Tentative Board Decisions

Tentative Board decisions are provided for those interested in following the Board's deliberations. All of the reported decisions are tentative and may be changed at future Board meetings.

1. Confirm its decision to add the OIS rate based on SOFR as a U.S. benchmark interest rate. The Board also indicated it plans to continue to monitor the development of the SOFR term rate and communicated that it is prepared to consider adding a SOFR term rate as a benchmark interest rate in the future.
2. Confirm its decisions that the amendments in the final Accounting Standards Update should be applied on a prospective basis for qualifying new or redesignated hedging relationships entered on or after the date of adoption and that no additional disclosure should be required.
3. Retain the scope of the existing project and add a separate project to the Board's agenda to facilitate the LIBOR to SOFR transition and mitigate the effects on financial reporting.
4. Require that the effective date of this Update coincide with the effective date of Update No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, if an entity has not applied Update 2017-12. If an entity already has applied Update 2017-12, the effective date of this Update will be as follows with early application permitted in any annual or interim period:
   1. For public business entities, the amendments in this Update will be effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years.
   2. For all other entities, the amendments in this Update will be effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years.