IAS 32 Financial Instruments: Disclosure and Presentation

Contents


This revised Standard supersedes IAS 32 (revised 2000)Financial Instruments: Disclosure and Presentation and should be applied forannual periods beginning on or after 1 January 2005. Earlier application ispermitted.
Introduction IN1-IN21
Reasons for Revising IAS32 IN1-IN3
The Main Changes IN4-IN19
Withdrawal of Other Pronouncements IN20
Potential Impact of Proposals in ExposureDrafts IN21
International Accounting Standard 32 FinancialInstruments: Disclosure and Presentation
Objective 1-3
Scope 4-10
Definitions 11-14
Presentation 15-50
Liabilities and Equity 15-27
No Contractual Obligation to Deliver Cashor Another Financial Asset 17-20
Settlement in the Entity's Own EquityInstruments 21-24
Contingent Settlement Provisions 25
Settlement Options 26-27
Compound Financial Instruments 28-32
Treasury Shares 33-34
Interest, Dividends, Losses and Gains35-41
Offsetting a Financial Asset and aFinancial Liability 42-50
Disclosure 51-95
Format, Location and Classes of FinancialInstruments 53-55
Risk Management Policies and HedgingActivities 56-59
Terms, Conditions and Accounting Policies60-66
Interest Rate Risk 67-75
Credit Risk 76-85
Fair Value 86-93
Other Disclosures 94-95
Effective date 96-97
Withdrawal of other pronouncements 98-100
Appendix: Application guidance
Definitions AG3-AG24
Financial Assets and Financial LiabilitiesAG3-AG12
Equity Instruments AG13-AG14
Derivative Financial Instruments AG15-AG19
Contracts to Buy or Sell Non-FinancialItems AG20-AG24
Presentation AG25-AG39
Liabilities and Equity AG25-AG29
No Contractual Obligation to Deliver Cashor Another Financial Asset AG25-AG26
Settlement in the Entity's Own EquityInstruments AG27
Contingent Settlement Provisions AG28
Treatment in Consolidated FinancialStatements AG29
Compound Financial Instruments AG30-AG35
Treasury Shares AG36
Interest, Dividends, Losses and Gains AG37
Offsetting a Financial Asset and aFinancial Liability AG38-AG39
Disclosure AG40
Financial Assets and Financial Liabilitiesat Fair Value Through Profit or Loss AG40
Approval of IAS 32 by the Board
Basis for conclusions
Definitions BC4
Financial Asset, Financial Liability and EquityInstrument BC4
Presentation BC5-BC33
Liabilities and Equity BC5-BC6
No Contractual Obligation to Deliver Cashor Another Financial Asset BC7-BC21
Puttable Instruments BC7-BC8
Implicit Obligations BC9
Settlement in the Entity's Own EquityInstruments BC10-BC15
Contingent Settlement Provisions BC16-BC19
Settlement Options BC20
Alternative Approaches Considered BC21
Compound Financial Instruments BC22-BC31
Treasury Shares BC32
Interest, Dividends, Losses and Gains BC33
Disclosure BC34-BC48
Interest Rate Risk and Credit Risk BC34
Fair Value BC35-BC36
Financial Assets Carried at an Amount inExcess of Fair Value BC37
Other Disclosures BC38-BC48
Derecognition BC38
Multiple Embedded Derivative FeaturesBC39-BC42
Financial Assets and Financial Liabilitiesat Fair Value Through Profit or Loss BC43-BC47
Defaults and Breaches BC48
Summary of changes from the exposure draftBC49
Dissenting Opinion DO1-DO3
Illustrative examples
Accounting for Contracts on Equity Instruments ofan Entity IE1-IE31
Example 1: Forward to buy shares IE2-IE6
Example 2: Forward to sell shares IE7-IE11
Example 3: Purchased call option on sharesIE12-IE16
Example 4: Written call option on sharesIE17-IE21
Example 5: Purchased put option on sharesIE22-IE26
Example 6: Written put option on sharesIE27-IE31
Entities such as Mutual Funds and Cooperativeswhose Share Capital is not Equity as Defined in IAS32 IE32-IE33
Example 7: Entities with no equity IE32
Example 8: Entities with some equity IE33
Accounting for Compound Financial InstrumentsIE34-IE50
Example 9: Separation of a compoundfinancial instrument on initial recognition IE34-IE36
Example 10: Separation of a compoundfinancial instrument with multiple embedded derivative features IE37-IE38
Example 11: Repurchase of a convertibleinstrument IE39-IE46
Example 12: Amendment of the terms of aconvertible instrument to induce early conversion IE47-IE50
Table of concordance
International Accounting Standard 32 FinancialInstruments: Disclosure and Presentation (IAS 32) is set out in paragraphs1-100 and the Appendix. All the paragraphs have equal authority but retain theIASC format of the Standard when it was adopted by the IASB. IAS 32 should beread in the context of its objective and the Basis for Conclusions, the Prefaceto International Financial Reporting Standardsand the Framework for thePreparation and Presentation of Financial Statements. IAS 8 AccountingPolicies, Changes in Accounting Estimates and Errors provides a basis forselecting and applying accounting policies in the absence of explicit guidance.
IAS 32 Financial Instruments: Disclosureand Presentation is issued by the International Accounting Standards Board,30 Cannon Street, London EC4M 6XH, United Kingdom.Tel: +44 (0)20 7246 6410
Fax: +44 (0)20 7246 6411

