CELEX ID: 32008R1126

--- ENGLISH ---

Document:
29.11.2008
EN
Official Journal of the European Union
L 320/1
COMMISSION REGULATION (EC) No 1126/2008
of 3 November 2008
adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council
(Text with EEA relevance)
THE COMMISSION OF THE EUROPEAN COMMUNITIES,
Having regard to the Treaty establishing the European Community,
Having regard to Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards 
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1
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, and in particular Article 3(1) thereof,
Whereas:
(1)
Regulation (EC) No 1606/2002 requires that for each financial year starting on or after 1 January 2005, publicly traded companies governed by the law of a Member State are, under certain conditions, to prepare their consolidated accounts in conformity with international accounting standards as defined in Article 2 of that Regulation.
(2)
By Commission Regulation (EC) No 1725/2003 of 29 September 2003 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council 
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2
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, certain international standards and interpretations that were in existence at 14 September 2002 were adopted. The Commission, having considered the advice provided by the Technical Expert Group (TEG) of the European Financial Reporting Advisory Group (EFRAG), has amended that Regulation in order to include all standards presented by the International Accounting Standards Board (IASB) as well as all interpretations presented by the International Financial Reporting Interpretations Committee (IFRIC) and adopted within the Community by 15 October 2008 in full, except for IAS 39 (related to recognition and measurement of financial instruments), of which limited parts have been omitted.
(3)
The different international standards have been adopted by a number of amending regulations. This causes legal uncertainty and difficulty in correctly applying international accounting standards in the Community. In order to simplify Community legislation on accounting standards, it is appropriate, for the sake of clarity and transparency, to incorporate in a single text the standards presently contained in Regulation (EC) No 1725/2003 and the acts amending it.
(4)
Regulation (EC) No 1725/2003 should therefore be replaced by this Regulation.
(5)
The measures provided for in this Regulation are in accordance with the opinion of the Accounting Regulatory Committee,
HAS ADOPTED THIS REGULATION:
Article 1
The international accounting standards, as defined in Article 2 of Regulation (EC) No 1606/2002, shall be adopted as set out in the Annex hereto.
Article 2
Regulation (EC) No 1725/2003 is hereby repealed.
References to the repealed Regulation shall be construed as references to this Regulation.
Article 3
This Regulation shall enter into force on the third day following its publication in the 
Official Journal of the European Union
.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 3 November 2008.
For the Commission
Charlie McCREEVY
Member of the Commission
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OJ L 243, 11.9.2002, p. 1
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OJ L 261, 13.10.2003, p. 1
.
ANNEX
INTERNATIONAL ACCOUNTING STANDARDS
IAS 1
Presentation of financial statements
5
IAS 2
Inventories
22
IAS 7
Cash-flow statements
27
IAS 8
Accounting policies, changes in accounting estimates and errors
34
IAS 10
Events after the balance sheet date
42
IAS 11
Construction contracts
46
IAS 12
Income taxes
53
IAS 16
Property, plant and equipment
72
IAS 17
Leases
83
IAS 18
Revenue
93
IAS 19
Employee benefits
99
IAS 20
Accounting for government grants and disclosure of government assistance
130
IAS 21
The effects of changes in foreign exchange rates
134
IAS 23
Borrowing costs
142
IAS 24
Related party disclosures
146
IAS 26
Accounting and reporting by retirement benefit plans
150
IAS 27
Consolidated and separate financial statements
156
IAS 28
Investments in associates
161
IAS 29
Financial reporting in hyperinflationary economies
167
IAS 31
Interests in joint ventures
171
IAS 32
Financial instruments: presentation
179
IAS 33
Earnings per share
195
IAS 34
Interim financial reporting
208
IAS 36
Impairment of assets
215
IAS 37
Provisions, contingent liabilities and contingent assets
241
IAS 38
Intangible assets
252
IAS 39
Financial instruments: recognition and measurement
270
IAS 40
Investment property
323
IAS 41
Agriculture
335
IFRS 1
First-time adoption of international financial reporting standards
342
IFRS 2
Share-based payment
356
IFRS 3
Business combinations
373
IFRS 4
Insurance contracts
390
IFRS 5
Non-current assets held for sale and discontinued operations
405
IFRS 6
Exploration for and evaluation of mineral resources
413
IFRS 7
Financial instruments: disclosures
417
IFRS 8
Operating segments
432
IFRIC 1
Changes in existing decommissioning, restoration and similar liabilities
439
IFRIC 2
Members' shares in co-operative entities and similar instruments
441
IFRIC 4
Determining whether an arrangement contains a lease
447
IFRIC 5
Rights to interests arising from decommissioning, restoration and environmental rehabilitation funds
450
IFRIC 6
Liabilities arising from participating in a specific market — waste electrical and electronic equipment
453
IFRIC 7
Applying the Restatement Approach under IAS 29 Financial reporting in hyperinflationary economies
455
IFRIC 8
Scope of IFRS 2
457
IFRIC 9
Reassessment of embedded derivatives
459
IFRIC 10
Interim financial reporting and impairment
461
IFRIC 11
IFRS 2 — Group and treasury share transactions
462
SIC-7
Introduction of the euro
464
SIC-10
Government assistance — no specific relation to operating activities
465
SIC-12
Consolidation — special purpose entities
466
SIC-13
Jointly controlled entities — non-monetary contributions by venturers
468
SIC-15
Operating leases — incentives
470
SIC-21
Income taxes — recovery of revalued non-depreciable assets
471
SIC-25
Income taxes — changes in the tax status of an entity or its shareholders
472
SIC-27
Evaluating the substance of transactions involving the legal form of a lease
473
SIC-29
Disclosure — service concession arrangements
476
SIC-31
Revenue — barter transactions involving advertising services
478
SIC-32
Intangible assets — website costs
479
Reproduction allowed within the European Economic Area. All existing rights reserved outside the EEA, with the exception of the right to reproduce for the purposes of personal use or other fair dealing. Further information can be obtained from the IASB at www.iasb.org
INTERNATIONAL ACCOUNTING STANDARD 1
Presentation of financial statements
OBJECTIVE
1
The objective of this standard is to prescribe the basis for presentation of general purpose financial statements, to ensure comparability both with the entity's financial statements of previous periods and with the financial statements of other entities. To achieve this objective, this standard sets out overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content. The recognition, measurement and disclosure of specific transactions and other events are dealt with in other standards and in interpretations.
SCOPE
2
This standard shall be applied to all general purpose financial statements prepared and presented in accordance with international financial reporting standards (IFRSs).
3
General purpose financial statements are those intended to meet the needs of users who are not in a position to demand reports tailored to meet their particular information needs. General purpose financial statements include those that are presented separately or within another public document such as an annual report or a prospectus. This standard does not apply to the structure and content of condensed interim financial statements prepared in accordance with IAS 34 
Interim financial reporting
. However, paragraphs 13-41 apply to such financial statements. This standard applies equally to all entities and whether or not they need to prepare consolidated financial statements or separate financial statements, as defined in IAS 27 
Consolidated and separate financial statements
.
4
[Deleted]
5
This standard uses terminology that is suitable for profit-oriented entities, including public sector business entities. Entities with not-for-profit activities in the private sector, public sector or government seeking to apply this standard may need to amend the descriptions used for particular line items in the financial statements and for the financial statements themselves.
6
Similarly, entities that do not have equity as defined in IAS 32 
Financial instruments: presentation
 (e.g. some mutual funds) and entities whose share capital is not equity (e.g. some cooperative entities) may need to adapt the presentation in the financial statements of members' or unitholders' interests.
PURPOSE OF FINANCIAL STATEMENTS
7
Financial statements are a structured representation of the financial position and financial performance of an entity. The objective of general purpose financial statements is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. Financial statements also show the results of management's stewardship of the resources entrusted to it. To meet this objective, financial statements provide information about an entity's:
(a)
assets;
(b)
liabilities;
(c)
equity;
(d)
income and expenses, including gains and losses;
(e)
other changes in equity; and
(f)
cash flows.
This information, along with other information in the notes, assists users of financial statements in predicting the entity's future cash flows and, in particular, their timing and certainty.
COMPONENTS OF FINANCIAL STATEMENTS
8
A complete set of financial statements comprises:
(a)
a balance sheet;
(b)
an income statement;
(c)
a statement of changes in equity showing either:
(i)
all changes in equity; or
(ii)
changes in equity other than those arising from transactions with equity holders acting in their capacity as equity holders;
(d)
a cash-flow statement; and
(e)
notes, comprising a summary of significant accounting policies and other explanatory notes.
9
Many entities present, outside the financial statements, a financial review by management that describes and explains the main features of the entity's financial performance and financial position and the principal uncertainties it faces. Such a report may include a review of:
(a)
the main factors and influences determining financial performance, including changes in the environment in which the entity operates, the entity's response to those changes and their effect, and the entity's policy for investment to maintain and enhance financial performance, including its dividend policy;
(b)
the entity's sources of funding and its targeted ratio of liabilities to equity; and
(c)
the entity's resources not recognised in the balance sheet in accordance with IFRSs.
10
Many entities also present, outside the financial statements, reports and statements such as environmental reports and value added statements, particularly in industries in which environmental factors are significant and when employees are regarded as an important user group. Reports and statements presented outside financial statements are outside the scope of IFRSs.
DEFINITIONS
11
The following terms are used in this standard with the meanings specified:
Impracticable
 Applying a requirement is impracticable when the entity cannot apply it after making every reasonable effort to do so.
International financial reporting standards (IFRSs)
 are standards and interpretations adopted by the International Accounting Standards Board (IASB). They comprise:
(a)
international financial reporting standards;
(b)
international accounting standards; and
(c)
interpretations originated by the International Financial Reporting Interpretations Committee (IFRIC) or the former Standing Interpretations Committee (SIC).
Material
 Omissions or misstatements of items are material if they could, individually or collectively, influence the economic decisions of users taken on the basis of the financial statements. Materiality depends on the size and nature of the omission or misstatement judged in the surrounding circumstances. The size or nature of the item, or a combination of both, could be the determining factor.
Notes
 contain information in addition to that presented in the balance sheet, income statement, statement of changes in equity and cash-flow statement. Notes provide narrative descriptions or disaggregations of items disclosed in those statements and information about items that do not qualify for recognition in those statements.
12
Assessing whether an omission or misstatement could influence economic decisions of users, and so be material, requires consideration of the characteristics of those users. The 
Framework for the Preparation and Presentation of Financial Statements
 states in paragraph 25 that ‘users are assumed to have a reasonable knowledge of business and economic activities and accounting and a willingness to study the information with reasonable diligence.’ Therefore, the assessment needs to take into account how users with such attributes could reasonably be expected to be influenced in making economic decisions.
OVERALL CONSIDERATIONS
Fair presentation and compliance with IFRSs
13
Financial statements shall present fairly the financial position, financial performance and cash flows of an entity. Fair presentation requires the faithful representation of the effects of transactions, other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the 
Framework
. The application of IFRSs, with additional disclosure when necessary, is presumed to result in financial statements that achieve a fair presentation.
14
An entity whose financial statements comply with IFRSs shall make an explicit and unreserved statement of such compliance in the notes. Financial statements shall not be described as complying with IFRSs unless they comply with all the requirements of IFRSs.
15
In virtually all circumstances, a fair presentation is achieved by compliance with applicable IFRSs. A fair presentation also requires an entity:
(a)
to select and apply accounting policies in accordance with IAS 8 
Accounting policies, changes in accounting estimates and errors
. IAS 8 sets out a hierarchy of authoritative guidance that management considers in the absence of a standard or an interpretation that specifically applies to an item;
(b)
to present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
(c)
to provide additional disclosures when compliance with the specific requirements in IFRSs is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance.
16
Inappropriate accounting policies are not rectified either by disclosure of the accounting policies used or by notes or explanatory material.
17
In the extremely rare circumstances in which management concludes that compliance with a requirement in a standard or an interpretation would be so misleading that it would conflict with the objective of financial statements set out in the 
Framework
, the entity shall depart from that requirement in the manner set out in paragraph 18 if the relevant regulatory framework requires, or otherwise does not prohibit, such a departure.
18
When an entity departs from a requirement of a standard or an interpretation in accordance with paragraph 17, it shall disclose:
(a)
that management has concluded that the financial statements present fairly the entity's financial position, financial performance and cash flows;
(b)
that it has complied with applicable standards and interpretations, except that it has departed from a particular requirement to achieve a fair presentation;
(c)
the title of the standard or interpretation from which the entity has departed, the nature of the departure, including the treatment that the standard or interpretation would require, the reason why that treatment would be so misleading in the circumstances that it would conflict with the objective of financial statements set out in the 
Framework
, and the treatment adopted; and
(d)
for each period presented, the financial impact of the departure on each item in the financial statements that would have been reported in complying with the requirement.
19
When an entity has departed from a requirement of a standard or an interpretation in a prior period, and that departure affects the amounts recognised in the financial statements for the current period, it shall make the disclosures set out in paragraph 18(c) and (d).
20
Paragraph 19 applies, for example, when an entity departed in a prior period from a requirement in a standard or an interpretation for the measurement of assets or liabilities and that departure affects the measurement of changes in assets and liabilities recognised in the current period's financial statements.
21
In the extremely rare circumstances in which management concludes that compliance with a requirement in a standard or an interpretation would be so misleading that it would conflict with the objective of financial statements set out in the 
Framework
, but the relevant regulatory framework prohibits departure from the requirement, the entity shall, to the maximum extent possible, reduce the perceived misleading aspects of compliance by disclosing:
(a)
the title of the standard or interpretation in question, the nature of the requirement, and the reason why management has concluded that complying with that requirement is so misleading in the circumstances that it conflicts with the objective of financial statements set out in the 
Framework
; and
(b)
for each period presented, the adjustments to each item in the financial statements that management has concluded would be necessary to achieve a fair presentation.
22
For the purpose of paragraphs 17-21, an item of information would conflict with the objective of financial statements when it does not represent faithfully the transactions, other events and conditions that it either purports to represent or could reasonably be expected to represent and, consequently, it would be likely to influence economic decisions made by users of financial statements. When assessing whether complying with a specific requirement in a standard or an interpretation would be so misleading that it would conflict with the objective of financial statements set out in the 
Framework
, management considers:
(a)
why the objective of financial statements is not achieved in the particular circumstances; and
(b)
how the entity's circumstances differ from those of other entities that comply with the requirement. If other entities in similar circumstances comply with the requirement, there is a rebuttable presumption that the entity's compliance with the requirement would not be so misleading that it would conflict with the objective of financial statements set out in the 
Framework
.
Going concern
23
When preparing financial statements, management shall make an assessment of an entity's ability to continue as a going concern. Financial statements shall be prepared on a going concern basis unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so. When management is aware, in making its assessment, of material uncertainties related to events or conditions that may cast significant doubt upon the entity's ability to continue as a going concern, those uncertainties shall be disclosed. When financial statements are not prepared on a going concern basis, that fact shall be disclosed, together with the basis on which the financial statements are prepared and the reason why the entity is not regarded as a going concern.
24
In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but is not limited to, 12 months from the balance sheet date. The degree of consideration depends on the facts in each case. When an entity has a history of profitable operations and ready access to financial resources, a conclusion that the going concern basis of accounting is appropriate may be reached without detailed analysis. In other cases, management may need to consider a wide range of factors relating to current and expected profitability, debt repayment schedules and potential sources of replacement financing before it can satisfy itself that the going concern basis is appropriate.
Accrual basis of accounting
25
An entity shall prepare its financial statements, except for cash flow information, using the accrual basis of accounting.
26
When the accrual basis of accounting is used, items are recognised as assets, liabilities, equity, income and expenses (the elements of financial statements) when they satisfy the definitions and recognition criteria for those elements in the 
Framework
.
Consistency of presentation
27
The presentation and classification of items in the financial statements shall be retained from one period to the next unless:
(a)
it is apparent, following a significant change in the nature of the entity's operations or a review of its financial statements, that another presentation or classification would be more appropriate having regard to the criteria for the selection and application of accounting policies in IAS 8; or
(b)
a standard or an interpretation requires a change in presentation.
28
A significant acquisition or disposal, or a review of the presentation of the financial statements, might suggest that the financial statements need to be presented differently. An entity changes the presentation of its financial statements only if the changed presentation provides information that is reliable and is more relevant to users of the financial statements and the revised structure is likely to continue, so that comparability is not impaired. When making such changes in presentation, an entity reclassifies its comparative information in accordance with paragraphs 38 and 39.
Materiality and aggregation
29
Each material class of similar items shall be presented separately in the financial statements. Items of a dissimilar nature or function shall be presented separately unless they are immaterial.
30
Financial statements result from processing large numbers of transactions or other events that are aggregated into classes according to their nature or function. The final stage in the process of aggregation and classification is the presentation of condensed and classified data, which form line items on the face of the balance sheet, income statement, statement of changes in equity and cash-flow statement, or in the notes. If a line item is not individually material, it is aggregated with other items either on the face of those statements or in the notes. An item that is not sufficiently material to warrant separate presentation on the face of those statements may nevertheless be sufficiently material for it to be presented separately in the notes.
31
Applying the concept of materiality means that a specific disclosure requirement in a standard or an interpretation need not be satisfied if the information is not material.
Offsetting
32
Assets and liabilities, and income and expenses, shall not be offset unless required or permitted by a standard or an interpretation.
33
It is important that assets and liabilities, and income and expenses, are reported separately. Offsetting in the income statement or the balance sheet, except when offsetting reflects the substance of the transaction or other event, detracts from the ability of users both to understand the transactions, other events and conditions that have occurred and to assess the entity's future cash flows. Measuring assets net of valuation allowances — for example, obsolescence allowances on inventories and doubtful debts allowances on receivables — is not offsetting.
34
IAS 18 
Revenue
 defines revenue and requires it to be measured at the fair value of the consideration received or receivable, taking into account the amount of any trade discounts and volume rebates allowed by the entity. An entity undertakes, in the course of its ordinary activities, other transactions that do not generate revenue but are incidental to the main revenue-generating activities. The results of such transactions are presented, when this presentation reflects the substance of the transaction or other event, by netting any income with related expenses arising on the same transaction. For example:
(a)
gains and losses on the disposal of non-current assets, including investments and operating assets, are reported by deducting from the proceeds on disposal the carrying amount of the asset and related selling expenses; and
(b)
expenditure related to a provision that is recognised in accordance with IAS 37 
Provisions, contingent liabilities and contingent assets
 and reimbursed under a contractual arrangement with a third party (for example, a supplier's warranty agreement) may be netted against the related reimbursement.
35
In addition, gains and losses arising from a group of similar transactions are reported on a net basis, for example, foreign exchange gains and losses or gains and losses arising on financial instruments held for trading. Such gains and losses are, however, reported separately if they are material.
Comparative information
36
Except when a standard or an interpretation permits or requires otherwise, comparative information shall be disclosed in respect of the previous period for all amounts reported in the financial statements. Comparative information shall be included for narrative and descriptive information when it is relevant to an understanding of the current period's financial statements.
37
In some cases, narrative information provided in the financial statements for the previous period(s) continues to be relevant in the current period. For example, details of a legal dispute, the outcome of which was uncertain at the last balance sheet date and is yet to be resolved, are disclosed in the current period. Users benefit from information that the uncertainty existed at the last balance sheet date, and about the steps that have been taken during the period to resolve the uncertainty.
38
When the presentation or classification of items in the financial statements is amended, comparative amounts shall be reclassified unless the reclassification is impracticable. When comparative amounts are reclassified, an entity shall disclose:
(a)
the nature of the reclassification;
(b)
the amount of each item or class of items that is reclassified; and
(c)
the reason for the reclassification.
39
When it is impracticable to reclassify comparative amounts, an entity shall disclose:
(a)
the reason for not reclassifying the amounts; and
(b)
the nature of the adjustments that would have been made if the amounts had been reclassified.
40
Enhancing the inter-period comparability of information assists users in making economic decisions, especially by allowing the assessment of trends in financial information for predictive purposes. In some circumstances, it is impracticable to reclassify comparative information for a particular prior period to achieve comparability with the current period. For example, data may not have been collected in the prior period(s) in a way that allows reclassification, and it may not be practicable to recreate the information.
41
IAS 8 deals with the adjustments to comparative information required when an entity changes an accounting policy or corrects an error.
STRUCTURE AND CONTENT
Introduction
42
This standard requires particular disclosures on the face of the balance sheet, income statement and statement of changes in equity and requires disclosure of other line items either on the face of those statements or in the notes. IAS 7 
Cash-flow statements
 sets out requirements for the presentation of a cash-flow statement.
43
This standard sometimes uses the term ‘disclosure’ in a broad sense, encompassing items presented on the face of the balance sheet, income statement, statement of changes in equity and cash-flow statement, as well as in the notes. Disclosures are also required by other standards and interpretations. Unless specified to the contrary elsewhere in this standard, or in another standard or interpretation, such disclosures are made either on the face of the balance sheet, income statement, statement of changes in equity or cash-flow statement (whichever is relevant), or in the notes.
Identification of the financial statements
44
The financial statements shall be identified clearly and distinguished from other information in the same published document.
45
IFRSs apply only to financial statements, and not to other information presented in an annual report or other document. Therefore, it is important that users can distinguish information that is prepared using IFRSs from other information that may be useful to users but is not the subject of those requirements.
46
Each component of the financial statements shall be identified clearly. In addition, the following information shall be displayed prominently, and repeated when it is necessary for a proper understanding of the information presented:
(a)
the name of the reporting entity or other means of identification, and any change in that information from the preceding balance sheet date;
(b)
whether the financial statements cover the individual entity or a group of entities;
(c)
the balance sheet date or the period covered by the financial statements, whichever is appropriate to that component of the financial statements;
(d)
the presentation currency, as defined in IAS 21 
The effects of changes in foreign exchange rates
; and
(e)
the level of rounding used in presenting amounts in the financial statements.
47
The requirements in paragraph 46 are normally met by presenting page headings and abbreviated column headings on each page of the financial statements. Judgement is required in determining the best way of presenting such information. For example, when the financial statements are presented electronically, separate pages are not always used; the above items are then presented frequently enough to ensure a proper understanding of the information included in the financial statements.
48
Financial statements are often made more understandable by presenting information in thousands or millions of units of the presentation currency. This is acceptable as long as the level of rounding in presentation is disclosed and material information is not omitted.
Reporting period
49
Financial statements shall be presented at least annually. When an entity's balance sheet date changes and the annual financial statements are presented for a period longer or shorter than one year, an entity shall disclose, in addition to the period covered by the financial statements:
(a)
the reason for using a longer or shorter period; and
(b)
the fact that comparative amounts for the income statement, statement of changes in equity, cash-flow statement and related notes are not entirely comparable.
50
Normally, financial statements are consistently prepared covering a one-year period. However, for practical reasons, some entities prefer to report, for example, for a 52-week period. This standard does not preclude this practice, because the resulting financial statements are unlikely to be materially different from those that would be presented for one year.
Balance sheet
Current/non-current distinction
51
An entity shall present current and non-current assets, and current and non-current liabilities, as separate classifications on the face of its balance sheet in accordance with paragraphs 57-67 except when a presentation based on liquidity provides information that is reliable and is more relevant. When that exception applies, all assets and liabilities shall be presented broadly in order of liquidity.
52
Whichever method of presentation is adopted, for each asset and liability line item that combines amounts expected to be recovered or settled (a) no more than 12 months after the balance sheet date and (b) more than 12 months after the balance sheet date, an entity shall disclose the amount expected to be recovered or settled after more than 12 months.
53
When an entity supplies goods or services within a clearly identifiable operating cycle, separate classification of current and non-current assets and liabilities on the face of the balance sheet provides useful information by distinguishing the net assets that are continuously circulating as working capital from those used in the entity's long-term operations. It also highlights assets that are expected to be realised within the current operating cycle, and liabilities that are due for settlement within the same period.
54
For some entities, such as financial institutions, a presentation of assets and liabilities in increasing or decreasing order of liquidity provides information that is reliable and is more relevant than a current/non-current presentation because the entity does not supply goods or services within a clearly identifiable operating cycle.
55
In applying paragraph 51, an entity is permitted to present some of its assets and liabilities using a current/non-current classification and others in order of liquidity when this provides information that is reliable and is more relevant. The need for a mixed basis of presentation might arise when an entity has diverse operations.
56
Information about expected dates of realisation of assets and liabilities is useful in assessing the liquidity and solvency of an entity. IFRS 7 
Financial instruments: disclosures
 requires disclosure of the maturity dates of financial assets and financial liabilities. Financial assets include trade and other receivables, and financial liabilities include trade and other payables. Information on the expected date of recovery and settlement of non-monetary assets and liabilities such as inventories and provisions is also useful, whether or not assets and liabilities are classified as current or non-current. For example, an entity discloses the amount of inventories that are expected to be recovered more than 12 months after the balance sheet date.
Current assets
57
An asset shall be classified as current when it satisfies any of the following criteria:
(a)
it is expected to be realised in, or is intended for sale or consumption in, the entity's normal operating cycle;
(b)
it is held primarily for the purpose of being traded;
(c)
it is expected to be realised within 12 months after the balance sheet date; or
(d)
it is cash or a cash equivalent (as defined in IAS 7) unless it is restricted from being exchanged or used to settle a liability for at least 12 months after the balance sheet date.
All other assets shall be classified as non-current.
58
This standard uses the term ‘non-current’ to include tangible, intangible and financial assets of a long-term nature. It does not prohibit the use of alternative descriptions as long as the meaning is clear.
59
The operating cycle of an entity is the time between the acquisition of assets for processing and their realisation in cash or cash equivalents. When the entity's normal operating cycle is not clearly identifiable, its duration is assumed to be 12 months. Current assets include assets (such as inventories and trade receivables) that are sold, consumed or realised as part of the normal operating cycle even when they are not expected to be realised within 12 months after the balance sheet date. Current assets also include assets held primarily for the purpose of being traded (financial assets within this category are classified as held for trading in accordance with IAS 39 
Financial instruments: recognition and measurement
) and the current portion of non-current financial assets.
Current liabilities
60
A liability shall be classified as current when it satisfies any of the following criteria:
(a)
it is expected to be settled in the entity's normal operating cycle;
(b)
it is held primarily for the purpose of being traded;
(c)
it is due to be settled within 12 months after the balance sheet date; or
(d)
the entity does not have an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.
All other liabilities shall be classified as non-current.
61
Some current liabilities, such as trade payables and some accruals for employee and other operating costs, are part of the working capital used in the entity's normal operating cycle. Such operating items are classified as current liabilities even if they are due to be settled more than 12 months after the balance sheet date. The same normal operating cycle applies to the classification of an entity's assets and liabilities. When the entity's normal operating cycle is not clearly identifiable, its duration is assumed to be 12 months.
62
Other current liabilities are not settled as part of the normal operating cycle, but are due for settlement within 12 months after the balance sheet date or held primarily for the purpose of being traded. Examples are financial liabilities classified as held for trading in accordance with IAS 39, bank overdrafts, and the current portion of non-current financial liabilities, dividends payable, income taxes and other non-trade payables. Financial liabilities that provide financing on a long-term basis (i.e. are not part of the working capital used in the entity's normal operating cycle) and are not due for settlement within 12 months after the balance sheet date are non-current liabilities, subject to paragraphs 65 and 66.
63
An entity classifies its financial liabilities as current when they are due to be settled within 12 months after the balance sheet date, even if:
(a)
the original term was for a period longer than 12 months; and
(b)
an agreement to refinance, or to reschedule payments, on a long-term basis is completed after the balance sheet date and before the financial statements are authorised for issue.
64
If an entity expects, and has the discretion, to refinance or roll over an obligation for at least 12 months after the balance sheet date under an existing loan facility, it classifies the obligation as non-current, even if it would otherwise be due within a shorter period. However, when refinancing or rolling over the obligation is not at the discretion of the entity (for example, there is no agreement to refinance), the potential to refinance is not considered and the obligation is classified as current.
65
When an entity breaches an undertaking under a long-term loan agreement on or before the balance sheet date with the effect that the liability becomes payable on demand, the liability is classified as current, even if the lender has agreed, after the balance sheet date and before the authorisation of the financial statements for issue, not to demand payment as a consequence of the breach. The liability is classified as current because, at the balance sheet date, the entity does not have an unconditional right to defer its settlement for at least 12 months after that date.
66
However, the liability is classified as non-current if the lender agreed by the balance sheet date to provide a period of grace ending at least 12 months after the balance sheet date, within which the entity can rectify the breach and during which the lender cannot demand immediate repayment.
67
In respect of loans classified as current liabilities, if the following events occur between the balance sheet date and the date the financial statements are authorised for issue, those events qualify for disclosure as non-adjusting events in accordance with IAS 10 
Events after the balance sheet date
:
(a)
refinancing on a long-term basis;
(b)
rectification of a breach of a long-term loan agreement; and
(c)
the receipt from the lender of a period of grace to rectify a breach of a long-term loan agreement ending at least 12 months after the balance sheet date.
Information to be presented on the face of the balance sheet
68
As a minimum, the face of the balance sheet shall include line items that present the following amounts to the extent that they are not presented in accordance with paragraph 68A:
(a)
property, plant and equipment;
(b)
investment property;
(c)
intangible assets;
(d)
financial assets (excluding amounts shown under (e), (h) and (i));
(e)
investments accounted for using the equity method;
(f)
biological assets;
(g)
inventories;
(h)
trade and other receivables;
(i)
cash and cash equivalents;
(j)
trade and other payables;
(k)
provisions;
(l)
financial liabilities (excluding amounts shown under (j) and (k));
(m)
liabilities and assets for current tax, as defined in IAS 12 
Income taxes
;
(n)
deferred tax liabilities and deferred tax assets, as defined in IAS 12;
(o)
minority interest, presented within equity; and
(p)
issued capital and reserves attributable to equity holders of the parent.
68A
The face of the balance sheet shall also include line items that present the following amounts:
(a)
the total of assets classified as held for sale and assets included in disposal groups classified as held for sale in accordance with IFRS 5 
Non-current assets held for sale and discontinued operations
; and
(b)
liabilities included in disposal groups classified as held for sale in accordance with IFRS 5.
69
Additional line items, headings and subtotals shall be presented on the face of the balance sheet when such presentation is relevant to an understanding of the entity's financial position.
70
When an entity presents current and non-current assets, and current and non-current liabilities, as separate classifications on the face of its balance sheet, it shall not classify deferred tax assets (liabilities) as current assets (liabilities).
71
This standard does not prescribe the order or format in which items are to be presented. Paragraph 68 simply provides a list of items that are sufficiently different in nature or function to warrant separate presentation on the face of the balance sheet. In addition:
(a)
line items are included when the size, nature or function of an item or aggregation of similar items is such that separate presentation is relevant to an understanding of the entity's financial position; and
(b)
the descriptions used and the ordering of items or aggregation of similar items may be amended according to the nature of the entity and its transactions, to provide information that is relevant to an understanding of the entity's financial position. For example, a financial institution may amend the above descriptions to provide information that is relevant to the operations of a financial institution.
72
The judgement on whether additional items are presented separately is based on an assessment of:
(a)
the nature and liquidity of assets;
(b)
the function of assets within the entity; and
(c)
the amounts, nature and timing of liabilities.
73
The use of different measurement bases for different classes of assets suggests that their nature or function differs and, therefore, that they should be presented as separate line items. For example, different classes of property, plant and equipment can be carried at cost or revalued amounts in accordance with IAS 16 
Property, plant and equipment
.
Information to be presented either on the face of the balance sheet or in the notes
74
An entity shall disclose, either on the face of the balance sheet or in the notes, further subclassifications of the line items presented, classified in a manner appropriate to the entity's operations.
75
The detail provided in subclassifications depends on the requirements of IFRSs and on the size, nature and function of the amounts involved. The factors set out in paragraph 72 also are used to decide the basis of subclassification. The disclosures vary for each item, for example:
(a)
items of property, plant and equipment are disaggregated into classes in accordance with IAS 16;
(b)
receivables are disaggregated into amounts receivable from trade customers, receivables from related parties, prepayments and other amounts;
(c)
inventories are subclassified, in accordance with IAS 2 
Inventories
, into classifications such as merchandise, production supplies, materials, work in progress and finished goods;
(d)
provisions are disaggregated into provisions for employee benefits and other items; and
(e)
contributed equity and reserves are disaggregated into various classes, such as paid-in capital, share premium and reserves.
76
An entity shall disclose the following, either on the face of the balance sheet or in the notes:
(a)
for each class of share capital:
(i)
the number of shares authorised;
(ii)
the number of shares issued and fully paid, and issued but not fully paid;
(iii)
par value per share, or that the shares have no par value;
(iv)
a reconciliation of the number of shares outstanding at the beginning and at the end of the period;
(v)
the rights, preferences and restrictions attaching to that class, including restrictions on the distribution of dividends and the repayment of capital;
(vi)
shares in the entity held by the entity or by its subsidiaries or associates; and
(vii)
shares reserved for issue under options and contracts for the sale of shares, including the terms and amounts; and
(b)
a description of the nature and purpose of each reserve within equity.
77
An entity without share capital, such as a partnership or trust, shall disclose information equivalent to that required by paragraph 76(a), showing changes during the period in each category of equity interest, and the rights, preferences and restrictions attaching to each category of equity interest.
Income statement
Profit or loss for the period
78
All items of income and expense recognised in a period shall be included in profit or loss unless a standard or an interpretation requires otherwise.
79
Normally, all items of income and expense recognised in a period are included in profit or loss. This includes the effects of changes in accounting estimates. However, circumstances may exist when particular items may be excluded from profit or loss for the current period. IAS 8 deals with two such circumstances: the correction of errors and the effect of changes in accounting policies.
80
Other standards deal with items that may meet the 
Framework
 definitions of income or expense but are usually excluded from profit or loss. Examples include revaluation surpluses (see IAS 16), particular gains and losses arising on translating the financial statements of a foreign operation (see IAS 21) and gains or losses on remeasuring available-for-sale financial assets (see IAS 39).
Information to be presented on the face of the income statement
81
As a minimum, the face of the income statement shall include line items that present the following amounts for the period:
(a)
revenue;
(b)
finance costs;
(c)
share of the profit or loss of associates and joint ventures accounted for using the equity method;
(d)
tax expense;
(e)
a single amount comprising the total of (i) the post-tax profit or loss of discontinued operations and (ii) the post-tax gain or loss recognised on the measurement to fair value less costs to sell or on the disposal of the assets or disposal group(s) constituting the discontinued operation; and
(f)
profit or loss.
82
The following items shall be disclosed on the face of the income statement as allocations of profit or loss for the period:
(a)
profit or loss attributable to minority interest; and
(b)
profit or loss attributable to equity holders of the parent.
83
Additional line items, headings and subtotals shall be presented on the face of the income statement when such presentation is relevant to an understanding of the entity's financial performance.
84
Because the effects of an entity's various activities, transactions and other events differ in frequency, potential for gain or loss and predictability, disclosing the components of financial performance assists in an understanding of the financial performance achieved and in making projections of future results. Additional line items are included on the face of the income statement, and the descriptions used and the ordering of items are amended when this is necessary to explain the elements of financial performance. Factors to be considered include materiality and the nature and function of the components of income and expenses. For example, a financial institution may amend the descriptions to provide information that is relevant to the operations of a financial institution. Income and expense items are not offset unless the criteria in paragraph 32 are met.
85
An entity shall not present any items of income and expense as extraordinary items, either on the face of the income statement or in the notes.
Information to be presented either on the face of the income statement or in the notes
86
When items of income and expense are material, their nature and amount shall be disclosed separately.
87
Circumstances that would give rise to the separate disclosure of items of income and expense include:
(a)
write-downs of inventories to net realisable value or of property, plant and equipment to recoverable amount, as well as reversals of such write-downs;
(b)
restructurings of the activities of an entity and reversals of any provisions for the costs of restructuring;
(c)
disposals of items of property, plant and equipment;
(d)
disposals of investments;
(e)
discontinued operations;
(f)
litigation settlements; and
(g)
other reversals of provisions.
88
An entity shall present an analysis of expenses using a classification based on either the nature of expenses or their function within the entity, whichever provides information that is reliable and more relevant.
89
Entities are encouraged to present the analysis in paragraph 88 on the face of the income statement.
90
Expenses are subclassified to highlight components of financial performance that may differ in terms of frequency, potential for gain or loss and predictability. This analysis is provided in one of two forms.
91
The first form of analysis is the nature of expense method. Expenses are aggregated in the income statement according to their nature (for example, depreciation, purchases of materials, transport costs, employee benefits and advertising costs), and are not reallocated among various functions within the entity. This method may be simple to apply because no allocations of expenses to functional classifications are necessary. An example of a classification using the nature of expense method is as follows:
Revenue
X
Other income
X
Changes in inventories of finished goods and work in progress
X
Raw materials and consumables used
X
Employee benefits expense
X
Depreciation and amortisation expense
X
Other expenses
X
Total expenses
(X)
Profit
X
92
The second form of analysis is the function of expense or ‘cost of sales’ method and classifies expenses according to their function as part of cost of sales or, for example, the costs of distribution or administrative activities. At a minimum, an entity discloses its cost of sales under this method separately from other expenses. This method can provide more relevant information to users than the classification of expenses by nature, but allocating costs to functions may require arbitrary allocations and involve considerable judgement. An example of a classification using the function of expense method is as follows:
Revenue
X
Cost of sales
(X)
Gross profit
X
Other income
X
Distribution costs
(X)
Administrative expenses
(X)
Other expenses
(X)
Profit
X
93
Entities classifying expenses by function shall disclose additional information on the nature of expenses, including depreciation and amortisation expense and employee benefits expense.
94
The choice between the function of expense method and the nature of expense method depends on historical and industry factors and the nature of the entity. Both methods provide an indication of those costs that might vary, directly or indirectly, with the level of sales or production of the entity. Because each method of presentation has merit for different types of entities, this standard requires management to select the most relevant and reliable presentation. However, because information on the nature of expenses is useful in predicting future cash flows, additional disclosure is required when the function of expense classification is used. In paragraph 93, ‘employee benefits’ has the same meaning as in IAS 19 
Employee benefits
.
95
An entity shall disclose, either on the face of the income statement or the statement of changes in equity, or in the notes, the amount of dividends recognised as distributions to equity holders during the period, and the related amount per share.
Statement of changes in equity
96
An entity shall present a statement of changes in equity showing on the face of the statement:
(a)
profit or loss for the period;
(b)
each item of income and expense for the period that, as required by other standards or by interpretations, is recognised directly in equity, and the total of these items;
(c)
total income and expense for the period (calculated as the sum of (a) and (b)), showing separately the total amounts attributable to equity holders of the parent and to minority interest; and
(d)
for each component of equity, the effects of changes in accounting policies and corrections of errors recognised in accordance with IAS 8.
A statement of changes in equity that comprises only these items shall be titled a statement of recognised income and expense.
97
An entity shall also present, either on the face of the statement of changes in equity or in the notes:
(a)
the amounts of transactions with equity holders acting in their capacity as equity holders, showing separately distributions to equity holders;
(b)
the balance of retained earnings (i.e. accumulated profit or loss) at the beginning of the period and at the balance sheet date, and the changes during the period; and
(c)
a reconciliation between the carrying amount of each class of contributed equity and each reserve at the beginning and the end of the period, separately disclosing each change.
98
Changes in an entity's equity between two balance sheet dates reflect the increase or decrease in its net assets during the period. Except for changes resulting from transactions with equity holders acting in their capacity as equity holders (such as equity contributions, reacquisitions of the entity's own equity instruments and dividends) and transaction costs directly related to such transactions, the overall change in equity during a period represents the total amount of income and expenses, including gains and losses, generated by the entity's activities during that period (whether those items of income and expenses are recognised in profit or loss or directly as changes in equity).
99
This standard requires all items of income and expense recognised in a period to be included in profit or loss unless another standard or an interpretation requires otherwise. Other standards require some gains and losses (such as revaluation increases and decreases, particular foreign exchange differences, gains or losses on remeasuring available-for-sale financial assets, and related amounts of current tax and deferred tax) to be recognised directly as changes in equity. Because it is important to consider all items of income and expense in assessing changes in an entity's financial position between two balance sheet dates, this standard requires the presentation of a statement of changes in equity that highlights an entity's total income and expenses, including those that are recognised directly in equity.
100
IAS 8 requires retrospective adjustments to effect changes in accounting policies, to the extent practicable, except when the transitional provisions in another standard or an interpretation require otherwise. IAS 8 also requires that restatements to correct errors are made retrospectively, to the extent practicable. Retrospective adjustments and retrospective restatements are made to the balance of retained earnings, except when a standard or an interpretation requires retrospective adjustment of another component of equity. Paragraph 96(d) requires disclosure in the statement of changes in equity of the total adjustment to each component of equity resulting, separately, from changes in accounting policies and from corrections of errors. These adjustments are disclosed for each prior period and the beginning of the period.
101
The requirements in paragraphs 96 and 97 may be met in various ways. One example is a columnar format that reconciles the opening and closing balances of each element within equity. An alternative is to present only the items set out in paragraph 96 in the statement of changes in equity. Under this approach, the items described in paragraph 97 are shown in the notes.
Cash-flow statement
102
Cash flow information provides users of financial statements with a basis to assess the ability of the entity to generate cash and cash equivalents and the needs of the entity to utilise those cash flows. IAS 7 sets out requirements for the presentation of the cash-flow statement and related disclosures.
Notes
Structure
103
The notes shall:
(a)
present information about the basis of preparation of the financial statements and the specific accounting policies used in accordance with paragraphs 108-115;
(b)
disclose the information required by IFRSs that is not presented on the face of the balance sheet, income statement, statement of changes in equity or cash-flow statement; and
(c)
provide additional information that is not presented on the face of the balance sheet, income statement, statement of changes in equity or cash-flow statement, but is relevant to an understanding of any of them.
104
Notes shall, as far as practicable, be presented in a systematic manner. Each item on the face of the balance sheet, income statement, statement of changes in equity and cash-flow statement shall be cross-referenced to any related information in the notes.
105
Notes are normally presented in the following order, which assists users in understanding the financial statements and comparing them with financial statements of other entities:
(a)
a statement of compliance with IFRSs (see paragraph 14);
(b)
a summary of significant accounting policies applied (see paragraph 108);
(c)
supporting information for items presented on the face of the balance sheet, income statement, statement of changes in equity and cash-flow statement, in the order in which each statement and each line item is presented; and
(d)
other disclosures, including:
(i)
contingent liabilities (see IAS 37) and unrecognised contractual commitments; and
(ii)
non-financial disclosures, e.g. the entity's financial risk management objectives and policies (see IFRS 7).
106
In some circumstances, it may be necessary or desirable to vary the ordering of specific items within the notes. For example, information on changes in fair value recognised in profit or loss may be combined with information on maturities of financial instruments, although the former disclosures relate to the income statement and the latter relate to the balance sheet. Nevertheless, a systematic structure for the notes is retained as far as practicable.
107
Notes providing information about the basis of preparation of the financial statements and specific accounting policies may be presented as a separate component of the financial statements.
Disclosure of accounting policies
108
An entity shall disclose in the summary of significant accounting policies:
(a)
the measurement basis (or bases) used in preparing the financial statements; and
(b)
the other accounting policies used that are relevant to an understanding of the financial statements.
109
It is important for users to be informed of the measurement basis or bases used in the financial statements (for example, historical cost, current cost, net realisable value, fair value or recoverable amount) because the basis on which the financial statements are prepared significantly affects their analysis. When more than one measurement basis is used in the financial statements, for example when particular classes of assets are revalued, it is sufficient to provide an indication of the categories of assets and liabilities to which each measurement basis is applied.
110
In deciding whether a particular accounting policy should be disclosed, management considers whether disclosure would assist users in understanding how transactions, other events and conditions are reflected in the reported financial performance and financial position. Disclosure of particular accounting policies is especially useful to users when those policies are selected from alternatives allowed in standards and interpretations. An example is disclosure of whether a venturer recognises its interest in a jointly controlled entity using proportionate consolidation or the equity method (see IAS 31 
Interests in joint ventures
). Some standards specifically require disclosure of particular accounting policies, including choices made by management between different policies they allow. For example, IAS 16 requires disclosure of the measurement bases used for classes of property, plant and equipment. IAS 23 
Borrowing costs
 requires disclosure of whether borrowing costs are recognised immediately as an expense or capitalised as part of the cost of qualifying assets.
111
Each entity considers the nature of its operations and the policies that the users of its financial statements would expect to be disclosed for that type of entity. For example, an entity subject to income taxes would be expected to disclose its accounting policies for income taxes, including those applicable to deferred tax liabilities and assets. When an entity has significant foreign operations or transactions in foreign currencies, disclosure of accounting policies for the recognition of foreign exchange gains and losses would be expected. When business combinations have occurred, the policies used for measuring goodwill and minority interest are disclosed.
112
An accounting policy may be significant because of the nature of the entity's operations even if amounts for current and prior periods are not material. It is also appropriate to disclose each significant accounting policy that is not specifically required by IFRSs, but is selected and applied in accordance with IAS 8.
113
An entity shall disclose, in the summary of significant accounting policies or other notes, the judgements, apart from those involving estimations (see paragraph 116), that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
114
In the process of applying the entity's accounting policies, management makes various judgements, apart from those involving estimations, that can significantly affect the amounts recognised in the financial statements. For example, management makes judgements in determining:
(a)
whether financial assets are held-to-maturity investments;
(b)
when substantially all the significant risks and rewards of ownership of financial assets and lease assets are transferred to other entities;
(c)
whether, in substance, particular sales of goods are financing arrangements and therefore do not give rise to revenue; and
(d)
whether the substance of the relationship between the entity and a special purpose entity indicates that the special purpose entity is controlled by the entity.
115
Some of the disclosures made in accordance with paragraph 113 are required by other standards. For example, IAS 27 requires an entity to disclose the reasons why the entity's ownership interest does not constitute control, in respect of an investee that is not a subsidiary even though more than half of its voting or potential voting power is owned directly or indirectly through subsidiaries. IAS 40 requires disclosure of the criteria developed by the entity to distinguish investment property from owner-occupied property and from property held for sale in the ordinary course of business, when classification of the property is difficult.
Key sources of estimation uncertainty
116
An entity shall disclose in the notes information about the key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. In respect of those assets and liabilities, the notes shall include details of:
(a)
their nature; and
(b)
their carrying amount as at the balance sheet date.
117
Determining the carrying amounts of some assets and liabilities requires estimation of the effects of uncertain future events on those assets and liabilities at the balance sheet date. For example, in the absence of recently observed market prices used to measure the following assets and liabilities, future-oriented estimates are necessary to measure the recoverable amount of classes of property, plant and equipment, the effect of technological obsolescence on inventories, provisions subject to the future outcome of litigation in progress, and long-term employee benefit liabilities such as pension obligations. These estimates involve assumptions about such items as the risk adjustment to cash flows or discount rates used, future changes in salaries and future changes in prices affecting other costs.
118
The key assumptions and other key sources of estimation uncertainty disclosed in accordance with paragraph 116 relate to the estimates that require management's most difficult, subjective or complex judgements. As the number of variables and assumptions affecting the possible future resolution of the uncertainties increases, those judgements become more subjective and complex, and the potential for a consequential material adjustment to the carrying amounts of assets and liabilities normally increases accordingly.
119
The disclosures in paragraph 116 are not required for assets and liabilities with a significant risk that their carrying amounts might change materially within the next financial year if, at the balance sheet date, they are measured at fair value based on recently observed market prices (their fair values might change materially within the next financial year but these changes would not arise from assumptions or other sources of estimation uncertainty at the balance sheet date).
120
The disclosures in paragraph 116 are presented in a manner that helps users of financial statements to understand the judgements management makes about the future and about other key sources of estimation uncertainty. The nature and extent of the information provided vary according to the nature of the assumption and other circumstances. Examples of the types of disclosures made are:
(a)
the nature of the assumption or other estimation uncertainty;
(b)
the sensitivity of carrying amounts to the methods, assumptions and estimates underlying their calculation, including the reasons for the sensitivity;
(c)
the expected resolution of an uncertainty and the range of reasonably possible outcomes within the next financial year in respect of the carrying amounts of the assets and liabilities affected; and
(d)
an explanation of changes made to past assumptions concerning those assets and liabilities, if the uncertainty remains unresolved.
121
It is not necessary to disclose budget information or forecasts in making the disclosures in paragraph 116.
122
When it is impracticable to disclose the extent of the possible effects of a key assumption or another key source of estimation uncertainty at the balance sheet date, the entity discloses that it is reasonably possible, based on existing knowledge, that outcomes within the next financial year that are different from assumptions could require a material adjustment to the carrying amount of the asset or liability affected. In all cases, the entity discloses the nature and carrying amount of the specific asset or liability (or class of assets or liabilities) affected by the assumption.
123
The disclosures in paragraph 113 of particular judgements management made in the process of applying the entity's accounting policies do not relate to the disclosures of key sources of estimation uncertainty in paragraph 116.
124
The disclosure of some of the key assumptions that would otherwise be required in accordance with paragraph 116 is required by other standards. For example, IAS 37 requires disclosure, in specified circumstances, of major assumptions concerning future events affecting classes of provisions. IFRS 7 requires disclosure of significant assumptions applied in estimating fair values of financial assets and financial liabilities that are carried at fair value. IAS 16 requires disclosure of significant assumptions applied in estimating fair values of revalued items of property, plant and equipment.
Capital
124A
An entity shall disclose information that enables users of its financial statements to evaluate the entity's objectives, policies and processes for managing capital.
124B
To comply with paragraph 124A, the entity discloses the following:
(a)
qualitative information about its objectives, policies and processes for managing capital, including (but not limited to):
(i)
a description of what it manages as capital;
(ii)
when an entity is subject to externally imposed capital requirements, the nature of those requirements and how those requirements are incorporated into the management of capital; and
(iii)
how it is meeting its objectives for managing capital;
(b)
summary quantitative data about what it manages as capital. Some entities regard some financial liabilities (e.g. some forms of subordinated debt) as part of capital. Other entities regard capital as excluding some components of equity (e.g. components arising from cash flow hedges);
(c)
any changes in (a) and (b) from the previous period;
(d)
whether during the period it complied with any externally imposed capital requirements to which it is subject;
(e)
when the entity has not complied with such externally imposed capital requirements, the consequences of such non-compliance.
These disclosures shall be based on the information provided internally to the entity's key management personnel.
124C
An entity may manage capital in a number of ways and be subject to a number of different capital requirements. For example, a conglomerate may include entities that undertake insurance activities and banking activities, and those entities may also operate in several jurisdictions. When an aggregate disclosure of capital requirements and how capital is managed would not provide useful information or distorts a financial statement user's understanding of an entity's capital resources, the entity shall disclose separate information for each capital requirement to which the entity is subject.
Other disclosures
125
An entity shall disclose in the notes:
(a)
the amount of dividends proposed or declared before the financial statements were authorised for issue but not recognised as a distribution to equity holders during the period, and the related amount per share; and
(b)
the amount of any cumulative preference dividends not recognised.
126
An entity shall disclose the following, if not disclosed elsewhere in information published with the financial statements:
(a)
the domicile and legal form of the entity, its country of incorporation and the address of its registered office (or principal place of business, if different from the registered office);
(b)
a description of the nature of the entity's operations and its principal activities; and
(c)
the name of the parent and the ultimate parent of the group.
EFFECTIVE DATE
127
An entity shall apply this standard for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. If an entity applies this standard for a period beginning before 1 January 2005, it shall disclose that fact.
127A
An entity shall apply the amendment in paragraph 96 for annual periods beginning on or after 1 January 2006. If an entity applies the amendments to IAS 19 Employee benefits — 
actuarial gains and losses, group plans and disclosures
 for an earlier period, that amendment shall be applied for that earlier period.
127B
An entity shall apply the requirements of paragraphs 124A-124C for annual periods beginning on or after 1 January 2007. Earlier application is encouraged.
WITHDRAWAL OF IAS 1 (REVISED 1997)
128
This standard supersedes IAS 1 
Presentation of financial statements
 revised in 1997.
INTERNATIONAL ACCOUNTING STANDARD 2
Inventories
OBJECTIVE
1
The objective of this standard is to prescribe the accounting treatment for inventories. A primary issue in accounting for inventories is the amount of cost to be recognised as an asset and carried forward until the related revenues are recognised. This standard provides guidance on the determination of cost and its subsequent recognition as an expense, including any write-down to net realisable value. It also provides guidance on the cost formulas that are used to assign costs to inventories.
SCOPE
2
This standard applies to all inventories, except:
(a)
work in progress arising under construction contracts, including directly related service contracts (see IAS 11 
Construction contracts
);
(b)
financial instruments (see IAS 32 
Financial instruments: presentation
 and IAS 39 
Financial instruments: recognition and measurement);
 and
(c)
biological assets related to agricultural activity and agricultural produce at the point of harvest (see IAS 41 
Agriculture
).
3
This standard does not apply to the measurement of inventories held by:
(a)
producers of agricultural and forest products, agricultural produce after harvest, and minerals and mineral products, to the extent that they are measured at net realisable value in accordance with well-established practices in those industries. When such inventories are measured at net realisable value, changes in that value are recognised in profit or loss in the period of the change;
(b)
commodity broker-traders who measure their inventories at fair value less costs to sell. When such inventories are measured at fair value less costs to sell, changes in fair value less costs to sell are recognised in profit or loss in the period of the change.
4
The inventories referred to in paragraph 3(a) are measured at net realisable value at certain stages of production. This occurs, for example, when agricultural crops have been harvested or minerals have been extracted and sale is assured under a forward contract or a government guarantee, or when an active market exists and there is a negligible risk of failure to sell. These inventories are excluded from only the measurement requirements of this standard.
5
Broker-traders are those who buy or sell commodities for others or on their own account. The inventories referred to in paragraph 3(b) are principally acquired with the purpose of selling in the near future and generating a profit from fluctuations in price or broker-traders' margin. When these inventories are measured at fair value less costs to sell, they are excluded from only the measurement requirements of this standard.
DEFINITIONS
6
The following terms are used in this standard with the meanings specified:
Inventories
 are assets:
(a)
held for sale in the ordinary course of business;
(b)
in the process of production for such sale; or
(c)
in the form of materials or supplies to be consumed in the production process or in the rendering of services.
Net realisable value
 is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.
Fair value
 is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction.
7
Net realisable value refers to the net amount that an entity expects to realise from the sale of inventory in the ordinary course of business. Fair value reflects the amount for which the same inventory could be exchanged between knowledgeable and willing buyers and sellers in the marketplace. The former is an entity-specific value; the latter is not. Net realisable value for inventories may not equal fair value less costs to sell.
8
Inventories encompass goods purchased and held for resale, including, for example, merchandise purchased by a retailer and held for resale, or land and other property held for resale. Inventories also encompass finished goods produced, or work in progress being produced, by the entity and include materials and supplies awaiting use in the production process. In the case of a service provider, inventories include the costs of the service, as described in paragraph 19, for which the entity has not yet recognised the related revenue (see IAS 18 
Revenue
).
MEASUREMENT OF INVENTORIES
9
Inventories shall be measured at the lower of cost and net realisable value.
Cost of inventories
10
The cost of inventories shall comprise all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition.
Costs of purchase
11
The costs of purchase of inventories comprise the purchase price, import duties and other taxes (other than those subsequently recoverable by the entity from the taxing authorities), and transport, handling and other costs directly attributable to the acquisition of finished goods, materials and services. Trade discounts, rebates and other similar items are deducted in determining the costs of purchase.
Costs of conversion
12
The costs of conversion of inventories include costs directly related to the units of production, such as direct labour. They also include a systematic allocation of fixed and variable production overheads that are incurred in converting materials into finished goods. Fixed production overheads are those indirect costs of production that remain relatively constant regardless of the volume of production, such as depreciation and maintenance of factory buildings and equipment, and the cost of factory management and administration. Variable production overheads are those indirect costs of production that vary directly, or nearly directly, with the volume of production, such as indirect materials and indirect labour.
13
The allocation of fixed production overheads to the costs of conversion is based on the normal capacity of the production facilities. Normal capacity is the production expected to be achieved on average over a number of periods or seasons under normal circumstances, taking into account the loss of capacity resulting from planned maintenance. The actual level of production may be used if it approximates normal capacity. The amount of fixed overhead allocated to each unit of production is not increased as a consequence of low production or idle plant. Unallocated overheads are recognised as an expense in the period in which they are incurred. In periods of abnormally high production, the amount of fixed overhead allocated to each unit of production is decreased so that inventories are not measured above cost. Variable production overheads are allocated to each unit of production on the basis of the actual use of the production facilities.
14
A production process may result in more than one product being produced simultaneously. This is the case, for example, when joint products are produced or when there is a main product and a by-product. When the costs of conversion of each product are not separately identifiable, they are allocated between the products on a rational and consistent basis. The allocation may be based, for example, on the relative sales value of each product either at the stage in the production process when the products become separately identifiable, or at the completion of production. Most by-products, by their nature, are immaterial. When this is the case, they are often measured at net realisable value and this value is deducted from the cost of the main product. As a result, the carrying amount of the main product is not materially different from its cost.
Other costs
15
Other costs are included in the cost of inventories only to the extent that they are incurred in bringing the inventories to their present location and condition. For example, it may be appropriate to include non-production overheads or the costs of designing products for specific customers in the cost of inventories.
16
Examples of costs excluded from the cost of inventories and recognised as expenses in the period in which they are incurred are:
(a)
abnormal amounts of wasted materials, labour or other production costs;
(b)
storage costs, unless those costs are necessary in the production process before a further production stage;
(c)
administrative overheads that do not contribute to bringing inventories to their present location and condition; and
(d)
selling costs.
17
IAS 23 
Borrowing costs
 identifies limited circumstances where borrowing costs are included in the cost of inventories.
18
An entity may purchase inventories on deferred settlement terms. When the arrangement effectively contains a financing element, that element, for example a difference between the purchase price for normal credit terms and the amount paid, is recognised as interest expense over the period of the financing.
Cost of inventories of a service provider
19
To the extent that service providers have inventories, they measure them at the costs of their production. These costs consist primarily of the labour and other costs of personnel directly engaged in providing the service, including supervisory personnel, and attributable overheads. Labour and other costs relating to sales and general administrative personnel are not included but are recognised as expenses in the period in which they are incurred. The cost of inventories of a service provider does not include profit margins or non-attributable overheads that are often factored into prices charged by service providers.
Cost of agricultural produce harvested from biological assets
20
In accordance with IAS 41 
Agriculture
 inventories comprising agricultural produce that an entity has harvested from its biological assets are measured on initial recognition at their fair value less estimated point-of-sale costs at the point of harvest. This is the cost of the inventories at that date for application of this standard.
Techniques for the measurement of cost
21
Techniques for the measurement of the cost of inventories, such as the standard cost method or the retail method, may be used for convenience if the results approximate cost. Standard costs take into account normal levels of materials and supplies, labour, efficiency and capacity utilisation. They are regularly reviewed and, if necessary, revised in the light of current conditions.
22
The retail method is often used in the retail industry for measuring inventories of large numbers of rapidly changing items with similar margins for which it is impracticable to use other costing methods. The cost of the inventory is determined by reducing the sales value of the inventory by the appropriate percentage gross margin. The percentage used takes into consideration inventory that has been marked down to below its original selling price. An average percentage for each retail department is often used.
Cost formulas
23
The cost of inventories of items that are not ordinarily interchangeable and goods or services produced and segregated for specific projects shall be assigned by using specific identification of their individual costs.
24
Specific identification of cost means that specific costs are attributed to identified items of inventory. This is the appropriate treatment for items that are segregated for a specific project, regardless of whether they have been bought or produced. However, specific identification of costs is inappropriate when there are large numbers of items of inventory that are ordinarily interchangeable. In such circumstances, the method of selecting those items that remain in inventories could be used to obtain predetermined effects on profit or loss.
25
The cost of inventories, other than those dealt with in paragraph 23, shall be assigned by using the first-in, first-out (FIFO) or weighted average cost formula. An entity shall use the same cost formula for all inventories having a similar nature and use to the entity. For inventories with a different nature or use, different cost formulas may be justified.
26
For example, inventories used in one operating segment may have a use to the entity different from the same type of inventories used in another operating segment. However, a difference in geographical location of inventories (or in the respective tax rules), by itself, is not sufficient to justify the use of different cost formulas.
27
The FIFO formula assumes that the items of inventory that were purchased or produced first are sold first, and consequently the items remaining in inventory at the end of the period are those most recently purchased or produced. Under the weighted average cost formula, the cost of each item is determined from the weighted average of the cost of similar items at the beginning of a period and the cost of similar items purchased or produced during the period. The average may be calculated on a periodic basis, or as each additional shipment is received, depending upon the circumstances of the entity.
Net realisable value
28
The cost of inventories may not be recoverable if those inventories are damaged, if they have become wholly or partially obsolete, or if their selling prices have declined. The cost of inventories may also not be recoverable if the estimated costs of completion or the estimated costs to be incurred to make the sale have increased. The practice of writing inventories down below cost to net realisable value is consistent with the view that assets should not be carried in excess of amounts expected to be realised from their sale or use.
29
Inventories are usually written down to net realisable value item by item. In some circumstances, however, it may be appropriate to group similar or related items. This may be the case with items of inventory relating to the same product line that have similar purposes or end uses, are produced and marketed in the same geographical area, and cannot be practicably evaluated separately from other items in that product line. It is not appropriate to write inventories down on the basis of a classification of inventory, for example, finished goods, or all the inventories in a particular operating segment. Service providers generally accumulate costs in respect of each service for which a separate selling price is charged. Therefore, each such service is treated as a separate item.
30
Estimates of net realisable value are based on the most reliable evidence available at the time the estimates are made, of the amount the inventories are expected to realise. These estimates take into consideration fluctuations of price or cost directly relating to events occurring after the end of the period to the extent that such events confirm conditions existing at the end of the period.
31
Estimates of net realisable value also take into consideration the purpose for which the inventory is held. For example, the net realisable value of the quantity of inventory held to satisfy firm sales or service contracts is based on the contract price. If the sales contracts are for less than the inventory quantities held, the net realisable value of the excess is based on general selling prices. Provisions may arise from firm sales contracts in excess of inventory quantities held or from firm purchase contracts. Such provisions are dealt with under IAS 37 
Provisions, contingent liabilities and contingent assets
.
32
Materials and other supplies held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. However, when a decline in the price of materials indicates that the cost of the finished products exceeds net realisable value, the materials are written down to net realisable value. In such circumstances, the replacement cost of the materials may be the best available measure of their net realisable value.
33
A new assessment is made of net realisable value in each subsequent period. When the circumstances that previously caused inventories to be written down below cost no longer exist or when there is clear evidence of an increase in net realisable value because of changed economic circumstances, the amount of the write-down is reversed (i.e. the reversal is limited to the amount of the original write-down) so that the new carrying amount is the lower of the cost and the revised net realisable value. This occurs, for example, when an item of inventory that is carried at net realisable value, because its selling price has declined, is still on hand in a subsequent period and its selling price has increased.
RECOGNITION AS AN EXPENSE
34
When inventories are sold, the carrying amount of those inventories shall be recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of inventories to net realisable value and all losses of inventories shall be recognised as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories, arising from an increase in net realisable value, shall be recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.
35
Some inventories may be allocated to other asset accounts, for example, inventory used as a component of self-constructed property, plant or equipment. Inventories allocated to another asset in this way are recognised as an expense during the useful life of that asset.
DISCLOSURE
36
The financial statements shall disclose:
(a)
the accounting policies adopted in measuring inventories, including the cost formula used;
(b)
the total carrying amount of inventories and the carrying amount in classifications appropriate to the entity;
(c)
the carrying amount of inventories carried at fair value less costs to sell;
(d)
the amount of inventories recognised as an expense during the period;
(e)
the amount of any write-down of inventories recognised as an expense in the period in accordance with paragraph 34;
(f)
the amount of any reversal of any write-down that is recognised as a reduction in the amount of inventories recognised as expense in the period in accordance with paragraph 34;
(g)
the circumstances or events that led to the reversal of a write-down of inventories in accordance with paragraph 34; and
(h)
the carrying amount of inventories pledged as security for liabilities.
37
Information about the carrying amounts held in different classifications of inventories and the extent of the changes in these assets is useful to financial statement users. Common classifications of inventories are merchandise, production supplies, materials, work in progress and finished goods. The inventories of a service provider may be described as work in progress.
38
The amount of inventories recognised as an expense during the period, which is often referred to as cost of sales, consists of those costs previously included in the measurement of inventory that has now been sold and unallocated production overheads and abnormal amounts of production costs of inventories. The circumstances of the entity may also warrant the inclusion of other amounts, such as distribution costs.
39
Some entities adopt a format for profit or loss that results in amounts being disclosed other than the cost of inventories recognised as an expense during the period. Under this format, an entity presents an analysis of expenses using a classification based on the nature of expenses. In this case, the entity discloses the costs recognised as an expense for raw materials and consumables, labour costs and other costs together with the amount of the net change in inventories for the period.
EFFECTIVE DATE
40
An entity shall apply this standard for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. If an entity applies this standard for a period beginning before 1 January 2005, it shall disclose that fact.
WITHDRAWAL OF OTHER PRONOUNCEMENTS
41
This standard supersedes IAS 2 
Inventories
 (revised in 1993).
42
This standard supersedes SIC-1 
Consistency — different cost formulas for inventories
.
INTERNATIONAL ACCOUNTING STANDARD 7
Cash-flow statements
OBJECTIVE
Information about the cash flows of an entity is useful in providing users of financial statements with a basis to assess the ability of the entity to generate cash and cash equivalents and the needs of the entity to utilise those cash flows. The economic decisions that are taken by users require an evaluation of the ability of an entity to generate cash and cash equivalents and the timing and certainty of their generation.
The objective of this standard is to require the provision of information about the historical changes in cash and cash equivalents of an entity by means of a cash-flow statement which classifies cash flows during the period from operating, investing and financing activities.
SCOPE
1
An entity shall prepare a cash-flow statement in accordance with the requirements of this standard and shall present it as an integral part of its financial statements for each period for which financial statements are presented.
2
This standard supersedes IAS 7 
Statement of changes in financial position
, approved in July 1977.
3
Users of an entity's financial statements are interested in how the entity generates and uses cash and cash equivalents. This is the case regardless of the nature of the entity's activities and irrespective of whether cash can be viewed as the product of the entity, as may be the case with a financial institution. Entities need cash for essentially the same reasons however different their principal revenue-producing activities might be. They need cash to conduct their operations, to pay their obligations, and to provide returns to their investors. Accordingly, this standard requires all entities to present a cash-flow statement.
BENEFITS OF CASH FLOW INFORMATION
4
A cash-flow statement, when used in conjunction with the rest of the financial statements, provides information that enables users to evaluate the changes in net assets of an entity, its financial structure (including its liquidity and solvency) and its ability to affect the amounts and timing of cash flows in order to adapt to changing circumstances and opportunities. Cash flow information is useful in assessing the ability of the entity to generate cash and cash equivalents and enables users to develop models to assess and compare the present value of the future cash flows of different entities. It also enhances the comparability of the reporting of operating performance by different entities because it eliminates the effects of using different accounting treatments for the same transactions and events.
5
Historical cash flow information is often used as an indicator of the amount, timing and certainty of future cash flows. It is also useful in checking the accuracy of past assessments of future cash flows and in examining the relationship between profitability and net cash flow and the impact of changing prices.
DEFINITIONS
6
The following terms are used in this standard with the meanings specified:
Cash
 comprises cash on hand and demand deposits.
Cash equivalents
 are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
Cash flows
 are inflows and outflows of cash and cash equivalents.
Operating activities
 are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities.
Investing activities
 are the acquisition and disposal of long-term assets and other investments not included in cash equivalents.
Financing activities
 are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity.
Cash and cash equivalents
7
Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. For an investment to qualify as a cash equivalent it must be readily convertible to a known amount of cash and be subject to an insignificant risk of changes in value. Therefore, an investment normally qualifies as a cash equivalent only when it has a short maturity of, say, three months or less from the date of acquisition. Equity investments are excluded from cash equivalents unless they are, in substance, cash equivalents, for example in the case of preferred shares acquired within a short period of their maturity and with a specified redemption date.
8
Bank borrowings are generally considered to be financing activities. However, in some countries, bank overdrafts which are repayable on demand form an integral part of an entity's cash management. In these circumstances, bank overdrafts are included as a component of cash and cash equivalents. A characteristic of such banking arrangements is that the bank balance often fluctuates from being positive to overdrawn.
9
Cash flows exclude movements between items that constitute cash or cash equivalents because these components are part of the cash management of an entity rather than part of its operating, investing and financing activities. Cash management includes the investment of excess cash in cash equivalents.
PRESENTATION OF A CASH-FLOW STATEMENT
10
The cash-flow statement shall report cash flows during the period classified by operating, investing and financing activities.
11
An entity presents its cash flows from operating, investing and financing activities in a manner which is most appropriate to its business. Classification by activity provides information that allows users to assess the impact of those activities on the financial position of the entity and the amount of its cash and cash equivalents. This information may also be used to evaluate the relationships among those activities.
12
A single transaction may include cash flows that are classified differently. For example, when the cash repayment of a loan includes both interest and capital, the interest element may be classified as an operating activity and the capital element is classified as a financing activity.
Operating activities
13
The amount of cash flows arising from operating activities is a key indicator of the extent to which the operations of the entity have generated sufficient cash flows to repay loans, maintain the operating capability of the entity, pay dividends and make new investments without recourse to external sources of financing. Information about the specific components of historical operating cash flows is useful, in conjunction with other information, in forecasting future operating cash flows.
14
Cash flows from operating activities are primarily derived from the principal revenue-producing activities of the entity. Therefore, they generally result from the transactions and other events that enter into the determination of profit or loss. Examples of cash flows from operating activities are:
(a)
cash receipts from the sale of goods and the rendering of services;
(b)
cash receipts from royalties, fees, commissions and other revenue;
(c)
cash payments to suppliers for goods and services;
(d)
cash payments to and on behalf of employees;
(e)
cash receipts and cash payments of an insurance entity for premiums and claims, annuities and other policy benefits;
(f)
cash payments or refunds of income taxes unless they can be specifically identified with financing and investing activities; and
(g)
cash receipts and payments from contracts held for dealing or trading purposes.
Some transactions, such as the sale of an item of plant, may give rise to a gain or loss which is included in the determination of profit or loss. However, the cash flows relating to such transactions are cash flows from investing activities.
15
An entity may hold securities and loans for dealing or trading purposes, in which case they are similar to inventory acquired specifically for resale. Therefore, cash flows arising from the purchase and sale of dealing or trading securities are classified as operating activities. Similarly, cash advances and loans made by financial institutions are usually classified as operating activities since they relate to the main revenue-producing activity of that entity.
Investing activities
16
The separate disclosure of cash flows arising from investing activities is important because the cash flows represent the extent to which expenditures have been made for resources intended to generate future income and cash flows. Examples of cash flows arising from investing activities are:
(a)
cash payments to acquire property, plant and equipment, intangibles and other long-term assets. These payments include those relating to capitalised development costs and self-constructed property, plant and equipment;
(b)
cash receipts from sales of property, plant and equipment, intangibles and other long-term assets;
(c)
cash payments to acquire equity or debt instruments of other entities and interests in joint ventures (other than payments for those instruments considered to be cash equivalents or those held for dealing or trading purposes);
(d)
cash receipts from sales of equity or debt instruments of other entities and interests in joint ventures (other than receipts for those instruments considered to be cash equivalents and those held for dealing or trading purposes);
(e)
cash advances and loans made to other parties (other than advances and loans made by a financial institution);
(f)
cash receipts from the repayment of advances and loans made to other parties (other than advances and loans of a financial institution);
(g)
cash payments for futures contracts, forward contracts, option contracts and swap contracts except when the contracts are held for dealing or trading purposes, or the payments are classified as financing activities; and
(h)
cash receipts from futures contracts, forward contracts, option contracts and swap contracts except when the contracts are held for dealing or trading purposes, or the receipts are classified as financing activities.
When a contract is accounted for as a hedge of an identifiable position, the cash flows of the contract are classified in the same manner as the cash flows of the position being hedged.
Financing activities
17
The separate disclosure of cash flows arising from financing activities is important because it is useful in predicting claims on future cash flows by providers of capital to the entity. Examples of cash flows arising from financing activities are:
(a)
cash proceeds from issuing shares or other equity instruments;
(b)
cash payments to owners to acquire or redeem the entity's shares;
(c)
cash proceeds from issuing debentures, loans, notes, bonds, mortgages and other short or long-term borrowings;
(d)
cash repayments of amounts borrowed; and
(e)
cash payments by a lessee for the reduction of the outstanding liability relating to a finance lease.
REPORTING CASH FLOWS FROM OPERATING ACTIVITIES
18
An entity shall report cash flows from operating activities using either:
(a)
the direct method, whereby major classes of gross cash receipts and gross cash payments are disclosed; or
(b)
the indirect method, whereby profit or loss is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments, and items of income or expense associated with investing or financing cash flows.
19
Entities are encouraged to report cash flows from operating activities using the direct method. The direct method provides information which may be useful in estimating future cash flows and which is not available under the indirect method. Under the direct method, information about major classes of gross cash receipts and gross cash payments may be obtained either:
(a)
from the accounting records of the entity; or
(b)
by adjusting sales, cost of sales (interest and similar income and interest expense and similar charges for a financial institution) and other items in the income statement for:
(i)
changes during the period in inventories and operating receivables and payables;
(ii)
other non-cash items; and
(iii)
other items for which the cash effects are investing or financing cash flows.
20
Under the indirect method, the net cash flow from operating activities is determined by adjusting profit or loss for the effects of:
(a)
changes during the period in inventories and operating receivables and payables;
(b)
non-cash items such as depreciation, provisions, deferred taxes, unrealised foreign currency gains and losses, undistributed profits of associates, and minority interests; and
(c)
all other items for which the cash effects are investing or financing cash flows.
Alternatively, the net cash flow from operating activities may be presented under the indirect method by showing the revenues and expenses disclosed in the income statement and the changes during the period in inventories and operating receivables and payables.
REPORTING CASH FLOWS FROM INVESTING AND FINANCING ACTIVITIES
21
An entity shall report separately major classes of gross cash receipts and gross cash payments arising from investing and financing activities, except to the extent that cash flows described in paragraphs 22 and 24 are reported on a net basis.
