Ben Moseley, Mo Malhotra and Gemma Marshall (Deloitte) provide an overview of some of the accounting, tax and transfer pricing implications, and set out some actions that companies may wish to consider.
Interbank offered rates (IBORs) including London interbank offered rates (LIBORs) are used as the reference interest rate in hundreds of trillions of dollars in notional value of loans and derivatives globally.
In July 2017 the UK Financial Conduct Authority (FCA) announced that it will no longer compel banks to submit LIBOR from the end of 2021 and replacement reference interest rates have been developed for the five LIBOR currencies (US dollar sterling Swiss franc the euro and Japanese yen). The sterling overnight index average (SONIA) is the alternative risk‑free rate (RFR) for sterling-denominated financial instruments.
Given their prevalence most companies will have contracts that reference LIBOR and if...
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Ben Moseley, Mo Malhotra and Gemma Marshall (Deloitte) provide an overview of some of the accounting, tax and transfer pricing implications, and set out some actions that companies may wish to consider.
Interbank offered rates (IBORs) including London interbank offered rates (LIBORs) are used as the reference interest rate in hundreds of trillions of dollars in notional value of loans and derivatives globally.
In July 2017 the UK Financial Conduct Authority (FCA) announced that it will no longer compel banks to submit LIBOR from the end of 2021 and replacement reference interest rates have been developed for the five LIBOR currencies (US dollar sterling Swiss franc the euro and Japanese yen). The sterling overnight index average (SONIA) is the alternative risk‑free rate (RFR) for sterling-denominated financial instruments.
Given their prevalence most companies will have contracts that reference LIBOR and if...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
