Printer Friendly

FASB report illustrates disclosures.

The Financial Accounting Standards Board has published a special report, Illustrations of Financial Instrument Disclosures, that explains the disclosure requirements in Statement no. 119, Disclosure about Derivative Financial Instruments and Fair Value of Financial Instruments, and in two statements it amended, Statement no. 105, Disclosure of Information about Financial Instruments with Off-Balance-Sheet Risk and Financial Instruments with Concentrations of Credit Risk, and Statement no. 107, Disclosures about Fair Value of Financial Instruments. (See Derivatives: What's an Auditor to do?" by Barry N. Winograd and Robert H. Herz, page 75.)

The special report should be useful to financial statement preparers and auditors in implementing Statement no. 119 and in improving presentations under the earlier statements, according to Clark M. Anstis, FASB project manager. The report contains four examples of financial statement disclosures that might be made by

1. An entity that makes limited use of derivatives and does not trade financial instruments.

2. A major corporation that uses derivatives for a number of purposes but does not hold or issue financial instruments for trading purposes.

3. A domestic financial institution that trades and performs other activities.

4. An international financial institution that issues and holds financial instruments for trading and other purposes.

Copies of the special report (product code SRFI) are available for $11 each from the FASB Order Department, 401 Merritt 7, P.O. Box 5116, Norwalk, Connecticut 06856-5116, telephone (203) 847-0700, extension 555.
COPYRIGHT 1995 American Institute of CPA's
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1995, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Financial Accounting Standards Board
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Jun 1, 1995
Words:234
Previous Article:Modernizing banking: the repeal of Glass-Steagall.
Next Article:FASAB proposes standards for property, plant and equipment.
Topics:


Related Articles
The FASB's new ED on disclosure: disclosures about off-balance-sheet exposures and credit risk concentrations are the FASB's targets.
FASB wants derivatives reported at fair value.
FASB asks for more derivative disclosures.
Disaggregated information: time to reconsider.
SEC suspends effort to streamline corporate disclosure documents.
FASB report shows how derivatives are disclosed.
FASB makes small businesses larger.
FASB, IASC finalize earnings per share.
Materiality out in postretirement statements.
At war - disclosure of measurement uncertainties.

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters