September14,1999SFAS133Overview panies CathyEngelbert Partner,Deloitte&ountingCategoriesofHedgesWhatisaDerivative??ountingconventionsandstandardsareoutdated,pleteandinconsistentEffectsofderivativesarenottransparentinthefinancialstatementsFAS133Chronology1986—FinancialInstrumentsProject1992—SpecialReportonHedging1996—OriginalExposureDraftIssued1997—RevisedExposureDraft1998—June,FinalStandard1999—June,DeferralofEffectiveDateNow —DerivativesImplementationGroupDerivativeImplementationGroup(“DIG”)ountingfirms(5representatives)Localfirm(1representative)Industry(4representatives)SEC/FDICobserversFASBBoardNextmeeting-October1999Embeddedissuesforinsuranceco.’sFAS133OverviewEffective—FiscalYearsbeginningafterJune15,2000NograndfatheringAllderivativesonbalancesheetat FairValueEarlyapplicationpermittedFASB’sCornerstonesDerivativescreateAssetsandLiabilitiesFairValue—ountingbutlimitappropriatelyTheHedger’sDilemmaExposure 30 30Derivative (30) (30)P&L (30) 30 0Period Period 1 2 TotalExposure 30 30Derivative (30) (30)P&L (30) 30 0HedgeBasics—ObjectivesPeriod Period 1 2 Total
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