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IAS 39 Financial Instruments: Recognition and Measurement

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This revised Standard supersedes IAS 39 (revised 2000) FinancialInstruments: Recognition and Measurement and should be applied for annualperiods beginning on or after 1 January 2005. Earlier application is permitted.

Contents


INTRODUCTION IN1-IN29
International Accounting Standard 39 Financial Instruments:Recognition and Measurement
Objective 1
Scope 2-7
Definitions 8-9
Embedded derivatives 10-13
Recognition and derecognition 14-42
Initial Recognition
Derecognition of a Financial Asset 15-37
Transfers that Qualify for Derecognition 24-28
Transfers that Do Not Qualify forDerecognition 29
Continuing Involvement in TransferredAssets 30-35
All Transfers 36-37
Regular Way Purchase or Sale of a FinancialAsset 38
Derecognition of a Financial Liability 39-42
Measurement 43-69
Initial Measurement of Financial Assetsand Financial Liabilities 43-44
Subsequent Measurement of Financial Assets45-46
Subsequent Measurement of FinancialLiabilities 47
Fair Value Measurement Considerations 48-49
Reclassifications 50-54
Gains and Losses 55-57
Impairment and Uncollectibility of FinancialAssets 58-70
Financial Assets Carried at Amortised Cost63-65
Financial Assets Carried at Cost 66
Available-for-Sale Financial Assets 67-70
Hedging 71-102
Hedging Instruments 72-77
Qualifying Instruments 72-73
Designation of Hedging Instruments 74-77
Hedged Items 78-84
Qualifying Items 78-80
Designation of Financial Items as HedgedItems 81
Designation of Non-Financial Items asHedged Items 82
Designation of Groups of Items as HedgedItems 83-84
Hedge Accounting 85-102
Fair Value Hedges 89-94
Cash Flow Hedges 95-101
Hedges of a Net Investment 102
Effective date and transition 103-108
Withdrawal of Other Pronouncements 109-110
Appendix A: Application Guidance AG1-AG111
Scope AG1-AG4
Definitions AG5-AG26
Effective Interest Rate AG5-AG8
Derivatives AG9-AG12
Transaction Costs AG13
Financial Assets and Financial LiabilitiesHeld for Trading AG14-AG15
Held-to-Maturity Investments AG16-AG25
Loans and Receivables AG26
Embedded Derivatives AG27-AG33
Recognition and Derecognition AG34-AG63
Initial Recognition AG34-AG35
Derecognition of a Financial Asset AG36-AG52
Transfers that Qualify for Derecognition AG45-AG46
Transfers that Do Not Qualify forDerecognition AG47
Continuing Involvement in TransferredAssets AG48
All Transfers AG49-AG50
Examples AG51-AG52
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Regular Way Purchase or Sale of a Financial Asset AG53-AG66
Derecognition of a Financial Liability AG57-AG63
Measurement AG64-AG91
Initial Measurement of Financial Assets and Financial Liabilities AG64-AG65
Subsequent Measurement of Financial Assets AG66-AG68
Fair Value Measurement Considerations AG69-AG82
Active Market: Quoted Price AG71-AG73
No Active Market: Valuation Technique AG74-AG79
No Active Market: Equity Instruments AG80-AG81
Inputs to Valuation Techniques AG82
Gains and Losses AG83
Impairment and Uncollectibility of Financial Assets AG84-AG93
Financial Assets Carried at Amortised Cost AG84-AG92
Interest Income After Impairment Recognition AG93
Hedging AG94-AG113
Hedging Instruments AG94-AG97
Qualifying Instruments AG94-AG97
Hedged Items AG98-AG101
Qualifying Items AG98-AG99
Designation of Non-Financial Items as Hedged Items AG100
Designation of Groups of Items as Hedged Items AG101
Hedge Accounting AG102-AG113
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Assessing Hedge Effectiveness AG105-AG113
Appendix B: Amendments to other pronouncements
Amendments to IFRS 1 B1
Amendments to IAS 12 B2
Amendments to IAS 18 B3
Amendments to IAS 19 B4
Amendments to IAS 30 B5
Amendments to IAS 36 B6
Amendments to IAS 37 B7
Approval of IAS 39 by the Board
Basis for Conclusions
Background BC4-BC14
Scope BC15-BC24
Loan Commitments BC15-BC20
Financial Guarantee Contracts BC21-BC23
Contracts to Buy or Sell a Non-Financial Item BC24
Definitions BC25-BC36
Loans and Receivables BC25-BC29
