FRS 39.docx

FRS 39.docx

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FRS39

Financial

ReportingStandard

FRS39

FinancialInstruments:

RecognitionandMeasurement

Contents

OBJECTIVE

SCOPE

Paragraphs1-7

DEFINITIONS

8-26

FromFRS32

8-9

AdditionalDefinitions

10

DefinitionofaDerivative

10

DefinitionsofFourCategoriesofFinancialAssets

10

DefinitionsRelatingtoRecognitionandMeasurement

10

DefinitionsRelatingtoHedgeAccounting

10

OtherDefinitions

10

ElaborationontheDefinitions

11-21

EquityInstrument

11-12

Derivatives

13-16

TransactionCosts

17

LiabilityHeldforTrading

18

LoansandReceivablesOriginatedbytheEnterprise

19-20

Available-for-SaleFinancialAssets

21

EmbeddedDerivatives

22-26

RECOGNITION

27-62

InitialRecognition

27-29

TradeDatevs.SettlementDate

30-34

Derecognition

35-62

DerecognitionofaFinancialAsset

35-43

DerecognitionofPartofaFinancialAsset

44–47

AssetDerecognitionCoupledwithaNewFinancialAssetorLiability

48–53

DerecognitionofaFinancialLiability

54–61

DerecognitionofPartofaFinancialLiabilityCoupledwithaNewFinancialAssetorLiability

62

MEASUREMENT

63–162

InitialMeasurementofFinancialAssetsandFinancialLiabilities

63–64

SubsequentMeasurementofFinancialAssets

65–89

Held-to-MaturityInvestments

76–89

SubsequentMeasurementofFinancialLiabilities

90-91

FairValueMeasurementConsiderations

92–99

GainsandLossesonRemeasurementtoFairValue

100–104

GainsandLossesonFinancialAssetsandLiabilitiesNotRemeasuredtoFairValue

105

ImpairmentandUncollectabilityofFinancialAssets

106–116

FinancialAssetsCarriedatAmortisedCost

108–112

InterestIncomeAfterImpairmentRecognition

113

FinancialAssetsRemeasuredtoFairValue

114–116

FairValueAccountinginCertainFinancialServicesIndustries

117

Hedging

118–162

HedgingInstruments

119–123

HedgedItems

124–132

HedgeAccounting

133–142

AssessingHedgeEffectiveness

143–149

FairValueHedges

150–154

CashFlowHedges

155–160

HedgesofaNetInvestmentinaForeignEntity

161

IfaHedgeDoesNotQualifyforSpecialHedgeAccounting

162

DISCLOSURE

163–167

EFFECTIVEDATEANDTRANSITION

168–169

FinancialReportingStandardFRS39

FinancialInstruments:

RecognitionandMeasurement

Thestandards,whichhavebeensetinbolditalictype,shouldbereadinthecontextofthebackgroundmaterialandimplementationguidanceinthisStandard,andinthecontextofthePrefacetoFinancialReportingStandards.FinancialReportingStandardsarenotintendedtoapplytoimmaterialitems.

Objective

TheobjectiveofthisStandardistoestablishprinciplesforrecognising,measuring,anddisclosinginformationaboutfinancialinstrumentsinthefinancialstatementsofbusinessenterprises.

Scope

1.ThisStandardshouldbeappliedbyallenterprisestoallfinancialinstrumentsexcept:

（a）thoseinterestsinsubsidiaries,associates,andjointventuresthatareaccountedforunderFRS27,ConsolidatedFinancialStatementsandAccountingforInvestmentsinSubsidiaries;FRS28,AccountingforInvestmentsinAssociates;andFRS31,FinancialReportingofInterestsinJointVentures.However,anenterpriseappliesthisStandardinitsconsolidatedfinancialstatementstoaccountforaninterestinasubsidiary,associate,orjointventurethat（a）isacquiredandheldexclusivelywithaviewtoitssubsequentdisposalinthenearfuture;or（b）operatesunderseverelong-termrestrictionsthatsignificantlyimpairitsabilitytotransferfundstotheenterprise.Inthesecases,thedisclosurerequirementsinFRS27,FRS28,andFRS31applyinadditiontothoseinthisStandard;

（b）rightsandobligationsunderleases,towhichFRS17,Leases,applies;however,（i）leasereceivablesrecognisedonalessor’sbalancesheetaresubjecttothederecognitionprovisionsofthisStandard（paragraphs35-62and167（d））and（ii）thisStandarddoesapplytoderivativesthatareembeddedinleases（seeparagraphs22-26）;

（c）employers’assetsandliabilitiesunderemployeebenefitplans,towhichFRS19,EmployeeBenefits,applies;

（d）rightsandobligationsunderinsurancecontractsasdefinedinparagraph3ofFRS32,FinancialInstruments:

DisclosureandPresentation,butthisStandarddoesapplytoderivativesthatareembeddedininsurancecontracts（seeparagraphs22-26）;

（e）equityinstrumentsissuedbythereportingenterpriseincludingoptions,warrants,andotherfinancialinstrumentsthatareclassifiedasshareholders’equityofthereportingenterprise（however,theholderofsuchinstrumentsisrequiredtoapplythisStandardtothoseinstruments）;

