92 is effective for audits of financial statements for fiscal years ending on or after June 30, 2001.
Early application is permitted.
92 Auditing Derivative Instruments, Hedging Activities, and Investments in Securities , was issued to help auditors plan and perform auditing procedures for financial statement assertions about derivative instruments, hedging activities, and investments in securities. The new standard supersedes SAS No. 81, Auditing Investments . Hedging activities in which the entity designates a derivative or a nonderivative financial instrument as a hedge of exposure for which FASB Statement No. 133 permits hedge accounting. Debt and equity securities, as those terms are defined in FASB Statement No. 115, Accounting for Certain Investments in Debt and Equity Securities. The SAS indicates that an auditor may need special skill or knowledge to plan and perform auditing procedures for certain assertions about derivatives and securities, such as the ability to identify a derivative that is embedded in a contract or agreement.