FASB Declines Request for More Relief from Hedge Accounting Requirements
The Financial Accounting Standards Board (“FASB”) has turned down the Private Company Council’s (“PCC”) request for additional exemptions from its upcoming hedge accounting proposal. Decided on December 21st, the FASB said the PCC’s request for more relief from the proposal’s documentation requirements to justify their qualifications for specialized hedge accounting had little merit. The standard setter has already decided to simplify some of the documentation requirements. The FASB plans to publish its hedge accounting proposal in the first quarter of 2016.