ASU 2013-10 — Derivatives and Hedging (Topic 815)

The amendments in this Update permit the Fed Funds Effective Swap Rate (also referred to as the Overnight Index Swap Rate) to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to interest rates on direct Treasury obligations of the U.S. government and the London Interbank Offered Rate. The amendments also remove the restriction on using different benchmark rates for similar hedges.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update EITF-13A—Derivatives and Hedging (Topic 815), which has been deleted.

Issued: July 17, 2013