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Derivatives Accounting and Risk Management

Derivatives Accounting and Risk Management

Author: Hyun Song Shin
Publisher: Risk Books
ISBN: 9781904339274
Published In: December 2004
Format: Paperback
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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Comprising views from the leading industry experts this new volume contains current and highly topical assessments of the latest auditing and accounting standards for the financial derivatives markets - presented through practically focused, results-driven content guaranteed to aid you in everyday practice.

Provides auditors and accountants with a current and comprehensive guide to auditing standards for derivatives
Covers definitions of derivatives, current problems in auditing them, current and future audit plans, audit tests, as well as what constitutes a true and fair view of a company’s accounts
Updates your auditing methods and skills to incorporate IAS 39, including an assessment of its pros and cons, and additionally covers of the practical implementation issues of SAS 92, FASB 133 and others
Highlights the risks present in current derivatives auditing techniques and illustrates how new accounting standards can help reduce them
In-depth coverage of: derivative instruments, including their applications, key risks and control; auditing employee compliance risks; key concepts for the internal auditor when approaching credit risk; and derivatives disaster case studies

The advent of international accounting standards such as IAS 39 and the growing importance and variety of derivatives used in risk management has focused debate on the pros and cons of the current and proposed hedge accounting standards and new audit tests. To give you a broad understanding of the field, this title combines the unique knowledge of experts from both the private and public sectors, as well as the latest insights from leading academics to answer such questions as:

What constitutes a true and fair view of a company’s accounts?
How will the new standards affect the risk management practices of banks and corporates?
What are the consequences for overall market volatility?
What tests can auditors apply in order for them to confidently sign off on a company’s accounts?
What are the key risks associated with derivatives?

1. Derivative Instruments: Uses and Applications

Eric Berman (Commonwealth of Massachusetts)

2. Derivatives: Key Risks and Their Control

Devi S. Koya (McDermott, Will and Emery)

3. Accounting for Specific Derivatives: Future and Forward Contracts

Liam Neilson (Royal and Sun Alliance)

4. Accounting for Specific Derivatives: Swaps and Options

Liam Neilson (Royal and Sun Alliance)

5. Accounting for Derivatives: UK and International Reporting- Implementation and Practical Impact

Theresa Dunne (University of Dundee)

6. Risk Control and Trading Employees: Preventing Fraud and Deception

Andrea S. Kramer (McDermott, Will and Emery)

7. International Financial Reporting Standard No. 39 and Hedge Accounting

Brandon Davies (Global Association of Risk Professionals)

8. How Will Derivatives Reporting Standards Affect Risk Management Practices

Haresh Sapra; Hyun Song Shin (University of Chicago; London School of Economics)

9. Fair Value Reporting Standards and Market Volatility

Guillaume Plantin; Haresh Sapra; Hyun Song Shin (Carnegie Mellon University; University of Chicago; London School of Economics)

Hyun Song Shin is Professor of Finance at the London School of Economics (LSE) and a senior research fellow of Nuffield College, Oxford. Hyun is an academic consultant on financial stability to the Bank of England, co-director of the regulation and financial stability programme of the financial markets group at LSE and a regular academic visitor to the Bank for International Settlements (BIS). His main research interests are information economics and game theory, with applications to asset pricing, risk, disclosures and financial regulation, on which he has published widely. In addition, he has served as managing editor of the Review of Economic Studies and is currently an editor of the International Journal of Central Banking, an associate editor of Econometrica and the Journal of Economic Theory. Hyun studied at Oxford University for his first degree in philosophy, politics and economics and for his DPhil in economics.