Professional Documents
Culture Documents
)(1998
:
.
.
.
. .
) ( 1997 "
".
.
) ( 2001 .
15 ) ( .1999
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 1 of 66
-1
) (
" "
.
.
.
" "
" - : "
.
) ( 2001
15
)( 1999 .
-2
1989
) (40 1991
)
(48 1994 .
-3
48
.
-4
1995
-
:
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 2 of 66
) (offsetting .
.
-5
) ( ) (hedge accounting
.
-6
1995
.
.
.
-7
1997
"
"
-
.
-8
1998
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 3 of 66
.
-9
-
1997 :
.
-
1998
.
-10
1997
) (
.
62
-11 62
17 1998
30 1998
25
.
62
62
62
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 4 of 66
.
-12
.1998
-13
:
-
)
(.
-
)
(.
-
)
(.
)
(.
)
(.
)
(.
"
" )
(.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 5 of 66
"
" )
(.
-14
)
(
.
-15
- )
(.
.
-16
) (.
-17
-:
-
.
-
)
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 6 of 66
(.
-18
.
-19
:
-
-
.
-20
:
-
-
) (
.
) (
-21
offset
.
-22
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 7 of 66
-23
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 8 of 66
7-1
26-8
9-8
10
10
10
10
10
10
30-27
12-11
16-13
17
18
20-19
21
Embedded Derivatives
26-22
65-27
29-27
34-30
65-35
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 9 of 66
43-35
46-44
50-47
56-51
65
67-66
92-68
92-79
94-93
102-95
107-103
108
119-109
115-111
116
119-117
120
) ( Hedging
165-121
126-122
135-127
145-136
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 10 of 66
152-146
157-153
163-158
164
165
170-166
172-171
:
)
12 (
-1
-
" -
"
" "
" " .
-
" - " (1 :
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 11 of 66
- .
3
:
) (26-22
) .
) -
" "
(
) " "(
.65-35
) 76-65
) - -(1998 (.
) (2
) .(26-22
-2
)
(
) 1(
"" " ".
-3
31-29 .
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 12 of 66
-
15-12
.
-
42-35 ( .
-4
"
"
..
-5
)1( .
26-22
.
-6
:(
)( )( .
-7
offsetting contracts
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 13 of 66
-8
:
: :
.
:
-
-
.
: :
-
.
:
) .(11
:
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 14 of 66
-9
" "
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 15 of 66
-10 :
:
:
-
) " "(.
-
.
-
:
) ( ) ( :
) (21
) 18
.
:
) (92-80
.
) (20-19
) :( )(
)( ) .(21
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 16 of 66
)
(
.
)
" " 31
(61
:
) (17
:
.
:
.
:
) ( Hedging
offset
.
:
) :(
)(
) 135-127 (
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 17 of 66
)
( offset
) 126-123 (
.
) offsetting
( changes
) (152-146
) (securitization
.
-11
) 1(.
-12
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 18 of 66
-13
1000
) ( LIBOR 100
.
-14
)
( offsetting contracts
.
-15
.
-16
) " "(
) .(34-30
-17
.
-18 )(
)( " " )
( .
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 19 of 66
-19
-
-
-
.
-20
.
-21
.
Embedded Derivatives
-22 ) (
) ( host contract
" "
.
-23
:
-
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 20 of 66
- .
-
) (
.
) :(
)(
.
-24
) ) 23(
) 23( )23(
.
-
) . ( host equity instrument
-
)
(.
-
) (
.
-
.
) (
.
)" "(
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 21 of 66
-25
.
-
)
(.
-
.
-
(1):
(2)
) (
.
) (1
(2)
.
) (1
)
(2) .
) (
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 22 of 66
-26
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 23 of 66
-27
)
30 " "(.
-28
.
-29 :27
-
-
) (
.
-
)(
27
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 24 of 66
-30 " "
3233
10
" " .
-31
) " "(
.
-32
.
-33
106
) (103
.
