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FASB Seeks Comments on Special Report of the Joint Working Group NORWALK, Conn., Jan. 10, 2001 (SmartPros) The Financial Accounting Standards Board is seeking public comment on a recently published special report that addresses changes resulting from advances in financial risk management, information technology, and the globalization of capital markets. The special report, prepared by the Financial Instruments Joint Working Group of standard setters, recommends: measurement of virtually all financial instruments at fair value; recognition of virtually all gains and losses resulting from changes in fair value of financial instruments in the income statement during the periods in which they arise; elimination of special accounting for financial instruments used in hedging relationships; adoption of a components approach under which parts of certain transferred financial assets are derecognized, while other parts continue to be recognized; and expansion of disclosures about financial instruments, financial risk positions, and income statement effects. During the comment period, which ends June 30, 2001, a single copy of the special report may be obtained for free by writing to: The Order Department, FASB, 401 Merritt 7, P.O. Box 5116, Norwalk, Conn. 06856-5116. The report will also be available in mid-January on the FASB Web site at www.fasb.org. Standard setters in the countries represented in the JWG are publishing the special report at about the same time. Comments received will be shared among those organizations unless respondents specify otherwise, FASB said. -- SmartPros News Staff Send comments to information@smartpros.com 2001, Smartpros Ltd. All Rights Reserved. |
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