Financial institutions and the phase out of LIBOR
FINANCIAL REPORTING INSIGHTS |
Authored by RSM US LLP
We have updated our white paper, Financial institutions: Fundamentals of LIBOR phase out and transition, to reflect the following:
- The revised timing for phasing out certain London Interbank Offered Rates (LIBOR) used as a reference rate in financial contracts
- The formal recommendation made by the Alternative Reference Rates Committee to use the CME Group’s forward-looking Secured Overnight Financing Rate term rates as a preferred alternative reference rate for term rates
- The recommendations and statements made by a number of supervisory agencies with respect to the use of LIBOR in new or modified contracts
For information about accounting for the effects of reference rate reform in general, refer to our white paper, Optional accounting expedients can make LIBOR transition easier.
This article was written by RSM US LLP and originally appeared on 2021-11-04.
2021 RSM US LLP. All rights reserved.
https://rsmus.com/our-insights/newsletters/financial-reporting-insights/financial-institutions-and-the-phase-out-of-libor.html
RSM US Alliance provides its members with access to resources of RSM US LLP. RSM US Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each is separate and independent from RSM US LLP. RSM US LLP is the U.S. member firm of RSM International, a global network of independent audit, tax, and consulting firms. Members of RSM US Alliance have access to RSM International resources through RSM US LLP but are not member firms of RSM International. Visit rsmus.com/about us for more information regarding RSM US LLP and RSM International. The RSM logo is used under license by RSM US LLP. RSM US Alliance products and services are proprietary to RSM US LLP.
Pugh CPAs is a proud member of RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries.
Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise and technical resources.
For more information on how Pugh CPAs can assist you, please call 865.769.0660.
Let's Talk!
Call us at 865.769.0660 or fill out the form below and we'll contact you to discuss your specific situation.