FASB: Accounting For Financial Instruments.(Financial Accounting Standards Board report)(Brief Article)

Financial Executive, March, 2001 by Heffes, Ellen M.

The business and investment environment is fundamentally changing, due to advances in financial risk management and information technology, globalization of capital markets and accelerated use of sophisticated derivatives and other complex financial instruments. In light of the changes, the FASB has acknowledged that traditional accounting concepts for the recognition and cost-based measurement of financial instruments need to be modified.

The FASB has published a Special Report, prepared by the Financial Instruments Joint Working Group of standard-setters (JWG), addressing these issues, and is soliciting comments by June 30. Standard-setters in the jurisdictions represented by the group's members are publishing the document at approximately the same time....

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