My materials don't go too deep into hedging calculations either, but you should probably at least know where gains and losses from hedging activities are recorded (income from OPS, OCI, etc.) depending on the derivative instrument that they were generated from and the intent of the hedge. Also, the disclosures required of hedging activities and derivatives seems like a very testable topic. I take the exam on Oct. 20th, but I am not too worried about these topics. Besides, certain derivative and hedging calculations are beyond the scope of this exam, with a few exceptions (certain interest rate swaps, FX hedges, etc.). They aren't going to have you price a CDS, but I could see them asking you where the gain or loss goes.
Since it's a relatively new (and important) topic, I wouldn't be surprised if there were a few questions on this. At the same time, some of them might be "pretest" questions, so it could be hit or miss.
.