REPORTING CASH FLOWS ON A NET BASIS
22
Cash flows arising from the following operating, investing or financing activities may be reported on a net basis:
(a)
cash receipts and payments on behalf of customers when the cash flows reflect the activities of the customer rather than those of the entity; and
(b)
cash receipts and payments for items in which the turnover is quick, the amounts are large, and the maturities are short.
23
Examples of cash receipts and payments referred to in paragraph 22(a) are:
(a)
the acceptance and repayment of demand deposits of a bank;
(b)
funds held for customers by an investment entity; and
(c)
rents collected on behalf of, and paid over to, the owners of properties.
Examples of cash receipts and payments referred to in paragraph 22(b) are advances made for, and the repayment of:
(a)
principal amounts relating to credit card customers;
(b)
the purchase and sale of investments; and
(c)
other short-term borrowings, for example, those which have a maturity period of three months or less.
24
Cash flows arising from each of the following activities of a financial institution may be reported on a net basis:
(a)
cash receipts and payments for the acceptance and repayment of deposits with a fixed maturity date;
(b)
the placement of deposits with and withdrawal of deposits from other financial institutions; and
(c)
cash advances and loans made to customers and the repayment of those advances and loans.
FOREIGN CURRENCY CASH FLOWS
25
Cash flows arising from transactions in a foreign currency shall be recorded in an entity's functional currency by applying to the foreign currency amount the exchange rate between the functional currency and the foreign currency at the date of the cash flow.
26
The cash flows of a foreign subsidiary shall be translated at the exchange rates between the functional currency and the foreign currency at the dates of the cash flows.
27
Cash flows denominated in a foreign currency are reported in a manner consistent with IAS 21 
The effects of changes in foreign exchange rates
. This permits the use of an exchange rate that approximates the actual rate. For example, a weighted average exchange rate for a period may be used for recording foreign currency transactions or the translation of the cash flows of a foreign subsidiary. However, IAS 21 does not permit use of the exchange rate at the balance sheet date when translating the cash flows of a foreign subsidiary.
28
Unrealised gains and losses arising from changes in foreign currency exchange rates are not cash flows. However, the effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency is reported in the cash-flow statement in order to reconcile cash and cash equivalents at the beginning and the end of the period. This amount is presented separately from cash flows from operating, investing and financing activities and includes the differences, if any, had those cash flows been reported at end of period exchange rates.
29
[Deleted]
30
[Deleted]
INTEREST AND DIVIDENDS
31
Cash flows from interest and dividends received and paid shall each be disclosed separately. Each shall be classified in a consistent manner from period to period as either operating, investing or financing activities.
32
The total amount of interest paid during a period is disclosed in the cash-flow statement whether it has been recognised as an expense in the income statement or capitalised in accordance with the allowed alternative treatment in IAS 23 
Borrowing costs
.
33
Interest paid and interest and dividends received are usually classified as operating cash flows for a financial institution. However, there is no consensus on the classification of these cash flows for other entities. Interest paid and interest and dividends received may be classified as operating cash flows because they enter into the determination of profit or loss. Alternatively, interest paid and interest and dividends received may be classified as financing cash flows and investing cash flows respectively, because they are costs of obtaining financial resources or returns on investments.
34
Dividends paid may be classified as a financing cash flow because they are a cost of obtaining financial resources. Alternatively, dividends paid may be classified as a component of cash flows from operating activities in order to assist users to determine the ability of an entity to pay dividends out of operating cash flows.
TAXES ON INCOME
35
Cash flows arising from taxes on income shall be separately disclosed and shall be classified as cash flows from operating activities unless they can be specifically identified with financing and investing activities.
36
Taxes on income arise on transactions that give rise to cash flows that are classified as operating, investing or financing activities in a cash-flow statement. While tax expense may be readily identifiable with investing or financing activities, the related tax cash flows are often impracticable to identify and may arise in a different period from the cash flows of the underlying transaction. Therefore, taxes paid are usually classified as cash flows from operating activities. However, when it is practicable to identify the tax cash flow with an individual transaction that gives rise to cash flows that are classified as investing or financing activities the tax cash flow is classified as an investing or financing activity as appropriate. When tax cash flows are allocated over more than one class of activity, the total amount of taxes paid is disclosed.
INVESTMENTS IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES
37
When accounting for an investment in an associate or a subsidiary accounted for by use of the equity or cost method, an investor restricts its reporting in the cash-flow statement to the cash flows between itself and the investee, for example, to dividends and advances.
38
An entity which reports its interest in a jointly controlled entity (see IAS 31 
Interests in joint ventures
) using proportionate consolidation, includes in its consolidated cash-flow statement its proportionate share of the jointly controlled entity's cash flows. An entity which reports such an interest using the equity method includes in its cash-flow statement the cash flows in respect of its investments in the jointly controlled entity, and distributions and other payments or receipts between it and the jointly controlled entity.
ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES AND OTHER BUSINESS UNITS
39
The aggregate cash flows arising from acquisitions and from disposals of subsidiaries or other business units shall be presented separately and classified as investing activities.
40
An entity shall disclose, in aggregate, in respect of both acquisitions and disposals of subsidiaries or other business units during the period each of the following:
(a)
the total purchase or disposal consideration;
(b)
the portion of the purchase or disposal consideration discharged by means of cash and cash equivalents;
(c)
the amount of cash and cash equivalents in the subsidiary or business unit acquired or disposed of; and
(d)
the amount of the assets and liabilities other than cash or cash equivalents in the subsidiary or business unit acquired or disposed of, summarised by each major category.
41
The separate presentation of the cash flow effects of acquisitions and disposals of subsidiaries and other business units as single line items, together with the separate disclosure of the amounts of assets and liabilities acquired or disposed of, helps to distinguish those cash flows from the cash flows arising from the other operating, investing and financing activities. The cash flow effects of disposals are not deducted from those of acquisitions.
42
The aggregate amount of the cash paid or received as purchase or sale consideration is reported in the cash-flow statement net of cash and cash equivalents acquired or disposed of.
NON-CASH TRANSACTIONS
43
Investing and financing transactions that do not require the use of cash or cash equivalents shall be excluded from a cash-flow statement. Such transactions shall be disclosed elsewhere in the financial statements in a way that provides all the relevant information about these investing and financing activities.
44
Many investing and financing activities do not have a direct impact on current cash flows although they do affect the capital and asset structure of an entity. The exclusion of non-cash transactions from the cash-flow statement is consistent with the objective of a cash-flow statement as these items do not involve cash flows in the current period. Examples of non-cash transactions are:
(a)
the acquisition of assets either by assuming directly related liabilities or by means of a finance lease;
(b)
the acquisition of an entity by means of an equity issue; and
(c)
the conversion of debt to equity.
COMPONENTS OF CASH AND CASH EQUIVALENTS
45
An entity shall disclose the components of cash and cash equivalents and shall present a reconciliation of the amounts in its cash-flow statement with the equivalent items reported in the balance sheet.
46
In view of the variety of cash management practices and banking arrangements around the world and in order to comply with IAS 1 
Presentation of financial statements
, an entity discloses the policy which it adopts in determining the composition of cash and cash equivalents.
47
The effect of any change in the policy for determining components of cash and cash equivalents, for example, a change in the classification of financial instruments previously considered to be part of an entity's investment portfolio, is reported in accordance with IAS 8 
Accounting policies, changes in accounting estimates and errors
.
OTHER DISCLOSURES
48
An entity shall disclose, together with a commentary by management, the amount of significant cash and cash equivalent balances held by the entity that are not available for use by the group.
49
There are various circumstances in which cash and cash equivalent balances held by an entity are not available for use by the group. Examples include cash and cash equivalent balances held by a subsidiary that operates in a country where exchange controls or other legal restrictions apply when the balances are not available for general use by the parent or other subsidiaries.
50
Additional information may be relevant to users in understanding the financial position and liquidity of an entity. Disclosure of this information, together with a commentary by management, is encouraged and may include:
(a)
the amount of undrawn borrowing facilities that may be available for future operating activities and to settle capital commitments, indicating any restrictions on the use of these facilities;
(b)
the aggregate amounts of the cash flows from each of operating, investing and financing activities related to interests in joint ventures reported using proportionate consolidation;
(c)
the aggregate amount of cash flows that represent increases in operating capacity separately from those cash flows that are required to maintain operating capacity; and
(d)
the amount of the cash flows arising from the operating, investing and financing activities of each reportable segment (see IFRS 8 
Operating segments
).
51
The separate disclosure of cash flows that represent increases in operating capacity and cash flows that are required to maintain operating capacity is useful in enabling the user to determine whether the entity is investing adequately in the maintenance of its operating capacity. An entity that does not invest adequately in the maintenance of its operating capacity may be prejudicing future profitability for the sake of current liquidity and distributions to owners.
52
The disclosure of segmental cash flows enables users to obtain a better understanding of the relationship between the cash flows of the business as a whole and those of its component parts and the availability and variability of segmental cash flows.
EFFECTIVE DATE
53
This standard becomes operative for financial statements covering periods beginning on or after 1 January 1994.
INTERNATIONAL ACCOUNTING STANDARD 8
Accounting policies, changes in accounting estimates and errors
OBJECTIVE
1
The objective of this standard is to prescribe the criteria for selecting and changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and corrections of errors. The standard is intended to enhance the relevance and reliability of an entity's financial statements, and the comparability of those financial statements over time and with the financial statements of other entities.
2
Disclosure requirements for accounting policies, except those for changes in accounting policies, are set out in IAS 1 
Presentation of financial statements
.
SCOPE
3
This standard shall be applied in selecting and applying accounting policies, and accounting for changes in accounting policies, changes in accounting estimates and corrections of prior period errors.
4
The tax effects of corrections of prior period errors and of retrospective adjustments made to apply changes in accounting policies are accounted for and disclosed in accordance with IAS 12 
Income taxes
.
DEFINITIONS
5
The following terms are used in this standard with the meanings specified:
Accounting policies
 are the specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial statements.
A 
change in accounting estimate
 is an adjustment of the carrying amount of an asset or a liability, or the amount of the periodic consumption of an asset, that results from the assessment of the present status of, and expected future benefits and obligations associated with, assets and liabilities. Changes in accounting estimates result from new information or new developments and, accordingly, are not corrections of errors.
International financial reporting standards (IFRSs)
 are standards and interpretations adopted by the International Accounting Standards Board (IASB). They comprise:
(a)
international financial reporting standards;
(b)
international accounting standards; and
(c)
interpretations originated by the International Financial Reporting Interpretations Committee (IFRIC) or the former Standing Interpretations Committee (SIC).
Material
 Omissions or misstatements of items are material if they could, individually or collectively, influence the economic decisions of users taken on the basis of the financial statements. Materiality depends on the size and nature of the omission or misstatement judged in the surrounding circumstances. The size or nature of the item, or a combination of both, could be the determining factor.
Prior period errors
 are omissions from, and misstatements in, the entity's financial statements for one or more prior periods arising from a failure to use, or misuse of, reliable information that:
(a)
was available when financial statements for those periods were authorised for issue; and
(b)
could reasonably be expected to have been obtained and taken into account in the preparation and presentation of those financial statements.
Such errors include the effects of mathematical mistakes, mistakes in applying accounting policies, oversights or misinterpretations of facts, and fraud.
Retrospective application
 is applying a new accounting policy to transactions, other events and conditions as if that policy had always been applied.
Retrospective restatement
 is correcting the recognition, measurement and disclosure of amounts of elements of financial statements as if a prior period error had never occurred.
Impracticable
 Applying a requirement is impracticable when the entity cannot apply it after making every reasonable effort to do so. For a particular prior period, it is impracticable to apply a change in an accounting policy retrospectively or to make a retrospective restatement to correct an error if:
(a)
the effects of the retrospective application or retrospective restatement are not determinable;
(b)
the retrospective application or retrospective restatement requires assumptions about what management's intent would have been in that period; or
(c)
the retrospective application or retrospective restatement requires significant estimates of amounts and it is impossible to distinguish objectively information about those estimates that:
(i)
provides evidence of circumstances that existed on the date(s) as at which those amounts are to be recognised, measured or disclosed; and
(ii)
would have been available when the financial statements for that prior period were authorised for issue;
from other information.
Prospective application
 of a change in accounting policy and of recognising the effect of a change in an accounting estimate, respectively, are:
(a)
applying the new accounting policy to transactions, other events and conditions occurring after the date as at which the policy is changed; and
(b)
recognising the effect of the change in the accounting estimate in the current and future periods affected by the change.
6
Assessing whether an omission or misstatement could influence economic decisions of users, and so be material, requires consideration of the characteristics of those users. The 
Framework for the Preparation and Presentation of Financial Statements
 states in paragraph 25 that ‘users are assumed to have a reasonable knowledge of business and economic activities and accounting and a willingness to study the information with reasonable diligence.’ Therefore, the assessment needs to take into account how users with such attributes could reasonably be expected to be influenced in making economic decisions.
ACCOUNTING POLICIES
Selection and application of accounting policies
7
When a standard or an interpretation specifically applies to a transaction, other event or condition, the accounting policy or policies applied to that item shall be determined by applying the standard or interpretation and considering any relevant Implementation Guidance issued by the IASB for the standard or interpretation.
8
IFRSs set out accounting policies that the IASB has concluded result in financial statements containing relevant and reliable information about the transactions, other events and conditions to which they apply. Those policies need not be applied when the effect of applying them is immaterial. However, it is inappropriate to make, or leave uncorrected, immaterial departures from IFRSs to achieve a particular presentation of an entity's financial position, financial performance or cash flows.
9
Implementation Guidance for Standards issued by the IASB does not form part of those standards, and therefore does not contain requirements for financial statements.
10
In the absence of a standard or an interpretation that specifically applies to a transaction, other event or condition, management shall use its judgement in developing and applying an accounting policy that results in information that is:
(a)
relevant to the economic decision-making needs of users; and
(b)
reliable, in that the financial statements:
(i)
represent faithfully the financial position, financial performance and cash flows of the entity;
(ii)
reflect the economic substance of transactions, other events and conditions, and not merely the legal form;
(iii)
are neutral, i.e. free from bias;
(iv)
are prudent; and
(v)
are complete in all material respects.
11
In making the judgement described in paragraph 10, management shall refer to, and consider the applicability of, the following sources in descending order:
(a)
the requirements and guidance in standards and interpretations dealing with similar and related issues; and
(b)
the definitions, recognition criteria and measurement concepts for assets, liabilities, income and expenses in the 
Framework
.
12
In making the judgement described in paragraph 10, management may also consider the most recent pronouncements of other standard-setting bodies that use a similar conceptual framework to develop accounting standards, other accounting literature and accepted industry practices, to the extent that these do not conflict with the sources in paragraph 11.
Consistency of accounting policies
13
An entity shall select and apply its accounting policies consistently for similar transactions, other events and conditions, unless a standard or an interpretation specifically requires or permits categorisation of items for which different policies may be appropriate. If a standard or an interpretation requires or permits such categorisation, an appropriate accounting policy shall be selected and applied consistently to each category.
Changes in accounting policies
14
An entity shall change an accounting policy only if the change:
(a)
is required by a standard or an interpretation; or
(b)
results in the financial statements providing reliable and more relevant information about the effects of transactions, other events or conditions on the entity's financial position, financial performance or cash flows.
15
Users of financial statements need to be able to compare the financial statements of an entity over time to identify trends in its financial position, financial performance and cash flows. Therefore, the same accounting policies are applied within each period and from one period to the next unless a change in accounting policy meets one of the criteria in paragraph 14.
16
The following are not changes in accounting policies:
(a)
the application of an accounting policy for transactions, other events or conditions that differ in substance from those previously occurring; and
(b)
the application of a new accounting policy for transactions, other events or conditions that did not occur previously or were immaterial.
17
The initial application of a policy to revalue assets in accordance with IAS 16 
Property, plant and equipment
 or IAS 38 
Intangible assets
 is a change in an accounting policy to be dealt with as a revaluation in accordance with IAS 16 or IAS 38, rather than in accordance with this standard.
18
Paragraphs 19-31 do not apply to the change in accounting policy described in paragraph 17.
Applying changes in accounting policies
19
Subject to paragraph 23:
(a)
an entity shall account for a change in accounting policy resulting from the initial application of a standard or an interpretation in accordance with the specific transitional provisions, if any, in that standard or interpretation; and
(b)
when an entity changes an accounting policy upon initial application of a standard or an interpretation that does not include specific transitional provisions applying to that change, or changes an accounting policy voluntarily, it shall apply the change retrospectively.
20
For the purpose of this standard, early application of a standard or an interpretation is not a voluntary change in accounting policy.
21
In the absence of a standard or an interpretation that specifically applies to a transaction, other event or condition, management may, in accordance with paragraph 12, apply an accounting policy from the most recent pronouncements of other standard-setting bodies that use a similar conceptual framework to develop accounting standards. If, following an amendment of such a pronouncement, the entity chooses to change an accounting policy, that change is accounted for and disclosed as a voluntary change in accounting policy.
Retrospective application
22
Subject to paragraph 23, when a change in accounting policy is applied retrospectively in accordance with paragraph 19(a) or (b), the entity shall adjust the opening balance of each affected component of equity for the earliest prior period presented and the other comparative amounts disclosed for each prior period presented as if the new accounting policy had always been applied.
Limitations on retrospective application
23
When retrospective application is required by paragraph 19(a) or (b), a change in accounting policy shall be applied retrospectively except to the extent that it is impracticable to determine either the period-specific effects or the cumulative effect of the change.
24
When it is impracticable to determine the period-specific effects of changing an accounting policy on comparative information for one or more prior periods presented, the entity shall apply the new accounting policy to the carrying amounts of assets and liabilities as at the beginning of the earliest period for which retrospective application is practicable, which may be the current period, and shall make a corresponding adjustment to the opening balance of each affected component of equity for that period.
25
When it is impracticable to determine the cumulative effect, at the beginning of the current period, of applying a new accounting policy to all prior periods, the entity shall adjust the comparative information to apply the new accounting policy prospectively from the earliest date practicable.
26
When an entity applies a new accounting policy retrospectively, it applies the new accounting policy to comparative information for prior periods as far back as is practicable. Retrospective application to a prior period is not practicable unless it is practicable to determine the cumulative effect on the amounts in both the opening and closing balance sheets for that period. The amount of the resulting adjustment relating to periods before those presented in the financial statements is made to the opening balance of each affected component of equity of the earliest prior period presented. Usually the adjustment is made to retained earnings. However, the adjustment may be made to another component of equity (for example, to comply with a standard or an interpretation). Any other information about prior periods, such as historical summaries of financial data, is also adjusted as far back as is practicable.
27
When it is impracticable for an entity to apply a new accounting policy retrospectively, because it cannot determine the cumulative effect of applying the policy to all prior periods, the entity, in accordance with paragraph 25, applies the new policy prospectively from the start of the earliest period practicable. It therefore disregards the portion of the cumulative adjustment to assets, liabilities and equity arising before that date. Changing an accounting policy is permitted even if it is impracticable to apply the policy prospectively for any prior period. Paragraphs 50-53 provide guidance on when it is impracticable to apply a new accounting policy to one or more prior periods.
Disclosure
28
When initial application of a standard or an interpretation has an effect on the current period or any prior period, would have such an effect except that it is impracticable to determine the amount of the adjustment, or might have an effect on future periods, an entity shall disclose:
(a)
the title of the standard or interpretation;
(b)
when applicable, that the change in accounting policy is made in accordance with its transitional provisions;
(c)
the nature of the change in accounting policy;
(d)
when applicable, a description of the transitional provisions;
(e)
when applicable, the transitional provisions that might have an effect on future periods;
(f)
for the current period and each prior period presented, to the extent practicable, the amount of the adjustment:
(i)
for each financial statement line item affected; and
(ii)
if IAS 33 
Earnings per share
 applies to the entity, for basic and diluted earnings per share;
(g)
the amount of the adjustment relating to periods before those presented, to the extent practicable; and
(h)
if retrospective application required by paragraph 19(a) or (b) is impracticable for a particular prior period, or for periods before those presented, the circumstances that led to the existence of that condition and a description of how and from when the change in accounting policy has been applied.
Financial statements of subsequent periods need not repeat these disclosures.
29
When a voluntary change in accounting policy has an effect on the current period or any prior period, would have an effect on that period except that it is impracticable to determine the amount of the adjustment, or might have an effect on future periods, an entity shall disclose:
(a)
the nature of the change in accounting policy;
(b)
the reasons why applying the new accounting policy provides reliable and more relevant information;
(c)
for the current period and each prior period presented, to the extent practicable, the amount of the adjustment:
(i)
for each financial statement line item affected; and
(ii)
if IAS 33 applies to the entity, for basic and diluted earnings per share;
(d)
the amount of the adjustment relating to periods before those presented, to the extent practicable; and
(e)
if retrospective application is impracticable for a particular prior period, or for periods before those presented, the circumstances that led to the existence of that condition and a description of how and from when the change in accounting policy has been applied.
Financial statements of subsequent periods need not repeat these disclosures.
30
When an entity has not applied a new standard or interpretation that has been issued but is not yet effective, the entity shall disclose:
(a)
this fact; and
(b)
known or reasonably estimable information relevant to assessing the possible impact that application of the new standard or interpretation will have on the entity's financial statements in the period of initial application.
31
In complying with paragraph 30, an entity considers disclosing:
(a)
the title of the new standard or interpretation;
(b)
the nature of the impending change or changes in accounting policy;
(c)
the date by which application of the standard or interpretation is required;
(d)
the date as at which it plans to apply the standard or interpretation initially; and
(e)
either:
(i)
a discussion of the impact that initial application of the standard or interpretation is expected to have on the entity's financial statements; or
(ii)
if that impact is not known or reasonably estimable, a statement to that effect.
CHANGES IN ACCOUNTING ESTIMATES
32
As a result of the uncertainties inherent in business activities, many items in financial statements cannot be measured with precision but can only be estimated. Estimation involves judgements based on the latest available, reliable information. For example, estimates may be required of:
(a)
bad debts;
(b)
inventory obsolescence;
(c)
the fair value of financial assets or financial liabilities;
(d)
the useful lives of, or expected pattern of consumption of the future economic benefits embodied in, depreciable assets; and
(e)
warranty obligations.
33
The use of reasonable estimates is an essential part of the preparation of financial statements and does not undermine their reliability.
34
An estimate may need revision if changes occur in the circumstances on which the estimate was based or as a result of new information or more experience. By its nature, the revision of an estimate does not relate to prior periods and is not the correction of an error.
35
A change in the measurement basis applied is a change in an accounting policy, and is not a change in an accounting estimate. When it is difficult to distinguish a change in an accounting policy from a change in an accounting estimate, the change is treated as a change in an accounting estimate.
36
The effect of a change in an accounting estimate, other than a change to which paragraph 37 applies, shall be recognised prospectively by including it in profit or loss in:
(a)
the period of the change, if the change affects that period only; or
(b)
the period of the change and future periods, if the change affects both.
37
To the extent that a change in an accounting estimate gives rise to changes in assets and liabilities, or relates to an item of equity, it shall be recognised by adjusting the carrying amount of the related asset, liability or equity item in the period of the change.
38
Prospective recognition of the effect of a change in an accounting estimate means that the change is applied to transactions, other events and conditions from the date of the change in estimate. A change in an accounting estimate may affect only the current period's profit or loss, or the profit or loss of both the current period and future periods. For example, a change in the estimate of the amount of bad debts affects only the current period's profit or loss and therefore is recognised in the current period. However, a change in the estimated useful life of, or the expected pattern of consumption of the future economic benefits embodied in, a depreciable asset affects depreciation expense for the current period and for each future period during the asset's remaining useful life. In both cases, the effect of the change relating to the current period is recognised as income or expense in the current period. The effect, if any, on future periods is recognised as income or expense in those future periods.
Disclosure
39
An entity shall disclose the nature and amount of a change in an accounting estimate that has an effect in the current period or is expected to have an effect in future periods, except for the disclosure of the effect on future periods when it is impracticable to estimate that effect.
40
If the amount of the effect in future periods is not disclosed because estimating it is impracticable, an entity shall disclose that fact.
ERRORS
41
Errors can arise in respect of the recognition, measurement, presentation or disclosure of elements of financial statements. Financial statements do not comply with IFRSs if they contain either material errors or immaterial errors made intentionally to achieve a particular presentation of an entity's financial position, financial performance or cash flows. Potential current period errors discovered in that period are corrected before the financial statements are authorised for issue. However, material errors are sometimes not discovered until a subsequent period, and these prior period errors are corrected in the comparative information presented in the financial statements for that subsequent period (see paragraphs 42-47).
42
Subject to paragraph 43, an entity shall correct material prior period errors retrospectively in the first set of financial statements authorised for issue after their discovery by:
(a)
restating the comparative amounts for the prior period(s) presented in which the error occurred; or
(b)
if the error occurred before the earliest prior period presented, restating the opening balances of assets, liabilities and equity for the earliest prior period presented.
Limitations on retrospective restatement
43
A prior period error shall be corrected by retrospective restatement except to the extent that it is impracticable to determine either the period-specific effects or the cumulative effect of the error.
44
When it is impracticable to determine the period-specific effects of an error on comparative information for one or more prior periods presented, the entity shall restate the opening balances of assets, liabilities and equity for the earliest period for which retrospective restatement is practicable (which may be the current period).
45
When it is impracticable to determine the cumulative effect, at the beginning of the current period, of an error on all prior periods, the entity shall restate the comparative information to correct the error prospectively from the earliest date practicable.
46
The correction of a prior period error is excluded from profit or loss for the period in which the error is discovered. Any information presented about prior periods, including any historical summaries of financial data, is restated as far back as is practicable.
47
When it is impracticable to determine the amount of an error (e.g. a mistake in applying an accounting policy) for all prior periods, the entity, in accordance with paragraph 45, restates the comparative information prospectively from the earliest date practicable. It therefore disregards the portion of the cumulative restatement of assets, liabilities and equity arising before that date. Paragraphs 50-53 provide guidance on when it is impracticable to correct an error for one or more prior periods.
48
Corrections of errors are distinguished from changes in accounting estimates. Accounting estimates by their nature are approximations that may need revision as additional information becomes known. For example, the gain or loss recognised on the outcome of a contingency is not the correction of an error.
Disclosure of prior period errors
49
In applying paragraph 42, an entity shall disclose the following:
(a)
the nature of the prior period error;
(b)
for each prior period presented, to the extent practicable, the amount of the correction:
(i)
for each financial statement line item affected; and
(ii)
if IAS 33 applies to the entity, for basic and diluted earnings per share;
(c)
the amount of the correction at the beginning of the earliest prior period presented; and
(d)
if retrospective restatement is impracticable for a particular prior period, the circumstances that led to the existence of that condition and a description of how and from when the error has been corrected.
Financial statements of subsequent periods need not repeat these disclosures.
IMPRACTICABILITY IN RESPECT OF RETROSPECTIVE APPLICATION AND RETROSPECTIVE RESTATEMENT
50
In some circumstances, it is impracticable to adjust comparative information for one or more prior periods to achieve comparability with the current period. For example, data may not have been collected in the prior period(s) in a way that allows either retrospective application of a new accounting policy (including, for the purpose of paragraphs 51-53, its prospective application to prior periods) or retrospective restatement to correct a prior period error, and it may be impracticable to recreate the information.
51
It is frequently necessary to make estimates in applying an accounting policy to elements of financial statements recognised or disclosed in respect of transactions, other events or conditions. Estimation is inherently subjective, and estimates may be developed after the balance sheet date. Developing estimates is potentially more difficult when retrospectively applying an accounting policy or making a retrospective restatement to correct a prior period error, because of the longer period of time that might have passed since the affected transaction, other event or condition occurred. However, the objective of estimates related to prior periods remains the same as for estimates made in the current period, namely, for the estimate to reflect the circumstances that existed when the transaction, other event or condition occurred.
52
Therefore, retrospectively applying a new accounting policy or correcting a prior period error requires distinguishing information that:
(a)
provides evidence of circumstances that existed on the date(s) as at which the transaction, other event or condition occurred; and
(b)
would have been available when the financial statements for that prior period were authorised for issue;
from other information. For some types of estimates (e.g. an estimate of fair value not based on an observable price or observable inputs), it is impracticable to distinguish these types of information. When retrospective application or retrospective restatement would require making a significant estimate for which it is impossible to distinguish these two types of information, it is impracticable to apply the new accounting policy or correct the prior period error retrospectively.
53
Hindsight should not be used when applying a new accounting policy to, or correcting amounts for, a prior period, either in making assumptions about what management's intentions would have been in a prior period or estimating the amounts recognised, measured or disclosed in a prior period. For example, when an entity corrects a prior period error in measuring financial assets previously classified as held-to-maturity investments in accordance with IAS 39 
Financial instruments: recognition and measurement
, it does not change their basis of measurement for that period if management decided later not to hold them to maturity. In addition, when an entity corrects a prior period error in calculating its liability for employees' accumulated sick leave in accordance with IAS 19 
Employee benefits
, it disregards information about an unusually severe influenza season during the next period that became available after the financial statements for the prior period were authorised for issue. The fact that significant estimates are frequently required when amending comparative information presented for prior periods does not prevent reliable adjustment or correction of the comparative information.
EFFECTIVE DATE
54
An entity shall apply this standard for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. If an entity applies this standard for a period beginning before 1 January 2005, it shall disclose that fact.
WITHDRAWAL OF OTHER PRONOUNCEMENTS
55
This standard supersedes IAS 8 
Net profit or loss for the period, fundamental errors and changes in accounting policies
, revised in 1993.
56
This standard supersedes the following interpretations:
(a)
SIC-2 
Consistency — capitalisation of borrowing costs
; and
(b)
SIC-18 
Consistency — alternative methods
.
INTERNATIONAL ACCOUNTING STANDARD 10
Events after the balance sheet date
OBJECTIVE
1
The objective of this standard is to prescribe:
(a)
when an entity should adjust its financial statements for events after the balance sheet date; and
(b)
the disclosures that an entity should give about the date when the financial statements were authorised for issue and about events after the balance sheet date.
The standard also requires that an entity should not prepare its financial statements on a going concern basis if events after the balance sheet date indicate that the going concern assumption is not appropriate.
SCOPE
2
This standard shall be applied in the accounting for, and disclosure of, events after the balance sheet date.
DEFINITIONS
3
The following terms are used in this standard with the meanings specified:
Events after the balance sheet
 date are those events, favourable and unfavourable, that occur between the balance sheet date and the date when the financial statements are authorised for issue. Two types of events can be identified:
(a)
those that provide evidence of conditions that existed at the balance sheet date (
adjusting events after the balance sheet date
); and
(b)
those that are indicative of conditions that arose after the balance sheet date (
non-adjusting events after the balance sheet date
).
4
The process involved in authorising the financial statements for issue will vary depending upon the management structure, statutory requirements and procedures followed in preparing and finalising the financial statements.
5
In some cases, an entity is required to submit its financial statements to its shareholders for approval after the financial statements have been issued. In such cases, the financial statements are authorised for issue on the date of issue, not the date when shareholders approve the financial statements.
Example
The management of an entity completes draft financial statements for the year to 31 December 20X1 on 28 February 20X2. On 18 March 20X2, the board of directors reviews the financial statements and authorises them for issue. The entity announces its profit and selected other financial information on 19 March 20X2. The financial statements are made available to shareholders and others on 1 April 20X2. The shareholders approve the financial statements at their annual meeting on 15 May 20X2 and the approved financial statements are then filed with a regulatory body on 17 May 20X2.
The financial statements are authorised for issue on 18 March 20X2 (date of board authorisation for issue).
6
In some cases, the management of an entity is required to issue its financial statements to a supervisory board (made up solely of non-executives) for approval. In such cases, the financial statements are authorised for issue when the management authorises them for issue to the supervisory board.
Example
On 18 March 20X2, the management of an entity authorises financial statements for issue to its supervisory board. The supervisory board is made up solely of non-executives and may include representatives of employees and other outside interests. The supervisory board approves the financial statements on 26 March 20X2. The financial statements are made available to shareholders and others on 1 April 20X2. The shareholders approve the financial statements at their annual meeting on 15 May 20X2 and the financial statements are then filed with a regulatory body on 17 May 20X2.
The financial statements are authorised for issue on 18 March 20X2 (date of management authorisation for issue to the supervisory board).
7
Events after the balance sheet date include all events up to the date when the financial statements are authorised for issue, even if those events occur after the public announcement of profit or of other selected financial information.
RECOGNITION AND MEASUREMENT
Adjusting events after the balance sheet date
8
An entity shall adjust the amounts recognised in its financial statements to reflect adjusting events after the balance sheet date.
9
The following are examples of adjusting events after the balance sheet date that require an entity to adjust the amounts recognised in its financial statements, or to recognise items that were not previously recognised:
(a)
the settlement after the balance sheet date of a court case that confirms that the entity had a present obligation at the balance sheet date. The entity adjusts any previously recognised provision related to this court case in accordance with IAS 37 
Provisions, contingent liabilities and contingent assets
 or recognises a new provision. The entity does not merely disclose a contingent liability because the settlement provides additional evidence that would be considered in accordance with paragraph 16 of IAS 37;
(b)
the receipt of information after the balance sheet date indicating that an asset was impaired at the balance sheet date, or that the amount of a previously recognised impairment loss for that asset needs to be adjusted. For example:
(i)
the bankruptcy of a customer that occurs after the balance sheet date usually confirms that a loss existed at the balance sheet date on a trade receivable and that the entity needs to adjust the carrying amount of the trade receivable; and
(ii)
the sale of inventories after the balance sheet date may give evidence about their net realisable value at the balance sheet date;
(c)
the determination after the balance sheet date of the cost of assets purchased, or the proceeds from assets sold, before the balance sheet date;
(d)
the determination after the balance sheet date of the amount of profit-sharing or bonus payments, if the entity had a present legal or constructive obligation at the balance sheet date to make such payments as a result of events before that date (see IAS 19 
Employee benefits
);
(e)
the discovery of fraud or errors that show that the financial statements are incorrect.
Non-adjusting events after the balance sheet date
10
An entity shall not adjust the amounts recognised in its financial statements to reflect non-adjusting events after the balance sheet date.
11
An example of a non-adjusting event after the balance sheet date is a decline in market value of investments between the balance sheet date and the date when the financial statements are authorised for issue. The decline in market value does not normally relate to the condition of the investments at the balance sheet date, but reflects circumstances that have arisen subsequently. Therefore, an entity does not adjust the amounts recognised in its financial statements for the investments. Similarly, the entity does not update the amounts disclosed for the investments as at the balance sheet date, although it may need to give additional disclosure under paragraph 21.
Dividends
12
If an entity declares dividends to holders of equity instruments (as defined in IAS 32 
Financial instruments: presentation
) after the balance sheet date, the entity shall not recognise those dividends as a liability at the balance sheet date.
13
If dividends are declared (i.e. the dividends are appropriately authorised and no longer at the discretion of the entity) after the balance sheet date but before the financial statements are authorised for issue, the dividends are not recognised as a liability at the balance sheet date because they do not meet the criteria of a present obligation in IAS 37. Such dividends are disclosed in the notes in accordance with IAS 1 
Presentation of financial statements
.
GOING CONCERN
14
An entity shall not prepare its financial statements on a going concern basis if management determines after the balance sheet date either that it intends to liquidate the entity or to cease trading, or that it has no realistic alternative but to do so.
15
Deterioration in operating results and financial position after the balance sheet date may indicate a need to consider whether the going concern assumption is still appropriate. If the going concern assumption is no longer appropriate, the effect is so pervasive that this standard requires a fundamental change in the basis of accounting, rather than an adjustment to the amounts recognised within the original basis of accounting.
16
IAS 1 specifies required disclosures if:
(a)
the financial statements are not prepared on a going concern basis; or
(b)
management is aware of material uncertainties related to events or conditions that may cast significant doubt upon the entity's ability to continue as a going concern. The events or conditions requiring disclosure may arise after the balance sheet date.
DISCLOSURE
Date of authorisation for issue
17
An entity shall disclose the date when the financial statements were authorised for issue and who gave that authorisation. If the entity's owners or others have the power to amend the financial statements after issue, the entity shall disclose that fact.
18
It is important for users to know when the financial statements were authorised for issue, because the financial statements do not reflect events after this date.
Updating disclosure about conditions at the balance sheet date
19
If an entity receives information after the balance sheet date about conditions that existed at the balance sheet date, it shall update disclosures that relate to those conditions, in the light of the new information.
20
In some cases, an entity needs to update the disclosures in its financial statements to reflect information received after the balance sheet date, even when the information does not affect the amounts that it recognises in its financial statements. One example of the need to update disclosures is when evidence becomes available after the balance sheet date about a contingent liability that existed at the balance sheet date. In addition to considering whether it should recognise or change a provision under IAS 37, an entity updates its disclosures about the contingent liability in the light of that evidence.
Non-adjusting events after the balance sheet date
21
If non-adjusting events after the balance sheet date are material, non-disclosure could influence the economic decisions of users taken on the basis of the financial statements. Accordingly, an entity shall disclose the following for each material category of non-adjusting event after the balance sheet date:
(a)
the nature of the event; and
(b)
an estimate of its financial effect, or a statement that such an estimate cannot be made.
22
The following are examples of non-adjusting events after the balance sheet date that would generally result in disclosure:
(a)
a major business combination after the balance sheet date (IFRS 3 
Business combinations
 requires specific disclosures in such cases) or disposing of a major subsidiary;
(b)
announcing a plan to discontinue an operation;
(c)
major purchases of assets, classification of assets as held for sale in accordance with IFRS 5 
Non-current assets held for sale and discontinued operations
, other disposals of assets, or expropriation of major assets by government;
(d)
the destruction of a major production plant by a fire after the balance sheet date;
(e)
announcing, or commencing the implementation of, a major restructuring (see IAS 37);
(f)
major ordinary share transactions and potential ordinary share transactions after the balance sheet date (IAS 33 
Earnings per share
 requires an entity to disclose a description of such transactions, other than when such transactions involve capitalisation or bonus issues, share splits or reverse share splits all of which are required to be adjusted under IAS 33);
(g)
abnormally large changes after the balance sheet date in asset prices or foreign exchange rates;
(h)
changes in tax rates or tax laws enacted or announced after the balance sheet date that have a significant effect on current and deferred tax assets and liabilities (see IAS 12 
Income taxes
);
(i)
entering into significant commitments or contingent liabilities, for example, by issuing significant guarantees; and
(j)
commencing major litigation arising solely out of events that occurred after the balance sheet date.
EFFECTIVE DATE
23
An entity shall apply this standard for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. If an entity applies this standard for a period beginning before 1 January 2005, it shall disclose that fact.
WITHDRAWAL OF IAS 10 (REVISED 1999)
24
This standard supersedes IAS 10 
Events after the balance sheet date
 (revised in 1999).
INTERNATIONAL ACCOUNTING STANDARD 11
Construction contracts
OBJECTIVE
The objective of this standard is to prescribe the accounting treatment of revenue and costs associated with construction contracts. Because of the nature of the activity undertaken in construction contracts, the date at which the contract activity is entered into and the date when the activity is completed usually fall into different accounting periods. Therefore, the primary issue in accounting for construction contracts is the allocation of contract revenue and contract costs to the accounting periods in which construction work is performed. This standard uses the recognition criteria established in the 
Framework for the Preparation and Presentation of Financial Statements
 to determine when contract revenue and contract costs should be recognised as revenue and expenses in the income statement. It also provides practical guidance on the application of these criteria.
SCOPE
1
This standard shall be applied in accounting for construction contracts in the financial statements of contractors.
2
This standard supersedes IAS 11 
Accounting for construction contracts
 approved in 1978.
DEFINITIONS
3
The following terms are used in this standard with the meanings specified:
A 
construction contract
 is a contract specifically negotiated for the construction of an asset or a combination of assets that are closely interrelated or interdependent in terms of their design, technology and function or their ultimate purpose or use.
A 
fixed price contract
 is a construction contract in which the contractor agrees to a fixed contract price, or a fixed rate per unit of output, which in some cases is subject to cost escalation clauses.
A 
cost plus contract
 is a construction contract in which the contractor is reimbursed for allowable or otherwise defined costs, plus a percentage of these costs or a fixed fee.
4
A construction contract may be negotiated for the construction of a single asset such as a bridge, building, dam, pipeline, road, ship or tunnel. A construction contract may also deal with the construction of a number of assets which are closely interrelated or interdependent in terms of their design, technology and function or their ultimate purpose or use; examples of such contracts include those for the construction of refineries and other complex pieces of plant or equipment.
5
For the purposes of this standard, construction contracts include:
(a)
contracts for the rendering of services which are directly related to the construction of the asset, for example, those for the services of project managers and architects; and
(b)
contracts for the destruction or restoration of assets, and the restoration of the environment following the demolition of assets.
6
Construction contracts are formulated in a number of ways which, for the purposes of this standard, are classified as fixed price contracts and cost plus contracts. Some construction contracts may contain characteristics of both a fixed price contract and a cost plus contract, for example in the case of a cost plus contract with an agreed maximum price. In such circumstances, a contractor needs to consider all the conditions in paragraphs 23 and 24 in order to determine when to recognise contract revenue and expenses.
COMBINING AND SEGMENTING CONSTRUCTION CONTRACTS
7
The requirements of this standard are usually applied separately to each construction contract. However, in certain circumstances, it is necessary to apply the standard to the separately identifiable components of a single contract or to a group of contracts together in order to reflect the substance of a contract or a group of contracts.
8
When a contract covers a number of assets, the construction of each asset shall be treated as a separate construction contract when:
(a)
separate proposals have been submitted for each asset;
(b)
each asset has been subject to separate negotiation and the contractor and customer have been able to accept or reject that part of the contract relating to each asset; and
(c)
the costs and revenues of each asset can be identified.
9
A group of contracts, whether with a single customer or with several customers, shall be treated as a single construction contract when:
(a)
the group of contracts is negotiated as a single package;
(b)
the contracts are so closely interrelated that they are, in effect, part of a single project with an overall profit margin; and
(c)
the contracts are performed concurrently or in a continuous sequence.
10
A contract may provide for the construction of an additional asset at the option of the customer or may be amended to include the construction of an additional asset. The construction of the additional asset shall be treated as a separate construction contract when:
(a)
the asset differs significantly in design, technology or function from the asset or assets covered by the original contract; or
(b)
the price of the asset is negotiated without regard to the original contract price.
CONTRACT REVENUE
11
Contract revenue shall comprise:
(a)
the initial amount of revenue agreed in the contract; and
(b)
variations in contract work, claims and incentive payments:
(i)
to the extent that it is probable that they will result in revenue; and
(ii)
they are capable of being reliably measured.
12
Contract revenue is measured at the fair value of the consideration received or receivable. The measurement of contract revenue is affected by a variety of uncertainties that depend on the outcome of future events. The estimates often need to be revised as events occur and uncertainties are resolved. Therefore, the amount of contract revenue may increase or decrease from one period to the next. For example:
(a)
a contractor and a customer may agree variations or claims that increase or decrease contract revenue in a period subsequent to that in which the contract was initially agreed;
(b)
the amount of revenue agreed in a fixed price contract may increase as a result of cost escalation clauses;
(c)
the amount of contract revenue may decrease as a result of penalties arising from delays caused by the contractor in the completion of the contract; or
(d)
when a fixed price contract involves a fixed price per unit of output, contract revenue increases as the number of units is increased.
13
A variation is an instruction by the customer for a change in the scope of the work to be performed under the contract. A variation may lead to an increase or a decrease in contract revenue. Examples of variations are changes in the specifications or design of the asset and changes in the duration of the contract. A variation is included in contract revenue when:
(a)
it is probable that the customer will approve the variation and the amount of revenue arising from the variation; and
(b)
the amount of revenue can be reliably measured.
14
A claim is an amount that the contractor seeks to collect from the customer or another party as reimbursement for costs not included in the contract price. A claim may arise from, for example, customer caused delays, errors in specifications or design, and disputed variations in contract work. The measurement of the amounts of revenue arising from claims is subject to a high level of uncertainty and often depends on the outcome of negotiations. Therefore, claims are included in contract revenue only when:
(a)
negotiations have reached an advanced stage such that it is probable that the customer will accept the claim; and
(b)
the amount that it is probable will be accepted by the customer can be measured reliably.
15
Incentive payments are additional amounts paid to the contractor if specified performance standards are met or exceeded. For example, a contract may allow for an incentive payment to the contractor for early completion of the contract. Incentive payments are included in contract revenue when:
(a)
the contract is sufficiently advanced that it is probable that the specified performance standards will be met or exceeded; and
(b)
the amount of the incentive payment can be measured reliably.
CONTRACT COSTS
16
Contract costs shall comprise:
(a)
costs that relate directly to the specific contract;
(b)
costs that are attributable to contract activity in general and can be allocated to the contract; and
(c)
such other costs as are specifically chargeable to the customer under the terms of the contract.
17
Costs that relate directly to a specific contract include:
(a)
site labour costs, including site supervision;
(b)
costs of materials used in construction;
(c)
depreciation of plant and equipment used on the contract;
(d)
costs of moving plant, equipment and materials to and from the contract site;
(e)
costs of hiring plant and equipment;
(f)
costs of design and technical assistance that is directly related to the contract;
(g)
the estimated costs of rectification and guarantee work, including expected warranty costs; and
(h)
claims from third parties.
These costs may be reduced by any incidental income that is not included in contract revenue, for example income from the sale of surplus materials and the disposal of plant and equipment at the end of the contract.
18
Costs that may be attributable to contract activity in general and can be allocated to specific contracts include:
(a)
insurance;
(b)
costs of design and technical assistance that are not directly related to a specific contract; and
(c)
construction overheads.
Such costs are allocated using methods that are systematic and rational and are applied consistently to all costs having similar characteristics. The allocation is based on the normal level of construction activity. Construction overheads include costs such as the preparation and processing of construction personnel payroll. Costs that may be attributable to contract activity in general and can be allocated to specific contracts also include borrowing costs when the contractor adopts the allowed alternative treatment in IAS 23 
Borrowing costs
.
19
Costs that are specifically chargeable to the customer under the terms of the contract may include some general administration costs and development costs for which reimbursement is specified in the terms of the contract.
20
Costs that cannot be attributed to contract activity or cannot be allocated to a contract are excluded from the costs of a construction contract. Such costs include:
(a)
general administration costs for which reimbursement is not specified in the contract;
(b)
selling costs;
(c)
research and development costs for which reimbursement is not specified in the contract; and
(d)
depreciation of idle plant and equipment that is not used on a particular contract.
21
Contract costs include the costs attributable to a contract for the period from the date of securing the contract to the final completion of the contract. However, costs that relate directly to a contract and are incurred in securing the contract are also included as part of the contract costs if they can be separately identified and measured reliably and it is probable that the contract will be obtained. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs when the contract is obtained in a subsequent period.
RECOGNITION OF CONTRACT REVENUE AND EXPENSES
22
When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs associated with the construction contract shall be recognised as revenue and expenses respectively by reference to the stage of completion of the contract activity at the balance sheet date. An expected loss on the construction contract shall be recognised as an expense immediately in accordance with paragraph 36.
23
In the case of a fixed price contract, the outcome of a construction contract can be estimated reliably when all the following conditions are satisfied:
(a)
total contract revenue can be measured reliably;
(b)
it is probable that the economic benefits associated with the contract will flow to the entity;
(c)
both the contract costs to complete the contract and the stage of contract completion at the balance sheet date can be measured reliably; and
(d)
the contract costs attributable to the contract can be clearly identified and measured reliably so that actual contract costs incurred can be compared with prior estimates.
24
In the case of a cost plus contract, the outcome of a construction contract can be estimated reliably when all the following conditions are satisfied:
(a)
it is probable that the economic benefits associated with the contract will flow to the entity; and
(b)
the contract costs attributable to the contract, whether or not specifically reimbursable, can be clearly identified and measured reliably.
25
The recognition of revenue and expenses by reference to the stage of completion of a contract is often referred to as the percentage of completion method. Under this method, contract revenue is matched with the contract costs incurred in reaching the stage of completion, resulting in the reporting of revenue, expenses and profit which can be attributed to the proportion of work completed. This method provides useful information on the extent of contract activity and performance during a period.
26
Under the percentage of completion method, contract revenue is recognised as revenue in the income statement in the accounting periods in which the work is performed. Contract costs are usually recognised as an expense in the income statement in the accounting periods in which the work to which they relate is performed. However, any expected excess of total contract costs over total contract revenue for the contract is recognised as an expense immediately in accordance with paragraph 36.
27
A contractor may have incurred contract costs that relate to future activity on the contract. Such contract costs are recognised as an asset provided it is probable that they will be recovered. Such costs represent an amount due from the customer and are often classified as contract work in progress.
28
The outcome of a construction contract can only be estimated reliably when it is probable that the economic benefits associated with the contract will flow to the entity. However, when an uncertainty arises about the collectability of an amount already included in contract revenue, and already recognised in the income statement, the uncollectable amount or the amount in respect of which recovery has ceased to be probable is recognised as an expense rather than as an adjustment of the amount of contract revenue.
29
An entity is generally able to make reliable estimates after it has agreed to a contract which establishes:
(a)
each party's enforceable rights regarding the asset to be constructed;
(b)
the consideration to be exchanged; and
(c)
the manner and terms of settlement.
It is also usually necessary for the entity to have an effective internal financial budgeting and reporting system. The entity reviews and, when necessary, revises the estimates of contract revenue and contract costs as the contract progresses. The need for such revisions does not necessarily indicate that the outcome of the contract cannot be estimated reliably.
30
The stage of completion of a contract may be determined in a variety of ways. The entity uses the method that measures reliably the work performed. Depending on the nature of the contract, the methods may include:
(a)
the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs;
(b)
surveys of work performed; or
(c)
completion of a physical proportion of the contract work.
Progress payments and advances received from customers often do not reflect the work performed.
31
When the stage of completion is determined by reference to the contract costs incurred to date, only those contract costs that reflect work performed are included in costs incurred to date. Examples of contract costs which are excluded are:
(a)
contract costs that relate to future activity on the contract, such as costs of materials that have been delivered to a contract site or set aside for use in a contract but not yet installed, used or applied during contract performance, unless the materials have been made specially for the contract; and
(b)
payments made to subcontractors in advance of work performed under the subcontract.
32
When the outcome of a construction contract cannot be estimated reliably:
(a)
revenue shall be recognised only to the extent of contract costs incurred that it is probable will be recoverable; and
(b)
contract costs shall be recognised as an expense in the period in which they are incurred.
An expected loss on the construction contract shall be recognised as an expense immediately in accordance with paragraph 36.
33
During the early stages of a contract it is often the case that the outcome of the contract cannot be estimated reliably. Nevertheless, it may be probable that the entity will recover the contract costs incurred. Therefore, contract revenue is recognised only to the extent of costs incurred that are expected to be recoverable. As the outcome of the contract cannot be estimated reliably, no profit is recognised. However, even though the outcome of the contract cannot be estimated reliably, it may be probable that total contract costs will exceed total contract revenues. In such cases, any expected excess of total contract costs over total contract revenue for the contract is recognised as an expense immediately in accordance with paragraph 36.
34
Contract costs that are not probable of being recovered are recognised as an expense immediately. Examples of circumstances in which the recoverability of contract costs incurred may not be probable and in which contract costs may need to be recognised as an expense immediately include contracts:
(a)
that are not fully enforceable, i.e. their validity is seriously in question;
(b)
the completion of which is subject to the outcome of pending litigation or legislation;
(c)
relating to properties that are likely to be condemned or expropriated;
(d)
where the customer is unable to meet its obligations; or
(e)
where the contractor is unable to complete the contract or otherwise meet its obligations under the contract.
35
When the uncertainties that prevented the outcome of the contract being estimated reliably no longer exist, revenue and expenses associated with the construction contract shall be recognised in accordance with paragraph 22 rather than in accordance with paragraph 32.
RECOGNITION OF EXPECTED LOSSES
36
When it is probable that total contract costs will exceed total contract revenue, the expected loss shall be recognised as an expense immediately.
37
The amount of such a loss is determined irrespective of:
(a)
whether work has commenced on the contract;
(b)
the stage of completion of contract activity; or
(c)
the amount of profits expected to arise on other contracts which are not treated as a single construction contract in accordance with paragraph 9.
CHANGES IN ESTIMATES
38
The percentage of completion method is applied on a cumulative basis in each accounting period to the current estimates of contract revenue and contract costs. Therefore, the effect of a change in the estimate of contract revenue or contract costs, or the effect of a change in the estimate of the outcome of a contract, is accounted for as a change in accounting estimate (see IAS 8 
Accounting policies, changes in accounting estimates and errors
). The changed estimates are used in the determination of the amount of revenue and expenses recognised in the income statement in the period in which the change is made and in subsequent periods.
DISCLOSURE
39
An entity shall disclose:
(a)
the amount of contract revenue recognised as revenue in the period;
(b)
the methods used to determine the contract revenue recognised in the period; and
(c)
the methods used to determine the stage of completion of contracts in progress.
40
An entity shall disclose each of the following for contracts in progress at the balance sheet date:
(a)
the aggregate amount of costs incurred and recognised profits (less recognised losses) to date;
(b)
the amount of advances received; and
(c)
the amount of retentions.
41
Retentions are amounts of progress billings that are not paid until the satisfaction of conditions specified in the contract for the payment of such amounts or until defects have been rectified. Progress billings are amounts billed for work performed on a contract whether or not they have been paid by the customer. Advances are amounts received by the contractor before the related work is performed.
42
An entity shall present:
(a)
the gross amount due from customers for contract work as an asset; and
(b)
the gross amount due to customers for contract work as a liability.
43
The gross amount due from customers for contract work is the net amount of:
(a)
costs incurred plus recognised profits; less
(b)
the sum of recognised losses and progress billings;
for all contracts in progress for which costs incurred plus recognised profits (less recognised losses) exceeds progress billings.
44
The gross amount due to customers for contract work is the net amount of:
(a)
costs incurred plus recognised profits; less
(b)
the sum of recognised losses and progress billings;
for all contracts in progress for which progress billings exceed costs incurred plus recognised profits (less recognised losses).
45
An entity discloses any contingent liabilities and contingent assets in accordance with IAS 37 
Provisions, contingent liabilities and contingent assets
. Contingent liabilities and contingent assets may arise from such items as warranty costs, claims, penalties or possible losses.
EFFECTIVE DATE
46
This standard becomes operative for financial statements covering periods beginning on or after 1 January 1995.
INTERNATIONAL ACCOUNTING STANDARD 12
Income taxes
OBJECTIVE
The objective of this standard is to prescribe the accounting treatment for income taxes. The principal issue in accounting for income taxes is how to account for the current and future tax consequences of:
(a)
the future recovery (settlement) of the carrying amount of assets (liabilities) that are recognised in an entity's balance sheet; and
(b)
transactions and other events of the current period that are recognised in an entity's financial statements.
It is inherent in the recognition of an asset or liability that the reporting entity expects to recover or settle the carrying amount of that asset or liability. If it is probable that recovery or settlement of that carrying amount will make future tax payments larger (smaller) than they would be if such recovery or settlement were to have no tax consequences, this standard requires an entity to recognise a deferred tax liability (deferred tax asset), with certain limited exceptions.
This standard requires an entity to account for the tax consequences of transactions and other events in the same way that it accounts for the transactions and other events themselves. Thus, for transactions and other events recognised in profit or loss, any related tax effects are also recognised in profit or loss. For transactions and other events recognised directly in equity, any related tax effects are also recognised directly in equity. Similarly, the recognition of deferred tax assets and liabilities in a business combination affects the amount of goodwill arising in that business combination or the amount of any excess of the acquirer's interest in the net fair value of the acquiree's identifiable assets, liabilities and contingent liabilities over the cost of the combination.
This standard also deals with the recognition of deferred tax assets arising from unused tax losses or unused tax credits, the presentation of income taxes in the financial statements and the disclosure of information relating to income taxes.
SCOPE
1
This standard shall be applied in accounting for income taxes.
2
For the purposes of this standard, income taxes include all domestic and foreign taxes which are based on taxable profits. Income taxes also include taxes, such as withholding taxes, which are payable by a subsidiary, associate or joint venture on distributions to the reporting entity.
3
[Deleted]
4
This standard does not deal with the methods of accounting for government grants (see IAS 20 
Accounting for government grants and disclosure of government assistance
) or investment tax credits. However, this standard does deal with the accounting for temporary differences that may arise from such grants or investment tax credits.
DEFINITIONS
5
The following terms are used in this standard with the meanings specified:
Accounting profit
 is profit or loss for a period before deducting tax expense.
Taxable profit (tax loss)
 is the profit (loss) for a period, determined in accordance with the rules established by the taxation authorities, upon which income taxes are payable (recoverable).
Tax expense (tax income)
 is the aggregate amount included in the determination of profit or loss for the period in respect of current tax and deferred tax.
Current tax
 is the amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.
Deferred tax liabilities
 are the amounts of income taxes payable in future periods in respect of taxable temporary differences.
Deferred tax assets
 are the amounts of income taxes recoverable in future periods in respect of:
(a)
deductible temporary differences;
(b)
the carryforward of unused tax losses; and
(c)
the carryforward of unused tax credits.
Temporary differences
 are differences between the carrying amount of an asset or liability in the balance sheet and its tax base. Temporary differences may be either:
(a)
taxable temporary differences
, which are temporary differences that will result in taxable amounts in determining taxable profit (tax loss) of future periods when the carrying amount of the asset or liability is recovered or settled; or
(b)
deductible temporary differences
, which are temporary differences that will result in amounts that are deductible in determining taxable profit (tax loss) of future periods when the carrying amount of the asset or liability is recovered or settled.
The 
tax base
 of an asset or liability is the amount attributed to that asset or liability for tax purposes.
6
Tax expense (tax income) comprises current tax expense (current tax income) and deferred tax expense (deferred tax income).
Tax base
7
The tax base of an asset is the amount that will be deductible for tax purposes against any taxable economic benefits that will flow to an entity when it recovers the carrying amount of the asset. If those economic benefits will not be taxable, the tax base of the asset is equal to its carrying amount.
Examples
1.
A machine cost 100. For tax purposes, depreciation of 30 has already been deducted in the current and prior periods and the remaining cost will be deductible in future periods, either as depreciation or through a deduction on disposal. Revenue generated by using the machine is taxable, any gain on disposal of the machine will be taxable and any loss on disposal will be deductible for tax purposes. 
The tax base of the machine is 70
.
2.
Interest receivable has a carrying amount of 100. The related interest revenue will be taxed on a cash basis. 
The tax base of the interest receivable is nil
.
3.
Trade receivables have a carrying amount of 100. The related revenue has already been included in taxable profit (tax loss). 
The tax base of the trade receivables is 100
.
4.
Dividends receivable from a subsidiary have a carrying amount of 100. The dividends are not taxable. In substance, the entire carrying amount of the asset is deductible against the economic benefits. Consequently, the tax base of the dividends receivable is 100 
(
1
)
.
5.
A loan receivable has a carrying amount of 100. The repayment of the loan will have no tax consequences. 
The tax base of the loan is 100
.
8
The tax base of a liability is its carrying amount, less any amount that will be deductible for tax purposes in respect of that liability in future periods. In the case of revenue which is received in advance, the tax base of the resulting liability is its carrying amount, less any amount of the revenue that will not be taxable in future periods.
Examples
1.
Current liabilities include accrued expenses with a carrying amount of 100. The related expense will be deducted for tax purposes on a cash basis. 
The tax base of the accrued expenses is nil
.
2.
Current liabilities include interest revenue received in advance, with a carrying amount of 100. The related interest revenue was taxed on a cash basis. 
The tax base of the interest received in advance is nil
.
3.
Current liabilities include accrued expenses with a carrying amount of 100. The related expense has already been deducted for tax purposes. 
The tax base of the accrued expenses is 100
.
4.
Current liabilities include accrued fines and penalties with a carrying amount of 100. Fines and penalties are not deductible for tax purposes. 
The tax base of the accrued fines and penalties is 100
 
(
2
)
.
5.
A loan payable has a carrying amount of 100. The repayment of the loan will have no tax consequences. 
The tax base of the loan is 100
.
9
Some items have a tax base but are not recognised as assets and liabilities in the balance sheet. For example, research costs are recognised as an expense in determining accounting profit in the period in which they are incurred but may not be permitted as a deduction in determining taxable profit (tax loss) until a later period. The difference between the tax base of the research costs, being the amount the taxation authorities will permit as a deduction in future periods, and the carrying amount of nil is a deductible temporary difference that results in a deferred tax asset.
10
Where the tax base of an asset or liability is not immediately apparent, it is helpful to consider the fundamental principle upon which this standard is based: that an entity shall, with certain limited exceptions, recognise a deferred tax liability (asset) whenever recovery or settlement of the carrying amount of an asset or liability would make future tax payments larger (smaller) than they would be if such recovery or settlement were to have no tax consequences. Example C following paragraph 52 illustrates circumstances when it may be helpful to consider this fundamental principle, for example, when the tax base of an asset or liability depends on the expected manner of recovery or settlement.
11
In consolidated financial statements, temporary differences are determined by comparing the carrying amounts of assets and liabilities in the consolidated financial statements with the appropriate tax base. The tax base is determined by reference to a consolidated tax return in those jurisdictions in which such a return is filed. In other jurisdictions, the tax base is determined by reference to the tax returns of each entity in the group.
RECOGNITION OF CURRENT TAX LIABILITIES AND CURRENT TAX ASSETS
12
Current tax for current and prior periods shall, to the extent unpaid, be recognised as a liability. If the amount already paid in respect of current and prior periods exceeds the amount due for those periods, the excess shall be recognised as an asset.
13
The benefit relating to a tax loss that can be carried back to recover current tax of a previous period shall be recognised as an asset.
14
When a tax loss is used to recover current tax of a previous period, an entity recognises the benefit as an asset in the period in which the tax loss occurs because it is probable that the benefit will flow to the entity and the benefit can be reliably measured.
RECOGNITION OF DEFERRED TAX LIABILITIES AND DEFERRED TAX ASSETS
TAXABLE TEMPORARY DIFFERENCES
15
A deferred tax liability shall be recognised for all taxable temporary differences, except to the extent that the deferred tax liability arises from:
(a)
the initial recognition of goodwill; or
(b)
the initial recognition of an asset or liability in a transaction which:
(i)
is not a business combination; and
(ii)
at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss).
However, for taxable temporary differences associated with investments in subsidiaries, branches and associates, and interests in joint ventures, a deferred tax liability shall be recognised in accordance with paragraph 39.
16
It is inherent in the recognition of an asset that its carrying amount will be recovered in the form of economic benefits that flow to the entity in future periods. When the carrying amount of the asset exceeds its tax base, the amount of taxable economic benefits will exceed the amount that will be allowed as a deduction for tax purposes. This difference is a taxable temporary difference and the obligation to pay the resulting income taxes in future periods is a deferred tax liability. As the entity recovers the carrying amount of the asset, the taxable temporary difference will reverse and the entity will have taxable profit. This makes it probable that economic benefits will flow from the entity in the form of tax payments. Therefore, this standard requires the recognition of all deferred tax liabilities, except in certain circumstances described in paragraphs 15 and 39.
Example
An asset which cost 150 has a carrying amount of 100. Cumulative depreciation for tax purposes is 90 and the tax rate is 25 %.
The tax base of the asset is 60 (cost of 150 less cumulative tax depreciation of 90). To recover the carrying amount of 100, the entity must earn taxable income of 100, but will only be able to deduct tax depreciation of 60. Consequently, the entity will pay income taxes of 10 (40 at 25 %) when it recovers the carrying amount of the asset. The difference between the carrying amount of 100 and the tax base of 60 is a taxable temporary difference of 40. Therefore, the entity recognises a deferred tax liability of 10 (40 at 25 %) representing the income taxes that it will pay when it recovers the carrying amount of the asset.
17
Some temporary differences arise when income or expense is included in accounting profit in one period but is included in taxable profit in a different period. Such temporary differences are often described as timing differences. The following are examples of temporary differences of this kind which are taxable temporary differences and which therefore result in deferred tax liabilities:
(a)
interest revenue is included in accounting profit on a time proportion basis but may, in some jurisdictions, be included in taxable profit when cash is collected. The tax base of any receivable recognised in the balance sheet with respect to such revenues is nil because the revenues do not affect taxable profit until cash is collected;
(b)
depreciation used in determining taxable profit (tax loss) may differ from that used in determining accounting profit. The temporary difference is the difference between the carrying amount of the asset and its tax base which is the original cost of the asset less all deductions in respect of that asset permitted by the taxation authorities in determining taxable profit of the current and prior periods. A taxable temporary difference arises, and results in a deferred tax liability, when tax depreciation is accelerated (if tax depreciation is less rapid than accounting depreciation, a deductible temporary difference arises, and results in a deferred tax asset); and
(c)
development costs may be capitalised and amortised over future periods in determining accounting profit but deducted in determining taxable profit in the period in which they are incurred. Such development costs have a tax base of nil as they have already been deducted from taxable profit. The temporary difference is the difference between the carrying amount of the development costs and their tax base of nil.
18
Temporary differences also arise when:
(a)
the cost of a business combination is allocated by recognising the identifiable assets acquired and liabilities assumed at their fair values, but no equivalent adjustment is made for tax purposes (see paragraph 19);
(b)
assets are revalued and no equivalent adjustment is made for tax purposes (see paragraph 20);
(c)
goodwill arises in a business combination (see paragraph 21);
(d)
the tax base of an asset or liability on initial recognition differs from its initial carrying amount, for example when an entity benefits from non-taxable government grants related to assets (see paragraphs 22 and 33); or
(e)
the carrying amount of investments in subsidiaries, branches and associates or interests in joint ventures becomes different from the tax base of the investment or interest (see paragraphs 38-45).
Business combinations
19
The cost of a business combination is allocated by recognising the identifiable assets acquired and liabilities assumed at their fair values at the acquisition date. Temporary differences arise when the tax bases of the identifiable assets acquired and liabilities assumed are not affected by the business combination or are affected differently. For example, when the carrying amount of an asset is increased to fair value but the tax base of the asset remains at cost to the previous owner, a taxable temporary difference arises which results in a deferred tax liability. The resulting deferred tax liability affects goodwill (see paragraph 66).
Assets carried at fair value
20
IFRSs permit or require certain assets to be carried at fair value or to be revalued (see, for example, IAS 16 
Property, plant and equipment
, IAS 38 
Intangible assets
, IAS 39 
Financial instruments: recognition and measurement
 and IAS 40 
Investment property
). In some jurisdictions, the revaluation or other restatement of an asset to fair value affects taxable profit (tax loss) for the current period. As a result, the tax base of the asset is adjusted and no temporary difference arises. In other jurisdictions, the revaluation or restatement of an asset does not affect taxable profit in the period of the revaluation or restatement and, consequently, the tax base of the asset is not adjusted. Nevertheless, the future recovery of the carrying amount will result in a taxable flow of economic benefits to the entity and the amount that will be deductible for tax purposes will differ from the amount of those economic benefits. The difference between the carrying amount of a revalued asset and its tax base is a temporary difference and gives rise to a deferred tax liability or asset. This is true even if:
(a)
the entity does not intend to dispose of the asset. In such cases, the revalued carrying amount of the asset will be recovered through use and this will generate taxable income which exceeds the depreciation that will be allowable for tax purposes in future periods; or
(b)
tax on capital gains is deferred if the proceeds of the disposal of the asset are invested in similar assets. In such cases, the tax will ultimately become payable on sale or use of the similar assets.
Goodwill
21
Goodwill arising in a business combination is measured as the excess of the cost of the combination over the acquirer's interest in the net fair value of the acquiree's identifiable assets, liabilities and contingent liabilities. Many taxation authorities do not allow reductions in the carrying amount of goodwill as a deductible expense in determining taxable profit. Moreover, in such jurisdictions, the cost of goodwill is often not deductible when a subsidiary disposes of its underlying business. In such jurisdictions, goodwill has a tax base of nil. Any difference between the carrying amount of goodwill and its tax base of nil is a taxable temporary difference. However, this standard does not permit the recognition of the resulting deferred tax liability because goodwill is measured as a residual and the recognition of the deferred tax liability would increase the carrying amount of goodwill.
21A
Subsequent reductions in a deferred tax liability that is unrecognised because it arises from the initial recognition of goodwill are also regarded as arising from the initial recognition of goodwill and are therefore not recognised under paragraph 15(a). For example, if goodwill acquired in a business combination has a cost of 100 but a tax base of nil, paragraph 15(a) prohibits the entity from recognising the resulting deferred tax liability. If the entity subsequently recognises an impairment loss of 20 for that goodwill, the amount of the taxable temporary difference relating to the goodwill is reduced from 100 to 80, with a resulting decrease in the value of the unrecognised deferred tax liability. That decrease in the value of the unrecognised deferred tax liability is also regarded as relating to the initial recognition of the goodwill and is therefore prohibited from being recognised under paragraph 15(a).
21B
Deferred tax liabilities for taxable temporary differences relating to goodwill are, however, recognised to the extent they do not arise from the initial recognition of goodwill. For example, if goodwill acquired in a business combination has a cost of 100 that is deductible for tax purposes at a rate of 20 per cent per year starting in the year of acquisition, the tax base of the goodwill is 100 on initial recognition and 80 at the end of the year of acquisition. If the carrying amount of goodwill at the end of the year of acquisition remains unchanged at 100, a taxable temporary difference of 20 arises at the end of that year. Because that taxable temporary difference does not relate to the initial recognition of the goodwill, the resulting deferred tax liability is recognised.
Initial recognition of an asset or liability
22
A temporary difference may arise on initial recognition of an asset or liability, for example if part or all of the cost of an asset will not be deductible for tax purposes. The method of accounting for such a temporary difference depends on the nature of the transaction which led to the initial recognition of the asset or liability:
(a)
in a business combination, an entity recognises any deferred tax liability or asset and this affects the amount of goodwill or the amount of any excess over the cost of the combination of the acquirer's interest in the net fair value of the acquiree's identifiable assets, liabilities and contingent liabilities (see paragraph 19);
(b)
if the transaction affects either accounting profit or taxable profit, an entity recognises any deferred tax liability or asset and recognises the resulting deferred tax expense or income in the income statement (see paragraph 59);
(c)
if the transaction is not a business combination, and affects neither accounting profit nor taxable profit, an entity would, in the absence of the exemption provided by paragraphs 15 and 24, recognise the resulting deferred tax liability or asset and adjust the carrying amount of the asset or liability by the same amount. Such adjustments would make the financial statements less transparent. Therefore, this standard does not permit an entity to recognise the resulting deferred tax liability or asset, either on initial recognition or subsequently (see example below). Furthermore, an entity does not recognise subsequent changes in the unrecognised deferred tax liability or asset as the asset is depreciated.
Example illustrating paragraph 22(c)
An entity intends to use an asset which cost 1 000 throughout its useful life of five years and then dispose of it for a residual value of nil. The tax rate is 40 %. Depreciation of the asset is not deductible for tax purposes. On disposal, any capital gain would not be taxable and any capital loss would not be deductible.
As it recovers the carrying amount of the asset, the entity will earn taxable income of 1 000 and pay tax of 400. The entity does not recognise the resulting deferred tax liability of 400 because it results from the initial recognition of the asset.
In the following year, the carrying amount of the asset is 800. In earning taxable income of 800, the entity will pay tax of 320. The entity does not recognise the deferred tax liability of 320 because it results from the initial recognition of the asset.
23
In accordance with IAS 32 
Financial instruments: presentation
 the issuer of a compound financial instrument (for example, a convertible bond) classifies the instrument's liability component as a liability and the equity component as equity. In some jurisdictions, the tax base of the liability component on initial recognition is equal to the initial carrying amount of the sum of the liability and equity components. The resulting taxable temporary difference arises from the initial recognition of the equity component separately from the liability component. Therefore, the exception set out in paragraph 15(b) does not apply. Consequently, an entity recognises the resulting deferred tax liability. In accordance with paragraph 61, the deferred tax is charged directly to the carrying amount of the equity component. In accordance with paragraph 58, subsequent changes in the deferred tax liability are recognised in the income statement as deferred tax expense (income).
Deductible temporary differences
24
A deferred tax asset shall be recognised for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilised, unless the deferred tax asset arises from the initial recognition of an asset or liability in a transaction that:
(a)
is not a business combination; and
(b)
at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss).
However, for deductible temporary differences associated with investments in subsidiaries, branches and associates, and interests in joint ventures, a deferred tax asset shall be recognised in accordance with paragraph 44.
25
It is inherent in the recognition of a liability that the carrying amount will be settled in future periods through an outflow from the entity of resources embodying economic benefits. When resources flow from the entity, part or all of their amounts may be deductible in determining taxable profit of a period later than the period in which the liability is recognised. In such cases, a temporary difference exists between the carrying amount of the liability and its tax base. Accordingly, a deferred tax asset arises in respect of the income taxes that will be recoverable in the future periods when that part of the liability is allowed as a deduction in determining taxable profit. Similarly, if the carrying amount of an asset is less than its tax base, the difference gives rise to a deferred tax asset in respect of the income taxes that will be recoverable in future periods.
Example
An entity recognises a liability of 100 for accrued product warranty costs. For tax purposes, the product warranty costs will not be deductible until the entity pays claims. The tax rate is 25 %.
The tax base of the liability is nil (carrying amount of 100, less the amount that will be deductible for tax purposes in respect of that liability in future periods). In settling the liability for its carrying amount, the entity will reduce its future taxable profit by an amount of 100 and, consequently, reduce its future tax payments by 25 (100 at 25 %). The difference between the carrying amount of 100 and the tax base of nil is a deductible temporary difference of 100. Therefore, the entity recognises a deferred tax asset of 25 (100 at 25 %), provided that it is probable that the entity will earn sufficient taxable profit in future periods to benefit from a reduction in tax payments.
