Financial professionals will have some work to do in acquainting themselves with the new standard. A recent survey by Chatham Financial found that only 18 percent of the financial risk professionals it surveyed during a recent webcast considered themselves to be well versed in the proposed guidance. Only 11 percent said they have assessed the rules’ impact on their programs and plan to early adopt the guidance. Risk professionals believe the greatest impact of the new standards will be enhancements to fair value hedge accounting (38 percent), followed by no longer separately measuring and presenting ineffectiveness (33 percent) and changes to the shortcut method and other effectiveness assessment approaches (15 percent).
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