1、本科毕业论文（设计）外文翻译外文题目DERIVATIVESNEWDISCLOSURESREQUIRED外文出处CPAJOURNAL外文作者BARBARAAPOSTOLOUANDNICHOLASGAPOSTOLOU原文DERIVATIVESNEWDISCLOSURESREQUIREDINMARCH2008,FASBISSUEDSFAS161,DISCLOSURESABOUTDERIVATIVEINSTRUMENTSANDHEDGINGACTIVITIES,WHICHEXPANDSDISCLOSURESABOUTDERIVATIVEINSTRUMENTSANDHEDGINGACTIVITIESTH
2、ISNEWSTATEMENTAMENDSSFAS133,ACCOUNTINGFORDERIVATIVEINSTRUMENTSANDHEDGINGACTIVITIES,WHICHESTABLISHEDTHEBASICRULESGOVERNINGDERIVATIVESTHENEWREQUIREMENTSIMPOSEDBYSFAS161MUSTBEAPPLIEDPROSPECTIVELYFORINTERIMPERIODSANDFISCALYEARSBEGINNINGAFTERNOVEMBER15,2008SFAS133WASISSUEDIN1998ANDHASBEENSUBSTANTIALLYAME
3、NDEDTHREETIMESINANATTEMPTTOKEEPPACEWITHTHEINCREASINGCOMPLEXITYOFDERIVATIVETRANSACTIONSANDTHEEVOLVINGNATUREOFHEDGINGACTIVITIESSFAS133WASCRITICIZEDFORINADEQUATELYDISCLOSINGINFORMATIONABOUTHOWACOMPANYSDERIVATIVEANDHEDGINGACTIVITIESAFFECTITSFINANCIALPOSITION,INCOME,ANDCASHFLOWSCONSEQUENTLY,SFAS161PROVID
4、ESENHANCEDDISCLOSURESABOUTTHEREASONSFORUSINGDERIVATIVES,THEACCOUNTINGFORDERIVATIVESANDHEDGINGACTIVITIES,ANDTHEIREFFECTONTHECOMPANYSFINANCIALPOSITION,FINANCIALPERFORMANCE,ANDCASHFLOWSTHEENSUINGDISCUSSIONWILLDESCRIBETHEOBJECTIVESOFHOLDINGANDISSUINGDERIVATIVES,THERISKEXPOSUREASSUMEDBYTHEIRISSUANCE,THEA
5、CCOUNTINGFORTHESEINSTRUMENTS,ANDTHEIREFFECTONTHEISSUERSFINANCIALSTATEMENTSINADDITION,THECHANGESMADEBYSFAS161TOTHEEXISTINGDISCLOSUREREQUIREMENTMANDATEDBYSFAS133AREDESCRIBEDFASBWASDISSATISFIEDWITHSFAS133SDISCLOSUREREQUIREMENTSREGARDINGANENTITYSDERIVATIVEANDHEDGINGACTIVITIESANDTHEIRIMPACTONFINANCIALPOS
6、ITIONFINANCIALPERFORMANCE,ANDCASHFLOWSTHEINTENTOFSFAS161ISTOENHANCETHESEDISCLOSURESANDTHEREBYIMPROVETHETRANSPARENCYOFFINANCIALREPORTINGBACKGROUNDDERIVATIVESAREFINANCIALINSTRUMENTSWITHAVALUEDERIVEDFROMFLUCTUATIONSINTHESHAREOFANUNDERLYINGASSET,LIABILITY,INTERESTRATE，EXCHANGERATE,ORINDEXSFAS133DESCRIBE