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Table of Concordance
This table shows how the contents of the superseded version of IAS 32 and the current version of IAS 32 correspond. Paragraphs are treated as corresponding if they broadly address the same matter even though the guidance may differ.
The table also shows how the consensus and disclosure paragraphs of the superseded SIC Interpretations 5, 16 and 17 and draft SIC Interpretation D34, and the disclosure requirements formerly included in IAS 39, have been incorporated into the current version of IAS 32.
Except where indicated, all references are to IAS 32.
Superseded paragraph    Current paragraph
Objective    1,2,3
1    4,5
2    None
3    6
4    7
5    11
6    13
7    14
8    AG7
9    AG15
10    AG16
11    AG10
12    AG11
13    AG12
14    AG20
15    AG8
16    None
17    AG29
18    15
19    18
20    17, 19(a)
21    16, 17(part)
22    18(a), 20
23    28
24    BC22
25    29
26    30
27    None
28    31
29    32
30    35
31    36
32    40
33    42
34    43
35    44
36    45
37    46
38    47
39    48
40    49
41    50
42    51, 57
43    52
43A    56
44    53
45    54
46    55
47    60
48    62
49    63
50    64
51    65
52    66
53    None
54    None
55    None
56    67
57    68
58    69
59    70
60    71
61    None
62    72
63    73
64    74
65    75
66    76
67    77
68    78
69    79
70    80
71    81
72    None
73    82
74    83
75    84
76    85
77    86, 90
78    87
79    92, 93
80    IAS 39.AG69 (part)
81    IAS 39.AG71, IAS 39.AG72
82    IAS 39.AG64,
IAS 39.AG74
83    None
84    None
85    91
86    88
87    86,89
88    None
89    None
90    None
91    None
92    None
93    None
94    94(e)
95    96, 97
96    96, 97
A1    AG1
A2    AG2
A3    AG3
A4    AG4
A5    AG5
A6    AG9
A7    AG13
A8    AG14(part)
A9    AG16
A10    AG17
A11    AG18
A12    AG19
A13    AG20
A14    AG21
A15    AG22
A16    AG23
A17    AG24
A18    None
A19    AG6
A20    19, AG25
A21    AG26
A22    AG30
A23    AG31
A24    IE34-IE36
A25    AG39
A26    None
A27    None
SIC-5.5    25
SIC-5.6    25
SIC-16.4    33
SIC-16.5    33
SIC-16.6    34
SIC-16.7    34
SIC-17.5    None
SIC-17.6    31, 35
SIC-17.7    38
SIC-17.8    38
SIC-17.9    39
SIC-D34.6    18
IAS 39.166    None
IAS 39.167    61, 92
IAS 39.168    93
IAS 39.169    56, 58, 59
IAS 39.170    94

IE50. The incremental consideration of CU400 is recognised as a loss in profit or loss.
________________________________________
[1] In these examples, monetary amounts are denominated in 'currency units' (CU).
[2] In this example, the entity has no obligation to deliver a share of its reserves to its members.
[3] This amount represents the difference between the fair value amount allocated to the liability component and the repurchase price of CU1,700.

Example 12: Amendment of the terms of a convertible instrument to induce early conversion
IE47. The following example illustrates how an entity accounts for the additional consideration paid when the terms of a convertible instrument are amended to induce early conversion.
IE48. On 1 January 1999, Entity A issued a 10 per cent convertible debenture with a face value of CU1,000 with the same terms as described in Example 11. On 1 January 2000, to induce the holder to convert the convertible debenture promptly, Entity A reduces the conversion price to CU20 if the debenture is converted before 1 March 2000 (ie within 60 days).
IE49. Assume the market price of Entity A's ordinary shares on the date the terms are amended is CU40 per share. The fair value of the incremental consideration paid by Entity A is calculated as follows:
Number of ordinary shares to be issued to debenture holders under amended conversion terms:
Face amount    CU1,000    
New conversion price    /CU20    per share
Number of ordinary shares to be issued on conversion    50    shares
Number of ordinary shares to be issued to debenture holders under original conversion terms:
Face amount    CU1,000    
Original conversion price    /CU25    per share
Number of ordinary shares issued upon conversion    40    shares
Number of incremental ordinary shares issued upon conversion     10    shares
Value of incremental ordinary shares issued upon conversion
CU40 per share 10 incremental shares    CU400    