26
The following are examples of deductible temporary differences which result in deferred tax assets:
(a)
retirement benefit costs may be deducted in determining accounting profit as service is provided by the employee, but deducted in determining taxable profit either when contributions are paid to a fund by the entity or when retirement benefits are paid by the entity. A temporary difference exists between the carrying amount of the liability and its tax base; the tax base of the liability is usually nil. Such a deductible temporary difference results in a deferred tax asset as economic benefits will flow to the entity in the form of a deduction from taxable profits when contributions or retirement benefits are paid;
(b)
research costs are recognised as an expense in determining accounting profit in the period in which they are incurred but may not be permitted as a deduction in determining taxable profit (tax loss) until a later period. The difference between the tax base of the research costs, being the amount the taxation authorities will permit as a deduction in future periods, and the carrying amount of nil is a deductible temporary difference that results in a deferred tax asset;
(c)
the cost of a business combination is allocated by recognising the identifiable assets acquired and liabilities assumed at their fair values at the acquisition date. When a liability assumed is recognised at the acquisition date but the related costs are not deducted in determining taxable profits until a later period, a deductible temporary difference arises which results in a deferred tax asset. A deferred tax asset also arises when the fair value of an identifiable asset acquired is less than its tax base. In both cases, the resulting deferred tax asset affects goodwill (see paragraph 66); and
(d)
certain assets may be carried at fair value, or may be revalued, without an equivalent adjustment being made for tax purposes (see paragraph 20). A deductible temporary difference arises if the tax base of the asset exceeds its carrying amount.
27
The reversal of deductible temporary differences results in deductions in determining taxable profits of future periods. However, economic benefits in the form of reductions in tax payments will flow to the entity only if it earns sufficient taxable profits against which the deductions can be offset. Therefore, an entity recognises deferred tax assets only when it is probable that taxable profits will be available against which the deductible temporary differences can be utilised.
28
It is probable that taxable profit will be available against which a deductible temporary difference can be utilised when there are sufficient taxable temporary differences relating to the same taxation authority and the same taxable entity which are expected to reverse:
(a)
in the same period as the expected reversal of the deductible temporary difference; or
(b)
in periods into which a tax loss arising from the deferred tax asset can be carried back or forward.
In such circumstances, the deferred tax asset is recognised in the period in which the deductible temporary differences arise.
29
When there are insufficient taxable temporary differences relating to the same taxation authority and the same taxable entity, the deferred tax asset is recognised to the extent that:
(a)
it is probable that the entity will have sufficient taxable profit relating to the same taxation authority and the same taxable entity in the same period as the reversal of the deductible temporary difference (or in the periods into which a tax loss arising from the deferred tax asset can be carried back or forward). In evaluating whether it will have sufficient taxable profit in future periods, an entity ignores taxable amounts arising from deductible temporary differences that are expected to originate in future periods, because the deferred tax asset arising from these deductible temporary differences will itself require future taxable profit in order to be utilised; or
(b)
tax planning opportunities are available to the entity that will create taxable profit in appropriate periods.
30
Tax planning opportunities are actions that the entity would take in order to create or increase taxable income in a particular period before the expiry of a tax loss or tax credit carryforward. For example, in some jurisdictions, taxable profit may be created or increased by:
(a)
electing to have interest income taxed on either a received or receivable basis;
(b)
deferring the claim for certain deductions from taxable profit;
(c)
selling, and perhaps leasing back, assets that have appreciated but for which the tax base has not been adjusted to reflect such appreciation; and
(d)
selling an asset that generates non-taxable income (such as, in some jurisdictions, a government bond) in order to purchase another investment that generates taxable income.
Where tax planning opportunities advance taxable profit from a later period to an earlier period, the utilisation of a tax loss or tax credit carryforward still depends on the existence of future taxable profit from sources other than future originating temporary differences.
31
When an entity has a history of recent losses, the entity considers the guidance in paragraphs 35 and 36.
32
[Deleted]
Initial recognition of an asset or liability
33
One case when a deferred tax asset arises on initial recognition of an asset is when a non-taxable government grant related to an asset is deducted in arriving at the carrying amount of the asset but, for tax purposes, is not deducted from the asset's depreciable amount (in other words its tax base); the carrying amount of the asset is less than its tax base and this gives rise to a deductible temporary difference. Government grants may also be set up as deferred income in which case the difference between the deferred income and its tax base of nil is a deductible temporary difference. Whichever method of presentation an entity adopts, the entity does not recognise the resulting deferred tax asset, for the reason given in paragraph 22.
Unused tax losses and unused tax credits
34
A deferred tax asset shall be recognised for the carryforward of unused tax losses and unused tax credits to the extent that it is probable that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilised.
35
The criteria for recognising deferred tax assets arising from the carryforward of unused tax losses and tax credits are the same as the criteria for recognising deferred tax assets arising from deductible temporary differences. However, the existence of unused tax losses is strong evidence that future taxable profit may not be available. Therefore, when an entity has a history of recent losses, the entity recognises a deferred tax asset arising from unused tax losses or tax credits only to the extent that the entity has sufficient taxable temporary differences or there is convincing other evidence that sufficient taxable profit will be available against which the unused tax losses or unused tax credits can be utilised by the entity. In such circumstances, paragraph 82 requires disclosure of the amount of the deferred tax asset and the nature of the evidence supporting its recognition.
36
An entity considers the following criteria in assessing the probability that taxable profit will be available against which the unused tax losses or unused tax credits can be utilised:
(a)
whether the entity has sufficient taxable temporary differences relating to the same taxation authority and the same taxable entity, which will result in taxable amounts against which the unused tax losses or unused tax credits can be utilised before they expire;
(b)
whether it is probable that the entity will have taxable profits before the unused tax losses or unused tax credits expire;
(c)
whether the unused tax losses result from identifiable causes which are unlikely to recur; and
(d)
whether tax planning opportunities (see paragraph 30) are available to the entity that will create taxable profit in the period in which the unused tax losses or unused tax credits can be utilised.
To the extent that it is not probable that taxable profit will be available against which the unused tax losses or unused tax credits can be utilised, the deferred tax asset is not recognised.
Reassessment of unrecognised deferred tax assets
37
At each balance sheet date, an entity reassesses unrecognised deferred tax assets. The entity recognises a previously unrecognised deferred tax asset to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. For example, an improvement in trading conditions may make it more probable that the entity will be able to generate sufficient taxable profit in the future for the deferred tax asset to meet the recognition criteria set out in paragraph 24 or 34. Another example is when an entity reassesses deferred tax assets at the date of a business combination or subsequently (see paragraphs 67 and 68).
Investments in subsidiaries, branches and associates and interests in joint ventures
38
Temporary differences arise when the carrying amount of investments in subsidiaries, branches and associates or interests in joint ventures (namely the parent or investor's share of the net assets of the subsidiary, branch, associate or investee, including the carrying amount of goodwill) becomes different from the tax base (which is often cost) of the investment or interest. Such differences may arise in a number of different circumstances, for example:
(a)
the existence of undistributed profits of subsidiaries, branches, associates and joint ventures;
(b)
changes in foreign exchange rates when a parent and its subsidiary are based in different countries; and
(c)
a reduction in the carrying amount of an investment in an associate to its recoverable amount.
In consolidated financial statements, the temporary difference may be different from the temporary difference associated with that investment in the parent's separate financial statements if the parent carries the investment in its separate financial statements at cost or revalued amount.
39
An entity shall recognise a deferred tax liability for all taxable temporary differences associated with investments in subsidiaries, branches and associates, and interests in joint ventures, except to the extent that both of the following conditions are satisfied:
(a)
the parent, investor or venturer is able to control the timing of the reversal of the temporary difference; and
(b)
it is probable that the temporary difference will not reverse in the foreseeable future.
40
As a parent controls the dividend policy of its subsidiary, it is able to control the timing of the reversal of temporary differences associated with that investment (including the temporary differences arising not only from undistributed profits but also from any foreign exchange translation differences). Furthermore, it would often be impracticable to determine the amount of income taxes that would be payable when the temporary difference reverses. Therefore, when the parent has determined that those profits will not be distributed in the foreseeable future the parent does not recognise a deferred tax liability. The same considerations apply to investments in branches.
41
The non-monetary assets and liabilities of an entity are measured in its functional currency (see IAS 21 
The effects of changes in foreign exchange rates
). If the entity's taxable profit or tax loss (and, hence, the tax base of its non-monetary assets and liabilities) is determined in a different currency, changes in the exchange rate give rise to temporary differences that result in a recognised deferred tax liability or (subject to paragraph 24) asset. The resulting deferred tax is charged or credited to profit or loss (see paragraph 58).
42
An investor in an associate does not control that entity and is usually not in a position to determine its dividend policy. Therefore, in the absence of an agreement requiring that the profits of the associate will not be distributed in the foreseeable future, an investor recognises a deferred tax liability arising from taxable temporary differences associated with its investment in the associate. In some cases, an investor may not be able to determine the amount of tax that would be payable if it recovers the cost of its investment in an associate, but can determine that it will equal or exceed a minimum amount. In such cases, the deferred tax liability is measured at this amount.
43
The arrangement between the parties to a joint venture usually deals with the sharing of the profits and identifies whether decisions on such matters require the consent of all the venturers or a specified majority of the venturers. When the venturer can control the sharing of profits and it is probable that the profits will not be distributed in the foreseeable future, a deferred tax liability is not recognised.
44
An entity shall recognise a deferred tax asset for all deductible temporary differences arising from investments in subsidiaries, branches and associates, and interests in joint ventures, to the extent that, and only to the extent that, it is probable that:
(a)
the temporary difference will reverse in the foreseeable future; and
(b)
taxable profit will be available against which the temporary difference can be utilised.
45
In deciding whether a deferred tax asset is recognised for deductible temporary differences associated with its investments in subsidiaries, branches and associates, and its interests in joint ventures, an entity considers the guidance set out in paragraphs 28 to 31.
MEASUREMENT
46
Current tax liabilities (assets) for the current and prior periods shall be measured at the amount expected to be paid to (recovered from) the taxation authorities, using the tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date.
47
Deferred tax assets and liabilities shall be measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date.
48
Current and deferred tax assets and liabilities are usually measured using the tax rates (and tax laws) that have been enacted. However, in some jurisdictions, announcements of tax rates (and tax laws) by the government have the substantive effect of actual enactment, which may follow the announcement by a period of several months. In these circumstances, tax assets and liabilities are measured using the announced tax rate (and tax laws).
49
When different tax rates apply to different levels of taxable income, deferred tax assets and liabilities are measured using the average rates that are expected to apply to the taxable profit (tax loss) of the periods in which the temporary differences are expected to reverse.
50
[Deleted]
51
The measurement of deferred tax liabilities and deferred tax assets shall reflect the tax consequences that would follow from the manner in which the entity expects, at the balance sheet date, to recover or settle the carrying amount of its assets and liabilities.
52
In some jurisdictions, the manner in which an entity recovers (settles) the carrying amount of an asset (liability) may affect either or both of:
(a)
the tax rate applicable when the entity recovers (settles) the carrying amount of the asset (liability); and
(b)
the tax base of the asset (liability).
In such cases, an entity measures deferred tax liabilities and deferred tax assets using the tax rate and the tax base that are consistent with the expected manner of recovery or settlement.
Example A
An asset has a carrying amount of 100 and a tax base of 60. A tax rate of 20 % would apply if the asset were sold and a tax rate of 30 % would apply to other income.
The entity recognises a deferred tax liability of 8 (40 at 20 %) if it expects to sell the asset without further use and a deferred tax liability of 12 (40 at 30 %) if it expects to retain the asset and recover its carrying amount through use.
Example B
An asset with a cost of 100 and a carrying amount of 80 is revalued to 150. No equivalent adjustment is made for tax purposes. Cumulative depreciation for tax purposes is 30 and the tax rate is 30 %. If the asset is sold for more than cost, the cumulative tax depreciation of 30 will be included in taxable income but sale proceeds in excess of cost will not be taxable.
The tax base of the asset is 70 and there is a taxable temporary difference of 80. If the entity expects to recover the carrying amount by using the asset, it must generate taxable income of 150, but will only be able to deduct depreciation of 70. On this basis, there is a deferred tax liability of 24 (80 at 30 %). If the entity expects to recover the carrying amount by selling the asset immediately for proceeds of 150, the deferred tax liability is computed as follows:
Taxable Temporary Difference
Tax Rate
Deferred Tax Liability
Cumulative tax depreciation
30
30 %
9
Proceeds in excess of cost
50
nil
—
Total
80
9
(note: in accordance with paragraph 61, the additional deferred tax that arises on the revaluation is charged directly to equity)
Example C
The facts are as in example B, except that if the asset is sold for more than cost, the cumulative tax depreciation will be included in taxable income (taxed at 30 %) and the sale proceeds will be taxed at 40 %, after deducting an inflation-adjusted cost of 110.
If the entity expects to recover the carrying amount by using the asset, it must generate taxable income of 150, but will only be able to deduct depreciation of 70. On this basis, the tax base is 70, there is a taxable temporary difference of 80 and there is a deferred tax liability of 24 (80 at 30 %), as in example B.
If the entity expects to recover the carrying amount by selling the asset immediately for proceeds of 150, the entity will be able to deduct the indexed cost of 110. The net proceeds of 40 will be taxed at 40 %. In addition, the cumulative tax depreciation of 30 will be included in taxable income and taxed at 30 %. On this basis, the tax base is 80 (110 less 30), there is a taxable temporary difference of 70 and there is a deferred tax liability of 25 (40 at 40 % plus 30 at 30 %). If the tax base is not immediately apparent in this example, it may be helpful to consider the fundamental principle set out in paragraph 10.
(note: in accordance with paragraph 61, the additional deferred tax that arises on the revaluation is charged directly to equity)
52A
In some jurisdictions, income taxes are payable at a higher or lower rate if part or all of the net profit or retained earnings is paid out as a dividend to shareholders of the entity. In some other jurisdictions, income taxes may be refundable or payable if part or all of the net profit or retained earnings is paid out as a dividend to shareholders of the entity. In these circumstances, current and deferred tax assets and liabilities are measured at the tax rate applicable to undistributed profits.
52B
In the circumstances described in paragraph 52A, the income tax consequences of dividends are recognised when a liability to pay the dividend is recognised. The income tax consequences of dividends are more directly linked to past transactions or events than to distributions to owners. Therefore, the income tax consequences of dividends are recognised in profit or loss for the period as required by paragraph 58 except to the extent that the income tax consequences of dividends arise from the circumstances described in paragraph 58(a) and (b).
Example illustrating paragraphs 52A and 52B
The following example deals with the measurement of current and deferred tax assets and liabilities for an entity in a jurisdiction where income taxes are payable at a higher rate on undistributed profits (50 %) with an amount being refundable when profits are distributed. The tax rate on distributed profits is 35 %. At the balance sheet date, 31 December 20X1, the entity does not recognise a liability for dividends proposed or declared after the balance sheet date. As a result, no dividends are recognised in the year 20X1. Taxable income for 20X1 is 100 000. The net taxable temporary difference for the year 20X1 is 40 000.
The entity recognises a current tax liability and a current income tax expense of 50 000. No asset is recognised for the amount potentially recoverable as a result of future dividends. The entity also recognises a deferred tax liability and deferred tax expense of 20 000 (40 000 at 50 %) representing the income taxes that the entity will pay when it recovers or settles the carrying amounts of its assets and liabilities based on the tax rate applicable to undistributed profits.
Subsequently, on 15 March 20X2 the entity recognises dividends of 10 000 from previous operating profits as a liability.
On 15 March 20X2, the entity recognises the recovery of income taxes of 1 500 (15 % of the dividends recognised as a liability) as a current tax asset and as a reduction of current income tax expense for 20X2.
53
Deferred tax assets and liabilities shall not be discounted.
54
The reliable determination of deferred tax assets and liabilities on a discounted basis requires detailed scheduling of the timing of the reversal of each temporary difference. In many cases such scheduling is impracticable or highly complex. Therefore, it is inappropriate to require discounting of deferred tax assets and liabilities. To permit, but not to require, discounting would result in deferred tax assets and liabilities which would not be comparable between entities. Therefore, this standard does not require or permit the discounting of deferred tax assets and liabilities.
55
Temporary differences are determined by reference to the carrying amount of an asset or liability. This applies even where that carrying amount is itself determined on a discounted basis, for example in the case of retirement benefit obligations (see IAS 19 
Employee benefits
).
56
The carrying amount of a deferred tax asset shall be reviewed at each balance sheet date. An entity shall reduce the carrying amount of a deferred tax asset to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or all of that deferred tax asset to be utilised. Any such reduction shall be reversed to the extent that it becomes probable that sufficient taxable profit will be available.
RECOGNITION OF CURRENT AND DEFERRED TAX
57
Accounting for the current and deferred tax effects of a transaction or other event is consistent with the accounting for the transaction or event itself. Paragraphs 58 to 68C implement this principle.
Income statement
58
Current and deferred tax shall be recognised as income or an expense and included in profit or loss for the period, except to the extent that the tax arises from:
(a)
a transaction or event which is recognised, in the same or a different period, directly in equity (see paragraphs 61 to 65); or
(b)
a business combination (see paragraphs 66 to 68).
59
Most deferred tax liabilities and deferred tax assets arise where income or expense is included in accounting profit in one period, but is included in taxable profit (tax loss) in a different period. The resulting deferred tax is recognised in the income statement. Examples are when:
(a)
interest, royalty or dividend revenue is received in arrears and is included in accounting profit on a time apportionment basis in accordance with IAS 18 
Revenue
, but is included in taxable profit (tax loss) on a cash basis; and
(b)
costs of intangible assets have been capitalised in accordance with IAS 38 and are being amortised in the income statement, but were deducted for tax purposes when they were incurred.
60
The carrying amount of deferred tax assets and liabilities may change even though there is no change in the amount of the related temporary differences. This can result, for example, from:
(a)
a change in tax rates or tax laws;
(b)
a reassessment of the recoverability of deferred tax assets; or
(c)
a change in the expected manner of recovery of an asset.
The resulting deferred tax is recognised in the income statement, except to the extent that it relates to items previously charged or credited to equity (see paragraph 63).
Items credited or charged directly to equity
61
Current tax and deferred tax shall be charged or credited directly to equity if the tax relates to items that are credited or charged, in the same or a different period, directly to equity.
62
International financial reporting standards require or permit certain items to be credited or charged directly to equity. Examples of such items are:
(a)
a change in carrying amount arising from the revaluation of property, plant and equipment (see IAS 16);
(b)
an adjustment to the opening balance of retained earnings resulting from either a change in accounting policy that is applied retrospectively or the correction of an error (see IAS 8 
Accounting policies, changes in accounting estimates and errors
);
(c)
exchange differences arising on the translation of the financial statements of a foreign operation (see IAS 21); and
(d)
amounts arising on initial recognition of the equity component of a compound financial instrument (see paragraph 23).
63
In exceptional circumstances it may be difficult to determine the amount of current and deferred tax that relates to items credited or charged to equity. This may be the case, for example, when:
(a)
there are graduated rates of income tax and it is impossible to determine the rate at which a specific component of taxable profit (tax loss) has been taxed;
(b)
a change in the tax rate or other tax rules affects a deferred tax asset or liability relating (in whole or in part) to an item that was previously charged or credited to equity; or
(c)
an entity determines that a deferred tax asset should be recognised, or should no longer be recognised in full, and the deferred tax asset relates (in whole or in part) to an item that was previously charged or credited to equity.
In such cases, the current and deferred tax related to items that are credited or charged to equity is based on a reasonable pro rata allocation of the current and deferred tax of the entity in the tax jurisdiction concerned, or other method that achieves a more appropriate allocation in the circumstances.
64
IAS 16 does not specify whether an entity should transfer each year from revaluation surplus to retained earnings an amount equal to the difference between the depreciation or amortisation on a revalued asset and the depreciation or amortisation based on the cost of that asset. If an entity makes such a transfer, the amount transferred is net of any related deferred tax. Similar considerations apply to transfers made on disposal of an item of property, plant or equipment.
65
When an asset is revalued for tax purposes and that revaluation is related to an accounting revaluation of an earlier period, or to one that is expected to be carried out in a future period, the tax effects of both the asset revaluation and the adjustment of the tax base are credited or charged to equity in the periods in which they occur. However, if the revaluation for tax purposes is not related to an accounting revaluation of an earlier period, or to one that is expected to be carried out in a future period, the tax effects of the adjustment of the tax base are recognised in the income statement.
65A
When an entity pays dividends to its shareholders, it may be required to pay a portion of the dividends to taxation authorities on behalf of shareholders. In many jurisdictions, this amount is referred to as a withholding tax. Such an amount paid or payable to taxation authorities is charged to equity as a part of the dividends.
Deferred tax arising from a business combination
66
As explained in paragraphs 19 and 26(c), temporary differences may arise in a business combination. In accordance with IFRS 3 
Business combinations
, an entity recognises any resulting deferred tax assets (to the extent that they meet the recognition criteria in paragraph 24) or deferred tax liabilities as identifiable assets and liabilities at the acquisition date. Consequently, those deferred tax assets and liabilities affect goodwill or the amount of any excess of the acquirer's interest in the net fair value of the acquiree's identifiable assets, liabilities and contingent liabilities over the cost of the combination. However, in accordance with paragraph 15(a), an entity does not recognise deferred tax liabilities arising from the initial recognition of goodwill.
67
As a result of a business combination, an acquirer may consider it probable that it will recover its own deferred tax asset that was not recognised before the business combination. For example, the acquirer may be able to utilise the benefit of its unused tax losses against the future taxable profit of the acquiree. In such cases, the acquirer recognises a deferred tax asset, but does not include it as part of the accounting for the business combination, and therefore does not take it into account in determining the goodwill or the amount of any excess of the acquirer's interest in the net fair value of the acquiree's identifiable assets, liabilities and contingent liabilities over the cost of the combination.
68
If the potential benefit of the acquiree's income tax loss carryforwards or other deferred tax assets did not satisfy the criteria in IFRS 3 for separate recognition when a business combination is initially accounted for but is subsequently realised, the acquirer shall recognise the resulting deferred tax income in profit or loss. In addition, the acquirer shall:
(a)
reduce the carrying amount of goodwill to the amount that would have been recognised if the deferred tax asset had been recognised as an identifiable asset from the acquisition date; and
(b)
recognise the reduction in the carrying amount of goodwill as an expense.
However, this procedure shall not result in the creation of an excess of the acquirer's interest in the net fair value of the acquiree's identifiable assets, liabilities and contingent liabilities over the cost of the combination, nor shall it increase the amount previously recognised for any such excess.
Example
An entity acquired a subsidiary that had deductible temporary differences of 300. The tax rate at the time of the acquisition was 30 per cent. The resulting deferred tax asset of 90 was not recognised as an identifiable asset in determining the goodwill of 500 that resulted from the business combination. Two years after the combination, the entity assessed that future taxable profit should be sufficient to recover the benefit of all the deductible temporary differences.
The entity recognises a deferred tax asset of 90 and, in profit or loss, deferred tax income of 90. The entity also reduces the carrying amount of goodwill by 90 and recognises an expense for this amount in profit or loss. Consequently, the cost of the goodwill is reduced to 410, being the amount that would have been recognised had the deferred tax asset of 90 been recognised as an identifiable asset at the acquisition date.
If the tax rate had increased to 40 per cent, the entity would have recognised a deferred tax asset of 120 (300 at 40 per cent) and, in profit or loss, deferred tax income of 120. If the tax rate had decreased to 20 per cent, the entity would have recognised a deferred tax asset of 60 (300 at 20 per cent) and deferred tax income of 60. In both cases, the entity would also reduce the carrying amount of goodwill by 90 and recognise an expense for that amount in profit or loss.
Current and deferred tax arising from share-based payment transactions
68A
In some tax jurisdictions, an entity receives a tax deduction (i.e. an amount that is deductible in determining taxable profit) that relates to remuneration paid in shares, share options or other equity instruments of the entity. The amount of that tax deduction may differ from the related cumulative remuneration expense, and may arise in a later accounting period. For example, in some jurisdictions, an entity may recognise an expense for the consumption of employee services received as consideration for share options granted, in accordance with IFRS 2 
Share-based payment
, and not receive a tax deduction until the share options are exercised, with the measurement of the tax deduction based on the entity's share price at the date of exercise.
68B
As with the research costs discussed in paragraphs 9 and 26(b) of this standard, the difference between the tax base of the employee services received to date (being the amount the taxation authorities will permit as a deduction in future periods), and the carrying amount of nil, is a deductible temporary difference that results in a deferred tax asset. If the amount the taxation authorities will permit as a deduction in future periods is not known at the end of the period, it shall be estimated, based on information available at the end of the period. For example, if the amount that the taxation authorities will permit as a deduction in future periods is dependent upon the entity's share price at a future date, the measurement of the deductible temporary difference should be based on the entity's share price at the end of the period.
68C
As noted in paragraph 68A, the amount of the tax deduction (or estimated future tax deduction, measured in accordance with paragraph 68B) may differ from the related cumulative remuneration expense. Paragraph 58 of the standard requires that current and deferred tax should be recognised as income or an expense and included in profit or loss for the period, except to the extent that the tax arises from (a) a transaction or event which is recognised, in the same or a different period, directly in equity, or (b) a business combination. If the amount of the tax deduction (or estimated future tax deduction) exceeds the amount of the related cumulative remuneration expense, this indicates that the tax deduction relates not only to remuneration expense but also to an equity item. In this situation, the excess of the associated current or deferred tax should be recognised directly in equity.
PRESENTATION
Tax assets and tax liabilities
69
[Deleted]
70
[Deleted]
Offset
71
An entity shall offset current tax assets and current tax liabilities if, and only if, the entity:
(a)
has a legally enforceable right to set off the recognised amounts; and
(b)
intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
72
Although current tax assets and liabilities are separately recognised and measured they are offset in the balance sheet subject to criteria similar to those established for financial instruments in IAS 32. An entity will normally have a legally enforceable right to set off a current tax asset against a current tax liability when they relate to income taxes levied by the same taxation authority and the taxation authority permits the entity to make or receive a single net payment.
73
In consolidated financial statements, a current tax asset of one entity in a group is offset against a current tax liability of another entity in the group if, and only if, the entities concerned have a legally enforceable right to make or receive a single net payment and the entities intend to make or receive such a net payment or to recover the asset and settle the liability simultaneously.
74
An entity shall offset deferred tax assets and deferred tax liabilities if, and only if:
(a)
the entity has a legally enforceable right to set off current tax assets against current tax liabilities; and
(b)
the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on either:
(i)
the same taxable entity; or
(ii)
different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
75
To avoid the need for detailed scheduling of the timing of the reversal of each temporary difference, this standard requires an entity to set off a deferred tax asset against a deferred tax liability of the same taxable entity if, and only if, they relate to income taxes levied by the same taxation authority and the entity has a legally enforceable right to set off current tax assets against current tax liabilities.
76
In rare circumstances, an entity may have a legally enforceable right of set-off, and an intention to settle net, for some periods but not for others. In such rare circumstances, detailed scheduling may be required to establish reliably whether the deferred tax liability of one taxable entity will result in increased tax payments in the same period in which a deferred tax asset of another taxable entity will result in decreased payments by that second taxable entity.
Tax expense
Tax expense (income) related to profit or loss from ordinary activities
77
The tax expense (income) related to profit or loss from ordinary activities shall be presented on the face of the income statement.
Exchange differences on deferred foreign tax liabilities or assets
78
IAS 21 requires certain exchange differences to be recognised as income or expense but does not specify where such differences should be presented in the income statement. Accordingly, where exchange differences on deferred foreign tax liabilities or assets are recognised in the income statement, such differences may be classified as deferred tax expense (income) if that presentation is considered to be the most useful to financial statement users.
DISCLOSURE
79
The major components of tax expense (income) shall be disclosed separately.
80
Components of tax expense (income) may include:
(a)
current tax expense (income);
(b)
any adjustments recognised in the period for current tax of prior periods;
(c)
the amount of deferred tax expense (income) relating to the origination and reversal of temporary differences;
(d)
the amount of deferred tax expense (income) relating to changes in tax rates or the imposition of new taxes;
(e)
the amount of the benefit arising from a previously unrecognised tax loss, tax credit or temporary difference of a prior period that is used to reduce current tax expense;
(f)
the amount of the benefit from a previously unrecognised tax loss, tax credit or temporary difference of a prior period that is used to reduce deferred tax expense;
(g)
deferred tax expense arising from the write-down, or reversal of a previous write-down, of a deferred tax asset in accordance with paragraph 56; and
(h)
the amount of tax expense (income) relating to those changes in accounting policies and errors that are included in profit or loss in accordance with IAS 8, because they cannot be accounted for retrospectively.
81
The following shall also be disclosed separately:
(a)
the aggregate current and deferred tax relating to items that are charged or credited to equity;
(b)
[deleted]
(c)
an explanation of the relationship between tax expense (income) and accounting profit in either or both of the following forms:
(i)
a numerical reconciliation between tax expense (income) and the product of accounting profit multiplied by the applicable tax rate(s), disclosing also the basis on which the applicable tax rate(s) is (are) computed; or
(ii)
a numerical reconciliation between the average effective tax rate and the applicable tax rate, disclosing also the basis on which the applicable tax rate is computed;
(d)
an explanation of changes in the applicable tax rate(s) compared to the previous accounting period;
(e)
the amount (and expiry date, if any) of deductible temporary differences, unused tax losses, and unused tax credits for which no deferred tax asset is recognised in the balance sheet;
(f)
the aggregate amount of temporary differences associated with investments in subsidiaries, branches and associates and interests in joint ventures, for which deferred tax liabilities have not been recognised (see paragraph 39);
(g)
in respect of each type of temporary difference, and in respect of each type of unused tax losses and unused tax credits:
(i)
the amount of the deferred tax assets and liabilities recognised in the balance sheet for each period presented;
(ii)
the amount of the deferred tax income or expense recognised in the income statement, if this is not apparent from the changes in the amounts recognised in the balance sheet;
(h)
in respect of discontinued operations, the tax expense relating to:
(i)
the gain or loss on discontinuance; and
(ii)
the profit or loss from the ordinary activities of the discontinued operation for the period, together with the corresponding amounts for each prior period presented; and
(i)
the amount of income tax consequences of dividends to shareholders of the entity that were proposed or declared before the financial statements were authorised for issue, but are not recognised as a liability in the financial statements.
82
An entity shall disclose the amount of a deferred tax asset and the nature of the evidence supporting its recognition, when:
(a)
the utilisation of the deferred tax asset is dependent on future taxable profits in excess of the profits arising from the reversal of existing taxable temporary differences; and
(b)
the entity has suffered a loss in either the current or preceding period in the tax jurisdiction to which the deferred tax asset relates.
82A
In the circumstances described in paragraph 52A, an entity shall disclose the nature of the potential income tax consequences that would result from the payment of dividends to its shareholders. In addition, the entity shall disclose the amounts of the potential income tax consequences practicably determinable and whether there are any potential income tax consequences not practicably determinable.
83
[Deleted]
84
The disclosures required by paragraph 81(c) enable users of financial statements to understand whether the relationship between tax expense (income) and accounting profit is unusual and to understand the significant factors that could affect that relationship in the future. The relationship between tax expense (income) and accounting profit may be affected by such factors as revenue that is exempt from taxation, expenses that are not deductible in determining taxable profit (tax loss), the effect of tax losses and the effect of foreign tax rates.
85
In explaining the relationship between tax expense (income) and accounting profit, an entity uses an applicable tax rate that provides the most meaningful information to the users of its financial statements. Often, the most meaningful rate is the domestic rate of tax in the country in which the entity is domiciled, aggregating the tax rate applied for national taxes with the rates applied for any local taxes which are computed on a substantially similar level of taxable profit (tax loss). However, for an entity operating in several jurisdictions, it may be more meaningful to aggregate separate reconciliations prepared using the domestic rate in each individual jurisdiction. The following example illustrates how the selection of the applicable tax rate affects the presentation of the numerical reconciliation.
Example illustrating paragraph 85
In 19X2, an entity has accounting profit in its own jurisdiction (country A) of 1 500 (19X1: 2 000) and in country B of 1 500 (19X1: 500). The tax rate is 30 % in country A and 20 % in country B. In country A, expenses of 100 (19X1: 200) are not deductible for tax purposes.
The following is an example of a reconciliation to the domestic tax rate.
19X1
19X2
Accounting profit
2 500
3 000
Tax at the domestic rate of 30 %
750
900
Tax effect of expenses that are not deductible for tax purposes
60
30
Effect of lower tax rates in country B
(50)
(150)
Tax expense
760
780
The following is an example of a reconciliation prepared by aggregating separate reconciliations for each national jurisdiction. Under this method, the effect of differences between the reporting entity's own domestic tax rate and the domestic tax rate in other jurisdictions does not appear as a separate item in the reconciliation. An entity may need to discuss the effect of significant changes in either tax rates, or the mix of profits earned in different jurisdictions, in order to explain changes in the applicable tax rate(s), as required by paragraph 81(d).
Accounting profit
2 500
3 000
Tax at the domestic rates applicable to profits in the country concerned
700
750
Tax effect of expenses that are not deductible for tax purposes
60
30
Tax expense
760
780
86
The average effective tax rate is the tax expense (income) divided by the accounting profit.
87
It would often be impracticable to compute the amount of unrecognised deferred tax liabilities arising from investments in subsidiaries, branches and associates and interests in joint ventures (see paragraph 39). Therefore, this standard requires an entity to disclose the aggregate amount of the underlying temporary differences but does not require disclosure of the deferred tax liabilities. Nevertheless, where practicable, entities are encouraged to disclose the amounts of the unrecognised deferred tax liabilities because financial statement users may find such information useful.
87A
Paragraph 82A requires an entity to disclose the nature of the potential income tax consequences that would result from the payment of dividends to its shareholders. An entity discloses the important features of the income tax systems and the factors that will affect the amount of the potential income tax consequences of dividends.
87B
It would sometimes not be practicable to compute the total amount of the potential income tax consequences that would result from the payment of dividends to shareholders. This may be the case, for example, where an entity has a large number of foreign subsidiaries. However, even in such circumstances, some portions of the total amount may be easily determinable. For example, in a consolidated group, a parent and some of its subsidiaries may have paid income taxes at a higher rate on undistributed profits and be aware of the amount that would be refunded on the payment of future dividends to shareholders from consolidated retained earnings. In this case, that refundable amount is disclosed. If applicable, the entity also discloses that there are additional potential income tax consequences not practicably determinable. In the parent's separate financial statements, if any, the disclosure of the potential income tax consequences relates to the parent's retained earnings.
87C
An entity required to provide the disclosures in paragraph 82A may also be required to provide disclosures related to temporary differences associated with investments in subsidiaries, branches and associates or interests in joint ventures. In such cases, an entity considers this in determining the information to be disclosed under paragraph 82A. For example, an entity may be required to disclose the aggregate amount of temporary differences associated with investments in subsidiaries for which no deferred tax liabilities have been recognised (see paragraph 81(f)). If it is impracticable to compute the amounts of unrecognised deferred tax liabilities (see paragraph 87) there may be amounts of potential income tax consequences of dividends not practicably determinable related to these subsidiaries.
88
An entity discloses any tax-related contingent liabilities and contingent assets in accordance with IAS 37 
Provisions, contingent liabilities and contingent assets
. Contingent liabilities and contingent assets may arise, for example, from unresolved disputes with the taxation authorities. Similarly, where changes in tax rates or tax laws are enacted or announced after the balance sheet date, an entity discloses any significant effect of those changes on its current and deferred tax assets and liabilities (see IAS 10 
Events after the balance sheet date
).
EFFECTIVE DATE
89
This standard becomes operative for financial statements covering periods beginning on or after 1 January 1998, except as specified in paragraph 91. If an entity applies this standard for financial statements covering periods beginning before 1 January 1998, the entity shall disclose the fact it has applied this standard instead of IAS 12 
Accounting for Taxes on Income
, approved in 1979.
90
This standard supersedes IAS 12 
Accounting for taxes on income
, approved in 1979.
91
Paragraphs 52A, 52B, 65A, 81(i), 82A, 87A, 87B, 87C and the deletion of paragraphs 3 and 50 become operative for annual financial statements 
(
1
)
 covering periods beginning on or after 1 January 2001. Earlier adoption is encouraged. If earlier adoption affects the financial statements, an entity shall disclose that fact.
(
1
)
  Under this analysis, there is no taxable temporary difference. An alternative analysis is that the accrued dividends receivable have a tax base of nil and that a tax rate of nil is applied to the resulting taxable temporary difference of 100. Under both analyses, there is no deferred tax liability.
(
2
)
  Under this analysis, there is no deductible temporary difference. An alternative analysis is that the accrued fines and penalties payable have a tax base of nil and that a tax rate of nil is applied to the resulting deductible temporary difference of 100. Under both analyses, there is no deferred tax asset.
(
1
)
  Paragraph 91 refers to ‘annual financial statements’ in line with more explicit language for writing effective dates adopted in 1998. Paragraph 89 refers to ‘financial statements’.
INTERNATIONAL ACCOUNTING STANDARD 16
Property, plant and equipment
OBJECTIVE
1
The objective of this standard is to prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about an entity's investment in its property, plant and equipment and the changes in such investment. The principal issues in accounting for property, plant and equipment are the recognition of the assets, the determination of their carrying amounts and the depreciation charges and impairment losses to be recognised in relation to them.
SCOPE
2
This standard shall be applied in accounting for property, plant and equipment except when another standard requires or permits a different accounting treatment.
3
This standard does not apply to:
(a)
property, plant and equipment classified as held for sale in accordance with IFRS 5 
Non-current assets held for sale and discontinued operations
;
(b)
biological assets related to agricultural activity (see IAS 41 
Agriculture
);
(c)
the recognition and measurement of exploration and evaluation assets (see IFRS 6 
Exploration for and evaluation of mineral resources
); or
(d)
mineral rights and mineral reserves such as oil, natural gas and similar non-regenerative resources.
However, this standard applies to property, plant and equipment used to develop or maintain the assets described in (b)-(d).
4
Other standards may require recognition of an item of property, plant and equipment based on an approach different from that in this standard. For example, IAS 17 
Leases
 requires an entity to evaluate its recognition of an item of leased property, plant and equipment on the basis of the transfer of risks and rewards. However, in such cases other aspects of the accounting treatment for these assets, including depreciation, are prescribed by this standard.
5
An entity shall apply this standard to property that is being constructed or developed for future use as investment property but does not yet satisfy the definition of ‘investment property’ in IAS 40 
Investment property
. Once the construction or development is complete, the property becomes investment property and the entity is required to apply IAS 40. IAS 40 also applies to investment property that is being redeveloped for continued future use as investment property. An entity using the cost model for investment property in accordance with IAS 40 shall use the cost model in this standard.
DEFINITIONS
6
The following terms are used in this standard with the meanings specified:
Carrying amount
 is the amount at which an asset is recognised after deducting any accumulated depreciation and accumulated impairment losses.
Cost
 is the amount of cash or cash equivalents paid or the fair value of the other consideration given to acquire an asset at the time of its acquisition or construction or, where applicable, the amount attributed to that asset when initially recognised in accordance with the specific requirements of other IFRSs, e.g. IFRS 2 
Share-based payment
.
Depreciable amount
 is the cost of an asset, or other amount substituted for cost, less its residual value.
Depreciation
 is the systematic allocation of the depreciable amount of an asset over its useful life.
Entity-specific value
 is the present value of the cash flows an entity expects to arise from the continuing use of an asset and from its disposal at the end of its useful life or expects to incur when settling a liability.
Fair value
 is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm's length transaction.
An 
impairment loss
 is the amount by which the carrying amount of an asset exceeds its recoverable amount.
Property, plant and equipment
 are tangible items that:
(a)
are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and
(b)
are expected to be used during more than one period.
Recoverable amount
 is the higher of an asset's net selling price and its value in use.
The 
residual value
 of an asset is the estimated amount that an entity would currently obtain from disposal of the asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Useful life
 is:
(a)
the period over which an asset is expected to be available for use by an entity; or
(b)
the number of production or similar units expected to be obtained from the asset by an entity.
RECOGNITION
7
The cost of an item of property, plant and equipment shall be recognised as an asset if, and only if:
(a)
it is probable that future economic benefits associated with the item will flow to the entity; and
(b)
the cost of the item can be measured reliably.
8
Spare parts and servicing equipment are usually carried as inventory and recognised in profit or loss as consumed. However, major spare parts and stand-by equipment qualify as property, plant and equipment when an entity expects to use them during more than one period. Similarly, if the spare parts and servicing equipment can be used only in connection with an item of property, plant and equipment, they are accounted for as property, plant and equipment.
9
This standard does not prescribe the unit of measure for recognition, i.e. what constitutes an item of property, plant and equipment. Thus, judgement is required in applying the recognition criteria to an entity's specific circumstances. It may be appropriate to aggregate individually insignificant items, such as moulds, tools and dies, and to apply the criteria to the aggregate value.
10
An entity evaluates under this recognition principle all its property, plant and equipment costs at the time they are incurred. These costs include costs incurred initially to acquire or construct an item of property, plant and equipment and costs incurred subsequently to add to, replace part of, or service it.
Initial costs
11
Items of property, plant and equipment may be acquired for safety or environmental reasons. The acquisition of such property, plant and equipment, although not directly increasing the future economic benefits of any particular existing item of property, plant and equipment, may be necessary for an entity to obtain the future economic benefits from its other assets. Such items of property, plant and equipment qualify for recognition as assets because they enable an entity to derive future economic benefits from related assets in excess of what could be derived had those items not been acquired. For example, a chemical manufacturer may install new chemical handling processes to comply with environmental requirements for the production and storage of dangerous chemicals; related plant enhancements are recognised as an asset because without them the entity is unable to manufacture and sell chemicals. However, the resulting carrying amount of such an asset and related assets is reviewed for impairment in accordance with IAS 36 
Impairment of assets
.
Subsequent costs
12
Under the recognition principle in paragraph 7, an entity does not recognise in the carrying amount of an item of property, plant and equipment the costs of the day-to-day servicing of the item. Rather, these costs are recognised in profit or loss as incurred. Costs of day-to-day servicing are primarily the costs of labour and consumables, and may include the cost of small parts. The purpose of these expenditures is often described as for the ‘repairs and maintenance’ of the item of property, plant and equipment.
13
Parts of some items of property, plant and equipment may require replacement at regular intervals. For example, a furnace may require relining after a specified number of hours of use, or aircraft interiors such as seats and galleys may require replacement several times during the life of the airframe. Items of property, plant and equipment may also be acquired to make a less frequently recurring replacement, such as replacing the interior walls of a building, or to make a nonrecurring replacement. Under the recognition principle in paragraph 7, an entity recognises in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred if the recognition criteria are met. The carrying amount of those parts that are replaced is derecognised in accordance with the derecognition provisions of this standard (see paragraphs 67-72).
14
A condition of continuing to operate an item of property, plant and equipment (for example, an aircraft) may be performing regular major inspections for faults regardless of whether parts of the item are replaced. When each major inspection is performed, its cost is recognised in the carrying amount of the item of property, plant and equipment as a replacement if the recognition criteria are satisfied. Any remaining carrying amount of the cost of the previous inspection (as distinct from physical parts) is derecognised. This occurs regardless of whether the cost of the previous inspection was identified in the transaction in which the item was acquired or constructed. If necessary, the estimated cost of a future similar inspection may be used as an indication of what the cost of the existing inspection component was when the item was acquired or constructed.
MEASUREMENT AT RECOGNITION
15
An item of property, plant and equipment that qualifies for recognition as an asset shall be measured at its cost.
Elements of cost
16
The cost of an item of property, plant and equipment comprises:
(a)
its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates;
(b)
any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management;
(c)
the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, the obligation for which an entity incurs either when the item is acquired or as a consequence of having used the item during a particular period for purposes other than to produce inventories during that period.
17
Examples of directly attributable costs are:
(a)
costs of employee benefits (as defined in IAS 19 
Employee benefits
) arising directly from the construction or acquisition of the item of property, plant and equipment;
(b)
costs of site preparation;
(c)
initial delivery and handling costs;
(d)
installation and assembly costs;
(e)
costs of testing whether the asset is functioning properly, after deducting the net proceeds from selling any items produced while bringing the asset to that location and condition (such as samples produced when testing equipment); and
(f)
professional fees.
18
An entity applies IAS 2 
Inventories
 to the costs of obligations for dismantling, removing and restoring the site on which an item is located that are incurred during a particular period as a consequence of having used the item to produce inventories during that period. The obligations for costs accounted for in accordance with IAS 2 or IAS 16 are recognised and measured in accordance with IAS 37 
Provisions, contingent liabilities and contingent assets
.
19
Examples of costs that are not costs of an item of property, plant and equipment are:
(a)
costs of opening a new facility;
(b)
costs of introducing a new product or service (including costs of advertising and promotional activities);
(c)
costs of conducting business in a new location or with a new class of customer (including costs of staff training); and
(d)
administration and other general overhead costs.
20
Recognition of costs in the carrying amount of an item of property, plant and equipment ceases when the item is in the location and condition necessary for it to be capable of operating in the manner intended by management. Therefore, costs incurred in using or redeploying an item are not included in the carrying amount of that item. For example, the following costs are not included in the carrying amount of an item of property, plant and equipment:
(a)
costs incurred while an item capable of operating in the manner intended by management has yet to be brought into use or is operated at less than full capacity;
(b)
initial operating losses, such as those incurred while demand for the item's output builds up; and
(c)
costs of relocating or reorganising part or all of an entity's operations.
21
Some operations occur in connection with the construction or development of an item of property, plant and equipment, but are not necessary to bring the item to the location and condition necessary for it to be capable of operating in the manner intended by management. These incidental operations may occur before or during the construction or development activities. For example, income may be earned through using a building site as a car park until construction starts. Because incidental operations are not necessary to bring an item to the location and condition necessary for it to be capable of operating in the manner intended by management, the income and related expenses of incidental operations are recognised in profit or loss and included in their respective classifications of income and expense.
22
The cost of a self-constructed asset is determined using the same principles as for an acquired asset. If an entity makes similar assets for sale in the normal course of business, the cost of the asset is usually the same as the cost of constructing an asset for sale (see IAS 2). Therefore, any internal profits are eliminated in arriving at such costs. Similarly, the cost of abnormal amounts of wasted material, labour, or other resources incurred in self-constructing an asset is not included in the cost of the asset. IAS 23 
Borrowing costs
 establishes criteria for the recognition of interest as a component of the carrying amount of a self-constructed item of property, plant and equipment.
Measurement of cost
23
The cost of an item of property, plant and equipment is the cash price equivalent at the recognition date. If payment is deferred beyond normal credit terms, the difference between the cash price equivalent and the total payment is recognised as interest over the period of credit unless such interest is recognised in the carrying amount of the item in accordance with the allowed alternative treatment in IAS 23.
24
One or more items of property, plant and equipment may be acquired in exchange for a non-monetary asset or assets, or a combination of monetary and non-monetary assets. The following discussion refers simply to an exchange of one non-monetary asset for another, but it also applies to all exchanges described in the preceding sentence. The cost of such an item of property, plant and equipment is measured at fair value unless (a) the exchange transaction lacks commercial substance or (b) the fair value of neither the asset received nor the asset given up is reliably measurable. The acquired item is measured in this way even if an entity cannot immediately derecognise the asset given up. If the acquired item is not measured at fair value, its cost is measured at the carrying amount of the asset given up.
25
An entity determines whether an exchange transaction has commercial substance by considering the extent to which its future cash flows are expected to change as a result of the transaction. An exchange transaction has commercial substance if:
(a)
the configuration (risk, timing and amount) of the cash flows of the asset received differs from the configuration of the cash flows of the asset transferred; or
(b)
the entity-specific value of the portion of the entity's operations affected by the transaction changes as a result of the exchange; and
(c)
the difference in (a) or (b) is significant relative to the fair value of the assets exchanged.
For the purpose of determining whether an exchange transaction has commercial substance, the entity-specific value of the portion of the entity's operations affected by the transaction shall reflect post-tax cash flows. The result of these analyses may be clear without an entity having to perform detailed calculations.
26
The fair value of an asset for which comparable market transactions do not exist is reliably measurable if (a) the variability in the range of reasonable fair value estimates is not significant for that asset or (b) the probabilities of the various estimates within the range can be reasonably assessed and used in estimating fair value. If an entity is able to determine reliably the fair value of either the asset received or the asset given up, then the fair value of the asset given up is used to measure the cost of the asset received unless the fair value of the asset received is more clearly evident.
27
The cost of an item of property, plant and equipment held by a lessee under a finance lease is determined in accordance with IAS 17.
28
The carrying amount of an item of property, plant and equipment may be reduced by government grants in accordance with IAS 20 
Accounting for government grants and disclosure of government assistance
.
MEASUREMENT AFTER RECOGNITION
29
An entity shall choose either the cost model in paragraph 30 or the revaluation model in paragraph 31 as its accounting policy and shall apply that policy to an entire class of property, plant and equipment.
Cost model
30
After recognition as an asset, an item of property, plant and equipment shall be carried at its cost less any accumulated depreciation and any accumulated impairment losses.
Revaluation model
31
After recognition as an asset, an item of property, plant and equipment whose fair value can be measured reliably shall be carried at a revalued amount, being its fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations shall be made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
32
The fair value of land and buildings is usually determined from market-based evidence by appraisal that is normally undertaken by professionally qualified valuers. The fair value of items of plant and equipment is usually their market value determined by appraisal.
33
If there is no market-based evidence of fair value because of the specialised nature of the item of property, plant and equipment and the item is rarely sold, except as part of a continuing business, an entity may need to estimate fair value using an income or a depreciated replacement cost approach.
34
The frequency of revaluations depends upon the changes in fair values of the items of property, plant and equipment being revalued. When the fair value of a revalued asset differs materially from its carrying amount, a further revaluation is required. Some items of property, plant and equipment experience significant and volatile changes in fair value, thus necessitating annual revaluation. Such frequent revaluations are unnecessary for items of property, plant and equipment with only insignificant changes in fair value. Instead, it may be necessary to revalue the item only every three or five years.
35
When an item of property, plant and equipment is revalued, any accumulated depreciation at the date of the revaluation is treated in one of the following ways:
(a)
restated proportionately with the change in the gross carrying amount of the asset so that the carrying amount of the asset after revaluation equals its revalued amount. This method is often used when an asset is revalued by means of applying an index to determine its depreciated replacement cost;
(b)
eliminated against the gross carrying amount of the asset and the net amount restated to the revalued amount of the asset. This method is often used for buildings.
The amount of the adjustment arising on the restatement or elimination of accumulated depreciation forms part of the increase or decrease in carrying amount that is accounted for in accordance with paragraphs 39 and 40.
36
If an item of property, plant and equipment is revalued, the entire class of property, plant and equipment to which that asset belongs shall be revalued.
37
A class of property, plant and equipment is a grouping of assets of a similar nature and use in an entity's operations. The following are examples of separate classes:
(a)
land;
(b)
land and buildings;
(c)
machinery;
(d)
ships;
(e)
aircraft;
(f)
motor vehicles;
(g)
furniture and fixtures; and
(h)
office equipment.
38
The items within a class of property, plant and equipment are revalued simultaneously to avoid selective revaluation of assets and the reporting of amounts in the financial statements that are a mixture of costs and values as at different dates. However, a class of assets may be revalued on a rolling basis provided revaluation of the class of assets is completed within a short period and provided the revaluations are kept up to date.
39
If an asset's carrying amount is increased as a result of a revaluation, the increase shall be credited directly to equity under the heading of revaluation surplus. However, the increase shall be recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss.
40
If an asset's carrying amount is decreased as a result of a revaluation, the decrease shall be recognised in profit or loss. However, the decrease shall be debited directly to equity under the heading of revaluation surplus to the extent of any credit balance existing in the revaluation surplus in respect of that asset.
41
The revaluation surplus included in equity in respect of an item of property, plant and equipment may be transferred directly to retained earnings when the asset is derecognised. This may involve transferring the whole of the surplus when the asset is retired or disposed of. However, some of the surplus may be transferred as the asset is used by an entity. In such a case, the amount of the surplus transferred would be the difference between depreciation based on the revalued carrying amount of the asset and depreciation based on the asset's original cost. Transfers from revaluation surplus to retained earnings are not made through profit or loss.
42
The effects of taxes on income, if any, resulting from the revaluation of property, plant and equipment are recognised and disclosed in accordance with IAS 12 
Income taxes
.
Depreciation
43
Each part of an item of property, plant and equipment with a cost that is significant in relation to the total cost of the item shall be depreciated separately.
44
An entity allocates the amount initially recognised in respect of an item of property, plant and equipment to its significant parts and depreciates separately each such part. For example, it may be appropriate to depreciate separately the airframe and engines of an aircraft, whether owned or subject to a finance lease.
45
A significant part of an item of property, plant and equipment may have a useful life and a depreciation method that are the same as the useful life and the depreciation method of another significant part of that same item. Such parts may be grouped in determining the depreciation charge.
46
To the extent that an entity depreciates separately some parts of an item of property, plant and equipment, it also depreciates separately the remainder of the item. The remainder consists of the parts of the item that are individually not significant. If an entity has varying expectations for these parts, approximation techniques may be necessary to depreciate the remainder in a manner that faithfully represents the consumption pattern and/or useful life of its parts.
47
An entity may choose to depreciate separately the parts of an item that do not have a cost that is significant in relation to the total cost of the item.
48
The depreciation charge for each period shall be recognised in profit or loss unless it is included in the carrying amount of another asset.
49
The depreciation charge for a period is usually recognised in profit or loss. However, sometimes, the future economic benefits embodied in an asset are absorbed in producing other assets. In this case, the depreciation charge constitutes part of the cost of the other asset and is included in its carrying amount. For example, the depreciation of manufacturing plant and equipment is included in the costs of conversion of inventories (see IAS 2). Similarly, depreciation of property, plant and equipment used for development activities may be included in the cost of an intangible asset recognised in accordance with IAS 38 
Intangible assets
.
Depreciable amount and depreciation period
50
The depreciable amount of an asset shall be allocated on a systematic basis over its useful life.
51
The residual value and the useful life of an asset shall be reviewed at least at each financial year-end and, if expectations differ from previous estimates, the change(s) shall be accounted for as a change in an accounting estimate in accordance with IAS 8 
Accounting policies, changes in accounting estimates and errors
.
52
Depreciation is recognised even if the fair value of the asset exceeds its carrying amount, as long as the asset's residual value does not exceed its carrying amount. Repair and maintenance of an asset do not negate the need to depreciate it.
53
The depreciable amount of an asset is determined after deducting its residual value. In practice, the residual value of an asset is often insignificant and therefore immaterial in the calculation of the depreciable amount.
54
The residual value of an asset may increase to an amount equal to or greater than the asset's carrying amount. If it does, the asset's depreciation charge is zero unless and until its residual value subsequently decreases to an amount below the asset's carrying amount.
55
Depreciation of an asset begins when it is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation of an asset ceases at the earlier of the date that the asset is classified as held for sale (or included in a disposal group that is classified as held for sale) in accordance with IFRS 5 and the date that the asset is derecognised. Therefore, depreciation does not cease when the asset becomes idle or is retired from active use unless the asset is fully depreciated. However, under usage methods of depreciation the depreciation charge can be zero while there is no production.
56
The future economic benefits embodied in an asset are consumed by an entity principally through its use. However, other factors, such as technical or commercial obsolescence and wear and tear while an asset remains idle, often result in the diminution of the economic benefits that might have been obtained from the asset. Consequently, all the following factors are considered in determining the useful life of an asset:
(a)
expected usage of the asset. Usage is assessed by reference to the asset's expected capacity or physical output;
(b)
expected physical wear and tear, which depends on operational factors such as the number of shifts for which the asset is to be used and the repair and maintenance programme, and the care and maintenance of the asset while idle;
(c)
technical or commercial obsolescence arising from changes or improvements in production, or from a change in the market demand for the product or service output of the asset;
(d)
legal or similar limits on the use of the asset, such as the expiry dates of related leases.
57
The useful life of an asset is defined in terms of the asset's expected utility to the entity. The asset management policy of the entity may involve the disposal of assets after a specified time or after consumption of a specified proportion of the future economic benefits embodied in the asset. Therefore, the useful life of an asset may be shorter than its economic life. The estimation of the useful life of the asset is a matter of judgement based on the experience of the entity with similar assets.
58
Land and buildings are separable assets and are accounted for separately, even when they are acquired together. With some exceptions, such as quarries and sites used for landfill, land has an unlimited useful life and therefore is not depreciated. Buildings have a limited useful life and therefore are depreciable assets. An increase in the value of the land on which a building stands does not affect the determination of the depreciable amount of the building.
59
If the cost of land includes the costs of site dismantlement, removal and restoration, that portion of the land asset is depreciated over the period of benefits obtained by incurring those costs. In some cases, the land itself may have a limited useful life, in which case it is depreciated in a manner that reflects the benefits to be derived from it.
Depreciation method
60
The depreciation method used shall reflect the pattern in which the asset's future economic benefits are expected to be consumed by the entity.
61
The depreciation method applied to an asset shall be reviewed at least at each financial year-end and, if there has been a significant change in the expected pattern of consumption of the future economic benefits embodied in the asset, the method shall be changed to reflect the changed pattern. Such a change shall be accounted for as a change in an accounting estimate in accordance with IAS 8.
62
A variety of depreciation methods can be used to allocate the depreciable amount of an asset on a systematic basis over its useful life. These methods include the straight-line method, the diminishing balance method and the units of production method. Straight-line depreciation results in a constant charge over the useful life if the asset's residual value does not change. The diminishing balance method results in a decreasing charge over the useful life. The units of production method results in a charge based on the expected use or output. The entity selects the method that most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. That method is applied consistently from period to period unless there is a change in the expected pattern of consumption of those future economic benefits.
Impairment
63
To determine whether an item of property, plant and equipment is impaired, an entity applies IAS 36 
Impairment of assets
. That standard explains how an entity reviews the carrying amount of its assets, how it determines the recoverable amount of an asset, and when it recognises, or reverses the recognition of, an impairment loss.
64
[Deleted]
Compensation for impairment
65
Compensation from third parties for items of property, plant and equipment that were impaired, lost or given up shall be included in profit or loss when the compensation becomes receivable.
66
Impairments or losses of items of property, plant and equipment, related claims for or payments of compensation from third parties and any subsequent purchase or construction of replacement assets are separate economic events and are accounted for separately as follows:
(a)
impairments of items of property, plant and equipment are recognised in accordance with IAS 36;
(b)
derecognition of items of property, plant and equipment retired or disposed of is determined in accordance with this standard;
(c)
compensation from third parties for items of property, plant and equipment that were impaired, lost or given up is included in determining profit or loss when it becomes receivable; and
(d)
the cost of items of property, plant and equipment restored, purchased or constructed as replacements is determined in accordance with this standard.
DERECOGNITION
67
The carrying amount of an item of property, plant and equipment shall be derecognised:
(a)
on disposal; or
(b)
when no future economic benefits are expected from its use or disposal.
68
The gain or loss arising from the derecognition of an item of property, plant and equipment shall be included in profit or loss when the item is derecognised (unless IAS 17 requires otherwise on a sale and leaseback). Gains shall not be classified as revenue.
69
The disposal of an item of property, plant and equipment may occur in a variety of ways (e.g. by sale, by entering into a finance lease or by donation). In determining the date of disposal of an item, an entity applies the criteria in IAS 18 
Revenue
 for recognising revenue from the sale of goods. IAS 17 applies to disposal by a sale and leaseback.
70
If, under the recognition principle in paragraph 7, an entity recognises in the carrying amount of an item of property, plant and equipment the cost of a replacement for part of the item, then it derecognises the carrying amount of the replaced part regardless of whether the replaced part had been depreciated separately. If it is not practicable for an entity to determine the carrying amount of the replaced part, it may use the cost of the replacement as an indication of what the cost of the replaced part was at the time it was acquired or constructed.
71
The gain or loss arising from the derecognition of an item of property, plant and equipment shall be determined as the difference between the net disposal proceeds, if any, and the carrying amount of the item.
72
The consideration receivable on disposal of an item of property, plant and equipment is recognised initially at its fair value. If payment for the item is deferred, the consideration received is recognised initially at the cash price equivalent. The difference between the nominal amount of the consideration and the cash price equivalent is recognised as interest revenue in accordance with IAS 18 reflecting the effective yield on the receivable.
DISCLOSURE
73
The financial statements shall disclose, for each class of property, plant and equipment:
(a)
the measurement bases used for determining the gross carrying amount;
(b)
the depreciation methods used;
(c)
the useful lives or the depreciation rates used;
(d)
the gross carrying amount and the accumulated depreciation (aggregated with accumulated impairment losses) at the beginning and end of the period; and
(e)
a reconciliation of the carrying amount at the beginning and end of the period showing:
(i)
additions;
(ii)
assets classified as held for sale or included in a disposal group classified as held for sale in accordance with IFRS 5 and other disposals;
(iii)
acquisitions through business combinations;
(iv)
increases or decreases resulting from revaluations under paragraphs 31, 39 and 40 and from impairment losses recognised or reversed directly in equity in accordance with IAS 36;
(v)
impairment losses recognised in profit or loss in accordance with IAS 36;
(vi)
impairment losses reversed in profit or loss in accordance with IAS 36;
(vii)
depreciation;
(viii)
the net exchange differences arising on the translation of the financial statements from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity; and
(ix)
other changes.
74
The financial statements shall also disclose:
(a)
the existence and amounts of restrictions on title, and property, plant and equipment pledged as security for liabilities;
(b)
the amount of expenditures recognised in the carrying amount of an item of property, plant and equipment in the course of its construction;
(c)
the amount of contractual commitments for the acquisition of property, plant and equipment; and
(d)
if it is not disclosed separately on the face of the income statement, the amount of compensation from third parties for items of property, plant and equipment that were impaired, lost or given up that is included in profit or loss.
75
Selection of the depreciation method and estimation of the useful life of assets are matters of judgement. Therefore, disclosure of the methods adopted and the estimated useful lives or depreciation rates provides users of financial statements with information that allows them to review the policies selected by management and enables comparisons to be made with other entities. For similar reasons, it is necessary to disclose:
(a)
depreciation, whether recognised in profit or loss or as a part of the cost of other assets, during a period; and
(b)
accumulated depreciation at the end of the period.
76
In accordance with IAS 8 an entity discloses the nature and effect of a change in an accounting estimate that has an effect in the current period or is expected to have an effect in subsequent periods. For property, plant and equipment, such disclosure may arise from changes in estimates with respect to:
(a)
residual values;
(b)
the estimated costs of dismantling, removing or restoring items of property, plant and equipment;
(c)
useful lives; and
(d)
depreciation methods.
77
If items of property, plant and equipment are stated at revalued amounts, the following shall be disclosed:
(a)
the effective date of the revaluation;
(b)
whether an independent valuer was involved;
(c)
the methods and significant assumptions applied in estimating the items' fair values;
(d)
the extent to which the items' fair values were determined directly by reference to observable prices in an active market or recent market transactions on arm's length terms or were estimated using other valuation techniques;
(e)
for each revalued class of property, plant and equipment, the carrying amount that would have been recognised had the assets been carried under the cost model; and
(f)
the revaluation surplus, indicating the change for the period and any restrictions on the distribution of the balance to shareholders.
78
In accordance with IAS 36 an entity discloses information on impaired property, plant and equipment in addition to the information required by paragraph 73(e)(iv)-(vi).
79
Users of financial statements may also find the following information relevant to their needs:
(a)
the carrying amount of temporarily idle property, plant and equipment;
(b)
the gross carrying amount of any fully depreciated property, plant and equipment that is still in use;
(c)
the carrying amount of property, plant and equipment retired from active use and not classified as held for sale in accordance with IFRS 5; and
(d)
when the cost model is used, the fair value of property, plant and equipment when this is materially different from the carrying amount.
Therefore, entities are encouraged to disclose these amounts.
TRANSITIONAL PROVISIONS
80
The requirements of paragraphs 24-26 regarding the initial measurement of an item of property, plant and equipment acquired in an exchange of assets transaction shall be applied prospectively only to future transactions.
EFFECTIVE DATE
81
An entity shall apply this standard for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. If an entity applies this standard for a period beginning before 1 January 2005, it shall disclose that fact.
81A
An entity shall apply the amendments in paragraph 3 for annual periods beginning on or after 1 January 2006. If an entity applies IFRS 6 for an earlier period, those amendments shall be applied for that earlier period.
WITHDRAWAL OF OTHER PRONOUNCEMENTS
82
This standard supersedes IAS 16 
Property, plant and equipment
 (revised in 1998).
83
This standard supersedes the following interpretations:
(a)
SIC-6 
Costs of modifying existing software
;
(b)
SIC-14 
Property, plant and equipment — compensation for the impairment or loss of items
; and
(c)
SIC-23 
Property, plant and equipment — major inspection or overhaul costs
.
INTERNATIONAL ACCOUNTING STANDARD 17
Leases
OBJECTIVE
1
The objective of this standard is to prescribe, for lessees and lessors, the appropriate accounting policies and disclosure to apply in relation to leases.
SCOPE
2
This standard shall be applied in accounting for all leases other than:
(a)
leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources; and
(b)
licensing agreements for such items as motion picture films, video recordings, plays, manuscripts, patents and copyrights.
However, this standard shall not be applied as the basis of measurement for:
(a)
property held by lessees that is accounted for as investment property (see IAS 40 
Investment property
);
(b)
investment property provided by lessors under operating leases (see IAS 40);
(c)
biological assets held by lessees under finance leases (see IAS 41 
Agriculture
); or
(d)
biological assets provided by lessors under operating leases (see IAS 41).
3
This standard applies to agreements that transfer the right to use assets even though substantial services by the lessor may be called for in connection with the operation or maintenance of such assets. This standard does not apply to agreements that are contracts for services that do not transfer the right to use assets from one contracting party to the other.
DEFINITIONS
4
The following terms are used in this standard with the meanings specified:
A 
lease
 is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time.
A 
finance lease
 is a lease that transfers substantially all the risks and rewards incidental to ownership of an asset. Title may or may not eventually be transferred.
An 
operating lease
 is a lease other than a finance lease.
A 
non-cancellable lease
 is a lease that is cancellable only:
(a)
upon the occurrence of some remote contingency;
(b)
with the permission of the lessor;
(c)
if the lessee enters into a new lease for the same or an equivalent asset with the same lessor; or
(d)
upon payment by the lessee of such an additional amount that, at inception of the lease, continuation of the lease is reasonably certain.
The 
inception of the lease
 is the earlier of the date of the lease agreement and the date of commitment by the parties to the principal provisions of the lease. As at this date:
(a)
a lease is classified as either an operating or a finance lease; and
(b)
in the case of a finance lease, the amounts to be recognised at the commencement of the lease term are determined.
The 
commencement of the lease term
 is the date from which the lessee is entitled to exercise its right to use the leased asset. It is the date of initial recognition of the lease (i.e. the recognition of the assets, liabilities, income or expenses resulting from the lease, as appropriate).
The 
lease term
 is the non-cancellable period for which the lessee has contracted to lease the asset together with any further terms for which the lessee has the option to continue to lease the asset, with or without further payment, when at the inception of the lease it is reasonably certain that the lessee will exercise the option.
Minimum lease payments
 are the payments over the lease term that the lessee is or can be required to make, excluding contingent rent, costs for services and taxes to be paid by and reimbursed to the lessor, together with:
(a)
for a lessee, any amounts guaranteed by the lessee or by a party related to the lessee; or
(b)
for a lessor, any residual value guaranteed to the lessor by:
(i)
the lessee;
(ii)
a party related to the lessee; or
(iii)
a third party unrelated to the lessor that is financially capable of discharging the obligations under the guarantee.
However, if the lessee has an option to purchase the asset at a price that is expected to be sufficiently lower than fair value at the date the option becomes exercisable for it to be reasonably certain, at the inception of the lease, that the option will be exercised, the minimum lease payments comprise the minimum payments payable over the lease term to the expected date of exercise of this purchase option and the payment required to exercise it.
Fair value
 is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction.
Economic life
 is either:
(a)
the period over which an asset is expected to be economically usable by one or more users; or
(b)
the number of production or similar units expected to be obtained from the asset by one or more users.
Useful life
 is the estimated remaining period, from the commencement of the lease term, without limitation by the lease term, over which the economic benefits embodied in the asset are expected to be consumed by the entity.
Guaranteed residual value
 is:
(a)
for a lessee, that part of the residual value that is guaranteed by the lessee or by a party related to the lessee (the amount of the guarantee being the maximum amount that could, in any event, become payable); and
(b)
for a lessor, that part of the residual value that is guaranteed by the lessee or by a third party unrelated to the lessor that is financially capable of discharging the obligations under the guarantee.
Unguaranteed residual value
 is that portion of the residual value of the leased asset, the realisation of which by the lessor is not assured or is guaranteed solely by a party related to the lessor.
Initial direct costs
 are incremental costs that are directly attributable to negotiating and arranging a lease, except for such costs incurred by manufacturer or dealer lessors.
Gross investment in the lease
 is the aggregate of:
(a)
the minimum lease payments receivable by the lessor under a finance lease; and
(b)
any unguaranteed residual value accruing to the lessor.
Net investment in the lease
 is the gross investment in the lease discounted at the interest rate implicit in the lease.
Unearned finance income
 is the difference between:
(a)
the gross investment in the lease; and
(b)
the net investment in the lease.
The 
interest rate implicit in the lease
 is the discount rate that, at the inception of the lease, causes the aggregate present value of (a) the minimum lease payments and (b) the unguaranteed residual value to be equal to the sum of (i) the fair value of the leased asset and (ii) any initial direct costs of the lessor.
The 
lessee's incremental borrowing rate of interest
 is the rate of interest the lessee would have to pay on a similar lease or, if that is not determinable, the rate that, at the inception of the lease, the lessee would incur to borrow over a similar term, and with a similar security, the funds necessary to purchase the asset.
Contingent rent
 is that portion of the lease payments that is not fixed in amount but is based on the future amount of a factor that changes other than with the passage of time (e.g. percentage of future sales, amount of future use, future price indices, future market rates of interest).
5
A lease agreement or commitment may include a provision to adjust the lease payments for changes in the construction or acquisition cost of the leased property or for changes in some other measure of cost or value, such as general price levels, or in the lessor's costs of financing the lease, during the period between the inception of the lease and the commencement of the lease term. If so, the effect of any such changes shall be deemed to have taken place at the inception of the lease for the purposes of this standard.
6
The definition of a lease includes contracts for the hire of an asset that contain a provision giving the hirer an option to acquire title to the asset upon the fulfilment of agreed conditions. These contracts are sometimes known as hire purchase contracts.
CLASSIFICATION OF LEASES
7
The classification of leases adopted in this standard is based on the extent to which risks and rewards incidental to ownership of a leased asset lie with the lessor or the lessee. Risks include the possibilities of losses from idle capacity or technological obsolescence and of variations in return because of changing economic conditions. Rewards may be represented by the expectation of profitable operation over the asset's economic life and of gain from appreciation in value or realisation of a residual value.
8
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership.
9
Because the transaction between a lessor and a lessee is based on a lease agreement between them, it is appropriate to use consistent definitions. The application of these definitions to the differing circumstances of the lessor and lessee may result in the same lease being classified differently by them. For example, this may be the case if the lessor benefits from a residual value guarantee provided by a party unrelated to the lessee.
10
Whether a lease is a finance lease or an operating lease depends on the substance of the transaction rather than the form of the contract 
(
1
)
. Examples of situations that individually or in combination would normally lead to a lease being classified as a finance lease are:
(a)
the lease transfers ownership of the asset to the lessee by the end of the lease term;
(b)
the lessee has the option to purchase the asset at a price that is expected to be sufficiently lower than the fair value at the date the option becomes exercisable for it to be reasonably certain, at the inception of the lease, that the option will be exercised;
(c)
the lease term is for the major part of the economic life of the asset even if title is not transferred;
(d)
at the inception of the lease the present value of the minimum lease payments amounts to at least substantially all of the fair value of the leased asset; and
(e)
the leased assets are of such a specialised nature that only the lessee can use them without major modifications.
11
Indicators of situations that individually or in combination could also lead to a lease being classified as a finance lease are:
(a)
if the lessee can cancel the lease, the lessor's losses associated with the cancellation are borne by the lessee;
(b)
gains or losses from the fluctuation in the fair value of the residual accrue to the lessee (for example, in the form of a rent rebate equalling most of the sales proceeds at the end of the lease); and
(c)
the lessee has the ability to continue the lease for a secondary period at a rent that is substantially lower than market rent.
12
The examples and indicators in paragraphs 10 and 11 are not always conclusive. If it is clear from other features that the lease does not transfer substantially all risks and rewards incidental to ownership, the lease is classified as an operating lease. For example, this may be the case if ownership of the asset transfers at the end of the lease for a variable payment equal to its then fair value, or if there are contingent rents, as a result of which the lessee does not have substantially all such risks and rewards.
13
Lease classification is made at the inception of the lease. If at any time the lessee and the lessor agree to change the provisions of the lease, other than by renewing the lease, in a manner that would have resulted in a different classification of the lease under the criteria in paragraphs 7-12 if the changed terms had been in effect at the inception of the lease, the revised agreement is regarded as a new agreement over its term. However, changes in estimates (for example, changes in estimates of the economic life or of the residual value of the leased property), or changes in circumstances (for example, default by the lessee), do not give rise to a new classification of a lease for accounting purposes.
14
Leases of land and of buildings are classified as operating or finance leases in the same way as leases of other assets. However, a characteristic of land is that it normally has an indefinite economic life and, if title is not expected to pass to the lessee by the end of the lease term, the lessee normally does not receive substantially all of the risks and rewards incidental to ownership, in which case the lease of land will be an operating lease. A payment made on entering into or acquiring a leasehold that is accounted for as an operating lease represents prepaid lease payments that are amortised over the lease term in accordance with the pattern of benefits provided.
15
The land and buildings elements of a lease of land and buildings are considered separately for the purposes of lease classification. If title to both elements is expected to pass to the lessee by the end of the lease term, both elements are classified as a finance lease, whether analysed as one lease or as two leases, unless it is clear from other features that the lease does not transfer substantially all risks and rewards incidental to ownership of one or both elements. When the land has an indefinite economic life, the land element is normally classified as an operating lease unless title is expected to pass to the lessee by the end of the lease term, in accordance with paragraph 14. The buildings element is classified as a finance or operating lease in accordance with paragraphs 7-13.
16
Whenever necessary in order to classify and account for a lease of land and buildings, the minimum lease payments (including any lump-sum upfront payments) are allocated between the land and the buildings elements in proportion to the relative fair values of the leasehold interests in the land element and buildings element of the lease at the inception of the lease. If the lease payments cannot be allocated reliably between these two elements, the entire lease is classified as a finance lease, unless it is clear that both elements are operating leases, in which case the entire lease is classified as an operating lease.
