Abstract
Corporate use of derivatives (and occasional misuses) created quite a stir in the 1990s, prompting the Financial Accounting Standards Board (FASB) to issue Statement of Financial Accounting Standard (SFAS) No. 133. What differentiates SFAS No. 133 from previous FASB guidelines is its definition of a derivative and an embedded derivative and its treatment of fair value hedges, cash flow hedges, and exchange rate or investment in foreign operations hedges.
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