discontinued reference rate

Broad Transactions1

1. 848-30Hedging—General848 Reference Rate Reform

   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for general hedging guidance under the reference rate reform relief in Topic 848, but every paragraph in it has been superseded — the Section 05, 15, and 25 paragraphs by ASU 2020-04, and paragraphs 848-30-25-7A, 25-11A, 25-11B, and 25-11C by ASU 2021-01.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.