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ASC 815 (FAS 133) Commodities Introduction
May 12, 2015 @ 9:00 am PDT - 11:30 am PDT$300
Introduction to Commodities Hedge Accounting Workshop
Whether your role is hedging commodity price risk or accounting for commodity derivatives and commodity fixed price agreements, this course provides the foundation for what you need to know to be successful with commodity derivatives and hedge accounting. 2.5 CPE Hours.
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This workshop is designed for those who have commodity price risk within their organizations and/or are contemplating hedge accounting for mitigating commodity price risk as part of their risk management strategy. Our experienced instructors’ help participants learn the fundamental aspects of special hedge accounting review Key Concepts and navigate the requirements to qualify for special accounting treatment under ASC 815: Derivatives and Hedging. This course will also introduce “like items” testing and “normal purchase normal sale” concepts.
This workshop covers:
- Key Concepts around Cash Flow and Fair Value hedge accounting
- Normal purchase normal sale concepts and eligibility requirements
- Valuation techniques for swaps and option contracts under ASC 820
- We provide the specific documentation requirements under ASC 815 required to qualify for special hedge accounting
- Discuss effectiveness testing concepts (including like items testing) and common techniques under the hypothetical derivative approach for commodity price risk
- Effectiveness measurement and a review of journal entry preparation associated with hedge accounting
- Overview the required quantitative and qualitative disclosure requirements under ASC 815
After the class, participants will have a solid foundation in the Key Concepts of ASC 815 that can be applied immediately within their current roles. Participants will be able to identify virtual derivatives within their organization and determine whether they qualify for normal purchase normal sale treatment. The class provides valuable tools for understanding the requirements for hedge accounting under ASC 815 including like items testing techniques. Lastly, the course details the required quantitative and qualitative disclosure requirements under current GAAP.
Delivery Method: Group-Live
Program Level: Basic
Prerequisites: None (ASC 815 (FAS 133) – Derivative Accounting Basics for Commodities- Webinar recommended but not required)
Advanced Preparation: None
Field of Study: Accounting
CPE Credit: 2.5 Hours
For more information regarding refund, concerns and program cancellation policies, please contact our offices at 408-350-8580.