By Linda Cavanaugh, CPA - The FASB have been busy people in the last couple of days. They issued Statement 161 - Disclosures about Derivative Instruments and Hedging Activities and issued a proposed FSP 132R-a Employers' Disclosures about Postretirement Benefit Plan Assets.
The FSP on Pensions is basically calling for the FAS 157 disclosures to be added to the pension footnote. It will more than likely be effective for the 2008 10K.
FAS 161 - Disclosures on derivatives is effective for fiscal years after November 15, 2008 with early adoption encouraged. Per the FASB news release, the Statement improves disclosure of the fair values of derivative instruments and their gains and losses in a tabular format. It also provides more information about an entity's liquidity by requiring disclosure of derivative features that are credit risk related. It requires cross-referencing within footnotes to enable financial statement users to locate important information about derivative instruments.
As always, more to come later. I am almost finished going through 141R and then I will work on this one!! The FASB is very interested in my job security.