In an effort to simplify one of the most complex and criticized financial reporting regimes, the Financial Accounting Standards Board (FASB) is proposing changes to hedge and derivative accounting rules that, if approved, would (1) (according to FASB) greatly improve comparability of financial results for entities that apply hedge accounting, and (2) require application of the fair-value measurement approach to all transactions, a mark-to-market accounting method long favored by the Board.