[Global Financial Insights] FASB Invites Public Comment on Proposed Improvements to Hedge Accounting and More
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- Last Updated on 27 September, 2024
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Global Financial Insights is a weekly feature for the Accounts and Audit Module subscribers of Taxmann.com. It provides you with the latest updates on financial reporting and auditing practices from across the globe. Here is this week’s financial update.
1. FASB invites public comment on proposed improvements to hedge accounting
The Financial Accounting Standards Board (FASB) has released proposed improvements to derivative and hedge accounting. This initiative aims to clarify specific aspects of the existing guidance on hedge accounting and to address various issues that have emerged from the global reference rate reform initiative. This addresses the following issues:
- Similar risk assessment for cash flow hedges
- Hedging forecasted interest payments on choose-your-rate debt instruments.
- Cash flow hedges of nonfinancial forecasted transactions
- Net written options as hedging instrument
- Foreign-currency-denominated debt instrument as a hedging instrument and hedged item (dual hedge)
The Board will determine the effective date of this proposed Update after considering stakeholders’ feedback. The Board decided to permit early adoption for all entities on any date after issuance of the final update because it expects that some stakeholders may want to adopt the guidance before the mandatory effective date.
The deadline for public comments on the proposed improvements to hedge accounting is November 25, 2024.
Source: Financial Accounting Standards Board
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