ECB Urges Accounting Board To Help During Rate Switch

Law360, London (November 5, 2019, 1:01 PM GMT) -- The European Central Bank called on Tuesday on a board that publishes accounting standards to help companies prevent mismatches in their financial statements when they switch to a new interest-rate benchmark.

An ECB working group told the International Accounting Standards Board to address risks that can arise when finance managers modify their company statements because financial products they hold will be underpinned by the euro short-term rate, known as €STR. The new benchmark was first published by the central bank on Oct. 2 with the aim of replacing the euro overnight average index, or EONIA, by January 2022.

The guidance, published...

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