ASC 815, Derivatives and Hedging, establishes presentation and disclosure requirements for all nongovernmental reporting entities that use derivative instruments.
S-X 4-08(n) requires disclosure of the accounting policies for derivatives that materially affect the financial statements of public companies.
ASC 820, Fair Value Measurement, provides guidance on determining the fair value of all instruments, including derivatives. The presentation and disclosure requirements specific to fair value measurements are included in FSP 20.
New guidance
On March 28, 2022, the FASB issued ASU 2022-01. ASU 2022-01 expanded the ability to use portfolio layer method hedges (formerly referred to as last-of-layer hedges) and clarified how portfolio layer method hedges should be accounted for. This ASU is effective for public business entities for fiscal years beginning after December 15, 2022 and for all other entities for fiscal years beginning after December 15, 2023. Early adoption is permitted on any date. FSP 19.3 through FSP 19.5 assume adoption of ASU 2022-01.
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