17
For a lease of land and buildings in which the amount that would initially be recognised for the land element, in accordance with paragraph 20, is immaterial, the land and buildings may be treated as a single unit for the purpose of lease classification and classified as a finance or operating lease in accordance with paragraphs 7-13. In such a case, the economic life of the buildings is regarded as the economic life of the entire leased asset.
18
Separate measurement of the land and buildings elements is not required when the lessee's interest in both land and buildings is classified as an investment property in accordance with IAS 40 and the fair value model is adopted. Detailed calculations are required for this assessment only if the classification of one or both elements is otherwise uncertain.
19
In accordance with IAS 40, it is possible for a lessee to classify a property interest held under an operating lease as an investment property. If it does, the property interest is accounted for as if it were a finance lease and, in addition, the fair value model is used for the asset recognised. The lessee shall continue to account for the lease as a finance lease, even if a subsequent event changes the nature of the lessee's property interest so that it is no longer classified as investment property. This will be the case if, for example, the lessee:
(a)
occupies the property, which is then transferred to owner-occupied property at a deemed cost equal to its fair value at the date of change in use; or
(b)
grants a sublease that transfers substantially all of the risks and rewards incidental to ownership of the interest to an unrelated third party. Such a sublease is accounted for by the lessee as a finance lease to the third party, although it may be accounted for as an operating lease by the third party.
LEASES IN THE FINANCIAL STATEMENTS OF LESSEES
Finance leases
Initial recognition
20
At the commencement of the lease term, lessees shall recognise finance leases as assets and liabilities in their balance sheets at amounts equal to the fair value of the leased property or, if lower, the present value of the minimum lease payments, each determined at the inception of the lease. The discount rate to be used in calculating the present value of the minimum lease payments is the interest rate implicit in the lease, if this is practicable to determine; if not, the lessee's incremental borrowing rate shall be used. Any initial direct costs of the lessee are added to the amount recognised as an asset.
21
Transactions and other events are accounted for and presented in accordance with their substance and financial reality and not merely with legal form. Although the legal form of a lease agreement is that the lessee may acquire no legal title to the leased asset, in the case of finance leases the substance and financial reality are that the lessee acquires the economic benefits of the use of the leased asset for the major part of its economic life in return for entering into an obligation to pay for that right an amount approximating, at the inception of the lease, the fair value of the asset and the related finance charge.
22
If such lease transactions are not reflected in the lessee's balance sheet, the economic resources and the level of obligations of an entity are understated, thereby distorting financial ratios. Therefore, it is appropriate for a finance lease to be recognised in the lessee's balance sheet both as an asset and as an obligation to pay future lease payments. At the commencement of the lease term, the asset and the liability for the future lease payments are recognised in the balance sheet at the same amounts except for any initial direct costs of the lessee that are added to the amount recognised as an asset.
23
It is not appropriate for the liabilities for leased assets to be presented in the financial statements as a deduction from the leased assets. If for the presentation of liabilities on the face of the balance sheet a distinction is made between current and non-current liabilities, the same distinction is made for lease liabilities.
24
Initial direct costs are often incurred in connection with specific leasing activities, such as negotiating and securing leasing arrangements. The costs identified as directly attributable to activities performed by the lessee for a finance lease are added to the amount recognised as an asset.
Subsequent measurement
25
Minimum lease payments shall be apportioned between the finance charge and the reduction of the outstanding liability. The finance charge shall be allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent rents shall be charged as expenses in the periods in which they are incurred.
26
In practice, in allocating the finance charge to periods during the lease term, a lessee may use some form of approximation to simplify the calculation.
27
A finance lease gives rise to depreciation expense for depreciable assets as well as finance expense for each accounting period. The depreciation policy for depreciable leased assets shall be consistent with that for depreciable assets that are owned, and the depreciation recognised shall be calculated in accordance with IAS 16 
Property, plant and equipment
 and IAS 38 
Intangible assets
. If there is no reasonable certainty that the lessee will obtain ownership by the end of the lease term, the asset shall be fully depreciated over the shorter of the lease term and its useful life.
28
The depreciable amount of a leased asset is allocated to each accounting period during the period of expected use on a systematic basis consistent with the depreciation policy the lessee adopts for depreciable assets that are owned. If there is reasonable certainty that the lessee will obtain ownership by the end of the lease term, the period of expected use is the useful life of the asset; otherwise the asset is depreciated over the shorter of the lease term and its useful life.
29
The sum of the depreciation expense for the asset and the finance expense for the period is rarely the same as the lease payments payable for the period, and it is, therefore, inappropriate simply to recognise the lease payments payable as an expense. Accordingly, the asset and the related liability are unlikely to be equal in amount after the commencement of the lease term.
30
To determine whether a leased asset has become impaired, an entity applies IAS 36 
Impairment of assets
.
31
Lessees shall, in addition to meeting the requirements of IFRS 7 
Financial instruments: disclosures
, make the following disclosures for finance leases:
(a)
for each class of asset, the net carrying amount at the balance sheet date;
(b)
a reconciliation between the total of future minimum lease payments at the balance sheet date, and their present value. In addition, an entity shall disclose the total of future minimum lease payments at the balance sheet date, and their present value, for each of the following periods:
(i)
not later than one year;
(ii)
later than one year and not later than five years;
(iii)
later than five years;
(c)
contingent rents recognised as an expense in the period;
(d)
the total of future minimum sublease payments expected to be received under non-cancellable subleases at the balance sheet date;
(e)
a general description of the lessee's material leasing arrangements, including, but not limited to, the following:
(i)
the basis on which contingent rent payable is determined;
(ii)
the existence and terms of renewal or purchase options and escalation clauses; and
(iii)
restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing.
32
In addition, the requirements for disclosure in accordance with IAS 16, IAS 36, IAS 38, IAS 40 and IAS 41 apply to lessees for assets leased under finance leases.
Operating leases
33
Lease payments under an operating lease shall be recognised as an expense on a straight-line basis over the lease term unless another systematic basis is more representative of the time pattern of the user's benefit 
(
2
)
.
34
For operating leases, lease payments (excluding costs for services such as insurance and maintenance) are recognised as an expense on a straight-line basis unless another systematic basis is representative of the time pattern of the user's benefit, even if the payments are not on that basis.
35
Lessees shall, in addition to meeting the requirements of IFRS 7, make the following disclosures for operating leases:
(a)
the total of future minimum lease payments under non-cancellable operating leases for each of the following periods:
(i)
not later than one year;
(ii)
later than one year and not later than five years;
(iii)
later than five years;
(b)
the total of future minimum sublease payments expected to be received under non-cancellable subleases at the balance sheet date;
(c)
lease and sublease payments recognised as an expense in the period, with separate amounts for minimum lease payments, contingent rents, and sublease payments;
(d)
a general description of the lessee's significant leasing arrangements, including, but not limited to, the following:
(i)
the basis on which contingent rent payable is determined;
(ii)
the existence and terms of renewal or purchase options and escalation clauses; and
(iii)
restrictions imposed by lease arrangements, such as those concerning dividends, additional debt and further leasing.
LEASES IN THE FINANCIAL STATEMENTS OF LESSORS
Finance leases
Initial recognition
36
Lessors shall recognise assets held under a finance lease in their balance sheets and present them as a receivable at an amount equal to the net investment in the lease.
37
Under a finance lease substantially all the risks and rewards incidental to legal ownership are transferred by the lessor, and thus the lease payment receivable is treated by the lessor as repayment of principal and finance income to reimburse and reward the lessor for its investment and services.
38
Initial direct costs are often incurred by lessors and include amounts such as commissions, legal fees and internal costs that are incremental and directly attributable to negotiating and arranging a lease. They exclude general overheads such as those incurred by a sales and marketing team. For finance leases other than those involving manufacturer or dealer lessors, initial direct costs are included in the initial measurement of the finance lease receivable and reduce the amount of income recognised over the lease term. The interest rate implicit in the lease is defined in such a way that the initial direct costs are included automatically in the finance lease receivable; there is no need to add them separately. Costs incurred by manufacturer or dealer lessors in connection with negotiating and arranging a lease are excluded from the definition of initial direct costs. As a result, they are excluded from the net investment in the lease and are recognised as an expense when the selling profit is recognised, which for a finance lease is normally at the commencement of the lease term.
Subsequent measurement
39
The recognition of finance income shall be based on a pattern reflecting a constant periodic rate of return on the lessor's net investment in the finance lease.
40
A lessor aims to allocate finance income over the lease term on a systematic and rational basis. This income allocation is based on a pattern reflecting a constant periodic return on the lessor's net investment in the finance lease. Lease payments relating to the period, excluding costs for services, are applied against the gross investment in the lease to reduce both the principal and the unearned finance income.
41
Estimated unguaranteed residual values used in computing the lessor's gross investment in the lease are reviewed regularly. If there has been a reduction in the estimated unguaranteed residual value, the income allocation over the lease term is revised and any reduction in respect of amounts accrued is recognised immediately.
41A
An asset under a finance lease that is classified as held for sale (or included in a disposal group that is classified as held for sale) in accordance with IFRS 5 
Non-current assets held for sale and discontinued operations
 shall be accounted for in accordance with that IFRS.
42
Manufacturer or dealer lessors shall recognise selling profit or loss in the period, in accordance with the policy followed by the entity for outright sales. If artificially low rates of interest are quoted, selling profit shall be restricted to that which would apply if a market rate of interest were charged. Costs incurred by manufacturer or dealer lessors in connection with negotiating and arranging a lease shall be recognised as an expense when the selling profit is recognised.
43
Manufacturers or dealers often offer to customers the choice of either buying or leasing an asset. A finance lease of an asset by a manufacturer or dealer lessor gives rise to two types of income:
(a)
profit or loss equivalent to the profit or loss resulting from an outright sale of the asset being leased, at normal selling prices, reflecting any applicable volume or trade discounts; and
(b)
finance income over the lease term.
44
The sales revenue recognised at the commencement of the lease term by a manufacturer or dealer lessor is the fair value of the asset, or, if lower, the present value of the minimum lease payments accruing to the lessor, computed at a market rate of interest. The cost of sale recognised at the commencement of the lease term is the cost, or carrying amount if different, of the leased property less the present value of the unguaranteed residual value. The difference between the sales revenue and the cost of sale is the selling profit, which is recognised in accordance with the entity's policy for outright sales.
45
Manufacturer or dealer lessors sometimes quote artificially low rates of interest in order to attract customers. The use of such a rate would result in an excessive portion of the total income from the transaction being recognised at the time of sale. If artificially low rates of interest are quoted, selling profit is restricted to that which would apply if a market rate of interest were charged.
46
Costs incurred by a manufacturer or dealer lessor in connection with negotiating and arranging a finance lease are recognised as an expense at the commencement of the lease term because they are mainly related to earning the manufacturer's or dealer's selling profit.
47
Lessors shall, in addition to meeting the requirements in IFRS 7, disclose the following for finance leases:
(a)
a reconciliation between the gross investment in the lease at the balance sheet date, and the present value of minimum lease payments receivable at the balance sheet date. In addition, an entity shall disclose the gross investment in the lease and the present value of minimum lease payments receivable at the balance sheet date, for each of the following periods:
(i)
not later than one year;
(ii)
later than one year and not later than five years;
(iii)
later than five years;
(b)
unearned finance income;
(c)
the unguaranteed residual values accruing to the benefit of the lessor;
(d)
the accumulated allowance for uncollectible minimum lease payments receivable;
(e)
contingent rents recognised as income in the period;
(f)
a general description of the lessor's material leasing arrangements.
48
As an indicator of growth it is often useful also to disclose the gross investment less unearned income in new business added during the period, after deducting the relevant amounts for cancelled leases.
Operating leases
49
Lessors shall present assets subject to operating leases in their balance sheets according to the nature of the asset.
50
Lease income from operating leases shall be recognised in income on a straight-line basis over the lease term, unless another systematic basis is more representative of the time pattern in which use benefit derived from the leased asset is diminished 
(
3
)
.
51
Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Lease income (excluding receipts for services provided such as insurance and maintenance) is recognised on a straight-line basis over the lease term even if the receipts are not on such a basis, unless another systematic basis is more representative of the time pattern in which use benefit derived from the leased asset is diminished.
52
Initial direct costs incurred by lessors in negotiating and arranging an operating lease shall be added to the carrying amount of the leased asset and recognised as an expense over the lease term on the same basis as the lease income.
53
The depreciation policy for depreciable leased assets shall be consistent with the lessor's normal depreciation policy for similar assets, and depreciation shall be calculated in accordance with IAS 16 and IAS 38.
54
To determine whether a leased asset has become impaired, an entity applies IAS 36.
55
A manufacturer or dealer lessor does not recognise any selling profit on entering into an operating lease because it is not the equivalent of a sale.
56
Lessors shall, in addition to meeting the requirements of IFRS 7, disclose the following for operating leases:
(a)
the future minimum lease payments under non-cancellable operating leases in the aggregate and for each of the following periods:
(i)
not later than one year;
(ii)
later than one year and not later than five years;
(iii)
later than five years;
(b)
total contingent rents recognised as income in the period;
(c)
a general description of the lessor's leasing arrangements.
57
In addition, the disclosure requirements in IAS 16, IAS 36, IAS 38, IAS 40 and IAS 41 apply to lessors for assets provided under operating leases.
SALE AND LEASEBACK TRANSACTIONS
58
A sale and leaseback transaction involves the sale of an asset and the leasing back of the same asset. The lease payment and the sale price are usually interdependent because they are negotiated as a package. The accounting treatment of a sale and leaseback transaction depends upon the type of lease involved.
59
If a sale and leaseback transaction results in a finance lease, any excess of sales proceeds over the carrying amount shall not be immediately recognised as income by a seller-lessee. Instead, it shall be deferred and amortised over the lease term.
60
If the leaseback is a finance lease, the transaction is a means whereby the lessor provides finance to the lessee, with the asset as security. For this reason it is not appropriate to regard an excess of sales proceeds over the carrying amount as income. Such excess is deferred and amortised over the lease term.
61
If a sale and leaseback transaction results in an operating lease, and it is clear that the transaction is established at fair value, any profit or loss shall be recognised immediately. If the sale price is below fair value, any profit or loss shall be recognised immediately except that, if the loss is compensated for by future lease payments at below market price, it shall be deferred and amortised in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value shall be deferred and amortised over the period for which the asset is expected to be used.
62
If the leaseback is an operating lease, and the lease payments and the sale price are at fair value, there has in effect been a normal sale transaction and any profit or loss is recognised immediately.
63
For operating leases, if the fair value at the time of a sale and leaseback transaction is less than the carrying amount of the asset, a loss equal to the amount of the difference between the carrying amount and fair value shall be recognised immediately.
64
For finance leases, no such adjustment is necessary unless there has been an impairment in value, in which case the carrying amount is reduced to recoverable amount in accordance with IAS 36.
65
Disclosure requirements for lessees and lessors apply equally to sale and leaseback transactions. The required description of material leasing arrangements leads to disclosure of unique or unusual provisions of the agreement or terms of the sale and leaseback transactions.
66
Sale and leaseback transactions may trigger the separate disclosure criteria in IAS 1 
Presentation of financial statements
.
TRANSITIONAL PROVISIONS
67
Subject to paragraph 68, retrospective application of this standard is encouraged but not required. If the standard is not applied retrospectively, the balance of any pre-existing finance lease is deemed to have been properly determined by the lessor and shall be accounted for thereafter in accordance with the provisions of this standard.
68
An entity that has previously applied IAS 17 (revised 1997) shall apply the amendments made by this standard retrospectively for all leases or, if IAS 17 (revised 1997) was not applied retrospectively, for all leases entered into since it first applied that standard.
EFFECTIVE DATE
69
An entity shall apply this standard for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. If an entity applies this standard for a period beginning before 1 January 2005, it shall disclose that fact.
WITHDRAWAL OF IAS 17 (REVISED 1997)
70
This standard supersedes IAS 17 
Leases
 (revised in 1997).
(
1
)
  See also SIC-27 
Evaluating the substance of transactions involving the legal form of a lease
.
(
2
)
  See also SIC-15 
Operating leases — incentives
.
(
3
)
  See also SIC-15 
Operating leases — incentives
.
INTERNATIONAL ACCOUNTING STANDARD 18
Revenue
OBJECTIVE
Income is defined in the 
Framework for the Preparation and Presentation of Financial Statements
 as increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants. Income encompasses both revenue and gains. Revenue is income that arises in the course of ordinary activities of an entity and is referred to by a variety of different names, including sales, fees, interest, dividends and royalties. The objective of this standard is to prescribe the accounting treatment of revenue arising from certain types of transactions and events.
The primary issue in accounting for revenue is determining when to recognise revenue. Revenue is recognised when it is probable that future economic benefits will flow to the entity and these benefits can be measured reliably. This standard identifies the circumstances in which these criteria will be met and, therefore, revenue will be recognised. It also provides practical guidance on the application of these criteria.
SCOPE
1
This standard shall be applied in accounting for revenue arising from the following transactions and events:
(a)
the sale of goods;
(b)
the rendering of services; and
(c)
the use by others of entity assets yielding interest, royalties and dividends.
2
This standard supersedes IAS 18 
Revenue recognition
 approved in 1982.
3
Goods includes goods produced by the entity for the purpose of sale and goods purchased for resale, such as merchandise purchased by a retailer or land and other property held for resale.
4
The rendering of services typically involves the performance by the entity of a contractually agreed task over an agreed period of time. The services may be rendered within a single period or over more than one period. Some contracts for the rendering of services are directly related to construction contracts, for example, those for the services of project managers and architects. Revenue arising from these contracts is not dealt with in this standard but is dealt with in accordance with the requirements for construction contracts as specified in IAS 11 
Construction contracts
.
5
The use by others of entity assets gives rise to revenue in the form of:
(a)
interest — charges for the use of cash or cash equivalents or amounts due to the entity;
(b)
royalties — charges for the use of long-term assets of the entity, for example, patents, trademarks, copyrights and computer software; and
(c)
dividends — distributions of profits to holders of equity investments in proportion to their holdings of a particular class of capital.
6
This standard does not deal with revenue arising from:
(a)
lease agreements (see IAS 17 
Leases
);
(b)
dividends arising from investments which are accounted for under the equity method (see IAS 28 
Investments in associates
);
(c)
insurance contracts within the scope of IFRS 4 
Insurance contracts
;
(d)
changes in the fair value of financial assets and financial liabilities or their disposal (see IAS 39 
Financial instruments: recognition and measurement
);
(e)
changes in the value of other current assets;
(f)
initial recognition and from changes in the fair value of biological assets related to agricultural activity (see IAS 41 
Agriculture
);
(g)
initial recognition of agricultural produce (see IAS 41); and
(h)
the extraction of mineral ores.
DEFINITIONS
7
The following terms are used in this standard with the meanings specified:
Revenue
 is the gross inflow of economic benefits during the period arising in the course of the ordinary activities of an entity when those inflows result in increases in equity, other than increases relating to contributions from equity participants.
Fair value
 is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction.
8
Revenue includes only the gross inflows of economic benefits received and receivable by the entity on its own account. Amounts collected on behalf of third parties such as sales taxes, goods and services taxes and value added taxes are not economic benefits which flow to the entity and do not result in increases in equity. Therefore, they are excluded from revenue. Similarly, in an agency relationship, the gross inflows of economic benefits include amounts collected on behalf of the principal and which do not result in increases in equity for the entity. The amounts collected on behalf of the principal are not revenue. Instead, revenue is the amount of commission.
MEASUREMENT OF REVENUE
9
Revenue shall be measured at the fair value of the consideration received or receivable 
(
1
)
.
10
The amount of revenue arising on a transaction is usually determined by agreement between the entity and the buyer or user of the asset. It is measured at the fair value of the consideration received or receivable taking into account the amount of any trade discounts and volume rebates allowed by the entity.
11
In most cases, the consideration is in the form of cash or cash equivalents and the amount of revenue is the amount of cash or cash equivalents received or receivable. However, when the inflow of cash or cash equivalents is deferred, the fair value of the consideration may be less than the nominal amount of cash received or receivable. For example, an entity may provide interest free credit to the buyer or accept a note receivable bearing a below-market interest rate from the buyer as consideration for the sale of goods. When the arrangement effectively constitutes a financing transaction, the fair value of the consideration is determined by discounting all future receipts using an imputed rate of interest. The imputed rate of interest is the more clearly determinable of either:
(a)
the prevailing rate for a similar instrument of an issuer with a similar credit rating; or
(b)
a rate of interest that discounts the nominal amount of the instrument to the current cash sales price of the goods or services.
The difference between the fair value and the nominal amount of the consideration is recognised as interest revenue in accordance with paragraphs 29 and 30 and in accordance with IAS 39.
12
When goods or services are exchanged or swapped for goods or services which are of a similar nature and value, the exchange is not regarded as a transaction which generates revenue. This is often the case with commodities like oil or milk where suppliers exchange or swap inventories in various locations to fulfil demand on a timely basis in a particular location. When goods are sold or services are rendered in exchange for dissimilar goods or services, the exchange is regarded as a transaction which generates revenue. The revenue is measured at the fair value of the goods or services received, adjusted by the amount of any cash or cash equivalents transferred. When the fair value of the goods or services received cannot be measured reliably, the revenue is measured at the fair value of the goods or services given up, adjusted by the amount of any cash or cash equivalents transferred.
IDENTIFICATION OF THE TRANSACTION
13
The recognition criteria in this standard are usually applied separately to each transaction. However, in certain circumstances, it is necessary to apply the recognition criteria to the separately identifiable components of a single transaction in order to reflect the substance of the transaction. For example, when the selling price of a product includes an identifiable amount for subsequent servicing, that amount is deferred and recognised as revenue over the period during which the service is performed. Conversely, the recognition criteria are applied to two or more transactions together when they are linked in such a way that the commercial effect cannot be understood without reference to the series of transactions as a whole. For example, an entity may sell goods and, at the same time, enter into a separate agreement to repurchase the goods at a later date, thus negating the substantive effect of the transaction; in such a case, the two transactions are dealt with together.
SALE OF GOODS
14
Revenue from the sale of goods shall be recognised when all the following conditions have been satisfied:
(a)
the entity has transferred to the buyer the significant risks and rewards of ownership of the goods;
(b)
the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
(c)
the amount of revenue can be measured reliably;
(d)
it is probable that the economic benefits associated with the transaction will flow to the entity; and
(e)
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
15
The assessment of when an entity has transferred the significant risks and rewards of ownership to the buyer requires an examination of the circumstances of the transaction. In most cases, the transfer of the risks and rewards of ownership coincides with the transfer of the legal title or the passing of possession to the buyer. This is the case for most retail sales. In other cases, the transfer of risks and rewards of ownership occurs at a different time from the transfer of legal title or the passing of possession.
16
If the entity retains significant risks of ownership, the transaction is not a sale and revenue is not recognised. An entity may retain a significant risk of ownership in a number of ways. Examples of situations in which the entity may retain the significant risks and rewards of ownership are:
(a)
when the entity retains an obligation for unsatisfactory performance not covered by normal warranty provisions;
(b)
when the receipt of the revenue from a particular sale is contingent on the derivation of revenue by the buyer from its sale of the goods;
(c)
when the goods are shipped subject to installation and the installation is a significant part of the contract which has not yet been completed by the entity; and
(d)
when the buyer has the right to rescind the purchase for a reason specified in the sales contract and the entity is uncertain about the probability of return.
17
If an entity retains only an insignificant risk of ownership, the transaction is a sale and revenue is recognised. For example, a seller may retain the legal title to the goods solely to protect the collectability of the amount due. In such a case, if the entity has transferred the significant risks and rewards of ownership, the transaction is a sale and revenue is recognised. Another example of an entity retaining only an insignificant risk of ownership may be a retail sale when a refund is offered if the customer is not satisfied. Revenue in such cases is recognised at the time of sale provided the seller can reliably estimate future returns and recognises a liability for returns based on previous experience and other relevant factors.
18
Revenue is recognised only when it is probable that the economic benefits associated with the transaction will flow to the entity. In some cases, this may not be probable until the consideration is received or until an uncertainty is removed. For example, it may be uncertain that a foreign governmental authority will grant permission to remit the consideration from a sale in a foreign country. When the permission is granted, the uncertainty is removed and revenue is recognised. However, when an uncertainty arises about the collectability of an amount already included in revenue, the uncollectible amount or the amount in respect of which recovery has ceased to be probable is recognised as an expense, rather than as an adjustment of the amount of revenue originally recognised.
19
Revenue and expenses that relate to the same transaction or other event are recognised simultaneously; this process is commonly referred to as the matching of revenues and expenses. Expenses, including warranties and other costs to be incurred after the shipment of the goods can normally be measured reliably when the other conditions for the recognition of revenue have been satisfied. However, revenue cannot be recognised when the expenses cannot be measured reliably; in such circumstances, any consideration already received for the sale of the goods is recognised as a liability.
RENDERING OF SERVICES
20
When the outcome of a transaction involving the rendering of services can be estimated reliably, revenue associated with the transaction shall be recognised by reference to the stage of completion of the transaction at the balance sheet date. The outcome of a transaction can be estimated reliably when all the following conditions are satisfied:
(a)
the amount of revenue can be measured reliably;
(b)
it is probable that the economic benefits associated with the transaction will flow to the entity;
(c)
the stage of completion of the transaction at the balance sheet date can be measured reliably; and
(d)
the costs incurred for the transaction and the costs to complete the transaction can be measured reliably 
(
2
)
.
21
The recognition of revenue by reference to the stage of completion of a transaction is often referred to as the percentage of completion method. Under this method, revenue is recognised in the accounting periods in which the services are rendered. The recognition of revenue on this basis provides useful information on the extent of service activity and performance during a period. IAS 11 also requires the recognition of revenue on this basis. The requirements of that standard are generally applicable to the recognition of revenue and the associated expenses for a transaction involving the rendering of services.
22
Revenue is recognised only when it is probable that the economic benefits associated with the transaction will flow to the entity. However, when an uncertainty arises about the collectability of an amount already included in revenue, the uncollectible amount, or the amount in respect of which recovery has ceased to be probable, is recognised as an expense, rather than as an adjustment of the amount of revenue originally recognised.
23
An entity is generally able to make reliable estimates after it has agreed to the following with the other parties to the transaction:
(a)
each party's enforceable rights regarding the service to be provided and received by the parties;
(b)
the consideration to be exchanged; and
(c)
the manner and terms of settlement.
It is also usually necessary for the entity to have an effective internal financial budgeting and reporting system. The entity reviews and, when necessary, revises the estimates of revenue as the service is performed. The need for such revisions does not necessarily indicate that the outcome of the transaction cannot be estimated reliably.
24
The stage of completion of a transaction may be determined by a variety of methods. An entity uses the method that measures reliably the services performed. Depending on the nature of the transaction, the methods may include:
(a)
surveys of work performed;
(b)
services performed to date as a percentage of total services to be performed; or
(c)
the proportion that costs incurred to date bear to the estimated total costs of the transaction. Only costs that reflect services performed to date are included in costs incurred to date. Only costs that reflect services performed or to be performed are included in the estimated total costs of the transaction.
Progress payments and advances received from customers often do not reflect the services performed.
25
For practical purposes, when services are performed by an indeterminate number of acts over a specified period of time, revenue is recognised on a straight-line basis over the specified period unless there is evidence that some other method better represents the stage of completion. When a specific act is much more significant than any other acts, the recognition of revenue is postponed until the significant act is executed.
26
When the outcome of the transaction involving the rendering of services cannot be estimated reliably, revenue shall be recognised only to the extent of the expenses recognised that are recoverable.
27
During the early stages of a transaction, it is often the case that the outcome of the transaction cannot be estimated reliably. Nevertheless, it may be probable that the entity will recover the transaction costs incurred. Therefore, revenue is recognised only to the extent of costs incurred that are expected to be recoverable. As the outcome of the transaction cannot be estimated reliably, no profit is recognised.
28
When the outcome of a transaction cannot be estimated reliably and it is not probable that the costs incurred will be recovered, revenue is not recognised and the costs incurred are recognised as an expense. When the uncertainties that prevented the outcome of the contract being estimated reliably no longer exist, revenue is recognised in accordance with paragraph 20 rather than in accordance with paragraph 26.
INTEREST, ROYALTIES AND DIVIDENDS
29
Revenue arising from the use by others of entity assets yielding interest, royalties and dividends shall be recognised on the bases set out in paragraph 30 when:
(a)
it is probable that the economic benefits associated with the transaction will flow to the entity; and
(b)
the amount of the revenue can be measured reliably.
30
Revenue shall be recognised on the following bases:
(a)
interest shall be recognised using the effective interest method as set out in IAS 39, paragraphs 9 and AG5-AG8;
(b)
royalties shall be recognised on an accrual basis in accordance with the substance of the relevant agreement; and
(c)
dividends shall be recognised when the shareholder's right to receive payment is established.
31
[Deleted]
32
When unpaid interest has accrued before the acquisition of an interest-bearing investment, the subsequent receipt of interest is allocated between pre-acquisition and post-acquisition periods; only the post-acquisition portion is recognised as revenue. When dividends on equity securities are declared from pre-acquisition profits, those dividends are deducted from the cost of the securities. If it is difficult to make such an allocation except on an arbitrary basis, dividends are recognised as revenue unless they clearly represent a recovery of part of the cost of the equity securities.
33
Royalties accrue in accordance with the terms of the relevant agreement and are usually recognised on that basis unless, having regard to the substance of the agreement, it is more appropriate to recognise revenue on some other systematic and rational basis.
34
Revenue is recognised only when it is probable that the economic benefits associated with the transaction will flow to the entity. However, when an uncertainty arises about the collectability of an amount already included in revenue, the uncollectible amount, or the amount in respect of which recovery has ceased to be probable, is recognised as an expense, rather than as an adjustment of the amount of revenue originally recognised.
DISCLOSURE
35
An entity shall disclose:
(a)
the accounting policies adopted for the recognition of revenue, including the methods adopted to determine the stage of completion of transactions involving the rendering of services;
(b)
the amount of each significant category of revenue recognised during the period, including revenue arising from:
(i)
the sale of goods;
(ii)
the rendering of services;
(iii)
interest;
(iv)
royalties;
(v)
dividends; and
(c)
the amount of revenue arising from exchanges of goods or services included in each significant category of revenue.
36
An entity discloses any contingent liabilities and contingent assets in accordance with IAS 37 
Provisions, contingent liabilities and contingent assets
. Contingent liabilities and contingent assets may arise from items such as warranty costs, claims, penalties or possible losses.
EFFECTIVE DATE
37
This standard becomes operative for financial statements covering periods beginning on or after 1 January 1995.
(
1
)
  See also SIC-31 
Revenue — barter transactions involving advertising services.
(
2
)
  See also SIC-27 
Evaluating the substance of transactions in the legal form of a lease
 and SIC-31 
Revenue — barter transactions involving advertising services.
INTERNATIONAL ACCOUNTING STANDARD 19
Employee benefits
OBJECTIVE
The objective of this standard is to prescribe the accounting and disclosure for employee benefits. The standard requires an entity to recognise:
(a)
a liability when an employee has provided service in exchange for employee benefits to be paid in the future; and
(b)
an expense when the entity consumes the economic benefit arising from service provided by an employee in exchange for employee benefits.
SCOPE
1
This standard shall be applied by an employer in accounting for all employee benefits, except those to which IFRS 2 
Share-based payment
 applies.
2
This standard does not deal with reporting by employee benefit plans (see IAS 26 
Accounting and reporting by retirement benefit plans
).
3
The employee benefits to which this standard applies include those provided:
(a)
under formal plans or other formal agreements between an entity and individual employees, groups of employees or their representatives;
(b)
under legislative requirements, or through industry arrangements, whereby entities are required to contribute to national, state, industry or other multi-employer plans; or
(c)
by those informal practices that give rise to a constructive obligation. Informal practices give rise to a constructive obligation where the entity has no realistic alternative but to pay employee benefits. An example of a constructive obligation is where a change in the entity's informal practices would cause unacceptable damage to its relationship with employees.
4
Employee benefits include:
(a)
short-term employee benefits, such as wages, salaries and social security contributions, paid annual leave and paid sick leave, profit-sharing and bonuses (if payable within 12 months of the end of the period) and non-monetary benefits (such as medical care, housing, cars and free or subsidised goods or services) for current employees;
(b)
post-employment benefits such as pensions, other retirement benefits, post-employment life insurance and post-employment medical care;
(c)
other long-term employee benefits, including long-service leave or sabbatical leave, jubilee or other long-service benefits, long-term disability benefits and, if they are not payable wholly within 12 months after the end of the period, profit-sharing, bonuses and deferred compensation; and
(d)
termination benefits.
Because each category identified in (a)-(d) above has different characteristics, this standard establishes separate requirements for each category.
5
Employee benefits include benefits provided to either employees or their dependants and may be settled by payments (or the provision of goods or services) made either directly to the employees, to their spouses, children or other dependants or to others, such as insurance companies.
6
An employee may provide services to an entity on a full-time, part-time, permanent, casual or temporary basis. For the purpose of this standard, employees include directors and other management personnel.
DEFINITIONS
7
The following terms are used in this standard with the meanings specified:
Employee benefits
 are all forms of consideration given by an entity in exchange for service rendered by employees.
Short-term employee benefits
 are employee benefits (other than termination benefits) which fall due wholly within 12 months after the end of the period in which the employees render the related service.
Post-employment benefits
 are employee benefits (other than termination benefits) which are payable after the completion of employment.
Post-employment benefit plans
 are formal or informal arrangements under which an entity provides post-employment benefits for one or more employees.
Defined contribution plans
 are post-employment benefit plans under which an entity pays fixed contributions into a separate entity (a fund) and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods.
Defined benefit plans
 are post-employment benefit plans other than defined contribution plans.
Multi-employer plans
 are defined contribution plans (other than state plans) or defined benefit plans (other than state plans) that:
(a)
pool the assets contributed by various entities that are not under common control; and
(b)
use those assets to provide benefits to employees of more than one entity, on the basis that contribution and benefit levels are determined without regard to the identity of the entity that employs the employees concerned.
Other long-term employee benefits
 are employee benefits (other than post-employment benefits and termination benefits) which do not fall due wholly within 12 months after the end of the period in which the employees render the related service.
Termination benefits
 are employee benefits payable as a result of either:
(a)
an entity's decision to terminate an employee's employment before the normal retirement date; or
(b)
an employee's decision to accept voluntary redundancy in exchange for those benefits.
Vested employee benefits
 are employee benefits that are not conditional on future employment.
The 
present value of a defined benefit obligation
 is the present value, without deducting any plan assets, of expected future payments required to settle the obligation resulting from employee service in the current and prior periods.
Current service cost
 is the increase in the present value of a defined benefit obligation resulting from employee service in the current period.
Interest cost
 is the increase during a period in the present value of a defined benefit obligation which arises because the benefits are one period closer to settlement.
Plan assets
 comprise:
(a)
assets held by a long-term employee benefit fund; and
(b)
qualifying insurance policies.
Assets held by a long-term employee benefit fund
 are assets (other than non-transferable financial instruments issued by the reporting entity) that:
(a)
are held by an entity (a fund) that is legally separate from the reporting entity and exists solely to pay or fund employee benefits; and
(b)
are available to be used only to pay or fund employee benefits, are not available to the reporting entity's own creditors (even in bankruptcy), and cannot be returned to the reporting entity, unless either:
(i)
the remaining assets of the fund are sufficient to meet all the related employee benefit obligations of the plan or the reporting entity; or
(ii)
the assets are returned to the reporting entity to reimburse it for employee benefits already paid.
A qualifying insurance policy
 is an insurance policy 
(
1
)
 issued by an insurer that is not a related party (as defined in IAS 24 
Related party disclosures
) of the reporting entity, if the proceeds of the policy:
(a)
can be used only to pay or fund employee benefits under a defined benefit plan; and
(b)
are not available to the reporting entity's own creditors (even in bankruptcy) and cannot be paid to the reporting entity, unless either:
(i)
the proceeds represent surplus assets that are not needed for the policy to meet all the related employee benefit obligations; or
(ii)
the proceeds are returned to the reporting entity to reimburse it for employee benefits already paid.
Fair value
 is the amount for which an asset could be exchanged or a liability settled between knowledgeable, willing parties in an arm's length transaction.
The 
return on plan assets
 is interest, dividends and other revenue derived from the plan assets, together with realised and unrealised gains or losses on the plan assets, less any costs of administering the plan and less any tax payable by the plan itself.
Actuarial gains and losses
 comprise:
(a)
experience adjustments (the effects of differences between the previous actuarial assumptions and what has actually occurred); and
(b)
the effects of changes in actuarial assumptions.
Past service cost
 is the increase in the present value of the defined benefit obligation for employee service in prior periods, resulting in the current period from the introduction of, or changes to, post-employment benefits or other long-term employee benefits. Past service cost may be either positive (where benefits are introduced or improved) or negative (where existing benefits are reduced).
SHORT-TERM EMPLOYEE BENEFITS
8
Short-term employee benefits include items such as:
(a)
wages, salaries and social security contributions;
(b)
short-term compensated absences (such as paid annual leave and paid sick leave) where the absences are expected to occur within 12 months after the end of the period in which the employees render the related employee service;
(c)
profit-sharing and bonuses payable within 12 months after the end of the period in which the employees render the related service; and
(d)
non-monetary benefits (such as medical care, housing, cars and free or subsidised goods or services) for current employees.
9
Accounting for short-term employee benefits is generally straightforward because no actuarial assumptions are required to measure the obligation or the cost and there is no possibility of any actuarial gain or loss. Moreover, short-term employee benefit obligations are measured on an undiscounted basis.
Recognition and measurement
All short-term employee benefits
10
When an employee has rendered service to an entity during an accounting period, the entity shall recognise the undiscounted amount of short-term employee benefits expected to be paid in exchange for that service:
(a)
as a liability (accrued expense), after deducting any amount already paid. If the amount already paid exceeds the undiscounted amount of the benefits, an entity shall recognise that excess as an asset (prepaid expense) to the extent that the prepayment will lead to, for example, a reduction in future payments or a cash refund; and
(b)
as an expense, unless another standard requires or permits the inclusion of the benefits in the cost of an asset (see, for example, IAS 2 
Inventories
 and IAS 16 
Property, plant and equipment
).
Paragraphs 11, 14 and 17 explain how an entity shall apply this requirement to short-term employee benefits in the form of compensated absences and profit-sharing and bonus plans.
Short-term compensated absences
11
An entity shall recognise the expected cost of short-term employee benefits in the form of compensated absences under paragraph 10 as follows:
(a)
in the case of accumulating compensated absences, when the employees render service that increases their entitlement to future compensated absences; and
(b)
in the case of non-accumulating compensated absences, when the absences occur.
12
An entity may compensate employees for absence for various reasons, including vacation, sickness and short-term disability, maternity or paternity, jury service and military service. Entitlement to compensated absences falls into two categories:
(a)
accumulating; and
(b)
non-accumulating.
13
Accumulating compensated absences are those that are carried forward and can be used in future periods if the current period's entitlement is not used in full. Accumulating compensated absences may be either vesting (in other words, employees are entitled to a cash payment for unused entitlement on leaving the entity) or non-vesting (when employees are not entitled to a cash payment for unused entitlement on leaving). An obligation arises as employees render service that increases their entitlement to future compensated absences. The obligation exists, and is recognised, even if the compensated absences are non-vesting, although the possibility that employees may leave before they use an accumulated non-vesting entitlement affects the measurement of that obligation.
14
An entity shall measure the expected cost of accumulating compensated absences as the additional amount that the entity expects to pay as a result of the unused entitlement that has accumulated at the balance sheet date.
15
The method specified in the previous paragraph measures the obligation at the amount of the additional payments that are expected to arise solely from the fact that the benefit accumulates. In many cases, an entity may not need to make detailed computations to estimate that there is no material obligation for unused compensated absences. For example, a sick leave obligation is likely to be material only if there is a formal or informal understanding that unused paid sick leave may be taken as paid vacation.
Example illustrating paragraphs 14 and 15
An entity has 100 employees, who are each entitled to five working days of paid sick leave for each year. Unused sick leave may be carried forward for one calendar year. Sick leave is taken first out of the current year's entitlement and then out of any balance brought forward from the previous year (a LIFO basis). At 30 December 20X1, the average unused entitlement is two days per employee. The entity expects, based on past experience which is expected to continue, that 92 employees will take no more than five days of paid sick leave in 20X2 and that the remaining eight employees will take an average of six and a half days each.
The entity expects that it will pay an additional 12 days of sick pay as a result of the unused entitlement that has accumulated at 31 December 20X1 (one and a half days each, for eight employees). Therefore, the entity recognises a liability equal to 12 days of sick pay.
16
Non-accumulating compensated absences do not carry forward: they lapse if the current period's entitlement is not used in full and do not entitle employees to a cash payment for unused entitlement on leaving the entity. This is commonly the case for sick pay (to the extent that unused past entitlement does not increase future entitlement), maternity or paternity leave and compensated absences for jury service or military service. An entity recognises no liability or expense until the time of the absence, because employee service does not increase the amount of the benefit.
Profit-sharing and bonus plans
17
An entity shall recognise the expected cost of profit-sharing and bonus payments under paragraph 10 when, and only when:
(a)
the entity has a present legal or constructive obligation to make such payments as a result of past events; and
(b)
a reliable estimate of the obligation can be made.
A present obligation exists when, and only when, the entity has no realistic alternative but to make the payments.
18
Under some profit-sharing plans, employees receive a share of the profit only if they remain with the entity for a specified period. Such plans create a constructive obligation as employees render service that increases the amount to be paid if they remain in service until the end of the specified period. The measurement of such constructive obligations reflects the possibility that some employees may leave without receiving profit-sharing payments.
Example illustrating paragraph 18
A profit-sharing plan requires an entity to pay a specified proportion of its profit for the year to employees who serve throughout the year. If no employees leave during the year, the total profit-sharing payments for the year will be 3 % of profit. The entity estimates that staff turnover will reduce the payments to 2,5 % of profit.
The entity recognises a liability and an expense of 2,5 % of profit.
19
An entity may have no legal obligation to pay a bonus. Nevertheless, in some cases, an entity has a practice of paying bonuses. In such cases, the entity has a constructive obligation because the entity has no realistic alternative but to pay the bonus. The measurement of the constructive obligation reflects the possibility that some employees may leave without receiving a bonus.
20
An entity can make a reliable estimate of its legal or constructive obligation under a profit-sharing or bonus plan when, and only when:
(a)
the formal terms of the plan contain a formula for determining the amount of the benefit;
(b)
the entity determines the amounts to be paid before the financial statements are authorised for issue; or
(c)
past practice gives clear evidence of the amount of the entity's constructive obligation.
21
An obligation under profit-sharing and bonus plans results from employee service and not from a transaction with the entity's owners. Therefore, an entity recognises the cost of profit-sharing and bonus plans not as a distribution of profit but as an expense.
22
If profit-sharing and bonus payments are not due wholly within 12 months after the end of the period in which the employees render the related service, those payments are other long-term employee benefits (see paragraphs 126-131).
Disclosure
23
Although this standard does not require specific disclosures about short-term employee benefits, other standards may require disclosures. For example, IAS 24 
Related party disclosures
 requires disclosures about employee benefits for key management personnel. IAS 1 
Presentation of financial statements
 requires disclosure of employee benefits expense.
POST-EMPLOYMENT BENEFITS: DISTINCTION BETWEEN DEFINED CONTRIBUTION PLANS AND DEFINED BENEFIT PLANS
24
Post-employment benefits include, for example:
(a)
retirement benefits, such as pensions; and
(b)
other post-employment benefits, such as post-employment life insurance and post-employment medical care.
Arrangements whereby an entity provides post-employment benefits are post-employment benefit plans. An entity applies this standard to all such arrangements whether or not they involve the establishment of a separate entity to receive contributions and to pay benefits.
25
Post-employment benefit plans are classified as either defined contribution plans or defined benefit plans, depending on the economic substance of the plan as derived from its principal terms and conditions. Under defined contribution plans:
(a)
the entity's legal or constructive obligation is limited to the amount that it agrees to contribute to the fund. Thus, the amount of the post-employment benefits received by the employee is determined by the amount of contributions paid by an entity (and perhaps also the employee) to a post-employment benefit plan or to an insurance company, together with investment returns arising from the contributions; and
(b)
in consequence, actuarial risk (that benefits will be less than expected) and investment risk (that assets invested will be insufficient to meet expected benefits) fall on the employee.
26
Examples of cases where an entity's obligation is not limited to the amount that it agrees to contribute to the fund are when the entity has a legal or constructive obligation through:
(a)
a plan benefit formula that is not linked solely to the amount of contributions;
(b)
a guarantee, either indirectly through a plan or directly, of a specified return on contributions; or
(c)
those informal practices that give rise to a constructive obligation. For example, a constructive obligation may arise where an entity has a history of increasing benefits for former employees to keep pace with inflation even where there is no legal obligation to do so.
27
Under defined benefit plans:
(a)
the entity's obligation is to provide the agreed benefits to current and former employees; and
(b)
actuarial risk (that benefits will cost more than expected) and investment risk fall, in substance, on the entity. If actuarial or investment experience are worse than expected, the entity's obligation may be increased.
28
Paragraphs 29-42 below explain the distinction between defined contribution plans and defined benefit plans in the context of multi-employer plans, state plans and insured benefits.
Multi-employer plans
29
An entity shall classify a multi-employer plan as a defined contribution plan or a defined benefit plan under the terms of the plan (including any constructive obligation that goes beyond the formal terms). Where a multi-employer plan is a defined benefit plan, an entity shall:
(a)
account for its proportionate share of the defined benefit obligation, plan assets and cost associated with the plan in the same way as for any other defined benefit plan; and
(b)
disclose the information required by paragraph 120A.
30
When sufficient information is not available to use defined benefit accounting for a multi-employer plan that is a defined benefit plan, an entity shall:
(a)
account for the plan under paragraphs 44-46 as if it were a defined contribution plan;
(b)
disclose:
(i)
the fact that the plan is a defined benefit plan; and
(ii)
the reason why sufficient information is not available to enable the entity to account for the plan as a defined benefit plan; and
(c)
to the extent that a surplus or deficit in the plan may affect the amount of future contributions, disclose in addition:
(i)
any available information about that surplus or deficit;
(ii)
the basis used to determine that surplus or deficit; and
(iii)
the implications, if any, for the entity.
31
One example of a defined benefit multi-employer plan is one where:
(a)
the plan is financed on a pay-as-you-go basis such that: contributions are set at a level that is expected to be sufficient to pay the benefits falling due in the same period; and future benefits earned during the current period will be paid out of future contributions; and
(b)
employees' benefits are determined by the length of their service and the participating entities have no realistic means of withdrawing from the plan without paying a contribution for the benefits earned by employees up to the date of withdrawal. Such a plan creates actuarial risk for the entity: if the ultimate cost of benefits already earned at the balance sheet date is more than expected, the entity will have to either increase its contributions or persuade employees to accept a reduction in benefits. Therefore, such a plan is a defined benefit plan.
32
Where sufficient information is available about a multi-employer plan which is a defined benefit plan, an entity accounts for its proportionate share of the defined benefit obligation, plan assets and post-employment benefit cost associated with the plan in the same way as for any other defined benefit plan. However, in some cases, an entity may not be able to identify its share of the underlying financial position and performance of the plan with sufficient reliability for accounting purposes. This may occur if:
(a)
the entity does not have access to information about the plan that satisfies the requirements of this standard; or
(b)
the plan exposes the participating entities to actuarial risks associated with the current and former employees of other entities, with the result that there is no consistent and reliable basis for allocating the obligation, plan assets and cost to individual entities participating in the plan.
In those cases, an entity accounts for the plan as if it were a defined contribution plan and discloses the additional information required by paragraph 30.
32A
There may be a contractual agreement between the multi-employer plan and its participants that determines how the surplus in the plan will be distributed to the participants (or the deficit funded). A participant in a multi-employer plan with such an agreement that accounts for the plan as a defined contribution plan in accordance with paragraph 30 shall recognise the asset or liability that arises from the contractual agreement and the resulting income or expense in profit or loss.
Example illustrating paragraph 32A
An entity participates in a multi-employer defined benefit plan that does not prepare plan valuations on an IAS 19 basis. It therefore accounts for the plan as if it were a defined contribution plan. A non-IAS 19 funding valuation shows a deficit of 100 million in the plan. The plan has agreed under contract a schedule of contributions with the participating employers in the plan that will eliminate the deficit over the next five years. The entity's total contributions under the contract are 8 million.
The entity recognises a liability for the contributions adjusted for the time value of money and an equal expense in profit or loss.
32B
IAS 37 
Provisions, contingent liabilities and contingent assets
 requires an entity to recognise, or disclose information about, certain contingent liabilities. In the context of a multi-employer plan, a contingent liability may arise from, for example:
(a)
actuarial losses relating to other participating entities because each entity that participates in a multi-employer plan shares in the actuarial risks of every other participating entity; or
(b)
any responsibility under the terms of a plan to finance any shortfall in the plan if other entities cease to participate.
33
Multi-employer plans are distinct from group administration plans. A group administration plan is merely an aggregation of single employer plans combined to allow participating employers to pool their assets for investment purposes and reduce investment management and administration costs, but the claims of different employers are segregated for the sole benefit of their own employees. Group administration plans pose no particular accounting problems because information is readily available to treat them in the same way as any other single employer plan and because such plans do not expose the participating entities to actuarial risks associated with the current and former employees of other entities. The definitions in this standard require an entity to classify a group administration plan as a defined contribution plan or a defined benefit plan in accordance with the terms of the plan (including any constructive obligation that goes beyond the formal terms).
Defined benefit plans that share risks between various entities under common control
34
Defined benefit plans that share risks between various entities under common control, for example, a parent and its subsidiaries, are not multi-employer plans.
34A
An entity participating in such a plan shall obtain information about the plan as a whole measured in accordance with IAS 19 on the basis of assumptions that apply to the plan as a whole. If there is a contractual agreement or stated policy for charging the net defined benefit cost for the plan as a whole measured in accordance with IAS 19 to individual group entities, the entity shall, in its separate or individual financial statements, recognise the net defined benefit cost so charged. If there is no such agreement or policy, the net defined benefit cost shall be recognised in the separate or individual financial statements of the group entity that is legally the sponsoring employer for the plan. The other group entities shall, in their separate or individual financial statements, recognise a cost equal to their contribution payable for the period.
34B
Participation in such a plan is a related party transaction for each individual group entity. An entity shall therefore, in its separate or individual financial statements, make the following disclosures:
(a)
the contractual agreement or stated policy for charging the net defined benefit cost or the fact that there is no such policy;
(b)
the policy for determining the contribution to be paid by the entity;
(c)
if the entity accounts for an allocation of the net defined benefit cost in accordance with paragraph 34A, all the information about the plan as a whole in accordance with paragraphs 120-121;
(d)
if the entity accounts for the contribution payable for the period in accordance with paragraph 34A, the information about the plan as a whole required in accordance with paragraphs 120A(b)-(e), (j), (n), (o), (q) and 121. The other disclosures required by paragraph 120A do not apply.
35
[Deleted]
State plans
36
An entity shall account for a state plan in the same way as for a multi-employer plan (see paragraphs 29 and 30).
37
State plans are established by legislation to cover all entities (or all entities in a particular category, for example, a specific industry) and are operated by national or local government or by another body (for example, an autonomous agency created specifically for this purpose) which is not subject to control or influence by the reporting entity. Some plans established by an entity provide both compulsory benefits which substitute for benefits that would otherwise be covered under a state plan and additional voluntary benefits. Such plans are not state plans.
38
State plans are characterised as defined benefit or defined contribution in nature based on the entity's obligation under the plan. Many state plans are funded on a pay-as-you-go basis: contributions are set at a level that is expected to be sufficient to pay the required benefits falling due in the same period; future benefits earned during the current period will be paid out of future contributions. Nevertheless, in most state plans, the entity has no legal or constructive obligation to pay those future benefits: its only obligation is to pay the contributions as they fall due and if the entity ceases to employ members of the state plan, it will have no obligation to pay the benefits earned by its own employees in previous years. For this reason, state plans are normally defined contribution plans. However, in the rare cases when a state plan is a defined benefit plan, an entity applies the treatment prescribed in paragraphs 29 and 30.
Insured benefits
39
An entity may pay insurance premiums to fund a post-employment benefit plan. The entity shall treat such a plan as a defined contribution plan unless the entity will have (either directly, or indirectly through the plan) a legal or constructive obligation to either:
(a)
pay the employee benefits directly when they fall due; or
(b)
pay further amounts if the insurer does not pay all future employee benefits relating to employee service in the current and prior periods.
If the entity retains such a legal or constructive obligation, the entity shall treat the plan as a defined benefit plan.
40
The benefits insured by an insurance contract need not have a direct or automatic relationship with the entity's obligation for employee benefits. Post-employment benefit plans involving insurance contracts are subject to the same distinction between accounting and funding as other funded plans.
41
Where an entity funds a post-employment benefit obligation by contributing to an insurance policy under which the entity (either directly, indirectly through the plan, through the mechanism for setting future premiums or through a related party relationship with the insurer) retains a legal or constructive obligation, the payment of the premiums does not amount to a defined contribution arrangement. It follows that the entity:
(a)
accounts for a qualifying insurance policy as a plan asset (see paragraph 7); and
(b)
recognises other insurance policies as reimbursement rights (if the policies satisfy the criteria in paragraph 104A).
42
Where an insurance policy is in the name of a specified plan participant or a group of plan participants and the entity does not have any legal or constructive obligation to cover any loss on the policy, the entity has no obligation to pay benefits to the employees and the insurer has sole responsibility for paying the benefits. The payment of fixed premiums under such contracts is, in substance, the settlement of the employee benefit obligation, rather than an investment to meet the obligation. Consequently, the entity no longer has an asset or a liability. Therefore, an entity treats such payments as contributions to a defined contribution plan.
POST-EMPLOYMENT BENEFITS: DEFINED CONTRIBUTION PLANS
43
Accounting for defined contribution plans is straightforward because the reporting entity's obligation for each period is determined by the amounts to be contributed for that period. Consequently, no actuarial assumptions are required to measure the obligation or the expense and there is no possibility of any actuarial gain or loss. Moreover, the obligations are measured on an undiscounted basis, except where they do not fall due wholly within 12 months after the end of the period in which the employees render the related service.
Recognition and measurement
44
When an employee has rendered service to an entity during a period, the entity shall recognise the contribution payable to a defined contribution plan in exchange for that service:
(a)
as a liability (accrued expense), after deducting any contribution already paid. If the contribution already paid exceeds the contribution due for service before the balance sheet date, an entity shall recognise that excess as an asset (prepaid expense) to the extent that the prepayment will lead to, for example, a reduction in future payments or a cash refund; and
(b)
as an expense, unless another standard requires or permits the inclusion of the contribution in the cost of an asset (see, for example, IAS 2 
Inventories
 and IAS 16 
Property, plant and equipment
).
45
Where contributions to a defined contribution plan do not fall due wholly within 12 months after the end of the period in which the employees render the related service, they shall be discounted using the discount rate specified in paragraph 78.
Disclosure
46
An entity shall disclose the amount recognised as an expense for defined contribution plans.
47
Where required by IAS 24 an entity discloses information about contributions to defined contribution plans for key management personnel.
POST-EMPLOYMENT BENEFITS: DEFINED BENEFIT PLANS
48
Accounting for defined benefit plans is complex because actuarial assumptions are required to measure the obligation and the expense and there is a possibility of actuarial gains and losses. Moreover, the obligations are measured on a discounted basis because they may be settled many years after the employees render the related service.
Recognition and measurement
49
Defined benefit plans may be unfunded, or they may be wholly or partly funded by contributions by an entity, and sometimes its employees, into an entity, or fund, that is legally separate from the reporting entity and from which the employee benefits are paid. The payment of funded benefits when they fall due depends not only on the financial position and the investment performance of the fund but also on an entity's ability (and willingness) to make good any shortfall in the fund's assets. Therefore, the entity is, in substance, underwriting the actuarial and investment risks associated with the plan. Consequently, the expense recognised for a defined benefit plan is not necessarily the amount of the contribution due for the period.
50
Accounting by an entity for defined benefit plans involves the following steps:
(a)
using actuarial techniques to make a reliable estimate of the amount of benefit that employees have earned in return for their service in the current and prior periods. This requires an entity to determine how much benefit is attributable to the current and prior periods (see paragraphs 67-71) and to make estimates (actuarial assumptions) about demographic variables (such as employee turnover and mortality) and financial variables (such as future increases in salaries and medical costs) that will influence the cost of the benefit (see paragraphs 72-91);
(b)
discounting that benefit using the Projected Unit Credit Method in order to determine the present value of the defined benefit obligation and the current service cost (see paragraphs 64-66);
(c)
determining the fair value of any plan assets (see paragraphs 102-104);
(d)
determining the total amount of actuarial gains and losses and the amount of those actuarial gains and losses to be recognised (see paragraphs 92-95);
(e)
where a plan has been introduced or changed, determining the resulting past service cost (see paragraphs 96-101); and
(f)
where a plan has been curtailed or settled, determining the resulting gain or loss (see paragraphs 109-115).
Where an entity has more than one defined benefit plan, the entity applies these procedures for each material plan separately.
51
In some cases, estimates, averages and computational short cuts may provide a reliable approximation of the detailed computations illustrated in this standard.
Accounting for the constructive obligation
52
An entity shall account not only for its legal obligation under the formal terms of a defined benefit plan, but also for any constructive obligation that arises from the entity's informal practices. Informal practices give rise to a constructive obligation where the entity has no realistic alternative but to pay employee benefits. An example of a constructive obligation is where a change in the entity's informal practices would cause unacceptable damage to its relationship with employees.
53
The formal terms of a defined benefit plan may permit an entity to terminate its obligation under the plan. Nevertheless, it is usually difficult for an entity to cancel a plan if employees are to be retained. Therefore, in the absence of evidence to the contrary, accounting for post-employment benefits assumes that an entity which is currently promising such benefits will continue to do so over the remaining working lives of employees.
Balance sheet
54
The amount recognised as a defined benefit liability shall be the net total of the following amounts:
(a)
the present value of the defined benefit obligation at the balance sheet date (see paragraph 64);
(b)
plus any actuarial gains (less any actuarial losses) not recognised because of the treatment set out in paragraphs 92 and 93;
(c)
minus any past service cost not yet recognised (see paragraph 96);
(d)
minus the fair value at the balance sheet date of plan assets (if any) out of which the obligations are to be settled directly (see paragraphs 102-104).
55
The present value of the defined benefit obligation is the gross obligation, before deducting the fair value of any plan assets.
56
An entity shall determine the present value of defined benefit obligations and the fair value of any plan assets with sufficient regularity that the amounts recognised in the financial statements do not differ materially from the amounts that would be determined at the balance sheet date.
57
This standard encourages, but does not require, an entity to involve a qualified actuary in the measurement of all material post-employment benefit obligations. For practical reasons, an entity may request a qualified actuary to carry out a detailed valuation of the obligation before the balance sheet date. Nevertheless, the results of that valuation are updated for any material transactions and other material changes in circumstances (including changes in market prices and interest rates) up to the balance sheet date.
58
The amount determined under paragraph 54 may be negative (an asset). An entity shall measure the resulting asset at the lower of:
(a)
the amount determined under paragraph 54; and
(b)
the total of:
(i)
any cumulative unrecognised net actuarial losses and past service cost (see paragraphs 92, 93 and 96); and
(ii)
the present value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan. The present value of these economic benefits shall be determined using the discount rate specified in paragraph 78.
58A
The application of paragraph 58 shall not result in a gain being recognised solely as a result of an actuarial loss or past service cost in the current period or in a loss being recognised solely as a result of an actuarial gain in the current period. The entity shall therefore recognise immediately under paragraph 54 the following, to the extent that they arise while the defined benefit asset is determined in accordance with paragraph 58(b):
(a)
net actuarial losses of the current period and past service cost of the current period to the extent that they exceed any reduction in the present value of the economic benefits specified in paragraph 58(b)(ii). If there is no change or an increase in the present value of the economic benefits, the entire net actuarial losses of the current period and past service cost of the current period shall be recognised immediately under paragraph 54;
(b)
net actuarial gains of the current period after the deduction of past service cost of the current period to the extent that they exceed any increase in the present value of the economic benefits specified in paragraph 58(b)(ii). If there is no change or a decrease in the present value of the economic benefits, the entire net actuarial gains of the current period after the deduction of past service cost of the current period shall be recognised immediately under paragraph 54.
58B
Paragraph 58A applies to an entity only if it has, at the beginning or end of the accounting period, a surplus 
(
2
)
 in a defined benefit plan and cannot, based on the current terms of the plan, recover that surplus fully through refunds or reductions in future contributions. In such cases, past service cost and actuarial losses that arise in the period, the recognition of which is deferred under paragraph 54, will increase the amount specified in paragraph 58(b)(i). If that increase is not offset by an equal decrease in the present value of economic benefits that qualify for recognition under paragraph 58(b)(ii), there will be an increase in the net total specified by paragraph 58(b) and, hence, a recognised gain. Paragraph 58A prohibits the recognition of a gain in these circumstances. The opposite effect arises with actuarial gains that arise in the period, the recognition of which is deferred under paragraph 54, to the extent that the actuarial gains reduce cumulative unrecognised actuarial losses. Paragraph 58A prohibits the recognition of a loss in these circumstances. For examples of the application of this paragraph, see Appendix C.
59
An asset may arise where a defined benefit plan has been overfunded or in certain cases where actuarial gains are recognised. An entity recognises an asset in such cases because:
(a)
the entity controls a resource, which is the ability to use the surplus to generate future benefits;
(b)
that control is a result of past events (contributions paid by the entity and service rendered by the employee); and
(c)
future economic benefits are available to the entity in the form of a reduction in future contributions or a cash refund, either directly to the entity or indirectly to another plan in deficit.
60
The limit in paragraph 58(b) does not override the delayed recognition of certain actuarial losses (see paragraphs 92 and 93) and certain past service cost (see paragraph 96), other than as specified in paragraph 58A. However, that limit does override the transitional option in paragraph 155(b). Paragraph 120A(f)(iii) requires an entity to disclose any amount not recognised as an asset because of the limit in paragraph 58(b).
Example illustrating paragraph 60
A defined benefit plan has the following characteristics:
Present value of the obligation
1 100
Fair value of plan assets
(1 190 )
(90)
Unrecognised actuarial losses
(110)
Unrecognised past service cost
(70)
Unrecognised increase in the liability on initial adoption of the Standard under paragraph 155(b)
(50)
Negative amount determined under paragraph 54
(320)
Present value of available future refunds and reductions in future contributions
90
The limit under paragraph 58(b) is computed as follows:
Unrecognised actuarial losses
110
Unrecognised past service cost
70
Present value of available future refunds and reductions in future contributions
90
Limit
270
270 is less than 320. Therefore, the entity recognises an asset of 270 and discloses that the limit reduced the carrying amount of the asset by 50 (see paragraph 120A(f)(iii)).
Profit or loss
61
An entity shall recognise the net total of the following amounts in profit or loss, except to the extent that another standard requires or permits their inclusion in the cost of an asset:
(a)
current service cost (see paragraphs 63-91);
(b)
interest cost (see paragraph 82);
(c)
the expected return on any plan assets (see paragraphs 105-107) and on any reimbursement rights (see paragraph 104A);
(d)
actuarial gains and losses, as required in accordance with the entity's accounting policy (see paragraphs 92-93D);
(e)
past service cost (see paragraph 96);
(f)
the effect of any curtailments or settlements (see paragraphs 109 and 110); and
(g)
the effect of the limit in paragraph 58(b), unless it is recognised outside profit or loss in accordance with paragraph 93C.
62
Other standards require the inclusion of certain employee benefit costs within the cost of assets such as inventories or property, plant and equipment (see IAS 2 and IAS 16). Any post-employment benefit costs included in the cost of such assets include the appropriate proportion of the components listed in paragraph 61.
Recognition and measurement: present value of defined benefit obligations and current service cost
63
The ultimate cost of a defined benefit plan may be influenced by many variables, such as final salaries, employee turnover and mortality, medical cost trends and, for a funded plan, the investment earnings on the plan assets. The ultimate cost of the plan is uncertain and this uncertainty is likely to persist over a long period of time. In order to measure the present value of the post-employment benefit obligations and the related current service cost, it is necessary to:
(a)
apply an actuarial valuation method (see paragraphs 64-66);
(b)
attribute benefit to periods of service (see paragraphs 67-71); and
(c)
make actuarial assumptions (see paragraphs 72-91).
Actuarial valuation method
64
An entity shall use the Projected Unit Credit Method to determine the present value of its defined benefit obligations and the related current service cost and, where applicable, past service cost.
65
The Projected Unit Credit Method (sometimes known as the accrued benefit method pro-rated on service or as the benefit/years of service method) sees each period of service as giving rise to an additional unit of benefit entitlement (see paragraphs 67-71) and measures each unit separately to build up the final obligation (see paragraphs 72-91).
Example illustrating paragraph 65
A lump-sum benefit is payable on termination of service and equal to 1 % of final salary for each year of service. The salary in year 1 is 10 000 and is assumed to increase at 7 % (compound) each year. The discount rate used is 10 % per annum. The following table shows how the obligation builds up for an employee who is expected to leave at the end of year 5, assuming that there are no changes in actuarial assumptions. For simplicity, this example ignores the additional adjustment needed to reflect the probability that the employee may leave the entity at an earlier or later date.
Year
1
2
3
4
5
Benefit attributed to:
—
prior years
0
131
262
393
524
—
current year (1 % of final salary)
131
131
131
131
131
—
current and prior years
131
262
393
524
655
Opening obligation
—
89
196
324
476
Interest at 10 %
—
9
20
33
48
Current service cost
89
98
108
119
131
Closing obligation
89
196
324
476
655
Note:
1.
The opening obligation is the present value of benefit attributed to prior years.
2.
The current service cost is the present value of benefit attributed to the current year.
3.
The closing obligation is the present value of benefit attributed to current and prior years.
66
An entity discounts the whole of a post-employment benefit obligation, even if part of the obligation falls due within 12 months of the balance sheet date.
Attributing benefit to periods of service
67
In determining the present value of its defined benefit obligations and the related current service cost and, where applicable, past service cost, an entity shall attribute benefit to periods of service under the plan's benefit formula. However, if an employee's service in later years will lead to a materially higher level of benefit than in earlier years, an entity shall attribute benefit on a straight-line basis from:
(a)
the date when service by the employee first leads to benefits under the plan (whether or not the benefits are conditional on further service); until
(b)
the date when further service by the employee will lead to no material amount of further benefits under the plan, other than from further salary increases.
68
The Projected Unit Credit Method requires an entity to attribute benefit to the current period (in order to determine current service cost) and the current and prior periods (in order to determine the present value of defined benefit obligations). An entity attributes benefit to periods in which the obligation to provide post-employment benefits arises. That obligation arises as employees render services in return for post-employment benefits which an entity expects to pay in future reporting periods. Actuarial techniques allow an entity to measure that obligation with sufficient reliability to justify recognition of a liability.
Examples illustrating paragraph 68
1.
A defined benefit plan provides a lump-sum benefit of 100 payable on retirement for each year of service.
A benefit of 100 is attributed to each year. The current service cost is the present value of 100. The present value of the defined benefit obligation is the present value of 100, multiplied by the number of years of service up to the balance sheet date.
If the benefit is payable immediately when the employee leaves the entity, the current service cost and the present value of the defined benefit obligation reflect the date at which the employee is expected to leave. Thus, because of the effect of discounting, they are less than the amounts that would be determined if the employee left at the balance sheet date.
2.
A plan provides a monthly pension of 0,2 % of final salary for each year of service. The pension is payable from the age of 65.
Benefit equal to the present value, at the expected retirement date, of a monthly pension of 0,2 % of the estimated final salary payable from the expected retirement date until the expected date of death is attributed to each year of service. The current service cost is the present value of that benefit. The present value of the defined benefit obligation is the present value of monthly pension payments of 0,2 % of final salary, multiplied by the number of years of service up to the balance sheet date. The current service cost and the present value of the defined benefit obligation are discounted because pension payments begin at the age of 65.
69
Employee service gives rise to an obligation under a defined benefit plan even if the benefits are conditional on future employment (in other words they are not vested). Employee service before the vesting date gives rise to a constructive obligation because, at each successive balance sheet date, the amount of future service that an employee will have to render before becoming entitled to the benefit is reduced. In measuring its defined benefit obligation, an entity considers the probability that some employees may not satisfy any vesting requirements. Similarly, although certain post-employment benefits, for example, post-employment medical benefits, become payable only if a specified event occurs when an employee is no longer employed, an obligation is created when the employee renders service that will provide entitlement to the benefit if the specified event occurs. The probability that the specified event will occur affects the measurement of the obligation, but does not determine whether the obligation exists.
Examples illustrating paragraph 69
1.
A plan pays a benefit of 100 for each year of service. The benefits vest after 10 years of service.
A benefit of 100 is attributed to each year. In each of the first 10 years, the current service cost and the present value of the obligation reflect the probability that the employee may not complete 10 years of service.
2.
A plan pays a benefit of 100 for each year of service, excluding service before the age of 25. The benefits vest immediately.
No benefit is attributed to service before the age of 25 because service before that date does not lead to benefits (conditional or unconditional). A benefit of 100 is attributed to each subsequent year.
70
The obligation increases until the date when further service by the employee will lead to no material amount of further benefits. Therefore, all benefit is attributed to periods ending on or before that date. Benefit is attributed to individual accounting periods under the plan's benefit formula. However, if an employee's service in later years will lead to a materially higher level of benefit than in earlier years, an entity attributes benefit on a straight-line basis until the date when further service by the employee will lead to no material amount of further benefits. That is because the employee's service throughout the entire period will ultimately lead to benefit at that higher level.
Examples illustrating paragraph 70
1.
A plan pays a lump-sum benefit of 1 000 that vests after 10 years of service. The plan provides no further benefit for subsequent service.
A benefit of 100 (1 000 divided by 10) is attributed to each of the first 10 years. The current service cost in each of the first 10 years reflects the probability that the employee may not complete 10 years of service. No benefit is attributed to subsequent years.
2.
A plan pays a lump-sum retirement benefit of 2 000 to all employees who are still employed at the age of 55 after 20 years of service, or who are still employed at the age of 65, regardless of their length of service.
For employees who join before the age of 35, service first leads to benefits under the plan at the age of 35 (an employee could leave at the age of 30 and return at the age of 33, with no effect on the amount or timing of benefits). Those benefits are conditional on further service. Also, service beyond the age of 55 will lead to no material amount of further benefits. For these employees, the entity attributes benefit of 100 (2 000 divided by 20) to each year from the age of 35 to the age of 55.
For employees who join between the ages of 35 and 45, service beyond 20 years will lead to no material amount of further benefits. For these employees, the entity attributes benefit of 100 (2 000 divided by 20) to each of the first 20 years.
For an employee who joins at the age of 55, service beyond 10 years will lead to no material amount of further benefits. For this employee, the entity attributes benefit of 200 (2 000 divided by 10) to each of the first 10 years.
For all employees, the current service cost and the present value of the obligation reflect the probability that the employee may not complete the necessary period of service.
3.
A post-employment medical plan reimburses 40 % of an employee's post-employment medical costs if the employee leaves after more than 10 and less than 20 years of service and 50 % of those costs if the employee leaves after 20 or more years of service.
Under the plan's benefit formula, the entity attributes 4 % of the present value of the expected medical costs (40 % divided by 10) to each of the first 10 years and 1 % (10 % divided by 10) to each of the second 10 years. The current service cost in each year reflects the probability that the employee may not complete the necessary period of service to earn part or all of the benefits. For employees expected to leave within 10 years, no benefit is attributed.
4.
A post-employment medical plan reimburses 10 % of an employee's post-employment medical costs if the employee leaves after more than 10 and less than 20 years of service and 50 % of those costs if the employee leaves after 20 or more years of service.
Service in later years will lead to a materially higher level of benefit than in earlier years. Therefore, for employees expected to leave after 20 or more years, the entity attributes benefit on a straight-line basis under paragraph 68. Service beyond 20 years will lead to no material amount of further benefits. Therefore, the benefit attributed to each of the first 20 years is 2,5 % of the present value of the expected medical costs (50 % divided by 20).
For employees expected to leave between 10 and 20 years, the benefit attributed to each of the first 10 years is 1 % of the present value of the expected medical costs. For these employees, no benefit is attributed to service between the end of the 10th year and the estimated date of leaving.
For employees expected to leave within 10 years, no benefit is attributed.
71
Where the amount of a benefit is a constant proportion of final salary for each year of service, future salary increases will affect the amount required to settle the obligation that exists for service before the balance sheet date, but do not create an additional obligation. Therefore:
(a)
for the purpose of paragraph 67(b), salary increases do not lead to further benefits, even though the amount of the benefits is dependent on final salary; and
(b)
the amount of benefit attributed to each period is a constant proportion of the salary to which the benefit is linked.
Example illustrating paragraph 71
Employees are entitled to a benefit of 3 % of final salary for each year of service before the age of 55.
Benefit of 3 % of estimated final salary is attributed to each year up to the age of 55. This is the date when further service by the employee will lead to no material amount of further benefits under the plan. No benefit is attributed to service after that age.
Actuarial assumptions
72
Actuarial assumptions shall be unbiased and mutually compatible.
73
Actuarial assumptions are an entity's best estimates of the variables that will determine the ultimate cost of providing post-employment benefits. Actuarial assumptions comprise:
(a)
demographic assumptions about the future characteristics of current and former employees (and their dependants) who are eligible for benefits. Demographic assumptions deal with matters such as:
(i)
mortality, both during and after employment;
(ii)
rates of employee turnover, disability and early retirement;
(iii)
the proportion of plan members with dependants who will be eligible for benefits; and
(iv)
claim rates under medical plans; and
(b)
financial assumptions, dealing with items such as:
(i)
the discount rate (see paragraphs 78-82);
(ii)
future salary and benefit levels (see paragraphs 83-87);
(iii)
in the case of medical benefits, future medical costs, including, where material, the cost of administering claims and benefit payments (see paragraphs 88-91); and
(iv)
the expected rate of return on plan assets (see paragraphs 105-107).
74
Actuarial assumptions are unbiased if they are neither imprudent nor excessively conservative.
