3861 financial instrumentsdisclosure and presentation.docx
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3861 financial instrumentsdisclosure and presentation.docx
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3861financialinstrumentsdisclosureandpresentation
SPECIFICITEMS
SECTION3861
financialinstruments—disclosureandpresentation
TABLEOFCONTENTS
Paragraph
Purposeandscope
.01-.06
Definitions
.07-.09
Presentation
.10-.35
Liabilitiesandequity
.10-.23
Interest,dividends,lossesandgains
.24-.26
Offsettingofafinancialassetandafinancialliability
.27-.35
Disclosure
.36-.86
Format,locationandclassesoffinancialinstruments
.38-.40
Riskmanagementpoliciesandhedgingactivities
.41-.42
Termsandconditionsandaccountingpolicies
.43-.48
Interestraterisk
.49-.57
Creditrisk
.58-.68
Fairvalue
.69-.77
Impairmentnotrecognizedinnetincome
.78-.79
Carryingamounts
.80
Presentation
.81
Income,expense,gainsandlosses
.82
Financialliabilitiesdesignatedasheldfortrading
.83-.84
Reclassification
.85
Otherdisclosures
.86
Differentialreporting
.87-.91
Transitionalprovisions
.92-.94
Illustrativeexamples
PurposeandScope
PURPOSEANDSCOPE
.01 ThepurposeofthisSectionistoenhancefinancialstatementusers'understandingofthesignificanceoffinancialinstrumentstoanentity'sfinancialposition,performanceandcashflows.
.02 ThisSectionestablishesstandardsforpresentationoffinancialinstrumentsandnon-financialderivatives,andidentifiestheinformationthatshouldbedisclosedaboutthem.Thepresentationparagraphsdealwiththeclassificationoffinancialinstruments,fromtheperspectiveoftheissuer,betweenliabilitiesandequity,theclassificationofrelatedinterest,dividends,lossesandgains,andthecircumstancesinwhichfinancialassetsandfinancialliabilitiesareoffset.Thedisclosureparagraphsdealwithinformationaboutfactorsthataffecttheamount,timingandcertaintyofanentity'sfuturecashflowsrelatingtofinancialinstruments.ThisSectionalsodealswithdisclosureofinformationaboutthenatureandextentofanentity'suseoffinancialinstruments,thebusinesspurposestheyserve,therisksassociatedwiththemandmanagement'spoliciesforcontrollingthoserisks.FINANCIALINSTRUMENTS—RECOGNITIONANDMEASUREMENT,Section3855,providesstandardsforrecognizingandmeasuringfinancialassets,financialliabilitiesandnon-financialderivatives.HEDGES,Section3865,providesstandardsforhedgeaccounting.
.02A ThisSectionappliestothoseentitiesandfinancialinstrumentsthatarenotsubjecttoFINANCIALINSTRUMENTS—DISCLOSURES,Section3862(seeScope,andEffectivedateandtransition),andFINANCIALINSTRUMENTS—PRESENTATION,Section3863(seePurposeandscope,andEffectivedateandtransition).
.03 Subjecttoparagraph3861.02A,thisSectionappliestoalltypesoffinancialinstrumentsexceptthefollowing:
(a) Interestsinsubsidiaries,entitiessubjecttosignificantinfluence,andjointventuresthatareaccountedforinaccordancewithSUBSIDIARIES,Section1590,INVESTMENTS,Section3051,andINTERESTSINJOINTVENTURES,Section3055.However,thisSectionappliestoderivativeswithanunderlyingthatisbasedonsuchaninterest.
(b) Contractsandobligationsforstock-basedcompensationtoemployeesandotherstock-basedpaymentstonon-employeesthatareaccountedforinaccordancewithSTOCK-BASEDCOMPENSATIONANDOTHERSTOCK-BASEDPAYMENTS,Section3870,exceptforcontractswithinthescopeofthisSectioninaccordancewithparagraph3861.06.
(c) Employers'rightsandobligationsforemployeefuturebenefitsandrelatedplanassetsthatareaccountedforinaccordancewithEMPLOYEEFUTUREBENEFITS,Section3461.
(d) Pensionobligationsofdefinedbenefitpensionplans,whicharedealtwithinPENSIONPLANS,Section4100.
.04 ThisSectionappliestorecognizedandunrecognizedfinancialinstruments.RecognizedfinancialinstrumentsincludeequityinstrumentsissuedbytheentityandfinancialassetsandfinancialliabilitiesthatarewithinthescopeofFINANCIALINSTRUMENTS—RECOGNITIONANDMEASUREMENT,Section3855.Unrecognizedfinancialinstrumentsincludesomefinancialinstrumentsthat,althoughoutsidethescopeofSection3855,arewithinthescopeofthisSection(suchassomeloancommitments).
.05 OtherSectionsspecifictoparticulartypesoffinancialinstrumentscontainadditionalpresentationanddisclosurerequirements.Forexample,LEASES,Section3065,andPENSIONPLANS,Section4100,incorporatespecificdisclosurerequirementsrelatingtocapital,directfinancingandsales-typeleasesandpensionplaninvestments.Inaddition,somerequirementsofotherSections,particularlyINCOMESTATEMENT,Section1520,andCOMPREHENSIVEINCOME,Section1530,applytofinancialinstruments.
