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Accounting for Derivative Instruments and Hedging Activities: An Exploration and Evaluation of ASC Topic 815 and Topic 820 (Fair Value Measurements) (DERH)

  • Customer Rating
    Not Yet Rated
  • Field of Study
    Accounting
  • Level
    Basic
  • Credits
    8
  • Qualifies for

    CPE

Overview

This course is ideal for accountants and auditors with a basic knowledge of accounting for financial instruments who want to strengthen their expertise in the more intricate aspects of accounting for derivative instruments and hedging activities.

Major Topics:

  •  Derivatives
    • Analysis and examples of common derivatives (including options, interest rate swaps, currency swaps, forwards and futures)
      • Cash flow variability
      • Variations of ‘standard’ derivative contracts
      • Techniques for measuring fair values using ASC 820 Guidelines
    • Accounting for derivatives
  • Hedging
    • Analysis and examples of common hedging relationships
      • Hedged items
      • Hedging instruments
    • Definition and mechanics of fair value, cash flow and net foreign investment hedges
    • Examples (commodity contracts, interest rate swaps and Forex risk exposures)
  • Cash Flow Hedges
    • Accounting for cash flow hedges
    • Impact on current period earnings
    • Exposed assets & liabilities as Cash Flow Hedges
    • Cash flow hedges of forecasted transactions
    • Impact of a discontinued hedge
    • Documentation requirements
    • Examples (Interest rate, Foreign exchange and Price risks);
    • Case Studies
  • Fair Value Hedges
    • Accounting for fair value hedges
    • Impact on current period earnings
    • Exposed assets & liabilities as Fair Value Hedges
    • Firm commitments as fair value hedges
    • Impact of a discontinued hedge
    • Documentation requirements
    • Examples and case studies
  • Hedge accounting
    • Hedge documentation
    • Measuring and testing hedge effectiveness
    • Measuring and accounting for hedge ineffectiveness
    • Discontinuation of hedge accounting
  • Presentation and Disclosures
    • Examination and evaluation of public firms disclosures

Learning Objectives

  • Understand the reasons why companies hedge
  • Construct a successful hedge and use hedge engineering to achieve better results
  • Measure hedge effectiveness and ineffectiveness
  • Identify and account for the following hedges: fair value hedges, cash flow hedges, net investment hedges and interest rate hedges
  • Identify and analyze ‘hidden’ derivatives
  • Determine the appropriate treatment of embedded derivatives under ASC 815
  • Discuss the latest developments and emerging accounting issues

Who should take this course:

Designed for:

Practicing CPAs and accounting professionals in business and industry that prepare or review financial statements

Prerequisite:

Experience in financial reporting

Advanced Preparation:

None

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