On December 20, 2017, in response to concerns about the sustainability of U.S. Dollar LIBOR, the FASB voted to add a project related to the addition of the overnight index swap (OIS) rate based on the rate identified by the Alternative Reference Rate Committee (ARRC) (the Secured Overnight Financing Rate (SOFR) or the “SOFR OIS rate”) as an eligible benchmark interest rate for hedge accounting purposes under ASC 815, Derivatives and Hedging.
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