FAS 133
Statement of Financial Accounting Standard No. 133, Accounting for Derivative Instruments and Hedging Activities. A rule promulgated by the AICPA that establishes accounting and reporting standards for derivative instruments. The scope of the rule includes some derivative features embedded in other contracts. The rule establishes specific accounting and reporting requirements for derivatives used for each of two kinds of hedging activities - fair value hedges and cash flow hedges. This rule supersedes FAS 80, FAS 105, and FAS 119.
See cash flow hedge, comprehensive income, embedded option and fair value hedge. American Banker Glossary