FASB issues new standards and proposes others

I am really far behind in my reading and I thought I would just give you a quick update on what is going on in the FASB realm.
Approved
FAS 161 – Derivative Disclosures
This is a new standard that is effective for fiscal years beginning after December 15, 2008. It requires tabular disclosures of derivatives by risk [...]

FAS 162: The Hierarchy of Generally Accepted Accounting Principles

In May, 2008, the FASB issued Statement 162 which moves the GAAP hierarchy out of the auditing standards and into the accounting guidelines. The FASB and SEC believe that the hierarchy should be addressed to the entity preparing the financial statements and not to the auditors.
Here is your new hierarchy:
Level A:
1. FASB standards [...]

Net Settlement and FAS 133

To be a derivative under FAS 133, a contract must meet three criteria: 1) have a notional and underlying, 2) have little or no net investment, and 3) net settle.
Most contracts have the first two characteristics, i.e. they have a price and a quantity and generally you do not pay for item under [...]