Responding to widespread uncertainties about the implementation of Financial Accounting Statement 133, Accounting for Derivative Instruments and Hedging Activities, the Financial Accounting Standards Board has issued a proposed implementation issue intended to make it easier for companies to use the "shortcut method" in accounting for many hedging transactions.It should also help those companies' confidence.
Louis Fanzini, a FASB industry fellow serving as project manager, said that the amendments are intended as clarifications to questions that have been raised not only by the preparers of financial statements, but by auditors and regulators as well.
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