75
Actuarial assumptions are mutually compatible if they reflect the economic relationships between factors such as inflation, rates of salary increase, the return on plan assets and discount rates. For example, all assumptions which depend on a particular inflation level (such as assumptions about interest rates and salary and benefit increases) in any given future period assume the same inflation level in that period.
76
An entity determines the discount rate and other financial assumptions in nominal (stated) terms, unless estimates in real (inflation-adjusted) terms are more reliable, for example, in a hyperinflationary economy (see IAS 29 
Financial reporting in hyperinflationary economies
), or where the benefit is index-linked and there is a deep market in index-linked bonds of the same currency and term.
77
Financial assumptions shall be based on market expectations, at the balance sheet date, for the period over which the obligations are to be settled.
Actuarial assumptions: discount rate
78
The rate used to discount post-employment benefit obligations (both funded and unfunded) shall be determined by reference to market yields at the balance sheet date on high quality corporate bonds. In countries where there is no deep market in such bonds, the market yields (at the balance sheet date) on government bonds shall be used. The currency and term of the corporate bonds or government bonds shall be consistent with the currency and estimated term of the post-employment benefit obligations.
79
One actuarial assumption which has a material effect is the discount rate. The discount rate reflects the time value of money but not the actuarial or investment risk. Furthermore, the discount rate does not reflect the entity-specific credit risk borne by the entity's creditors, nor does it reflect the risk that future experience may differ from actuarial assumptions.
80
The discount rate reflects the estimated timing of benefit payments. In practice, an entity often achieves this by applying a single weighted average discount rate that reflects the estimated timing and amount of benefit payments and the currency in which the benefits are to be paid.
81
In some cases, there may be no deep market in bonds with a sufficiently long maturity to match the estimated maturity of all the benefit payments. In such cases, an entity uses current market rates of the appropriate term to discount shorter term payments, and estimates the discount rate for longer maturities by extrapolating current market rates along the yield curve. The total present value of a defined benefit obligation is unlikely to be particularly sensitive to the discount rate applied to the portion of benefits that is payable beyond the final maturity of the available corporate or government bonds.
82
Interest cost is computed by multiplying the discount rate as determined at the start of the period by the present value of the defined benefit obligation throughout that period, taking account of any material changes in the obligation. The present value of the obligation will differ from the liability recognised in the balance sheet because the liability is recognised after deducting the fair value of any plan assets and because some actuarial gains and losses, and some past service cost, are not recognised immediately. [Appendix A illustrates the computation of interest cost, among other things.]
Actuarial assumptions: salaries, benefits and medical costs
83
Post-employment benefit obligations shall be measured on a basis that reflects:
(a)
estimated future salary increases;
(b)
the benefits set out in the terms of the plan (or resulting from any constructive obligation that goes beyond those terms) at the balance sheet date; and
(c)
estimated future changes in the level of any state benefits that affect the benefits payable under a defined benefit plan, if, and only if, either:
(i)
those changes were enacted before the balance sheet date; or
(ii)
past history, or other reliable evidence, indicates that those state benefits will change in some predictable manner, for example, in line with future changes in general price levels or general salary levels.
84
Estimates of future salary increases take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.
85
If the formal terms of a plan (or a constructive obligation that goes beyond those terms) require an entity to change benefits in future periods, the measurement of the obligation reflects those changes. This is the case when, for example:
(a)
the entity has a past history of increasing benefits, for example, to mitigate the effects of inflation, and there is no indication that this practice will change in the future; or
(b)
actuarial gains have already been recognised in the financial statements and the entity is obliged, by either the formal terms of a plan (or a constructive obligation that goes beyond those terms) or legislation, to use any surplus in the plan for the benefit of plan participants (see paragraph 98(c)).
86
Actuarial assumptions do not reflect future benefit changes that are not set out in the formal terms of the plan (or a constructive obligation) at the balance sheet date. Such changes will result in:
(a)
past service cost, to the extent that they change benefits for service before the change; and
(b)
current service cost for periods after the change, to the extent that they change benefits for service after the change.
87
Some post-employment benefits are linked to variables such as the level of state retirement benefits or state medical care. The measurement of such benefits reflects expected changes in such variables, based on past history and other reliable evidence.
88
Assumptions about medical costs shall take account of estimated future changes in the cost of medical services, resulting from both inflation and specific changes in medical costs.
89
Measurement of post-employment medical benefits requires assumptions about the level and frequency of future claims and the cost of meeting those claims. An entity estimates future medical costs on the basis of historical data about the entity's own experience, supplemented where necessary by historical data from other entities, insurance companies, medical providers or other sources. Estimates of future medical costs consider the effect of technological advances, changes in health care utilisation or delivery patterns and changes in the health status of plan participants.
90
The level and frequency of claims is particularly sensitive to the age, health status and sex of employees (and their dependants) and may be sensitive to other factors such as geographical location. Therefore, historical data is adjusted to the extent that the demographic mix of the population differs from that of the population used as a basis for the historical data. It is also adjusted where there is reliable evidence that historical trends will not continue.
91
Some post-employment health care plans require employees to contribute to the medical costs covered by the plan. Estimates of future medical costs take account of any such contributions, based on the terms of the plan at the balance sheet date (or based on any constructive obligation that goes beyond those terms). Changes in those employee contributions result in past service cost or, where applicable, curtailments. The cost of meeting claims may be reduced by benefits from state or other medical providers (see paragraphs 83(c) and 87).
Actuarial gains and losses
92
In measuring its defined benefit liability in accordance with paragraph 54, an entity shall, subject to paragraph 58A, recognise a portion (as specified in paragraph 93) of its actuarial gains and losses as income or expense if the net cumulative unrecognised actuarial gains and losses at the end of the previous reporting period exceeded the greater of:
(a)
10 % of the present value of the defined benefit obligation at that date (before deducting plan assets); and
(b)
10 % of the fair value of any plan assets at that date.
These limits shall be calculated and applied separately for each defined benefit plan.
93
The portion of actuarial gains and losses to be recognised for each defined benefit plan is the excess determined in accordance with paragraph 92, divided by the expected average remaining working lives of the employees participating in that plan. However, an entity may adopt any systematic method that results in faster recognition of actuarial gains and losses, provided that the same basis is applied to both gains and losses and the basis is applied consistently from period to period. An entity may apply such systematic methods to actuarial gains and losses even if they are within the limits specified in paragraph 92.
93A
If, as permitted by paragraph 93, an entity adopts a policy of recognising actuarial gains and losses in the period in which they occur, it may recognise them outside profit or loss, in accordance with paragraphs 93B-93D, providing it does so for:
(a)
all of its defined benefit plans; and
(b)
all of its actuarial gains and losses.
93B
Actuarial gains and losses recognised outside profit or loss as permitted by paragraph 93A shall be presented in a statement of changes in equity titled ‘statement of recognised income and expense’ that comprises only the items specified in paragraph 96 of IAS 1 (as revised in 2003). The entity shall not present the actuarial gains and losses in a statement of changes in equity in the columnar format referred to in paragraph 101 of IAS 1 or any other format that includes the items specified in paragraph 97 of IAS 1.
93C
An entity that recognises actuarial gains and losses in accordance with paragraph 93A shall also recognise any adjustments arising from the limit in paragraph 58(b) outside profit or loss in the statement of recognised income and expense.
93D
Actuarial gains and losses and adjustments arising from the limit in paragraph 58(b) that have been recognised directly in the statement of recognised income and expense shall be recognised immediately in retained earnings. They shall not be recognised in profit or loss in a subsequent period.
94
Actuarial gains and losses may result from increases or decreases in either the present value of a defined benefit obligation or the fair value of any related plan assets. Causes of actuarial gains and losses include, for example:
(a)
unexpectedly high or low rates of employee turnover, early retirement or mortality or of increases in salaries, benefits (if the formal or constructive terms of a plan provide for inflationary benefit increases) or medical costs;
(b)
the effect of changes in estimates of future employee turnover, early retirement or mortality or of increases in salaries, benefits (if the formal or constructive terms of a plan provide for inflationary benefit increases) or medical costs;
(c)
the effect of changes in the discount rate; and
(d)
differences between the actual return on plan assets and the expected return on plan assets (see paragraphs 105-107).
95
In the long term, actuarial gains and losses may offset one another. Therefore, estimates of post-employment benefit obligations may be viewed as a range (or ‘corridor’) around the best estimate. An entity is permitted, but not required, to recognise actuarial gains and losses that fall within that range. This standard requires an entity to recognise, as a minimum, a specified portion of the actuarial gains and losses that fall outside a ‘corridor’ of plus or minus 10 %. [Appendix A illustrates the treatment of actuarial gains and losses, among other things.] The standard also permits systematic methods of faster recognition, provided that those methods satisfy the conditions set out in paragraph 93. Such permitted methods include, for example, immediate recognition of all actuarial gains and losses, both within and outside the ‘corridor’. Paragraph 155(b)(iii) explains the need to consider any unrecognised part of the transitional liability in accounting for subsequent actuarial gains.
Past service cost
96
In measuring its defined benefit liability under paragraph 54, an entity shall, subject to paragraph 58A, recognise past service cost as an expense on a straight-line basis over the average period until the benefits become vested. To the extent that the benefits are already vested immediately following the introduction of, or changes to, a defined benefit plan, an entity shall recognise past service cost immediately.
97
Past service cost arises when an entity introduces a defined benefit plan or changes the benefits payable under an existing defined benefit plan. Such changes are in return for employee service over the period until the benefits concerned are vested. Therefore, past service cost is recognised over that period, regardless of the fact that the cost refers to employee service in previous periods. Past service cost is measured as the change in the liability resulting from the amendment (see paragraph 64).
Example illustrating paragraph 97
An entity operates a pension plan that provides a pension of 2 % of final salary for each year of service. The benefits become vested after five years of service. On 1 January 20X5 the entity improves the pension to 2,5 % of final salary for each year of service starting from 1 January 20X1. At the date of the improvement, the present value of the additional benefits for service from 1 January 20X1 to 1 January 20X5 is as follows:
Employees with more than five years' service at 1/1/X5
150
Employees with less than five years' service at 1/1/X5 (average period until vesting: three years)
120
270
The entity recognises 150 immediately because those benefits are already vested. The entity recognises 120 on a straight-line basis over three years from 1 January 20X5.
98
Past service cost excludes:
(a)
the effect of differences between actual and previously assumed salary increases on the obligation to pay benefits for service in prior years (there is no past service cost because actuarial assumptions allow for projected salaries);
(b)
under and over estimates of discretionary pension increases where an entity has a constructive obligation to grant such increases (there is no past service cost because actuarial assumptions allow for such increases);
(c)
estimates of benefit improvements that result from actuarial gains that have already been recognised in the financial statements if the entity is obliged, by either the formal terms of a plan (or a constructive obligation that goes beyond those terms) or legislation, to use any surplus in the plan for the benefit of plan participants, even if the benefit increase has not yet been formally awarded (the resulting increase in the obligation is an actuarial loss and not past service cost, see paragraph 85(b));
(d)
the increase in vested benefits when, in the absence of new or improved benefits, employees complete vesting requirements (there is no past service cost because the estimated cost of benefits was recognised as current service cost as the service was rendered); and
(e)
the effect of plan amendments that reduce benefits for future service (a curtailment).
99
An entity establishes the amortisation schedule for past service cost when the benefits are introduced or changed. It would be impracticable to maintain the detailed records needed to identify and implement subsequent changes in that amortisation schedule. Moreover, the effect is likely to be material only where there is a curtailment or settlement. Therefore, an entity amends the amortisation schedule for past service cost only if there is a curtailment or settlement.
100
Where an entity reduces benefits payable under an existing defined benefit plan, the resulting reduction in the defined benefit liability is recognised as (negative) past service cost over the average period until the reduced portion of the benefits becomes vested.
101
Where an entity reduces certain benefits payable under an existing defined benefit plan and, at the same time, increases other benefits payable under the plan for the same employees, the entity treats the change as a single net change.
Recognition and measurement: plan assets
Fair value of plan assets
102
The fair value of any plan assets is deducted in determining the amount recognised in the balance sheet under paragraph 54. When no market price is available, the fair value of plan assets is estimated; for example, by discounting expected future cash flows using a discount rate that reflects both the risk associated with the plan assets and the maturity or expected disposal date of those assets (or, if they have no maturity, the expected period until the settlement of the related obligation).
103
Plan assets exclude unpaid contributions due from the reporting entity to the fund, as well as any non-transferable financial instruments issued by the entity and held by the fund. Plan assets are reduced by any liabilities of the fund that do not relate to employee benefits, for example, trade and other payables and liabilities resulting from derivative financial instruments.
104
Where plan assets include qualifying insurance policies that exactly match the amount and timing of some or all of the benefits payable under the plan, the fair value of those insurance policies is deemed to be the present value of the related obligations, as described in paragraph 54 (subject to any reduction required if the amounts receivable under the insurance policies are not recoverable in full).
Reimbursements
104A
When, and only when, it is virtually certain that another party will reimburse some or all of the expenditure required to settle a defined benefit obligation, an entity shall recognise its right to reimbursement as a separate asset. The entity shall measure the asset at fair value. In all other respects, an entity shall treat that asset in the same way as plan assets. In the income statement, the expense relating to a defined benefit plan may be presented net of the amount recognised for a reimbursement.
104B
Sometimes, an entity is able to look to another party, such as an insurer, to pay part or all of the expenditure required to settle a defined benefit obligation. Qualifying insurance policies, as defined in paragraph 7, are plan assets. An entity accounts for qualifying insurance policies in the same way as for all other plan assets and paragraph 104A does not apply (see paragraphs 39-42 and 104).
104C
When an insurance policy is not a qualifying insurance policy, that insurance policy is not a plan asset. Paragraph 104A deals with such cases: the entity recognises its right to reimbursement under the insurance policy as a separate asset, rather than as a deduction in determining the defined benefit liability recognised under paragraph 54; in all other respects, the entity treats that asset in the same way as plan assets. In particular, the defined benefit liability recognised under paragraph 54 is increased (reduced) to the extent that net cumulative actuarial gains (losses) on the defined benefit obligation and on the related reimbursement right remain unrecognised under paragraphs 92 and 93. Paragraph 120A(f)(iv) requires the entity to disclose a brief description of the link between the reimbursement right and the related obligation.
Example illustrating paragraphs 104A-104C
Present value of obligation
1 241
Unrecognised actuarial gains
17
Liability recognised in balance sheet
1 258
Rights under insurance policies that exactly match the amount and timing of some of the benefits payable under the plan. Those benefits have a present value of 1 092 .
1 092
The unrecognised actuarial gains of 17 are the net cumulative actuarial gains on the obligation and on the reimbursement rights.
104D
If the right to reimbursement arises under an insurance policy that exactly matches the amount and timing of some or all of the benefits payable under a defined benefit plan, the fair value of the reimbursement right is deemed to be the present value of the related obligation, as described in paragraph 54 (subject to any reduction required if the reimbursement is not recoverable in full).
Return on plan assets
105
The expected return on plan assets is one component of the expense recognised in the income statement. The difference between the expected return on plan assets and the actual return on plan assets is an actuarial gain or loss; it is included with the actuarial gains and losses on the defined benefit obligation in determining the net amount that is compared with the limits of the 10 % ‘corridor’ specified in paragraph 92.
106
The expected return on plan assets is based on market expectations, at the beginning of the period, for returns over the entire life of the related obligation. The expected return on plan assets reflects changes in the fair value of plan assets held during the period as a result of actual contributions paid into the fund and actual benefits paid out of the fund.
Example illustrating paragraph 106
At 1 January 20X1, the fair value of plan assets was 10 000 and net cumulative unrecognised actuarial gains were 760. On 30 June 20X1, the plan paid benefits of 1 900 and received contributions of 4 900. At 31 December 20X1, the fair value of plan assets was 15 000 and the present value of the defined benefit obligation was 14 792. Actuarial losses on the obligation for 20X1 were 60.
At 1 January 20X1, the reporting entity made the following estimates, based on market prices at that date:
%
Interest and dividend income, after tax payable by the fund
9,25
Realised and unrealised gains on plan assets (after tax)
2,00
Administration costs
(1,00 )
Expected rate of return
10,25
For 20X1, the expected and actual return on plan assets are as follows:
Return on 10 000  held for 12 months at 10,25  %
1 025
Return on 3 000  held for six months at 5 % (equivalent to 10,25  % annually, compounded every six months)
150
Expected return on plan assets for 20X1
1 175
Fair value of plan assets at 31 December 20X1
15 000
Less fair value of plan assets at 1 January 20X1
(10 000 )
Less contributions received
(4 900 )
Add benefits paid
1 900
Actual return on plan assets
2 000
The difference between the expected return on plan assets (1 175) and the actual return on plan assets (2 000) is an actuarial gain of 825. Therefore, the cumulative net unrecognised actuarial gains are 1 525 (760 plus 825 less 60). Under paragraph 92, the limits of the corridor are set at 1 500 (greater of: (i) 10 % of 15 000 and (ii) 10 % of 14 792). In the following year (20X2), the entity recognises in the income statement an actuarial gain of 25 (1 525 less 1 500) divided by the expected average remaining working life of the employees concerned.
The expected return on plan assets for 20X2 will be based on market expectations at 1/1/X2 for returns over the entire life of the obligation.
107
In determining the expected and actual return on plan assets, an entity deducts expected administration costs, other than those included in the actuarial assumptions used to measure the obligation.
Business combinations
108
In a business combination, an entity recognises assets and liabilities arising from post-employment benefits at the present value of the obligation less the fair value of any plan assets (see IFRS 3 
Business combinations
). The present value of the obligation includes all of the following, even if the acquiree had not yet recognised them at the acquisition date:
(a)
actuarial gains and losses that arose before the acquisition date (whether or not they fell inside the 10 % ‘corridor’);
(b)
past service cost that arose from benefit changes, or the introduction of a plan, before the acquisition date; and
(c)
amounts that, under the transitional provisions of paragraph 155(b), the acquiree had not recognised.
Curtailments and settlements
109
An entity shall recognise gains or losses on the curtailment or settlement of a defined benefit plan when the curtailment or settlement occurs. The gain or loss on a curtailment or settlement shall comprise:
(a)
any resulting change in the present value of the defined benefit obligation;
(b)
any resulting change in the fair value of the plan assets;
(c)
any related actuarial gains and losses and past service cost that, under paragraphs 92 and 96, had not previously been recognised.
110
Before determining the effect of a curtailment or settlement, an entity shall remeasure the obligation (and the related plan assets, if any) using current actuarial assumptions (including current market interest rates and other current market prices).
111
A curtailment occurs when an entity either:
(a)
is demonstrably committed to make a material reduction in the number of employees covered by a plan; or
(b)
amends the terms of a defined benefit plan such that a material element of future service by current employees will no longer qualify for benefits, or will qualify only for reduced benefits.
A curtailment may arise from an isolated event, such as the closing of a plant, discontinuance of an operation or termination or suspension of a plan. An event is material enough to qualify as a curtailment if the recognition of a curtailment gain or loss would have a material effect on the financial statements. Curtailments are often linked with a restructuring. Therefore, an entity accounts for a curtailment at the same time as for a related restructuring.
112
A settlement occurs when an entity enters into a transaction that eliminates all further legal or constructive obligation for part or all of the benefits provided under a defined benefit plan, for example, when a lump-sum cash payment is made to, or on behalf of, plan participants in exchange for their rights to receive specified post-employment benefits.
113
In some cases, an entity acquires an insurance policy to fund some or all of the employee benefits relating to employee service in the current and prior periods. The acquisition of such a policy is not a settlement if the entity retains a legal or constructive obligation (see paragraph 39) to pay further amounts if the insurer does not pay the employee benefits specified in the insurance policy. Paragraphs 104A-104D deal with the recognition and measurement of reimbursement rights under insurance policies that are not plan assets.
114
A settlement occurs together with a curtailment if a plan is terminated such that the obligation is settled and the plan ceases to exist. However, the termination of a plan is not a curtailment or settlement if the plan is replaced by a new plan that offers benefits that are, in substance, identical.
115
Where a curtailment relates to only some of the employees covered by a plan, or where only part of an obligation is settled, the gain or loss includes a proportionate share of the previously unrecognised past service cost and actuarial gains and losses (and of transitional amounts remaining unrecognised under paragraph 155(b)). The proportionate share is determined on the basis of the present value of the obligations before and after the curtailment or settlement, unless another basis is more rational in the circumstances. For example, it may be appropriate to apply any gain arising on a curtailment or settlement of the same plan to first eliminate any unrecognised past service cost relating to the same plan.
Example illustrating paragraph 115
An entity discontinues an operating segment and employees of the discontinued segment will earn no further benefits. This is a curtailment without a settlement. Using current actuarial assumptions (including current market interest rates and other current market prices) immediately before the curtailment, the entity has a defined benefit obligation with a net present value of 1 000, plan assets with a fair value of 820 and net cumulative unrecognised actuarial gains of 50. The entity had first adopted the standard one year before. This increased the net liability by 100, which the entity chose to recognise over five years (see paragraph 155(b)). The curtailment reduces the net present value of the obligation by 100 to 900.
Of the previously unrecognised actuarial gains and transitional amounts, 10 % (100/1 000) relates to the part of the obligation that was eliminated through the curtailment. Therefore, the effect of the curtailment is as follows:
Before curtailment
Curtailment gain
After curtailment
Net present value of obligation
1 000
(100)
900
Fair value of plan assets
(820)
—
(820)
180
(100)
80
Unrecognised actuarial gains
50
(5)
45
Unrecognised transitional amount
(100 × 4/5)
(80)
8
(72)
Net liability recognised in balance sheet
150
(97)
53
Presentation
Offset
116
An entity shall offset an asset relating to one plan against a liability relating to another plan when, and only when, the entity:
(a)
has a legally enforceable right to use a surplus in one plan to settle obligations under the other plan; and
(b)
intends either to settle the obligations on a net basis, or to realise the surplus in one plan and settle its obligation under the other plan simultaneously.
117
The offsetting criteria are similar to those established for financial instruments in IAS 32 
Financial instruments: presentation
.
Current/non-current distinction
118
Some entities distinguish current assets and liabilities from non-current assets and liabilities. This standard does not specify whether an entity should distinguish current and non-current portions of assets and liabilities arising from post-employment benefits.
Financial components of post-employment benefit costs
119
This standard does not specify whether an entity should present current service cost, interest cost and the expected return on plan assets as components of a single item of income or expense on the face of the income statement.
Disclosure
120
An entity shall disclose information that enables users of financial statements to evaluate the nature of its defined benefit plans and the financial effects of changes in those plans during the period.
120A
An entity shall disclose the following information about defined benefit plans:
(a)
the entity's accounting policy for recognising actuarial gains and losses;
(b)
a general description of the type of plan;
(c)
a reconciliation of opening and closing balances of the present value of the defined benefit obligation showing separately, if applicable, the effects during the period attributable to each of the following:
(i)
current service cost;
(ii)
interest cost;
(iii)
contributions by plan participants;
(iv)
actuarial gains and losses;
(v)
foreign currency exchange rate changes on plans measured in a currency different from the entity's presentation currency;
(vi)
benefits paid;
(vii)
past service cost;
(viii)
business combinations;
(ix)
curtailments; and
(x)
settlements;
(d)
an analysis of the defined benefit obligation into amounts arising from plans that are wholly unfunded and amounts arising from plans that are wholly or partly funded;
(e)
a reconciliation of the opening and closing balances of the fair value of plan assets and of the opening and closing balances of any reimbursement right recognised as an asset in accordance with paragraph 104A showing separately, if applicable, the effects during the period attributable to each of the following:
(i)
expected return on plan assets;
(ii)
actuarial gains and losses;
(iii)
foreign currency exchange rate changes on plans measured in a currency different from the entity's presentation currency;
(iv)
contributions by the employer;
(v)
contributions by plan participants;
(vi)
benefits paid;
(vii)
business combinations; and
(viii)
settlements;
(f)
a reconciliation of the present value of the defined benefit obligation in (c) and the fair value of the plan assets in (e) to the assets and liabilities recognised in the balance sheet, showing at least:
(i)
the net actuarial gains or losses not recognised in the balance sheet (see paragraph 92);
(ii)
the past service cost not recognised in the balance sheet (see paragraph 96);
(iii)
any amount not recognised as an asset, because of the limit in paragraph 58(b);
(iv)
the fair value at the balance sheet date of any reimbursement right recognised as an asset in accordance with paragraph 104A (with a brief description of the link between the reimbursement right and the related obligation); and
(v)
the other amounts recognised in the balance sheet;
(g)
the total expense recognised in profit or loss for each of the following, and the line item(s) in which they are included:
(i)
current service cost;
(ii)
interest cost;
(iii)
expected return on plan assets;
(iv)
expected return on any reimbursement right recognised as an asset in accordance with paragraph 104A;
(v)
actuarial gains and losses;
(vi)
past service cost;
(vii)
the effect of any curtailment or settlement; and
(viii)
the effect of the limit in paragraph 58(b);
(h)
the total amount recognised in the statement of recognised income and expense for each of the following:
(i)
actuarial gains and losses; and
(ii)
the effect of the limit in paragraph 58(b);
(i)
for entities that recognise actuarial gains and losses in the statement of recognised income and expense in accordance with paragraph 93A, the cumulative amount of actuarial gains and losses recognised in the statement of recognised income and expense;
(j)
for each major category of plan assets, which shall include, but is not limited to, equity instruments, debt instruments, property, and all other assets, the percentage or amount that each major category constitutes of the fair value of the total plan assets;
(k)
the amounts included in the fair value of plan assets for:
(i)
each category of the entity's own financial instruments; and
(ii)
any property occupied by, or other assets used by, the entity;
(l)
a narrative description of the basis used to determine the overall expected rate of return on assets, including the effect of the major categories of plan assets;
(m)
the actual return on plan assets, as well as the actual return on any reimbursement right recognised as an asset in accordance with paragraph 104A;
(n)
the principal actuarial assumptions used as at the balance sheet date, including, when applicable:
(i)
the discount rates;
(ii)
the expected rates of return on any plan assets for the periods presented in the financial statements;
(iii)
the expected rates of return for the periods presented in the financial statements on any reimbursement right recognised as an asset in accordance with paragraph 104A;
(iv)
the expected rates of salary increases (and of changes in an index or other variable specified in the formal or constructive terms of a plan as the basis for future benefit increases);
(v)
medical cost trend rates; and
(vi)
any other material actuarial assumptions used.
An entity shall disclose each actuarial assumption in absolute terms (for example, as an absolute percentage) and not just as a margin between different percentages or other variables;
(o)
the effect of an increase of one percentage point and the effect of a decrease of one percentage point in the assumed medical cost trend rates on:
(i)
the aggregate of the current service cost and interest cost components of net periodic post-employment medical costs; and
(ii)
the accumulated post-employment benefit obligation for medical costs.
For the purposes of this disclosure, all other assumptions shall be held constant. For plans operating in a high inflation environment, the disclosure shall be the effect of a percentage increase or decrease in the assumed medical cost trend rate of a significance similar to one percentage point in a low inflation environment;
(p)
the amounts for the current annual period and previous four annual periods of:
(i)
the present value of the defined benefit obligation, the fair value of the plan assets and the surplus or deficit in the plan; and
(ii)
the experience adjustments arising on:
(A)
the plan liabilities expressed either as (1) an amount or (2) a percentage of the plan liabilities at the balance sheet date; and
(B)
the plan assets expressed either as (1) an amount or (2) a percentage of the plan assets at the balance sheet date;
(q)
the employer's best estimate, as soon as it can reasonably be determined, of contributions expected to be paid to the plan during the annual period beginning after the balance sheet date.
121
Paragraph 120A(b) requires a general description of the type of plan. Such a description distinguishes, for example, flat salary pension plans from final salary pension plans and from post-employment medical plans. The description of the plan shall include informal practices that give rise to constructive obligations included in the measurement of the defined benefit obligation in accordance with paragraph 52. Further detail is not required.
122
When an entity has more than one defined benefit plan, disclosures may be made in total, separately for each plan, or in such groupings as are considered to be the most useful. It may be useful to distinguish groupings by criteria such as the following:
(a)
the geographical location of the plans, for example, by distinguishing domestic plans from foreign plans; or
(b)
whether plans are subject to materially different risks, for example, by distinguishing flat salary pension plans from final salary pension plans and from post-employment medical plans.
When an entity provides disclosures in total for a grouping of plans, such disclosures are provided in the form of weighted averages or of relatively narrow ranges.
123
Paragraph 30 requires additional disclosures about multi-employer defined benefit plans that are treated as if they were defined contribution plans.
124
Where required by IAS 24 an entity discloses information about:
(a)
related party transactions with post-employment benefit plans; and
(b)
post-employment benefits for key management personnel.
125
Where required by IAS 37 an entity discloses information about contingent liabilities arising from post-employment benefit obligations.
OTHER LONG-TERM EMPLOYEE BENEFITS
126
Other long-term employee benefits include, for example:
(a)
long-term compensated absences such as long-service or sabbatical leave;
(b)
jubilee or other long-service benefits;
(c)
long-term disability benefits;
(d)
profit-sharing and bonuses payable 12 months or more after the end of the period in which the employees render the related service; and
(e)
deferred compensation paid 12 months or more after the end of the period in which it is earned.
127
The measurement of other long-term employee benefits is not usually subject to the same degree of uncertainty as the measurement of post-employment benefits. Furthermore, the introduction of, or changes to, other long-term employee benefits rarely causes a material amount of past service cost. For these reasons, this standard requires a simplified method of accounting for other long-term employee benefits. This method differs from the accounting required for post-employment benefits as follows:
(a)
actuarial gains and losses are recognised immediately and no ‘corridor’ is applied; and
(b)
all past service cost is recognised immediately.
Recognition and measurement
128
The amount recognised as a liability for other long-term employee benefits shall be the net total of the following amounts:
(a)
the present value of the defined benefit obligation at the balance sheet date (see paragraph 64);
(b)
minus the fair value at the balance sheet date of plan assets (if any) out of which the obligations are to be settled directly (see paragraphs 102-104).
In measuring the liability, an entity shall apply paragraphs 49-91, excluding paragraphs 54 and 61. An entity shall apply paragraph 104A in recognising and measuring any reimbursement right.
129
For other long-term employee benefits, an entity shall recognise the net total of the following amounts as expense or (subject to paragraph 58) income, except to the extent that another standard requires or permits their inclusion in the cost of an asset:
(a)
current service cost (see paragraphs 63-91);
(b)
interest cost (see paragraph 82);
(c)
the expected return on any plan assets (see paragraphs 105-107) and on any reimbursement right recognised as an asset (see paragraph 104A);
(d)
actuarial gains and losses, which shall all be recognised immediately;
(e)
past service cost, which shall all be recognised immediately; and
(f)
the effect of any curtailments or settlements (see paragraphs 109 and 110).
130
One form of other long-term employee benefit is long-term disability benefit. If the level of benefit depends on the length of service, an obligation arises when the service is rendered. Measurement of that obligation reflects the probability that payment will be required and the length of time for which payment is expected to be made. If the level of benefit is the same for any disabled employee regardless of years of service, the expected cost of those benefits is recognised when an event occurs that causes a long-term disability.
Disclosure
131
Although this standard does not require specific disclosures about other long-term employee benefits, other standards may require disclosures, for example, where the expense resulting from such benefits is material and so would require disclosure in accordance with IAS 1. When required by IAS 24, an entity discloses information about other long-term employee benefits for key management personnel.
TERMINATION BENEFITS
132
This standard deals with termination benefits separately from other employee benefits because the event which gives rise to an obligation is the termination rather than employee service.
Recognition
133
An entity shall recognise termination benefits as a liability and an expense when, and only when, the entity is demonstrably committed to either:
(a)
terminate the employment of an employee or group of employees before the normal retirement date; or
(b)
provide termination benefits as a result of an offer made in order to encourage voluntary redundancy.
134
An entity is demonstrably committed to a termination when, and only when, the entity has a detailed formal plan for the termination and is without realistic possibility of withdrawal. The detailed plan shall include, as a minimum:
(a)
the location, function, and approximate number of employees whose services are to be terminated;
(b)
the termination benefits for each job classification or function; and
(c)
the time at which the plan will be implemented. Implementation shall begin as soon as possible and the period of time to complete implementation shall be such that material changes to the plan are not likely.
135
An entity may be committed, by legislation, by contractual or other agreements with employees or their representatives or by a constructive obligation based on business practice, custom or a desire to act equitably, to make payments (or provide other benefits) to employees when it terminates their employment. Such payments are termination benefits. Termination benefits are typically lump-sum payments, but sometimes also include:
(a)
enhancement of retirement benefits or of other post-employment benefits, either indirectly through an employee benefit plan or directly; and
(b)
salary until the end of a specified notice period if the employee renders no further service that provides economic benefits to the entity.
136
Some employee benefits are payable regardless of the reason for the employee's departure. The payment of such benefits is certain (subject to any vesting or minimum service requirements) but the timing of their payment is uncertain. Although such benefits are described in some countries as termination indemnities, or termination gratuities, they are post-employment benefits, rather than termination benefits and an entity accounts for them as post-employment benefits. Some entities provide a lower level of benefit for voluntary termination at the request of the employee (in substance, a post-employment benefit) than for involuntary termination at the request of the entity. The additional benefit payable on involuntary termination is a termination benefit.
137
Termination benefits do not provide an entity with future economic benefits and are recognised as an expense immediately.
138
Where an entity recognises termination benefits, the entity may also have to account for a curtailment of retirement benefits or other employee benefits (see paragraph 109).
Measurement
139
Where termination benefits fall due more than 12 months after the balance sheet date, they shall be discounted using the discount rate specified in paragraph 78.
140
In the case of an offer made to encourage voluntary redundancy, the measurement of termination benefits shall be based on the number of employees expected to accept the offer.
Disclosure
141
Where there is uncertainty about the number of employees who will accept an offer of termination benefits, a contingent liability exists. As required by IAS 37 an entity discloses information about the contingent liability unless the possibility of an outflow in settlement is remote.
142
As required by IAS 1, an entity discloses the nature and amount of an expense if it is material. Termination benefits may result in an expense needing disclosure in order to comply with this requirement.
143
Where required by IAS 24 an entity discloses information about termination benefits for key management personnel.
144-152
[Deleted]
TRANSITIONAL PROVISIONS
153
This section specifies the transitional treatment for defined benefit plans. Where an entity first adopts this standard for other employee benefits, the entity applies IAS 8 
Accounting policies, changes in accounting estimates and errors
.
154
On first adopting this standard, an entity shall determine its transitional liability for defined benefit plans at that date as:
(a)
the present value of the obligation (see paragraph 64) at the date of adoption;
(b)
minus the fair value, at the date of adoption, of plan assets (if any) out of which the obligations are to be settled directly (see paragraphs 102-104);
(c)
minus any past service cost that, under paragraph 96, shall be recognised in later periods.
155
If the transitional liability is more than the liability that would have been recognised at the same date under the entity's previous accounting policy, the entity shall make an irrevocable choice to recognise that increase as part of its defined benefit liability under paragraph 54:
(a)
immediately, under IAS 8; or
(b)
as an expense on a straight-line basis over up to five years from the date of adoption. If an entity chooses (b), the entity shall:
(i)
apply the limit described in paragraph 58(b) in measuring any asset recognised in the balance sheet;
(ii)
disclose at each balance sheet date: (1) the amount of the increase that remains unrecognised; and (2) the amount recognised in the current period;
(iii)
limit the recognition of subsequent actuarial gains (but not negative past service cost) as follows. If an actuarial gain is to be recognised under paragraphs 92 and 93, an entity shall recognise that actuarial gain only to the extent that the net cumulative unrecognised actuarial gains (before recognition of that actuarial gain) exceed the unrecognised part of the transitional liability; and
(iv)
include the related part of the unrecognised transitional liability in determining any subsequent gain or loss on settlement or curtailment.
If the transitional liability is less than the liability that would have been recognised at the same date under the entity's previous accounting policy, the entity shall recognise that decrease immediately under IAS 8.
156
On the initial adoption of the standard, the effect of the change in accounting policy includes all actuarial gains and losses that arose in earlier periods even if they fall inside the 10 % ‘corridor’ specified in paragraph 92.
Example illustrating paragraphs 154 to 156
At 31 December 1998, an entity's balance sheet includes a pension liability of 100. The entity adopts the standard as of 1 January 1999, when the present value of the obligation under the standard is 1 300 and the fair value of plan assets is 1 000. On 1 January 1993, the entity had improved pensions (cost for non-vested benefits: 160; and average remaining period at that date until vesting: 10 years).
The transitional effect is as follows:
Present value of the obligation
1 300
Fair value of plan assets
(1 000 )
Less: past service cost to be recognised in later periods (160 × 4/10)
(64)
Transitional liability
236
Liability already recognised
100
Increase in liability
136
The entity may choose to recognise the increase of 136 either immediately or over up to 5 years. The choice is irrevocable.
At 31 December 1999, the present value of the obligation under the standard is 1 400 and the fair value of plan assets is 1 050. Net cumulative unrecognised actuarial gains since the date of adopting the standard are 120. The expected average remaining working life of the employees participating in the plan was eight years. The entity has adopted a policy of recognising all actuarial gains and losses immediately, as permitted by paragraph 93.
The effect of the limit in paragraph 155(b)(iii) is as follows.
Net cumulative unrecognised actuarial gains
120
Unrecognised part of transitional liability (136 × 4/5)
(109)
Maximum gain to be recognised (paragraph 155(b)(iii))
11
EFFECTIVE DATE
157
This standard becomes operative for financial statements covering periods beginning on or after 1 January 1999, except as specified in paragraphs 159-159C. Earlier adoption is encouraged. If an entity applies this standard to retirement benefit costs for financial statements covering periods beginning before 1 January 1999, the entity shall disclose the fact that it has applied this standard instead of IAS 19 
Retirement benefit costs
 approved in 1993.
158
This standard supersedes IAS 19 
Retirement benefit costs
 approved in 1993.
159
The following become operative for annual financial statements 
(
3
)
 covering periods beginning on or after 1 January 2001:
(a)
the revised definition of plan assets in paragraph 7 and the related definitions of assets held by a long-term employee benefit fund and qualifying insurance policy; and
(b)
the recognition and measurement requirements for reimbursements in paragraphs 104A, 128 and 129 and related disclosures in paragraphs 120A(f)(iv), 120A(g)(iv), 120A(m) and 120A(n)(iii).
Earlier adoption is encouraged. If earlier adoption affects the financial statements, an entity shall disclose that fact.
159A
The amendment in paragraph 58A becomes operative for annual financial statements covering periods ending on or after 31 May 2002. Earlier adoption is encouraged. If earlier adoption affects the financial statements, an entity shall disclose that fact.
159B
An entity shall apply the amendments in paragraphs 32A, 34-34B, 61 and 120-121 for annual periods beginning on or after 1 January 2006. Earlier application is encouraged. If an entity applies these amendments for a period beginning before 1 January 2006, it shall disclose that fact.
159C
The option in paragraphs 93A-93D may be used for annual periods ending on or after 16 December 2004. An entity using the option for annual periods beginning before 1 January 2006 shall also apply the amendments in paragraphs 32A, 34-34B, 61 and 120-121.
160
IAS 8 applies when an entity changes its accounting policies to reflect the changes specified in paragraphs 159-159C. In applying those changes retrospectively, as required by IAS 8, the entity treats those changes as if they had been applied at the same time as the rest of this standard, except that an entity may disclose the amounts required by paragraph 120A(p) as the amounts are determined for each annual period prospectively from the first annual period presented in the financial statements in which the entity first applies the amendments in paragraph 120A.
(
1
)
  A qualifying insurance policy is not necessarily an insurance contract, as defined in IFRS 4 
Insurance contracts
.
(
2
)
  A surplus is an excess of the fair value of the plan assets over the present value of the defined benefit obligation.
(
3
)
  Paragraphs 159 and 159A refer to ‘annual financial statements’ in line with more explicit language for writing effective dates adopted in 1998. Paragraph 157 refers to ‘financial statements’.
INTERNATIONAL ACCOUNTING STANDARD 20
Accounting for government grants and disclosure of government assistance
SCOPE
1
This standard shall be applied in accounting for, and in the disclosure of, government grants and in the disclosure of other forms of government assistance.
2
This standard does not deal with:
(a)
the special problems arising in accounting for government grants in financial statements reflecting the effects of changing prices or in supplementary information of a similar nature;
(b)
government assistance that is provided for an entity in the form of benefits that are available in determining taxable income or are determined or limited on the basis of income tax liability (such as income tax holidays, investment tax credits, accelerated depreciation allowances and reduced income tax rates);
(c)
government participation in the ownership of the entity;
(d)
government grants covered by IAS 41 
Agriculture
.
DEFINITIONS
3
The following terms are used in this standard with the meanings specified:
Government
 refers to government, government agencies and similar bodies whether local, national or international.
Government assistance
 is action by government designed to provide an economic benefit specific to an entity or range of entities qualifying under certain criteria. Government assistance for the purpose of this standard does not include benefits provided only indirectly through action affecting general trading conditions, such as the provision of infrastructure in development areas or the imposition of trading constraints on competitors.
Government grants
 are assistance by government in the form of transfers of resources to an entity in return for past or future compliance with certain conditions relating to the operating activities of the entity. They exclude those forms of government assistance which cannot reasonably have a value placed upon them and transactions with government which cannot be distinguished from the normal trading transactions of the entity 
(
1
)
.
Grants related to assets
 are government grants whose primary condition is that an entity qualifying for them should purchase, construct or otherwise acquire long-term assets. Subsidiary conditions may also be attached restricting the type or location of the assets or the periods during which they are to be acquired or held.
Grants related to income
 are government grants other than those related to assets.
Forgivable loans
 are loans which the lender undertakes to waive repayment of under certain prescribed conditions.
Fair value
 is the amount for which an asset could be exchanged between a knowledgeable, willing buyer and a knowledgeable, willing seller in an arm's length transaction.
4
Government assistance takes many forms varying both in the nature of the assistance given and in the conditions which are usually attached to it. The purpose of the assistance may be to encourage an entity to embark on a course of action which it would not normally have taken if the assistance was not provided.
5
The receipt of government assistance by an entity may be significant for the preparation of the financial statements for two reasons. Firstly, if resources have been transferred, an appropriate method of accounting for the transfer must be found. Secondly, it is desirable to give an indication of the extent to which the entity has benefited from such assistance during the reporting period. This facilitates comparison of an entity's financial statements with those of prior periods and with those of other entities.
6
Government grants are sometimes called by other names such as subsidies, subventions, or premiums.
GOVERNMENT GRANTS
7
Government grants, including non-monetary grants at fair value, shall not be recognised until there is reasonable assurance that:
(a)
the entity will comply with the conditions attaching to them; and
(b)
the grants will be received.
8
A government grant is not recognised until there is reasonable assurance that the entity will comply with the conditions attaching to it, and that the grant will be received. Receipt of a grant does not of itself provide conclusive evidence that the conditions attaching to the grant have been or will be fulfilled.
9
The manner in which a grant is received does not affect the accounting method to be adopted in regard to the grant. Thus a grant is accounted for in the same manner whether it is received in cash or as a reduction of a liability to the government.
10
A forgivable loan from government is treated as a government grant when there is reasonable assurance that the entity will meet the terms for forgiveness of the loan.
11
Once a government grant is recognised, any related contingent liability or contingent asset is treated in accordance with IAS 37 
Provisions, contingent liabilities and contingent assets
.
12
Government grants shall be recognised as income over the periods necessary to match them with the related costs which they are intended to compensate, on a systematic basis. They shall not be credited directly to shareholders' interests.
13
Two broad approaches may be found to the accounting treatment of government grants: the capital approach, under which a grant is credited directly to shareholders' interests, and the income approach, under which a grant is taken to income over one or more periods.
14
Those in support of the capital approach argue as follows:
(a)
government grants are a financing device and should be dealt with as such in the balance sheet rather than be passed through the income statement to offset the items of expense which they finance. Since no repayment is expected, they should be credited directly to shareholders' interests; and
(b)
it is inappropriate to recognise government grants in the income statement, since they are not earned but represent an incentive provided by government without related costs.
15
Arguments in support of the income approach are as follows:
(a)
since government grants are receipts from a source other than shareholders, they should not be credited directly to shareholders' interests but should be recognised as income in appropriate periods;
(b)
government grants are rarely gratuitous. The entity earns them through compliance with their conditions and meeting the envisaged obligations. They should therefore be recognised as income and matched with the associated costs which the grant is intended to compensate; and
(c)
as income and other taxes are charges against income, it is logical to deal also with government grants, which are an extension of fiscal policies, in the income statement.
16
It is fundamental to the income approach that government grants be recognised as income on a systematic and rational basis over the periods necessary to match them with the related costs. Income recognition of government grants on a receipts basis is not in accordance with the accrual accounting assumption (see IAS 1 
Presentation of financial statements
) and would only be acceptable if no basis existed for allocating a grant to periods other than the one in which it was received.
17
In most cases the periods over which an entity recognises the costs or expenses related to a government grant are readily ascertainable and thus grants in recognition of specific expenses are recognised as income in the same period as the relevant expense. Similarly, grants related to depreciable assets are usually recognised as income over the periods and in the proportions in which depreciation on those assets is charged.
18
Grants related to non-depreciable assets may also require the fulfilment of certain obligations and would then be recognised as income over the periods which bear the cost of meeting the obligations. As an example, a grant of land may be conditional upon the erection of a building on the site and it may be appropriate to recognise it as income over the life of the building.
19
Grants are sometimes received as part of a package of financial or fiscal aids to which a number of conditions are attached. In such cases, care is needed in identifying the conditions giving rise to costs and expenses which determine the periods over which the grant will be earned. It may be appropriate to allocate part of a grant on one basis and part on another.
20
A government grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised as income of the period in which it becomes receivable.
21
In some circumstances, a government grant may be awarded for the purpose of giving immediate financial support to an entity rather than as an incentive to undertake specific expenditures. Such grants may be confined to an individual entity and may not be available to a whole class of beneficiaries. These circumstances may warrant recognising a grant as income in the period in which the entity qualifies to receive it, with disclosure to ensure that its effect is clearly understood.
22
A government grant may become receivable by an entity as compensation for expenses or losses incurred in a previous period. Such a grant is recognised as income of the period in which it becomes receivable, with disclosure to ensure that its effect is clearly understood.
Non-monetary government grants
23
A government grant may take the form of a transfer of a non-monetary asset, such as land or other resources, for the use of the entity. In these circumstances it is usual to assess the fair value of the non-monetary asset and to account for both grant and asset at that fair value. An alternative course that is sometimes followed is to record both asset and grant at a nominal amount.
Presentation of grants related to assets
24
Government grants related to assets, including non-monetary grants at fair value, shall be presented in the balance sheet either by setting up the grant as deferred income or by deducting the grant in arriving at the carrying amount of the asset.
25
Two methods of presentation in financial statements of grants (or the appropriate portions of grants) related to assets are regarded as acceptable alternatives.
26
One method sets up the grant as deferred income which is recognised as income on a systematic and rational basis over the useful life of the asset.
27
The other method deducts the grant in arriving at the carrying amount of the asset. The grant is recognised as income over the life of a depreciable asset by way of a reduced depreciation charge.
28
The purchase of assets and the receipt of related grants can cause major movements in the cash flow of an entity. For this reason and in order to show the gross investment in assets, such movements are often disclosed as separate items in the cash-flow statement regardless of whether or not the grant is deducted from the related asset for the purpose of balance sheet presentation.
Presentation of grants related to income
29
Grants related to income are sometimes presented as a credit in the income statement, either separately or under a general heading such as ‘Other income’; alternatively, they are deducted in reporting the related expense.
30
Supporters of the first method claim that it is inappropriate to net income and expense items and that separation of the grant from the expense facilitates comparison with other expenses not affected by a grant. For the second method it is argued that the expenses might well not have been incurred by the entity if the grant had not been available and presentation of the expense without offsetting the grant may therefore be misleading.
31
Both methods are regarded as acceptable for the presentation of grants related to income. Disclosure of the grant may be necessary for a proper understanding of the financial statements. Disclosure of the effect of the grants on any item of income or expense which is required to be separately disclosed is usually appropriate.
Repayment of government grants
32
A government grant that becomes repayable shall be accounted for as a revision to an accounting estimate (see IAS 8 
Accounting policies, changes in accounting estimates and errors
). Repayment of a grant related to income shall be applied first against any unamortised deferred credit set up in respect of the grant. To the extent that the repayment exceeds any such deferred credit, or where no deferred credit exists, the repayment shall be recognised immediately as an expense. Repayment of a grant related to an asset shall be recorded by increasing the carrying amount of the asset or reducing the deferred income balance by the amount repayable. The cumulative additional depreciation that would have been recognised to date as an expense in the absence of the grant shall be recognised immediately as an expense.
33
Circumstances giving rise to repayment of a grant related to an asset may require consideration to be given to the possible impairment of the new carrying amount of the asset.
GOVERNMENT ASSISTANCE
34
Excluded from the definition of government grants in paragraph 3 are certain forms of government assistance which cannot reasonably have a value placed upon them and transactions with government which cannot be distinguished from the normal trading transactions of the entity.
35
Examples of assistance that cannot reasonably have a value placed upon them are free technical or marketing advice and the provision of guarantees. An example of assistance that cannot be distinguished from the normal trading transactions of the entity is a government procurement policy that is responsible for a portion of the entity's sales. The existence of the benefit might be unquestioned but any attempt to segregate the trading activities from government assistance could well be arbitrary.
36
The significance of the benefit in the above examples may be such that disclosure of the nature, extent and duration of the assistance is necessary in order that the financial statements may not be misleading.
37
Loans at nil or low interest rates are a form of government assistance, but the benefit is not quantified by the imputation of interest.
38
In this standard, government assistance does not include the provision of infrastructure by improvement to the general transport and communication network and the supply of improved facilities such as irrigation or water reticulation which is available on an ongoing indeterminate basis for the benefit of an entire local community.
DISCLOSURE
39
The following matters shall be disclosed:
(a)
the accounting policy adopted for government grants, including the methods of presentation adopted in the financial statements;
(b)
the nature and extent of government grants recognised in the financial statements and an indication of other forms of government assistance from which the entity has directly benefited; and
(c)
unfulfilled conditions and other contingencies attaching to government assistance that has been recognised.
TRANSITIONAL PROVISIONS
40
An entity adopting the standard for the first time shall:
(a)
comply with the disclosure requirements, where appropriate; and
(b)
either:
(i)
adjust its financial statements for the change in accounting policy in accordance with IAS 8; or
(ii)
apply the accounting provisions of the standard only to grants or portions of grants becoming receivable or repayable after the effective date of the standard.
EFFECTIVE DATE
41
This standard becomes operative for financial statements covering periods beginning on or after 1 January 1984.
(
1
)
  See also SIC-10 
Government assistance — no specific relation to operating activities
.
INTERNATIONAL ACCOUNTING STANDARD 21
The effects of changes in foreign exchange rates
OBJECTIVE
1
An entity may carry on foreign activities in two ways. It may have transactions in foreign currencies or it may have foreign operations. In addition, an entity may present its financial statements in a foreign currency. The objective of this standard is to prescribe how to include foreign currency transactions and foreign operations in the financial statements of an entity and how to translate financial statements into a presentation currency.
2
The principal issues are which exchange rate(s) to use and how to report the effects of changes in exchange rates in the financial statements.
SCOPE
3
This standard shall be applied 
(
1
)
:
(a)
in accounting for transactions and balances in foreign currencies, except for those derivative transactions and balances that are within the scope of IAS 39 
Financial instruments: recognition and measurement
;
(b)
in translating the results and financial position of foreign operations that are included in the financial statements of the entity by consolidation, proportionate consolidation or the equity method; and
(c)
in translating an entity's results and financial position into a presentation currency.
4
IAS 39 applies to many foreign currency derivatives and, accordingly, these are excluded from the scope of this standard. However, those foreign currency derivatives that are not within the scope of IAS 39 (e.g. some foreign currency derivatives that are embedded in other contracts) are within the scope of this standard. In addition, this standard applies when an entity translates amounts relating to derivatives from its functional currency to its presentation currency.
5
This standard does not apply to hedge accounting for foreign currency items, including the hedging of a net investment in a foreign operation. IAS 39 applies to hedge accounting.
6
This standard applies to the presentation of an entity's financial statements in a foreign currency and sets out requirements for the resulting financial statements to be described as complying with international financial reporting standards. For translations of financial information into a foreign currency that do not meet these requirements, this standard specifies information to be disclosed.
7
This standard does not apply to the presentation in a cash-flow statement of cash flows arising from transactions in a foreign currency, or to the translation of cash flows of a foreign operation (see IAS 7 
Cash-flow statements
).
DEFINITIONS
8
The following terms are used in this standard with the meanings specified:
Closing rate
 is the spot exchange rate at the balance sheet date.
Exchange difference
 is the difference resulting from translating a given number of units of one currency into another currency at different exchange rates.
Exchange rate
 is the ratio of exchange for two currencies.
Fair value
 is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction.
Foreign currency
 is a currency other than the functional currency of the entity.
Foreign operation
 is an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.
Functional currency
 is the currency of the primary economic environment in which the entity operates.
A 
group
 is a parent and all its subsidiaries.
Monetary items
 are units of currency held and assets and liabilities to be received or paid in a fixed or determinable number of units of currency.
Net investment in a foreign operation
 is the amount of the reporting entity's interest in the net assets of that operation.
Presentation currency
 is the currency in which the financial statements are presented.
Spot exchange rate
 is the exchange rate for immediate delivery.
Elaboration on the definitions
Functional currency
9
The primary economic environment in which an entity operates is normally the one in which it primarily generates and expends cash. An entity considers the following factors in determining its functional currency:
(a)
the currency:
(i)
that mainly influences sales prices for goods and services (this will often be the currency in which sales prices for its goods and services are denominated and settled); and
(ii)
of the country whose competitive forces and regulations mainly determine the sales prices of its goods and services;
(b)
the currency that mainly influences labour, material and other costs of providing goods or services (this will often be the currency in which such costs are denominated and settled).
10
The following factors may also provide evidence of an entity's functional currency:
(a)
the currency in which funds from financing activities (i.e. issuing debt and equity instruments) are generated;
(b)
the currency in which receipts from operating activities are usually retained.
11
The following additional factors are considered in determining the functional currency of a foreign operation, and whether its functional currency is the same as that of the reporting entity (the reporting entity, in this context, being the entity that has the foreign operation as its subsidiary, branch, associate or joint venture):
(a)
whether the activities of the foreign operation are carried out as an extension of the reporting entity, rather than being carried out with a significant degree of autonomy. An example of the former is when the foreign operation only sells goods imported from the reporting entity and remits the proceeds to it. An example of the latter is when the operation accumulates cash and other monetary items, incurs expenses, generates income and arranges borrowings, all substantially in its local currency;
(b)
whether transactions with the reporting entity are a high or a low proportion of the foreign operation's activities;
(c)
whether cash flows from the activities of the foreign operation directly affect the cash flows of the reporting entity and are readily available for remittance to it;
(d)
whether cash flows from the activities of the foreign operation are sufficient to service existing and normally expected debt obligations without funds being made available by the reporting entity.
12
When the above indicators are mixed and the functional currency is not obvious, management uses its judgement to determine the functional currency that most faithfully represents the economic effects of the underlying transactions, events and conditions. As part of this approach, management gives priority to the primary indicators in paragraph 9 before considering the indicators in paragraphs 10 and 11, which are designed to provide additional supporting evidence to determine an entity's functional currency.
13
An entity's functional currency reflects the underlying transactions, events and conditions that are relevant to it. Accordingly, once determined, the functional currency is not changed unless there is a change in those underlying transactions, events and conditions.
14
If the functional currency is the currency of a hyperinflationary economy, the entity's financial statements are restated in accordance with IAS 29 
Financial reporting in hyperinflationary economies.
 An entity cannot avoid restatement in accordance with IAS 29 by, for example, adopting as its functional currency a currency other than the functional currency determined in accordance with this standard (such as the functional currency of its parent).
Net investment in a foreign operation
15
An entity may have a monetary item that is receivable from or payable to a foreign operation. An item for which settlement is neither planned nor likely to occur in the foreseeable future is, in substance, a part of the entity's net investment in that foreign operation, and is accounted for in accordance with paragraphs 32 and 33. Such monetary items may include long-term receivables or loans. They do not include trade receivables or trade payables.
15A
The entity that has a monetary item receivable from or payable to a foreign operation described in paragraph 15 may be any subsidiary of the group. For example, an entity has two subsidiaries, A and B. Subsidiary B is a foreign operation. Subsidiary A grants a loan to Subsidiary B. Subsidiary A's loan receivable from Subsidiary B would be part of the entity's net investment in Subsidiary B if settlement of the loan is neither planned nor likely to occur in the foreseeable future. This would also be true if Subsidiary A were itself a foreign operation.
Monetary items
16
The essential feature of a monetary item is a right to receive (or an obligation to deliver) a fixed or determinable number of units of currency. Examples include: pensions and other employee benefits to be paid in cash; provisions that are to be settled in cash; and cash dividends that are recognised as a liability. Similarly, a contract to receive (or deliver) a variable number of the entity's own equity instruments or a variable amount of assets in which the fair value to be received (or delivered) equals a fixed or determinable number of units of currency is a monetary item. Conversely, the essential feature of a non-monetary item is the absence of a right to receive (or an obligation to deliver) a fixed or determinable number of units of currency. Examples include: amounts prepaid for goods and services (e.g. prepaid rent); goodwill; intangible assets; inventories; property, plant and equipment; and provisions that are to be settled by the delivery of a non-monetary asset.
SUMMARY OF THE APPROACH REQUIRED BY THIS STANDARD
17
In preparing financial statements, each entity — whether a stand-alone entity, an entity with foreign operations (such as a parent) or a foreign operation (such as a subsidiary or branch) — determines its functional currency in accordance with paragraphs 9-14. The entity translates foreign currency items into its functional currency and reports the effects of such translation in accordance with paragraphs 20-37 and 50.
18
Many reporting entities comprise a number of individual entities (e.g. a group is made up of a parent and one or more subsidiaries). Various types of entities, whether members of a group or otherwise, may have investments in associates or joint ventures. They may also have branches. It is necessary for the results and financial position of each individual entity included in the reporting entity to be translated into the currency in which the reporting entity presents its financial statements. This standard permits the presentation currency of a reporting entity to be any currency (or currencies). The results and financial position of any individual entity within the reporting entity whose functional currency differs from the presentation currency are translated in accordance with paragraphs 38-50.
19
This standard also permits a stand-alone entity preparing financial statements or an entity preparing separate financial statements in accordance with IAS 27 
Consolidated and separate financial statements
 to present its financial statements in any currency (or currencies). If the entity's presentation currency differs from its functional currency, its results and financial position are also translated into the presentation currency in accordance with paragraphs 38-50.
REPORTING FOREIGN CURRENCY TRANSACTIONS IN THE FUNCTIONAL CURRENCY
Initial recognition
20
A foreign currency transaction is a transaction that is denominated or requires settlement in a foreign currency, including transactions arising when an entity:
(a)
buys or sells goods or services whose price is denominated in a foreign currency;
(b)
borrows or lends funds when the amounts payable or receivable are denominated in a foreign currency; or
(c)
otherwise acquires or disposes of assets, or incurs or settles liabilities, denominated in a foreign currency.
21
A foreign currency transaction shall be recorded, on initial recognition in the functional currency, by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.
22
The date of a transaction is the date on which the transaction first qualifies for recognition in accordance with international financial reporting standards. For practical reasons, a rate that approximates the actual rate at the date of the transaction is often used, for example, an average rate for a week or a month might be used for all transactions in each foreign currency occurring during that period. However, if exchange rates fluctuate significantly, the use of the average rate for a period is inappropriate.
Reporting at subsequent balance sheet dates
23
At each balance sheet date:
(a)
foreign currency monetary items shall be translated using the closing rate;
(b)
non-monetary items that are measured in terms of historical cost in a foreign currency shall be translated using the exchange rate at the date of the transaction; and
(c)
non-monetary items that are measured at fair value in a foreign currency shall be translated using the exchange rates at the date when the fair value was determined.
24
The carrying amount of an item is determined in conjunction with other relevant standards. For example, property, plant and equipment may be measured in terms of fair value or historical cost in accordance with IAS 16 
Property, plant and equipment
. Whether the carrying amount is determined on the basis of historical cost or on the basis of fair value, if the amount is determined in a foreign currency it is then translated into the functional currency in accordance with this standard.
25
The carrying amount of some items is determined by comparing two or more amounts. For example, the carrying amount of inventories is the lower of cost and net realisable value in accordance with IAS 2 
Inventories
. Similarly, in accordance with IAS 36 
Impairment of assets
, the carrying amount of an asset for which there is an indication of impairment is the lower of its carrying amount before considering possible impairment losses and its recoverable amount. When such an asset is non-monetary and is measured in a foreign currency, the carrying amount is determined by comparing:
(a)
the cost or carrying amount, as appropriate, translated at the exchange rate at the date when that amount was determined (i.e. the rate at the date of the transaction for an item measured in terms of historical cost); and
(b)
the net realisable value or recoverable amount, as appropriate, translated at the exchange rate at the date when that value was determined (e.g. the closing rate at the balance sheet date).
The effect of this comparison may be that an impairment loss is recognised in the functional currency but would not be recognised in the foreign currency, or vice versa.
26
When several exchange rates are available, the rate used is that at which the future cash flows represented by the transaction or balance could have been settled if those cash flows had occurred at the measurement date. If exchangeability between two currencies is temporarily lacking, the rate used is the first subsequent rate at which exchanges could be made.
Recognition of exchange differences
27
As noted in paragraph 3, IAS 39 applies to hedge accounting for foreign currency items. The application of hedge accounting requires an entity to account for some exchange differences differently from the treatment of exchange differences required by this standard. For example, IAS 39 requires that exchange differences on monetary items that qualify as hedging instruments in a cash flow hedge are reported initially in equity to the extent that the hedge is effective.
28
Exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition during the period or in previous financial statements shall be recognised in profit or loss in the period in which they arise, except as described in paragraph 32.
29
When monetary items arise from a foreign currency transaction and there is a change in the exchange rate between the transaction date and the date of settlement, an exchange difference results. When the transaction is settled within the same accounting period as that in which it occurred, all the exchange difference is recognised in that period. However, when the transaction is settled in a subsequent accounting period, the exchange difference recognised in each period up to the date of settlement is determined by the change in exchange rates during each period.
30
When a gain or loss on a non-monetary item is recognised directly in equity, any exchange component of that gain or loss shall be recognised directly in equity. Conversely, when a gain or loss on a non-monetary item is recognised in profit or loss, any exchange component of that gain or loss shall be recognised in profit or loss.
31
Other standards require some gains and losses to be recognised directly in equity. For example, IAS 16 requires some gains and losses arising on a revaluation of property, plant and equipment to be recognised directly in equity. When such an asset is measured in a foreign currency, paragraph 23(c) of this standard requires the revalued amount to be translated using the rate at the date the value is determined, resulting in an exchange difference that is also recognised in equity.
32
Exchange differences arising on a monetary item that forms part of a reporting entity's net investment in a foreign operation (see paragraph 15) shall be recognised in profit or loss in the separate financial statements of the reporting entity or the individual financial statements of the foreign operation, as appropriate. In the financial statements that include the foreign operation and the reporting entity (e.g. consolidated financial statements when the foreign operation is a subsidiary), such exchange differences shall be recognised initially in a separate component of equity and recognised in profit or loss on disposal of the net investment in accordance with paragraph 48.
33
When a monetary item forms part of a reporting entity's net investment in a foreign operation and is denominated in the functional currency of the reporting entity, an exchange difference arises in the foreign operation's individual financial statements in accordance with paragraph 28. If such an item is denominated in the functional currency of the foreign operation, an exchange difference arises in the reporting entity's separate financial statements in accordance with paragraph 28. If such an item is denominated in a currency other than the functional currency of either the reporting entity or the foreign operation, an exchange difference arises in the reporting entity's separate financial statements and in the foreign operation's individual financial statements in accordance with paragraph 28. Such exchange differences are reclassified to the separate component of equity in the financial statements that include the foreign operation and the reporting entity (i.e. financial statements in which the foreign operation is consolidated, proportionately consolidated or accounted for using the equity method).
34
When an entity keeps its books and records in a currency other than its functional currency, at the time the entity prepares its financial statements all amounts are translated into the functional currency in accordance with paragraphs 20-26. This produces the same amounts in the functional currency as would have occurred had the items been recorded initially in the functional currency. For example, monetary items are translated into the functional currency using the closing rate, and non-monetary items that are measured on a historical cost basis are translated using the exchange rate at the date of the transaction that resulted in their recognition.
Change in functional currency
35
When there is a change in an entity's functional currency, the entity shall apply the translation procedures applicable to the new functional currency prospectively from the date of the change.
36
As noted in paragraph 13, the functional currency of an entity reflects the underlying transactions, events and conditions that are relevant to the entity. Accordingly, once the functional currency is determined, it can be changed only if there is a change to those underlying transactions, events and conditions. For example, a change in the currency that mainly influences the sales prices of goods and services may lead to a change in an entity's functional currency.
37
The effect of a change in functional currency is accounted for prospectively. In other words, an entity translates all items into the new functional currency using the exchange rate at the date of the change. The resulting translated amounts for non-monetary items are treated as their historical cost. Exchange differences arising from the translation of a foreign operation previously classified in equity in accordance with paragraphs 32 and 39(c) are not recognised in profit or loss until the disposal of the operation.
USE OF A PRESENTATION CURRENCY OTHER THAN THE FUNCTIONAL CURRENCY
Translation to the presentation currency
38
An entity may present its financial statements in any currency (or currencies). If the presentation currency differs from the entity's functional currency, it translates its results and financial position into the presentation currency. For example, when a group contains individual entities with different functional currencies, the results and financial position of each entity are expressed in a common currency so that consolidated financial statements may be presented.
39
The results and financial position of an entity whose functional currency is not the currency of a hyperinflationary economy shall be translated into a different presentation currency using the following procedures:
(a)
assets and liabilities for each balance sheet presented (i.e. including comparatives) shall be translated at the closing rate at the date of that balance sheet;
(b)
income and expenses for each income statement (i.e. including comparatives) shall be translated at exchange rates at the dates of the transactions; and
(c)
all resulting exchange differences shall be recognised as a separate component of equity.
40
For practical reasons, a rate that approximates the exchange rates at the dates of the transactions, for example an average rate for the period, is often used to translate income and expense items. However, if exchange rates fluctuate significantly, the use of the average rate for a period is inappropriate.
41
The exchange differences referred to in paragraph 39(c) result from:
(a)
translating income and expenses at the exchange rates at the dates of the transactions and assets and liabilities at the closing rate. Such exchange differences arise both on income and expense items recognised in profit or loss and on those recognised directly in equity;
(b)
translating the opening net assets at a closing rate that differs from the previous closing rate.
These exchange differences are not recognised in profit or loss because the changes in exchange rates have little or no direct effect on the present and future cash flows from operations. When the exchange differences relate to a foreign operation that is consolidated but not wholly-owned, accumulated exchange differences arising from translation and attributable to minority interests are allocated to, and recognised as part of, minority interest in the consolidated balance sheet.
42
The results and financial position of an entity whose functional currency is the currency of a hyperinflationary economy shall be translated into a different presentation currency using the following procedures:
(a)
all amounts (i.e. assets, liabilities, equity items, income and expenses, including comparatives) shall be translated at the closing rate at the date of the most recent balance sheet; except that
(b)
when amounts are translated into the currency of a non-hyperinflationary economy, comparative amounts shall be those that were presented as current year amounts in the relevant prior year financial statements (i.e. not adjusted for subsequent changes in the price level or subsequent changes in exchange rates).
43
When an entity's functional currency is the currency of a hyperinflationary economy, the entity shall restate its financial statements in accordance with IAS 29 before applying the translation method set out in paragraph 42, except for comparative amounts that are translated into a currency of a non-hyperinflationary economy (see paragraph 42(b)). When the economy ceases to be hyperinflationary and the entity no longer restates its financial statements in accordance with IAS 29, it shall use as the historical costs for translation into the presentation currency the amounts restated to the price level at the date the entity ceased restating its financial statements.
Translation of a foreign operation
44
Paragraphs 45-47, in addition to paragraphs 38-43, apply when the results and financial position of a foreign operation are translated into a presentation currency so that the foreign operation can be included in the financial statements of the reporting entity by consolidation, proportionate consolidation or the equity method.
45
The incorporation of the results and financial position of a foreign operation with those of the reporting entity follows normal consolidation procedures, such as the elimination of intragroup balances and intragroup transactions of a subsidiary (see IAS 27 and IAS 31 
Interests in joint ventures
). However, an intragroup monetary asset (or liability), whether short-term or long-term, cannot be eliminated against the corresponding intragroup liability (or asset) without showing the results of currency fluctuations in the consolidated financial statements. This is because the monetary item represents a commitment to convert one currency into another and exposes the reporting entity to a gain or loss through currency fluctuations. Accordingly, in the consolidated financial statements of the reporting entity, such an exchange difference continues to be recognised in profit or loss or, if it arises from the circumstances described in paragraph 32, it is classified as equity until the disposal of the foreign operation.
46
When the financial statements of a foreign operation are as of a date different from that of the reporting entity, the foreign operation often prepares additional statements as of the same date as the reporting entity's financial statements. When this is not done, IAS 27 allows the use of a different reporting date provided that the difference is no greater than three months and adjustments are made for the effects of any significant transactions or other events that occur between the different dates. In such a case, the assets and liabilities of the foreign operation are translated at the exchange rate at the balance sheet date of the foreign operation. Adjustments are made for significant changes in exchange rates up to the balance sheet date of the reporting entity in accordance with IAS 27. The same approach is used in applying the equity method to associates and joint ventures and in applying proportionate consolidation to joint ventures in accordance with IAS 28 
Investments in associates
 and IAS 31.
47
Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign operation shall be treated as assets and liabilities of the foreign operation. Thus they shall be expressed in the functional currency of the foreign operation and shall be translated at the closing rate in accordance with paragraphs 39 and 42.
Disposal of a foreign operation
48
On the disposal of a foreign operation, the cumulative amount of the exchange differences deferred in the separate component of equity relating to that foreign operation shall be recognised in profit or loss when the gain or loss on disposal is recognised.
49
An entity may dispose of its interest in a foreign operation through sale, liquidation, repayment of share capital or abandonment of all, or part of, that entity. The payment of a dividend is part of a disposal only when it constitutes a return of the investment, for example when the dividend is paid out of pre-acquisition profits. In the case of a partial disposal, only the proportionate share of the related accumulated exchange difference is included in the gain or loss. A write-down of the carrying amount of a foreign operation does not constitute a partial disposal. Accordingly, no part of the deferred foreign exchange gain or loss is recognised in profit or loss at the time of a write-down.
TAX EFFECTS OF ALL EXCHANGE DIFFERENCES
50
Gains and losses on foreign currency transactions and exchange differences arising on translating the results and financial position of an entity (including a foreign operation) into a different currency may have tax effects. IAS 12 
Income taxes
 applies to these tax effects.
DISCLOSURE
51
In paragraphs 53 and 55-57 references to ‘functional currency’ apply, in the case of a group, to the functional currency of the parent.
52
An entity shall disclose:
(a)
the amount of exchange differences recognised in profit or loss except for those arising on financial instruments measured at fair value through profit or loss in accordance with IAS 39; and
(b)
net exchange differences classified in a separate component of equity, and a reconciliation of the amount of such exchange differences at the beginning and end of the period.
53
When the presentation currency is different from the functional currency, that fact shall be stated, together with disclosure of the functional currency and the reason for using a different presentation currency.
54
When there is a change in the functional currency of either the reporting entity or a significant foreign operation, that fact and the reason for the change in functional currency shall be disclosed.
55
When an entity presents its financial statements in a currency that is different from its functional currency, it shall describe the financial statements as complying with international financial reporting standards only if they comply with all the requirements of each applicable standard and each applicable interpretation of those standards, including the translation method set out in paragraphs 39 and 42.
56
An entity sometimes presents its financial statements or other financial information in a currency that is not its functional currency without meeting the requirements of paragraph 55. For example, an entity may convert into another currency only selected items from its financial statements. Or, an entity whose functional currency is not the currency of a hyperinflationary economy may convert the financial statements into another currency by translating all items at the most recent closing rate. Such conversions are not in accordance with international financial reporting standards and the disclosures set out in paragraph 57 are required.
57
When an entity displays its financial statements or other financial information in a currency that is different from either its functional currency or its presentation currency and the requirements of paragraph 55 are not met, it shall:
(a)
clearly identify the information as supplementary information to distinguish it from the information that complies with international financial reporting standards;
(b)
disclose the currency in which the supplementary information is displayed; and
(c)
disclose the entity's functional currency and the method of translation used to determine the supplementary information.
EFFECTIVE DATE AND TRANSITION
58
An entity shall apply this standard for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. If an entity applies this standard for a period beginning before 1 January 2005, it shall disclose that fact.
58A
Net investment in a foreign operation
 (amendment to IAS 21), issued in December 2005, added paragraph 15A and amended paragraph 33. An entity shall apply those amendments for annual periods beginning on or after 1 January 2006. Earlier application is encouraged.
59
An entity shall apply paragraph 47 prospectively to all acquisitions occurring after the beginning of the financial reporting period in which this standard is first applied. Retrospective application of paragraph 47 to earlier acquisitions is permitted. For an acquisition of a foreign operation treated prospectively but which occurred before the date on which this standard is first applied, the entity shall not restate prior years and accordingly may, when appropriate, treat goodwill and fair value adjustments arising on that acquisition as assets and liabilities of the entity rather than as assets and liabilities of the foreign operation. Therefore, those goodwill and fair value adjustments either are already expressed in the entity's functional currency or are non-monetary foreign currency items, which are reported using the exchange rate at the date of the acquisition.
60
All other changes resulting from the application of this standard shall be accounted for in accordance with the requirements of IAS 8 
Accounting policies, changes in accounting estimates and errors
.
WITHDRAWAL OF OTHER PRONOUNCEMENTS
61
This standard supersedes IAS 21 
The effects of changes in foreign exchange rates
 (revised in 1993).
62
This standard supersedes the following interpretations:
(a)
SIC-11 
Foreign exchange — capitalisation of losses resulting from severe currency devaluations
;
(b)
SIC-19 
Reporting currency — measurement and presentation of financial statements under IAS 21 and IAS 29
; and
(c)
SIC-30 
Reporting currency — translation from measurement currency to presentation currency
.
