GASB Sunsets Use of LIBOR as Derivative Reference Rate
As of July 1, LIBOR is no longer being published by the ICE Benchmark Administration so, GASB no longer considers LIBOR to be an appropriate benchmark interest rate for derivative instruments.
FASB Issues Concepts Chapter on Recognition and Derecognition
The updated conceptual framework chapter addresses when an item should be included in or removed from financial statements.
GASB Proposal Provides Guidance on Certain Capital Assets
GASB’s latest exposure draft would provide new accounting guidance for disclosure and classification of certain capital assets. Comments are due January 5, 2024.