At its March 31, 2021, meeting, the FASB discussed its fair value hedging project and
made tentative decisions about the “portfolio layer” method (formerly known as the
“last-of-layer” method) related to (1) attributes of assets included in the closed
portfolio and (2) situations in which “the aggregate amount of the hedged layers
currently exceeds the amount of the closed portfolio.” In addition, the FASB
directed its staff to draft a proposed Accounting Standards Update (ASU) for a vote
by written ballot. The proposed ASU will have a 60-day comment period.