Understanding the Emerging Requirements

Hedge Trackers will be continuing efforts to better understand the requirements of emerging guidance, as well as trends in implementation of existing guidance through increasing interactions with audit firms and regulators. The past few months we have been increasing our formal and informal communications with the SEC, the FASB and a number of audit firms. We had the opportunity to meet the new SEC Fellow replacing Brian Fields who has focused on derivative issues during his tenure. We also had the opportunity to query the FASBs currency translation specialist and derivative project leader earlier in early January while developing the Advanced FAS52 course. PWC’s national office spent time with us reviewing trends and directions and we had the opportunity to discuss EYs preferences in regression testing. We plan to continue these proactive sessions with firms and regulators in an effort to continue bringing best practices to our clients in the always exciting derivative accounting landscape.