7、STHEESSENTIALCHARACTERISTICSOFADERIVATIVE,WHICHARESUMMARIZEDINEXHIBIT1ADERIVATIVESVALUESTEMSFROMCHANGESINTHEVALUEOFARELATEDASSETORLIABILITYTHERATEORPRICETHATRELATESTOTHEASSETORLIABILITYINCLUDEDINTHEDERIVATIVEISREFERREDTOASANUNDERLYINGANUNDERLYINGCANASSUMEAVARIETYOFFORMS,INCLUDINGANINTERESTRATE,SEEUR
8、ITYPRICE,COMMODITYPRICE,FOREIGNEXCHANGERATE,INDEXOFPRICESORRATES,OROTHERVARIABLEFOREXAMPLE,THEUNDERLYINGINANOPTIONTOBUYASTOCKAT40PERSHAREISTHE40FIXEDPRICEOFTHESLOCKANDNOTTHESTOCKITSELFCHANGESINTHEUNDERLYINGPRICECAUSETHEVALUEOFTHEDERIVATIVETOCHANGETHEVALUEOFADERIVATIVEALSOISDEPENDENTUPONTHENUMBEROFUN
9、ITSSPECIFIEDINTHEDERIVATIVECONTRACTFOREXAMPLE,THEVALUEOFANOPTIONTOBUYSTOCKAT40PERSHAREDEPENDSNOTONLYUPONTHESTOCKPRICE,BUTALSOUPONHOWMANYSHARESCANBEPURCHASEDUNDERTHETERMSOFTHEOPTIONTHETOTALVALUEOFADERIVATIVEATANYGIVENTIMEISDETERMINEDBYBOTHTHEUNDERLYINGPRICEANDTHENOTIONALAMOUNTDERIVATIVESTYPICALLYREQU
10、IRELITTLEORNOINITIALINVESTMENTBECAUSETHEINVESTMENTISNOTINTHEACTUALASSETORLIABILITYUNDERLYINGTHEDERIVATIVE,BUTRATHERINTHECHANGEINVALUEATTRIBUTABLETOANUNDERLYINGFOREXAMPLE,IFTHEPRICEOFASTOCKINCREASESFROM40TO42ANDANINVESTORHOLDSANOPTIONTOBUYAT40,THEVALUEOFTHEOPTIONHASINCREASEDBYATLEAST2IFTHEINVESTOROWN
11、EDTHEUNDERLYINGSTOCKITSTOTALVALUEWOULDALSOOBVIOUSLYINCREASETHEKEYDIFFERENCEISTHATTHEOPTIONHOLDERNEEDSTOMAKELITTLEORNOINITIALINVESTMENT,WHILETHEOWNEROFTHESTOCKMUSTMAKEASIGNIFICANTINVESTMENTNETSETTLEMENTREFERSTOTHEABILITYTOSETTLEADERIVATIVECONTRACTBYEXCHANGINGCASHORENTERINGINTOANOFFSETTINGCONTRACTWITH
12、OUTACTUALLYBUYINGORSELLINGTHERELATEDASSETORLIABILITYFOREXAMPLE,AFUTURESCONTRACTISANAGREEMENTBETWEENTWOPARTIESTHATCOMMITSONEPARTYTOSELLACOMMODITYORSECURITYTOTHEOTHERATAGIVENPRICEANDONASPECIFIEDFUTUREDATETHESALEOFACONTRACTTHATWASPREVIOUSLYPURCHASEDLIQUIDATESAFUTURESCONTRACTINTHESAMEWAYTHATTHESALEOF100
