FASB 133
Launched prior to the millennium, (and subsequently amended) FAS 133 Accounting for Derivative Instruments and Hedging Activities provided an "integrated accounting framework for derivative instruments and hedging activities."
FAS 133 Overview
Statements of Financial Accounting Standards No. 133, Accounting for Derivative Instruments and Hedging Activities, commonly known as FAS 133, is an accounting standard issued in June 1998 by the Financial Accounting Standards Board (FASB) that requires companies to measure all assets and liabilities on their balance sheet at “fair value”. This standard was created in response to significant hedging losses involving derivatives years ago and the attempt to control and manage corporate hedging as risk management not earnings management.
All derivatives within the scope of FAS133 must be recorded at fair value as an asset or liability. Hedge accounting may be applied if there is hedge documentation and gains and losses in the value of the derivative with gains and losses in the value of the underlying transaction.
Financial Accounting Standards Board
The Financial Accounting Standards Board (FASB) is a private, non-profit organization whose primary purpose is to establish and improve generally accepted accounting principles (GAAP) within the United States in the public's interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. The FASB replaced the American Institute of Certified Public Accountants' (AICPA) Accounting Principles Board (APB) on July 1, 1973.
Mission
The FASB's mission is "to establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that provides decision-useful information to investors and other users of financial reports."
The FASB accomplishes its mission "through a comprehensive and independent process that encourages broad participation, objectively considers all stakeholder views, and is subject to oversight by the Financial Accounting Foundation's Board of Trustees."
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Saturday Night Cockfight
by: W.A.S.P.Alright, all of you bloody bastards
Better hold tight
Oh yeah
It's Saturday night
Cockfighting rumbles
Going all night, alright
Tonight
Oh yeah it's cockfighting saturday
And I say Oh say Oh
All right, I'm gonna fuck or fight
It's my way, it's alright tonight
Oh it's saturday night
Oh I'm getting high and I say
Alright so high
At midnight
I'm out for blood and I say
Oh yeah, it's alright tonight
Give me your life
I'll give you mine
Oh a rumbles on tonight
It's do or die
An eye for an eye