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Applying IFRS Extract from International GAAP® 2018 Applying IFRS Extract from International GAAP® 2018 Generally Accepted Accounting Practice under International Financial Reporting Standards Chapter 52 Financial instruments: Hedge accounting (IAS 39) Introduction These extracts on hedge accounting under IAS 39 – Financial Instruments: Recognition and Measurement (IAS 39) from EY’s International GAAP® 2018 have been republished in order to provide guidance when IAS 39 continues to be applicable. IAS 39 was superseded by IFRS 9 – Financial Instruments (IFRS 9) for annual periods beginning on or after 1 January 2018. However, in certain instances IAS 39 continues to be wholly or partly applicable: 1. Insurers that meet the criteria in IFRS 4 – Insurance Contracts to apply the temporary exemption to IFRS 9 are permitted to elect to continue applying IAS 39 in full until their first accounting period beginning on or after 1 January 2023. 2. Until the IASB’s project on dynamic risk management is finalised and becomes effective, all entities are permitted an accounting policy choice to continue applying the full hedge accounting requirements of IAS 39 instead of those in IFRS 9. 3. Similarly, all entities may, for a fair value hedge of the interest rate exposure of a portfolio of financial assets or financial liabilities (and only for such a hedge), apply the related hedge accounting requirements in IAS 39 instead of those in IFRS 9. This choice relates only to a fair value portfolio hedge as described in paragraphs 81A and 89A and AG114-AG132 of IAS 39. A decision to continue to apply this IAS 39 guidance is not part of the accounting policy choice to defer IAS 39 mentioned in 2. above. 4. Lastly, entities reporting under IFRS for SMEs have a policy choice to apply the recognition and measurement requirements in IAS 39 instead of those in sections 11 and 12 of IFRS for SMEs. This policy choice was not affected by IFRS 9 superseding IAS 39. Health warning As noted above, readers should be aware that these cases are limited. Readers should note that the extracts have been republished as they appeared in EY’s International GAAP® 2018; they have not been updated to take into account any changes in understanding or interpretation which may have arisen subsequently. 4005 Chapter 52 Financial instruments: Hedge accounting (IAS 39) 1 INTRODUCTION ................................................................................................................. 4011 1.1 Background ........................................................................................................... 4011 1.2 What is hedge accounting? ................................................................................ 4012 1.3 Development of hedge accounting standards ................................................ 4013 2 HEDGING INSTRUMENTS AND HEDGED ITEMS ............................................................... 4014 2.1 Hedging instruments .......................................................................................... 4014 2.1.1 Derivative financial instruments ........................................................ 4014 2.1.1.A Options and collars ............................................................... 4015 2.1.1.B Credit break clauses ............................................................ 4016 2.1.2 Cash instruments .................................................................................... 4017 2.1.3 Combinations of instruments ............................................................. 4018 2.1.4 Portions and proportions of hedging instruments .......................... 4019 2.1.4.A Time value of options ......................................................... 4020 2.1.4.B Interest elements of forwards ........................................... 4021 2.1.4.C Proportions of instruments ................................................ 4021 2.1.4.D Cash instruments ................................................................. 4021 2.1.4.E Notional decomposition ..................................................... 4022 2.1.4.F Restructuring of derivatives............................................... 4022 2.1.5 Reduction of risk ................................................................................... 4022 2.1.6 Hedging different risks with one instrument ................................... 4023 2.1.7 Own equity instruments ...................................................................... 4025 2.2 Hedged items ....................................................................................................... 4026 2.2.1 Financial items: portions and proportions ....................................... 4026 2.2.1.A Benchmark portions of interest rate risk ........................ 4027 2.2.1.B Partial term hedging ............................................................ 4030 4006 Chapter 52 2.2.1.C Foreign currency risk associated with publicly quoted shares ........................................................................ 4030 2.2.1.D Inflation risk ........................................................................... 4031 2.2.1.E Other portions ....................................................................... 4031 2.2.2 Non-financial items: portions .............................................................. 4031 2.2.3 Groups of items as hedged items ....................................................... 4035 2.2.4 Hedges of general business risk ......................................................... 4036 2.2.5 Hedges of a firm commitment to acquire a business ..................... 4036 2.2.6 Held-to-maturity investments ............................................................ 4036 2.2.7 Derivatives and instruments measured at fair value through profit or loss ........................................................................................... 4037 2.2.8 Forecast acquisition or issuance of foreign currency monetary items ...................................................................................... 4039 2.2.9 Own equity instruments ...................................................................... 4039 2.2.10 Core deposits ......................................................................................... 4039 2.2.11 Pension scheme assets ......................................................................... 4040 2.3 Internal hedges and other group accounting issues ..................................... 4040 2.3.1 Internal hedging instruments .............................................................. 4041 2.3.2 Offsetting internal hedging instruments ........................................... 4043 2.3.2.A Interest rate risk ................................................................... 4043 2.3.2.B Foreign exchange risk ......................................................... 4044 2.3.3 Offsetting external hedging instruments .......................................... 4052 2.3.4 Internal hedged items ........................................................................... 4053 2.3.4.A Intragroup monetary items ................................................ 4054 2.3.4.B Forecast intragroup transactions ...................................... 4054 2.3.5 Hedged item and hedging instrument held by different group entities ......................................................................................... 4054 3 TYPES OF HEDGING RELATIONSHIPS .............................................................................. 4055 3.1 Fair value hedges ................................................................................................ 4055 3.1.1 Hedges of firm commitments ............................................................. 4056 3.1.2 Hedges of foreign currency monetary items ................................... 4056 3.2 Cash flow hedges ................................................................................................ 4056 3.2.1 All-in-one hedges .................................................................................. 4057 3.2.2 Hedges of firm commitments ............................................................. 4058 3.2.3 Hedges of foreign currency monetary items ................................... 4058 3.3 Hedges of net investments in foreign operations ......................................... 4058 3.3.1 Nature of the hedged risk .................................................................... 4059 3.3.2 Amount of the hedged item for which a hedging relationship may be designated .......................................................... 4060 3.3.3 Where the hedging instrument can be held .................................... 4062 3.3.4 Disposal of a hedged foreign operation ............................................ 4062 4 ACCOUNTING FOR EFFECTIVE HEDGES .......................................................................... 4063 4.1 Fair value hedges ................................................................................................ 4063 4.1.1 Ongoing fair value hedge accounting ................................................ 4063 Financial instruments: Hedge accounting (IAS 39) 4007 4.1.2 Dealing with adjustments to the hedged item ................................. 4066 4.1.3 Discontinuing fair value hedge accounting ...................................... 4068 4.2 Cash flow hedges ................................................................................................ 4069 4.2.1 Ongoing cash flow hedge accounting ............................................... 4069 4.2.2 Reclassification
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