elective relief

Broad Transactions1

1. 848-20Contract Modifications848 Reference Rate Reform

   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was the placeholder subtopic for contract modifications under Reference Rate Reform, but every paragraph in it has been superseded — Sections 05, 15, 35, and 55 were all superseded by ASU 2020-04 (with 848-20-15-2A superseded by ASU 2021-01).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.