After introducing derivatives, including common types of derivatives used by entities to manage risk, this CPE-eligible, eLearning course (1.0 CPE) covers basic derivative terminology, including the characteristic-based definition prescribed by ASC 815. You will learn about each of these three characteristics in detail, so that you can spot derivative contracts on your own. ASC 815 does have several scope exceptions to the basic standard, so we also spend some time learning about this area. This online course concludes with an overview of the definition of fair value in accordance with ASC 820. Why? Because that’s how derivatives are required to be accounted for in accordance with U.S. GAAP!