New accounting standard to change energy financial derivatives reporting

Energy companies worldwide use financial derivatives to divide business risk into smaller components, which are bought or sold, in order to diversify risk and manage strategic objectives. A new US government business accounting requirement will change the way those derivatives are represented on quarterly financial reports to creditors, investors, and stockholders. Beginning with the fiscal year that starts June 15, 2000, or calendar year Jan.1, 2001, many energy companies must change derivative accounting systems to conform to the Financial Accounting Standards Board (FASB) Statement of Financial Accounting Standards No. 133, Accounting for Derivative Instruments and Hedging Activities.T...

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