IAS 39 Financial Instruments: Recognition and MeasurementThis 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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