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PBE IPSAS 41 FINANCIAL INSTRUMENTS

                                                                 CONTENTS                                      


from paragraph

Objective ................................................................................................................................

1

Scope ......................................................................................................................................

2

Definitions ..............................................................................................................................

9

Recognition and Derecognition ..............................................................................................

10

Initial Recognition............................................................................................................

10

Derecognition of Financial Assets ...................................................................................

12

Derecognition of Financial Liabilities..............................................................................

35

Classification ..........................................................................................................................

39

Classification of Financial Assets ....................................................................................

39

Classification of Financial Liabilities ..............................................................................

45

Embedded Derivatives .....................................................................................................

47

Reclassification ................................................................................................................

54

Measurement ..........................................................................................................................

57

Initial Measurement .........................................................................................................

57

Subsequent Measurement of Financial Assets .................................................................

61

Subsequent Measurement of Financial Liabilities ...........................................................

64

Fair Value Measurement Considerations .........................................................................

66

Amortised Cost Measurement..........................................................................................

69

Impairment .......................................................................................................................

73

Reclassification of Financial Assets.................................................................................

94

Gains and Losses..............................................................................................................

101

Hedge Accounting..................................................................................................................

113

Objective and Scope of Hedge Accounting .....................................................................

113

Hedging Instruments ........................................................................................................

116

Hedged Items ...................................................................................................................

122

Qualifying Criteria for Hedge Accounting.......................................................................

129

Accounting for Qualifying Hedging Relationships..........................................................

127

Hedges of a Group of Items .............................................................................................

146

Option to Designate a Credit Exposure as Measured at Fair Value Through

Surplus or Deficit .............................................................................................................


152

Temporary Exceptions from Applying Specific Hedge Accounting Requirements

155.1

Additional Temporary Exceptions Arising from Interest Rate Benchmark Reform

155.14

Effective Date and Transition.................................................................................................

156

Effective Date ..................................................................................................................

156

Transition .........................................................................................................................

158

Withdrawal of PBE IFRS 9 ..............................................................................................

184.1


Appendices

Appendix A: Application Guidance

Appendix B: Hedges of a Net Investment in a Foreign Operation

Appendix C: Extinguishing Financial Liabilities with Equity Instruments

Appendix D: Amendments to Other Standards

Basis for Conclusions

Illustrative Examples

Implementation Guidance

Comparison with IPSAS 41

History of Amendments

The following is available on the XRB website as additional material:

IPSASB Basis for Conclusions


Public Benefit Entity International Public Sector Accounting Standard 41 Financial Instruments is set out in paragraphs 1–184.1 and Appendices A to D. All the paragraphs have equal authority. PBE IPSAS 41 should be read in the context of its objective, the NZASB’s Basis for Conclusions on PBE IPSAS 41, the IPSASB’s Basis for Conclusions on IPSAS 41, the Public Benefit Entities’ Conceptual Framework and Standard XRB A1 Application of the Accounting Standards Framework. PBE IPSAS 3 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.