Derivatives: Derivative is a product whose value is derived from underlying assets called base. Basically it is a contract between the two or more parties based on assets.
Fair value: Fair value is a selling price which is agreed by the buyer and seller.
Other comprehensive income or losses: All the incomes, gains, losses or expenses which are excluded from net income on the income statement are recorded as other comprehensive income using both GAAP as well as IFRS accounting principles.
To determine the reporting of the gains or losses related to cash flow hedges involving the anticipated transaction.

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Chapter 17 Solutions
INTERMEDIATE ACCOUNTING WPNG MULTI-S
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