The second edition will be based on the IFRS 9 standard, and relative to the First edition there will be two new chapters:  one on hedging inflation risk and another on intercompany FX risks. New cases will be added to expand the application of the book to special hedging situations. This is the case, for example of the chapter on hedging commodity risk in which the challenges surrounding own-use will be  covered in more detail, and the chapter on equity risk in which several new cases will be added on convertible bonds. Most of the scarce literature on hedge accounting has been written by academic professors or by accounting firms, as a result their emphasis lacks a practical angle.  This book shares the insights of the authors day-to-day experience advising companies on how to minimize the earnings volatility impact of hedging with derivatives.  The book is case driven and each case analyses in detail a real-life hedging strategy.  The second edition will be organized into eleven chapters, as follows: Chapter 1 provides a summary of IFRS 9. Chapter 2 introduces the most common hedging instruments from an IFRS 9 perspective. Chapter 3 examines the hedge of FX risk caused by import/export transactions.  Chapter 4 draws together the FX hedge of dividends, earnings and net assets of foreign subsidiaries. Chapter 5 discusses intercompany FX risk Chapter 6 discusses the interest rate hedge of domestic liabilities Chapter 7 analyzes the hedge of foreign currency denominated liabilities Chapter 8 covers the hedge of commodity risk Chapter 9 covers the hedge of equity risk Chapter 10 covers the hedging of inflation risk Chapter 11 challenges the qualification for hedge accounting as the ultimate objective. Chapters 3-10 are based on the extensive use of cases.  Each case simulates a specific hedging strategy from its inception until its maturity following a common pattern.  First, the transaction that generates the risk exposure and a chosen hedging strategy are described.  Second, the hedge qualification for hedge accounting is optimized and its documentation is produced.  Third, certain behaviour of the financial market is assumed and the prospective and retrospective tests are performed.  Fourth, the accounting entries related to the transaction are produced.  Finally, the concluding remarks are outlined.  The hedging instruments covered vary from forwards, swaps, cross-currency swaps, and combinations of standard options.  The book also deals with more complex derivatives such as knock-in forwards, KIKO forwards, range accruals and swaps in arrears.

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