imported>Doug Williamson |
imported>Doug Williamson |
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| ''Law - international law - contract''.
| | <i>Financial reporting - fair valuation</i>. |
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| Governing law means the system of law to be applied to determine a dispute under a contract with non-domestic elements, usually specified by a ''governing law clause'' in the contract.
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| | IFRS 13 defines Level 3 valuation inputs as unobservable inputs for the fair valuation of an asset or liability. |
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| In the absence of a governing law clause, the applicable system of law is determined by convention, regulation or general law.
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| | | ==See also== |
| :<span style="color:#4B0082">'''''LIBOR transition - USD markets - next steps - check the governing law'''''</span>
| | *[[IFRS 13]] |
| | | *[[Fair value]] |
| :"Check the Governing Law of your contracts – for example fallbacks may differ depending on the governing law of your contract (e.g. English or New York) as legislative solutions differ by jurisdiction.
| | *[[Valuation inputs]] |
| | | *[[Observable valuation inputs]] |
| :Do not assume that all USD contracts work in the same way."
| | *[[Unobservable valuation inputs]] |
| | | *[[Level 1 valuation inputs]] |
| :''ACT blog - Sarah Boyce - Associate Director, Policy & Technical - June 2022.''
| | *[[Level 2 valuation inputs]] |
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| :<span style="color:#4B0082">'''''Cross-border pooling - importance of differing legal systems'''''</span>
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| :"The governing law for the intra-group cash pooling agreements is often English law for cross-border pooling.
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| :Alternatively the jurisdiction of the parent entity will be stipulated as applicable.
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| :For a Zero Balancing Agreement or a Notional Pooling Agreement, the bank will in many cases provide for a standardised agreement, with the bank’s domicile providing the legal jurisdiction.
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| :Treasurers should make themselves aware of the implications of using differing jurisdictions."
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| :''Legal implications of cash pooling structures - the Treasurer's Wiki.''
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| Contracts and other relationships without foreign elements will generally be governed by domestic law.
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| == See also == | |
| * [[Capacity]] | |
| * [[Contract]]
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| * [[Court]]
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| * [[Extraterritorial jurisdiction]]
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| * [[Fallback]]
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| * [[International law]]
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| * [[Jurisdiction]]
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| * [[Law]]
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| * [[Legal implications of cash pooling structures]]
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| * [[Notional pooling]]
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| * [[Private international law]]
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| * [[Proper law]]
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| * [[Regime]]
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| * [[Repatriated]] | |
| * [[Resident]] | |
| * [[State]] | |
| * [[State immunity]] | |
| * [[Zero balancing]] | |
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| ==Other resource==
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| *[https://www.treasurers.org/hub/blog/LIBOR-update-June-2022 LIBOR transition - governing law - ACT blog - June 2022] | |
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| [[Category:Accounting,_tax_and_regulation]]
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| [[Category:The_business_context]]
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| [[Category:Identify_and_assess_risks]]
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| [[Category:Manage_risks]]
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| [[Category:Risk_frameworks]]
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| [[Category:Risk_reporting]]
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| [[Category:Cash_management]]
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| [[Category:Financial_products_and_markets]]
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| [[Category:Liquidity_management]] | |
