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«AASB Standard AASB 2013-9 December 2013 Amendments to Australian Accounting Standards – Conceptual Framework, Materiality and Financial Instruments ...»

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Cash flow hedges that constitute a net position B6.6.7 When an entity hedges a group of items with offsetting risk positions (ie a net position), the eligibility for hedge accounting depends on the type of hedge. If the hedge is a fair value hedge,

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B6.6.8 For example, an entity has a net position that consists of a bottom layer of FC100 of sales and a bottom layer of FC150 of purchases. Both sales and purchases are denominated in the same foreign currency. In order to sufficiently specify the designation of the hedged net position, the entity specifies in the original documentation of the hedging relationship that sales can be of Product A or Product B and purchases can be of Machinery Type A, Machinery Type B and Raw Material A.

The entity also specifies the volumes of the transactions by each nature. The entity documents that the bottom layer of sales (FC100) is made up of a forecast sales volume of the first FC70 of Product A and the first FC30 of Product B. If those sales volumes are expected to affect profit or loss in different reporting periods, the entity would include that in the documentation, for example, the first FC70 from sales of Product A that are expected to affect profit or loss in the first reporting period and the first FC30 from sales of Product B that are expected to affect profit or loss in the second reporting period. The entity also documents that the bottom layer of the purchases (FC150) is made up of purchases of the first FC60 of Machinery Type A, the first FC40 of Machinery Type B and the first FC50 of Raw Material A. If those purchase volumes are expected to affect profit or loss in different reporting periods, the entity would include in the documentation a disaggregation of the purchase volumes by the reporting periods in which they are expected to affect profit or loss (similarly to how it documents the sales volumes). For example, the forecast transaction would

be specified as:

(a) the first FC60 of purchases of Machinery Type A that are expected to affect profit or loss from the third reporting period over the next ten reporting periods;

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Specifying the nature of the forecast transaction volumes would include aspects such as the depreciation pattern for items of property, plant and equipment of the same kind, if the nature of those items is such that the depreciation pattern could vary depending on how the entity uses those items. For example, if the entity uses items of Machinery Type A in two different production processes that result in straight-line depreciation over ten reporting periods and the units of production method respectively, its documentation of the forecast purchase volume for Machinery Type A would disaggregate that volume by which of those depreciation patterns will apply.

B6.6.9 For a cash flow hedge of a net position, the amounts determined in accordance with paragraph 6.5.11 shall include the changes in the value of the items in the net position that have a similar effect as the hedging instrument in conjunction with the fair value change on the hedging instrument. However, the changes in the value of the items in the net position that have a similar effect as the hedging instrument are recognised only once the transactions that they relate to are recognised, such as when a forecast sale is recognised as revenue. For example, an entity has a group of highly probable forecast sales in nine months’ time for FC100 and a group of highly probable forecast purchases in 18 months’ time for FC120. It hedges the foreign currency risk of the net position of FC20 using a forward exchange contract for FC20. When determining the amounts that are recognised in the cash flow hedge reserve in accordance with

paragraph 6.5.11(a)–6.5.11(b), the entity compares:

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However, the entity recognises only amounts related to the forward exchange contract until the highly probable forecast sales transactions are recognised in the financial statements, at which time the gains or losses on those forecast transactions are recognised (ie the change in the value attributable to the change in the foreign exchange rate between the designation of the hedging relationship and the recognition of revenue).

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Layers of groups of items designated as the hedged item B6.6.11 For the same reasons noted in paragraph B6.3.19, designating layer components of groups of existing items requires the specific identification of the nominal amount of the group of items from which the hedged layer component is defined.

B6.6.12 A hedging relationship can include layers from several different groups of items. For example, in a hedge of a net position of a group of assets and a group of liabilities, the hedging relationship can comprise, in combination, a layer component of the group of assets and a layer component of the group of liabilities.

Presentation of hedging instrument gains or losses B6.6.13 If items are hedged together as a group in a cash flow hedge, they might affect different line items in the statement of profit or loss and other comprehensive income. The presentation of hedging gains or losses in that statement depends on the group of items.

B6.6.14 If the group of items does not have any offsetting risk positions (for example, a group of foreign currency expenses that affect different line items in the statement of profit or loss and other comprehensive income that are hedged for foreign currency risk) then the reclassified hedging instrument gains or losses shall be apportioned to the line items affected by the hedged items. This apportionment shall be done on a systematic and rational basis and shall not result in the grossing up of the net gains or losses arising from a single hedging instrument.





B6.6.15 If the group of items does have offsetting risk positions (for example, a group of sales and expenses denominated in a foreign currency hedged together for foreign currency risk) then an entity shall present the hedging gains or losses in a separate line item in the statement of profit or loss and other comprehensive income. Consider, for example, a hedge of the foreign currency

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STANDARD – PART C AASB 2013-9 100 Amendments to AASB 2010-7 This section makes amendments to AASB 2010-7 to add disclosures that it does not already specify. In most instances the amendments below add disclosure requirements that are directly related to the addition of Chapter 6 Hedge Accounting to AASB 9. The sub-headings below referring to particular Standards are included for information purposes only, to aid in the identification of the Standard that the amendments relate to. However, the amendments do not directly amend those Standards; rather, they are amended via the amendments Part C of this Standard makes to AASB 2010-7.

Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended by Part C of this Standard.

Some amendments are made to include notes regarding paragraphs that are deleted by the IASB. These notes are only added in instances where the deleted paragraph was to be added to the relevant Standard by AASB 2010-7 but did not ultimately exist in the relevant Standard by virtue of the deferral of AASB 2010-7. To maintain consistency with materials published by the IASB these notes are added.

