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The success of IFRS as a high-quality set of global accounting standards depends upon the IASB functioning as a truly independent standard-setting body that enjoys the confidence of market participants around the world. To assure that confidence, the IASB needs to have a secure, stable funding mechanism, expert staffing and appropriate governance structure to ensure the standard-setting process is free from undue influence from various constituents. To address some of these concerns, in January 2009 the IASC established a monitoring board, made up of representatives from leading securities regulators (including the SEC) to enhance the public. | 4 Derivative Accounting HEDGING ơ y UNDER _ cSg fas 133 France German J wfftygrn.0316 .01 CM 6 .82645 1.2686 .62256 .00631 5.4030 8.2936 4.0701 .04127 1.5755 Jeffrey B. Wallace Managing Partner Greenwich . Treasury Advisors Tn- sury K n uto I Derivative Accounting Hedging Under fas 133 By Jeffrey B. Wallace Managing Partner Greenwich Treasury Advisors LLC 1. Introduction.1 2. Historical Background.1 3. FAS 133 Framework.2 4. Derivative Definition.3 5. The Three FAS 133 Hedge Types.4 6. Termination Events.6 7. Hedge Documentation.7 8. The Two Highly Effectiveness Tests.9 9. Measuring Ineffectiveness.10 10. Three HET Exceptions.11 11. Option Hedging.13 12. Minimizing Ineffectiveness.13 13. Minimizing Forecast Error Risk.14 Acknowledgements.15 About the Author.15 References .16 127 W. Putnam Avenue Greenwich CT 06830 Phone 203 531-0835 Fax 203 531-7018 www.greenwichtreasury.com 2003 by Greenwich Treasury Advisors LLC. An earlier version of this monograph appeared in The Handbook of International Finance Accounting 3rd Edition edited by F. Choi New York John Wiley 2003 and has been copyrighted 2003 by John Wiley Sons Inc. 1. Introduction FAS 133 is a substantial body of work reflecting the inherent complexity of derivatives and the enormous range of possible hedging situations. It also reflects a Darwinian evolutionary process. The hedgers and their advisors repeatedly create hedges and derivative-like instruments structured to take maximum advantage of FAS 133 s ambiguities and exceptions with two amendments and 175 Derivative Implementation Group DIG issues evolving to fix the holes being exploited. As a result the Financial Accounting Standards Board s latest FAS 133 compendium the Green Book encompasses 800 pages. Many of the Green Book pages however deal with limited exceptions to the general concepts of FAS 133. We will develop those general concepts by first summarizing the historical developments related to FAS 133 and why it is such a revolutionary document. .
