Academic journal article Journal of Accountancy

FASB Report Shows How Derivatives Are Disclosed

Academic journal article Journal of Accountancy

FASB Report Shows How Derivatives Are Disclosed

Article excerpt

The Financial Accounting Standards Board has published a special report to help preparers and auditors of financial statements understand and implement FASB Statement no. 119, Disclosure about Derivative Financial Instruments and Fair Value of Financial Instruments (issued in October 1994), by providing examples of disclosures made by various types of entities.

In preparing its report, Review of I994 Disclosures about Derivative Financial Instruments and Fair Value of Financial Instruments, the board's staff looked at disclosures about derivatives and fair value of financial instruments in the 1994 annual reports of companies selected from among Fortune 500 industrial corporations and Fortune 500 service corporations with fiscal years ending December 31, 1994. These included 65 that were randomly selected and the 10 companies with the largest dollar amount of derivative trading revenues. In each annual report, the staff attempted to identify the disclosures in the financial statement footnotes or in management's discussion and analysis that responded to each of the disclosures specified in FASB Statement no. …

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