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March 2010 » Practical Implications of Fair...
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Orapin Duangploy, PhD, CPA, and Diana Kay Pence, PhD
As the SEC considers requiring u.S. public companies to adopt International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) within the next few years, it's important to understand one crucial component of the change: how to implement a fair value hedge on available-for-sale (AFS) debt securities. Guidance on this topic comes primarily from IAS 39, Financial Instruments: Recognition and Measurement. The standard classifies financial instruments into four categories. The categories identify the appropriate approach to measure the financial instruments. All financial instruments are recognized and measured at fair value initially. With the exception of loans, receivables, and held-to-maturity securities, which are measured at amortized cost, all other financial instruments are measured at fair value in subsequent periods.
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