The effects of the Alternative Minimum Tax on banks' municipal bond investments

Document Type

Book Chapter

Publication Date



Accounting and Finance


In June 2000, FASB issued SFAS 138, Accounting for Certain Derivative Instruments and Certain Hedging Activities - an amendment of FASB Statement No. 133. It includes four major amendments: 1. The normal purchases and normal sales exception is expanded to certain commodity contracts. 2. The risk that can be hedged in an interest rate hedge is redefined. 3. Recognized foreign currency-denominated assets and liabilities may be hedged with a single cross-currency compound hedge. 4. Net hedging of certain intercompany derivatives may be designated as cash flow hedges of foreign currency risk.

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