IE44. The repurchase price is allocated as follows:
     Carrying Value     Fair Value    Difference
Liability component:    CU    CU    CU
Present value of 10 remaining half yearly interest payments of CU50, discounted at 11% and 8%, respectively    377    405    
Present value of CU1,000 due in 5 years, discounted at 11% and 8%, compounded half-yearly, respectively    585    676    
     962    1,081    (119)
Equity component     60    619[3]    (559)
Total     1,022     1,700    (678)
 
IE45. Entity A recognises the repurchase of the debenture as follows:
Dr    Liability component    CU962    
Dr    Debt settlement expense
(income statement)    CU119    
Cr    Cash         CU1,081
     To recognise the repurchase of the liability component.
Dr    Equity    CU619    
Cr    Cash         CU619
     To recognise the cash paid for the equity component.
IE46. The equity component remains as equity, but may be transferred from one line item within equity to another.

IE41. In the financial statements of Entity A the carrying amount of the debenture was allocated on issue as follows:
     CU
Liability component    
Present value of 20 half-yearly interest payments of CU50, discounted at 11%    597
Present value of CU1,000 due in 10 years, discounted at 11%, compounded half-yearly    343
     940
Equity component      
(difference between CU1,000 total proceeds and CU940 allocated above)    60
Total proceeds     1,000
IE42. On 1 January 2004, the convertible debenture has a fair value of CU1,700.
IE43. Entity A makes a tender offer to the holder of the debenture to repurchase the debenture for CU1,700, which the holder accepts. At the date of repurchase, Entity A could have issued non-convertible debt with a five-year term bearing a coupon interest rate of 8 per cent.

IE39. The following example illustrates how an entity accounts for a repurchase of a convertible instrument. For simplicity, at inception, the face amount of the instrument is assumed to be equal to the aggregate carrying amount of its liability and equity components in the financial statements, ie no original issue premium or discount exists. Also, for simplicity, tax considerations have been omitted from the example.
IE40. On 1 January 1999, Entity A issued a 10 per cent convertible debenture with a face value of CU1,000 maturing on 31 December 2008. The debenture is convertible into ordinary shares of Entity A at a conversion price of CU25 per share. Interest is payable half-yearly in cash. At the date of issue, Entity A could have issued non convertible debt with a ten-year term bearing a coupon interest rate of 11 per cent.

     CU
Present value of the principal - CU2,000,000 payable at the end of three years    1,544,367
Present value of the interest - CU120,000 payable annually in arrears for three years    303,755
Total liability component    1,848,122
Equity component (by deduction)    151,878
Proceeds of the bond issue    2,000,000
Example 10: Separation of a compound financial instrument with multiple embedded derivative features
IE37. The following example illustrates the application of paragraph 31 to the separation of the liability and equity components of a compound financial instrument with multiple embedded derivative features.
IE38. Assume that the proceeds received on the issue of a callable convertible bond are CU60. The value of a similar bond without a call or equity conversion option is CU57. Based on an option pricing model, it is determined that the value to the entity of the embedded call feature in a similar bond without an equity conversion option is CU2. In this case, the value allocated to the liability component under paragraph 31 is CU55 (CU57 - CU2) and the value allocated to the equity component is CU5 (CU60 - CU55).
Example 11: Repurchase of a convertible instrument

Accounting for Compound Financial Instruments
Example 9: Separation of a compound financial instrument on initial recognition
IE34. Paragraph 28 describes how the components of a compound financial instrument are separated by the entity on initial recognition. The following example illustrates how such a separation is made.
IE35. An entity issues 2,000 convertible bonds at the start of year 1. The bonds have a three-year term, and are issued at par with a face value of CU1,000 per bond, giving total proceeds of CU2,000,000. Interest is payable annually in arrears at a nominal annual interest rate of 6 per cent. Each bond is convertible at any time up to maturity into 250 ordinary shares. When the bonds are issued, the prevailing market interest rate for similar debt without conversion options is 9 per cent.
IE36. The liability component is measured first, and the difference between the proceeds of the bond issue and the fair value of the liability is assigned to the equity component. The present value of the liability component is calculated using a discount rate of 9 per cent, the market interest rate for similar bonds having no conversion rights, as shown below.