As the 2021 end of the London InterBank Offered Rate approaches, banks, accountants and regulatory bodies are still struggling to find a replacement standard that is immune to the same manipulation that brought about LIBOR’s demise, Bloomberg Tax reported.

According to Bloomberg, the use of LIBOR has been so pervasive, millions of loans extending past the 2021 deadline will be affected and could potentially need to be renegotiated from the ground up as entirely new contracts.

Bloomberg added that in 2018 the FASB introduced an alternative rate – the Secured Overnight Financing Rate or SOFR – but it has yet to reach the same sort of ubiquitous-ness as LIBOR.