(
1
)
  See also SIC-7 
Introduction of the euro
.
INTERNATIONAL ACCOUNTING STANDARD 23
Borrowing costs
OBJECTIVE
The objective of this standard is to prescribe the accounting treatment for borrowing costs. This standard generally requires the immediate expensing of borrowing costs. However, the standard permits, as an allowed alternative treatment, the capitalisation of borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset.
SCOPE
1
This standard shall be applied in accounting for borrowing costs.
2
This standard supersedes IAS 23 
Capitalisation of borrowing costs
 approved in 1983.
3
This standard does not deal with the actual or imputed cost of equity, including preferred capital not classified as a liability.
DEFINITIONS
4
The following terms are used in this standard with the meanings specified:
Borrowing costs
 are interest and other costs incurred by an entity in connection with the borrowing of funds.
A 
qualifying asset
 is an asset that necessarily takes a substantial period of time to get ready for its intended use or sale.
5
Borrowing costs may include:
(a)
interest on bank overdrafts and short-term and long-term borrowings;
(b)
amortisation of discounts or premiums relating to borrowings;
(c)
amortisation of ancillary costs incurred in connection with the arrangement of borrowings;
(d)
finance charges in respect of finance leases recognised in accordance with IAS 17 
Leases;
 and
(e)
exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs.
6
Examples of qualifying assets are inventories that require a substantial period of time to bring them to a saleable condition, manufacturing plants, power generation facilities and investment properties. Other investments, and those inventories that are routinely manufactured or otherwise produced in large quantities on a repetitive basis over a short period of time, are not qualifying assets. Assets that are ready for their intended use or sale when acquired also are not qualifying assets.
BORROWING COSTS — BENCHMARK TREATMENT
Recognition
7
Borrowing costs shall be recognised as an expense in the period in which they are incurred.
8
Under the benchmark treatment borrowing costs are recognised as an expense in the period in which they are incurred regardless of how the borrowings are applied.
Disclosure
9
The financial statements shall disclose the accounting policy adopted for borrowing costs.
BORROWING COSTS — ALLOWED ALTERNATIVE TREATMENT
Recognition
10
Borrowing costs shall be recognised as an expense in the period in which they are incurred, except to the extent that they are capitalised in accordance with paragraph 11.
11
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset shall be capitalised as part of the cost of that asset. The amount of borrowing costs eligible for capitalisation shall be determined in accordance with this standard.
12
Under the allowed alternative treatment, borrowing costs that are directly attributable to the acquisition, construction or production of an asset are included in the cost of that asset. Such borrowing costs are capitalised as part of the cost of the asset when it is probable that they will result in future economic benefits to the entity and the costs can be measured reliably. Other borrowing costs are recognised as an expense in the period in which they are incurred.
Borrowing costs eligible for capitalisation
13
The borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are those borrowing costs that would have been avoided if the expenditure on the qualifying asset had not been made. When an entity borrows funds specifically for the purpose of obtaining a particular qualifying asset, the borrowing costs that directly relate to that qualifying asset can be readily identified.
14
It may be difficult to identify a direct relationship between particular borrowings and a qualifying asset and to determine the borrowings that could otherwise have been avoided. Such a difficulty occurs, for example, when the financing activity of an entity is coordinated centrally. Difficulties also arise when a group uses a range of debt instruments to borrow funds at varying rates of interest, and lends those funds on various bases to other entities in the group. Other complications arise through the use of loans denominated in or linked to foreign currencies, when the group operates in highly inflationary economies, and from fluctuations in exchange rates. As a result, the determination of the amount of borrowing costs that are directly attributable to the acquisition of a qualifying asset is difficult and the exercise of judgement is required.
15
To the extent that funds are borrowed specifically for the purpose of obtaining a qualifying asset, the amount of borrowing costs eligible for capitalisation on that asset shall be determined as the actual borrowing costs incurred on that borrowing during the period less any investment income on the temporary investment of those borrowings.
16
The financing arrangements for a qualifying asset may result in an entity obtaining borrowed funds and incurring associated borrowing costs before some or all of the funds are used for expenditures on the qualifying asset. In such circumstances, the funds are often temporarily invested pending their expenditure on the qualifying asset. In determining the amount of borrowing costs eligible for capitalisation during a period, any investment income earned on such funds is deducted from the borrowing costs incurred.
17
To the extent that funds are borrowed generally and used for the purpose of obtaining a qualifying asset, the amount of borrowing costs eligible for capitalisation shall be determined by applying a capitalisation rate to the expenditures on that asset. The capitalisation rate shall be the weighted average of the borrowing costs applicable to the borrowings of the entity that are outstanding during the period, other than borrowings made specifically for the purpose of obtaining a qualifying asset. The amount of borrowing costs capitalised during a period shall not exceed the amount of borrowing costs incurred during that period.
18
In some circumstances, it is appropriate to include all borrowings of the parent and its subsidiaries when computing a weighted average of the borrowing costs; in other circumstances, it is appropriate for each subsidiary to use a weighted average of the borrowing costs applicable to its own borrowings.
Excess of the carrying amount of the qualifying asset over recoverable amount
19
When the carrying amount or the expected ultimate cost of the qualifying asset exceeds its recoverable amount or net realisable value, the carrying amount is written down or written off in accordance with the requirements of other standards. In certain circumstances, the amount of the write-down or write-off is written back in accordance with those other standards.
Commencement of capitalisation
20
The capitalisation of borrowing costs as part of the cost of a qualifying asset shall commence when:
(a)
expenditures for the asset are being incurred;
(b)
borrowing costs are being incurred; and
(c)
activities that are necessary to prepare the asset for its intended use or sale are in progress.
21
Expenditures on a qualifying asset include only those expenditures that have resulted in payments of cash, transfers of other assets or the assumption of interest-bearing liabilities. Expenditures are reduced by any progress payments received and grants received in connection with the asset (see IAS 20 
Accounting for government grants and disclosure of government assistance
). The average carrying amount of the asset during a period, including borrowing costs previously capitalised, is normally a reasonable approximation of the expenditures to which the capitalisation rate is applied in that period.
22
The activities necessary to prepare the asset for its intended use or sale encompass more than the physical construction of the asset. They include technical and administrative work prior to the commencement of physical construction, such as the activities associated with obtaining permits prior to the commencement of the physical construction. However, such activities exclude the holding of an asset when no production or development that changes the asset's condition is taking place. For example, borrowing costs incurred while land is under development are capitalised during the period in which activities related to the development are being undertaken. However, borrowing costs incurred while land acquired for building purposes is held without any associated development activity do not qualify for capitalisation.
Suspension of capitalisation
23
Capitalisation of borrowing costs shall be suspended during extended periods in which active development is interrupted.
24
Borrowing costs may be incurred during an extended period in which the activities necessary to prepare an asset for its intended use or sale are interrupted. Such costs are costs of holding partially completed assets and do not qualify for capitalisation. However, capitalisation of borrowing costs is not normally suspended during a period when substantial technical and administrative work is being carried out. Capitalisation of borrowing costs is also not suspended when a temporary delay is a necessary part of the process of getting an asset ready for its intended use or sale. For example, capitalisation continues during the extended period needed for inventories to mature or the extended period during which high water levels delay construction of a bridge, if such high water levels are common during the construction period in the geographic region involved.
Cessation of capitalisation
25
Capitalisation of borrowing costs shall cease when substantially all the activities necessary to prepare the qualifying asset for its intended use or sale are complete.
26
An asset is normally ready for its intended use or sale when the physical construction of the asset is complete even though routine administrative work might still continue. If minor modifications, such as the decoration of a property to the purchaser's or user's specification, are all that are outstanding, this indicates that substantially all the activities are complete.
27
When the construction of a qualifying asset is completed in parts and each part is capable of being used while construction continues on other parts, capitalisation of borrowing costs shall cease when substantially all the activities necessary to prepare that part for its intended use or sale are completed.
28
A business park comprising several buildings, each of which can be used individually is an example of a qualifying asset for which each part is capable of being usable while construction continues on other parts. An example of a qualifying asset that needs to be complete before any part can be used is an industrial plant involving several processes which are carried out in sequence at different parts of the plant within the same site, such as a steel mill.
DISCLOSURE
29
The financial statements shall disclose:
(a)
the accounting policy adopted for borrowing costs;
(b)
the amount of borrowing costs capitalised during the period; and
(c)
the capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation.
TRANSITIONAL PROVISIONS
30
When the adoption of this standard constitutes a change in accounting policy, an entity is encouraged to adjust its financial statements in accordance with IAS 8 
Accounting policies, changes in accounting estimates and errors
. Alternatively, entities shall capitalise only those borrowing costs incurred after the effective date of the standard that meet the criteria for capitalisation.
EFFECTIVE DATE
31
This standard becomes operative for financial statements covering periods beginning on or after 1 January 1995.
INTERNATIONAL ACCOUNTING STANDARD 24
Related party disclosures
OBJECTIVE
1
The objective of this standard is to ensure that an entity's financial statements contain the disclosures necessary to draw attention to the possibility that its financial position and profit or loss may have been affected by the existence of related parties and by transactions and outstanding balances with such parties.
SCOPE
2
This standard shall be applied in:
(a)
identifying related party relationships and transactions;
(b)
identifying outstanding balances between an entity and its related parties;
(c)
identifying the circumstances in which disclosure of the items in (a) and (b) is required; and
(d)
determining the disclosures to be made about those items.
3
This standard requires disclosure of related party transactions and outstanding balances in the separate financial statements of a parent, venturer or investor presented in accordance with IAS 27 
Consolidated and separate financial statements
.
4
Related party transactions and outstanding balances with other entities in a group are disclosed in an entity's financial statements. Intragroup related party transactions and outstanding balances are eliminated in the preparation of consolidated financial statements of the group.
PURPOSE OF RELATED PARTY DISCLOSURES
5
Related party relationships are a normal feature of commerce and business. For example, entities frequently carry on parts of their activities through subsidiaries, joint ventures and associates. In these circumstances, the entity's ability to affect the financial and operating policies of the investee is through the presence of control, joint control or significant influence.
6
A related party relationship could have an effect on the profit or loss and financial position of an entity. Related parties may enter into transactions that unrelated parties would not. For example, an entity that sells goods to its parent at cost might not sell on those terms to another customer. Also, transactions between related parties may not be made at the same amounts as between unrelated parties.
7
The profit or loss and financial position of an entity may be affected by a related party relationship even if related party transactions do not occur. The mere existence of the relationship may be sufficient to affect the transactions of the entity with other parties. For example, a subsidiary may terminate relations with a trading partner on acquisition by the parent of a fellow subsidiary engaged in the same activity as the former trading partner. Alternatively, one party may refrain from acting because of the significant influence of another — for example, a subsidiary may be instructed by its parent not to engage in research and development.
8
For these reasons, knowledge of related party transactions, outstanding balances and relationships may affect assessments of an entity's operations by users of financial statements, including assessments of the risks and opportunities facing the entity.
DEFINITIONS
9
The following terms are used in this standard with the meanings specified:
Related party
 A party is related to an entity if:
(a)
directly, or indirectly through one or more intermediaries, the party:
(i)
controls, is controlled by, or is under common control with, the entity (this includes parents, subsidiaries and fellow subsidiaries);
(ii)
has an interest in the entity that gives it significant influence over the entity; or
(iii)
has joint control over the entity;
(b)
the party is an associate (as defined in IAS 28 
Investments in associates
) of the entity;
(c)
the party is a joint venture in which the entity is a venturer (see IAS 31 
Interests in joint ventures
);
(d)
the party is a member of the key management personnel of the entity or its parent;
(e)
the party is a close member of the family of any individual referred to in (a) or (d);
(f)
the party is an entity that is controlled, jointly controlled or significantly influenced by, or for which significant voting power in such entity resides with, directly or indirectly, any individual referred to in (d) or (e); or
(g)
the party is a post-employment benefit plan for the benefit of employees of the entity, or of any entity that is a related party of the entity.
A 
related party transaction
 is a transfer of resources, services or obligations between related parties, regardless of whether a price is charged.
Close members of the family of an individual
 are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity. They may include:
(a)
the individual's domestic partner and children;
(b)
children of the individual's domestic partner; and
(c)
dependants of the individual or the individual's domestic partner.
Compensation
 includes all employee benefits (as defined in IAS 19 
Employee benefits
) including employee benefits to which IFRS 2 
Share-based payment
 applies. Employee benefits are all forms of consideration paid, payable or provided by the entity, or on behalf of the entity, in exchange for services rendered to the entity. It also includes such consideration paid on behalf of a parent of the entity in respect of the entity. Compensation includes:
(a)
short-term employee benefits, such as wages, salaries and social security contributions, paid annual leave and paid sick leave, profit-sharing and bonuses (if payable within 12 months of the end of the period) and non-monetary benefits (such as medical care, housing, cars and free or subsidised goods or services) for current employees;
(b)
post-employment benefits such as pensions, other retirement benefits, post-employment life insurance and post-employment medical care;
(c)
other long-term employee benefits, including long-service leave or sabbatical leave, jubilee or other long-service benefits, long-term disability benefits and, if they are not payable wholly within 12 months after the end of the period, profit-sharing, bonuses and deferred compensation;
(d)
termination benefits; and
(e)
share-based payment.
Control
 is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
Joint control
 is the contractually agreed sharing of control over an economic activity.
Key management personnel
 are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity.
Significant influence
 is the power to participate in the financial and operating policy decisions of an entity, but is not control over those policies. Significant influence may be gained by share ownership, statute or agreement.
10
In considering each possible related party relationship, attention is directed to the substance of the relationship and not merely the legal form.
11
In the context of this standard, the following are not necessarily related parties:
(a)
two entities simply because they have a director or other member of key management personnel in common, notwithstanding (d) and (f) in the definition of ‘related party’;
(b)
two venturers simply because they share joint control over a joint venture;
(c)
(i)
providers of finance;
(ii)
trade unions;
(iii)
public utilities; and
(iv)
government departments and agencies;
simply by virtue of their normal dealings with an entity (even though they may affect the freedom of action of an entity or participate in its decision-making process);
(d)
a customer, supplier, franchisor, distributor or general agent with whom an entity transacts a significant volume of business, merely by virtue of the resulting economic dependence.
DISCLOSURE
12
Relationships between parents and subsidiaries shall be disclosed irrespective of whether there have been transactions between those related parties. An entity shall disclose the name of the entity's parent and, if different, the ultimate controlling party. If neither the entity's parent nor the ultimate controlling party produces financial statements available for public use, the name of the next most senior parent that does so shall also be disclosed.
13
To enable users of financial statements to form a view about the effects of related party relationships on an entity, it is appropriate to disclose the related party relationship when control exists, irrespective of whether there have been transactions between the related parties.
14
The identification of related party relationships between parents and subsidiaries is in addition to the disclosure requirements in IAS 27, IAS 28 and IAS 31, which require an appropriate listing and description of significant investments in subsidiaries, associates and jointly controlled entities.
15
When neither the entity's parent nor the ultimate controlling party produces financial statements available for public use, the entity discloses the name of the next most senior parent that does so. The next most senior parent is the first parent in the group above the immediate parent that produces consolidated financial statements available for public use.
16
An entity shall disclose key management personnel compensation in total and for each of the following categories:
(a)
short-term employee benefits;
(b)
post-employment benefits;
(c)
other long-term benefits;
(d)
termination benefits; and
(e)
share-based payment.
17
If there have been transactions between related parties, an entity shall disclose the nature of the related party relationship as well as information about the transactions and outstanding balances necessary for an understanding of the potential effect of the relationship on the financial statements. These disclosure requirements are in addition to the requirements in paragraph 16 to disclose key management personnel compensation. At a minimum, disclosures shall include:
(a)
the amount of the transactions;
(b)
the amount of outstanding balances and:
(i)
their terms and conditions, including whether they are secured, and the nature of the consideration to be provided in settlement; and
(ii)
details of any guarantees given or received;
(c)
provisions for doubtful debts related to the amount of outstanding balances; and
(d)
the expense recognised during the period in respect of bad or doubtful debts due from related parties.
18
The disclosures required by paragraph 17 shall be made separately for each of the following categories:
(a)
the parent;
(b)
entities with joint control or significant influence over the entity;
(c)
subsidiaries;
(d)
associates;
(e)
joint ventures in which the entity is a venturer;
(f)
key management personnel of the entity or its parent; and
(g)
other related parties.
19
The classification of amounts payable to, and receivable from, related parties in the different categories as required in paragraph 18 is an extension of the disclosure requirement in IAS 1 
Presentation of financial statements
 for information to be presented either on the balance sheet or in the notes. The categories are extended to provide a more comprehensive analysis of related party balances and apply to related party transactions.
20
The following are examples of transactions that are disclosed if they are with a related party:
(a)
purchases or sales of goods (finished or unfinished);
(b)
purchases or sales of property and other assets;
(c)
rendering or receiving of services;
(d)
leases;
(e)
transfers of research and development;
(f)
transfers under licence agreements;
(g)
transfers under finance arrangements (including loans and equity contributions in cash or in kind);
(h)
provision of guarantees or collateral; and
(i)
settlement of liabilities on behalf of the entity or by the entity on behalf of another party.
Participation by a parent or subsidiary in a defined benefit plan that shares risks between group entities is a transaction between related parties (see paragraph 34B of IAS 19).
21
Disclosures that related party transactions were made on terms equivalent to those that prevail in arm's length transactions are made only if such terms can be substantiated.
22
Items of a similar nature may be disclosed in aggregate except when separate disclosure is necessary for an understanding of the effects of related party transactions on the financial statements of the entity.
EFFECTIVE DATE
23
An entity shall apply this standard for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. If an entity applies this standard for a period beginning before 1 January 2005, it shall disclose that fact.
23A
An entity shall apply the amendments in paragraph 20 for annual periods beginning on or after 1 January 2006. If an entity applies the amendments to IAS 19 Employee benefits 
— actuarial gains and losses, group plans and disclosures
 for an earlier period, these amendments shall be applied for that earlier period.
WITHDRAWAL OF IAS 24 (REFORMATTED 1994)
24
This standard supersedes IAS 24 
Related party disclosures
 (reformatted in 1994).
INTERNATIONAL ACCOUNTING STANDARD 26
Accounting and reporting by retirement benefit plans
SCOPE
1
This standard shall be applied in the financial statements of retirement benefit plans where such financial statements are prepared.
2
Retirement benefit plans are sometimes referred to by various other names, such as ‘pension schemes’, ‘superannuation schemes’ or ‘retirement benefit schemes’. This standard regards a retirement benefit plan as a reporting entity separate from the employers of the participants in the plan. All other standards apply to the financial statements of retirement benefit plans to the extent that they are not superseded by this standard.
3
This standard deals with accounting and reporting by the plan to all participants as a group. It does not deal with reports to individual participants about their retirement benefit rights.
4
IAS 19 
Employee benefits
 is concerned with the determination of the cost of retirement benefits in the financial statements of employers having plans. Hence this standard complements IAS 19.
5
Retirement benefit plans may be defined contribution plans or defined benefit plans. Many require the creation of separate funds, which may or may not have separate legal identity and may or may not have trustees, to which contributions are made and from which retirement benefits are paid. This standard applies regardless of whether such a fund is created and regardless of whether there are trustees.
6
Retirement benefit plans with assets invested with insurance companies are subject to the same accounting and funding requirements as privately invested arrangements. Accordingly, they are within the scope of this standard unless the contract with the insurance company is in the name of a specified participant or a group of participants and the retirement benefit obligation is solely the responsibility of the insurance company.
7
This standard does not deal with other forms of employment benefits such as employment termination indemnities, deferred compensation arrangements, long-service leave benefits, special early retirement or redundancy plans, health and welfare plans or bonus plans. Government social security type arrangements are also excluded from the scope of this standard.
DEFINITIONS
8
The following terms are used in this standard with the meanings specified:
Retirement benefit plans
 are arrangements whereby an entity provides benefits for employees on or after termination of service (either in the form of an annual income or as a lump sum) when such benefits, or the contributions towards them, can be determined or estimated in advance of retirement from the provisions of a document or from the entity's practices.
Defined contribution plans
 are retirement benefit plans under which amounts to be paid as retirement benefits are determined by contributions to a fund together with investment earnings thereon.
Defined benefit plans
 are retirement benefit plans under which amounts to be paid as retirement benefits are determined by reference to a formula usually based on employees' earnings and/or years of service.
Funding
 is the transfer of assets to an entity (the 
fund
) separate from the employer's entity to meet future obligations for the payment of retirement benefits.
For the purposes of this standard the following terms are also used:
Participants
 are the members of a retirement benefit plan and others who are entitled to benefits under the plan.
Net assets available for benefits
 are the assets of a plan less liabilities other than the actuarial present value of promised retirement benefits.
Actuarial present value of promised retirement benefits
 is the present value of the expected payments by a retirement benefit plan to existing and past employees, attributable to the service already rendered.
Vested benefits
 are benefits, the rights to which, under the conditions of a retirement benefit plan, are not conditional on continued employment.
9
Some retirement benefit plans have sponsors other than employers; this standard also applies to the financial statements of such plans.
10
Most retirement benefit plans are based on formal agreements. Some plans are informal but have acquired a degree of obligation as a result of employers' established practices. While some plans permit employers to limit their obligations under the plans, it is usually difficult for an employer to cancel a plan if employees are to be retained. The same basis of accounting and reporting applies to an informal plan as to a formal plan.
11
Many retirement benefit plans provide for the establishment of separate funds into which contributions are made and out of which benefits are paid. Such funds may be administered by parties who act independently in managing fund assets. Those parties are called trustees in some countries. The term trustee is used in this standard to describe such parties regardless of whether a trust has been formed.
12
Retirement benefit plans are normally described as either defined contribution plans or defined benefit plans, each having their own distinctive characteristics. Occasionally plans exist that contain characteristics of both. Such hybrid plans are considered to be defined benefit plans for the purposes of this standard.
DEFINED CONTRIBUTION PLANS
13
The financial statements of a defined contribution plan shall contain a statement of net assets available for benefits and a description of the funding policy.
14
Under a defined contribution plan, the amount of a participant's future benefits is determined by the contributions paid by the employer, the participant, or both, and the operating efficiency and investment earnings of the fund. An employer's obligation is usually discharged by contributions to the fund. An actuary's advice is not normally required although such advice is sometimes used to estimate future benefits that may be achievable based on present contributions and varying levels of future contributions and investment earnings.
15
The participants are interested in the activities of the plan because they directly affect the level of their future benefits. Participants are interested in knowing whether contributions have been received and proper control has been exercised to protect the rights of beneficiaries. An employer is interested in the efficient and fair operation of the plan.
16
The objective of reporting by a defined contribution plan is periodically to provide information about the plan and the performance of its investments. That objective is usually achieved by providing financial statements, including the following:
(a)
a description of significant activities for the period and the effect of any changes relating to the plan, and its membership and terms and conditions;
(b)
statements reporting on the transactions and investment performance for the period and the financial position of the plan at the end of the period; and
(c)
a description of the investment policies.
DEFINED BENEFIT PLANS
17
The financial statements of a defined benefit plan shall contain either:
(a)
a statement that shows:
(i)
the net assets available for benefits;
(ii)
the actuarial present value of promised retirement benefits, distinguishing between vested benefits and non-vested benefits; and
(iii)
the resulting excess or deficit; or
(b)
a statement of net assets available for benefits, including either:
(i)
a note disclosing the actuarial present value of promised retirement benefits, distinguishing between vested benefits and non-vested benefits; or
(ii)
a reference to this information in an accompanying actuarial report.
If an actuarial valuation has not been prepared at the date of the financial statements, the most recent valuation shall be used as a base and the date of the valuation disclosed.
18
For the purposes of paragraph 17, the actuarial present value of promised retirement benefits shall be based on the benefits promised under the terms of the plan on service rendered to date using either current salary levels or projected salary levels with disclosure of the basis used. The effect of any changes in actuarial assumptions that have had a significant effect on the actuarial present value of promised retirement benefits shall also be disclosed.
19
The financial statements shall explain the relationship between the actuarial present value of promised retirement benefits and the net assets available for benefits, and the policy for the funding of promised benefits.
20
Under a defined benefit plan, the payment of promised retirement benefits depends on the financial position of the plan and the ability of contributors to make future contributions to the plan as well as the investment performance and operating efficiency of the plan.
21
A defined benefit plan needs the periodic advice of an actuary to assess the financial condition of the plan, review the assumptions and recommend future contribution levels.
22
The objective of reporting by a defined benefit plan is periodically to provide information about the financial resources and activities of the plan that is useful in assessing the relationships between the accumulation of resources and plan benefits over time. This objective is usually achieved by providing financial statements, including the following:
(a)
a description of significant activities for the period and the effect of any changes relating to the plan, and its membership and terms and conditions;
(b)
statements reporting on the transactions and investment performance for the period and the financial position of the plan at the end of the period;
(c)
actuarial information either as part of the statements or by way of a separate report; and
(d)
a description of the investment policies.
Actuarial present value of promised retirement benefits
23
The present value of the expected payments by a retirement benefit plan may be calculated and reported using current salary levels or projected salary levels up to the time of retirement of participants.
24
The reasons given for adopting a current salary approach include:
(a)
the actuarial present value of promised retirement benefits, being the sum of the amounts presently attributable to each participant in the plan, can be calculated more objectively than with projected salary levels because it involves fewer assumptions;
(b)
increases in benefits attributable to a salary increase become an obligation of the plan at the time of the salary increase; and
(c)
the amount of the actuarial present value of promised retirement benefits using current salary levels is generally more closely related to the amount payable in the event of termination or discontinuance of the plan.
25
Reasons given for adopting a projected salary approach include:
(a)
financial information should be prepared on a going concern basis, irrespective of the assumptions and estimates that must be made;
(b)
under final pay plans, benefits are determined by reference to salaries at or near retirement date; hence salaries, contribution levels and rates of return must be projected; and
(c)
failure to incorporate salary projections, when most funding is based on salary projections, may result in the reporting of an apparent overfunding when the plan is not overfunded, or in reporting adequate funding when the plan is underfunded.
26
The actuarial present value of promised retirement benefits based on current salaries is disclosed in the financial statements of a plan to indicate the obligation for benefits earned to the date of the financial statements. The actuarial present value of promised retirement benefits based on projected salaries is disclosed to indicate the magnitude of the potential obligation on a going concern basis which is generally the basis for funding. In addition to disclosure of the actuarial present value of promised retirement benefits, sufficient explanation may need to be given so as to indicate clearly the context in which the actuarial present value of promised retirement benefits should be read. Such explanation may be in the form of information about the adequacy of the planned future funding and of the funding policy based on salary projections. This may be included in the financial statements or in the actuary's report.
Frequency of actuarial valuations
27
In many countries, actuarial valuations are not obtained more frequently than every three years. If an actuarial valuation has not been prepared at the date of the financial statements, the most recent valuation is used as a base and the date of the valuation disclosed.
Financial statement content
28
For defined benefit plans, information is presented in one of the following formats which reflect different practices in the disclosure and presentation of actuarial information:
(a)
a statement is included in the financial statements that shows the net assets available for benefits, the actuarial present value of promised retirement benefits, and the resulting excess or deficit. The financial statements of the plan also contain statements of changes in net assets available for benefits and changes in the actuarial present value of promised retirement benefits. The financial statements may be accompanied by a separate actuary's report supporting the actuarial present value of promised retirement benefits;
(b)
financial statements that include a statement of net assets available for benefits and a statement of changes in net assets available for benefits. The actuarial present value of promised retirement benefits is disclosed in a note to the statements. The financial statements may also be accompanied by a report from an actuary supporting the actuarial present value of promised retirement benefits; and
(c)
financial statements that include a statement of net assets available for benefits and a statement of changes in net assets available for benefits with the actuarial present value of promised retirement benefits contained in a separate actuarial report.
In each format a trustees' report in the nature of a management or directors' report and an investment report may also accompany the financial statements.
29
Those in favour of the formats described in paragraph 28(a) and (b) believe that the quantification of promised retirement benefits and other information provided under those approaches help users to assess the current status of the plan and the likelihood of the plan's obligations being met. They also believe that financial statements should be complete in themselves and not rely on accompanying statements. However, some believe that the format described in paragraph 28(a) could give the impression that a liability exists, whereas the actuarial present value of promised retirement benefits does not in their opinion have all the characteristics of a liability.
30
Those who favour the format described in paragraph 28(c) believe that the actuarial present value of promised retirement benefits should not be included in a statement of net assets available for benefits as in the format described in paragraph 28(a) or even be disclosed in a note as in paragraph 28(b), because it will be compared directly with plan assets and such a comparison may not be valid. They contend that actuaries do not necessarily compare actuarial present value of promised retirement benefits with market values of investments but may instead assess the present value of cash flows expected from the investments. Therefore, those in favour of this format believe that such a comparison is unlikely to reflect the actuary's overall assessment of the plan and that it may be misunderstood. Also, some believe that, regardless of whether quantified, the information about promised retirement benefits should be contained solely in the separate actuarial report where a proper explanation can be provided.
31
This standard accepts the views in favour of permitting disclosure of the information concerning promised retirement benefits in a separate actuarial report. It rejects arguments against the quantification of the actuarial present value of promised retirement benefits. Accordingly, the formats described in paragraph 28(a) and (b) are considered acceptable under this standard, as is the format described in paragraph 28(c) so long as the financial statements contain a reference to, and are accompanied by, an actuarial report that includes the actuarial present value of promised retirement benefits.
ALL PLANS
Valuation of plan assets
32
Retirement benefit plan investments shall be carried at fair value. In the case of marketable securities fair value is market value. Where plan investments are held for which an estimate of fair value is not possible disclosure shall be made of the reason why fair value is not used.
33
In the case of marketable securities fair value is usually market value because this is considered the most useful measure of the securities at the report date and of the investment performance for the period. Those securities that have a fixed redemption value and that have been acquired to match the obligations of the plan, or specific parts thereof, may be carried at amounts based on their ultimate redemption value assuming a constant rate of return to maturity. Where plan investments are held for which an estimate of fair value is not possible, such as total ownership of an entity, disclosure is made of the reason why fair value is not used. To the extent that investments are carried at amounts other than market value or fair value, fair value is generally also disclosed. Assets used in the operations of the fund are accounted for in accordance with the applicable standards.
Disclosure
34
The financial statements of a retirement benefit plan, whether defined benefit or defined contribution, shall also contain the following information:
(a)
a statement of changes in net assets available for benefits;
(b)
a summary of significant accounting policies; and
(c)
a description of the plan and the effect of any changes in the plan during the period.
35
Financial statements provided by retirement benefit plans include the following, if applicable:
(a)
a statement of net assets available for benefits disclosing:
(i)
assets at the end of the period suitably classified;
(ii)
the basis of valuation of assets;
(iii)
details of any single investment exceeding either 5 % of the net assets available for benefits or 5 % of any class or type of security;
(iv)
details of any investment in the employer; and
(v)
liabilities other than the actuarial present value of promised retirement benefits;
(b)
a statement of changes in net assets available for benefits showing the following:
(i)
employer contributions;
(ii)
employee contributions;
(iii)
investment income such as interest and dividends;
(iv)
other income;
(v)
benefits paid or payable (analysed, for example, as retirement, death and disability benefits, and lump-sum payments);
(vi)
administrative expenses;
(vii)
other expenses;
(viii)
taxes on income;
(ix)
profits and losses on disposal of investments and changes in value of investments; and
(x)
transfers from and to other plans;
(c)
a description of the funding policy;
(d)
for defined benefit plans, the actuarial present value of promised retirement benefits (which may distinguish between vested benefits and non-vested benefits) based on the benefits promised under the terms of the plan, on service rendered to date and using either current salary levels or projected salary levels; this information may be included in an accompanying actuarial report to be read in conjunction with the related financial statements; and
(e)
for defined benefit plans, a description of the significant actuarial assumptions made and the method used to calculate the actuarial present value of promised retirement benefits.
36
The report of a retirement benefit plan contains a description of the plan, either as part of the financial statements or in a separate report. It may contain the following:
(a)
the names of the employers and the employee groups covered;
(b)
the number of participants receiving benefits and the number of other participants, classified as appropriate;
(c)
the type of plan — defined contribution or defined benefit;
(d)
a note as to whether participants contribute to the plan;
(e)
a description of the retirement benefits promised to participants;
(f)
a description of any plan termination terms; and
(g)
changes in items (a) to (f) during the period covered by the report.
It is not uncommon to refer to other documents that are readily available to users and in which the plan is described, and to include only information on subsequent changes.
EFFECTIVE DATE
37
This standard becomes operative for financial statements of retirement benefit plans covering periods beginning on or after 1 January 1988.
INTERNATIONAL ACCOUNTING STANDARD 27
Consolidated and separate financial statements
SCOPE
1
This standard shall be applied in the preparation and presentation of consolidated financial statements for a group of entities under the control of a parent.
2
This standard does not deal with methods of accounting for business combinations and their effects on consolidation, including goodwill arising on a business combination (see IFRS 3 
Business combinations
).
3
This standard shall also be applied in accounting for investments in subsidiaries, jointly controlled entities and associates when an entity elects, or is required by local regulations, to present separate financial statements.
DEFINITIONS
4
The following terms are used in this standard with the meanings specified:
Consolidated financial statements
 are the financial statements of a group presented as those of a single economic entity.
Control
 is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The 
cost method
 is a method of accounting for an investment whereby the investment is recognised at cost. The investor recognises income from the investment only to the extent that the investor receives distributions from accumulated profits of the investee arising after the date of acquisition. Distributions received in excess of such profits are regarded as a recovery of investment and are recognised as a reduction of the cost of the investment.
A 
group
 is a parent and all its subsidiaries.
Minority interest
 is that portion of the profit or loss and net assets of a subsidiary attributable to equity interests that are not owned, directly or indirectly through subsidiaries, by the parent.
A 
parent
 is an entity that has one or more subsidiaries.
Separate financial statements
 are those presented by a parent, an investor in an associate or a venturer in a jointly controlled entity, in which the investments are accounted for on the basis of the direct equity interest rather than on the basis of the reported results and net assets of the investees.
A 
subsidiary
 is an entity, including an unincorporated entity such as a partnership, that is controlled by another entity (known as the parent).
5
A parent or its subsidiary may be an investor in an associate or a venturer in a jointly controlled entity. In such cases, consolidated financial statements prepared and presented in accordance with this standard are also prepared so as to comply with IAS 28 
Investments in associates
 and IAS 31 
Interests in joint ventures
.
6
For an entity described in paragraph 5, separate financial statements are those prepared and presented in addition to the financial statements referred to in paragraph 5. Separate financial statements need not be appended to, or accompany, those statements.
7
The financial statements of an entity that does not have a subsidiary, associate or venturer's interest in a jointly controlled entity are not separate financial statements.
8
A parent that is exempted in accordance with paragraph 10 from presenting consolidated financial statements may present separate financial statements as its only financial statements.
PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS
9
A parent, other than a parent described in paragraph 10, shall present consolidated financial statements in which it consolidates its investments in subsidiaries in accordance with this standard.
10
A parent need not present consolidated financial statements if and only if:
(a)
the parent is itself a wholly-owned subsidiary, or is a partially-owned subsidiary of another entity and its other owners, including those not otherwise entitled to vote, have been informed about, and do not object to, the parent not presenting consolidated financial statements;
(b)
the parent's debt or equity instruments are not traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local and regional markets);
(c)
the parent did not file, nor is it in the process of filing, its financial statements with a securities commission or other regulatory organisation for the purpose of issuing any class of instruments in a public market; and
(d)
the ultimate or any intermediate parent of the parent produces consolidated financial statements available for public use that comply with international financial reporting standards.
11
A parent that elects in accordance with paragraph 10 not to present consolidated financial statements, and presents only separate financial statements, complies with paragraphs 37-42.
SCOPE OF CONSOLIDATED FINANCIAL STATEMENTS
12
Consolidated financial statements shall include all subsidiaries of the parent 
(
1
)
.
13
Control is presumed to exist when the parent owns, directly or indirectly through subsidiaries, more than half of the voting power of an entity unless, in exceptional circumstances, it can be clearly demonstrated that such ownership does not constitute control. Control also exists when the parent owns half or less of the voting power of an entity when there is 
(
2
)
:
(a)
power over more than half of the voting rights by virtue of an agreement with other investors;
(b)
power to govern the financial and operating policies of the entity under a statute or an agreement;
(c)
power to appoint or remove the majority of the members of the board of directors or equivalent governing body and control of the entity is by that board or body; or
(d)
power to cast the majority of votes at meetings of the board of directors or equivalent governing body and control of the entity is by that board or body.
14
An entity may own share warrants, share call options, debt or equity instruments that are convertible into ordinary shares, or other similar instruments that have the potential, if exercised or converted, to give the entity voting power or reduce another party's voting power over the financial and operating policies of another entity (potential voting rights). The existence and effect of potential voting rights that are currently exercisable or convertible, including potential voting rights held by another entity, are considered when assessing whether an entity has the power to govern the financial and operating policies of another entity. Potential voting rights are not currently exercisable or convertible when, for example, they cannot be exercised or converted until a future date or until the occurrence of a future event.
15
In assessing whether potential voting rights contribute to control, the entity examines all facts and circumstances (including the terms of exercise of the potential voting rights and any other contractual arrangements whether considered individually or in combination) that affect potential voting rights, except the intention of management and the financial ability to exercise or convert.
16
[Deleted]
17
[Deleted]
18
[Deleted]
19
A subsidiary is not excluded from consolidation simply because the investor is a venture capital organisation, mutual fund, unit trust or similar entity.
20
A subsidiary is not excluded from consolidation because its business activities are dissimilar from those of the other entities within the group. Relevant information is provided by consolidating such subsidiaries and disclosing additional information in the consolidated financial statements about the different business activities of subsidiaries. For example, the disclosures required by IFRS 8 
Operating segments
 help to explain the significance of different business activities within the group.
21
A parent loses control when it loses the power to govern the financial and operating policies of an investee so as to obtain benefit from its activities. The loss of control can occur with or without a change in absolute or relative ownership levels. It could occur, for example, when a subsidiary becomes subject to the control of a government, court, administrator or regulator. It could also occur as a result of a contractual agreement.
CONSOLIDATION PROCEDURES
22
In preparing consolidated financial statements, an entity combines the financial statements of the parent and its subsidiaries line by line by adding together like items of assets, liabilities, equity, income and expenses. In order that the consolidated financial statements present financial information about the group as that of a single economic entity, the following steps are then taken:
(a)
the carrying amount of the parent's investment in each subsidiary and the parent's portion of equity of each subsidiary are eliminated (see IFRS 3, which describes the treatment of any resultant goodwill);
(b)
minority interests in the profit or loss of consolidated subsidiaries for the reporting period are identified; and
(c)
minority interests in the net assets of consolidated subsidiaries are identified separately from the parent shareholders' equity in them. Minority interests in the net assets consist of:
(i)
the amount of those minority interests at the date of the original combination calculated in accordance with IFRS 3; and
(ii)
the minority's share of changes in equity since the date of the combination.
23
When potential voting rights exist, the proportions of profit or loss and changes in equity allocated to the parent and minority interests are determined on the basis of present ownership interests and do not reflect the possible exercise or conversion of potential voting rights.
24
Intragroup balances, transactions, income and expenses shall be eliminated in full.
25
Intragroup balances and transactions, including income, expenses and dividends, are eliminated in full. Profits and losses resulting from intragroup transactions that are recognised in assets, such as inventory and fixed assets, are eliminated in full. Intragroup losses may indicate an impairment that requires recognition in the consolidated financial statements. IAS 12 
Income taxes
 applies to temporary differences that arise from the elimination of profits and losses resulting from intragroup transactions.
26
The financial statements of the parent and its subsidiaries used in the preparation of the consolidated financial statements shall be prepared as of the same reporting date. When the reporting dates of the parent and a subsidiary are different, the subsidiary prepares, for consolidation purposes, additional financial statements as of the same date as the financial statements of the parent unless it is impracticable to do so.
27
When, in accordance with paragraph 26, the financial statements of a subsidiary used in the preparation of consolidated financial statements are prepared as of a reporting date different from that of the parent, adjustments shall be made for the effects of significant transactions or events that occur between that date and the date of the parent's financial statements. In any case, the difference between the reporting date of the subsidiary and that of the parent shall be no more than three months. The length of the reporting periods and any difference in the reporting dates shall be the same from period to period.
28
Consolidated financial statements shall be prepared using uniform accounting policies for like transactions and other events in similar circumstances.
29
If a member of the group uses accounting policies other than those adopted in the consolidated financial statements for like transactions and events in similar circumstances, appropriate adjustments are made to its financial statements in preparing the consolidated financial statements.
30
The income and expenses of a subsidiary are included in the consolidated financial statements from the acquisition date as defined in IFRS 3. The income and expenses of a subsidiary are included in the consolidated financial statements until the date on which the parent ceases to control the subsidiary. The difference between the proceeds from the disposal of the subsidiary and its carrying amount as of the date of disposal, including the cumulative amount of any exchange differences that relate to the subsidiary recognised in equity in accordance with IAS 21 
The effects of changes in foreign exchange rates
, is recognised in the consolidated income statement as the gain or loss on the disposal of the subsidiary.
31
An investment in an entity shall be accounted for in accordance with IAS 39 
Financial instruments: recognition and measurement
 from the date that it ceases to be a subsidiary, provided that it does not become an associate as defined in IAS 28 or a jointly controlled entity as described in IAS 31.
32
The carrying amount of the investment at the date that the entity ceases to be a subsidiary shall be regarded as the cost on initial measurement of a financial asset in accordance with IAS 39.
33
Minority interests shall be presented in the consolidated balance sheet within equity, separately from the parent shareholders' equity. Minority interests in the profit or loss of the group shall also be separately disclosed.
34
The profit or loss is attributed to the parent shareholders and minority interests. Because both are equity, the amount attributed to minority interests is not income or expense.
35
Losses applicable to the minority in a consolidated subsidiary may exceed the minority interest in the subsidiary's equity. The excess, and any further losses applicable to the minority, are allocated against the majority interest except to the extent that the minority has a binding obligation and is able to make an additional investment to cover the losses. If the subsidiary subsequently reports profits, such profits are allocated to the majority interest until the minority's share of losses previously absorbed by the majority has been recovered.
36
If a subsidiary has outstanding cumulative preference shares that are held by minority interests and classified as equity, the parent computes its share of profits or losses after adjusting for the dividends on such shares, whether or not dividends have been declared.
ACCOUNTING FOR INVESTMENTS IN SUBSIDIARIES, JOINTLY CONTROLLED ENTITIES AND ASSOCIATES IN SEPARATE FINANCIAL STATEMENTS
37
When separate financial statements are prepared, investments in subsidiaries, jointly controlled entities and associates that are not classified as held for sale (or included in a disposal group that is classified as held for sale) in accordance with IFRS 5 shall be accounted for either:
(a)
at cost; or
(b)
in accordance with IAS 39.
The same accounting shall be applied for each category of investments. Investments in subsidiaries, jointly controlled entities and associates that are classified as held for sale (or included in a disposal group that is classified as held for sale) in accordance with IFRS 5 shall be accounted for in accordance with that IFRS.
38
This standard does not mandate which entities produce separate financial statements available for public use. Paragraphs 37 and 39-42 apply when an entity prepares separate financial statements that comply with international financial reporting standards. The entity also produces consolidated financial statements available for public use as required by paragraph 9, unless the exemption provided in paragraph 10 is applicable.
39
Investments in jointly controlled entities and associates that are accounted for in accordance with IAS 39 in the consolidated financial statements shall be accounted for in the same way in the investor's separate financial statements.
DISCLOSURE
40
The following disclosures shall be made in consolidated financial statements:
(a)
[Deleted]
(b)
[Deleted]
(c)
the nature of the relationship between the parent and a subsidiary when the parent does not own, directly or indirectly through subsidiaries, more than half of the voting power;
(d)
the reasons why the ownership, directly or indirectly through subsidiaries, of more than half of the voting or potential voting power of an investee does not constitute control;
(e)
the reporting date of the financial statements of a subsidiary when such financial statements are used to prepare consolidated financial statements and are as of a reporting date or for a period that is different from that of the parent, and the reason for using a different reporting date or period; and
(f)
the nature and extent of any significant restrictions (e.g. resulting from borrowing arrangements or regulatory requirements) on the ability of subsidiaries to transfer funds to the parent in the form of cash dividends or to repay loans or advances.
41
When separate financial statements are prepared for a parent that, in accordance with paragraph 10, elects not to prepare consolidated financial statements, those separate financial statements shall disclose:
(a)
the fact that the financial statements are separate financial statements; that the exemption from consolidation has been used; the name and country of incorporation or residence of the entity whose consolidated financial statements that comply with international financial reporting standards have been produced for public use; and the address where those consolidated financial statements are obtainable;
(b)
a list of significant investments in subsidiaries, jointly controlled entities and associates, including the name, country of incorporation or residence, proportion of ownership interest and, if different, proportion of voting power held; and
(c)
a description of the method used to account for the investments listed under (b).
42
When a parent (other than a parent covered by paragraph 41), venturer with an interest in a jointly controlled entity or an investor in an associate prepares separate financial statements, those separate financial statements shall disclose:
(a)
the fact that the statements are separate financial statements and the reasons why those statements are prepared if not required by law;
(b)
a list of significant investments in subsidiaries, jointly controlled entities and associates, including the name, country of incorporation or residence, proportion of ownership interest and, if different, proportion of voting power held; and
(c)
a description of the method used to account for the investments listed under (b);
and shall identify the financial statements prepared in accordance with paragraph 9 of this standard, IAS 28 and IAS 31 to which they relate.
EFFECTIVE DATE
43
An entity shall apply this standard for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. If an entity applies this standard for a period beginning before 1 January 2005, it shall disclose that fact.
WITHDRAWAL OF OTHER PRONOUNCEMENTS
44
This standard supersedes IAS 27 
Consolidated financial statements and accounting for investments in subsidiaries
 (revised in 2000).
45
This standard supersedes SIC-33 
Consolidation and equity method — potential voting rights and allocation of ownership interests
.
(
1
)
  If on acquisition a subsidiary meets the criteria to be classified as held for sale in accordance with IFRS 5 
Non-current assets held for sale and discontinued operations
, it shall be accounted for in accordance with that standard.
(
2
)
  See also SIC-12 
Consolidation — special purpose entities
.
INTERNATIONAL ACCOUNTING STANDARD 28
Investments in associates
SCOPE
1
This standard shall be applied in accounting for investments in associates. However, it does not apply to investments in associates held by:
(a)
venture capital organisations; or
(b)
mutual funds, unit trusts and similar entities, including investment-linked insurance funds;
that upon initial recognition are designated as at fair value through profit or loss or are classified as held for trading and accounted for in accordance with IAS 39 
Financial instruments: recognition and measurement
. Such investments shall be measured at fair value in accordance with IAS 39, with changes in fair value recognised in profit or loss in the period of the change.
DEFINITIONS
2
The following terms are used in this standard with the meanings specified:
An 
associate
 is an entity, including an unincorporated entity such as a partnership, over which the investor has significant influence and that is neither a subsidiary nor an interest in a joint venture.
Consolidated financial statements
 are the financial statements of a group presented as those of a single economic entity.
Control
 is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The 
equity method
 is a method of accounting whereby the investment is initially recognised at cost and adjusted thereafter for the post-acquisition change in the investor's share of net assets of the investee. The profit or loss of the investor includes the investor's share of the profit or loss of the investee.
Joint control
 is the contractually agreed sharing of control over an economic activity, and exists only when the strategic financial and operating decisions relating to the activity require the unanimous consent of the parties sharing control (the venturers).
Separate financial statements
 are those presented by a parent, an investor in an associate or a venturer in a jointly controlled entity, in which the investments are accounted for on the basis of the direct equity interest rather than on the basis of the reported results and net assets of the investees.
Significant influence
 is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.
A 
subsidiary
 is an entity, including an unincorporated entity such as a partnership, that is controlled by another entity (known as the parent).
3
Financial statements in which the equity method is applied are not separate financial statements, nor are the financial statements of an entity that does not have a subsidiary, associate or venturer's interest in a joint venture.
4
Separate financial statements are those presented in addition to consolidated financial statements, financial statements in which investments are accounted for using the equity method and financial statements in which venturers' interests in joint ventures are proportionately consolidated. Separate financial statements may or may not be appended to, or accompany, those financial statements.
5
Entities that are exempted in accordance with paragraph 10 of IAS 27 
Consolidated and separate financial statements
 from consolidation, paragraph 2 of IAS 31 
Interests in joint ventures
 from applying proportionate consolidation or paragraph 13(c) of this standard from applying the equity method may present separate financial statements as their only financial statements.
Significant influence
6
If an investor holds, directly or indirectly (e.g. through subsidiaries), 20 per cent or more of the voting power of the investee, it is presumed that the investor has significant influence, unless it can be clearly demonstrated that this is not the case. Conversely, if the investor holds, directly or indirectly (e.g. through subsidiaries), less than 20 per cent of the voting power of the investee, it is presumed that the investor does not have significant influence, unless such influence can be clearly demonstrated. A substantial or majority ownership by another investor does not necessarily preclude an investor from having significant influence.
7
The existence of significant influence by an investor is usually evidenced in one or more of the following ways:
(a)
representation on the board of directors or equivalent governing body of the investee;
(b)
participation in policy-making processes, including participation in decisions about dividends or other distributions;
(c)
material transactions between the investor and the investee;
(d)
interchange of managerial personnel; or
(e)
provision of essential technical information.
8
An entity may own share warrants, share call options, debt or equity instruments that are convertible into ordinary shares, or other similar instruments that have the potential, if exercised or converted, to give the entity additional voting power or reduce another party's voting power over the financial and operating policies of another entity (i.e. potential voting rights). The existence and effect of potential voting rights that are currently exercisable or convertible, including potential voting rights held by other entities, are considered when assessing whether an entity has significant influence. Potential voting rights are not currently exercisable or convertible when, for example, they cannot be exercised or converted until a future date or until the occurrence of a future event.
9
In assessing whether potential voting rights contribute to significant influence, the entity examines all facts and circumstances (including the terms of exercise of the potential voting rights and any other contractual arrangements whether considered individually or in combination) that affect potential rights, except the intention of management and the financial ability to exercise or convert.
10
An entity loses significant influence over an investee when it loses the power to participate in the financial and operating policy decisions of that investee. The loss of significant influence can occur with or without a change in absolute or relative ownership levels. It could occur, for example, when an associate becomes subject to the control of a government, court, administrator or regulator. It could also occur as a result of a contractual agreement.
Equity method
11
Under the equity method, the investment in an associate is initially recognised at cost and the carrying amount is increased or decreased to recognise the investor's share of the profit or loss of the investee after the date of acquisition. The investor's share of the profit or loss of the investee is recognised in the investor's profit or loss. Distributions received from an investee reduce the carrying amount of the investment. Adjustments to the carrying amount may also be necessary for changes in the investor's proportionate interest in the investee arising from changes in the investee's equity that have not been recognised in the investee's profit or loss. Such changes include those arising from the revaluation of property, plant and equipment and from foreign exchange translation differences. The investor's share of those changes is recognised directly in equity of the investor.
12
When potential voting rights exist, the investor's share of profit or loss of the investee and of changes in the investee's equity is determined on the basis of present ownership interests and does not reflect the possible exercise or conversion of potential voting rights.
APPLICATION OF THE EQUITY METHOD
13
An investment in an associate shall be accounted for using the equity method except when:
(a)
the investment is classified as held for sale in accordance with IFRS 5 
Non-current assets held for sale and discontinued operations
;
(b)
the exception in paragraph 10 of IAS 27, allowing a parent that also has an investment in an associate not to present consolidated financial statements, applies; or
(c)
all of the following apply:
(i)
the investor is a wholly-owned subsidiary, or is a partially-owned subsidiary of another entity and its other owners, including those not otherwise entitled to vote, have been informed about, and do not object to, the investor not applying the equity method;
(ii)
the investor's debt or equity instruments are not traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local and regional markets);
(iii)
the investor did not file, nor is it in the process of filing, its financial statements with a securities commission or other regulatory organisation, for the purpose of issuing any class of instruments in a public market; and
(iv)
the ultimate or any intermediate parent of the investor produces consolidated financial statements available for public use that comply with international financial reporting standards.
14
Investments described in paragraph 13(a) shall be accounted for in accordance with IFRS 5.
15
When an investment in an associate previously classified as held for sale no longer meets the criteria to be so classified, it shall be accounted for using the equity method as from the date of its classification as held for sale. Financial statements for the periods since classification as held for sale shall be amended accordingly.
16
[Deleted]
17
The recognition of income on the basis of distributions received may not be an adequate measure of the income earned by an investor on an investment in an associate because the distributions received may bear little relation to the performance of the associate. Because the investor has significant influence over the associate, the investor has an interest in the associate's performance and, as a result, the return on its investment. The investor accounts for this interest by extending the scope of its financial statements to include its share of profits or losses of such an associate. As a result, application of the equity method provides more informative reporting of the net assets and profit or loss of the investor.
18
An investor shall discontinue the use of the equity method from the date that it ceases to have significant influence over an associate and shall account for the investment in accordance with IAS 39 from that date, provided the associate does not become a subsidiary or a joint venture as defined in IAS 31.
19
The carrying amount of the investment at the date that it ceases to be an associate shall be regarded as its cost on initial measurement as a financial asset in accordance with IAS 39.
20
Many of the procedures appropriate for the application of the equity method are similar to the consolidation procedures described in IAS 27. Furthermore, the concepts underlying the procedures used in accounting for the acquisition of a subsidiary are also adopted in accounting for the acquisition of an investment in an associate.
21
A group's share in an associate is the aggregate of the holdings in that associate by the parent and its subsidiaries. The holdings of the group's other associates or joint ventures are ignored for this purpose. When an associate has subsidiaries, associates, or joint ventures, the profits or losses and net assets taken into account in applying the equity method are those recognised in the associate's financial statements (including the associate's share of the profits or losses and net assets of its associates and joint ventures), after any adjustments necessary to give effect to uniform accounting policies (see paragraphs 26 and 27).
22
Profits and losses resulting from ‘upstream’ and ‘downstream’ transactions between an investor (including its consolidated subsidiaries) and an associate are recognised in the investor's financial statements only to the extent of unrelated investors' interests in the associate. ‘Upstream’ transactions are, for example, sales of assets from an associate to the investor. ‘Downstream’ transactions are, for example, sales of assets from the investor to an associate. The investor's share in the associate's profits and losses resulting from these transactions is eliminated.
23
An investment in an associate is accounted for using the equity method from the date on which it becomes an associate. On acquisition of the investment any difference between the cost of the investment and the investor's share of the net fair value of the associate's identifiable assets, liabilities and contingent liabilities is accounted for in accordance with IFRS 3 
Business combinations
. Therefore:
(a)
goodwill relating to an associate is included in the carrying amount of the investment. However, amortisation of that goodwill is not permitted and is therefore not included in the determination of the investor's share of the associate's profits or losses;
(b)
any excess of the investor's share of the net fair value of the associate's identifiable assets, liabilities and contingent liabilities over the cost of the investment is excluded from the carrying amount of the investment and is instead included as income in the determination of the investor's share of the associate's profit or loss in the period in which the investment is acquired.
Appropriate adjustments to the investor's share of the associate's profits or losses after acquisition are also made to account, for example, for depreciation of the depreciable assets based on their fair values at the acquisition date. Similarly, appropriate adjustments to the investor's share of the associate's profits or losses after acquisition are made for impairment losses recognised by the associate, such as for goodwill or property, plant and equipment.
24
The most recent available financial statements of the associate are used by the investor in applying the equity method. When the reporting dates of the investor and the associate are different, the associate prepares, for the use of the investor, financial statements as of the same date as the financial statements of the investor unless it is impracticable to do so.
25
When, in accordance with paragraph 24, the financial statements of an associate used in applying the equity method are prepared as of a different reporting date from that of the investor, adjustments shall be made for the effects of significant transactions or events that occur between that date and the date of the investor's financial statements. In any case, the difference between the reporting date of the associate and that of the investor shall be no more than three months. The length of the reporting periods and any difference in the reporting dates shall be the same from period to period.
26
The investor's financial statements shall be prepared using uniform accounting policies for like transactions and events in similar circumstances.
27
If an associate uses accounting policies other than those of the investor for like transactions and events in similar circumstances, adjustments shall be made to conform the associate's accounting policies to those of the investor when the associate's financial statements are used by the investor in applying the equity method.
28
If an associate has outstanding cumulative preference shares that are held by parties other than the investor and classified as equity, the investor computes its share of profits or losses after adjusting for the dividends on such shares, whether or not the dividends have been declared.
29
If an investor's share of losses of an associate equals or exceeds its interest in the associate, the investor discontinues recognising its share of further losses. The interest in an associate is the carrying amount of the investment in the associate under the equity method together with any long-term interests that, in substance, form part of the investor's net investment in the associate. For example, an item for which settlement is neither planned nor likely to occur in the foreseeable future is, in substance, an extension of the entity's investment in that associate. Such items may include preference shares and long-term receivables or loans but do not include trade receivables, trade payables or any long-term receivables for which adequate collateral exists, such as secured loans. Losses recognised under the equity method in excess of the investor's investment in ordinary shares are applied to the other components of the investor's interest in an associate in the reverse order of their seniority (i.e. priority in liquidation).
30
After the investor's interest is reduced to zero, additional losses are provided for, and a liability is recognised, only to the extent that the investor has incurred legal or constructive obligations or made payments on behalf of the associate. If the associate subsequently reports profits, the investor resumes recognising its share of those profits only after its share of the profits equals the share of losses not recognised.
Impairment losses
31
After application of the equity method, including recognising the associate's losses in accordance with paragraph 29, the investor applies the requirements of IAS 39 to determine whether it is necessary to recognise any additional impairment loss with respect to the investor's net investment in the associate.
32
The investor also applies the requirements of IAS 39 to determine whether any additional impairment loss is recognised with respect to the investor's interest in the associate that does not constitute part of the net investment and the amount of that impairment loss.
33
Because goodwill included in the carrying amount of an investment in an associate is not separately recognised, it is not tested for impairment separately by applying the requirements for impairment testing goodwill in IAS 36 
Impairment of assets
. Instead, the entire carrying amount of the investment is tested under IAS 36 for impairment, by comparing its recoverable amount (higher of value in use and fair value less costs to sell) with its carrying amount, whenever application of the requirements in IAS 39 indicates that the investment may be impaired. In determining the value in use of the investment, an entity estimates:
(a)
its share of the present value of the estimated future cash flows expected to be generated by the associate, including the cash flows from the operations of the associate and the proceeds on the ultimate disposal of the investment; or
(b)
the present value of the estimated future cash flows expected to arise from dividends to be received from the investment and from its ultimate disposal.
Under appropriate assumptions, both methods give the same result.
34
The recoverable amount of an investment in an associate is assessed for each associate, unless the associate does not generate cash inflows from continuing use that are largely independent of those from other assets of the entity.
SEPARATE FINANCIAL STATEMENTS
35
An investment in an associate shall be accounted for in the investor's separate financial statements in accordance with paragraphs 37-42 of IAS 27.
36
This standard does not mandate which entities produce separate financial statements available for public use.
DISCLOSURE
37
The following disclosures shall be made:
(a)
the fair value of investments in associates for which there are published price quotations;
(b)
summarised financial information of associates, including the aggregated amounts of assets, liabilities, revenues and profit or loss;
(c)
the reasons why the presumption that an investor does not have significant influence is overcome if the investor holds, directly or indirectly through subsidiaries, less than 20 per cent of the voting or potential voting power of the investee but concludes that it has significant influence;
(d)
the reasons why the presumption that an investor has significant influence is overcome if the investor holds, directly or indirectly through subsidiaries, 20 per cent or more of the voting or potential voting power of the investee but concludes that it does not have significant influence;
(e)
the reporting date of the financial statements of an associate, when such financial statements are used in applying the equity method and are as of a reporting date or for a period that is different from that of the investor, and the reason for using a different reporting date or different period;
(f)
the nature and extent of any significant restrictions (e.g. resulting from borrowing arrangements or regulatory requirements) on the ability of associates to transfer funds to the investor in the form of cash dividends, or repayment of loans or advances;
(g)
the unrecognised share of losses of an associate, both for the period and cumulatively, if an investor has discontinued recognition of its share of losses of an associate;
(h)
the fact that an associate is not accounted for using the equity method in accordance with paragraph 13; and
(i)
summarised financial information of associates, either individually or in groups, that are not accounted for using the equity method, including the amounts of total assets, total liabilities, revenues and profit or loss.
38
Investments in associates accounted for using the equity method shall be classified as non-current assets. The investor's share of the profit or loss of such associates, and the carrying amount of those investments, shall be separately disclosed. The investor's share of any discontinued operations of such associates shall also be separately disclosed.
39
The investor's share of changes recognised directly in the associate's equity shall be recognised directly in equity by the investor and shall be disclosed in the statement of changes in equity as required by IAS 1 
Presentation of financial statements
.
40
In accordance with IAS 37 
Provisions, contingent liabilities and contingent assets
 the investor shall disclose:
(a)
its share of the contingent liabilities of an associate incurred jointly with other investors; and
(b)
those contingent liabilities that arise because the investor is severally liable for all or part of the liabilities of the associate.
EFFECTIVE DATE
41
An entity shall apply this standard for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. If an entity applies this standard for a period beginning before 1 January 2005, it shall disclose that fact.
WITHDRAWAL OF OTHER PRONOUNCEMENTS
42
This standard supersedes IAS 28 
Accounting for investments in associates
 (revised in 2000).
43
This standard supersedes the following interpretations:
(a)
SIC-3 
Elimination of unrealised profits and losses on transactions with associates
;
(b)
SIC-20 
Equity accounting method — recognition of losses
; and
(c)
SIC-33 
Consolidation and equity method — potential voting rights and allocation of ownership interests
.
INTERNATIONAL ACCOUNTING STANDARD 29
Financial reporting in hyperinflationary economies
SCOPE
1
This standard shall be applied to the financial statements, including the consolidated financial statements, of any entity whose functional currency is the currency of a hyperinflationary economy.
2
In a hyperinflationary economy, reporting of operating results and financial position in the local currency without restatement is not useful. Money loses purchasing power at such a rate that comparison of amounts from transactions and other events that have occurred at different times, even within the same accounting period, is misleading.
3
This standard does not establish an absolute rate at which hyperinflation is deemed to arise. It is a matter of judgement when restatement of financial statements in accordance with this standard becomes necessary. Hyperinflation is indicated by characteristics of the economic environment of a country which include, but are not limited to, the following:
(a)
the general population prefers to keep its wealth in non-monetary assets or in a relatively stable foreign currency. Amounts of local currency held are immediately invested to maintain purchasing power;
(b)
the general population regards monetary amounts not in terms of the local currency but in terms of a relatively stable foreign currency. Prices may be quoted in that currency;
(c)
sales and purchases on credit take place at prices that compensate for the expected loss of purchasing power during the credit period, even if the period is short;
(d)
interest rates, wages and prices are linked to a price index; and
(e)
the cumulative inflation rate over three years is approaching, or exceeds, 100 %.
4
It is preferable that all entities that report in the currency of the same hyperinflationary economy apply this standard from the same date. Nevertheless, this standard applies to the financial statements of any entity from the beginning of the reporting period in which it identifies the existence of hyperinflation in the country in whose currency it reports.
THE RESTATEMENT OF FINANCIAL STATEMENTS
5
Prices change over time as the result of various specific or general political, economic and social forces. Specific forces such as changes in supply and demand and technological changes may cause individual prices to increase or decrease significantly and independently of each other. In addition, general forces may result in changes in the general level of prices and therefore in the general purchasing power of money.
6
In most countries, financial statements are prepared on the historical cost basis of accounting without regard either to changes in the general level of prices or to increases in specific prices of assets held, except to the extent that property, plant and equipment and investments may be revalued. Some entities, however, present financial statements that are based on a current cost approach that reflects the effects of changes in the specific prices of assets held.
7
In a hyperinflationary economy, financial statements, whether they are based on a historical cost approach or a current cost approach, are useful only if they are expressed in terms of the measuring unit current at the balance sheet date. As a result, this standard applies to the financial statements of entities reporting in the currency of a hyperinflationary economy. Presentation of the information required by this standard as a supplement to unrestated financial statements is not permitted. Furthermore, separate presentation of the financial statements before restatement is discouraged.
8
The financial statements of an entity whose functional currency is the currency of a hyperinflationary economy, whether they are based on a historical cost approach or a current cost approach, shall be stated in terms of the measuring unit current at the balance sheet date. The corresponding figures for the previous period required by IAS 1 
Presentation of financial statements
 and any information in respect of earlier periods shall also be stated in terms of the measuring unit current at the balance sheet date. For the purpose of presenting comparative amounts in a different presentation currency, paragraphs 42(b) and 43 of IAS 21 
The effects of changes in foreign exchange rates
 (as revised in 2003) apply.
9
The gain or loss on the net monetary position shall be included in profit or loss and separately disclosed.
10
The restatement of financial statements in accordance with this standard requires the application of certain procedures as well as judgement. The consistent application of these procedures and judgements from period to period is more important than the precise accuracy of the resulting amounts included in the restated financial statements.
Historical cost financial statements
Balance sheet
11
Balance sheet amounts not already expressed in terms of the measuring unit current at the balance sheet date are restated by applying a general price index.
12
Monetary items are not restated because they are already expressed in terms of the monetary unit current at the balance sheet date. Monetary items are money held and items to be received or paid in money.
13
Assets and liabilities linked by agreement to changes in prices, such as index linked bonds and loans, are adjusted in accordance with the agreement in order to ascertain the amount outstanding at the balance sheet date. These items are carried at this adjusted amount in the restated balance sheet.
14
All other assets and liabilities are non-monetary. Some non-monetary items are carried at amounts current at the balance sheet date, such as net realisable value and market value, so they are not restated. All other non-monetary assets and liabilities are restated.
15
Most non-monetary items are carried at cost or cost less depreciation; hence they are expressed at amounts current at their date of acquisition. The restated cost, or cost less depreciation, of each item is determined by applying to its historical cost and accumulated depreciation the change in a general price index from the date of acquisition to the balance sheet date. Hence, property, plant and equipment, investments, inventories of raw materials and merchandise, goodwill, patents, trademarks and similar assets are restated from the dates of their purchase. Inventories of partly-finished and finished goods are restated from the dates on which the costs of purchase and of conversion were incurred.
16
Detailed records of the acquisition dates of items of property, plant and equipment may not be available or capable of estimation. In these rare circumstances, it may be necessary, in the first period of application of this standard, to use an independent professional assessment of the value of the items as the basis for their restatement.
17
A general price index may not be available for the periods for which the restatement of property, plant and equipment is required by this standard. In these circumstances, it may be necessary to use an estimate based, for example, on the movements in the exchange rate between the functional currency and a relatively stable foreign currency.
18
Some non-monetary items are carried at amounts current at dates other than that of acquisition or that of the balance sheet, for example property, plant and equipment that has been revalued at some earlier date. In these cases, the carrying amounts are restated from the date of the revaluation.
19
The restated amount of a non-monetary item is reduced, in accordance with appropriate standards, when it exceeds the amount recoverable from the item's future use (including sale or other disposal). Hence, in such cases, restated amounts of property, plant and equipment, goodwill, patents and trademarks are reduced to recoverable amount, restated amounts of inventories are reduced to net realisable value and restated amounts of current investments are reduced to market value.
20
An investee that is accounted for under the equity method may report in the currency of a hyperinflationary economy. The balance sheet and income statement of such an investee are restated in accordance with this standard in order to calculate the investor's share of its net assets and results of operations. Where the restated financial statements of the investee are expressed in a foreign currency they are translated at closing rates.
21
The impact of inflation is usually recognised in borrowing costs. It is not appropriate both to restate the capital expenditure financed by borrowing and to capitalise that part of the borrowing costs that compensates for the inflation during the same period. This part of the borrowing costs is recognised as an expense in the period in which the costs are incurred.
22
An entity may acquire assets under an arrangement that permits it to defer payment without incurring an explicit interest charge. Where it is impracticable to impute the amount of interest, such assets are restated from the payment date and not the date of purchase.
23
[Deleted]
24
At the beginning of the first period of application of this standard, the components of owners' equity, except retained earnings and any revaluation surplus, are restated by applying a general price index from the dates the components were contributed or otherwise arose. Any revaluation surplus that arose in previous periods is eliminated. Restated retained earnings are derived from all the other amounts in the restated balance sheet.
25
At the end of the first period and in subsequent periods, all components of owners' equity are restated by applying a general price index from the beginning of the period or the date of contribution, if later. The movements for the period in owners' equity are disclosed in accordance with IAS 1.
Income statement
26
This standard requires that all items in the income statement are expressed in terms of the measuring unit current at the balance sheet date. Therefore all amounts need to be restated by applying the change in the general price index from the dates when the items of income and expenses were initially recorded in the financial statements.
Gain or loss on net monetary position
27
In a period of inflation, an entity holding an excess of monetary assets over monetary liabilities loses purchasing power and an entity with an excess of monetary liabilities over monetary assets gains purchasing power to the extent the assets and liabilities are not linked to a price level. This gain or loss on the net monetary position may be derived as the difference resulting from the restatement of non-monetary assets, owners' equity and income statement items and the adjustment of index linked assets and liabilities. The gain or loss may be estimated by applying the change in a general price index to the weighted average for the period of the difference between monetary assets and monetary liabilities.
28
The gain or loss on the net monetary position is included in net income. The adjustment to those assets and liabilities linked by agreement to changes in prices made in accordance with paragraph 13 is offset against the gain or loss on net monetary position. Other income statement items, such as interest income and expense, and foreign exchange differences related to invested or borrowed funds, are also associated with the net monetary position. Although such items are separately disclosed, it may be helpful if they are presented together with the gain or loss on net monetary position in the income statement.
Current cost financial statements
Balance sheet
29
Items stated at current cost are not restated because they are already expressed in terms of the measuring unit current at the balance sheet date. Other items in the balance sheet are restated in accordance with paragraphs 11 to 25.
Income statement
30
The current cost income statement, before restatement, generally reports costs current at the time at which the underlying transactions or events occurred. Cost of sales and depreciation are recorded at current costs at the time of consumption; sales and other expenses are recorded at their money amounts when they occurred. Therefore all amounts need to be restated into the measuring unit current at the balance sheet date by applying a general price index.
Gain or loss on net monetary position
31
The gain or loss on the net monetary position is accounted for in accordance with paragraphs 27 and 28.
Taxes
32
The restatement of financial statements in accordance with this standard may give rise to differences between the carrying amount of individual assets and liabilities in the balance sheet and their tax bases. These differences are accounted for in accordance with IAS 12 
Income taxes
.
Cash-flow statement
33
This standard requires that all items in the cash-flow statement are expressed in terms of the measuring unit current at the balance sheet date.
Corresponding figures
34
Corresponding figures for the previous reporting period, whether they were based on a historical cost approach or a current cost approach, are restated by applying a general price index so that the comparative financial statements are presented in terms of the measuring unit current at the end of the reporting period. Information that is disclosed in respect of earlier periods is also expressed in terms of the measuring unit current at the end of the reporting period. For the purpose of presenting comparative amounts in a different presentation currency, paragraphs 42(b) and 43 of IAS 21 (as revised in 2003) apply.
Consolidated financial statements
35
A parent that reports in the currency of a hyperinflationary economy may have subsidiaries that also report in the currencies of hyperinflationary economies. The financial statements of any such subsidiary need to be restated by applying a general price index of the country in whose currency it reports before they are included in the consolidated financial statements issued by its parent. Where such a subsidiary is a foreign subsidiary, its restated financial statements are translated at closing rates. The financial statements of subsidiaries that do not report in the currencies of hyperinflationary economies are dealt with in accordance with IAS 21.
36
If financial statements with different reporting dates are consolidated, all items, whether non-monetary or monetary, need to be restated into the measuring unit current at the date of the consolidated financial statements.
Selection and use of the general price index
37
The restatement of financial statements in accordance with this standard requires the use of a general price index that reflects changes in general purchasing power. It is preferable that all entities that report in the currency of the same economy use the same index.
ECONOMIES CEASING TO BE HYPERINFLATIONARY
38
When an economy ceases to be hyperinflationary and an entity discontinues the preparation and presentation of financial statements prepared in accordance with this standard, it shall treat the amounts expressed in the measuring unit current at the end of the previous reporting period as the basis for the carrying amounts in its subsequent financial statements.
DISCLOSURES
39
The following disclosures shall be made:
(a)
the fact that the financial statements and the corresponding figures for previous periods have been restated for the changes in the general purchasing power of the functional currency and, as a result, are stated in terms of the measuring unit current at the balance sheet date;
(b)
whether the financial statements are based on a historical cost approach or a current cost approach; and
(c)
the identity and level of the price index at the balance sheet date and the movement in the index during the current and the previous reporting period.
40
The disclosures required by this standard are needed to make clear the basis of dealing with the effects of inflation in the financial statements. They are also intended to provide other information necessary to understand that basis and the resulting amounts.
EFFECTIVE DATE
41
This standard becomes operative for financial statements covering periods beginning on or after 1 January 1990.
INTERNATIONAL ACCOUNTING STANDARD 31
Interests in joint ventures
SCOPE
1
This standard shall be applied in accounting for interests in joint ventures and the reporting of joint venture assets, liabilities, income and expenses in the financial statements of venturers and investors, regardless of the structures or forms under which the joint venture activities take place. However, it does not apply to venturers' interests in jointly controlled entities held by:
(a)
venture capital organisations; or
(b)
mutual funds, unit trusts and similar entities, including investment-linked insurance funds;
that upon initial recognition are designated as at fair value through profit or loss or are classified as held for trading and accounted for in accordance with IAS 39 
Financial instruments: recognition and measurement
. Such investments shall be measured at fair value in accordance with IAS 39, with changes in fair value recognised in profit or loss in the period of the change.
