Interest Rate Swaps and Forward Exchange Contracts

[meer]

does any1 know, what are the accounting entries for Interest Rate SWaps, Forward Exchange Contracts. are not they contra/contingent assets and Liabilities.

[KK]

Yes Ameer u r very right these r contra entries and usually to record these management open contra accounts for both debit and credit side of the entry. For Example to record frds contract management usually debit Contra Asset account and Credit Contra liabiloity account. upon settlement management again record reversed entriy.