利率指標變革對金融工具會計處理之影響

Abstract

2008年全球金融危機爆發後，金融市場對倫敦銀行同業拆放利率（London Interbank Offered Rate, LIBOR）的信心大幅降低，對於利率指標之變革呼聲逐漸升高。在此背景下，金融穩定理事會（Financial Stability Board, FSB）於2014年因應二十國集團（G20）之要求發布「變革主要利率指標」（Reforming Major Interest Rate Benchmarks），對現行利率指標提出通盤檢討。2017年英國金融行為監理局（Financial Conduct Authority, FCA）執行長Andrew Bailey於公開演說中宣告自2021年底開始不再要求銀行提供用以計算LIBOR之報價，促使各國加速利率指標之變革。 本研究將介紹利率指標之基本概念、缺陷與轉換上之議題，並針對與利率指標相關之現行金融工具會計處理深入研究及彙整，包括替代前及替代後之潛在影響。希望藉由對利率指標完整的介紹及變革議題之探討，能使財務報表使用者對利率指標變革及其對金融工具會計處理之影響能有完整的認識。

After the outbreak of global financial crisis in 2008, the investor confidence on London Interbank Offered Rate (LIBOR) has dropped significantly, and the reform against current interest rate benchmarks starts to escalate. The Financial Stability Board (FSB) published “Reforming Major Interest Rate Benchmarks” in 2014 and a comprehensive review of major interest rate benchmarks has been undertaken as required by G20. In 2017, the chief executive of the UK Financial Conduct Authority (FCA) announced in a speech that the quotation process in order to determine LIBOR by compelling panel banks is no longer obligated from the end of 2021. This would consequently accelerate the reform of interest rate benchmarks. This study outlines the basic concepts, defects and transition issues of interbank offered rate (IBORs), focuses on the research and aggregate the impacts of accounting treatments of IBORs related financial instruments, including potential effect of pre-replacement and post-replacement issues. The introduction of interest rate benchmarks and the discussion of reform issues can provide financial statements users with the complete understanding of the interest rate benchmark reform and the impact on the accounting treatment of financial instruments.