-34 33-30
29 201
) 1000 (
) ( 31 )201 ( 4 202
) ( 1.003 1.002
:
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 25 of 66
29 201
31 20 1
)
(
)
(
4 202
)
(
)
----
.
2
-
2
-
)(2
)(2
1,000
-
1,003
-
1,003
-
)(3
)(3
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 26 of 66
29 201
31 20 1
----
.
1.000
)(1.000
1.000
)(1.000
1.000
)(1.000
1,000
)( 1,000
,1002
)( 1,000
1,002
) ( 1,000
)(2
)(2
)
(
)
(
4 202
)
(
)
1,000
-
1,003
-
1,003
-
)(3
)(3
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 27 of 66
-35 ) (
) (
.
-36
35
.
-37
.
-38
:
-
(1) :
(2)
.
-
-
)
)((.
-39 )38(
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 28 of 66
-40 )(
) (
) ( )(
)(
.
-41
:
-
-
). (1
.
-42 38 41
.
-43 )( ) (
)( ) (1 (2)
.
-44
:
.
)(1
-12
" "
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 29 of 66
.
.
-45
.
-46 44 )( )(
)( )(
:
)""(
)""(
-47
)( )(
) " "(.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 30 of 66
-48 :47
.
.
) .(50
-49 47 100
90
10
.
-50 Securitization
. 1000
10
1000 8
1000
)
100 (200
1.100
40 60
1000 :
1.000
%91.00
1.000
3.6
40
60
1.100
5.4
%100
910
36
54
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 31 of 66
90
1.000 910
36
54
.
-51
:
.
.
.
:51
-52
.
. .
51
-53
:51
.
":".
.
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 32 of 66
-54
:
.
) (1 ) (2
.
.
" -
" .
102-95
.
) 54(
-55
.
-56
)
.
)
-57
.
57:
-58
.
. )
( )
(
) ) ( trust
-59
) ( in-substance defeasance
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 33 of 66
-60
57-35
.
-61
)
( .
-62
61
10
.
) (
-63
.
-64
:
.
. ) (1 ) (2
) (
.
.
-65
.56-47
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 34 of 66
-66
) ( ) (
.
-67
) ( )
(
)
(11 66 160
.
:
-68
:
.
.
-69
:73
.
) .(70
) ( hedged items
165-121 .
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 35 of 66
-70
)
(71
. 102-95 .
-71
.
-72
.93
-73 69
.119-109
-74
.
-75
.
-76
.
-77
: 100 2
102
100 3
) 100 (
2.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 36 of 66
-78 "
"
) (165-121
103
)
(
103
) (165-121
.
:
-79
:
.
)
.
(
.
.
-80
)
(
.
-81
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 37 of 66
-82 )
(
.
-83
)
(
:
.
.
.
.
92-90 .
-84
83 .
-85 " "
.
-86 83
:
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 38 of 66
.
)
(
.
) (
)
(
.
.
.
.
-87
:
.
.
)
) .(81
-88 87-79
.
-89
.
-90
.103
-91
.102
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 39 of 66
-92
" " 83
103 :
.
.
.
-93
165 121 .
-94 "
"
) (165 121
103
)
( (
103
) (165 121
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 40 of 66
:
-95 ) :(
)(
.
-96 ) :(
)(
)(
.
-97
) 167(
.
-98
.
-99
.
-100
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 41 of 66
-101
.
-102 101 95
"
".
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 42 of 66
:
-103
) (165 121
:
.
)
.(122
:
.1
.2
) "
(88 86
)
(119 117
.
-104 (1) 103 (2) 103
) .(121
-105 "
"
) 103( ) (1 103
)().(2
-106
) (30
)
(
.103
-107
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 43 of 66
:
-108
) (93 73
) (
152 121 153
.164
:
-109
) 111 (
) 117 (.
.110
.
,
.
.
.
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 44 of 66
:
-111
) (
)
(
) (74
.
-112
.
