Are you familiar with FAS 133? It's the new accounting standard for derivative instruments and hedging activites that became effective with the new year.

In an effort to simplify FAS 133, Ernst & Young and Aspect have announced plans to provide a complete FAS 133 solution for businesses that buy and sell energy commodities.

A provider of Internet-based financial risk management systems, Aspect has developed a software program called HedgeMonitor 133, designed to perform a number of tasks associated with the new standard, including analyzing exposures, assessing potential hedging strategies and computing fair value derivatives.

"As the pressure to comply with FAS 133 increases, companies are looking for a single reliable solution," said Suzanne Kupiec, EY partner. "We believe that E&Y and Aspect can provide clients with the updated knowledge and tools needed to maintain stable, consistent standards and practices as regulations, accounting standards and markets evolve."

For more information, contact Amy Warmke at Ernst & Young LLP, 512-473-1623.