Entities with derivative contracts modified because of discounting transition.
May be applied as of the beginning of the interim period that includes March 12, 2020
Available for a limited time, generally through December 31, 2022
Permits a company to apply certain optional expedients to modifications of interest rate indexes used for margining, discounting or contract price alignment of certain derivatives as a result of reference rate reform initiatives (‘discounting transition’).
Extends optional expedients to account for a derivative contract modified as a continuation of the existing contract and to continue hedge accounting when certain critical terms of a hedging relationship change to modifications made as part of the discounting transition.