeholders; citing them as authority is an error."],"categories":["Derivatives and hedging","Transition and effective dates","Financial instruments"],"audience_level":"intermediate","student_note":"The trap here is citing 848-50 as live authority: the entire subtopic is superseded, so any reference rate reform cash flow hedge question must be answered from the remaining Topic 848 subtopics (and Topic 815). Spotting a fully superseded subtopic is itself a research skill.","related_topics":["848-10","848-20","848-30","848-40","815-30","815-20"],"key_concepts":["reference rate reform","cash flow hedges","superseded guidance","optional expedients","libor transition","discounting transition","hedge accounting relief"],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a0711d2df531d6882ac7c1e1c9f7107ae11b6409983dd1a93d70396e04552e22","downloaded_from":"2026-09-10T02:02:05.578Z","last_downloaded_at":"2026-09-10T02:02:14.578Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"related":[{"number":"848-30","title":"Hedging—General","topic_title":"Reference Rate Reform","score":0.9302,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:256d06bb0f4f665d7be7456c8ccc97af78036f3b5993b059d6bc11151c27eae9","downloaded_from":"2026-09-10T02:01:38.800Z","last_downloaded_at":"2026-09-10T02:01:50.444Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"848-40","title":"Fair Value Hedges","topic_title":"Reference Rate Reform","score":0.9097,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:22926536bf1e52ff75bac8c3f3916d0da0d44901d687dda0786553ed29018889","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":"848-20","title":"Contract Modifications","topic_title":"Reference Rate Reform","score":0.8746,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0ccfbc41103e841a893984c8e77b2abade7e84183ac0cd294fa57e735a283ba7","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"}},{"number":"848-10","title":"Overall","topic_title":"Reference Rate Reform","score":0.8454,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fe9462133db03383947fc57bfca3df096f6049547f92d9cd9e4a62f2994af1db","downloaded_from":"2026-09-10T02:01:01.971Z","last_downloaded_at":"2026-09-10T02:01:22.011Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"840-20","title":"Operating Leases","topic_title":"Leases","score":0.7729,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4d2f6ea3338b7c49d2c8306ab89b7e3b964786dd483bab57f7a9dad596424e94","downloaded_from":"2026-09-10T01:52:37.678Z","last_downloaded_at":"2026-09-10T01:53:07.988Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"840-30","title":"Capital Leases","topic_title":"Leases","score":0.7727,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:12e7105acd69fc46bca0e0ebb2a18abe917b472001a74eec411c805369996331","downloaded_from":"2026-09-10T01:53:10.688Z","last_downloaded_at":"2026-09-10T01:53:53.488Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}}],"prev":{"number":"848-40","title":"Fair Value Hedges","topic_title":"Reference Rate Reform","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3c51e9be576a7db48e08873e7146bd65ca682ac9d457b52a46069f08d6b6c992","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"}},"next":{"number":"850-10","title":"Overall","topic_title":"Related Party Disclosures","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:004706422cc5e0386c530bc8919f058eb2b825c89b4cadf93c8e3bedb44cd5be","downloaded_from":"2026-09-10T02:02:17.059Z","last_downloaded_at":"2026-09-10T02:02:39.436Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:010f7f484545135067330873be5012debd023a9f626a1cfa665145dffac9d99a","downloaded_from":"2026-09-10T02:02:05.578Z","last_downloaded_at":"2026-09-10T02:02:14.578Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}}],"paragraphs":120,"summary":"ASC 848, Reference Rate Reform, provided temporary, wholly optional expedients and exceptions from otherwise applicable GAAP for contract modifications, hedging relationships, and other transactions affected by the discontinuation of LIBOR and other reference rates — most importantly allowing a rate-reform-driven modification to be accounted for as a continuation of the existing contract rather than an extinguishment or new contract, and permitting hedging relationships to continue without dedesignation. The topic is organized as an Overall subtopic (848-10) plus subtopics for contract modifications (848-20), hedging in general (848-30), fair value hedges (848-40), and cash flow hedges (848-50). As presented here, every paragraph in each subtopic has been superseded — by ASU 2020-04 and ASU 2021-01 (which clarified scope for derivatives affected by the discounting transition) — and the transition paragraphs 848-10-65-1 and 65-2 were superseded on 07/02/2026 at the end of the sunset period deferred by ASU 2022-06. The single most important takeaway is that Topic 848 relief was time-limited: after the sunset date the expedients expired, no conclusion can be supported by citing these superseded paragraphs, and entities must apply ordinary GAAP (e.g., Topics 815 and 470) to reference-rate-related changes.","concepts":["reference rate reform","libor transition","optional expedients and exceptions","contract modifications treated as continuation","hedge accounting relief","sunset date and superseded guidance","discounting transition for derivatives"],"categories":["Derivatives and hedging","Financial instruments","Transition and effective dates","Subsequent measurement"],"level":"intermediate","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e545e57a9da6f7a10d0d373c0b401957d6a279a04ea29bf1b63541b892addcec","downloaded_from":"2026-09-10T02:01:01.971Z","last_downloaded_at":"2026-09-10T02:02:14.578Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}}