2
A venturer with an interest in a jointly controlled entity is exempted from paragraphs 30 (proportionate consolidation) and 38 (equity method) when it meets the following conditions:
(a)
the interest is classified as held for sale in accordance with IFRS 5 
Non-current assets held for sale and discontinued operations
;
(b)
the exception in paragraph 10 of IAS 27 
Consolidated and separate financial statements
 allowing a parent that also has an interest in a jointly controlled entity not to present consolidated financial statements is applicable; or
(c)
all of the following apply:
(i)
the venturer is a wholly-owned subsidiary, or is a partially-owned subsidiary of another entity and its owners, including those not otherwise entitled to vote, have been informed about, and do not object to, the venturer not applying proportionate consolidation or the equity method;
(ii)
the venturer's debt or equity instruments are not traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local and regional markets);
(iii)
the venturer did not file, nor is it in the process of filing, its financial statements with a securities commission or other regulatory organisation, for the purpose of issuing any class of instruments in a public market; and
(iv)
the ultimate or any intermediate parent of the venturer produces consolidated financial statements available for public use that comply with international financial reporting standards.
DEFINITIONS
3
The following terms are used in this standard with the meanings specified:
Control
 is the power to govern the financial and operating policies of an economic activity so as to obtain benefits from it.
The 
equity method
 is a method of accounting whereby an interest in a jointly controlled entity is initially recorded at cost and adjusted thereafter for the post-acquisition change in the venturer's share of net assets of the jointly controlled entity. The profit or loss of the venturer includes the venturer's share of the profit or loss of the jointly controlled entity.
An 
investor in a joint venture
 is a party to a joint venture and does not have joint control over that joint venture.
Joint control
 is the contractually agreed sharing of control over an economic activity, and exists only when the strategic financial and operating decisions relating to the activity require the unanimous consent of the parties sharing control (the venturers).
A 
joint venture
 is a contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control.
Proportionate consolidation
 is a method of accounting whereby a venturer's share of each of the assets, liabilities, income and expenses of a jointly controlled entity is combined line by line with similar items in the venturer's financial statements or reported as separate line items in the venturer's financial statements.
Separate financial statements
 are those presented by a parent, an investor in an associate or a venturer in a jointly controlled entity, in which the investments are accounted for on the basis of the direct equity interest rather than on the basis of the reported results and net assets of the investees.
Significant influence
 is the power to participate in the financial and operating policy decisions of an economic activity but is not control or joint control over those policies.
A 
venturer
 is a party to a joint venture and has joint control over that joint venture.
4
Financial statements in which proportionate consolidation or the equity method is applied are not separate financial statements, nor are the financial statements of an entity that does not have a subsidiary, associate or venturer's interest in a jointly controlled entity.
5
Separate financial statements are those presented in addition to consolidated financial statements, financial statements in which investments are accounted for using the equity method and financial statements in which venturers' interests in joint ventures are proportionately consolidated. Separate financial statements need not be appended to, or accompany, those statements.
6
Entities that are exempted in accordance with paragraph 10 of IAS 27 from consolidation, paragraph 13(c) of IAS 28 
Investments in associates
 from applying the equity method or paragraph 2 of this standard from applying proportionate consolidation or the equity method may present separate financial statements as their only financial statements.
Forms of joint venture
7
Joint ventures take many different forms and structures. This standard identifies three broad types — jointly controlled operations, jointly controlled assets and jointly controlled entities — that are commonly described as, and meet the definition of, joint ventures. The following characteristics are common to all joint ventures:
(a)
two or more venturers are bound by a contractual arrangement; and
(b)
the contractual arrangement establishes joint control.
Joint control
8
Joint control may be precluded when an investee is in legal reorganisation or in bankruptcy, or operates under severe long-term restrictions on its ability to transfer funds to the venturer. If joint control is continuing, these events are not enough in themselves to justify not accounting for joint ventures in accordance with this standard.
Contractual arrangement
9
The existence of a contractual arrangement distinguishes interests that involve joint control from investments in associates in which the investor has significant influence (see IAS 28). Activities that have no contractual arrangement to establish joint control are not joint ventures for the purposes of this standard.
10
The contractual arrangement may be evidenced in a number of ways, for example by a contract between the venturers or minutes of discussions between the venturers. In some cases, the arrangement is incorporated in the articles or other by-laws of the joint venture. Whatever its form, the contractual arrangement is usually in writing and deals with such matters as:
(a)
the activity, duration and reporting obligations of the joint venture;
(b)
the appointment of the board of directors or equivalent governing body of the joint venture and the voting rights of the venturers;
(c)
capital contributions by the venturers; and
(d)
the sharing by the venturers of the output, income, expenses or results of the joint venture.
11
The contractual arrangement establishes joint control over the joint venture. Such a requirement ensures that no single venturer is in a position to control the activity unilaterally.
12
The contractual arrangement may identify one venturer as the operator or manager of the joint venture. The operator does not control the joint venture but acts within the financial and operating policies that have been agreed by the venturers in accordance with the contractual arrangement and delegated to the operator. If the operator has the power to govern the financial and operating policies of the economic activity, it controls the venture and the venture is a subsidiary of the operator and not a joint venture.
JOINTLY CONTROLLED OPERATIONS
13
The operation of some joint ventures involves the use of the assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves. Each venturer uses its own property, plant and equipment and carries its own inventories. It also incurs its own expenses and liabilities and raises its own finance, which represent its own obligations. The joint venture activities may be carried out by the venturer's employees alongside the venturer's similar activities. The joint venture agreement usually provides a means by which the revenue from the sale of the joint product and any expenses incurred in common are shared among the venturers.
14
An example of a jointly controlled operation is when two or more venturers combine their operations, resources and expertise to manufacture, market and distribute jointly a particular product, such as an aircraft. Different parts of the manufacturing process are carried out by each of the venturers. Each venturer bears its own costs and takes a share of the revenue from the sale of the aircraft, such share being determined in accordance with the contractual arrangement.
15
In respect of its interests in jointly controlled operations, a venturer shall recognise in its financial statements:
(a)
the assets that it controls and the liabilities that it incurs; and
(b)
the expenses that it incurs and its share of the income that it earns from the sale of goods or services by the joint venture.
16
Because the assets, liabilities, income and expenses are recognised in the financial statements of the venturer, no adjustments or other consolidation procedures are required in respect of these items when the venturer presents consolidated financial statements.
17
Separate accounting records may not be required for the joint venture itself and financial statements may not be prepared for the joint venture. However, the venturers may prepare management accounts so that they may assess the performance of the joint venture.
JOINTLY CONTROLLED ASSETS
18
Some joint ventures involve the joint control, and often the joint ownership, by the venturers of one or more assets contributed to, or acquired for the purpose of, the joint venture and dedicated to the purposes of the joint venture. The assets are used to obtain benefits for the venturers. Each venturer may take a share of the output from the assets and each bears an agreed share of the expenses incurred.
19
These joint ventures do not involve the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves. Each venturer has control over its share of future economic benefits through its share of the jointly controlled asset.
20
Many activities in the oil, gas and mineral extraction industries involve jointly controlled assets. For example, a number of oil production companies may jointly control and operate an oil pipeline. Each venturer uses the pipeline to transport its own product in return for which it bears an agreed proportion of the expenses of operating the pipeline. Another example of a jointly controlled asset is when two entities jointly control a property, each taking a share of the rents received and bearing a share of the expenses.
21
In respect of its interest in jointly controlled assets, a venturer shall recognise in its financial statements:
(a)
its share of the jointly controlled assets, classified according to the nature of the assets;
(b)
any liabilities that it has incurred;
(c)
its share of any liabilities incurred jointly with the other venturers in relation to the joint venture;
(d)
any income from the sale or use of its share of the output of the joint venture, together with its share of any expenses incurred by the joint venture; and
(e)
any expenses that it has incurred in respect of its interest in the joint venture.
22
In respect of its interest in jointly controlled assets, each venturer includes in its accounting records and recognises in its financial statements:
(a)
its share of the jointly controlled assets, classified according to the nature of the assets rather than as an investment. For example, a share of a jointly controlled oil pipeline is classified as property, plant and equipment;
(b)
any liabilities that it has incurred, for example those incurred in financing its share of the assets;
(c)
its share of any liabilities incurred jointly with other venturers in relation to the joint venture;
(d)
any income from the sale or use of its share of the output of the joint venture, together with its share of any expenses incurred by the joint venture;
(e)
any expenses that it has incurred in respect of its interest in the joint venture, for example those related to financing the venturer's interest in the assets and selling its share of the output.
Because the assets, liabilities, income and expenses are recognised in the financial statements of the venturer, no adjustments or other consolidation procedures are required in respect of these items when the venturer presents consolidated financial statements.
23
The treatment of jointly controlled assets reflects the substance and economic reality and, usually, the legal form of the joint venture. Separate accounting records for the joint venture itself may be limited to those expenses incurred in common by the venturers and ultimately borne by the venturers according to their agreed shares. Financial statements may not be prepared for the joint venture, although the venturers may prepare management accounts so that they may assess the performance of the joint venture.
JOINTLY CONTROLLED ENTITIES
24
A jointly controlled entity is a joint venture that involves the establishment of a corporation, partnership or other entity in which each venturer has an interest. The entity operates in the same way as other entities, except that a contractual arrangement between the venturers establishes joint control over the economic activity of the entity.
25
A jointly controlled entity controls the assets of the joint venture, incurs liabilities and expenses and earns income. It may enter into contracts in its own name and raise finance for the purposes of the joint venture activity. Each venturer is entitled to a share of the profits of the jointly controlled entity, although some jointly controlled entities also involve a sharing of the output of the joint venture.
26
A common example of a jointly controlled entity is when two entities combine their activities in a particular line of business by transferring the relevant assets and liabilities into a jointly controlled entity. Another example is when an entity commences a business in a foreign country in conjunction with the government or other agency in that country, by establishing a separate entity that is jointly controlled by the entity and the government or agency.
27
Many jointly controlled entities are similar in substance to those joint ventures referred to as jointly controlled operations or jointly controlled assets. For example, the venturers may transfer a jointly controlled asset, such as an oil pipeline, into a jointly controlled entity, for tax or other reasons. Similarly, the venturers may contribute into a jointly controlled entity assets that will be operated jointly. Some jointly controlled operations also involve the establishment of a jointly controlled entity to deal with particular aspects of the activity, for example, the design, marketing, distribution or after-sales service of the product.
28
A jointly controlled entity maintains its own accounting records and prepares and presents financial statements in the same way as other entities in conformity with international financial reporting standards.
29
Each venturer usually contributes cash or other resources to the jointly controlled entity. These contributions are included in the accounting records of the venturer and recognised in its financial statements as an investment in the jointly controlled entity.
Financial statements of a venturer
Proportionate consolidation
30
A venturer shall recognise its interest in a jointly controlled entity using proportionate consolidation or the alternative method described in paragraph 38. When proportionate consolidation is used, one of the two reporting formats identified below shall be used.
31
A venturer recognises its interest in a jointly controlled entity using one of the two reporting formats for proportionate consolidation irrespective of whether it also has investments in subsidiaries or whether it describes its financial statements as consolidated financial statements.
32
When recognising an interest in a jointly controlled entity, it is essential that a venturer reflects the substance and economic reality of the arrangement, rather than the joint venture's particular structure or form. In a jointly controlled entity, a venturer has control over its share of future economic benefits through its share of the assets and liabilities of the venture. This substance and economic reality are reflected in the consolidated financial statements of the venturer when the venturer recognises its interests in the assets, liabilities, income and expenses of the jointly controlled entity by using one of the two reporting formats for proportionate consolidation described in paragraph 34.
33
The application of proportionate consolidation means that the balance sheet of the venturer includes its share of the assets that it controls jointly and its share of the liabilities for which it is jointly responsible. The income statement of the venturer includes its share of the income and expenses of the jointly controlled entity. Many of the procedures appropriate for the application of proportionate consolidation are similar to the procedures for the consolidation of investments in subsidiaries, which are set out in IAS 27.
34
Different reporting formats may be used to give effect to proportionate consolidation. The venturer may combine its share of each of the assets, liabilities, income and expenses of the jointly controlled entity with the similar items, line by line, in its financial statements. For example, it may combine its share of the jointly controlled entity's inventory with its inventory and its share of the jointly controlled entity's property, plant and equipment with its property, plant and equipment. Alternatively, the venturer may include separate line items for its share of the assets, liabilities, income and expenses of the jointly controlled entity in its financial statements. For example, it may show its share of a current asset of the jointly controlled entity separately as part of its current assets; it may show its share of the property, plant and equipment of the jointly controlled entity separately as part of its property, plant and equipment. Both these reporting formats result in the reporting of identical amounts of profit or loss and of each major classification of assets, liabilities, income and expenses; both formats are acceptable for the purposes of this standard.
35
Whichever format is used to give effect to proportionate consolidation, it is inappropriate to offset any assets or liabilities by the deduction of other liabilities or assets or any income or expenses by the deduction of other expenses or income, unless a legal right of set-off exists and the offsetting represents the expectation as to the realisation of the asset or the settlement of the liability.
36
A venturer shall discontinue the use of proportionate consolidation from the date on which it ceases to have joint control over a jointly controlled entity.
37
A venturer discontinues the use of proportionate consolidation from the date on which it ceases to share in the control of a jointly controlled entity. This may happen, for example, when the venturer disposes of its interest or when such external restrictions are placed on the jointly controlled entity that the venturer no longer has joint control.
Equity method
38
As an alternative to proportionate consolidation described in paragraph 30, a venturer shall recognise its interest in a jointly controlled entity using the equity method.
39
A venturer recognises its interest in a jointly controlled entity using the equity method irrespective of whether it also has investments in subsidiaries or whether it describes its financial statements as consolidated financial statements.
40
Some venturers recognise their interests in jointly controlled entities using the equity method, as described in IAS 28. The use of the equity method is supported by those who argue that it is inappropriate to combine controlled items with jointly controlled items and by those who believe that venturers have significant influence, rather than joint control, in a jointly controlled entity. This standard does not recommend the use of the equity method because proportionate consolidation better reflects the substance and economic reality of a venturer's interest in a jointly controlled entity, that is to say, control over the venturer's share of the future economic benefits. Nevertheless, this standard permits the use of the equity method, as an alternative treatment, when recognising interests in jointly controlled entities.
41
A venturer shall discontinue the use of the equity method from the date on which it ceases to have joint control over, or have significant influence in, a jointly controlled entity.
Exceptions to proportionate consolidation and equity method
42
Interests in jointly controlled entities that are classified as held for sale in accordance with IFRS 5 shall be accounted for in accordance with that IFRS.
43
When an interest in a jointly controlled entity previously classified as held for sale no longer meets the criteria to be so classified, it shall be accounted for using proportionate consolidation or the equity method as from the date of its classification as held for sale. Financial statements for the periods since classification as held for sale shall be amended accordingly.
44
[Deleted]
45
From the date on which a jointly controlled entity becomes a subsidiary of a venturer, the venturer shall account for its interest in accordance with IAS 27. From the date on which a jointly controlled entity becomes an associate of a venturer, the venturer shall account for its interest in accordance with IAS 28.
Separate financial statements of a venturer
46
An interest in a jointly controlled entity shall be accounted for in a venturer's separate financial statements in accordance with paragraphs 37-42 of IAS 27.
47
This standard does not mandate which entities produce separate financial statements available for public use.
TRANSACTIONS BETWEEN A VENTURER AND A JOINT VENTURE
48
When a venturer contributes or sells assets to a joint venture, recognition of any portion of a gain or loss from the transaction shall reflect the substance of the transaction. While the assets are retained by the joint venture, and provided the venturer has transferred the significant risks and rewards of ownership, the venturer shall recognise only that portion of the gain or loss that is attributable to the interests of the other venturers 
(
1
)
. The venturer shall recognise the full amount of any loss when the contribution or sale provides evidence of a reduction in the net realisable value of current assets or an impairment loss.
49
When a venturer purchases assets from a joint venture, the venturer shall not recognise its share of the profits of the joint venture from the transaction until it resells the assets to an independent party. A venturer shall recognise its share of the losses resulting from these transactions in the same way as profits except that losses shall be recognised immediately when they represent a reduction in the net realisable value of current assets or an impairment loss.
50
To assess whether a transaction between a venturer and a joint venture provides evidence of impairment of an asset, the venturer determines the recoverable amount of the asset in accordance with IAS 36 
Impairment of assets
. In determining value in use, the venturer estimates future cash flows from the asset on the basis of continuing use of the asset and its ultimate disposal by the joint venture.
REPORTING INTERESTS IN JOINT VENTURES IN THE FINANCIAL STATEMENTS OF AN INVESTOR
51
An investor in a joint venture that does not have joint control shall account for that investment in accordance with IAS 39 or, if it has significant influence in the joint venture, in accordance with IAS 28.
OPERATORS OF JOINT VENTURES
52
Operators or managers of a joint venture shall account for any fees in accordance with IAS 18 
Revenue
.
53
One or more venturers may act as the operator or manager of a joint venture. Operators are usually paid a management fee for such duties. The fees are accounted for by the joint venture as an expense.
DISCLOSURE
54
A venturer shall disclose the aggregate amount of the following contingent liabilities, unless the probability of loss is remote, separately from the amount of other contingent liabilities:
(a)
any contingent liabilities that the venturer has incurred in relation to its interests in joint ventures and its share in each of the contingent liabilities that have been incurred jointly with other venturers;
(b)
its share of the contingent liabilities of the joint ventures themselves for which it is contingently liable; and
(c)
those contingent liabilities that arise because the venturer is contingently liable for the liabilities of the other venturers of a joint venture.
55
A venturer shall disclose the aggregate amount of the following commitments in respect of its interests in joint ventures separately from other commitments:
(a)
any capital commitments of the venturer in relation to its interests in joint ventures and its share in the capital commitments that have been incurred jointly with other venturers; and
(b)
its share of the capital commitments of the joint ventures themselves.
56
A venturer shall disclose a listing and description of interests in significant joint ventures and the proportion of ownership interest held in jointly controlled entities. A venturer that recognises its interests in jointly controlled entities using the line-by-line reporting format for proportionate consolidation or the equity method shall disclose the aggregate amounts of each of current assets, long-term assets, current liabilities, long-term liabilities, income and expenses related to its interests in joint ventures.
57
A venturer shall disclose the method it uses to recognise its interests in jointly controlled entities.
EFFECTIVE DATE
58
An entity shall apply this standard for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. If an entity applies this standard for a period beginning before 1 January 2005, it shall disclose that fact.
WITHDRAWAL OF IAS 31 (REVISED 2000)
59
This standard supersedes IAS 31 
Financial reporting of interests in joint ventures
 (revised in 2000).
(
1
)
  See also SIC-13 
Jointly controlled entities — non-monetary contributions by venturers
.
INTERNATIONAL ACCOUNTING STANDARD 32
Financial instruments: presentation
OBJECTIVE
1
[Deleted]
2
The objective of this standard is to establish principles for presenting financial instruments as liabilities or equity and for offsetting financial assets and financial liabilities. It applies to the classification of financial instruments, from the perspective of the issuer, into financial assets, financial liabilities and equity instruments; the classification of related interest, dividends, losses and gains; and the circumstances in which financial assets and financial liabilities should be offset.
3
The principles in this standard complement the principles for recognising and measuring financial assets and financial liabilities in IAS 39 
Financial instruments: recognition and measurement
, and for disclosing information about them in IFRS 7 
Financial instruments: disclosures
.
SCOPE
4
This standard shall be applied by all entities to all types of financial instruments except:
(a)
those interests in subsidiaries, associates and joint ventures that are accounted for in accordance with IAS 27 
Consolidated and separate financial statements
, IAS 28 
Investments in associates
 or IAS 31 
Interests in joint ventures
. However, in some cases, IAS 27, IAS 28 or IAS 31 permits an entity to account for an interest in a subsidiary, associate or joint venture using IAS 39; in those cases, entities shall apply the disclosure requirements in IAS 27, IAS 28 or IAS 31 in addition to those in this standard. Entities shall also apply this standard to all derivatives linked to interests in subsidiaries, associates or joint ventures;
(b)
employers' rights and obligations under employee benefit plans, to which IAS 19 
Employee benefits
 applies;
(c)
contracts for contingent consideration in a business combination (see IFRS 3 
Business combinations
). This exemption applies only to the acquirer;
(d)
insurance contracts as defined in IFRS 4 
Insurance contracts
. However, this standard applies to derivatives that are embedded in insurance contracts if IAS 39 requires the entity to account for them separately. Moreover, an issuer shall apply this standard to financial guarantee contracts if the issuer applies IAS 39 in recognising and measuring the contracts, but shall apply IFRS 4 if the issuer elects, in accordance with paragraph 4(d) of IFRS 4, to apply IFRS 4 in recognising and measuring them;
(e)
financial instruments that are within the scope of IFRS 4 because they contain a discretionary participation feature. The issuer of these instruments is exempt from applying to these features paragraphs 15-32 and AG25-AG35 of this standard regarding the distinction between financial liabilities and equity instruments. However, these instruments are subject to all other requirements of this standard. Furthermore, this standard applies to derivatives that are embedded in these instruments (see IAS 39);
(f)
financial instruments, contracts and obligations under share-based payment transactions to which IFRS 2 
Share-based payment
 applies, except for:
(i)
contracts within the scope of paragraphs 8-10 of this standard, to which this standard applies;
(ii)
paragraphs 33 and 34 of this standard, which shall be applied to treasury shares purchased, sold, issued or cancelled in connection with employee share option plans, employee share purchase plans, and all other share-based payment arrangements.
5-7
[Deleted]
8
This standard shall be applied to those contracts to buy or sell a non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments, as if the contracts were financial instruments, with the exception of contracts that were entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with the entity's expected purchase, sale or usage requirements.
9
There are various ways in which a contract to buy or sell a non-financial item can be settled net in cash or another financial instrument or by exchanging financial instruments. These include:
(a)
when the terms of the contract permit either party to settle it net in cash or another financial instrument or by exchanging financial instruments;
(b)
when the ability to settle net in cash or another financial instrument, or by exchanging financial instruments, is not explicit in the terms of the contract, but the entity has a practice of settling similar contracts net in cash or another financial instrument, or by exchanging financial instruments (whether with the counterparty, by entering into offsetting contracts or by selling the contract before its exercise or lapse);
(c)
when, for similar contracts, 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
(d)
when the non-financial item that is the subject of the contract is readily convertible to cash.
A contract to which (b) or (c) applies is not entered into for the purpose of the receipt or delivery of the non-financial item in accordance with the entity's expected purchase, sale or usage requirements, and, accordingly, is within the scope of this standard. Other contracts to which paragraph 8 applies are evaluated to determine whether they were entered into and continue to be held for the purpose of the receipt or delivery of the non-financial item in accordance with the entity's expected purchase, sale or usage requirement, and accordingly, whether they are within the scope of this standard.
10
A written option to buy or sell a non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments, in accordance with paragraph 9(a) or (d) is within the scope of this standard. Such a contract cannot be entered into for the purpose of the receipt or delivery of the non-financial item in accordance with the entity's expected purchase, sale or usage requirements.
DEFINITIONS (SEE ALSO PARAGRAPHS AG3-AG23)
11
The following terms are used in this standard with the meanings specified:
A 
financial instrument
 is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
A 
financial asset
 is any asset that is:
(a)
cash;
(b)
an equity instrument of another entity;
(c)
a contractual right:
(i)
to receive cash or another financial asset from another entity; or
(ii)
to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or
(d)
a contract that will or may be settled in the entity's own equity instruments and is:
(i)
a non-derivative for which the entity is or may be obliged to receive a variable number of the entity's own equity instruments; or
(ii)
a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity's own equity instruments. For this purpose the entity's own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery of the entity's own equity instruments.
A 
financial liability
 is any liability that is:
(a)
a contractual obligation:
(i)
to deliver cash or another financial asset to another entity; or
(ii)
to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or
(b)
a contract that will or may be settled in the entity's own equity instruments and is:
(i)
a non-derivative for which the entity is or may be obliged to deliver a variable number of the entity's own equity instruments; or
(ii)
a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity's own equity instruments. For this purpose the entity's own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery of the entity's own equity instruments.
An 
equity instrument
 is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.
Fair value
 is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction.
12
The following terms are defined in paragraph 9 of IAS 39 and are used in this standard with the meaning specified in IAS 39:
—
amortised cost of a financial asset or financial liability,
—
available-for-sale financial assets,
—
derecognition,
—
derivative,
—
effective interest method,
—
financial asset or financial liability at fair value through profit or loss,
—
financial guarantee contract,
—
firm commitment,
—
forecast transaction,
—
hedge effectiveness,
—
hedged item,
—
hedging instrument,
—
held-to-maturity investments,
—
loans and receivables,
—
regular way purchase or sale,
—
transaction costs.
13
In this standard, ‘contract’ and ‘contractual’ refer to an agreement between two or more parties that has clear economic consequences that the parties have little, if any, discretion to avoid, usually because the agreement is enforceable by law. Contracts, and thus financial instruments, may take a variety of forms and need not be in writing.
14
In this standard, ‘entity’ includes individuals, partnerships, incorporated bodies, trusts and government agencies.
PRESENTATION
Liabilities and equity (see also paragraphs AG25-AG29)
15
The issuer of a financial instrument shall classify the instrument, or its component parts, on initial recognition as a financial liability, a financial asset or an equity instrument in accordance with the substance of the contractual arrangement and the definitions of a financial liability, a financial asset and an equity instrument.
16
When an issuer applies the definitions in paragraph 11 to determine whether a financial instrument is an equity instrument rather than a financial liability, the instrument is an equity instrument if, and only if, both conditions (a) and (b) below are met.
(a)
The instrument includes no contractual obligation:
(i)
to deliver cash or another financial asset to another entity; or
(ii)
to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the issuer.
(b)
If the instrument will or may be settled in the issuer's own equity instruments, it is:
(i)
a non-derivative that includes no contractual obligation for the issuer to deliver a variable number of its own equity instruments; or
(ii)
a derivative that will be settled only by the issuer exchanging a fixed amount of cash or another financial asset for a fixed number of its own equity instruments. For this purpose the issuer's own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery of the issuer's own equity instruments.
A contractual obligation, including one arising from a derivative financial instrument, that will or may result in the future receipt or delivery of the issuer's own equity instruments, but does not meet conditions (a) and (b) above, is not an equity instrument.
No contractual obligation to deliver cash or another financial asset (paragraph 16(a))
17
A critical feature in differentiating a financial liability from an equity instrument is the existence of a contractual obligation of one party to the financial instrument (the issuer) either to deliver cash or another financial asset to the other party (the holder) or to exchange financial assets or financial liabilities with the holder under conditions that are potentially unfavourable to the issuer. Although the holder of an equity instrument may be entitled to receive a pro rata share of any dividends or other distributions of equity, the issuer does not have a contractual obligation to make such distributions because it cannot be required to deliver cash or another financial asset to another party.
18
The substance of a financial instrument, rather than its legal form, governs its classification on the entity's balance sheet. Substance and legal form are commonly consistent, but not always. Some financial instruments take the legal form of equity but are liabilities in substance and others may combine features associated with equity instruments and features associated with financial liabilities. For example:
(a)
a preference share that provides for mandatory redemption by the issuer for a fixed or determinable amount at a fixed or determinable future date, or gives the holder the right to require the issuer to redeem the instrument at or after a particular date for a fixed or determinable amount, is a financial liability;
(b)
a financial instrument that gives the holder the right to put it back to the issuer for cash or another financial asset (a ‘puttable instrument’) is a financial liability. This is so even when the amount of cash or other financial assets is determined on the basis of an index or other item that has the potential to increase or decrease, or when the legal form of the puttable instrument gives the holder a right to a residual interest in the assets of an issuer. The existence of an option for the holder to put the instrument back to the issuer for cash or another financial asset means that the puttable instrument meets the definition of a financial liability. For example, open-ended mutual funds, unit trusts, partnerships and some cooperative entities may provide their unitholders or members with a right to redeem their interests in the issuer at any time for cash equal to their proportionate share of the asset value of the issuer. However, classification as a financial liability does not preclude the use of descriptors such as ‘net asset value attributable to unitholders’ and ‘change in net asset value attributable to unitholders’ on the face of the financial statements of an entity that has no contributed equity (such as some mutual funds and unit trusts, see Illustrative Example 7) or the use of additional disclosure to show that total members' interests comprise items such as reserves that meet the definition of equity and puttable instruments that do not (see Illustrative Example 8).
19
If an entity does not have an unconditional right to avoid delivering cash or another financial asset to settle a contractual obligation, the obligation meets the definition of a financial liability. For example:
(a)
a restriction on the ability of an entity to satisfy a contractual obligation, such as lack of access to foreign currency or the need to obtain approval for payment from a regulatory authority, does not negate the entity's contractual obligation or the holder's contractual right under the instrument;
(b)
a contractual obligation that is conditional on a counterparty exercising its right to redeem is a financial liability because the entity does not have the unconditional right to avoid delivering cash or another financial asset.
20
A financial instrument that does not explicitly establish a contractual obligation to deliver cash or another financial asset may establish an obligation indirectly through its terms and conditions. For example:
(a)
a financial instrument may contain a non-financial obligation that must be settled if, and only if, the entity fails to make distributions or to redeem the instrument. If the entity can avoid a transfer of cash or another financial asset only by settling the non-financial obligation, the financial instrument is a financial liability;
(b)
a financial instrument is a financial liability if it provides that on settlement the entity will deliver either:
(i)
cash or another financial asset; or
(ii)
its own shares whose value is determined to exceed substantially the value of the cash or other financial asset.
Although the entity does not have an explicit contractual obligation to deliver cash or another financial asset, the value of the share settlement alternative is such that the entity will settle in cash. In any event, the holder has in substance been guaranteed receipt of an amount that is at least equal to the cash settlement option (see paragraph 21).
Settlement in the entity's own equity instruments (paragraph 16(b))
21
A contract is not an equity instrument solely because it may result in the receipt or delivery of the entity's own equity instruments. An entity may have a contractual right or obligation to receive or deliver a number of its own shares or other equity instruments that varies so that the fair value of the entity's own equity instruments to be received or delivered equals the amount of the contractual right or obligation. Such a contractual right or obligation may be for a fixed amount or an amount that fluctuates in part or in full in response to changes in a variable other than the market price of the entity's own equity instruments (e.g. an interest rate, a commodity price or a financial instrument price). Two examples are (a) a contract to deliver as many of the entity's own equity instruments as are equal in value to CU100 
(
1
)
, and (b) a contract to deliver as many of the entity's own equity instruments as are equal in value to the value of 100 ounces of gold. Such a contract is a financial liability of the entity even though the entity must or can settle it by delivering its own equity instruments. It is not an equity instrument because the entity uses a variable number of its own equity instruments as a means to settle the contract. Accordingly, the contract does not evidence a residual interest in the entity's assets after deducting all of its liabilities.
22
A contract that will be settled by the entity (receiving or) delivering a fixed number of its own equity instruments in exchange for a fixed amount of cash or another financial asset is an equity instrument. For example, an issued share option that gives the counterparty a right to buy a fixed number of the entity's shares for a fixed price or for a fixed stated principal amount of a bond is an equity instrument. Changes in the fair value of a contract arising from variations in market interest rates that do not affect the amount of cash or other financial assets to be paid or received, or the number of equity instruments to be received or delivered, on settlement of the contract do not preclude the contract from being an equity instrument. Any consideration received (such as the premium received for a written option or warrant on the entity's own shares) is added directly to equity. Any consideration paid (such as the premium paid for a purchased option) is deducted directly from equity. Changes in the fair value of an equity instrument are not recognised in the financial statements.
23
A contract that contains an obligation for an entity to purchase its own equity instruments for cash or another financial asset gives rise to a financial liability for the present value of the redemption amount (for example, for the present value of the forward repurchase price, option exercise price or other redemption amount). This is the case even if the contract itself is an equity instrument. One example is an entity's obligation under a forward contract to purchase its own equity instruments for cash. When the financial liability is recognised initially under IAS 39, its fair value (the present value of the redemption amount) is reclassified from equity. Subsequently, the financial liability is measured in accordance with IAS 39. If the contract expires without delivery, the carrying amount of the financial liability is reclassified to equity. An entity's contractual obligation to purchase its own equity instruments gives rise to a financial liability for the present value of the redemption amount even if the obligation to purchase is conditional on the counterparty exercising a right to redeem (e.g. a written put option that gives the counterparty the right to sell an entity's own equity instruments to the entity for a fixed price).
24
A contract that will be settled by the entity delivering or receiving a fixed number of its own equity instruments in exchange for a variable amount of cash or another financial asset is a financial asset or financial liability. An example is a contract for the entity to deliver 100 of its own equity instruments in return for an amount of cash calculated to equal the value of 100 ounces of gold.
Contingent settlement provisions
25
A financial instrument may require the entity to deliver cash or another financial asset, or otherwise to settle it in such a way that it would be a financial liability, in the event of the occurrence or non-occurrence of uncertain future events (or on the outcome of uncertain circumstances) that are beyond the control of both the issuer and the holder of the instrument, such as a change in a stock market index, consumer price index, interest rate or taxation requirements, or the issuer's future revenues, net income or debt-to-equity ratio. The issuer of such an instrument does not have the unconditional right to avoid delivering cash or another financial asset (or otherwise to settle it in such a way that it would be a financial liability). Therefore, it is a financial liability of the issuer unless:
(a)
the part of the contingent settlement provision that could require settlement in cash or another financial asset (or otherwise in such a way that it would be a financial liability) is not genuine; or
(b)
the issuer can be required to settle the obligation in cash or another financial asset (or otherwise to settle it in such a way that it would be a financial liability) only in the event of liquidation of the issuer.
Settlement options
26
When a derivative financial instrument gives one party a choice over how it is settled (e.g. the issuer or the holder can choose settlement net in cash or by exchanging shares for cash), it is a financial asset or a financial liability unless all of the settlement alternatives would result in it being an equity instrument.
27
An example of a derivative financial instrument with a settlement option that is a financial liability is a share option that the issuer can decide to settle net in cash or by exchanging its own shares for cash. Similarly, some contracts to buy or sell a non-financial item in exchange for the entity's own equity instruments are within the scope of this standard because they can be settled either by delivery of the non-financial item or net in cash or another financial instrument (see paragraphs 8-10). Such contracts are financial assets or financial liabilities and not equity instruments.
Compound financial instruments (see also paragraphs AG30-AG35 and Illustrative Examples 9-12)
28
The issuer of a non-derivative financial instrument shall evaluate the terms of the financial instrument to determine whether it contains both a liability and an equity component. Such components shall be classified separately as financial liabilities, financial assets or equity instruments in accordance with paragraph 15.
29
An entity recognises separately the components of a financial instrument that (a) creates a financial liability of the entity and (b) grants an option to the holder of the instrument to convert it into an equity instrument of the entity. For example, a bond or similar instrument convertible by the holder into a fixed number of ordinary shares of the entity is a compound financial instrument. From the perspective of the entity, such an instrument comprises two components: a financial liability (a contractual arrangement to deliver cash or another financial asset) and an equity instrument (a call option granting the holder the right, for a specified period of time, to convert it into a fixed number of ordinary shares of the entity). The economic effect of issuing such an instrument is substantially the same as issuing simultaneously a debt instrument with an early settlement provision and warrants to purchase ordinary shares, or issuing a debt instrument with detachable share purchase warrants. Accordingly, in all cases, the entity presents the liability and equity components separately on its balance sheet.
30
Classification of the liability and equity components of a convertible instrument is not revised as a result of a change in the likelihood that a conversion option will be exercised, even when exercise of the option may appear to have become economically advantageous to some holders. Holders may not always act in the way that might be expected because, for example, the tax consequences resulting from conversion may differ among holders. Furthermore, the likelihood of conversion will change from time to time. The entity's contractual obligation to make future payments remains outstanding until it is extinguished through conversion, maturity of the instrument or some other transaction.
31
IAS 39 deals with the measurement of financial assets and financial liabilities. Equity instruments are instruments that evidence a residual interest in the assets of an entity after deducting all of its liabilities. Therefore, when the initial carrying amount of a compound financial instrument is allocated to its equity and liability components, the equity component is assigned the residual amount after deducting from the fair value of the instrument as a whole the amount separately determined for the liability component. The value of any derivative features (such as a call option) embedded in the compound financial instrument other than the equity component (such as an equity conversion option) is included in the liability component. The sum of the carrying amounts assigned to the liability and equity components on initial recognition is always equal to the fair value that would be ascribed to the instrument as a whole. No gain or loss arises from initially recognising the components of the instrument separately.
32
Under the approach described in paragraph 31, the issuer of a bond convertible into ordinary shares first determines the carrying amount of the liability component by measuring the fair value of a similar liability (including any embedded non-equity derivative features) that does not have an associated equity component. The carrying amount of the equity instrument represented by the option to convert the instrument into ordinary shares is then determined by deducting the fair value of the financial liability from the fair value of the compound financial instrument as a whole.
Treasury shares (see also paragraph AG36)
33
If an entity reacquires its own equity instruments, those instruments (treasury shares) shall be deducted from equity. No gain or loss shall be recognised in profit or loss on the purchase, sale, issue or cancellation of an entity's own equity instruments. Such treasury shares may be acquired and held by the entity or by other members of the consolidated group. Consideration paid or received shall be recognised directly in equity.
34
The amount of treasury shares held is disclosed separately either on the face of the balance sheet or in the notes, in accordance with IAS 1 
Presentation of financial statements
. An entity provides disclosure in accordance with IAS 24 
Related party disclosures
 if the entity reacquires its own equity instruments from related parties.
Interest, dividends, losses and gains (see also paragraph AG37)
35
Interest, dividends, losses and gains relating to a financial instrument or a component that is a financial liability shall be recognised as income or expense in profit or loss. Distributions to holders of an equity instrument shall be debited by the entity directly to equity, net of any related income tax benefit. Transaction costs of an equity transaction shall be accounted for as a deduction from equity, net of any related income tax benefit.
36
The classification of a financial instrument as a financial liability or an equity instrument determines whether interest, dividends, losses and gains relating to that instrument are recognised as income or expense in profit or loss. Thus, dividend payments on shares wholly recognised as liabilities are recognised as expenses in the same way as interest on a bond. Similarly, gains and losses associated with redemptions or refinancings of financial liabilities are recognised in profit or loss, whereas redemptions or refinancings of equity instruments are recognised as changes in equity. Changes in the fair value of an equity instrument are not recognised in the financial statements.
37
An entity typically incurs various costs in issuing or acquiring its own equity instruments. Those costs might include registration and other regulatory fees, amounts paid to legal, accounting and other professional advisers, printing costs and stamp duties. The transaction costs of an equity transaction are accounted for as a deduction from equity (net of any related income tax benefit) to the extent they are incremental costs directly attributable to the equity transaction that otherwise would have been avoided. The costs of an equity transaction that is abandoned are recognised as an expense.
38
Transaction costs that relate to the issue of a compound financial instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds. Transaction costs that relate jointly to more than one transaction (for example, costs of a concurrent offering of some shares and a stock exchange listing of other shares) are allocated to those transactions using a basis of allocation that is rational and consistent with similar transactions.
39
The amount of transaction costs accounted for as a deduction from equity in the period is disclosed separately under IAS 1. The related amount of income taxes recognised directly in equity is included in the aggregate amount of current and deferred income tax credited or charged to equity that is disclosed under IAS 12 
Income taxes
.
40
Dividends classified as an expense may be presented in the income statement either with interest on other liabilities or as a separate item. In addition to the requirements of this standard, disclosure of interest and dividends is subject to the requirements of IAS 1 and IFRS 7. In some circumstances, because of the differences between interest and dividends with respect to matters such as tax deductibility, it is desirable to disclose them separately in the income statement. Disclosures of the tax effects are made in accordance with IAS 12.
41
Gains and losses related to changes in the carrying amount of a financial liability are recognised as income or expense in profit or loss even when they relate to an instrument that includes a right to the residual interest in the assets of the entity in exchange for cash or another financial asset (see paragraph 18(b)). Under IAS 1 the entity presents any gain or loss arising from remeasurement of such an instrument separately on the face of the income statement when it is relevant in explaining the entity's performance.
Offsetting a financial asset and a financial liability (see also paragraphs AG38 and AG39)
42
A financial asset and a financial liability shall be offset and the net amount presented in the balance sheet when, and only when, an entity:
(a)
currently has a legally enforceable right to set off the recognised amounts; and
(b)
intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
In accounting for a transfer of a financial asset that does not qualify for derecognition, the entity shall not offset the transferred asset and the associated liability (see IAS 39, paragraph 36).
43
This standard requires the presentation of financial assets and financial liabilities on a net basis when doing so reflects an entity's expected future cash flows from settling two or more separate financial instruments. When an entity has the right to receive or pay a single net amount and intends to do so, it has, in effect, only a single financial asset or financial liability. In other circumstances, financial assets and financial liabilities are presented separately from each other consistently with their characteristics as resources or obligations of the entity.
44
Offsetting a recognised financial asset and a recognised financial liability and presenting the net amount differs from the derecognition of a financial asset or a financial liability. Although offsetting does not give rise to recognition of a gain or loss, the derecognition of a financial instrument not only results in the removal of the previously recognised item from the balance sheet but also may result in recognition of a gain or loss.
45
A right of set-off is a debtor's legal right, by contract or otherwise, to settle or otherwise eliminate all or a portion of an amount due to a creditor by applying against that amount an amount due from the creditor. In unusual circumstances, a debtor may have a legal right to apply an amount due from a third party against the amount due to a creditor provided that there is an agreement between the three parties that clearly establishes the debtor's right of set-off. Because the right of set-off is a legal right, the conditions supporting the right may vary from one legal jurisdiction to another and the laws applicable to the relationships between the parties need to be considered.
46
The existence of an enforceable right to set off a financial asset and a financial liability affects the rights and obligations associated with a financial asset and a financial liability and may affect an entity's exposure to credit and liquidity risk. However, the existence of the right, by itself, is not a sufficient basis for offsetting. In the absence of an intention to exercise the right or to settle simultaneously, the amount and timing of an entity's future cash flows are not affected. When an entity intends to exercise the right or to settle simultaneously, presentation of the asset and liability on a net basis reflects more appropriately the amounts and timing of the expected future cash flows, as well as the risks to which those cash flows are exposed. An intention by one or both parties to settle on a net basis without the legal right to do so is not sufficient to justify offsetting because the rights and obligations associated with the individual financial asset and financial liability remain unaltered.
47
An entity's intentions with respect to settlement of particular assets and liabilities may be influenced by its normal business practices, the requirements of the financial markets and other circumstances that may limit the ability to settle net or to settle simultaneously. When an entity has a right of set-off, but does not intend to settle net or to realise the asset and settle the liability simultaneously, the effect of the right on the entity's credit risk exposure is disclosed in accordance with paragraph 36 of IFRS 7.
48
Simultaneous settlement of two financial instruments may occur through, for example, the operation of a clearing house in an organised financial market or a face-to-face exchange. In these circumstances the cash flows are, in effect, equivalent to a single net amount and there is no exposure to credit or liquidity risk. In other circumstances, an entity may settle two instruments by receiving and paying separate amounts, becoming exposed to credit risk for the full amount of the asset or liquidity risk for the full amount of the liability. Such risk exposures may be significant even though relatively brief. Accordingly, realisation of a financial asset and settlement of a financial liability are treated as simultaneous only when the transactions occur at the same moment.
49
The conditions set out in paragraph 42 are generally not satisfied and offsetting is usually inappropriate when:
(a)
several different financial instruments are used to emulate the features of a single financial instrument (a ‘synthetic instrument’);
(b)
financial assets and financial liabilities arise from financial instruments having the same primary risk exposure (for example, assets and liabilities within a portfolio of forward contracts or other derivative instruments) but involve different counterparties;
(c)
financial or other assets are pledged as collateral for non-recourse financial liabilities;
(d)
financial assets are set aside in trust by a debtor for the purpose of discharging an obligation without those assets having been accepted by the creditor in settlement of the obligation (for example, a sinking fund arrangement); or
(e)
obligations incurred as a result of events giving rise to losses are expected to be recovered from a third party by virtue of a claim made under an insurance contract.
50
An entity that undertakes a number of financial instrument transactions with a single counterparty may enter into a ‘master netting arrangement’ with that counterparty. Such an agreement provides for a single net settlement of all financial instruments covered by the agreement in the event of default on, or termination of, any one contract. These arrangements are commonly used by financial institutions to provide protection against loss in the event of bankruptcy or other circumstances that result in a counterparty being unable to meet its obligations. A master netting arrangement commonly creates a right of set-off that becomes enforceable and affects the realisation or settlement of individual financial assets and financial liabilities only following a specified event of default or in other circumstances not expected to arise in the normal course of business. A master netting arrangement does not provide a basis for offsetting unless both of the criteria in paragraph 42 are satisfied. When financial assets and financial liabilities subject to a master netting arrangement are not offset, the effect of the arrangement on an entity's exposure to credit risk is disclosed in accordance with paragraph 36 of IFRS 7.
DISCLOSURE
51-95
[Deleted]
EFFECTIVE DATE
96
An entity shall apply this standard for annual periods beginning on or after 1 January 2005. Earlier application is permitted. An entity shall not apply this standard for annual periods beginning before 1 January 2005 unless it also applies IAS 39 (issued December 2003), including the amendments issued in March 2004. If an entity applies this standard for a period beginning before 1 January 2005, it shall disclose that fact.
97
This standard shall be applied retrospectively.
WITHDRAWAL OF OTHER PRONOUNCEMENTS
98
This standard supersedes IAS 32 
Financial instruments: disclosure and presentation
 revised in 2000 
(
2
)
.
99
This standard supersedes the following interpretations:
(a)
SIC-5 
Classification of financial instruments — contingent settlement provisions
;
(b)
SIC-16 
Share capital — reacquired own equity instruments (treasury shares)
; and
(c)
SIC-17 
Equity — costs of an equity transaction
.
100
This standard withdraws draft SIC Interpretation D34 
Financial instruments — instruments or rights redeemable by the holder
.
(
1
)
  In this standard, monetary amounts are denominated in ‘currency units’ (CU).
(
2
)
  In August 2005 the IASB relocated all disclosures relating to financial instruments to IFRS 7 
Financial instruments: disclosures
.
Appendix
APPLICATION GUIDANCE
IAS 32 Financial instruments: presentation
This appendix is an integral part of the standard.
AG1
This Application Guidance explains the application of particular aspects of the standard.
AG2
The standard does not deal with the recognition or measurement of financial instruments. Requirements about the recognition and measurement of financial assets and financial liabilities are set out in IAS 39.
DEFINITIONS (PARAGRAPHS 11-14)
Financial assets and financial liabilities
AG3
Currency (cash) is a financial asset because it represents the medium of exchange and is therefore the basis on which all transactions are measured and recognised in financial statements. A deposit of cash with a bank or similar financial institution is a financial asset because it represents the contractual right of the depositor to obtain cash from the institution or to draw a cheque or similar instrument against the balance in favour of a creditor in payment of a financial liability.
AG4
Common examples of financial assets representing a contractual right to receive cash in the future and corresponding financial liabilities representing a contractual obligation to deliver cash in the future are:
(a)
trade accounts receivable and payable;
(b)
notes receivable and payable;
(c)
loans receivable and payable; and
(d)
bonds receivable and payable.
In each case, one party's contractual right to receive (or obligation to pay) cash is matched by the other party's corresponding obligation to pay (or right to receive).
AG5
Another type of financial instrument is one for which the economic benefit to be received or given up is a financial asset other than cash. For example, a note payable in government bonds gives the holder the contractual right to receive and the issuer the contractual obligation to deliver government bonds, not cash. The bonds are financial assets because they represent obligations of the issuing government to pay cash. The note is, therefore, a financial asset of the note holder and a financial liability of the note issuer.
AG6
‘Perpetual’ debt instruments (such as ‘perpetual’ bonds, debentures and capital notes) normally provide the holder with the contractual right to receive payments on account of interest at fixed dates extending into the indefinite future, either with no right to receive a return of principal or a right to a return of principal under terms that make it very unlikely or very far in the future. For example, an entity may issue a financial instrument requiring it to make annual payments in perpetuity equal to a stated interest rate of 8 per cent applied to a stated par or principal amount of CU1 000 
(
1
)
. Assuming 8 per cent to be the market rate of interest for the instrument when issued, the issuer assumes a contractual obligation to make a stream of future interest payments having a fair value (present value) of CU1 000 on initial recognition. The holder and issuer of the instrument have a financial asset and a financial liability, respectively.
AG7
A contractual right or contractual obligation to receive, deliver or exchange financial instruments is itself a financial instrument. A chain of contractual rights or contractual obligations meets the definition of a financial instrument if it will ultimately lead to the receipt or payment of cash or to the acquisition or issue of an equity instrument.
AG8
The ability to exercise a contractual right or the requirement to satisfy a contractual obligation may be absolute, or it may be contingent on the occurrence of a future event. For example, a financial guarantee is a contractual right of the lender to receive cash from the guarantor, and a corresponding contractual obligation of the guarantor to pay the lender, if the borrower defaults. The contractual right and obligation exist because of a past transaction or event (assumption of the guarantee), even though the lender's ability to exercise its right and the requirement for the guarantor to perform under its obligation are both contingent on a future act of default by the borrower. A contingent right and obligation meet the definition of a financial asset and a financial liability, even though such assets and liabilities are not always recognised in the financial statements. Some of these contingent rights and obligations may be insurance contracts within the scope of IFRS 4.
AG9
Under IAS 17 
Leases
 a finance lease is regarded as primarily an entitlement of the lessor to receive, and an obligation of the lessee to pay, a stream of payments that are substantially the same as blended payments of principal and interest under a loan agreement. The lessor accounts for its investment in the amount receivable under the lease contract rather than the leased asset itself. An operating lease, on the other hand, is regarded as primarily an uncompleted contract committing the lessor to provide the use of an asset in future periods in exchange for consideration similar to a fee for a service. The lessor continues to account for the leased asset itself rather than any amount receivable in the future under the contract. Accordingly, a finance lease is regarded as a financial instrument and an operating lease is not regarded as a financial instrument (except as regards individual payments currently due and payable).
AG10
Physical assets (such as inventories, property, plant and equipment), leased assets and intangible assets (such as patents and trademarks) are not financial assets. Control of such physical and intangible assets creates an opportunity to generate an inflow of cash or another financial asset, but it does not give rise to a present right to receive cash or another financial asset.
AG11
Assets (such as prepaid expenses) for which the future economic benefit is the receipt of goods or services, rather than the right to receive cash or another financial asset, are not financial assets. Similarly, items such as deferred revenue and most warranty obligations are not financial liabilities because the outflow of economic benefits associated with them is the delivery of goods and services rather than a contractual obligation to pay cash or another financial asset.
AG12
Liabilities or assets that are not contractual (such as income taxes that are created as a result of statutory requirements imposed by governments) are not financial liabilities or financial assets. Accounting for income taxes is dealt with in IAS 12. Similarly, constructive obligations, as defined in IAS 37 
Provisions, contingent liabilities and contingent assets
, do not arise from contracts and are not financial liabilities.
Equity instruments
AG13
Examples of equity instruments include non-puttable ordinary shares, some types of preference shares (see paragraphs AG25 and AG26), and warrants or written call options that allow the holder to subscribe for or purchase a fixed number of non-puttable ordinary shares in the issuing entity in exchange for a fixed amount of cash or another financial asset. An entity's obligation to issue or purchase a fixed number of its own equity instruments in exchange for a fixed amount of cash or another financial asset is an equity instrument of the entity. However, if such a contract contains an obligation for the entity to pay cash or another financial asset, it also gives rise to a liability for the present value of the redemption amount (see paragraph AG27(a)). An issuer of non-puttable ordinary shares assumes a liability when it formally acts to make a distribution and becomes legally obligated to the shareholders to do so. This may be the case following the declaration of a dividend or when the entity is being wound up and any assets remaining after the satisfaction of liabilities become distributable to shareholders.
AG14
A purchased call option or other similar contract acquired by an entity that gives it the right to reacquire a fixed number of its own equity instruments in exchange for delivering a fixed amount of cash or another financial asset is not a financial asset of the entity. Instead, any consideration paid for such a contract is deducted from equity.
Derivative financial instruments
AG15
Financial instruments include primary instruments (such as receivables, payables and equity instruments) and derivative financial instruments (such as financial options, futures and forwards, interest rate swaps and currency swaps). Derivative financial instruments meet the definition of a financial instrument and, accordingly, are within the scope of this standard.
AG16
Derivative financial instruments create rights and obligations that have the effect of transferring between the parties to the instrument one or more of the financial risks inherent in an underlying primary financial instrument. On inception, derivative financial instruments give one party a contractual right to exchange financial assets or financial liabilities with another party under conditions that are potentially favourable, or a contractual obligation to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable. However, they generally 
(
2
)
 do not result in a transfer of the underlying primary financial instrument on inception of the contract, nor does such a transfer necessarily take place on maturity of the contract. Some instruments embody both a right and an obligation to make an exchange. Because the terms of the exchange are determined on inception of the derivative instrument, as prices in financial markets change those terms may become either favourable or unfavourable.
AG17
A put or call option to exchange financial assets or financial liabilities (i.e. financial instruments other than an entity's own equity instruments) gives the holder a right to obtain potential future economic benefits associated with changes in the fair value of the financial instrument underlying the contract. Conversely, the writer of an option assumes an obligation to forgo potential future economic benefits or bear potential losses of economic benefits associated with changes in the fair value of the underlying financial instrument. The contractual right of the holder and obligation of the writer meet the definition of a financial asset and a financial liability, respectively. The financial instrument underlying an option contract may be any financial asset, including shares in other entities and interest-bearing instruments. An option may require the writer to issue a debt instrument, rather than transfer a financial asset, but the instrument underlying the option would constitute a financial asset of the holder if the option were exercised. The option-holder's right to exchange the financial asset under potentially favourable conditions and the writer's obligation to exchange the financial asset under potentially unfavourable conditions are distinct from the underlying financial asset to be exchanged upon exercise of the option. The nature of the holder's right and of the writer's obligation are not affected by the likelihood that the option will be exercised.
AG18
Another example of a derivative financial instrument is a forward contract to be settled in six months' time in which one party (the purchaser) promises to deliver CU1 000 000 cash in exchange for CU1 000 000 face amount of fixed rate government bonds, and the other party (the seller) promises to deliver CU1 000 000 face amount of fixed rate government bonds in exchange for CU1 000 000 cash. During the six months, both parties have a contractual right and a contractual obligation to exchange financial instruments. If the market price of the government bonds rises above CU1 000 000, the conditions will be favourable to the purchaser and unfavourable to the seller; if the market price falls below CU1 000 000, the effect will be the opposite. The purchaser has a contractual right (a financial asset) similar to the right under a call option held and a contractual obligation (a financial liability) similar to the obligation under a put option written; the seller has a contractual right (a financial asset) similar to the right under a put option held and a contractual obligation (a financial liability) similar to the obligation under a call option written. As with options, these contractual rights and obligations constitute financial assets and financial liabilities separate and distinct from the underlying financial instruments (the bonds and cash to be exchanged). Both parties to a forward contract have an obligation to perform at the agreed time, whereas performance under an option contract occurs only if and when the holder of the option chooses to exercise it.
AG19
Many other types of derivative instruments embody a right or obligation to make a future exchange, including interest rate and currency swaps, interest rate caps, collars and floors, loan commitments, note issuance facilities and letters of credit. An interest rate swap contract may be viewed as a variation of a forward contract in which the parties agree to make a series of future exchanges of cash amounts, one amount calculated with reference to a floating interest rate and the other with reference to a fixed interest rate. Futures contracts are another variation of forward contracts, differing primarily in that the contracts are standardised and traded on an exchange.
Contracts to buy or sell non-financial items (paragraphs 8-10)
AG20
Contracts to buy or sell non-financial items do not meet the definition of a financial instrument because the contractual right of one party to receive a non-financial asset or service and the corresponding obligation of the other party do not establish a present right or obligation of either party to receive, deliver or exchange a financial asset. For example, contracts that provide for settlement only by the receipt or delivery of a non-financial item (e.g. an option, futures or forward contract on silver) are not financial instruments. Many commodity contracts are of this type. Some are standardised in form and traded on organised markets in much the same fashion as some derivative financial instruments. For example, a commodity futures contract may be bought and sold readily for cash because it is listed for trading on an exchange and may change hands many times. However, the parties buying and selling the contract are, in effect, trading the underlying commodity. The ability to buy or sell a commodity contract for cash, the ease with which it may be bought or sold and the possibility of negotiating a cash settlement of the obligation to receive or deliver the commodity do not alter the fundamental character of the contract in a way that creates a financial instrument. Nevertheless, some contracts to buy or sell non-financial items that can be settled net or by exchanging financial instruments, or in which the non-financial item is readily convertible to cash, are within the scope of the standard as if they were financial instruments (see paragraph 8).
AG21
A contract that involves the receipt or delivery of physical assets does not give rise to a financial asset of one party and a financial liability of the other party unless any corresponding payment is deferred past the date on which the physical assets are transferred. Such is the case with the purchase or sale of goods on trade credit.
AG22
Some contracts are commodity-linked, but do not involve settlement through the physical receipt or delivery of a commodity. They specify settlement through cash payments that are determined according to a formula in the contract, rather than through payment of fixed amounts. For example, the principal amount of a bond may be calculated by applying the market price of oil prevailing at the maturity of the bond to a fixed quantity of oil. The principal is indexed by reference to a commodity price, but is settled only in cash. Such a contract constitutes a financial instrument.
AG23
The definition of a financial instrument also encompasses a contract that gives rise to a non-financial asset or non-financial liability in addition to a financial asset or financial liability. Such financial instruments often give one party an option to exchange a financial asset for a non-financial asset. For example, an oil-linked bond may give the holder the right to receive a stream of fixed periodic interest payments and a fixed amount of cash on maturity, with the option to exchange the principal amount for a fixed quantity of oil. The desirability of exercising this option will vary from time to time depending on the fair value of oil relative to the exchange ratio of cash for oil (the exchange price) inherent in the bond. The intentions of the bondholder concerning the exercise of the option do not affect the substance of the component assets. The financial asset of the holder and the financial liability of the issuer make the bond a financial instrument, regardless of the other types of assets and liabilities also created.
AG24
[Deleted]
PRESENTATION
Liabilities and equity (paragraphs 15-27)
No contractual obligation to deliver cash or another financial asset (paragraphs 17-20)
AG25
Preference shares may be issued with various rights. In determining whether a preference share is a financial liability or an equity instrument, an issuer assesses the particular rights attaching to the share to determine whether it exhibits the fundamental characteristic of a financial liability. For example, a preference share that provides for redemption on a specific date or at the option of the holder contains a financial liability because the issuer has an obligation to transfer financial assets to the holder of the share. The potential inability of an issuer to satisfy an obligation to redeem a preference share when contractually required to do so, whether because of a lack of funds, a statutory restriction or insufficient profits or reserves, does not negate the obligation. An option of the issuer to redeem the shares for cash does not satisfy the definition of a financial liability because the issuer does not have a present obligation to transfer financial assets to the shareholders. In this case, redemption of the shares is solely at the discretion of the issuer. An obligation may arise, however, when the issuer of the shares exercises its option, usually by formally notifying the shareholders of an intention to redeem the shares.
AG26
When preference shares are non-redeemable, the appropriate classification is determined by the other rights that attach to them. Classification is based on an assessment of the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. When distributions to holders of the preference shares, whether cumulative or non-cumulative, are at the discretion of the issuer, the shares are equity instruments. The classification of a preference share as an equity instrument or a financial liability is not affected by, for example:
(a)
a history of making distributions;
(b)
an intention to make distributions in the future;
(c)
a possible negative impact on the price of ordinary shares of the issuer if distributions are not made (because of restrictions on paying dividends on the ordinary shares if dividends are not paid on the preference shares);
(d)
the amount of the issuer's reserves;
(e)
an issuer's expectation of a profit or loss for a period; or
(f)
an ability or inability of the issuer to influence the amount of its profit or loss for the period.
Settlement in the entity's own equity instruments (paragraphs 21-24)
AG27
The following examples illustrate how to classify different types of contracts on an entity's own equity instruments:
(a)
A contract that will be settled by the entity receiving or delivering a fixed number of its own shares for no future consideration, or exchanging a fixed number of its own shares for a fixed amount of cash or another financial asset, is an equity instrument. Accordingly, any consideration received or paid for such a contract is added directly to or deducted directly from equity. One example is an issued share option that gives the counterparty a right to buy a fixed number of the entity's shares for a fixed amount of cash. However, if the contract requires the entity to purchase (redeem) its own shares for cash or another financial asset at a fixed or determinable date or on demand, the entity also recognises a financial liability for the present value of the redemption amount. One example is an entity's obligation under a forward contract to repurchase a fixed number of its own shares for a fixed amount of cash.
(b)
An entity's obligation to purchase its own shares for cash gives rise to a financial liability for the present value of the redemption amount even if the number of shares that the entity is obliged to repurchase is not fixed or if the obligation is conditional on the counterparty exercising a right to redeem. One example of a conditional obligation is an issued option that requires the entity to repurchase its own shares for cash if the counterparty exercises the option.
(c)
A contract that will be settled in cash or another financial asset is a financial asset or financial liability even if the amount of cash or another financial asset that will be received or delivered is based on changes in the market price of the entity's own equity. One example is a net cash-settled share option.
(d)
A contract that will be settled in a variable number of the entity's own shares whose value equals a fixed amount or an amount based on changes in an underlying variable (e.g. a commodity price) is a financial asset or a financial liability. An example is a written option to buy gold that, if exercised, is settled net in the entity's own instruments by the entity delivering as many of those instruments as are equal to the value of the option contract. Such a contract is a financial asset or financial liability even if the underlying variable is the entity's own share price rather than gold. Similarly, a contract that will be settled in a fixed number of the entity's own shares, but the rights attaching to those shares will be varied so that the settlement value equals a fixed amount or an amount based on changes in an underlying variable, is a financial asset or a financial liability.
Contingent settlement provisions (paragraph 25)
AG28
Paragraph 25 requires that if a part of a contingent settlement provision that could require settlement in cash or another financial asset (or in another way that would result in the instrument being a financial liability) is not genuine, the settlement provision does not affect the classification of a financial instrument. Thus, a contract that requires settlement in cash or a variable number of the entity's own shares only on the occurrence of an event that is extremely rare, highly abnormal and very unlikely to occur is an equity instrument. Similarly, settlement in a fixed number of an entity's own shares may be contractually precluded in circumstances that are outside the control of the entity, but if these circumstances have no genuine possibility of occurring, classification as an equity instrument is appropriate.
Treatment in consolidated financial statements
AG29
In consolidated financial statements, an entity presents minority interests — i.e. the interests of other parties in the equity and income of its subsidiaries — in accordance with IAS 1 and IAS 27. When classifying a financial instrument (or a component of it) in consolidated financial statements, an entity considers all terms and conditions agreed between members of the group and the holders of the instrument in determining whether the group as a whole has an obligation to deliver cash or another financial asset in respect of the instrument or to settle it in a manner that results in liability classification. When a subsidiary in a group issues a financial instrument and a parent or other group entity agrees additional terms directly with the holders of the instrument (e.g. a guarantee), the group may not have discretion over distributions or redemption. Although the subsidiary may appropriately classify the instrument without regard to these additional terms in its individual financial statements, the effect of other agreements between members of the group and the holders of the instrument is considered in order to ensure that consolidated financial statements reflect the contracts and transactions entered into by the group as a whole. To the extent that there is such an obligation or settlement provision, the instrument (or the component of it that is subject to the obligation) is classified as a financial liability in consolidated financial statements.
Compound financial instruments (paragraphs 28-32)
AG30
Paragraph 28 applies only to issuers of non-derivative compound financial instruments. Paragraph 28 does not deal with compound financial instruments from the perspective of holders. IAS 39 deals with the separation of embedded derivatives from the perspective of holders of compound financial instruments that contain debt and equity features.
AG31
A common form of compound financial instrument is a debt instrument with an embedded conversion option, such as a bond convertible into ordinary shares of the issuer, and without any other embedded derivative features. Paragraph 28 requires the issuer of such a financial instrument to present the liability component and the equity component separately on the balance sheet, as follows:
(a)
The issuer's obligation to make scheduled payments of interest and principal is a financial liability that exists as long as the instrument is not converted. On initial recognition, the fair value of the liability component is the present value of the contractually determined stream of future cash flows discounted at the rate of interest applied at that time by the market to instruments of comparable credit status and providing substantially the same cash flows, on the same terms, but without the conversion option.
(b)
The equity instrument is an embedded option to convert the liability into equity of the issuer. The fair value of the option comprises its time value and its intrinsic value, if any. This option has value on initial recognition even when it is out of the money.
AG32
On conversion of a convertible instrument at maturity, the entity derecognises the liability component and recognises it as equity. The original equity component remains as equity (although it may be transferred from one line item within equity to another). There is no gain or loss on conversion at maturity.
AG33
When an entity extinguishes a convertible instrument before maturity through an early redemption or repurchase in which the original conversion privileges are unchanged, the entity allocates the consideration paid and any transaction costs for the repurchase or redemption to the liability and equity components of the instrument at the date of the transaction. The method used in allocating the consideration paid and transaction costs to the separate components is consistent with that used in the original allocation to the separate components of the proceeds received by the entity when the convertible instrument was issued, in accordance with paragraphs 28-32.
AG34
Once the allocation of the consideration is made, any resulting gain or loss is treated in accordance with accounting principles applicable to the related component, as follows:
(a)
the amount of gain or loss relating to the liability component is recognised in profit or loss; and
(b)
the amount of consideration relating to the equity component is recognised in equity.
AG35
An entity may amend the terms of a convertible instrument to induce early conversion, for example by offering a more favourable conversion ratio or paying other additional consideration in the event of conversion before a specified date. The difference, at the date the terms are amended, between the fair value of the consideration the holder receives on conversion of the instrument under the revised terms and the fair value of the consideration the holder would have received under the original terms is recognised as a loss in profit or loss.
Treasury shares (paragraphs 33 and 34)
AG36
An entity's own equity instruments are not recognised as a financial asset regardless of the reason for which they are reacquired. Paragraph 33 requires an entity that reacquires its own equity instruments to deduct those equity instruments from equity. However, when an entity holds its own equity on behalf of others, e.g. a financial institution holding its own equity on behalf of a client, there is an agency relationship and as a result those holdings are not included in the entity's balance sheet.
Interest, dividends, losses and gains (paragraphs 35-41)
AG37
The following example illustrates the application of paragraph 35 to a compound financial instrument. Assume that a non-cumulative preference share is mandatorily redeemable for cash in five years, but that dividends are payable at the discretion of the entity before the redemption date. Such an instrument is a compound financial instrument, with the liability component being the present value of the redemption amount. The unwinding of the discount on this component is recognised in profit or loss and classified as interest expense. Any dividends paid relate to the equity component and, accordingly, are recognised as a distribution of profit or loss. A similar treatment would apply if the redemption was not mandatory but at the option of the holder, or if the share was mandatorily convertible into a variable number of ordinary shares calculated to equal a fixed amount or an amount based on changes in an underlying variable (e.g. commodity). However, if any unpaid dividends are added to the redemption amount, the entire instrument is a liability. In such a case, any dividends are classified as interest expense.
Offsetting a financial asset and a financial liability (paragraphs 42-50)
AG38
To offset a financial asset and a financial liability, an entity must have a currently enforceable legal right to set off the recognised amounts. An entity may have a conditional right to set off recognised amounts, such as in a master netting agreement or in some forms of non-recourse debt, but such rights are enforceable only on the occurrence of some future event, usually a default of the counterparty. Thus, such an arrangement does not meet the conditions for offset.
AG39
The standard does not provide special treatment for so-called ‘synthetic instruments’, which are groups of separate financial instruments acquired and held to emulate the characteristics of another instrument. For example, a floating rate long-term debt combined with an interest rate swap that involves receiving floating payments and making fixed payments synthesises a fixed rate long-term debt. Each of the individual financial instruments that together constitute a ‘synthetic instrument’ represents a contractual right or obligation with its own terms and conditions and each may be transferred or settled separately. Each financial instrument is exposed to risks that may differ from the risks to which other financial instruments are exposed. Accordingly, when one financial instrument in a ‘synthetic instrument’ is an asset and another is a liability, they are not offset and presented on an entity's balance sheet on a net basis unless they meet the criteria for offsetting in paragraph 42.
DISCLOSURE
Financial assets and financial liabilities at fair value through profit or loss (paragraph 94(f))
AG40
[Deleted]
(
1
)
  In this guidance, monetary amounts are denominated in ‘currency units’ (CU).
(
2
)
  This is true of most, but not all derivatives, e.g. in some cross-currency interest rate swaps principal is exchanged on inception (and re-exchanged on maturity).
INTERNATIONAL ACCOUNTING STANDARD 33
Earnings per share
OBJECTIVE
1
The objective of this standard is to prescribe principles for the determination and presentation of earnings per share, so as to improve performance comparisons between different entities in the same reporting period and between different reporting periods for the same entity. Even though earnings per share data have limitations because of the different accounting policies that may be used for determining ‘earnings’, a consistently determined denominator enhances financial reporting. The focus of this standard is on the denominator of the earnings per share calculation.
SCOPE
2
This standard shall apply to:
(a)
the separate or individual financial statements of an entity:
(i)
whose ordinary shares or potential ordinary shares are traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local and regional markets); or
(ii)
that files, or is in the process of filing, its financial statements with a securities commission or other regulatory organisation for the purpose of issuing ordinary shares in a public market; and
(b)
the consolidated financial statements of a group with a parent:
(i)
whose ordinary shares or potential ordinary shares are traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local and regional markets); or
(ii)
that files, or is in the process of filing, its financial statements with a securities commission or other regulatory organisation for the purpose of issuing ordinary shares in a public market.
3
An entity that discloses earnings per share shall calculate and disclose earnings per share in accordance with this standard.
4
When an entity presents both consolidated financial statements and separate financial statements prepared in accordance with IAS 27 
Consolidated and separate financial statements
, the disclosures required by this standard need be presented only on the basis of the consolidated information. An entity that chooses to disclose earnings per share based on its separate financial statements shall present such earnings per share information only on the face of its separate income statement. An entity shall not present such earnings per share information in the consolidated financial statements.
DEFINITIONS
5
The following terms are used in this standard with the meanings specified:
Antidilution
 is an increase in earnings per share or a reduction in loss per share resulting from the assumption that convertible instruments are converted, that options or warrants are exercised, or that ordinary shares are issued upon the satisfaction of specified conditions.
A 
contingent share agreement
 is an agreement to issue shares that is dependent on the satisfaction of specified conditions.
Contingently issuable ordinary shares
 are ordinary shares issuable for little or no cash or other consideration upon the satisfaction of specified conditions in a contingent share agreement.
Dilution
 is a reduction in earnings per share or an increase in loss per share resulting from the assumption that convertible instruments are converted, that options or warrants are exercised, or that ordinary shares are issued upon the satisfaction of specified conditions.
Options, warrants and their equivalents
 are financial instruments that give the holder the right to purchase ordinary shares.
An 
ordinary share
 is an equity instrument that is subordinate to all other classes of equity instruments.
A 
potential ordinary share
 is a financial instrument or other contract that may entitle its holder to ordinary shares.
Put options
 on ordinary shares are contracts that give the holder the right to sell ordinary shares at a specified price for a given period.
6
Ordinary shares participate in profit for the period only after other types of shares such as preference shares have participated. An entity may have more than one class of ordinary shares. Ordinary shares of the same class have the same rights to receive dividends.
7
Examples of potential ordinary shares are:
(a)
financial liabilities or equity instruments, including preference shares, that are convertible into ordinary shares;
(b)
options and warrants;
(c)
shares that would be issued upon the satisfaction of conditions resulting from contractual arrangements, such as the purchase of a business or other assets.
8
Terms defined in IAS 32 
Financial instruments: presentation
 are used in this standard with the meanings specified in paragraph 11 of IAS 32, unless otherwise noted. IAS 32 defines financial instrument, financial asset, financial liability, equity instrument and fair value, and provides guidance on applying those definitions.
MEASUREMENT
Basic earnings per share
9
An entity shall calculate basic earnings per share amounts for profit or loss attributable to ordinary equity holders of the parent entity and, if presented, profit or loss from continuing operations attributable to those equity holders.
10
Basic earnings per share shall be calculated by dividing profit or loss attributable to ordinary equity holders of the parent entity (the numerator) by the weighted average number of ordinary shares outstanding (the denominator) during the period.
11
The objective of basic earnings per share information is to provide a measure of the interests of each ordinary share of a parent entity in the performance of the entity over the reporting period.
Earnings
12
For the purpose of calculating basic earnings per share, the amounts attributable to ordinary equity holders of the parent entity in respect of:
(a)
profit or loss from continuing operations attributable to the parent entity; and
(b)
profit or loss attributable to the parent entity;
shall be the amounts in (a) and (b) adjusted for the after-tax amounts of preference dividends, differences arising on the settlement of preference shares, and other similar effects of preference shares classified as equity.
13
All items of income and expense attributable to ordinary equity holders of the parent entity that are recognised in a period, including tax expense and dividends on preference shares classified as liabilities are included in the determination of profit or loss for the period attributable to ordinary equity holders of the parent entity (see IAS 1 
Presentation of financial statements
).
14
The after-tax amount of preference dividends that is deducted from profit or loss is:
(a)
the after-tax amount of any preference dividends on non-cumulative preference shares declared in respect of the period; and
(b)
the after-tax amount of the preference dividends for cumulative preference shares required for the period, whether or not the dividends have been declared. The amount of preference dividends for the period does not include the amount of any preference dividends for cumulative preference shares paid or declared during the current period in respect of previous periods.
15
Preference shares that provide for a low initial dividend to compensate an entity for selling the preference shares at a discount, or an above-market dividend in later periods to compensate investors for purchasing preference shares at a premium, are sometimes referred to as increasing rate preference shares. Any original issue discount or premium on increasing rate preference shares is amortised to retained earnings using the effective interest method and treated as a preference dividend for the purposes of calculating earnings per share.
16
Preference shares may be repurchased under an entity's tender offer to the holders. The excess of the fair value of the consideration paid to the preference shareholders over the carrying amount of the preference shares represents a return to the holders of the preference shares and a charge to retained earnings for the entity. This amount is deducted in calculating profit or loss attributable to ordinary equity holders of the parent entity.
17
Early conversion of convertible preference shares may be induced by an entity through favourable changes to the original conversion terms or the payment of additional consideration. The excess of the fair value of the ordinary shares or other consideration paid over the fair value of the ordinary shares issuable under the original conversion terms is a return to the preference shareholders, and is deducted in calculating profit or loss attributable to ordinary equity holders of the parent entity.
