What replaced FAS 133?
Standards Codification Topic 105
The guidance on Statement 133 implementation issues available below are superseded by FASB Accounting Standards Codification Topic 105, Generally Accepted Accounting Principles.
What is fas161?
What FAS 161 Does. The new standard establishes a tabular format for disclosing the fair value of derivatives instruments along with their gains and losses. It requires companies to provide more information about liquidity by requiring disclosure of derivative features that are credit risk-related.
What superseded FAS 5?
FASB Accounting Standards Codification
FAS 5, or Financial Accounting Standards No. 5, Accounting for Contingencies, was the original FASB pronouncement superseded by FASB Accounting Standards Codification (ASC) subtopic 450-20, Contingencies: Loss Contingencies.
How are gains and losses on derivatives recorded?
Gains and losses of different types of derivatives for fair value hedges are reflected in the income statement, offsetting losses and gains on transactions being hedged. Any unrealized foreign exchange gains or losses are accrued in net income during the period in which the exchange rate changes.
What is the difference between cash flow hedge and fair value hedge?
What’s the difference between cash flow hedge and fair value hedge? With a cash flow hedge, you’re hedging the changes in cash inflow and outflow from assets and liabilities, whereas fair value hedges help to mitigate your exposure to changes in the value of assets or liabilities.
Which accounting law has only 47 pages?
The German accounting law
The German accounting law passed in 1985 is only 47 pages long and is silent with regard to issues such as leases, foreign currency translation, and cash flow statements.
Are derivatives a?
A derivative is a contract between two or more parties whose value is based on an agreed-upon underlying financial asset (like a security) or set of assets (like an index). Common underlying instruments include bonds, commodities, currencies, interest rates, market indexes, and stocks.