Abstract
Understanding letters of credit is of growing importance in the emerging global economy. Commercial letters of credit have been used for centu- ries to facilitate payment in international trade transactions. In recent years, a ple- thora of new applications has been found for this timeless financial instrument. For example, standby letters of credit are be- ing used to guarantee performance and a wide range of financial obligations. This article provides a synopsis of the major is- sues relating to the use of letters of credit and reviews recent changes in the account- ing and reporting requirements for such letters.
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