13、SHARESOFGMSTOCKWOULDLIQUIDATEANEARLIERPURCHASEOF100SHARESOFGMSTOCKVERYFEWSPECULATORSHAVETHEDESIRELOTAKEDELIVERYOF5,000BUSHELSOFCORN,60,000POUNDSOFSOYBEANOIL,OREVEN100,000INTREASURYNOTESASARESULT,GAINSANDLOSSESAREGENERALLYREALIZEDBYBUYINGORSELLINGOFFSETTINGFUTURESCONTRACTSPRIORTOTHEDELIVERYDATEDERIVA
14、TIVESCANBEBASEDUPONCURRENCIES,COMMODITIES,GOVERNMENTORCORPORATEDEBT,HOMEMORTGAGES,STOCKS,INTERESTRATES,ORANYNUMBEROFINDICESINCLUDINGANINDEXOFWEATHERCONDITIONSALTHOUGHTHEREAREHUNDREDSOFDIFFERENTTYPESOFDERIVATIVES,THEYCANBECLASSIFIEDINTOTHREEMAINCLASSESFUTURES/FORWARDSCONTRACTSTOBUYORSELLANASSETATASPE
15、CIFIEDFUTUREDATEATAPRICESPECIFIEDTODAYOPTIONSCONTRACTSGIVINGTHEHOLDERTHERIGHT,BUTNOTTHEOBLIGATION,TOBUYORSELLANASSETATASPECIFIEDPRICEONORBEFOREAGIVENDATEANDSWAPSWHERETWOPARTIESAGREETOEXCHANGEONESTREAMOFCASHFLOWSAGAINSTANOTHERSTREAMTHEUSEOFDERIVATIVESCANBEDIVIDEDINTOTHREEMAINAREASHEDGING,DEALING,ANDS
16、PECULATINGTRADITIONALLY,HEDGINGWASUNDERTAKENBYBUSINESSESTOLIMITTHEIRRISKEXPOSUREFOREXAMPLE,AWHEATFARMERANDBREADMAKERCOULDENTERINTOAFUTURESCONTRACTTOEXCHANGECASHFORWHEATINTHEFUTUREBOTHPARTIESHAVEREDUCEDTHEIRRISKBECAUSETHEFARMERKNOWSTHEPRICETOBERECEIVEDANDTHEBREADMAKERKNOWSTHATWHEATWILLBEAVAILABLEMORE
17、RECENTLY,SPECULATORSHAVECOMETODOMINATETHEMARKETFORDERIVATIVESINMOSTFINANCIALDERIVATIVESMARKETS,THEVALUEOFSPECULATIVETRADINGFAREXCEEDSTHEVALUEOFHEDGETRADINGDEALERS,SUCHASBANKS,ARETHEONESCREATINGTHEDERIVATIVESCONTRACTSANDMAKINGMONEYFROMTHEDIFFERENCEBETWEENTHEBUYINGBIDANDSELLINGOFFERPRICEALTHOUGHMOSTDE
18、ALERSALSOTRADEDERIVATIVESFORTHEIROWNACCOUNT,THISPROPRIETARYTRADINGISUSUALLYKEPTSEPARATEFROMTHEIRMARKETMAKINGFUNCTIONDERIVATIVESCANBETRADEDOVERTHECOUNTEROTCORONANEXCHANGEOTCDERIVATIVESARETRADEDDIRECTLYBETWEENTWOPARTIES,WITHOUTUSINGANEXCHANGETOFACILITATETHETRADETHEOTCDERIVATIVESMARKETISSTAGGERINGLYLAR
19、GEANDUNTILRECENTLYCONTINUEDTOGROWATADYNAMICPACEACCORDINGTOTHEBANKFORINTERNATIONALSETTLEMENTS,THETOTALOUTSTANDINGNOTIONALAMOUNTASOFJUNE2007WASAMINDBOGGLING516TRILLIONSEEEXHIBIT2NOTIONALAMOUNTISDEFINEDBYFASBINSFAS133PARA540AS“ANUMBEROFCURRENTUNITS,SHARES,BUSHELS,POUNDS,OROTHERUNITSSPECIFIEDINADERIVATI
