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In the accounting of derivatives for intermediate financial accounting, can you explain the shortcut method of interest rate swap? what is the difference in journal

In the accounting of derivatives for intermediate financial accounting, can you explain the shortcut method of interest rate swap?

what is the difference in journal entries when the floating rate is above the fixed rate and when the fixed rate is above the floating rate? ( it would be great if you could explain this in a floating-to-fix and fix-to-floating situation.)

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