（f）financialguaranteecontracts,includinglettersofcredit,thatprovideforpaymentstobemadeifthedebtorfailstomakepaymentwhendue（FRS37,Provisions,ContingentLiabilitiesandContingentAssets,providesguidanceforrecognisingandmeasuringfinancialguarantees,warrantyobligations,andothersimilarinstruments）.Incontrast,financialguaranteecontractsaresubjecttothisStandardiftheyprovideforpaymentstobemadeinresponsetochangesinaspecifiedinterestrate,securityprice,commodityprice,creditrating,foreignexchangerate,indexofpricesorrates,orothervariable（sometimescalledthe‘underlying’）.Also,thisStandarddoesrequirerecognitionoffinancialguaranteesincurredorretainedasaresultofthederecognitionstandardssetoutinparagraphs35-62;

（g）contractsforcontingentconsiderationinabusinesscombination（seeparagraphs65-76ofFRS22,BusinessCombinations）;

（h）contractsthatrequireapaymentbasedonclimatic,geological,orotherphysicalvariables（seeparagraph2）,butthisStandarddoesapplytoothertypesofderivativesthatareembeddedinsuchcontracts（seeparagraphs22-26）.

2.Contractsthatrequireapaymentbasedonclimatic,geological,orotherphysicalvariablesarecommonlyusedasinsurancepolicies.（Thosebasedonclimaticvariablesaresometimesreferredtoasweatherderivatives.）Insuchcases,thepaymentmadeisbasedonanamountoflosstotheenterprise.RightsandobligationsunderinsurancecontractsareexcludedfromthescopeofthisStandardbyparagraph1（d）.Itisrecognisedthatthepayoutundersomeofthesecontractsisunrelatedtotheamountofanenterprise’sloss.WhilesuchderivativeshavebeenleftwithinthescopeoftheStandard,furtherstudyisneededtodevelopoperationaldefinitionsthatdistinguishbetween‘insurance-type’and‘derivative-type’contracts.

3.ThisStandarddoesnotchangetherequirementsrelatingto:

（a）accountingbyaparentforinvestmentsinsubsidiariesintheparent’sseparatefinancialstatementsassetoutinparagraphs28-30ofFRS27;

（b）accountingbyaninvestorforinvestmentsinassociatesintheinvestor’sseparatefinancialstatementsassetoutinparagraphs10-13ofFRS28;

（c）accountingbyajointventurerforinvestmentsinjointventuresintheventurer’sorinvestor’sseparatefinancialstatementsassetoutinparagraphs35and42ofFRS31;or

（d）employeebenefitplansthatcomplywithFRS26,AccountingandReportingbyRetirementBenefitPlans.

4.Sometimes,anenterprisemakeswhatitviewsasa‘strategicinvestment’inequitysecuritiesissuedbyanotherenterprise,withtheintentofestablishingormaintainingalong-termoperatingrelationshipwiththeenterpriseinwhichtheinvestmentismade.TheinvestorenterpriseusesFRS28,AccountingforInvestmentsinAssociates,todeterminewhethertheequitymethodofaccountingisappropriateforsuchaninvestmentbecausetheinvestorhassignificantinfluenceovertheassociate.Similarly,theinvestorenterpriseusesFRS31,FinancialReportingofInterestsinJointVentures,todeterminewhetherproportionateconsolidationortheequitymethodisappropriateforsuchaninvestment.Ifneithertheequitymethodnorproportionateconsolidationisappropriate,theenterprisewillapplythisStandardtothatstrategicinvestment.

5.ThisStandardappliestothefinancialassetsandliabilitiesofinsurancecompaniesotherthanrightsandobligationsarisingunderinsurancecontracts,whichareexcludedbyparagraph1（d）.Seeparagraphs22-26forguidanceonfinancialinstrumentsthatareembeddedininsurancecontracts.

6.ThisStandardshouldbeappliedtocommodity-basedcontractsthatgiveeitherpartytherighttosettleincashorsomeotherfinancialinstrument,withtheexceptionofcommoditycontractsthat（a）wereenteredintoandcontinuetomeettheenterprise’sexpectedpurchase,sale,orusagerequirements,（b）weredesignatedforthatpurposeattheirinception,and（c）areexpectedtobesettledbydelivery.

7.Ifanenterprisefollowsapatternofenteringintooffsettingcontractsthateffectivelyaccomplishsettlementonanetbasis,thosecontractsarenotenteredintotomeettheenterprise’sexpectedpurchase,sale,orusagerequirements.

Definitions

FromFRS32

8.ThefollowingtermsareusedinthisStandardwiththemeaningsspecifiedinFRS32:

Afinancialinstrumentisanycontractthatgivesrisetobothafinancialassetofoneenterpriseandafinancialliabilityorequityinstrumentofanotherenterprise.

Afinancialassetisanyassetthatis:

（a）cash;

（b）acontractualrighttoreceivecashoranotherfinancialassetfromanotherenterprise;

（c）acontractualrighttoexchangefinancialinstrumentswithanotherenterpriseunderconditionsthatarepotentiallyfavourable;or

（d）anequityinstrumentofanotherenterprise.

Afinancialliabilityisanyliabilitythatisacontractualobligation:

（a）todelivercashoranotherfinancialassettoanotherenterprise;or

（b）toexchangefinancialinstrumentswithanotherenterpr