Grandfather and Revolving borrowing facility: Difference between pages

Revision as of 14:36, 9 September 2017

Any facility which permits the borrower to draw down and repay amounts at the borrower's discretion for a specified period of time.

The flexibility for the borrower is subject to the terms of the facility.

Examples of revolving borrowing facilities include overdrafts and revolving credit facilities.

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+Any facility which permits the borrower to draw down and repay amounts at the borrower's discretion for a specified period of time.
-To exempt pre-existing arrangements from subsequent more restrictive laws or regulation.
+The flexibility for the borrower is subject to the terms of the facility.
-Grandfathering may be applied for the full natural life of pre-existing arrangements, or for a more limited period which is considered long enough to allow new and compliant arrangements to be put in place.
+Examples of revolving borrowing facilities include overdrafts and revolving credit facilities.
-. ''Financial reporting''
+== See also ==
+* [[Overdraft]]
-To continue a previous financial accounting treatment - where permitted - for pre-existing contracts or transactions, during a transition period.
+* [[Revolving credit facility]]
-For example, IFRS 16 (Leases) allows existing leases to continue be accounted for under the previous accounting regime, applying the new definitions only to new contracts.
-== See also==
-* [[FATCA]]
-* [[IFRS 16]]
-===Other links===
-[http://www.treasurers.org/node/9713 Feeling the force of FATCA, The Treasurer, December 2013/January 2014]
-[[Category:Accounting,_tax_and_regulation]]
-[[Category:Compliance_and_audit]]