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SOP issued on accounting for derivatives, hedging. (accounting & auditing news).

Statement of Position 02-2, Accounting for Derivative Instruments and Hedging Activities by Not-for Profit Health Care Organizations, and Clarification of the Performance Indicator (No. 014935CPA02), has been issued by the AICPA's Accounting Standards Executive Committee. The SOP is effective for fiscal years beginning after June 15, 2003.

The SOP amends the AICPA Audit and Accounting Guide Health Care Organizations to address how nongovernmental not-for-profit health care organizations should report gains or losses on hedging and nonhedging derivative instruments under FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, as amended.

It also amends the guide to clarify that the performance indicator (earnings measure) reported by not-for-profit health care organizations is analogous to income from continuing operations of a for-profit enterprise.

To order a copy of SOP 02-2, see page 6 (price: $14 member, $17.50 non-member.)
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Title Annotation:American Institute of Certified Public Accountants statement of position for not-for profit health care organizations
Publication:CPA Letter
Article Type:Brief Article
Geographic Code:1USA
Date:Feb 1, 2003
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