Glossary Term: FAS 119
Definition(s) for FAS 119:
1. ) refers to an accounting rule that used to govern disclosures of financial derivatives. Superseded by FAS 133. Statement of Financial Accounting Standard No. 133, Accounting for Derivative Instruments and Hedging Activities. A rule promulgated by the AICPA that establishes accounting and reporting standards for derivative instruments. The scope of the rule includes some derivative features embedded in other contracts. The rule establishes specific accounting and reporting requirements for derivatives used for each of two kinds of hedging activities - fair value hedges and cash flow hedges. This rule supersedes FAS 80, FAS 105, and FAS 119.
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