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[Revised to incorporate newly issued MAS Recommended Rate (MRR) and supplementary guidance for active transition of SOR contracts and updates on accounting considerations on the use of MRR and supplementary guidance in financial contracts and hedge accounting]
FRB 9 (Revised January 2023), issued on 16 January 2023, share accounting considerations on specific matters to assist entities in their understanding of the accounting for financial instruments and hedge accounting which are affected by the replacement of interest rate benchmarks within these contracts.
FRB 9 (Revised January 2023) has been updated from FRB 9 (issued on 21 February 2022) for the following:
- Additional background information on MAS Recommended Rate (MRR) and supplementary guidance for active transition of SOR contracts; and
- Updates on accounting considerations on the use of MRR and supplementary guidance in financial contracts and hedge accounting
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