FASB Updates Codification to Replace LIBOR with SOFR
The Financial Accounting Standards Board (FASB) has taken a step toward replacing references to the discontinued London Interbank Offered Rate (LIBOR) in its codification with those of the Secured Overnight Financing Rate (SOFR). The update aims to align accounting standards with current market practices, as LIBOR was phased out after June 2023. FASB members approved a proposed change during a recent meeting.
Tickers: $JPM
Topics: accounting standards FASB LIBOR phase-out SOFR