Effective Interest Rate BC30-BC35
Accounting for a Change in Estimates BC36
Embedded Derivatives BC37-BC40
Embedded Foreign Currency Derivatives BC37-BC40
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Recognition and Derecognition BC41-BC70
Derecognition of a Financial Asset BC41-BC53
The Original IAS 39 BC41-BC43
Exposure Draft BC44-BC45
Comments Received BC46-BC47
Revisions to IAS 39 BC48-BC53
Arrangements Under Which an Entity Retains the Contractual Rights to Receive the Cash Flows of a Financial Asset but Assumes a Contractual Obligation to Pay the Cash Flows to One or More Recipients BC54-BC64
Transfers that Do Not Qualify for Derecognition BC65-BC66
Continuing Involvement in a Transferred Asset BC67-BC70
Measurement BC71-BC174
Fair Value Measurement Option BC71-BC94
Application of the Fair Value Measurement Option to a Portion (Rather than the Entirety) of a Financial Asset or a Financial Liability BC85-BC86
Own Credit Risk BC87-BC92
Measurement of Financial Liabilities with a Demand Feature BC93-BC94
Fair Value Measurement Guidance BC95-BC104
Use of Quoted Prices in Active Markets BC96-BC97
No Active Market BC102-BC104
Impairment and Uncollectibility of Financial Assets BC105-BC130
Impairment of Investments in Equity Instruments BC105-BC130
Hedging BC131-BC172
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Consideration of the Shortcut Method in SFAS 133 BC132-BC135
Expected Effectiveness BC136
Hedges of Portions of Non-Financial Assets and Non-Financial Liabilities for Risk Other Than Foreign Currency Risk BC137-BC139
Loan Servicing Rights BC140-BC143
Whether to Permit Hedge Accounting Using Cash Instruments BC144-BC145
Whether to Treat Hedges of Forecast Transactions as Fair Value Hedges BC146-BC148
Hedges of Firm Commitments BC149-BC154
Basis Adjustments BC155-BC164
Hedging Using Internal Contracts BC165-BC172
Elimination of Selected Differences from US GAAP BC173
Summary of changes from the exposure draft BC174
Dissenting Opinions DO1-DO15
Table of Concordance
Implementation Guidance
Illustrative example
Amendments
Amendment to IAS 39 - Fair Value Hedge Accounting for a Portfolio Hedge of Interest Rate Risk
Amendments to IAS 39 - Transition and Initial Recognition of Financial Assets and Financial Liabilities
Amendment to IAS 39 - Cash Flow Hedge Accounting of Forecast Intragroup Transactions
IAS 39 State of play - Proposal for a Draft Commission Regulation - annotated version
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Amendments to IAS 39 Financial Instruments: Recognition and Measurement - The Fair Value Option
IAS 39 Financial Instruments: Recognition and Measurement and its accompanying Implementation Guidance (see separate booklet) are 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
Email: iasb@iasb.org
Web: www.iasb.org
Copyright © 2003 International Accounting Standards Committee Foundation (IASCF)
ISBN for this part: 1-904230-35-0
ISBN for complete publication (three parts): 1-904230-33-4
International Financial Reporting Standards (including International Accounting Standards and SIC and IFRIC Interpretations), Exposure Drafts, and other IASB publications are copyright of the International Accounting Standards Committee Foundation (IASCF). The approved text of International Financial Reporting Standards and other IASB publications is that published by the IASB in the English language and copies may be obtained from the IASCF. Please address publications and copyright matters to:
IASCF Publications Department,
1st Floor, 30 Cannon Street, London EC4M 6XH, United Kingdom.
Tel: +44 (0)20 7332 2730 Fax: +44 (0)20 7332 2749
Email: publications@iasb.org Web: www.iasb.org
All rights reserved. No part of this publication may be translated, reprinted or reproduced or utilised in any form either in whole or in part or by any electronic, mechanical or other means, now known or hereafter invented, including photocopying and recording, or in any information storage and retrieval system, without prior permission in writing from the International Accounting Standards Committee Foundation.
