January 2013 5 Min Read
From Hedge Accounting to Strategic Hedging by Morten Buchgreitz, SVP and Group Treasurer, DONG Energy Hedge accounting under IFRS 39 or FAS 133, with future iterations, has created issues for many companies as they seek to balance the risk management needs of the...
October 2012 7 Min Read
Will the Cavalry Arrive in Time? by François Masquelier, President of the Association of Corporate Treasurers in Luxembourg (ATEL) and Honorary Chairman of the European Association of Corporate Treasurers This article addresses the problems of the way in which...
September 2012 3 Min Read
The TMI Tax Doctor: Cash Pooling Welcome to the second column of Tax Doctor. In this issue I look at a question around the differences in tax treatment between notional and target balancing cash pooling arrangements and also the value added tax (’VAT’)...
August 2012 3 Min Read
IFRS 9, the Long-Awaited Accounting Standard by François Masquelier, President of the Association of Corporate Treasurers in Luxembourg (ATEL) and Honorary Chairman of The European Association of Corporate Treasurers (EACT) In Charles Perrault’s folktale,...
June 2012 11 Min Read
Reform of Credit Rating Agency Regulation in Europe: An End-investor Perspective by Joanna Cound, Managing Director, and Stephen Fisher, Director, BlackRock Ratings provide a benchmark or a reference point that investors use to evaluate a security or...
April 2012 3 Min Read
The TMI Tax Doctor: Debt Restructuring Welcome to the TMI Tax Doctor, which is designed to look at some of the tax issues associated with treasury globally. In this first column I answer a UK tax-related question around debt restructurings. I also address a second...
April 2012 7 Min Read
Whether or Not to Collateralise the Hedging Process: That is the Question by François Masquelier, Chairman, Luxembourg Corporate Treasury Association (ATEL) Whether we like it or not, in future the hedging of financial risks may never be the same again. As we...
March 2012 5 Min Read
Exposure Draft Hedge Accounting: Challenges or Opportunities? by Yin Toa Lee, Partner and Financial Services Leader, Ernst & Young, Financial Accounting Advisory Services, Asia Pacific Introduction The International Accounting Standard Board (the Board) completed...
November 2011 3 Min Read
UBS, or the Comedy of Repetition Philippe Messager, Chairman, AFTE – The French Association of Corporate Treasurers In the space of a few hours, Kweku Adoboli became as famous as Nick Leeson, Bernard Madoff and Jérôme Kerviel. Without breaking Mr....
October 2011 3 Min Read
The Importance of Standardisation to Today’s Treasurer by Carlos Gutierrez Salan, Global Head of Cash Management, Santander Global Banking & Markets Under the current economic climate, corporate treasurers are seeking to improve efficiencies and gain...
September 2011 8 Min Read
Don’t Knock Derivatives Absa Capital The global financial crisis has put derivatives firmly in the sights of regulators and media commentators, but for those who are charged with managing corporate treasury operations, it is important to cut through the hype and...
