GASB Makes Announcement Related to LIBOR Transition

The GASB has announced that, as of July 1, 2023, it is no longer appropriate for entities to use the London Interbank Offered Rate (LIBOR) as a “benchmark interest rate for a derivative instrument that hedges the interest rate risk of taxable debt” under Statement No. 53, Accounting and Financial Reporting for Derivative Instruments. For more information, see the press release on the GASB’s Web site.