Accounting for derivatives and hedges is often perceived as one of the most complex areas in accounting, presenting a significant challenge to professionals in the field. This course aims to demystify this challenging subject by starting with a comprehensive overview of derivative instruments and their functionalities. It then seamlessly transitions into the essentials of accounting for these financial instruments. Covering a range of topics from the nature of risk and hedging to risk management, the course provides clear explanations on handling derivatives and the major types of hedges. Participants will find answers to common questions such as managing interest rate and foreign exchange risks, understanding the key features of futures, options, swaps, and the intricacies of other comprehensive income. Additionally, the course covers the critical documentation required for hedging activities and provides insights into assessing hedge effectiveness. This course is designed for those seeking to gain a strong foothold in understanding and accounting for derivatives and hedges, turning a complex topic into manageable, practical knowledge.