Derivatives and Hedging Accounting: FAS 133 and Beyond

Description

Proper accounting treatment for derivative instruments and hedging transactions is a complex process, requiring accounting professionals to grasp both the relevant FASB guidance and the goals of derivatives and foreign currency exchanges.

FAS 133 is the mainstay pronouncement in derivatives accounting, but a number of other statements are relevant, including FAS 157, FAS 149, FAS 166 and FAS 52. Updates to guidance come at a brisk pace, owing to the innovation in the financial marketplace, and accounting specialists must keep up.

A briefing on the current state of derivatives accounting guidance, coupled with the experiences of specialist advisors on proper accounting for complex transactions involving futures, options and other derivatives, is vital for sharpening the quality of your client work.

Listen as our panel of seasoned veterans in accounting for derivative instruments and hedging activities breaks down terms of the relevant FASB guidance and offers insights for proper reporting of complex financial transactions.

Outline

1. Relevant guidance on derivative instruments, hedging transactions, foreign currency transactions
   1. FAS 133
   2. FAS 149
   3. FAS 166
   4. FAS 133
   5. FAS 52
   6. FAS 157
   7. Recent updates or proposed revisions to FASB guidance in this area
2. Basic characteristics of various financial instruments
   1. For example, futures, options, swaps
3. Impacts of hedge accounting on financial statements
   1. Hedging interest rate risk
   2. Overview of foreign currency hedges and related accounting treatments
      1. Translation/re-measurement of foreign currency-denominated financial statements
4. Frequent documentation, financial reporting, disclosure challenges

Benefits

The panel will address these and other vital areas:

• Guidance you must master: FAS 133, FAS 149, FAS 166, FAS 52, FAS 157 and other statements, as well as recent revisions and proposed refinements.
• Challenges with financial instruments: The latest compliance decisions you're likely to face with futures, options, swaps and other derivatives.
• Hedge accounting pitfalls: How to analyze the effects of hedges on financial statements.
• Complexities in foreign currency transactions: Translating and re-measuring currency denominated financial statements.

Upon completion of this seminar, an attendee will grasp the key terms of relevant FASB statements on accounting for derivatives and hedging transactions, and possess alternatives and best practices for addressing accounting decisions required for complex financial structures.

Webinar/Teleconference

Strafford webinars/teleconferences offer several options for participation: online viewing of speaker-controlled PowerPoint presentations with audio via computer speakers or via phone; or audio only via telephone (download speaker handouts prior to the program).  Please note that our webinars do not feature videos of the presenters.

NASBA CPE Sponsor

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

CPE Credit

Strafford is a NASBA CPE sponsor and our live seminars qualify for CPE credits. They offer you a high quality, cost effective, and convenient CPE option, with no lost travel time or expenses.

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