FASB calls for views on hedge accounting

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10 Feb 2011

The United States Financial Accounting Standards Board (FASB) has issued a Discussion Paper to solicit input on how to improve, simplify, and converge the financial reporting requirements for hedging activities.

Differences exist between IFRS and U.S. GAAP relating to hedge accounting. The revisions proposed by the IASB in ED/2010/13 Hedge Accounting would result in more differences compared with the FASB's current and proposed hedge accounting guidance (as outlined in proposed Accounting Standards Update, Accounting for Financial Instruments and Revisions to the Accounting for Derivative Instruments and Hedging ActivitiesFinancial Instruments (Topic 825) and Derivatives and Hedging (Topic 815)). The FASB Discussion Paper asks stakeholders whether the IASB's proposals are a better starting point for any changes to U.S. GAAP as it relates to derivatives and hedging activities.

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