answersLogoWhite

0


Best Answer

Derivatives must now be reported at their fair values in financial statements. Gains and losses from derivative transactions must be reported currently in income, except from those transactions that qualify as effective hedges.

User Avatar

Wiki User

13y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What new accounting procedures has the FASB put into place for reporting on derivative?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

When did medical coding become law?

I don't believe that it is "law" per se. It is a standardized shortcut method of idenifying specific medical procedures and treatments. Regulations were put in place for mandating the uniform reporting procedure so that all medical providers were "on the same page" with the insurors as far as reporting procedures goes.


Why do companies use different depreciation methods for tax reporting and financial reporting?

Answer:Companies make different accounting choices for tax reporting and general financial reporting, because different incentives are in place. A profitable firm will most likely want to minimize income tax. As a result, management will make accounting choices that minimize net income, and as a result, minimize tax payments. Accounting choices that reduce taxable income include for example accelerated depreciation (instead of straight line) and LIFO (as opposed to FIFO).For general purpose financial reporting, management may want to show a more realistic picture of firm profitability (instead of showing the (legally) lowest possible net income number). So, accounting choices that are made for tax purposes are not always repeated for the general financial reporting.


Can you can modify an accounting code view what needs to be in place?

Before you can modify an accounting code view, what needs to be in place? Answer this question…


Difference between cost accounting and costing?

Ans. (1) Costing is a dynamic technique in which changes may take place from time totime in comparison to cost accounting that enables to determine and controlthe cost of manufactured goods.PDF Created with deskPDF PDF Writer - Trial ::


What needs to be in place to modify an accounting code view?

Before you can modify an accounting code view, what needs to be in place? Answer this question…


What needs to be in place before you modify an accounting code?

Before you can modify an accounting code view, what needs to be in place? Answer this question…


Auditing is defined as accounting control?

Accounting is concerned with measurement and communication of financial events based on some established principal and procedures. Auditing, on the other hand deals with checking and confirmation of what are recorded and to be communicated. It aims at ensuring that: All transactions are undertaken in accordance with plans and procedures as laid down by management, Transactions are promptly and properly recorded so that financial statements is prepared timely and in a fair way. No frauds takes place so that assets of the business are safeguarded. So, audit is the control of the accounting system of the organization. It sees that accounting system has been designed to prevent occurance of errors and frauds and it can generate authentic and reliable financial statements. Auditing is, therefore, appropriately defined as 'Accounting control'


What must be in place brfore you create an accounting validation control?

An accounting code structure


What must be in place before you create an accounting validation control?

An accounting code structure.


When using the derivative classification concept of compilation you must place a?

True


When using the derivative classification concept of compilation you must place?

True


Where can I apply to get my certificate in accounting?

The best place to take your test for a certificate in accounting is online. Another way to get your certificate in accounting is to take it where you live.