20、VEINSTRUMENT“INOTHERWORDS,THENOTIONALAMOUNTSERVESASTHEBASISFORCALCULATINGCASHFLOWSUNDERTHECONTRACTALTHOUGHTHENOTIONALAMOUNTGIVESANINDICATIONOFTHESIZEOFTHEDERIVATIVESMARKET,ITISNOTAFAIRMEASUREOFTHERISKASSOCIATEDWITHDERIVATIVESFOREXAMPLE,ADERIVATIVECONTRACTMIGHTINVOLVEA10YEARTREASURYRATEON10MILLIONINE
21、XCHANGEFORAFLOATINGRATEALTHOUGHTHENOTIONALFACEVALUEOFTHECONTRACTISFOR10MILLION,THISAMOUNTDOESNOTCHANGEHANDSFOREACHPAYMENTPERIOD,THE10YEARTREASURYRATEISMULTIPLIEDBY10MILLIONINORDERTOCALCULATETHEREQUIREDINTERESTPAYMENTEXCHANGETRADEDDERIVATIVESARETHOSEDERIVATIVESWITHSTANDARDIZEDTERMSTHATARETRADEDONORGA
22、NIZEDDERIVATIVESEXCHANGESPROMINENTEXAMPLESARETHEOPTIONSANDFUTURESCONTRACTSTRADEDONTHELARGESTUSDERIVATIVESEXCHANGECMEGROUPTHEEXCHANGEACTSASANINTERMEDIARYBETWEENTWOPARTIESANDASSURESTHATTHEREISACOUNTERPARTYTHATWILLHONORTHETRADE,REGARDLESSOFTHEMOVEMENTOFTHEMARKETALTHOUGHTHEACCOUNTINGFORDERIVATIVESUSEDIN
23、HEDGINGACTIVITIESCANBECOMPLEX,THERULESGOVERNINGSTANDALONEDERIVATIVESCANBEEASILYSUMMARIZEDALLDERIVATIVESMUSTBECARRIEDONTHEBALANCESHEETATFAIRVALUEFASBDEFINESFAIRVALUEASTHEAMOUNTATWHICHANASSETLIABILITYCOULDBEBOUGHTINCURREDORSOLDSETTLEDINACURRENTTRANSACTIONBETWEENWILLINGPARTIESTYPICALLY,THEBESTEVIDENCEO
24、FFAIRVALUEISQUOTEDMARKETPRICESTHEAMOUNTSHOWNFORTHEDERIVATIVEHASTOBEADJUSTEDTOFAIRVALUEONEACHBALANCESHEETDATETHECHANGEINTHEFAIRVALUEOFTHEDERIVATIVEFROMTHEPREVIOUSBALANCESHEETDATEISREFLECTEDASAHOLDINGGAINORLOSSONTHEINCOMESTATEMENTTHEONLYEXCEPTIONTOTHERECOGNITIONOFAHOLDINGGAINORLOSSISFORDERIVATIVESTHAT
25、QUALIFYASHEDGESFASBHASSPECIFIEDEXACTINGCRITERIAFORCLASSIFYINGADERIVATIVEASAHEDGEMANAGEMENTMUSTPROVIDESUFFICIENTDOCUMENTATIONATTHEBEGINNINGOFTHEHEDGETERMTOIDENTIFYTHEOBJECTIVEANDSTRATEGYOFTHEHEDGE,THEHEDGEDINSTRUMENTANDTHEHEDGEDITEM,ANDHOWEFFECTIVEIHEHEDGEISINELIMINATINGASPECIFICMARKETRISKFORASPECIFI
