13DERIVATIVE INSTRUMENTS

INTRODUCTION

The GASB issued Statement 53 (GASBS 53), Accounting and Financial Reporting for Derivative Instruments, to provide guidance on recognition, measurement, and disclosures, regarding derivative instruments. Common types of derivative instruments used by governments include interest rate and commodity swaps, interest rate locks, options, swaptions, forward contracts, and futures contracts. One significant matter to note is that the recognition and measurement provisions of GASBS 53 should not be applied to financial statements using ...

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