Financial Instruments: A Comprehensive Guide to Accounting & Reporting (2008)

Benefits and Features

 

Each Chapter Covers The Relevant Accounting Questions For Each Type Of Instrument, Including:

  • When and how to initially recognize the instrument in the balance sheet
  • how to measure the instrument in subsequent PERIODS
  • how to recognize income or expense
  • When and how impairment must be recognized
  • When the instrument should be removed from the balance sheet
  • What disclosures should be provided in the footnotes.

 

Ease-Of-Use Features Include:

  • visual aids come whenever possible
  • observations, such as differences between instrument types
  • practice pointers
  • examples to make the requirements as clear as possible to the reader.
  • cross-reference to the original pronouncements, citing the chapters in which they are discussed
  • a glossary of terms including references to the applicable chapters; and a detailed topical index.
  • references to pertinent paragraphs of the authoritative literature addressing key points, to facilitate research

 

Covers Various New Accounting Standards In The Area Of Financial Instruments, Including:

  • FASB Statement No. 157 (Fair Value Measurements)
  • FASB Statement No. 159 (The Fair Value Option for Financial Assets and Financial Liabilities)
  • Numerous FASB Staff Positions (FSPs), including FSP EITF 00-19-2 (Accounting for Registration Payment Arrangements), FSP FIN 39-1 (Amendment of FASB Interpretation No. 39), and FSP FIN 46(R)-7 (Application of FASB Interpretation No. 46(R) to Investment Companies)
  • Several EITF Issues, including EITF 06-6 (Debtor’s Accounting for a Modification (or Exchange) of Convertible Debt Instruments), and EITF 06-7 (Issuer’s Accounting for a Previously Bifurcated Conversion Option in a Convertible Debt Instrument When the Conversion Option No Longer Meets the Bifurcation Criteria in FASB Statement No. 133)
  • Various EITF D-Topics, including EITF Topic D-109 (Determining the Nature of a Host Contract Related to a Hybrid Financial Instrument Issued in the Form of a Share under FASB Statement No. 133)
  • Various revised DIG Issues, including DIG Issue B40 (Embedded Derivatives: Application of Paragraph 13(b) to Securitized Interests in Prepayable Financial Assets), and DIG Issue G26 (Cash Flow Hedges: Hedging Interest Cash Flows on Variable-Rate Assets and Liabilities That Are Not Based on a Benchmark Interest Rate)