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Chapter 7 — Adoption of ASU 2017-12

7.1 Overview

7.1 Overview

As discussed in Section 1.2, in August 2017, the FASB issued ASU 2017-12, which amended the hedge accounting recognition and presentation requirements in ASC 815. The Board’s objectives in issuing the ASU were to (1) improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities by better aligning the entity’s financial reporting for hedging relationships with those risk management activities and (2) reduce the complexity of hedge accounting and simplify its application by preparers.