Financial Accounting Standards Board issues standard that amends and clarifies Accounting Guidance on Derivatives
April 30, 2003
On April 30, 2003, the Financial Accounting Standards Board (FASB) issued Statement No. 149, Amendment of Statement 133 on Derivatives Instruments and Hedging Activities.
The new standard requires that contracts with comparable characteristics be accounted for in a similar fashion. This guidance is intended to improve the consistency of reporting for contracts that are derivatives in their entirety or that contain embedded derivatives that warrant separate accounting. Not-for-profit organizations continue to recognize the change in fair value of derivatives as a change in net assets in the period of change.
The statement is effective for contracts entered into or modified after June 30, 2003, and for hedging relationships designated after June 30, 2003. The guidance should be applied prospectively.
- ED Proposes New Rules for Distance Education and Foreign Locations
- Senate Bill Would Increase Bank-Qualified Debt Limit
- New Statistics on College Enrollment and Completion Released
- 2016 CAO and CBO Collaborations
August 1-2, 2016
- 2016 Planning and Budgeting Forum
September 19-20, 2016
- 2016 Managerial Analysis and Decision Support
November 17-18, 2016
- ON-DEMAND: The CBO's Role in Diversity and Inclusion on Campus
- ON-DEMAND: The Clery Act: Strategic Planning to Mitigate Institutional Risk
- ON-DEMAND: Title IX: Key Issues Surrounding Institutional Compliance
- ON-DEMAND: NACUBO Live! Higher Education Accounting Forum
- ON-DEMAND: Responsibility Center Management: Two Different Perspectives