26、CHEDGEDITEMEFFECTIVENESSISTHEABILITYOFTHEHEDGEDINSTRUMENTTOOFFSETANYCHANGEINTHEFAIRVALUEORCASHFLOWSOFTHEHEDGEDITEMEFFECTIVENESSISTESTEDWHENTHEHEDGEISINITIATED,EVERYTHREEMONTHSTHEREAFTER,ANDEACHTIMEFINANCIALSTATEMENTSAREPREPAREDTOBECHARACTERIZEDASEFFECTIVETHEDERIVATIVEINSTRUMENTMUSTHAVETHEABILITYTOOF
27、FSETBETWEEN80AND125OFTHECHANGESINTHEFAIRVALUEORCASHFLOWSOFTHEHEDGEDITEMDERIVATIVESTHATQUALIFYASHEDGESCANBECLASSIFIEDASFOLLOWSFAIRVALUEHEDGESAREDESIGNATEDTOHEDGETHEEXPOSURETOCHANGESINTHEFAIRMARKETVALUEOFANEXISTINGASSETORLIABILITY,ORAFIRMCOMMITMENTEG,BUYINGORSELLINGINVENTORYTHEGAINSANDLOSSESONTHEHEDGE
28、DASSETORLIABILITYANDTHEHEDGINGINSTRUMENTARECURRENTLYRECOGNIZEDINTHEINCOMESTATEMENTCASHFLOWHEDGESAREDESIGNATEDTOHEDGETHEEXPOSURETOCHANGESINCASHFLOWSOFANEXISTINGASSETORLIABILITYEG,FUTUREINTERESTPAYMENTSONVARIABLEINTERESTDEBT,ORANANTICIPATEDTRANSACTIONAFUTURESCONTRACTTHATACORNMILLERWILLPAYINTWOMONTHSFO
29、RCORNTHEDISTINCTIONBETWEENHIGHLYEFFECTIVEANDINEFFECTIVEHEDGESDETERMINESWHENGAINSANDLOSSESONCASHFLOWHEDGESARERECOGNIZEDININCOMETHEGAINORLOSSONTHEINEFFECTIVEPORTIONOFTHEHEDGEISREPORTEDINCURRENTINCOMETHEGAINORLOSSONTHEEFFECTIVEPORTIONOFTHEHEDGEFLOWSSHOULDBEREPORTEDINOTHERCOMPREHENSIVEINCOMEIE,NOTINCLUD
30、EDINNETINCOMEFOREIGNCURRENCYHEDGESAREDESIGNATEDTOHEDGETHEEXPOSURETOCHANGESINCURRENCYEXCHANGERATESOFANEXISTINGASSETORLIABILITY,AFIRMCOMMITMENT,AFORECASTEDTRANSACTION,ORAMULTINATIONALCOMPANYSNETINVESTMENTINAFOREIGNOPERATIONINGENERALFASBAPPLIESTHEFAIRVALUEANDCASHFLOWHEDGEACCOUNTINGRULESTOFOREIGNCURRENC
31、YEXCHANGEEXPOSUREHOWEVER,ADERIVATIVEDESIGNATEDASHEDGINGANETINVESTMENTINAFOREIGNOPERATIONHASITSGAINORLOSSREPORTEDINOTHERCOMPREHENSIVEINCOMEIE,NOTINCLUDEDINNETINCOMEDERIVATIVERISKASNOTEDABOVE,THEDERIVATIVESMARKETHASEXPLODEDINRECENTYEARS,WITHFINANCIALINSTITUTIONSREAPINGHUGEPROFITSBYCONVINCINGCLIENTSOFT
