For most of us, the anticipation of unwrapping Christmas presents fades with age. Probably because experience has taught us that not every present is a good one. The same could be said about new accounting proposals issued by the International Accounting Standards Board (IASB).At the end of last year, the IASB issued its draft of the new hedge accounting requirements set to replace those in IAS 39, Financial Instruments: Recognition and Measurement. It’s too early to gauge public opinion but there is plenty of potential for cheer.