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New BNA Accounting Portfolio Explains Accounting and Disclosure for Derivative Instruments

NEWS RELEASE

Contacts:
Mark Carrington
(202) 530-1728

Washington, DC (May 24, 2007) – BNA®, publisher of the authoritative and universally recognized Tax Management Portfolio series analyzing primarily tax issues, has released the latest addition to its Accounting Policy & Practice Series™.  Portfolio 5112, Accounting and Disclosure for Derivative Instruments, explains the concepts and analyzes accounting for derivatives and disclosing transactions in derivatives.

The new Portfolio's initial sections orient readers to this complicated subject by explaining underlying principles and distinguishing derivatives subject to Statement of Financial Accounting Standards No. 133 (FAS 133) from other derivatives.  Subsequent sections examine in greater detail essential subjects including the intricacies of FAS 133, designations of various categories of derivatives as hedges, and disclosure requirements under both FAS 133 and rules of the Securities and Exchange Commission (SEC).

Worksheets accompanying the Portfolio provide sample documentation, examples of how numerous public companies have reported transactions involving derivatives, and guidance on derivatives issues from the Financial Accounting Standards Board (FASB) and its Emerging Issues Task Force (EITF). 

This Portfolio may be cited as BNA Tax and Accounting Portfolio 5112, Johnson and Grossman, Accounting and Disclosure for Derivative Instruments.  Ira Kawaller and Reva Steinberg contributed to this Portfolio the sample documentation for hedging transactions contained in Worksheet 7.

Christian A. Johnson, J.D., CPA, formerly with Price Waterhouse (now PriceWaterhouse Coopers), has taught and published extensively on derivatives, repos. and banking, having authored four books and more than 35 articles on these subjects.  He is Professor of Law at Loyola University, Chicago School of Law, and received his law degree from Columbia Law School where he served as executive editor of the Columbia Law Review.

Mary B. Grossman, J.D., CPA, has practiced with international accounting firms and in private industry. She has advised on accounting for a wide variety of financial instruments.  The Chapter 13 Standing Bankruptcy Trustee for southeastern Wisconsin, Ms. Grossman received her law degree from Loyola University, Chicago School of Law. 

Ira G. Kawaller, Ph.D., founder of the Kawaller Fund and Kawaller and Co., has held positions with the Chicago Mercantile Exchange, J. Aron & Company, AT&T, and the Board of Governors of the Federal Reserve System.  He serves on the Governmental Accounting Standards Board's Task Force on Derivatives and Hedging. Mr. Kawaller received a Ph.D. in economics from Purdue University and has held adjunct professorships at Columbia University and Polytechnic University.

Reva B. Steinberg, CPA, is a partner in the national SEC department of BDO Seidman, LLP, and a key member of BDO's Derivative Implementation Group. Ms. Steinberg has served on several senior technical committees of the AICPA including the Ethics Executive Committee and the Accounting Standards Executive Committee.  She received her M.S. in Accounting from Northeastern Graduate School of Professional Accounting in Boston, Massachusetts.

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About BNA®
BNA is a leading publisher of print and electronic news, analysis, and reference products, including the recently launched Accounting Policy & Practice Series.  BNA publications intensely cover legal and regulatory developments for professionals in business and government. BNA is the oldest wholly employee-owned company in the United States, and produces more than 350 news and information services — including Daily Labor Report and Daily Tax Report — widely respected for comprehensive and objective reporting and analysis.

For more information, contact Mark Carrington, BNA Tax & Accounting, at 202.530.1728.