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FASB Resumes Work on Hedge Accounting, Pursuing Targeted Fixes and Alignment With IFRS

Tammy Whitehouse | September 26, 2014

The Financial Accounting Standards Board has dusted off its notes on hedge accounting and determined it will move forward looking for ways to improve the existing model while also making it more consistent with international rules where possible.

In a recent board meeting, FASB took a fresh look at its hedge accounting project, which has been largely dormant since 2011. At that time, FASB was working closely with the International Accounting Standards Board in an attempt to converge U.S. and international accounting rules, but the two boards issued separate proposals in 2010 that differed from one another. That prompted FASB to issue an invitation to comment in 2011 asking U.S. constituents which proposal they liked better as a starting...

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