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3.6 Financial instruments (Insights into IFRS)

Insights into IFRS

3.6 Financial instruments
(IAS 21, IAS 32, IAS 39, IFRIC 9)
Overview of currently effective requirements


Financial assets and financial liabilities, including derivative instruments, are
recognised in the statement of financial position at trade date. However,
"regular way" purchases and sales of financial assetsare recognised either at
trade date or at settlement date.



An embedded derivative is one or more implicit or explicit terms in a host
contract that affect the cash flows of the contract in a manner similar to a
stand- alone derivative instrument.



A host contract may be a financial or a non- financial contract.



An embedded derivative is not accounted for separately from thehost
contract when it is closely related to the host contract, or when the entire
contract is measured at fair value through profit or loss.



Financial assets are classified into one of four categories: at fair value
through profit or loss; loans and receivables; held to maturity; or available for
sale. Financial liabilities are categorised as either at fair value through profit
orloss, or other liabilities. The categorisation determines whether and where
any remeasurement to fair value is recognised.



Financial assets and financial liabilities classified at fair value through profit or
loss are further subcategorised as held for trading or designated as such on
initial recognition.



Financial assets are measured at fair value except for loans andreceivables,
held- to- maturity investments, and unlisted equity instruments in the rare
circumstances that fair value cannot be measured reliably.



All derivatives (including separated embedded derivatives) are measured at
fair value. Fair value gains and losses on derivatives are recognised
immediately in profit or loss unless they qualify as hedging instruments in a
cash flow hedge or in a netinvestment hedge.



An entity may reclassify a non- derivative financial asset out of the held- fortrading category in certain circumstances if it is no longer held for the
purpose of being sold or repurchased in the near term. An entity also may
reclassify, if certain conditions are met, a non- derivative financial asset from
the available- for- sale category to loans and receivables.•

A financial asset is derecognised only when the contractual rights to the cash
flows from the financial asset expire or when the financial asset is transferred
and the transfer meets certain specified conditions.



A financial asset is considered to have been transferred if an entity transfers
the contractual rights to receive the cash flows from the financial asset, or
entersinto a qualifying "pass- through" arrangement. If a transfer meets the
conditions, then an entity evaluates whether or not it has retained the risks
and rewards of ownership of the transferred financial asset.

An entity derecognises a transferred financial asset if it has transferred
substantially all of the risks and rewards of ownership, or if it has not© 2011 KPMG IFRG Limited, a U.K. company, limited by guarantee. All rights reserved. of ownership and it has not
retained substantially all of the risks and rewards
retained control of the financial asset; otherwise it continues to recognise
the asset.




An entity continues to recognise a financial asset to the extent of its

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enters into a qualifying "pass- through" arrangement. If a transfer meets theconditions, then an entity evaluates whether or not it has retained the risks
and rewards of ownership of the transferred financial asset.
3.6 Financial instruments (Insights into IFRS)



An entity derecognises a transferred financial asset if it has transferred
substantially all of the risks and rewards of ownership, or if it has not
retained substantially all of the risks and...
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