Derivatives and Hedging Accounting: FAS 133 and Beyond

Mastering the Evolving Guidance on Derivative Instrument Accounting and Valuations

Recording of a 110-minute CPE webinar with Q&A


Conducted on Wednesday, February 17, 2010

Recorded event now available

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Program Materials

This webinar will analyze the relevant FASB guidance and recent revisions affecting various derivative instruments, hedging transactions, and foreign currency accounting.

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.

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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.

Faculty

Krishnan Iyengar
Krishnan Iyengar
Chairman, Hedge Accounting Technical Task Force
Reval

He also is director of solutions consulting for the firm, which is a risk management and hedge accounting consultant....  |  Read More

Mark Leffers
Mark Leffers

Founder
Bennett Point Associates

He consults on accounting for derivatives and other complex financial instruments. He previously worked in the National...  |  Read More

Barry Epstein
Barry Epstein

Partner-In-Charge, Forensic Accounting Group
Russell Novak & Co.

He has more than 40 years of accounting and auditing experience. He is a frequent speaker, writer and expert witness on...  |  Read More

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