Libor Accounting Relief Coming in Early 2020

Nov. 13, 2019, 10:14 PM

Coming in early 2020: help for companies handling the financial reporting fallout from the demise of the world’s most popular benchmark interest rate.

The Financial Accounting Standards Board on Nov. 13 approved a package of simplifications around accounting for the transition away from the London Interbank Offered Rate (Libor), but in an unusual move, three of the seven board members dissented.

The dissenters—FASB members Christine Botosan, Gary Buesser, and Harold Schroeder—said businesses will get a big accounting break as they undo trillions of dollars worth of debt and derivatives contracts. But investors and analysts won’t be able to ...

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