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FASB: More LIBOR Relief

The Financial Accounting Standards Board has agreed to issue additional LIBOR transition relief, providing the loan market assurance that the accounting body will address the major accounting issues presented by the transition.

FASB to Issue Accounting Relief From 10% Test for LIBOR Transition

In a decision that could significantly ease the loan market’s transition from Libor to an alternative reference rate, the Financial Accounting Standards Board announced recently that it will soon take steps toward providing much-needed accounting relief for firms and organizations affected by the transition.

LSTA Hosts Accounting Changes Webinar

On November 14th, the LSTA hosted a webinar on “Planning for Changes in GAAP: Credit Agreement Implications” presented by Howard Friedman of PriceWaterhouseCoopers, Ken Steinberg of Davis Polk, and Ramya Tiller of Debevoise. The presenters noted that we are in one of the most active periods (if not the most active period) for accounting changes ever with significant developments in revenue recognition and lease accounting taking place.  On January 1, 2019, private companies must comply with the new revenue recognition (ASC 606), something with which public companies had to comply earlier this year.

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Membership in the LSTA offers numerous benefits and opportunities. Chief among them is the opportunity to participate in the decision making process that ultimately establishes loan market standards, develops market practices, and influences the market’s direction.

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