FASB extended the time tax preparers can use the reference rate reform relief guidance by two years on Wednesday, Dec. 21.
Accounting Standards Update (ASU) No. 2022-06 defers the sunset date of reference rate reform (Topic 848) to provide relief during the temporary transition period.
To ensure the relief in Topic 848 covers the time during which a significant number of modifications may take place, the ASU defers the sunset date from Dec. 31, 2022, to Dec. 31, 2024. Read more.