How should a centrally cleared swap termination that involves swap compression (with an equal and offsetting swap) be accounted for?

For example, I want to terminate a centrally cleared receive-fixed/pay-float interest rate swap through a clearinghouse, which requires entering into a counteracting pay-fixed/receive-float swap with equal and offsetting terms through the clearinghouse. The clearinghouse then compresses the positions within my portfolio; however, for GAAP purposes, does this effectively terminate my original swap position, OR do I now have (to record) two swap positions? And if the latter, do I have to report these positions gross, or can I report them net (as if they do not exist)?