.06 ThisSectionalsoappliestocontractstobuyorsellanon-financialitemthatarewithinthescopeofFINANCIALINSTRUMENTS—RECOGNITIONANDMEASUREMENT,Section3855(seeparagraphs3855.14-.18).
Definitions
DEFINITIONS
.07 ThetermsdefinedinFINANCIALINSTRUMENTS—RECOGNITIONANDMEASUREMENT,Section3855,areusedinthisSectionwiththemeaningsspecifiedinSection3855.
.08 Thecostincurredbyanentitytopurchasearighttoreacquireitsownequityinstrumentsfromanotherpartyisadeductionfromitsequity,notafinancialasset.
.09 Thenon-controllinginterestthatmayariseonanentity'sbalancesheetfromconsolidatingasubsidiaryisnotafinancialliabilityoranequityinstrumentoftheentity.Inconsolidatedfinancialstatements,anentitypresentstheinterestsofotherpartiesintheequityandincomeofitssubsidiariesinaccordancewithNON-CONTROLLINGINTERESTS,Section1602. Accordingly,afinancialinstrumentclassifiedasanequityinstrumentbyasubsidiaryiseliminatedonconsolidationwhenheldbytheparent,orpresentedbytheparentintheconsolidatedbalancesheetasanon-controllinginterestseparatefromtheequityofitsownshareholders.Afinancialinstrumentclassifiedasafinancialliabilitybyasubsidiaryremainsaliabilityintheparent'sconsolidatedbalancesheetunlesseliminatedonconsolidationasanintercompanybalance.Theaccountingtreatmentbytheparentonconsolidationdoesnotaffectthebasisofpresentationbythesubsidiaryinitsfinancialstatements.
Presentation
PRESENTATION
Liabilitiesandequity
Liabilitiesandequity
.10 ¨Theissuerofafinancialinstrumentshouldclassifytheinstrument,oritscomponentparts,asaliabilityorasequityinaccordancewiththesubstanceofthecontractualarrangementoninitialrecognitionandthedefinitionsofafinancialliabilityandanequityinstrument.[JAN.1996]
.11 Thesubstanceofafinancialinstrument,ratherthanitslegalform,governsitsclassificationontheissuer'sbalancesheet.Whilesubstanceandlegalformarecommonlyconsistent,thisisnotalwaysthecase.Forexample,somefinancialinstrumentstakethelegalformofequitybutareliabilitiesinsubstance,andothersmaycombinefeaturesassociatedwithequityinstrumentsandfeaturesassociatedwithfinancialliabilities.Theclassificationofaninstrumentismadeonthebasisofanassessmentofitssubstancewhenitisfirstrecognized.Suchaclassificationisnotcircumventedbynon-substantiveorminimalfeaturesincludedinthefinancialinstrument.Anynon-substantiveorminimalfeatureisdisregardedinapplyingtheclassificationprovisionsofthisSection.Judgment,basedonconsiderationofallofthetermsofaninstrumentandotherrelevantfactsandcircumstances,isnecessarytodistinguishsubstantive,non-minimalfeaturesfromnon-substantiveorminimalfeatures.Theclassificationmadeatinceptioncontinuesateachsubsequentreportingdateuntilthefinancialinstrumentisremovedfromtheentity'sbalancesheet.
.12 Thecriticalfeatureindifferentiatingafinancialliabilityfromanequityinstrumentistheexistenceofacontractualobligationofonepartytothefinancialinstrument(theissuer)eithertodelivercashoranotherfinancialassettotheotherparty(theholder)ortoexchangeanotherfinancialinstrumentwiththeholderunderconditionsthatarepotentiallyunfavourabletotheissuer.Whensuchacontractualobligationexists,thatinstrumentmeetsthedefinitionofafinancialliabilityregardlessofthemannerinwhichthecontractualobligationwillbesettled.Arestrictionontheabilityoftheissuertosatisfyanobligation,suchaslackofaccesstoforeigncurrencyortheneedtoobtainapprovalforpaymentfromaregulatoryauthority,doesnotnegatetheissuer'sobligationortheholder'srightundertheinstrument.
.13 Anentitymayhaveacontractualobligationofafixedamountoranamountthatfluctuatesinpartorinfullinresponsetochangesinavariableotherthanthemarketpriceoftheentity'sownequityinstruments,buttheentitymust,orcan,settletheobligationbydeliveryofitsownequityinstruments(thenumberofwhichdependsontheamountoftheobligation).Suchanobligationisafinancialliabilityoftheentity.Whenthenumberofanentity'sownsharesorotherequityinstrumentsrequiredtosettletheobligationvarieswithchangesintheirfairvalue,sothatthetotalfairvalueoftheequityinstrumentstobedeliveredisbasedsolelyorpredominantlyontheamountofthecontractualobligation,thecounterpartydoesnotholdaresidualinterestintheentityuntilithasreceivedtheequityinstruments.Theentitymayhavetodelivermoreorfewerofitsownequityinstrumentsthanwouldhavebeenthecaseatthedateofenteringintothecontractualarrangement.Suchanobligationisafinancialliabilityoftheentityeventhoughtheentitymustorcansettlebydeliveringitsownequityinstruments.Thesefinancialliabilitiesaretreatedasmonetaryitems.
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