Last week, the Financial Accounting Standards Board (FASB) released two new proposed Accounting Standards Updates (ASUs):

• Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes; and

• Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward or Tax Credit Carryforward Exists.

Both ASUs are a consensus of the FASB Emerging Issues Task Force, and both request written comments by April 22, 2013. To access the complete list of the board’s current exposure drafts and proposed ASUs, click here.