ASSIGNMENT

Assignment: Elements of Financial Statements



Assignment: Elements of Financial Statements

Assets/ Liabilities

815 Derivatives and Hedging > 10 Overall> 10 Objectives

10-1     Four fundamental decisions serve as cornerstones underlying the guidance in this Topic:

a.   Derivative instruments represent rights or obligations that meet the definitions of assets or liabilities and should be reported in financial statements. 

b.   Fair value is the most relevant measure for financial instruments and the only relevant measure for derivative instruments. Derivative instruments should be measured at fair value, and adjustments to the carrying amount of hedged items should reflect changes in their fair value (that is, gains or losses) that are attributable to the risk being hedged ...