Derivatives and Hedging:
Interpretations of FASB Statement No. 133, as amended
The Accounting Research Manager Group

Many companies use derivative instruments without realizing it. Trading currencies, setting interest rates, and pricing commodities all involve the use of derivative instruments. These may be forward contracts or options used to minimize the risk of currency movement, interest rate trends, price increases or decreases, or investments.

Derivatives and Hedging offers paragraph-by-paragraph interpretations of FASB Statement No. 133, as amended by Statements No. 138 and 149. Statement No. 133 replaced pre-existing pronouncements and practices with a single, integrated accounting framework for derivative instruments and hedging activities. It expanded the definition of a derivative instrument to include commodity contracts and derivative instruments that are embedded in other contracts.

Topics covered in Derivatives and Hedging include:
· Recognition and measurement of derivative instruments and hedging activities
· Cash flow hedges
· Foreign currency hedges
· Identifying and bifurcating embedded derivative instruments
· Determining and recording fair value
· Determining and accounting for impairment
· Implementation guidance and disclosure rules

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