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Statement No. 20
Accounting for Forward Exchange Contracts-an amendment of FASB Statement No. 8
STATUS
Issue Date: December 1977
Effective Date: January 1, 1978
Affects: Amends FAS 8, paragraphs 27 and 35
Affected by: Superseded by FAS 52
Abbreviations for Accounting Pronouncements
FAS - FASB Statements
FIN - FASB Interpretations
FTB - FASB Technical Bulletins
APB - APB Opinions
AIN - AICPA Interpretations
ARB - Accounting Research Bulletins
CON - FASB Concepts
EITF - EITF Issues
Q&A - FASB Implementation Guides
SUMMARY
This Statement amended FASB Statement No. 8,
Accounting for the Translation of Foreign Currency Transactions and Foreign Currency Financial Statements, to permit companies to defer amounts arising from forward contracts in excess of the related commitment to the extent that the forward contract was intended to provide a hedge on after-tax basis.
Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
©2000 New York State Society
of Certified Public Accountants. Legal Notices.
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