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Amendments to AASB 1 72 The amendments to AASB 1 First-time Adoption of Australian Accounting Standards in paragraphs 9-11 of AASB 2010-7 are

amended to read as follows:

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… 11 In Appendix D, paragraphs D1, D14, D15, D19 and D20 are amended to read as follows and paragraphs D19A-D19D, and

after paragraph D32 a heading and paragraph D33 are added:

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13 Paragraphs 16, 42, 53, 56 and 58(b) are amended to read as follows, paragraph 64A is deleted, paragraph 64H is added and a

note regarding paragraph 64D is added:

… Amendments to AASB 4 74 Amendments to AASB 4 Insurance Contracts in paragraph 14 of

AASB 2010-7 are amended to read as follows:

14 Paragraphs 3, 4(d), 7, 8, 12, 34(d), 35 and 45 are amended to read as follows, paragraph 41C is deleted, paragraph 41F is

added and a note regarding paragraph 41D is added:

… Amendments to AASB 5 75 Amendments to AASB 5 Non-current Assets Held for Sale and Discontinued Operations in paragraph 17 of AASB 2010-7 are

amended to read as follows:

17 Paragraph 5 is amended to read as follows, paragraph 44J is

added and a note regarding paragraph 44F is added:

… Amendments to AASB 7 76 Amendments to AASB 7 Financial Instruments: Disclosures in

paragraph 18 of AASB 2010-7 are amended to read as follows:

18 Paragraphs 2, Aus2.9, 3–5, 8–10, 11, 14, 20, 28 and 30 are amended to read as follows, paragraphs 12, 12A, 22–24, 29(b), 44E, 44F and 44H are deleted, several headings and paragraphs 10A, 11A, 11B, 12B–12D, 20A, 21A–21D, 22A–22C, 23A–23F, 24A–24G, 44I, 44J and 44Y are added and a note regarding

paragraph 44N is added:

24E An entity shall provide a reconciliation of each component of equity and an analysis of other comprehensive income

in accordance with AASB 101 that, taken together:

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… Amendments to AASB 101 77 Amendments to AASB 101 Presentation of Financial Statements in

paragraph 22 of AASB 2010-7 are amended to read as follows:

Paragraph Aus1.8, the definition of ‘other comprehensive income’ in paragraph 7, paragraphs 68, 71, 82, 93, 95, 96, 106 and 123 are amended to read as follows, paragraph 139E is deleted, paragraph 139M is added and a note regarding

paragraph 139G is added:

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Amendments to AASB 108 79 Amendments to AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors in paragraph 24 of AASB 2010-7 are

amended to read as follows:

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… Amendments to AASB 112 80 Amendments to AASB 112 Income Taxes in paragraph 25 of

AASB 2010-7 are amended to read as follows:

25 Paragraph 20 is amended to read as follows, paragraph 96 is deleted, paragraph 98D is added and a note regarding

paragraph 97 is added:

… … Amendments to AASB 120 82 Amendments to AASB 120 Accounting for Government Grants and Disclosure of Government Assistance in paragraph 28 of AASB 2010-7

are amended to read as follows:

28 Paragraph 10A is amended to read as follows, paragraph 47 is

added and a note regarding paragraph 44 is added:

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Amendments to AASB 121 83 Amendments to AASB 121 The Effects of Changes in Foreign Exchange Rates in paragraph 29 of AASB 2010-7 are amended to read

as follows:

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Amendments to AASB 132 84 Amendments to AASB 132 Financial Instruments: Presentation in

paragraph 34 of AASB 2010-7 are amended to read as follows:

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… Amendments to AASB 136 85 Amendments to AASB 136 Impairment of Assets in paragraph 38 of

AASB 2010-7 are amended to read as follows:

38 Paragraphs 2 and 5 are amended to read as follows, paragraph 140F is deleted, paragraph 140K is added and a note

regarding paragraph 140G is added:

Amendments to AASB 137 86 Amendments to AASB 137 Provisions, Contingent Liabilities and Contingent Assets in paragraph 39 of AASB 2010-7 are amended to

read as follows:

39 Paragraph 2 is amended to read as follows, paragraph 98 is

added and a note regarding paragraph 97 is added:

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Amendments to AASB 139 87 Amendments to AASB 139 Financial Instruments: Recognition and Measurement in paragraphs 41, 42, 48 and 49 of AASB 2010-7 are

amended to read as follows:

41 The heading above paragraph 1 and paragraph 1 is deleted.

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49 Paragraphs 103B, 103C, 103K, 104 and 108C are amended to read as follows, paragraphs 103H–103J, 103L, 103M and 105– 107A are deleted, paragraphs 103S and 108E are added and a

note regarding paragraph 103O is added:

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Amendments to Interpretation 2 Amendments to Interpretation 2 Members’ Shares in Co-operative Entities and Similar Instruments in paragraphs 61 and 62 of

AASB 2010-7 are amended to read as follows:

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… Amendments to Interpretation 5 89 Amendments to Interpretation 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds in paragraph 64 of AASB 2010-7 are amended to read as

follows:

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… Amendments to Interpretation 12 91 Amendments to Interpretation 12 Service Concession Arrangements in

paragraph 68 of AASB 2010-7 are amended to read as follows:

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93 Paragraphs 69A-69C are added immediately below the heading

inserted above into AASB 2010-7:

69A A reference to AASB 9 Financial Instruments is added under the heading ‘References’.

69B Paragraphs 3, 5, 6, 7, 14 and 16 are amended to read as follows

and paragraph 18A is added:

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69C In the Appendix, paragraphs AG1 and AG8(a) are amended to

read as follows:

AG1 This appendix illustrates the application of the Interpretation using the corporate structure illustrated below. In all cases the hedging relationships described

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