Effective September 12, ’08, the FASB issued an FSP that clarifies the effective date of FAS 161, the derivatives accounting disclosure standard. The amended paragraph requires companies to adopt 161′s disclosure for any reporting period (Qs or Ks) beginning after November 15, 2008.
As a result, all companies – regardless of fiscal year-end – must prepare to make 161 disclosures for any reporting period in 2009. For companies with calendar year-end, 161 will begin on January 1, 2009 with Q1 disclosures. March 31 year-end companies will adopt FAS 161 for Q4 and will begin data capture 1/1/’09. Companies with October 31 fiscal year-end must adopt 161 Q2 or period beginning Feb. 1, ’09.