-113
111 ) (
.
-114
)
(
.
-115
) ) 69((
) (.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 45 of 66
:
-116
) ) 110 ((
30
.
:
-117
)
(
) 103( ) (2 ) (110
.
-118
)
( ) (
) (
.
-119
.
:
-120
) ( Unit trusts
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 46 of 66
:
-121
152 122 153
.164
:
-122
142
) (124
)
( .
.
-123
.
) ( Offset
-124
.
-125
.
-126
)(
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 47 of 66
:
-127
)"
"( )(
)(
.
-128
.
-129
)( )(
.
-130
.
-131
(1) : (2) .
(3) .
.
-132
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 48 of 66
-133
) ( )
(
)
(
100 90
10
10
100 90
10
10 .100
-134
.
-135
.
:
) ( Offsetting
-136
.
-137
.
:
:
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 49 of 66
: )(1
.
)
( ) (
) (2
.
.
:
.
-138
.
-139
.
:
.
.
.
.
)
(.
-140
.
) ( Entity
-141
.
-142
164 153
:
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 50 of 66
.
) (146
.
.
.
.
) 95
(.
.
.
-143
.
-144
) :(
) () .(
.
%50
-145
.
:
-146
%80
%125 120
100 100/120 %120
120/100 %83 .
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 51 of 66
-147
.
-148
.
-149
.
-150
.
-151
.
) (
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 52 of 66
.
.
.
.
.
.
-152
.
:
147
-153
:
.
.
) 103(
.
-154 153
:
100
110
10 ) (
110
110
5
:
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 53 of 66
) (
) (
) (
100
100
10
10
5
5
105
5 10
.157
-155
.103
-156
153
:
.
)
(
.142
-157
.
:
142
-158
:
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 54 of 66
-159
.
) (142
) .(88 86
:
.1
.2
103
.
:
: ) (:
.1
) 158(.
.2
.
) (
.158 103
.
) ) 142((
.103
-160
158
.
-161
)
(
)
( )
(
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 55 of 66
160
-162
) (.
162-158
-163
:
.
)
(
) ) 158((
.162 160
.
142
) ) 158((
162 161
.
.
:
)
-164
(
:
.
) (142
) .(88-86
:
.1
.2
19
.
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 56 of 66
:
-165
142
103
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 57 of 66
:
-166
) (88 77
.
-167
) 47(:
.
) 46
(.
.
.
.
10
" "
) .(30
-168
) 167(
.
-169
:
.
) ) 142((.
.
.
:
.1
.2
.3
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 58 of 66
.4
.
:
.1
.2
.
) .(160
.3
-170
:
.
) (
:
.1
.2
.
.
) (70
.
.
:
.1
) (.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 59 of 66
.2
) " "
" " (.
.3
116 .
.
securitization
:
.1
.2
.
.
) (92
.
.
) 46
(.
:
-171
2001
15 1999
) ( .
-172
.
:
.
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 60 of 66
.
)
(
) (
) (.
.
102-66
.
.
.
.
142 .162-160
.
.
securitization
.
.
.
11 .
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 61 of 66
:
:
:
11
:
" : ".
:
1998
"
"
1993 1994
.
2
:
"
".
14
:
"
".
:
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 62 of 66
)(
: .
:
13
" " :
"
: ".
24
" "
: ".
29 :
:
.29
.
.
.
.
30 :
:
.30
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 63 of 66
.
.
:
" "
7 .
12 :
.12
.
: .
14 :
.14
.
" :
"
.
:
25 24
: :
.24
:
:
.
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 64 of 66
.25
:
.
:
35
:
.35
:
.
42 :
.42
:
.
:
5 :
) :(
)(
)( .
5 :
)( .
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 65 of 66
" "
81 .
" " 83
" ".
.44 43
:
43.
52
" "
" ".
:
) 2( "
"
" "
).(1
------------------------------------------------------------------------------------------------------www.infotechaccountants.com
Page 66 of 66