GFOA Offers Guidance on the LIBOR/SOFR Transition
Thursday, October 10, 2019 in Press
The GFOA, in partnership with the Alternative Reference Rates Committee (ARRC), published a two-page guide for municipal issuers. The purpose of the document is to give the reader a basic understanding of the LIBOR/SOFR transition and rationale as well as general considerations for municipal issuers over the next few years.
Additionally, this week, the Treasury Department moved to smooth the transition away from LIBOR by proposing a rule allowing market participants to change the reference rate on any contract without tax consequences.
Back to All News
Effective immediately, the Government Finance Officers Association (GFOA) is asking all industry affiliates to immediately stop using the common four-letter acronym most often associated with the Comprehensive Annual Financial Report. Instead, GFOA recommends referring to the report by either the full name or by using a shortened format that does not include the four-letter acronym. For instance, the “Annual Report” would be acceptable.Read more