Hedge accounting sees substantial overhaul
New model enables firms to better reflect risk-management activities: IASB chief
[SINGAPORE] The much-awaited new hedge-accounting model, released by the International Accounting Standards Board (IASB) in the UK on Tuesday, represents a substantial overhaul of hedge accounting - arguably the most complex accounting standard out there.
IASB chairman Hans Hoogervorst said: "This is a significant change in accounting that enables companies to better reflect their risk-management activities (and) has received strong support from corporates around the world."
The new model was drawn up in response to concerns raised by preparers of financial statements about the difficulty of understanding and applying hedge-accounting rules.
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