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Case - Fair Value Hierarchy Family Finance Co. (FFC), a publicly traded commercial bank located in South Carolina, has a December 31 year-end and has adopted the provisions of Accounting Standards Update (ASU) 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. FFC invests in a variety of securities to enhance returns, managing its investment portfolio in an effort to earn returns greater than interest paid on bank deposits and other liabilities. As of December 31, 20X2, FFC's investments primarily consist of (1) collateralized debt obligation (CDO) securities, (2) mortgage-backed securities (MBSs), (3) auction-rate securities (ARSs), (4) equity securities of nonpublic companies, (5) "plain vanilla" interest rate swaps that FFC uses to hedge its exposure to variable interest rates on its corporate debt, and (6) a fixed-for-float fuel swap held for investment purposes. All cash payments made under these instruments are in U.S. dollars.
Required -
1. What are the accounting concepts at the center of the case?
2. What is the authoritative guidance to use in the analyses?
3. What are the major points of contention in the case?
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