FASB TO FAST-TRACK AMENDMENTS TO SFAS NO. 133

On March 3, with just a one-month comment period, FASB issued a proposed amendment to SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities. The proposal is in the form of technical amendments to the original statement, which has an effective date for some organizations of June 30. The changes are designed to eliminate implementation difficulties for a large number of entities getting ready to apply SFAS No. 133. The board concluded that it would not move forward with the proposed changes unless they could be finalized before June 30. *

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