If at any time the likelihood of the hedged forecasted transaction ceases to be probable of occurring, hedge accounting will cease prospectively and all future changes in the fair value of the derivative will be recognized directly in earnings. The deferred derivative gains or losses should continue to be reported in accumulated other comprehensive income. If the forecasted transaction is probable of occurring by the end of the originally-specified time period or within an additional two-month period, hedge accounting should still be permissible. Transfers and servicing of financial assetsĬompanies that have designated forecasted transactions in cash flow hedging relationships, such as raw materials purchases, sales or revenues, debt issuances, or interest payments, may experience a delay in the occurrence of the actual transaction as compared to the forecasted date. Revenue from contracts with customers (ASC 606) Loans and investments (post ASU 2016-13 and ASC 326) Investments in debt and equity securities (pre ASU 2016-13) Insurance contracts for insurance entities (pre ASU 2018-12) Insurance contracts for insurance entities (post ASU 2018-12) IFRS and US GAAP: Similarities and differences Paragraph 2 discusses the applicability of this Statement.Business combinations and noncontrolling interestsĮquity method investments and joint ventures Unless otherwise specified, pronouncements of the GASB apply to financial reports of all state and local governmental entities, including general purpose governments, public benefit corporations and authorities, public employee retirement systems, and public utilities, hospitals and other healthcare providers, and colleges and universities. 34, Basic Financial Statements-and Management’s Discussion and Analysis-for State and Local Governments, are required to be implemented, except that requirements related to short-term debt, receivable and payable balances, interfund balances, and interfund transfers may be implemented one year later by phase 1 governments. The provisions of this Statement are generally effective when the provisions of GASB Statement No. This Statement rescinds the requirement in National Council of Governmental Accounting Statement 1, Governmental Accounting and Financial Reporting Principles, to disclose the accounting policy for encumbrances. For interfund transfers, amounts transferred from other funds by individual major fund, nonmajor governmental funds in the aggregate, nonmajor enterprise funds in the aggregate, internal service funds in the aggregate, and fiduciary fund type a general description of the principal purposes of interfund transfers and purposes for and amounts of certain transfers.Details about major components of receivable and payable balances when obscured by aggregation and identification of receivable balances not expected to be collected within one year.Terms of interest rate changes for variable-rate debt.Interest requirements for variable-rate debt computed using the rate effective at year-end.Governments should provide the following additional note disclosures: For interfund balances, amounts due from other funds by individual major fund, nonmajor governmental funds in the aggregate, nonmajor enterprise funds in the aggregate, internal service funds in the aggregate, and fiduciary fund type the purpose for those balances and amounts that are not expected to be repaid within one year.A schedule of changes in short-term debt and the purpose for which short-term debt was issued.Obligations under leases for each of the five subsequent years and in five-year increments thereafter.
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