FASB has issued a proposal addressing implementation issues for its new hedge accounting rule. This technical correction addresses issues related to documentation, dual hedges and provides clarifications that forecasted transaction and hedged risk are distinct.
Of note: For the purposes of applying the shortcut method, get ready to replace the term “prepayable” with “early settlement feature.”
You can read the 115-page exposure draft “Derivatives and Hedging (Topic 815): Codification Improvements to Hedge Accounting” by clicking here.
Comments are due Jan. 13, 2020. Interested parties may submit comments in one of three ways:
- Using the electronic feedback form on the FASB website at Exposure Documents Open for Comment
- Emailing comments to email@example.com, File Reference No. 2019-790
- Sending a letter to “Technical Director, File Reference No. 2019-790, FASB, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-”
What questions do you have? Send your questions to firstname.lastname@example.org.
Upcoming Broadcast Note: Join Melisa Galasso at 9 p.m. on Tuesday, Dec. 10, for a one-hour credit A&A Rebroadcast Course on “The New AICPA Auditor’s Report,” a must-see for auditors. During SCACPA’s broadcast, Melisa will monitor a live Q&A chatroom.
SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members. Melisa was a speaker on audit topics at SCACPA’s 2019 Fall Fest and Spring Splash accounting conferences. She also takes part in many SCACPA seminars and rebroadcasts.
With over 15 years of experience in the accounting profession, Melisa Galasso designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.
You can read SCACPA’s Q&A with Melisa conducted during some break time at Spring Splash here.