The IASB logo/"Hexagon Device", "IAS", "IASB", "IASCF", "IASC", "IFRIC", "IFRS", "International Accounting Standards" and "International Financial Reporting Standards" are Trade Marks of the International Accounting Standards Committee Foundation.
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Introduction
Reasons for Revising IAS 39
IN1. International Accounting Standard 39 Financial Instruments: Recognition and Measurement (IAS 39) replaces IAS 39 Financial Instruments: Recognition and Measurement (revised in 2000) and should be applied for annual periods beginning on or after 1 January 2005. Earlier application is permitted. Implementation Guidance accompanying this revised IAS 39 replaces the Questions and Answers published by the former Implementation Guidance Committee (IGC).
IN2. The International Accounting Standards Board has developed this revised IAS 39 as part of its project to improve IAS 32 Financial Instruments: Disclosure and Presentation and IAS 39. The objective of this project was to reduce complexity by clarifying and adding guidance, eliminating internal inconsistencies and incorporating into the Standard elements of Standing Interpretations Committee (SIC) Interpretations and Questions and Answers published by the IGC.
IN3. For IAS 39, the Board's main objective was a limited revision to provide additional guidance on selected matters such as derecognition, when financial assets and financial liabilities may be measured at fair value, how to assess impairment, how to determine fair value and some aspects of hedge accounting. The Board did not reconsider the fundamental approach to the accounting for financial instruments contained in IAS 39.
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The Main Changes
IN4. The main changes from the previous version of IAS 39 are described below.
Scope
IN5. The treatment of financial guarantee contracts has been reviewed.
Such a contract is within the scope of this Standard if it is not an insurance contract, as defined in IFRS 4 Insurance Contracts. Furthermore, if an entity entered into, or retained, a financial guarantee on transferring to another party financial assets or financial liabilities within the scope of the Standard, the entity applies the Standard to that contract, even if the contract meets the definition of an insurance contract. The Board expects to issue in the near future an Exposure Draft proposing amendments to the treatment of financial guarantees within the scope of IFRS 4.
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Editorial note: Substituted by IFRS 4 with effect for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. If an entity applies this IFRS for an earlier period, it shall disclose that fact. Previously "A scope exclusion has been added for financial guarantee contracts that meet specified conditions. The issuer of such a guarantee initially recognises it at fair value, and subsequently measures it at the higher of (a) the amount determined under IAS 37 Provisions, Contingent Liabilities and Contingent Assets and (b) the amount initially recognised and less, where appropriate, cumulative amortisation recognised in accordance with IAS 18 Revenue. ".
IN6. A second scope exclusion has been added for loan commitments that are not classified as at fair value through profit or loss and cannot be settled net. A commitment to provide a loan at a below-market interest rate is measured at the higher of
(a) the amount that would be recognised under IAS 37 and
(b) the amount initially recognised less, where appropriate, cumulative amortisation recognised in accordance with IAS 18 Revenue.
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Editorial note: Last sentence substituted by IFRS 4 with effect for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. If an entity applies this IFRS for an earlier period, it shall disclose that fact. Previously "A commitment to provide a loan at a below-market interest rate is measured in the same way as a financial guarantee that is outside the scope of IAS 39 (see paragraph IN5)".
IN7. The Standard continues to require that a contract to buy or sell a non-financial item is within the scope of IAS 39 if it can be settled net in cash or another financial instrument, unless it is entered into and continues to be held for the purpose of receipt or delivery of a non- financial item in accordance with the entity's expected purchase, sale or usage requirements. However, the Standard clarifies that there are various ways in which a contract to buy or sell a non-financial asset can be settled net. These include: when the entity has a practice of settling similar contracts net in cash or another financial instrument, or by exchanging financial instruments; when the entity has a practice of taking delivery of the underlying and selling it within a short period after delivery for the purpose of generating a profit from short-term fluctuations in price or dealer's margin; and when the non-financial item that is the subject of the contract is readily convertible to cash. The Standard also clarifies that a written option that can be settled net in cash or another financial instrument, or by exchanging financial instruments, is within the scope of the Standard.
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