Question 65. 65. Prior to FAS 133, where on the financial statements were deriva

Question

Question 65.65. Prior to FAS 133, where on the financial statements were derivatives reported? (Points : 1)        as contingent liabilities
       as goodwill
       as intangible assets
       nowhere because they were off-balance sheet items
       in Other Comprehensive Income Question 66.66. Which of the following methods is not acceptable for disclosure under the SEC's rules? (Points : 1)        the CEO's letter to the shareholders
       tabular information
       sensitivity analysis
       VaR
       none of the above Question 65.65. Prior to FAS 133, where on the financial statements were derivatives reported? (Points : 1)        as contingent liabilities
       as goodwill
       as intangible assets
       nowhere because they were off-balance sheet items
       in Other Comprehensive Income

Explanation / Answer

Question 65.65: Prior to FAS 133, where on the financial statements were derivatives reported?

Answer: Nowhere because they were off-balance sheet items in Other Comprehensive Income.

Note: Prior to FAS 133,Derivatives is deal with FAS119.As per FAS 119, derivatives is required to reported in footnote. It is treated as off-balance sheet item.

Question 66.66: Which of the following methods is not acceptable for disclosure under the SEC's rules?

Answer: The CEO's letter to the shareholders.

Note: The CEO's letter to the sharholders is not acceptable for the disclosure uner the SEC'S rules if they are not keep this confidential.

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