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Article: FASB wins for speed, not scope, on derivatives. (Financial Accounting Standards Board; derivative financial instruments)
- Article from:
- Accounting Today
- Article date:
- November 7, 1994
- Author:
CopyrightCOPYRIGHT 1994 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NORWALK, CONN. -- With extraordinary decisiveness, the Financial Accounting Standards Board has delivered a new statement on disclosures about derivative financial instruments. The project was taken up in November of last year and issued in early October of this year and will be effective for calendar year 1994 financial statements.
"Anyone who is familiar with our process has to be impressed with the speed with which the board completed this statement," said Jeffrey Mahoney, FASB assistant project manager, shortly after Statement 119 hit the streets.
FASB was able to move quickly for two reasons. One was that it was asked to do so by the Securities and ...