In the late 1990s and into the early 2000s, the spreadsheet was the treasury and accounting tool of choice. Computer programs were still relatively primitive, and the smart phone had not yet arrived. Business professionals leaned heavily on spreadsheets due to their flexibility, powerful set of available formulas and relative ease of use.
ASC 830 provides guidelines on how to determine the functional currency of an entity. This is typically an election made by management based on the economic environment in which the company operates — but the process is more complex than that.
David Bowman with the Federal Reserve Board has asked the Association for Finance Professionals (AFP) to be the voice of Corporate Treasury in terms of addressing LIBOR for the Alternative Reference Rates Committee (ARRC) as part of the Coordination Subgroup.
Treasuries use cash pooling — also known as a cash sweeping system — to provide liquidity to legal entities, aggregate cash for investment or to accelerate debt repayment.
For many years, corporations had to decide if they should purchase an all-in-one or best-of-breed treasury workstation.