32、HEVALUEOFDERIVATIVESASAWAYTOOFFLOADORMANAGEMARKETRISKSWARRENBUFFETTWARNEDINBERKSHIREHATHAWAYINCS2002ANNUALREPORTTHATSUCHHIGHLYCOMPLEXFINANCIALINSTRUMENTSARETIMEBOMBSAND“FINANCIALWEAPONSOFMASSDESTRUCTION“THATCOULDHARMNOTONLYTHEIRBUYERSANDSELLERS,BUTTHEWHOLEECONOMICSYSTEMSOMEDERIVATIVECONTRACTSBUFFETT
33、WROTE,APPEARTOHAVEBEENDEVISEDBY“MADMEN“SFAS133REQUIRESDERIVATIVESTOBEMARKEDTOMARKETANDTHEGAINORLOSSTOBEREFLECTEDININCOMETHEDETERIORATIONOFCREDITMARKETSOVERTHEPASTYEARHASMADEITVERYDIFFICULTTODETERMINETHEMARKETVALUEOFSOMEDERIVATIVESTHEONGOINGWORLDWIDECREDITCRUNCHBEGANWITHTHEBURSTINGOFTHEUSHOUSINGBUBBL
34、EIN2007RISINGHOUSINGPRICESINRECENTYEARSLEDTOLENDERSOFFERINGBORROWERSMORTGAGESWITHMINIMALDOWNPAYMENTSANDADJUSTABLERATEMORTGAGESTHEINCENTIVESGIVENTOBORROWERSBYFINANCIALINSTITUTIONSRESULTEDINAREDHOTHOUSINGMARKETTHATWASEVENTUALLYOVERBUILTTHESURPLUSINVENTORYOFHOMESRESULTEDINADECLINEINNEWHOMECONSTRUCTIONA
35、NDINHOUSINGPRICESDEFAULTRATESONSUBPRIMEANDADJUSTABLERATEMORTGAGESMADETOHIGHERRISKBORROWERSSKYROCKETED,CREATINGARIPPLEEFFECTTHATIMPACTEDMORTGAGEBASEDSECURITIESANDRELATEDDERIVATIVES,PRECIPITATINGALIQUIDITYCRISISINTHEBANKINGSYSTEMDERIVATIVESINVOLVERISKSSOGREATTHATEVENASINGLEROGUETRADERCANIMPERILAMAJORF
36、INANCIALINSTITUTIONTHEDANGERWASHIGHLIGHTEDBYTHESOCITGNRALEINCIDENT,REPORTEDINJANUARY2008,WHICHRESULTEDINTHELARGESTTRADINGFRAUD72BILLIONEVERCARRIEDOUTBYASINGLEPERSONSOCITGNRALEISAMAJORFRENCHBANK,OPERATINGIN77COUNTRIESWITH120,000EMPLOYEESATRADER,JEROMEKERVIEL,PREVIOUSLYWORKEDASABACKOFFICEEMPLOYEEFORTH
37、EBANK,WHEREHEGAINEDANINTIMATEKNOWLEDGEOFSOCITGNRALESPROCESSINGANDCONTROLPROCEDURESKERVIELWASPROMOTEDTOAFRONTOFFICEPOSITION,WHEREHEENGAGEDINARBITRAGETRANSACTIONSINTENDEDTOPROFITFROMSMALLDIFFERENCESBETWEENAFUTURESINDEXANDTHEEQUITYFUTURESUPONWHICHTHEINDEXISBASEDINSTEADOFPROPERLYHEDGINGHISPOSITIONS,HOWE
