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New FASB disclosures about credit derivatives and guarantees

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13 Sep 2008

The US Financial Accounting Standards Board has issued FASB Staff Position (FSP) No. 133-1 and FIN 45-4 Disclosures about Credit Derivatives and Certain Guarantees.

The FSP is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. It applies to sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. The new disclosures are effective for reporting periods (annual or interim) ending after 15 November 2008. Click for FASB Press Release (PDF 22k). Here is the link to the IAS Plus Credit Crunch Page.

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