Bloomberg Tax & Accounting Significantly Expands Hedge Accounting Portfolio

Arlington, Va. — Bloomberg Tax & Accounting today announced significant enhancements to Accounting and Disclosure for Derivatives and Hedging Instruments, an updated Accounting Policy and Practice Portfolio that examines how an entity accounts for derivatives and hedging activities under U.S. Generally Accepted Accounting Principles (GAAP). The updates to the Portfolio were authored by renowned practitioner and consultant George Georgiades, who has more than 30 years of experience in public accounting.

The additions to the Portfolio reflect the dramatically evolving hedge accounting landscape, most notably updated guidance from the Financial Accounting Standards Board (FASB), which has been driven by investors and companies lobbying for more alignment between the economics of hedging and the accounting for it. Even though the FASB has made significant improvements to financial reporting to simplify the rules in this area, ongoing and persistent execution challenges remain. The recent guidance and accompanying updates to the Portfolio are being made at an important time as many companies are looking to refine the measurement of hedge results to better reflect their hedging strategies.

“Implementation of the derivatives and hedging guidance in ASC 815 continues to be exceptionally challenging for accounting professionals,” said Georgiades. “Continuous developments in global financial markets and financial innovations have steadily added to the complexity and use of derivatives and hedging transactions. This Portfolio offers insights and application guidance to navigate the intricate accounting literature, including relevant references and illustrative examples. It also helps Bloomberg Tax & Accounting subscribers gain a better understanding of the accounting requirements and provides viable and practical solutions to some of the most common implementation hurdles.”

“We have expanded this Portfolio to help accounting professionals navigate the significant regulatory shifts in how FASB accounts for hedging activities,” said Jean McCormick, vice president of analysis & content, Bloomberg Tax & Accounting. “We are fortunate to be able to turn to a network of esteemed authors such as George Georgiades so our subscribers can have confidence that they have a detailed understanding of the most complex tax and accounting issues.”

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