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Accounting for derivatives—FAS No. 133 and the international proposal
Author(s) -
Munter Paul
Publication year - 1998
Publication title -
journal of corporate accounting and finance
Language(s) - English
Resource type - Journals
eISSN - 1097-0053
pISSN - 1044-8136
DOI - 10.1002/(sici)1097-0053(199823)10:1<51::aid-jcaf5>3.0.co;2-g
Subject(s) - accounting , scrutiny , financial accounting , financial statement , balance sheet , accounting standard , derivative (finance) , mark to market accounting , statement (logic) , business , financial ratio , statement of changes in financial position , accounting management , financial instrument , economics , accounting information system , finance , political science , law , audit
After many years of debate, consideration, and public scrutiny, the Financial Accounting Standards Board (FASB) issued Financial Accounting Standard (FAS) No. 133, entitled Accounting for Derivative and Similar Financial Instruments and for Hedging Activities in June 1998. While FAS No. 133 has been widely criticized by many financial statement preparers because of its complexity and its implications for financial reporting, many financial statement users have applauded the FASB's efforts to bring these instruments onto corporate balance sheets so that the impact of derivatives will be more clearly displayed in the financial statements. © 1998 John Wiley & Sons, Inc.