38、VER,KERVIELALLEGEDLYUSEDHISKNOWLEDGEOFTHELAPSESINSOCITGNRALESCONTROLENVIRONMENTTOTAKEMASSIVEUNHEDGEDPOSITIONSINFUTURESINASHORTPERIODOFTIME,HEHADCOMMITTEDSTXITGENNILETOMORETHAN70BILLIONINNOTIONALPOSITIONS,ACCORDINGTOTHEBANK,WHICHEXCEEDEDTHENETWORTHOFSTXRITGNRALEASUSPICIOUSEMAILFROMALARGEBANKCONFIRMIN
39、GTRADESPRECIPITATEDANINVESTIGATIONINTOKERVIELSACTIVITIESTHEEVENTTHATINITIALLYSHOCKEDTHEFINANCIALWORLDWASTHECOLLAPSEOFBEARSTEARNS,ONEOFIHELARGESTUSINVESTMENTBANKSINADEALREACHEDONSUNDAY,MARCH162008JPMORGANCHASEAGREEDTOPAY2PERSHARELATERRAISEDLO10PERSHARETOBUYALLOFBEARSTEAMSTHEMARKETPRICEPERSHAREOFBEARS
40、TEAMSWASOVER30THEPREVIOUSTHURSDAY,ANDOVER170INJANUARY2007THEFEDERALRESERVEEXPEDITEDTHEBAILOUTBYISSUINGANONRECOURSELOANOF29BILLIONTOCOVERLOSSESINBEARSTEAMSINVESTMENTSINMORTGAGEBACKEDSECURITIESANDOTHERDERIVATIVESFEDERALRESERVECHAIRMANBENBERNANKETESTIFIEDBEFORETHEJOINTECONOMICCOMMITTEETHATTHEDEFAULTOFB
41、EARSTEAMSCOULDHAVELEDTOAWORLDWIDESYSTEMICFINANCIALCRISISSOURCECPAJOURNAL,20082830译文衍生品新披露要求2008年3月，美国财务会计准则委员会发布财务会计准则公告161号，揭露了衍生工具和套期保值活动，扩大了衍生工具和套期保值活动的披露要求。这个新的声明修订了财务会计准公告133号，并建立了统一衍生品基本规则。财务会计准则公告161号的新要求预期将被应用在过渡时期和2008年12月15日后的第一个会计年度。会计准则公告133号发布于1998年，为了跟上日益复杂的衍生交易和不断发展的套期保值活动的脚步，被大幅度地修订三
42、次。由于一个公司的衍生品和套期保值活动影响公司的财务状况、收入和现金流量公开披露信息不足，会计准则公告受到批评。因此，会计准则公告161号提供了加强披露使用衍生物，衍生工具和套期保值活动的说明，及其他们对公司财务状况，财务业绩和现金流量的影响的原因。接下来的讨论将描述持有并发行衍生物的目的，风险承担假定他们发行，分期付款的原因以及对发行者财务状况的影响。此外，财务会计准则公告161号相比较财务会计准则公告131号而言，描述的是要求强制执行现存的披露要求。财务会计准则委员会对会计准则公告133的对于一个实体的衍生物和套期保值活动以及他们对财务状况，财务业绩和现金流量的影响的披露要求不满意。财务会
43、计准则公告161号的目的是提高他们的披露要求，从而提高财务报告的透明度。背景衍生物是一种金融工具，有一定价值并来源于用户潜在的资产、负债，利率，交换利率或者指数的份额波动。财务会计准则公告133号描述衍生物的基本特征，在图一进行了总结。衍生工具的价值源于相关的资产或负债价值的变化。利率或价格相关资产或负债包括在衍生工具被称为是一种潜在的。这种潜在包括利率，证券价格，商品价格，外汇利率，价格或比率指数或者其他变量各种各样的形式。例如，存在一种去买每股40美元的股票的选择权，40美元是股票的固定价格而不是股票本身。改变潜在的价格引起衍生物的价值发生变化。一种衍生物的价值也依赖衍生合同中单元制定的数
44、量。例如,选择购买价值为40美元每股的股票不单是依靠股票价格，而且依靠期权合约中购买股票数量的多少。一种衍生物的总价包括潜在的价格和名义金额。衍生品一般只需很少或没有最初的投资,因为投资不是以实际的资产或负债为基础的衍生,而是价值变化引起的潜在价值。例如,如果股票的价格从40美元增加到42美元，一个投资者有在40美元价格下买入的权利，期权价值增加至少2美元。如果投资者拥有潜在的股票，她的总价值也明显增加。关键区别在于期权持有者需要很少或者没有最初投资，而股票拥有者必须做有效投资。净结算指签订了一种衍生品合同的能力，通过交换现金或没有实际上购买或出售相关资产或负债进入一种抵消合同。例如,一个期货
