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November 2008 » Derivatives: New Disclosures Required
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Barbara Apostolou, PhD, CPA, and Nicholas G. Apostolou, DBA, CPA
In March 2008, FASB issued SFAS 161, Disclosures about Derivative Instruments and Hedging Activities, which expands disclosures about derivative instruments and hedging activities. This new statement amends SFAS 133, Accounting for Derivative Instruments and Hedging Activities, which established the basic rules governing derivatives. The new requirements imposed by SFAS 161 must be applied prospectively for interim periods and fiscal years beginning after November 15, 2008.
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