ASU 2022-01 establishes the portfolio-layer method, which expands an entity’s ability to achieve fair value hedge accounting for hedges of financial assets in a closed portfolio.
Public business entitites | Other entities | |
---|---|---|
Annual periods – Fiscal years beginning after | December 15, 2022 | December 15, 2023 |
Interim periods – In year of adoption | Yes | Yes |
Early adoption permitted? | Yes. Early adoption is permitted on any date on or after the issuance of ASU 2022-01 for any entity that has adopted ASU 2017-12. |
The ASU includes the following key provisions:
Transition requirements:
Receive timely updates on accounting and financial reporting topics from KPMG.
Receive timely updates on accounting and financial reporting topics from KPMG.
Use our Accounting Research Online for financial reporting resources.
Use our Accounting Research Online for financial reporting resources.