45、合同是一个协议，双方约定有一方在指定的未来的日期以既定的价格卖出货物或证券。销售合同是清算以前已经购买的期货交易合约，以同样的方式卖出100股通用汽车公司的股票份额将清算早期购买的100股通用汽车公司的股票，很少有投机者想接受5000蒲式耳玉米，6万磅的大豆油,或甚至10万美元国库券。因此,利得和损失的实现通常通过在交货日期之前购买或出售抵消期货合约。衍生品基于货币、商品,政府或企业债券,房屋贷款,股票,利率,或很多的指标包括指数天气类,虽然有成百上千种不同类型的衍生工具,他们可归为三大类期货/远期合约，在将来确定的时间以现在规定的价格购买或出售资产；期权合约给持有人权利,而非强制约束,在给定
46、的日期或之前以特定的价格购买或出售资产；交换经双方同意以一股现金流量交换另一股现金流量。衍生工具的使用可分为三个主要领域套期保值,交易和投机。传统上,对套期保值业务限制他们的风险暴露。例如,一个小麦农民和做面包的人能进入期货货合同，在未来以现金交换小麦。双方都降低了他们的风险，因为农民觉得价格可接受而做面包的人知道小麦将是可得到的。最近,投机者统治着市场的衍生物。在大多数金融衍生产品市场，投机交易的价值远远超过对冲交易的价值。经销商如银行创建衍生品合同，从买入出价和销售提供的价格差价中赚钱。虽然大多数经销商用自己的账户进行衍生品交易,但该自营交易通常与做市功能是分开的。衍生品交易通过场外交易或
47、交换。直接场外交易的衍生产品市场在交易双方中直接交换,不使用方便的交易。场外交易衍生品市场很大，而且直到最近仍以一个动态的速度继续扩张。根据国际结算银行,在2007年6月总共未偿还的名义总额是难以想象的516万亿美元见附表2。财务会计准则委员会在财务会计公告133号（第540段）规定名义总额“现在一定数量的单元、股票、蒲式耳、英镑,或者其他单元规定的非衍生工具。”换句话说,名义总额是在本合同下以现金流量作为基础计算的。虽然名义总额指出了这个衍生品市场的大小,但与衍生品相关的测量是不公平。例如,一种衍生品合同可能包括1000万美元并且以10年期国债利率换取浮动汇率。虽然合同名义面值为一千万美金,
48、但是这一数字并没有转手。为了计算需要支付的利息，用每一次付款期限10年期国债利率将乘以1000万。那些衍生品交易所交易衍生产品通过标准化交易进行有组织的交换。一个典型的例子是美国最大的上市交易的衍生品交易所芝加哥商业交易所的交易期权及期货合约。无论市场怎样变化,交换充当中介,确保双方当事人之间有一个对手方作为信用交易。衍生会计虽然衍生品会计用于套期保值活动可能是复杂的,独立的衍生品规则却可以很容易地概括所有衍生品必须按公允价值入账并进入资产负债表。财务会计准则委员会定义了公允价值，在双方自愿的情况下，资产（负债可以购买发生或出售解决交易的一个金额。代表性地,被引用的公允价值最好的依据是市场价格
49、。每一个资产负债日显示的衍生工具金额为调整后的公允价值。衍生品从先前的资产负债表日价值到公允价值的变化反映在持有收益或亏损损益表。唯一的例外是有资格的有关衍生产品的持有收益或损失。财务会计准则委员会规定衍生品作为对冲基金的严格分类标准在套期保值之初管理人员必须提供足够的文件材料来识别套期保值的目标和策略，套期保值工具和项目，以及如何有效地消除特定的被套期项目特定的市场风险。有效性是指被套期工具抵消公允价值或现金流量改变被套期项目的能力。当套期保值开始，每3个月之后每次财务报表公布时都要测试其有效性。对冲有效的特点是该衍生工具必须有能力弥补被套期项目80到125公允价值或现金流量的变化。衍生物,作为套期保值工具可分类如下公允价值套期保值被指定为对冲现有资产或负债的公允价值，或包销承诺例如,购买或出售存货。进行套期保值的资产或负债的利得和损失和套期工具目前确认在损益表中。现金流量套期保值被指定为对冲现有的资产或负债例如,在可变利息下未来的利息支付债务的现金流量,或者预期的交易一个玉米磨坊主将在两个月内支付作物的期货合约。高效的和无效的套期保取决定于现金流量套期保值的收益和损失。形成的利得或损失无效部分对冲报告在现有的收入。形成的利得或损失的有效部分应报告在对冲报告的其他综合收益不包括在净收入中。外汇套期保值被指定为对
