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Items tagged with "LIBOR"

Gary Gensler on LIBOR and the emperor’s new clothes

We enjoyed some remarks this week by Gary Gensler, Chair of the US Securities and Exchange Commission – perhaps offering the ‘naked truth’ about LIBOR transition risks.

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Time to complete transition with LIBOR end dates in sight

The UK’s Financial Conduct Authority (FCA) has announced the dates when panel bank submissions for all LIBOR settings will cease, after which representative LIBOR rates will no longer be available. This is an important step towards the end of LIBOR and the transition away from discredited interest rate benchmarks of this type, and provides valuable certainty.

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Let there be harmony! The way ahead for Asia-Pacific IBOR Transition

In a recent report, ‘ASIFMA IBOR Transition Readiness Survey Results and Action Plan,’ the Asia Securities Industry and Financial Markets Association (ASIFMA) and international law firm Ashurst have highlighted areas for concern and next steps as the Asia-Pacific financial industry navigates the final stages of the IBOR (Interbank Offered Rates) transition.

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IASB completes IBOR Amendments

The International Accounting Standards Board (IASB) has finalised its response to on-going Inter-Bank Offered Rates (IBOR) reform by issuing a package of amendments to the IFRS Standards.

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FSB emphasise 2021 deadline for IBOR reform

The Financial Stability Board (FSB) has issued a statement emphasising the need to transition to LIBOR alternatives by the end of 2021, despite Covid-19 setbacks.

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LIBOR Update to IFRS Taxonomy Proposed

Following the recent update to the IFRS standards in advance of the transition away from discredited interest rate benchmarks such as LIBOR, the IASB have proposed corresponding updates to the IFRS Taxonomy 2019. The Proposed IFRS Taxonomy updates include new elements that reflect the disclosure requirements introduced by the recent amendments to IFRS 9, IAS 39 and […]

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IFRS Standards Amended in Response to IBOR

After an accelerated response period, the IASB have finalised the proposed changes to the IFRS standards in advance of the move away from discredited interest rate benchmarks such as LIBOR. The changes amend some of the requirements for hedge accounting to ensure companies can still report useful information during the period of uncertainty caused by […]

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FASB Proposes Update to Ease LIBOR Transition

With global markets expected to move away from discredited interbank offered rates such as LIBOR by 2022, the Financial Accounting Standards Board (FASB) have issued a proposed Accounting Standards Update (ASU). The update is designed to provide temporary and optional accounting relief that should ease the extra burden associated with accounting for contracts affected by […]

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BoE: PRA Proposal on EBA Taxonomy 2.9

IASB Update: Interest Rate Benchmark Reform

With the 2021 switch away from widely discredited interest rate benchmarks such as LIBOR, the mechanics of that transition was again on the agenda for the IASB this summer. Earlier this year IASB proposed changes to IFRS financial instruments standards IAS 39 and IFRS 9 that will allow hedge accounting to continue during the IBOR reforms. […]

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PRA Outline Best Practice in Transition from LIBOR

The UK’s Prudential Regulation Authority (PRA) have issued a document of key findings, good practice and next steps for transition from the London InterBank Offered Rate (LIBOR) to risk-free rates (RFR) for firms to consider when planning their own transition. After a series of manipulation scandals, the once-dominant LIBOR benchmark is being abandoned, with the […]

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