Letters of credit in the global economy: Implications for international trade
Commercial letters of credit have been used for centuries to facilitate payment in international trade transactions. A letter of credit is a financial instrument, usually issued by a bank, which guarantees the seller will receive payment for goods sold to a foreign customer. Using a third-party paym...
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| Veröffentlicht in: | Journal of international accounting, auditing & taxation auditing & taxation, 1995, Vol.4 (2), p.175-183 |
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| container_end_page | 183 |
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| container_issue | 2 |
| container_start_page | 175 |
| container_title | Journal of international accounting, auditing & taxation |
| container_volume | 4 |
| creator | Mooney, J.Lowell Blodgett, Mark S. |
| description | Commercial letters of credit have been used for centuries to facilitate payment in international trade transactions. A letter of credit is a financial instrument, usually issued by a bank, which guarantees the seller will receive payment for goods sold to a foreign customer. Using a third-party payment mechanism helps importers and exporters maintain strong and effective business relationships. However, recent changes in both generally accepted accounting principles and in the courts'interpretation of the Uniform Commercial Code, which governs such transactions, may impair the use of letters of credit in the future. This paper examines these changes and discusses potential implications for not only importers and exporters but issuers as well. |
| doi_str_mv | 10.1016/1061-9518(95)90016-0 |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 1061-9518 |
| ispartof | Journal of international accounting, auditing & taxation, 1995, Vol.4 (2), p.175-183 |
| issn | 1061-9518 1879-1603 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_38846351 |
| source | ScienceDirect Journals (5 years ago - present) |
| subjects | Accounting standards Court decisions Credit Exports GAAP Globalization International trade Letters of credit Uniform Commercial Code-US World economy |
| title | Letters of credit in the global economy: Implications for international trade |
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