FASB calls for more reporting

The US Financial Accounting Standards Board (FASB) has issued a proposal for more rigorous reporting of derivatives in financial statements.

The proposed changes, affecting FAS 133, would mean the purposes behind companies' use of derivatives and related hedged items would have to be made explicit, along with contingent and counterparty risks. FASB says the changes are a reaction to concerns that present rules do not provide enough information.

FASB's proposal requires accounting statements to

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