18
Any excess of the carrying amount of preference shares over the fair value of the consideration paid to settle them is added in calculating profit or loss attributable to ordinary equity holders of the parent entity.
Shares
19
For the purpose of calculating basic earnings per share, the number of ordinary shares shall be the weighted average number of ordinary shares outstanding during the period.
20
Using the weighted average number of ordinary shares outstanding during the period reflects the possibility that the amount of shareholders' capital varied during the period as a result of a larger or smaller number of shares being outstanding at any time. The weighted average number of ordinary shares outstanding during the period is the number of ordinary shares outstanding at the beginning of the period, adjusted by the number of ordinary shares bought back or issued during the period multiplied by a time-weighting factor. The time-weighting factor is the number of days that the shares are outstanding as a proportion of the total number of days in the period; a reasonable approximation of the weighted average is adequate in many circumstances.
21
Shares are usually included in the weighted average number of shares from the date consideration is receivable (which is generally the date of their issue), for example:
(a)
ordinary shares issued in exchange for cash are included when cash is receivable;
(b)
ordinary shares issued on the voluntary reinvestment of dividends on ordinary or preference shares are included when dividends are reinvested;
(c)
ordinary shares issued as a result of the conversion of a debt instrument to ordinary shares are included from the date that interest ceases to accrue;
(d)
ordinary shares issued in place of interest or principal on other financial instruments are included from the date that interest ceases to accrue;
(e)
ordinary shares issued in exchange for the settlement of a liability of the entity are included from the settlement date;
(f)
ordinary shares issued as consideration for the acquisition of an asset other than cash are included as of the date on which the acquisition is recognised; and
(g)
ordinary shares issued for the rendering of services to the entity are included as the services are rendered.
The timing of the inclusion of ordinary shares is determined by the terms and conditions attaching to their issue. Due consideration is given to the substance of any contract associated with the issue.
22
Ordinary shares issued as part of the cost of a business combination are included in the weighted average number of shares from the acquisition date. This is because the acquirer incorporates into its income statement the acquiree's profits and losses from that date.
23
Ordinary shares that will be issued upon the conversion of a mandatorily convertible instrument are included in the calculation of basic earnings per share from the date the contract is entered into.
24
Contingently issuable shares are treated as outstanding and are included in the calculation of basic earnings per share only from the date when all necessary conditions are satisfied (i.e. the events have occurred). Shares that are issuable solely after the passage of time are not contingently issuable shares, because the passage of time is a certainty. Outstanding ordinary shares that are contingently returnable (i.e. subject to recall) are not treated as outstanding and are excluded from the calculation of basic earnings per share until the date the shares are no longer subject to recall.
25
[Deleted]
26
The weighted average number of ordinary shares outstanding during the period and for all periods presented shall be adjusted for events, other than the conversion of potential ordinary shares, that have changed the number of ordinary shares outstanding without a corresponding change in resources.
27
Ordinary shares may be issued, or the number of ordinary shares outstanding may be reduced, without a corresponding change in resources. Examples include:
(a)
a capitalisation or bonus issue (sometimes referred to as a stock dividend);
(b)
a bonus element in any other issue, for example a bonus element in a rights issue to existing shareholders;
(c)
a share split; and
(d)
a reverse share split (consolidation of shares).
28
In a capitalisation or bonus issue or a share split, ordinary shares are issued to existing shareholders for no additional consideration. Therefore, the number of ordinary shares outstanding is increased without an increase in resources. The number of ordinary shares outstanding before the event is adjusted for the proportionate change in the number of ordinary shares outstanding as if the event had occurred at the beginning of the earliest period presented. For example, on a two-for-one bonus issue, the number of ordinary shares outstanding before the issue is multiplied by three to obtain the new total number of ordinary shares, or by two to obtain the number of additional ordinary shares.
29
A consolidation of ordinary shares generally reduces the number of ordinary shares outstanding without a corresponding reduction in resources. However, when the overall effect is a share repurchase at fair value, the reduction in the number of ordinary shares outstanding is the result of a corresponding reduction in resources. An example is a share consolidation combined with a special dividend. The weighted average number of ordinary shares outstanding for the period in which the combined transaction takes place is adjusted for the reduction in the number of ordinary shares from the date the special dividend is recognised.
Diluted earnings per share
30
An entity shall calculate diluted earnings per share amounts for profit or loss attributable to ordinary equity holders of the parent entity and, if presented, profit or loss from continuing operations attributable to those equity holders.
31
For the purpose of calculating diluted earnings per share, an entity shall adjust profit or loss attributable to ordinary equity holders of the parent entity, and the weighted average number of shares outstanding, for the effects of all dilutive potential ordinary shares.
32
The objective of diluted earnings per share is consistent with that of basic earnings per share — to provide a measure of the interest of each ordinary share in the performance of an entity — while giving effect to all dilutive potential ordinary shares outstanding during the period. As a result:
(a)
profit or loss attributable to ordinary equity holders of the parent entity is increased by the after-tax amount of dividends and interest recognised in the period in respect of the dilutive potential ordinary shares and is adjusted for any other changes in income or expense that would result from the conversion of the dilutive potential ordinary shares; and
(b)
the weighted average number of ordinary shares outstanding is increased by the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.
Earnings
33
For the purpose of calculating diluted earnings per share, an entity shall adjust profit or loss attributable to ordinary equity holders of the parent entity, as calculated in accordance with paragraph 12, by the after-tax effect of:
(a)
any dividends or other items related to dilutive potential ordinary shares deducted in arriving at profit or loss attributable to ordinary equity holders of the parent entity as calculated in accordance with paragraph 12;
(b)
any interest recognised in the period related to dilutive potential ordinary shares; and
(c)
any other changes in income or expense that would result from the conversion of the dilutive potential ordinary shares.
34
After the potential ordinary shares are converted into ordinary shares, the items identified in paragraph 33(a)-(c) no longer arise. Instead, the new ordinary shares are entitled to participate in profit or loss attributable to ordinary equity holders of the parent entity. Therefore, profit or loss attributable to ordinary equity holders of the parent entity calculated in accordance with paragraph 12 is adjusted for the items identified in paragraph 33(a)-(c) and any related taxes. The expenses associated with potential ordinary shares include transaction costs and discounts accounted for in accordance with the effective interest method (see paragraph 9 of IAS 39 
Financial instruments: recognition and measurement
, as revised in 2003).
35
The conversion of potential ordinary shares may lead to consequential changes in income or expenses. For example, the reduction of interest expense related to potential ordinary shares and the resulting increase in profit or reduction in loss may lead to an increase in the expense related to a non-discretionary employee profit-sharing plan. For the purpose of calculating diluted earnings per share, profit or loss attributable to ordinary equity holders of the parent entity is adjusted for any such consequential changes in income or expense.
Shares
36
For the purpose of calculating diluted earnings per share, the number of ordinary shares shall be the weighted average number of ordinary shares calculated in accordance with paragraphs 19 and 26, plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. Dilutive potential ordinary shares shall be deemed to have been converted into ordinary shares at the beginning of the period or, if later, the date of the issue of the potential ordinary shares.
37
Dilutive potential ordinary shares shall be determined independently for each period presented. The number of dilutive potential ordinary shares included in the year-to-date period is not a weighted average of the dilutive potential ordinary shares included in each interim computation.
38
Potential ordinary shares are weighted for the period they are outstanding. Potential ordinary shares that are cancelled or allowed to lapse during the period are included in the calculation of diluted earnings per share only for the portion of the period during which they are outstanding. Potential ordinary shares that are converted into ordinary shares during the period are included in the calculation of diluted earnings per share from the beginning of the period to the date of conversion; from the date of conversion, the resulting ordinary shares are included in both basic and diluted earnings per share.
39
The number of ordinary shares that would be issued on conversion of dilutive potential ordinary shares is determined from the terms of the potential ordinary shares. When more than one basis of conversion exists, the calculation assumes the most advantageous conversion rate or exercise price from the standpoint of the holder of the potential ordinary shares.
40
A subsidiary, joint venture or associate may issue to parties other than the parent, venturer or investor potential ordinary shares that are convertible into either ordinary shares of the subsidiary, joint venture or associate, or ordinary shares of the parent, venturer or investor (the reporting entity). If these potential ordinary shares of the subsidiary, joint venture or associate have a dilutive effect on the basic earnings per share of the reporting entity, they are included in the calculation of diluted earnings per share.
Dilutive potential ordinary shares
41
Potential ordinary shares shall be treated as dilutive when, and only when, their conversion to ordinary shares would decrease earnings per share or increase loss per share from continuing operations.
42
An entity uses profit or loss from continuing operations attributable to the parent entity as the control number to establish whether potential ordinary shares are dilutive or antidilutive. Profit or loss from continuing operations attributable to the parent entity is adjusted in accordance with paragraph 12 and excludes items relating to discontinued operations.
43
Potential ordinary shares are antidilutive when their conversion to ordinary shares would increase earnings per share or decrease loss per share from continuing operations. The calculation of diluted earnings per share does not assume conversion, exercise, or other issue of potential ordinary shares that would have an antidilutive effect on earnings per share.
44
In determining whether potential ordinary shares are dilutive or antidilutive, each issue or series of potential ordinary shares is considered separately rather than in aggregate. The sequence in which potential ordinary shares are considered may affect whether they are dilutive. Therefore, to maximise the dilution of basic earnings per share, each issue or series of potential ordinary shares is considered in sequence from the most dilutive to the least dilutive, i.e. dilutive potential ordinary shares with the lowest ‘earnings per incremental share’ are included in the diluted earnings per share calculation before those with a higher earnings per incremental share. Options and warrants are generally included first because they do not affect the numerator of the calculation.
Options, warrants and their equivalents
45
For the purpose of calculating diluted earnings per share, an entity shall assume the exercise of dilutive options and warrants of the entity. The assumed proceeds from these instruments shall be regarded as having been received from the issue of ordinary shares at the average market price of ordinary shares during the period. The difference between the number of ordinary shares issued and the number of ordinary shares that would have been issued at the average market price of ordinary shares during the period shall be treated as an issue of ordinary shares for no consideration.
46
Options and warrants are dilutive when they would result in the issue of ordinary shares for less than the average market price of ordinary shares during the period. The amount of the dilution is the average market price of ordinary shares during the period minus the issue price. Therefore, to calculate diluted earnings per share, potential ordinary shares are treated as consisting of both the following:
(a)
a contract to issue a certain number of the ordinary shares at their average market price during the period. Such ordinary shares are assumed to be fairly priced and to be neither dilutive nor antidilutive. They are ignored in the calculation of diluted earnings per share;
(b)
a contract to issue the remaining ordinary shares for no consideration. Such ordinary shares generate no proceeds and have no effect on profit or loss attributable to ordinary shares outstanding. Therefore, such shares are dilutive and are added to the number of ordinary shares outstanding in the calculation of diluted earnings per share.
47
Options and warrants have a dilutive effect only when the average market price of ordinary shares during the period exceeds the exercise price of the options or warrants (i.e. they are ‘in the money’). Previously reported earnings per share are not retroactively adjusted to reflect changes in prices of ordinary shares.
47A
For share options and other share-based payment arrangements to which IFRS 2 
Share-based payment
 applies, the issue price referred to in paragraph 46 and the exercise price referred to in paragraph 47 shall include the fair value of any goods or services to be supplied to the entity in the future under the share option or other share-based payment arrangement.
48
Employee share options with fixed or determinable terms and non-vested ordinary shares are treated as options in the calculation of diluted earnings per share, even though they may be contingent on vesting. They are treated as outstanding on the grant date. Performance-based employee share options are treated as contingently issuable shares because their issue is contingent upon satisfying specified conditions in addition to the passage of time.
Convertible instruments
49
The dilutive effect of convertible instruments shall be reflected in diluted earnings per share in accordance with paragraphs 33 and 36.
50
Convertible preference shares are antidilutive whenever the amount of the dividend on such shares declared in or accumulated for the current period per ordinary share obtainable on conversion exceeds basic earnings per share. Similarly, convertible debt is antidilutive whenever its interest (net of tax and other changes in income or expense) per ordinary share obtainable on conversion exceeds basic earnings per share.
51
The redemption or induced conversion of convertible preference shares may affect only a portion of the previously outstanding convertible preference shares. In such cases, any excess consideration referred to in paragraph 17 is attributed to those shares that are redeemed or converted for the purpose of determining whether the remaining outstanding preference shares are dilutive. The shares redeemed or converted are considered separately from those shares that are not redeemed or converted.
Contingently issuable shares
52
As in the calculation of basic earnings per share, contingently issuable ordinary shares are treated as outstanding and included in the calculation of diluted earnings per share if the conditions are satisfied (i.e. the events have occurred). Contingently issuable shares are included from the beginning of the period (or from the date of the contingent share agreement, if later). If the conditions are not satisfied, the number of contingently issuable shares included in the diluted earnings per share calculation is based on the number of shares that would be issuable if the end of the period were the end of the contingency period. Restatement is not permitted if the conditions are not met when the contingency period expires.
53
If attainment or maintenance of a specified amount of earnings for a period is the condition for contingent issue and if that amount has been attained at the end of the reporting period but must be maintained beyond the end of the reporting period for an additional period, then the additional ordinary shares are treated as outstanding, if the effect is dilutive, when calculating diluted earnings per share. In that case, the calculation of diluted earnings per share is based on the number of ordinary shares that would be issued if the amount of earnings at the end of the reporting period were the amount of earnings at the end of the contingency period. Because earnings may change in a future period, the calculation of basic earnings per share does not include such contingently issuable ordinary shares until the end of the contingency period because not all necessary conditions have been satisfied.
54
The number of ordinary shares contingently issuable may depend on the future market price of the ordinary shares. In that case, if the effect is dilutive, the calculation of diluted earnings per share is based on the number of ordinary shares that would be issued if the market price at the end of the reporting period were the market price at the end of the contingency period. If the condition is based on an average of market prices over a period of time that extends beyond the end of the reporting period, the average for the period of time that has lapsed is used. Because the market price may change in a future period, the calculation of basic earnings per share does not include such contingently issuable ordinary shares until the end of the contingency period because not all necessary conditions have been satisfied.
55
The number of ordinary shares contingently issuable may depend on future earnings and future prices of the ordinary shares. In such cases, the number of ordinary shares included in the diluted earnings per share calculation is based on both conditions (i.e. earnings to date and the current market price at the end of the reporting period). Contingently issuable ordinary shares are not included in the diluted earnings per share calculation unless both conditions are met.
56
In other cases, the number of ordinary shares contingently issuable depends on a condition other than earnings or market price (for example, the opening of a specific number of retail stores). In such cases, assuming that the present status of the condition remains unchanged until the end of the contingency period, the contingently issuable ordinary shares are included in the calculation of diluted earnings per share according to the status at the end of the reporting period.
57
Contingently issuable potential ordinary shares (other than those covered by a contingent share agreement, such as contingently issuable convertible instruments) are included in the diluted earnings per share calculation as follows:
(a)
an entity determines whether the potential ordinary shares may be assumed to be issuable on the basis of the conditions specified for their issue in accordance with the contingent ordinary share provisions in paragraphs 52-56; and
(b)
if those potential ordinary shares should be reflected in diluted earnings per share, an entity determines their impact on the calculation of diluted earnings per share by following the provisions for options and warrants in paragraphs 45-48, the provisions for convertible instruments in paragraphs 49-51, the provisions for contracts that may be settled in ordinary shares or cash in paragraphs 58-61, or other provisions, as appropriate.
However, exercise or conversion is not assumed for the purpose of calculating diluted earnings per share unless exercise or conversion of similar outstanding potential ordinary shares that are not contingently issuable is assumed.
Contracts that may be settled in ordinary shares or cash
58
When an entity has issued a contract that may be settled in ordinary shares or cash at the entity's option, the entity shall presume that the contract will be settled in ordinary shares, and the resulting potential ordinary shares shall be included in diluted earnings per share if the effect is dilutive.
59
When such a contract is presented for accounting purposes as an asset or a liability, or has an equity component and a liability component, the entity shall adjust the numerator for any changes in profit or loss that would have resulted during the period if the contract had been classified wholly as an equity instrument. That adjustment is similar to the adjustments required in paragraph 33.
60
For contracts that may be settled in ordinary shares or cash at the holder's option, the more dilutive of cash settlement and share settlement shall be used in calculating diluted earnings per share.
61
An example of a contract that may be settled in ordinary shares or cash is a debt instrument that, on maturity, gives the entity the unrestricted right to settle the principal amount in cash or in its own ordinary shares. Another example is a written put option that gives the holder a choice of settling in ordinary shares or cash.
Purchased options
62
Contracts such as purchased put options and purchased call options (i.e. options held by the entity on its own ordinary shares) are not included in the calculation of diluted earnings per share because including them would be antidilutive. The put option would be exercised only if the exercise price were higher than the market price and the call option would be exercised only if the exercise price were lower than the market price.
Written put options
63
Contracts that require the entity to repurchase its own shares, such as written put options and forward purchase contracts, are reflected in the calculation of diluted earnings per share if the effect is dilutive. If these contracts are ‘in the money’ during the period (i.e. the exercise or settlement price is above the average market price for that period), the potential dilutive effect on earnings per share shall be calculated as follows:
(a)
it shall be assumed that at the beginning of the period sufficient ordinary shares will be issued (at the average market price during the period) to raise proceeds to satisfy the contract;
(b)
it shall be assumed that the proceeds from the issue are used to satisfy the contract (i.e. to buy back ordinary shares); and
(c)
the incremental ordinary shares (the difference between the number of ordinary shares assumed issued and the number of ordinary shares received from satisfying the contract) shall be included in the calculation of diluted earnings per share.
RETROSPECTIVE ADJUSTMENTS
64
If the number of ordinary or potential ordinary shares outstanding increases as a result of a capitalisation, bonus issue or share split, or decreases as a result of a reverse share split, the calculation of basic and diluted earnings per share for all periods presented shall be adjusted retrospectively. If these changes occur after the balance sheet date but before the financial statements are authorised for issue, the per share calculations for those and any prior period financial statements presented shall be based on the new number of shares. The fact that per share calculations reflect such changes in the number of shares shall be disclosed. In addition, basic and diluted earnings per share of all periods presented shall be adjusted for the effects of errors and adjustments resulting from changes in accounting policies accounted for retrospectively.
65
An entity does not restate diluted earnings per share of any prior period presented for changes in the assumptions used in earnings per share calculations or for the conversion of potential ordinary shares into ordinary shares.
PRESENTATION
66
An entity shall present on the face of the income statement basic and diluted earnings per share for profit or loss from continuing operations attributable to the ordinary equity holders of the parent entity and for profit or loss attributable to the ordinary equity holders of the parent entity for the period for each class of ordinary shares that has a different right to share in profit for the period. An entity shall present basic and diluted earnings per share with equal prominence for all periods presented.
67
Earnings per share is presented for every period for which an income statement is presented. If diluted earnings per share is reported for at least one period, it shall be reported for all periods presented, even if it equals basic earnings per share. If basic and diluted earnings per share are equal, dual presentation can be accomplished in one line on the income statement.
68
An entity that reports a discontinued operation shall disclose the basic and diluted amounts per share for the discontinued operation either on the face of the income statement or in the notes.
69
An entity shall present basic and diluted earnings per share, even if the amounts are negative (i.e. a loss per share).
DISCLOSURE
70
An entity shall disclose the following:
(a)
the amounts used as the numerators in calculating basic and diluted earnings per share, and a reconciliation of those amounts to profit or loss attributable to the parent entity for the period. The reconciliation shall include the individual effect of each class of instruments that affects earnings per share;
(b)
the weighted average number of ordinary shares used as the denominator in calculating basic and diluted earnings per share, and a reconciliation of these denominators to each other. The reconciliation shall include the individual effect of each class of instruments that affects earnings per share;
(c)
instruments (including contingently issuable shares) that could potentially dilute basic earnings per share in the future, but were not included in the calculation of diluted earnings per share because they are antidilutive for the period(s) presented;
(d)
a description of ordinary share transactions or potential ordinary share transactions, other than those accounted for in accordance with paragraph 64, that occur after the balance sheet date and that would have changed significantly the number of ordinary shares or potential ordinary shares outstanding at the end of the period if those transactions had occurred before the end of the reporting period.
71
Examples of transactions in paragraph 70(d) include:
(a)
an issue of shares for cash;
(b)
an issue of shares when the proceeds are used to repay debt or preference shares outstanding at the balance sheet date;
(c)
the redemption of ordinary shares outstanding;
(d)
the conversion or exercise of potential ordinary shares outstanding at the balance sheet date into ordinary shares;
(e)
an issue of options, warrants, or convertible instruments; and
(f)
the achievement of conditions that would result in the issue of contingently issuable shares.
Earnings per share amounts are not adjusted for such transactions occurring after the balance sheet date because such transactions do not affect the amount of capital used to produce profit or loss for the period.
72
Financial instruments and other contracts generating potential ordinary shares may incorporate terms and conditions that affect the measurement of basic and diluted earnings per share. These terms and conditions may determine whether any potential ordinary shares are dilutive and, if so, the effect on the weighted average number of shares outstanding and any consequent adjustments to profit or loss attributable to ordinary equity holders. The disclosure of the terms and conditions of such financial instruments and other contracts is encouraged, if not otherwise required (see IFRS 7 
Financial instruments: disclosures
).
73
If an entity discloses, in addition to basic and diluted earnings per share, amounts per share using a reported component of the income statement other than one required by this standard, such amounts shall be calculated using the weighted average number of ordinary shares determined in accordance with this standard. Basic and diluted amounts per share relating to such a component shall be disclosed with equal prominence and presented in the notes. An entity shall indicate the basis on which the numerator(s) is (are) determined, including whether amounts per share are before tax or after tax. If a component of the income statement is used that is not reported as a line item in the income statement, a reconciliation shall be provided between the component used and a line item that is reported in the income statement.
EFFECTIVE DATE
74
An entity shall apply this standard for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. If an entity applies the standard for a period beginning before 1 January 2005, it shall disclose that fact.
WITHDRAWAL OF OTHER PRONOUNCEMENTS
75
This standard supersedes IAS 33 
Earnings per share
 (issued in 1997).
76
This standard supersedes SIC-24 
Earnings per share — financial instruments and other contracts that may be settled in shares
.
Appendix A
APPLICATION GUIDANCE
This appendix is an integral part of the standard.
PROFIT OR LOSS ATTRIBUTABLE TO THE PARENT ENTITY
A1
For the purpose of calculating earnings per share based on the consolidated financial statements, profit or loss attributable to the parent entity refers to profit or loss of the consolidated entity after adjusting for minority interests.
RIGHTS ISSUES
A2
The issue of ordinary shares at the time of exercise or conversion of potential ordinary shares does not usually give rise to a bonus element. This is because the potential ordinary shares are usually issued for full value, resulting in a proportionate change in the resources available to the entity. In a rights issue, however, the exercise price is often less than the fair value of the shares. Therefore, as noted in paragraph 27(b), such a rights issue includes a bonus element. If a rights issue is offered to all existing shareholders, the number of ordinary shares to be used in calculating basic and diluted earnings per share for all periods before the rights issue is the number of ordinary shares outstanding before the issue, multiplied by the following factor:
Fair value per share immediately before the exercise of rights
Theoretical ex-rights fair value per share
The theoretical ex-rights fair value per share is calculated by adding the aggregate market value of the shares immediately before the exercise of the rights to the proceeds from the exercise of the rights, and dividing by the number of shares outstanding after the exercise of the rights. Where the rights are to be publicly traded separately from the shares before the exercise date, fair value for the purposes of this calculation is established at the close of the last day on which the shares are traded together with the rights.
CONTROL NUMBER
A3
To illustrate the application of the control number notion described in paragraphs 42 and 43, assume that an entity has profit from continuing operations attributable to the parent entity of CU4 800 
(
*1
)
, a loss from discontinued operations attributable to the parent entity of (CU7 200), a loss attributable to the parent entity of (CU2 400), and 2 000 ordinary shares and 400 potential ordinary shares outstanding. The entity's basic earnings per share is CU2,40 for continuing operations, (CU3,60) for discontinued operations and (CU1,20) for the loss. The 400 potential ordinary shares are included in the diluted earnings per share calculation because the resulting CU2,00 earnings per share for continuing operations is dilutive, assuming no profit or loss impact of those 400 potential ordinary shares. Because profit from continuing operations attributable to the parent entity is the control number, the entity also includes those 400 potential ordinary shares in the calculation of the other earnings per share amounts, even though the resulting earnings per share amounts are antidilutive to their comparable basic earnings per share amounts, i.e. the loss per share is less [(CU3,00) per share for the loss from discontinued operations and (CU1,00) per share for the loss].
AVERAGE MARKET PRICE OF ORDINARY SHARES
A4
For the purpose of calculating diluted earnings per share, the average market price of ordinary shares assumed to be issued is calculated on the basis of the average market price of the ordinary shares during the period. Theoretically, every market transaction for an entity's ordinary shares could be included in the determination of the average market price. As a practical matter, however, a simple average of weekly or monthly prices is usually adequate.
A5
Generally, closing market prices are adequate for calculating the average market price. When prices fluctuate widely, however, an average of the high and low prices usually produces a more representative price. The method used to calculate the average market price is used consistently unless it is no longer representative because of changed conditions. For example, an entity that uses closing market prices to calculate the average market price for several years of relatively stable prices might change to an average of high and low prices if prices start fluctuating greatly and the closing market prices no longer produce a representative average price.
OPTIONS, WARRANTS AND THEIR EQUIVALENTS
A6
Options or warrants to purchase convertible instruments are assumed to be exercised to purchase the convertible instrument whenever the average prices of both the convertible instrument and the ordinary shares obtainable upon conversion are above the exercise price of the options or warrants. However, exercise is not assumed unless conversion of similar outstanding convertible instruments, if any, is also assumed.
A7
Options or warrants may permit or require the tendering of debt or other instruments of the entity (or its parent or a subsidiary) in payment of all or a portion of the exercise price. In the calculation of diluted earnings per share, those options or warrants have a dilutive effect if (a) the average market price of the related ordinary shares for the period exceeds the exercise price or (b) the selling price of the instrument to be tendered is below that at which the instrument may be tendered under the option or warrant agreement and the resulting discount establishes an effective exercise price below the market price of the ordinary shares obtainable upon exercise. In the calculation of diluted earnings per share, those options or warrants are assumed to be exercised and the debt or other instruments are assumed to be tendered. If tendering cash is more advantageous to the option or warrant holder and the contract permits tendering cash, tendering of cash is assumed. Interest (net of tax) on any debt assumed to be tendered is added back as an adjustment to the numerator.
A8
Similar treatment is given to preference shares that have similar provisions or to other instruments that have conversion options that permit the investor to pay cash for a more favourable conversion rate.
A9
The underlying terms of certain options or warrants may require the proceeds received from the exercise of those instruments to be applied to redeem debt or other instruments of the entity (or its parent or a subsidiary). In the calculation of diluted earnings per share, those options or warrants are assumed to be exercised and the proceeds applied to purchase the debt at its average market price rather than to purchase ordinary shares. However, the excess proceeds received from the assumed exercise over the amount used for the assumed purchase of debt are considered (i.e. assumed to be used to buy back ordinary shares) in the diluted earnings per share calculation. Interest (net of tax) on any debt assumed to be purchased is added back as an adjustment to the numerator.
WRITTEN PUT OPTIONS
A10
To illustrate the application of paragraph 63, assume that an entity has outstanding 120 written put options on its ordinary shares with an exercise price of CU35. The average market price of its ordinary shares for the period is CU28. In calculating diluted earnings per share, the entity assumes that it issued 150 shares at CU28 per share at the beginning of the period to satisfy its put obligation of CU4 200. The difference between the 150 ordinary shares issued and the 120 ordinary shares received from satisfying the put option (30 incremental ordinary shares) is added to the denominator in calculating diluted earnings per share.
INSTRUMENTS OF SUBSIDIARIES, JOINT VENTURES OR ASSOCIATES
A11
Potential ordinary shares of a subsidiary, joint venture or associate convertible into either ordinary shares of the subsidiary, joint venture or associate, or ordinary shares of the parent, venturer or investor (the reporting entity) are included in the calculation of diluted earnings per share as follows:
(a)
instruments issued by a subsidiary, joint venture or associate that enable their holders to obtain ordinary shares of the subsidiary, joint venture or associate are included in calculating the diluted earnings per share data of the subsidiary, joint venture or associate. Those earnings per share are then included in the reporting entity's earnings per share calculations based on the reporting entity's holding of the instruments of the subsidiary, joint venture or associate;
(b)
instruments of a subsidiary, joint venture or associate that are convertible into the reporting entity's ordinary shares are considered among the potential ordinary shares of the reporting entity for the purpose of calculating diluted earnings per share. Likewise, options or warrants issued by a subsidiary, joint venture or associate to purchase ordinary shares of the reporting entity are considered among the potential ordinary shares of the reporting entity in the calculation of consolidated diluted earnings per share.
A12
For the purpose of determining the earnings per share effect of instruments issued by a reporting entity that are convertible into ordinary shares of a subsidiary, joint venture or associate, the instruments are assumed to be converted and the numerator (profit or loss attributable to ordinary equity holders of the parent entity) adjusted as necessary in accordance with paragraph 33. In addition to those adjustments, the numerator is adjusted for any change in the profit or loss recorded by the reporting entity (such as dividend income or equity method income) that is attributable to the increase in the number of ordinary shares of the subsidiary, joint venture or associate outstanding as a result of the assumed conversion. The denominator of the diluted earnings per share calculation is not affected because the number of ordinary shares of the reporting entity outstanding would not change upon assumed conversion.
PARTICIPATING EQUITY INSTRUMENTS AND TWO-CLASS ORDINARY SHARES
A13
The equity of some entities includes:
(a)
instruments that participate in dividends with ordinary shares according to a predetermined formula (for example, two for one) with, at times, an upper limit on the extent of participation (for example, up to, but not beyond, a specified amount per share);
(b)
a class of ordinary shares with a different dividend rate from that of another class of ordinary shares but without prior or senior rights.
A14
For the purpose of calculating diluted earnings per share, conversion is assumed for those instruments described in paragraph A13 that are convertible into ordinary shares if the effect is dilutive. For those instruments that are not convertible into a class of ordinary shares, profit or loss for the period is allocated to the different classes of shares and participating equity instruments in accordance with their dividend rights or other rights to participate in undistributed earnings. To calculate basic and diluted earnings per share:
(a)
profit or loss attributable to ordinary equity holders of the parent entity is adjusted (a profit reduced and a loss increased) by the amount of dividends declared in the period for each class of shares and by the contractual amount of dividends (or interest on participating bonds) that must be paid for the period (for example, unpaid cumulative dividends);
(b)
the remaining profit or loss is allocated to ordinary shares and participating equity instruments to the extent that each instrument shares in earnings as if all of the profit or loss for the period had been distributed. The total profit or loss allocated to each class of equity instrument is determined by adding together the amount allocated for dividends and the amount allocated for a participation feature;
(c)
the total amount of profit or loss allocated to each class of equity instrument is divided by the number of outstanding instruments to which the earnings are allocated to determine the earnings per share for the instrument.
For the calculation of diluted earnings per share, all potential ordinary shares assumed to have been issued are included in outstanding ordinary shares.
PARTLY PAID SHARES
A15
Where ordinary shares are issued but not fully paid, they are treated in the calculation of basic earnings per share as a fraction of an ordinary share to the extent that they were entitled to participate in dividends during the period relative to a fully paid ordinary share.
A16
To the extent that partly paid shares are not entitled to participate in dividends during the period they are treated as the equivalent of warrants or options in the calculation of diluted earnings per share. The unpaid balance is assumed to represent proceeds used to purchase ordinary shares. The number of shares included in diluted earnings per share is the difference between the number of shares subscribed and the number of shares assumed to be purchased.
(
*1
)
  In this guidance, monetary amounts are denominated in ‘currency units’ (CU).
INTERNATIONAL ACCOUNTING STANDARD 34
Interim financial reporting
OBJECTIVE
The objective of this standard is to prescribe the minimum content of an interim financial report and to prescribe the principles for recognition and measurement in complete or condensed financial statements for an interim period. Timely and reliable interim financial reporting improves the ability of investors, creditors, and others to understand an entity's capacity to generate earnings and cash flows and its financial condition and liquidity.
SCOPE
1
This standard does not mandate which entities should be required to publish interim financial reports, how frequently, or how soon after the end of an interim period. However, governments, securities regulators, stock exchanges, and accountancy bodies often require entities whose debt or equity securities are publicly traded to publish interim financial reports. This standard applies if an entity is required or elects to publish an interim financial report in accordance with international financial reporting standards. The International Accounting Standards Committee 
(
*1
)
 encourages publicly traded entities to provide interim financial reports that conform to the recognition, measurement, and disclosure principles set out in this standard. Specifically, publicly traded entities are encouraged:
(a)
to provide interim financial reports at least as of the end of the first half of their financial year; and
(b)
to make their interim financial reports available not later than 60 days after the end of the interim period.
2
Each financial report, annual or interim, is evaluated on its own for conformity to international financial reporting standards. The fact that an entity may not have provided interim financial reports during a particular financial year or may have provided interim financial reports that do not comply with this standard does not prevent the entity's annual financial statements from conforming to international financial reporting standards if they otherwise do so.
3
If an entity's interim financial report is described as complying with international financial reporting standards, it must comply with all of the requirements of this standard. Paragraph 19 requires certain disclosures in that regard.
DEFINITIONS
4
The following terms are used in this standard with the meanings specified:
Interim period
 is a financial reporting period shorter than a full financial year.
Interim financial report
 means a financial report containing either a complete set of financial statements (as described in IAS 1 
Presentation of financial statements
) or a set of condensed financial statements (as described in this standard) for an interim period.
CONTENT OF AN INTERIM FINANCIAL REPORT
5
IAS 1 defines a complete set of financial statements as including the following components:
(a)
a balance sheet;
(b)
an income statement;
(c)
a statement of changes in equity showing either:
(i)
all changes in equity; or
(ii)
changes in equity other than those arising from transactions with equity holders acting in their capacity as equity holders;
(d)
a cash-flow statement; and
(e)
notes, comprising a summary of significant accounting policies and other explanatory notes.
6
In the interest of timeliness and cost considerations and to avoid repetition of information previously reported, an entity may be required to or may elect to provide less information at interim dates as compared with its annual financial statements. This standard defines the minimum content of an interim financial report as including condensed financial statements and selected explanatory notes. The interim financial report is intended to provide an update on the latest complete set of annual financial statements. Accordingly, it focuses on new activities, events, and circumstances and does not duplicate information previously reported.
7
Nothing in this standard is intended to prohibit or discourage an entity from publishing a complete set of financial statements (as described in IAS 1) in its interim financial report, rather than condensed financial statements and selected explanatory notes. Nor does this standard prohibit or discourage an entity from including in condensed interim financial statements more than the minimum line items or selected explanatory notes as set out in this standard. The recognition and measurement guidance in this standard applies also to complete financial statements for an interim period, and such statements would include all of the disclosures required by this standard (particularly the selected note disclosures in paragraph 16) as well as those required by other standards.
Minimum components of an interim financial report
8
An interim financial report shall include, at a minimum, the following components:
(a)
condensed balance sheet;
(b)
condensed income statement;
(c)
condensed statement showing either (i) all changes in equity or (ii) changes in equity other than those arising from capital transactions with owners and distributions to owners;
(d)
condensed cash-flow statement; and
(e)
selected explanatory notes.
Form and content of interim financial statements
9
If an entity publishes a complete set of financial statements in its interim financial report, the form and content of those statements shall conform to the requirements of IAS 1 for a complete set of financial statements.
10
If an entity publishes a set of condensed financial statements in its interim financial report, those condensed statements shall include, at a minimum, each of the headings and subtotals that were included in its most recent annual financial statements and the selected explanatory notes as required by this standard. Additional line items or notes shall be included if their omission would make the condensed interim financial statements misleading.
11
Basic and diluted earnings per share shall be presented on the face of an income statement, complete or condensed, for an interim period.
12
IAS 1 provides guidance on the structure of financial statements. The Implementation Guidance for IAS 1 illustrates ways in which the balance sheet, income statement and statement of changes in equity may be presented.
13
IAS 1 requires a statement of changes in equity be presented as a separate component of an entity's financial statements, and permits information about changes in equity arising from transactions with equity holders acting in their capacity as equity holders (including distributions to equity holders) to be shown either on the face of the statement or in the notes. An entity follows the same format in its interim statement of changes in equity as it did in its most recent annual statement.
14
An interim financial report is prepared on a consolidated basis if the entity's most recent annual financial statements were consolidated statements. The parent's separate financial statements are not consistent or comparable with the consolidated statements in the most recent annual financial report. If an entity's annual financial report included the parent's separate financial statements in addition to consolidated financial statements, this standard neither requires nor prohibits the inclusion of the parent's separate statements in the entity's interim financial report.
Selected explanatory notes
15
A user of an entity's interim financial report will also have access to the most recent annual financial report of that entity. It is unnecessary, therefore, for the notes to an interim financial report to provide relatively insignificant updates to the information that was already reported in the notes in the most recent annual report. At an interim date, an explanation of events and transactions that are significant to an understanding of the changes in financial position and performance of the entity since the last annual reporting date is more useful.
16
An entity shall include the following information, as a minimum, in the notes to its interim financial statements, if material and if not disclosed elsewhere in the interim financial report. The information shall normally be reported on a financial year-to-date basis. However, the entity shall also disclose any events or transactions that are material to an understanding of the current interim period:
(a)
a statement that the same accounting policies and methods of computation are followed in the interim financial statements as compared with the most recent annual financial statements or, if those policies or methods have been changed, a description of the nature and effect of the change;
(b)
explanatory comments about the seasonality or cyclicality of interim operations;
(c)
the nature and amount of items affecting assets, liabilities, equity, net income, or cash flows that are unusual because of their nature, size, or incidence;
(d)
the nature and amount of changes in estimates of amounts reported in prior interim periods of the current financial year or changes in estimates of amounts reported in prior financial years, if those changes have a material effect in the current interim period;
(e)
issuances, repurchases, and repayments of debt and equity securities;
(f)
dividends paid (aggregate or per share) separately for ordinary shares and other shares;
(g)
the following segment information (disclosure of segment information is required in an entity's interim financial report only if IFRS 8 
Operating segments
 requires that entity to disclose segment information in its annual financial statements):
(i)
revenues from external customers, if included in the measure of segment profit or loss reviewed by the chief operating decision maker or otherwise regularly provided to the chief operating decision maker;
(ii)
intersegment revenues, if included in the measure of segment profit or loss reviewed by the chief operating decision maker or otherwise regularly provided to the chief operating decision maker;
(iii)
a measure of segment profit or loss;
(iv)
total assets for which there has been a material change from the amount disclosed in the last annual financial statements;
(v)
a description of differences from the last annual financial statements in the basis of segmentation or in the basis of measurement of segment profit or loss;
(vi)
a reconciliation of the total of the reportable segments' measures of profit or loss to the entity's profit or loss before tax expense (tax income) and discontinued operations. However, if an entity allocates to reportable segments items such as tax expense (tax income), the entity may reconcile the total of the segments' measures of profit or loss to profit or loss after those items. Material reconciling items shall be separately identified and described in that reconciliation;
(h)
material events subsequent to the end of the interim period that have not been reflected in the financial statements for the interim period;
(i)
the effect of changes in the composition of the entity during the interim period, including business combinations, acquisition or disposal of subsidiaries and long-term investments, restructurings, and discontinued operations. In the case of business combinations, the entity shall disclose the information required to be disclosed under paragraphs 66-73 of IFRS 3 
Business combinations
; and
(j)
changes in contingent liabilities or contingent assets since the last annual balance sheet date.
17
Examples of the kinds of disclosures that are required by paragraph 16 are set out below. Individual standards and interpretations provide guidance regarding disclosures for many of these items:
(a)
the write-down of inventories to net realisable value and the reversal of such a write-down;
(b)
recognition of a loss from the impairment of property, plant and equipment, intangible assets, or other assets, and the reversal of such an impairment loss;
(c)
the reversal of any provisions for the costs of restructuring;
(d)
acquisitions and disposals of items of property, plant and equipment;
(e)
commitments for the purchase of property, plant and equipment;
(f)
litigation settlements;
(g)
corrections of prior period errors;
(h)
[deleted]
(i)
any loan default or breach of a loan agreement that has not been remedied on or before the balance sheet date; and
(j)
related party transactions.
18
Other standards specify disclosures that should be made in financial statements. In that context, financial statements means complete sets of financial statements of the type normally included in an annual financial report and sometimes included in other reports. Except as required by paragraph 16(i), the disclosures required by those other standards are not required if an entity's interim financial report includes only condensed financial statements and selected explanatory notes rather than a complete set of financial statements.
Disclosure of compliance with IFRSs
19
If an entity's interim financial report is in compliance with this standard, that fact shall be disclosed. An interim financial report shall not be described as complying with standards unless it complies with all of the requirements of international financial reporting standards.
Periods for which interim financial statements are required to be presented
20
Interim reports shall include interim financial statements (condensed or complete) for periods as follows:
(a)
balance sheet as of the end of the current interim period and a comparative balance sheet as of the end of the immediately preceding financial year;
(b)
income statements for the current interim period and cumulatively for the current financial year to date, with comparative income statements for the comparable interim periods (current and year-to-date) of the immediately preceding financial year;
(c)
statement showing changes in equity cumulatively for the current financial year to date, with a comparative statement for the comparable year-to-date period of the immediately preceding financial year; and
(d)
cash-flow statement cumulatively for the current financial year to date, with a comparative statement for the comparable year-to-date period of the immediately preceding financial year.
21
For an entity whose business is highly seasonal, financial information for the 12 months ending on the interim reporting date and comparative information for the prior 12-month period may be useful. Accordingly, entities whose business is highly seasonal are encouraged to consider reporting such information in addition to the information called for in the preceding paragraph.
22
Appendix A illustrates the periods required to be presented by an entity that reports half-yearly and an entity that reports quarterly.
Materiality
23
In deciding how to recognise, measure, classify, or disclose an item for interim financial reporting purposes, materiality shall be assessed in relation to the interim period financial data. In making assessments of materiality, it shall be recognised that interim measurements may rely on estimates to a greater extent than measurements of annual financial data.
24
IAS 1 and IAS 8 
Accounting policies, changes in accounting estimates and errors
 define an item as material if its omission or misstatement could influence the economic decisions of users of the financial statements. IAS 1 requires separate disclosure of material items, including (for example) discontinued operations, and IAS 8 requires disclosure of changes in accounting estimates, errors, and changes in accounting policies. The two standards do not contain quantified guidance as to materiality.
25
While judgement is always required in assessing materiality, this standard bases the recognition and disclosure decision on data for the interim period by itself for reasons of understandability of the interim figures. Thus, for example, unusual items, changes in accounting policies or estimates, and errors are recognised and disclosed on the basis of materiality in relation to interim period data to avoid misleading inferences that might result from non-disclosure. The overriding goal is to ensure that an interim financial report includes all information that is relevant to understanding an entity's financial position and performance during the interim period.
DISCLOSURE IN ANNUAL FINANCIAL STATEMENTS
26
If an estimate of an amount reported in an interim period is changed significantly during the final interim period of the financial year but a separate financial report is not published for that final interim period, the nature and amount of that change in estimate shall be disclosed in a note to the annual financial statements for that financial year.
27
IAS 8 requires disclosure of the nature and (if practicable) the amount of a change in estimate that either has a material effect in the current period or is expected to have a material effect in subsequent periods. Paragraph 16(d) of this standard requires similar disclosure in an interim financial report. Examples include changes in estimate in the final interim period relating to inventory write-downs, restructurings, or impairment losses that were reported in an earlier interim period of the financial year. The disclosure required by the preceding paragraph is consistent with the IAS 8 requirement and is intended to be narrow in scope — relating only to the change in estimate. An entity is not required to include additional interim period financial information in its annual financial statements.
RECOGNITION AND MEASUREMENT
Same accounting policies as annual
28
An entity shall apply the same accounting policies in its interim financial statements as are applied in its annual financial statements, except for accounting policy changes made after the date of the most recent annual financial statements that are to be reflected in the next annual financial statements. However, the frequency of an entity's reporting (annual, half-yearly, or quarterly) shall not affect the measurement of its annual results. To achieve that objective, measurements for interim reporting purposes shall be made on a year-to-date basis.
29
Requiring that an entity apply the same accounting policies in its interim financial statements as in its annual statements may seem to suggest that interim period measurements are made as if each interim period stands alone as an independent reporting period. However, by providing that the frequency of an entity's reporting shall not affect the measurement of its annual results, paragraph 28 acknowledges that an interim period is a part of a larger financial year. Year-to-date measurements may involve changes in estimates of amounts reported in prior interim periods of the current financial year. But the principles for recognising assets, liabilities, income, and expenses for interim periods are the same as in annual financial statements.
30
To illustrate:
(a)
the principles for recognising and measuring losses from inventory write-downs, restructurings, or impairments in an interim period are the same as those that an entity would follow if it prepared only annual financial statements. However, if such items are recognised and measured in one interim period and the estimate changes in a subsequent interim period of that financial year, the original estimate is changed in the subsequent interim period either by accrual of an additional amount of loss or by reversal of the previously recognised amount;
(b)
a cost that does not meet the definition of an asset at the end of an interim period is not deferred on the balance sheet either to await future information as to whether it has met the definition of an asset or to smooth earnings over interim periods within a financial year; and
(c)
income tax expense is recognised in each interim period based on the best estimate of the weighted average annual income tax rate expected for the full financial year. Amounts accrued for income tax expense in one interim period may have to be adjusted in a subsequent interim period of that financial year if the estimate of the annual income tax rate changes.
31
Under the 
Framework for the Preparation and Presentation of Financial Statements
 (the 
Framework
), recognition is the ‘process of incorporating in the balance sheet or income statement an item that meets the definition of an element and satisfies the criteria for recognition’. The definitions of assets, liabilities, income, and expenses are fundamental to recognition, both at annual and interim financial reporting dates.
32
For assets, the same tests of future economic benefits apply at interim dates and at the end of an entity's financial year. Costs that, by their nature, would not qualify as assets at financial year-end would not qualify at interim dates either. Similarly, a liability at an interim reporting date must represent an existing obligation at that date, just as it must at an annual reporting date.
33
An essential characteristic of income (revenue) and expenses is that the related inflows and outflows of assets and liabilities have already taken place. If those inflows or outflows have taken place, the related revenue and expense are recognised; otherwise they are not recognised. The 
Framework
 says that ‘expenses are recognised in the income statement when a decrease in future economic benefits related to a decrease in an asset or an increase of a liability has arisen that can be measured reliably… [The] 
Framework
 does not allow the recognition of items in the balance sheet which do not meet the definition of assets or liabilities.’
34
In measuring the assets, liabilities, income, expenses, and cash flows reported in its financial statements, an entity that reports only annually is able to take into account information that becomes available throughout the financial year. Its measurements are, in effect, on a year-to-date basis.
35
An entity that reports half-yearly uses information available by mid-year or shortly thereafter in making the measurements in its financial statements for the first six-month period and information available by year-end or shortly thereafter for the 12-month period. The 12-month measurements will reflect possible changes in estimates of amounts reported for the first six-month period. The amounts reported in the interim financial report for the first six-month period are not retrospectively adjusted. Paragraphs 16(d) and 26 require, however, that the nature and amount of any significant changes in estimates be disclosed.
36
An entity that reports more frequently than half-yearly measures income and expenses on a year-to-date basis for each interim period using information available when each set of financial statements is being prepared. Amounts of income and expenses reported in the current interim period will reflect any changes in estimates of amounts reported in prior interim periods of the financial year. The amounts reported in prior interim periods are not retrospectively adjusted. Paragraphs 16(d) and 26 require, however, that the nature and amount of any significant changes in estimates be disclosed.
Revenues received seasonally, cyclically, or occasionally
37
Revenues that are received seasonally, cyclically, or occasionally within a financial year shall not be anticipated or deferred as of an interim date if anticipation or deferral would not be appropriate at the end of the entity's financial year.
38
Examples include dividend revenue, royalties, and government grants. Additionally, some entities consistently earn more revenues in certain interim periods of a financial year than in other interim periods, for example, seasonal revenues of retailers. Such revenues are recognised when they occur.
Costs incurred unevenly during the financial year
39
Costs that are incurred unevenly during an entity's financial year shall be anticipated or deferred for interim reporting purposes if, and only if, it is also appropriate to anticipate or defer that type of cost at the end of the financial year.
Applying the recognition and measurement principles
40
Appendix B provides examples of applying the general recognition and measurement principles set out in paragraphs 28-39.
Use of estimates
41
The measurement procedures to be followed in an interim financial report shall be designed to ensure that the resulting information is reliable and that all material financial information that is relevant to an understanding of the financial position or performance of the entity is appropriately disclosed. While measurements in both annual and interim financial reports are often based on reasonable estimates, the preparation of interim financial reports generally will require a greater use of estimation methods than annual financial reports.
42
Appendix C provides examples of the use of estimates in interim periods.
RESTATEMENT OF PREVIOUSLY REPORTED INTERIM PERIODS
43
A change in accounting policy, other than one for which the transition is specified by a new standard or interpretation, shall be reflected by:
(a)
restating the financial statements of prior interim periods of the current financial year and the comparable interim periods of any prior financial years that will be restated in the annual financial statements in accordance with IAS 8; or
(b)
when it is impracticable to determine the cumulative effect at the beginning of the financial year of applying a new accounting policy to all prior periods, adjusting the financial statements of prior interim periods of the current financial year, and comparable interim periods of prior financial years to apply the new accounting policy prospectively from the earliest date practicable.
44
One objective of the preceding principle is to ensure that a single accounting policy is applied to a particular class of transactions throughout an entire financial year. Under IAS 8, a change in accounting policy is reflected by retrospective application, with restatement of prior period financial data as far back as is practicable. However, if the cumulative amount of the adjustment relating to prior financial years is impracticable to determine, then under IAS 8 the new policy is applied prospectively from the earliest date practicable. The effect of the principle in paragraph 43 is to require that within the current financial year any change in accounting policy is applied either retrospectively or, if that is not practicable, prospectively, from no later than the beginning of the financial year.
45
To allow accounting changes to be reflected as of an interim date within the financial year would allow two differing accounting policies to be applied to a particular class of transactions within a single financial year. The result would be interim allocation difficulties, obscured operating results, and complicated analysis and understandability of interim period information.
EFFECTIVE DATE
46
This standard becomes operative for financial statements covering periods beginning on or after 1 January 1999. Earlier application is encouraged.
(
*1
)
  The International Accounting Standards Committee was succeeded by the International Accounting Standards Board, which began operations in 2001.
INTERNATIONAL ACCOUNTING STANDARD 36
Impairment of assets
OBJECTIVE
1
The objective of this standard is to prescribe the procedures that an entity applies to ensure that its assets are carried at no more than their recoverable amount. An asset is carried at more than its recoverable amount if its carrying amount exceeds the amount to be recovered through use or sale of the asset. If this is the case, the asset is described as impaired and the standard requires the entity to recognise an impairment loss. The standard also specifies when an entity should reverse an impairment loss and prescribes disclosures.
SCOPE
2
This standard shall be applied in accounting for the impairment of all assets, other than:
(a)
inventories (see IAS 2 
Inventories
);
(b)
assets arising from construction contracts (see IAS 11 
Construction contracts
);
(c)
deferred tax assets (see IAS 12 
Income taxes
);
(d)
assets arising from employee benefits (see IAS 19 
Employee benefits
);
(e)
financial assets that are within the scope of IAS 39 
Financial instruments: recognition and measurement
;
(f)
investment property that is measured at fair value (see IAS 40 
Investment property
);
(g)
biological assets related to agricultural activity that are measured at fair value less estimated point-of-sale costs (see IAS 41 
Agriculture
);
(h)
deferred acquisition costs, and intangible assets, arising from an insurer's contractual rights under insurance contracts within the scope of IFRS 4 
Insurance contracts
; and
(i)
non-current assets (or disposal groups) classified as held for sale in accordance with IFRS 5 
Non-current assets held for sale and discontinued operations
.
3
This standard does not apply to inventories, assets arising from construction contracts, deferred tax assets, assets arising from employee benefits, or assets classified as held for sale (or included in a disposal group that is classified as held for sale) because existing standards applicable to these assets contain requirements for recognising and measuring these assets.
4
This standard applies to financial assets classified as:
(a)
subsidiaries, as defined in IAS 27 
Consolidated and separate financial statements
;
(b)
associates, as defined in IAS 28 
Investments in associates
; and
(c)
joint ventures, as defined in IAS 31 
Interests in joint ventures
.
For impairment of other financial assets, refer to IAS 39.
5
This standard does not apply to financial assets within the scope of IAS 39, investment property measured at fair value in accordance with IAS 40, or biological assets related to agricultural activity measured at fair value less estimated point-of-sale costs in accordance with IAS 41. However, this standard applies to assets that are carried at revalued amount (i.e. fair value) in accordance with other standards, such as the revaluation model in IAS 16 
Property, plant and equipment
. Identifying whether a revalued asset may be impaired depends on the basis used to determine fair value:
(a)
if the asset's fair value is its market value, the only difference between the asset's fair value and its fair value less costs to sell is the direct incremental costs to dispose of the asset:
(i)
if the disposal costs are negligible, the recoverable amount of the revalued asset is necessarily close to, or greater than, its revalued amount (i.e. fair value). In this case, after the revaluation requirements have been applied, it is unlikely that the revalued asset is impaired and recoverable amount need not be estimated;
(ii)
if the disposal costs are not negligible, the fair value less costs to sell of the revalued asset is necessarily less than its fair value. Therefore, the revalued asset will be impaired if its value in use is less than its revalued amount (i.e. fair value). In this case, after the revaluation requirements have been applied, an entity applies this standard to determine whether the asset may be impaired;
(b)
if the asset's fair value is determined on a basis other than its market value, its revalued amount (i.e. fair value) may be greater or lower than its recoverable amount. Hence, after the revaluation requirements have been applied, an entity applies this standard to determine whether the asset may be impaired.
DEFINITIONS
6
The following terms are used in this standard with the meanings specified:
An 
active market
 is a market in which all the following conditions exist:
(a)
the items traded within the market are homogeneous;
(b)
willing buyers and sellers can normally be found at any time; and
(c)
prices are available to the public.
The 
agreement date
 for a business combination is the date that a substantive agreement between the combining parties is reached and, in the case of publicly listed entities, announced to the public. In the case of a hostile takeover, the earliest date that a substantive agreement between the combining parties is reached is the date that a sufficient number of the acquiree's owners have accepted the acquirer's offer for the acquirer to obtain control of the acquiree.
Carrying amount
 is the amount at which an asset is recognised after deducting any accumulated depreciation (amortisation) and accumulated impairment losses thereon.
A 
cash-generating unit
 is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Corporate assets
 are assets other than goodwill that contribute to the future cash flows of both the cash-generating unit under review and other cash-generating units.
Costs of disposal
 are incremental costs directly attributable to the disposal of an asset or cash-generating unit, excluding finance costs and income tax expense.
Depreciable amount
 is the cost of an asset, or other amount substituted for cost in the financial statements, less its residual value.
Depreciation (amortisation)
 is the systematic allocation of the depreciable amount of an asset over its useful life 
(
1
)
.
Fair value less costs to sell
 is the amount obtainable from the sale of an asset or cash-generating unit in an arm's length transaction between knowledgeable, willing parties, less the costs of disposal.
An 
impairment loss
 is the amount by which the carrying amount of an asset or a cash-generating unit exceeds its recoverable amount.
The 
recoverable amount
 of an asset or a cash-generating unit is the higher of its fair value less costs to sell and its value in use.
Useful life
 is either:
(a)
the period of time over which an asset is expected to be used by the entity; or
(b)
the number of production or similar units expected to be obtained from the asset by the entity.
Value in use
 is the present value of the future cash flows expected to be derived from an asset or cash-generating unit.
IDENTIFYING AN ASSET THAT MAY BE IMPAIRED
7
Paragraphs 8-17 specify when recoverable amount shall be determined. These requirements use the term ‘an asset’ but apply equally to an individual asset or a cash-generating unit. The remainder of this standard is structured as follows:
(a)
paragraphs 18-57 set out the requirements for measuring recoverable amount. These requirements also use the term ‘an asset’ but apply equally to an individual asset and a cash-generating unit;
(b)
paragraphs 58-108 set out the requirements for recognising and measuring impairment losses. Recognition and measurement of impairment losses for individual assets other than goodwill are dealt with in paragraphs 58-64. Paragraphs 65-108 deal with the recognition and measurement of impairment losses for cash-generating units and goodwill;
(c)
paragraphs 109-116 set out the requirements for reversing an impairment loss recognised in prior periods for an asset or a cash-generating unit. Again, these requirements use the term ‘an asset’ but apply equally to an individual asset or a cash-generating unit. Additional requirements for an individual asset are set out in paragraphs 117-121, for a cash-generating unit in paragraphs 122 and 123, and for goodwill in paragraphs 124 and 125;
(d)
paragraphs 126-133 specify the information to be disclosed about impairment losses and reversals of impairment losses for assets and cash-generating units. Paragraphs 134-137 specify additional disclosure requirements for cash-generating units to which goodwill or intangible assets with indefinite useful lives have been allocated for impairment testing purposes.
8
An asset is impaired when its carrying amount exceeds its recoverable amount. Paragraphs 12-14 describe some indications that an impairment loss may have occurred. If any of those indications is present, an entity is required to make a formal estimate of recoverable amount. Except as described in paragraph 10, this standard does not require an entity to make a formal estimate of recoverable amount if no indication of an impairment loss is present.
9
An entity shall assess at each reporting date whether there is any indication that an asset may be impaired. If any such indication exists, the entity shall estimate the recoverable amount of the asset.
10
Irrespective of whether there is any indication of impairment, an entity shall also:
(a)
test an intangible asset with an indefinite useful life or an intangible asset not yet available for use for impairment annually by comparing its carrying amount with its recoverable amount. This impairment test may be performed at any time during an annual period, provided it is performed at the same time every year. Different intangible assets may be tested for impairment at different times. However, if such an intangible asset was initially recognised during the current annual period, that intangible asset shall be tested for impairment before the end of the current annual period;
(b)
test goodwill acquired in a business combination for impairment annually in accordance with paragraphs 80-99.
11
The ability of an intangible asset to generate sufficient future economic benefits to recover its carrying amount is usually subject to greater uncertainty before the asset is available for use than after it is available for use. Therefore, this standard requires an entity to test for impairment, at least annually, the carrying amount of an intangible asset that is not yet available for use.
12
In assessing whether there is any indication that an asset may be impaired, an entity shall consider, as a minimum, the following indications:
External sources of information
(a)
during the period, an asset's market value has declined significantly more than would be expected as a result of the passage of time or normal use;
(b)
significant changes with an adverse effect on the entity have taken place during the period, or will take place in the near future, in the technological, market, economic or legal environment in which the entity operates or in the market to which an asset is dedicated;
(c)
market interest rates or other market rates of return on investments have increased during the period, and those increases are likely to affect the discount rate used in calculating an asset's value in use and decrease the asset's recoverable amount materially;
(d)
the carrying amount of the net assets of the entity is more than its market capitalisation.
Internal sources of information
(e)
evidence is available of obsolescence or physical damage of an asset;
(f)
significant changes with an adverse effect on the entity have taken place during the period, or are expected to take place in the near future, in the extent to which, or manner in which, an asset is used or is expected to be used. These changes include the asset becoming idle, plans to discontinue or restructure the operation to which an asset belongs, plans to dispose of an asset before the previously expected date, and reassessing the useful life of an asset as finite rather than indefinite 
(
2
)
;
(g)
evidence is available from internal reporting that indicates that the economic performance of an asset is, or will be, worse than expected.
13
The list in paragraph 12 is not exhaustive. An entity may identify other indications that an asset may be impaired and these would also require the entity to determine the asset's recoverable amount or, in the case of goodwill, perform an impairment test in accordance with paragraphs 80-99.
14
Evidence from internal reporting that indicates that an asset may be impaired includes the existence of:
(a)
cash flows for acquiring the asset, or subsequent cash needs for operating or maintaining it, that are significantly higher than those originally budgeted;
(b)
actual net cash flows or operating profit or loss flowing from the asset that are significantly worse than those budgeted;
(c)
a significant decline in budgeted net cash flows or operating profit, or a significant increase in budgeted loss, flowing from the asset; or
(d)
operating losses or net cash outflows for the asset, when current period amounts are aggregated with budgeted amounts for the future.
15
As indicated in paragraph 10, this standard requires an intangible asset with an indefinite useful life or not yet available for use and goodwill to be tested for impairment, at least annually. Apart from when the requirements in paragraph 10 apply, the concept of materiality applies in identifying whether the recoverable amount of an asset needs to be estimated. For example, if previous calculations show that an asset's recoverable amount is significantly greater than its carrying amount, the entity need not re-estimate the asset's recoverable amount if no events have occurred that would eliminate that difference. Similarly, previous analysis may show that an asset's recoverable amount is not sensitive to one (or more) of the indications listed in paragraph 12.
16
As an illustration of paragraph 15, if market interest rates or other market rates of return on investments have increased during the period, an entity is not required to make a formal estimate of an asset's recoverable amount in the following cases:
(a)
if the discount rate used in calculating the asset's value in use is unlikely to be affected by the increase in these market rates. For example, increases in short-term interest rates may not have a material effect on the discount rate used for an asset that has a long remaining useful life;
(b)
if the discount rate used in calculating the asset's value in use is likely to be affected by the increase in these market rates but previous sensitivity analysis of recoverable amount shows that:
(i)
it is unlikely that there will be a material decrease in recoverable amount because future cash flows are also likely to increase (e.g. in some cases, an entity may be able to demonstrate that it adjusts its revenues to compensate for any increase in market rates); or
(ii)
the decrease in recoverable amount is unlikely to result in a material impairment loss.
17
If there is an indication that an asset may be impaired, this may indicate that the remaining useful life, the depreciation (amortisation) method or the residual value for the asset needs to be reviewed and adjusted in accordance with the standard applicable to the asset, even if no impairment loss is recognised for the asset.
MEASURING RECOVERABLE AMOUNT
18
This standard defines recoverable amount as the higher of an asset's or cash-generating unit's fair value less costs to sell and its value in use. Paragraphs 19-57 set out the requirements for measuring recoverable amount. These requirements use the term ‘an asset’ but apply equally to an individual asset or a cash-generating unit.
19
It is not always necessary to determine both an asset's fair value less costs to sell and its value in use. If either of these amounts exceeds the asset's carrying amount, the asset is not impaired and it is not necessary to estimate the other amount.
20
It may be possible to determine fair value less costs to sell, even if an asset is not traded in an active market. However, sometimes it will not be possible to determine fair value less costs to sell because there is no basis for making a reliable estimate of the amount obtainable from the sale of the asset in an arm's length transaction between knowledgeable and willing parties. In this case, the entity may use the asset's value in use as its recoverable amount.
21
If there is no reason to believe that an asset's value in use materially exceeds its fair value less costs to sell, the asset's fair value less costs to sell may be used as its recoverable amount. This will often be the case for an asset that is held for disposal. This is because the value in use of an asset held for disposal will consist mainly of the net disposal proceeds, as the future cash flows from continuing use of the asset until its disposal are likely to be negligible.
22
Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. If this is the case, recoverable amount is determined for the cash-generating unit to which the asset belongs (see paragraphs 65-103), unless either:
(a)
the asset's fair value less costs to sell is higher than its carrying amount; or
(b)
the asset's value in use can be estimated to be close to its fair value less costs to sell and fair value less costs to sell can be determined.
23
In some cases, estimates, averages and computational short cuts may provide reasonable approximations of the detailed computations illustrated in this standard for determining fair value less costs to sell or value in use.
Measuring the recoverable amount of an intangible asset with an indefinite useful life
24
Paragraph 10 requires an intangible asset with an indefinite useful life to be tested for impairment annually by comparing its carrying amount with its recoverable amount, irrespective of whether there is any indication that it may be impaired. However, the most recent detailed calculation of such an asset's recoverable amount made in a preceding period may be used in the impairment test for that asset in the current period, provided all of the following criteria are met:
(a)
if the intangible asset does not generate cash inflows from continuing use that are largely independent of those from other assets or groups of assets and is therefore tested for impairment as part of the cash-generating unit to which it belongs, the assets and liabilities making up that unit have not changed significantly since the most recent recoverable amount calculation;
(b)
the most recent recoverable amount calculation resulted in an amount that exceeded the asset's carrying amount by a substantial margin; and
(c)
based on an analysis of events that have occurred and circumstances that have changed since the most recent recoverable amount calculation, the likelihood that a current recoverable amount determination would be less than the asset's carrying amount is remote.
Fair value less costs to sell
25
The best evidence of an asset's fair value less costs to sell is a price in a binding sale agreement in an arm's length transaction, adjusted for incremental costs that would be directly attributable to the disposal of the asset.
26
If there is no binding sale agreement but an asset is traded in an active market, fair value less costs to sell is the asset's market price less the costs of disposal. The appropriate market price is usually the current bid price. When current bid prices are unavailable, the price of the most recent transaction may provide a basis from which to estimate fair value less costs to sell, provided that there has not been a significant change in economic circumstances between the transaction date and the date as at which the estimate is made.
27
If there is no binding sale agreement or active market for an asset, fair value less costs to sell is based on the best information available to reflect the amount that an entity could obtain, at the balance sheet date, from the disposal of the asset in an arm's length transaction between knowledgeable, willing parties, after deducting the costs of disposal. In determining this amount, an entity considers the outcome of recent transactions for similar assets within the same industry. Fair value less costs to sell does not reflect a forced sale, unless management is compelled to sell immediately.
28
Costs of disposal, other than those that have been recognised as liabilities, are deducted in determining fair value less costs to sell. Examples of such costs are legal costs, stamp duty and similar transaction taxes, costs of removing the asset, and direct incremental costs to bring an asset into condition for its sale. However, termination benefits (as defined in IAS 19) and costs associated with reducing or reorganising a business following the disposal of an asset are not direct incremental costs to dispose of the asset.
29
Sometimes, the disposal of an asset would require the buyer to assume a liability and only a single fair value less costs to sell is available for both the asset and the liability. Paragraph 78 explains how to deal with such cases.
Value in use
30
The following elements shall be reflected in the calculation of an asset's value in use:
(a)
an estimate of the future cash flows the entity expects to derive from the asset;
(b)
expectations about possible variations in the amount or timing of those future cash flows;
(c)
the time value of money, represented by the current market risk-free rate of interest;
(d)
the price for bearing the uncertainty inherent in the asset; and
(e)
other factors, such as illiquidity, that market participants would reflect in pricing the future cash flows the entity expects to derive from the asset.
31
Estimating the value in use of an asset involves the following steps:
(a)
estimating the future cash inflows and outflows to be derived from continuing use of the asset and from its ultimate disposal; and
(b)
applying the appropriate discount rate to those future cash flows.
32
The elements identified in paragraph 30(b), (d) and (e) can be reflected either as adjustments to the future cash flows or as adjustments to the discount rate. Whichever approach an entity adopts to reflect expectations about possible variations in the amount or timing of future cash flows, the result shall be to reflect the expected present value of the future cash flows, i.e. the weighted average of all possible outcomes. Appendix A provides additional guidance on the use of present value techniques in measuring an asset's value in use.
Basis for estimates of future cash flows
33
In measuring value in use an entity shall:
(a)
base cash flow projections on reasonable and supportable assumptions that represent management's best estimate of the range of economic conditions that will exist over the remaining useful life of the asset. Greater weight shall be given to external evidence;
(b)
base cash flow projections on the most recent financial budgets/forecasts approved by management, but shall exclude any estimated future cash inflows or outflows expected to arise from future restructurings or from improving or enhancing the asset's performance. Projections based on these budgets/forecasts shall cover a maximum period of five years, unless a longer period can be justified;
(c)
estimate cash flow projections beyond the period covered by the most recent budgets/forecasts by extrapolating the projections based on the budgets/forecasts using a steady or declining growth rate for subsequent years, unless an increasing rate can be justified. This growth rate shall not exceed the long-term average growth rate for the products, industries, or country or countries in which the entity operates, or for the market in which the asset is used, unless a higher rate can be justified.
34
Management assesses the reasonableness of the assumptions on which its current cash flow projections are based by examining the causes of differences between past cash flow projections and actual cash flows. Management shall ensure that the assumptions on which its current cash flow projections are based are consistent with past actual outcomes, provided the effects of subsequent events or circumstances that did not exist when those actual cash flows were generated make this appropriate.
35
Detailed, explicit and reliable financial budgets/forecasts of future cash flows for periods longer than five years are generally not available. For this reason, management's estimates of future cash flows are based on the most recent budgets/forecasts for a maximum of five years. Management may use cash flow projections based on financial budgets/forecasts over a period longer than five years if it is confident that these projections are reliable and it can demonstrate its ability, based on past experience, to forecast cash flows accurately over that longer period.
36
Cash flow projections until the end of an asset's useful life are estimated by extrapolating the cash flow projections based on the financial budgets/forecasts using a growth rate for subsequent years. This rate is steady or declining, unless an increase in the rate matches objective information about patterns over a product or industry lifecycle. If appropriate, the growth rate is zero or negative.
37
When conditions are favourable, competitors are likely to enter the market and restrict growth. Therefore, entities will have difficulty in exceeding the average historical growth rate over the long term (say, 20 years) for the products, industries, or country or countries in which the entity operates, or for the market in which the asset is used.
38
In using information from financial budgets/forecasts, an entity considers whether the information reflects reasonable and supportable assumptions and represents management's best estimate of the set of economic conditions that will exist over the remaining useful life of the asset.
Composition of estimates of future cash flows
39
Estimates of future cash flows shall include:
(a)
projections of cash inflows from the continuing use of the asset;
(b)
projections of cash outflows that are necessarily incurred to generate the cash inflows from continuing use of the asset (including cash outflows to prepare the asset for use) and can be directly attributed, or allocated on a reasonable and consistent basis, to the asset; and
(c)
net cash flows, if any, to be received (or paid) for the disposal of the asset at the end of its useful life.
40
Estimates of future cash flows and the discount rate reflect consistent assumptions about price increases attributable to general inflation. Therefore, if the discount rate includes the effect of price increases attributable to general inflation, future cash flows are estimated in nominal terms. If the discount rate excludes the effect of price increases attributable to general inflation, future cash flows are estimated in real terms (but include future specific price increases or decreases).
41
Projections of cash outflows include those for the day-to-day servicing of the asset as well as future overheads that can be attributed directly, or allocated on a reasonable and consistent basis, to the use of the asset.
42
When the carrying amount of an asset does not yet include all the cash outflows to be incurred before it is ready for use or sale, the estimate of future cash outflows includes an estimate of any further cash outflow that is expected to be incurred before the asset is ready for use or sale. For example, this is the case for a building under construction or for a development project that is not yet completed.
43
To avoid double-counting, estimates of future cash flows do not include:
(a)
cash inflows from assets that generate cash inflows that are largely independent of the cash inflows from the asset under review (for example, financial assets such as receivables); and
(b)
cash outflows that relate to obligations that have been recognised as liabilities (for example, payables, pensions or provisions).
44
Future cash flows shall be estimated for the asset in its current condition. Estimates of future cash flows shall not include estimated future cash inflows or outflows that are expected to arise from:
(a)
a future restructuring to which an entity is not yet committed; or
(b)
improving or enhancing the asset's performance.
45
Because future cash flows are estimated for the asset in its current condition, value in use does not reflect:
(a)
future cash outflows or related cost savings (for example reductions in staff costs) or benefits that are expected to arise from a future restructuring to which an entity is not yet committed; or
(b)
future cash outflows that will improve or enhance the asset's performance or the related cash inflows that are expected to arise from such outflows.
46
A restructuring is a programme that is planned and controlled by management and materially changes either the scope of the business undertaken by an entity or the manner in which the business is conducted. IAS 37 
Provisions, contingent liabilities and contingent assets
 contains guidance clarifying when an entity is committed to a restructuring.
47
When an entity becomes committed to a restructuring, some assets are likely to be affected by this restructuring. Once the entity is committed to the restructuring:
(a)
its estimates of future cash inflows and cash outflows for the purpose of determining value in use reflect the cost savings and other benefits from the restructuring (based on the most recent financial budgets/forecasts approved by management); and
(b)
its estimates of future cash outflows for the restructuring are included in a restructuring provision in accordance with IAS 37.
Illustrative Example 5 illustrates the effect of a future restructuring on a value in use calculation.
48
Until an entity incurs cash outflows that improve or enhance the asset's performance, estimates of future cash flows do not include the estimated future cash inflows that are expected to arise from the increase in economic benefits associated with the cash outflow (see Illustrative Example 6).
49
Estimates of future cash flows include future cash outflows necessary to maintain the level of economic benefits expected to arise from the asset in its current condition. When a cash-generating unit consists of assets with different estimated useful lives, all of which are essential to the ongoing operation of the unit, the replacement of assets with shorter lives is considered to be part of the day-to-day servicing of the unit when estimating the future cash flows associated with the unit. Similarly, when a single asset consists of components with different estimated useful lives, the replacement of components with shorter lives is considered to be part of the day-to-day servicing of the asset when estimating the future cash flows generated by the asset.
50
Estimates of future cash flows shall not include:
(a)
cash inflows or outflows from financing activities; or
(b)
income tax receipts or payments.
51
Estimated future cash flows reflect assumptions that are consistent with the way the discount rate is determined. Otherwise, the effect of some assumptions will be counted twice or ignored. Because the time value of money is considered by discounting the estimated future cash flows, these cash flows exclude cash inflows or outflows from financing activities. Similarly, because the discount rate is determined on a pre-tax basis, future cash flows are also estimated on a pre-tax basis.
52
The estimate of net cash flows to be received (or paid) for the disposal of an asset at the end of its useful life shall be the amount that an entity expects to obtain from the disposal of the asset in an arm's length transaction between knowledgeable, willing parties, after deducting the estimated costs of disposal.
53
The estimate of net cash flows to be received (or paid) for the disposal of an asset at the end of its useful life is determined in a similar way to an asset's fair value less costs to sell, except that, in estimating those net cash flows:
(a)
an entity uses prices prevailing at the date of the estimate for similar assets that have reached the end of their useful life and have operated under conditions similar to those in which the asset will be used;
(b)
the entity adjusts those prices for the effect of both future price increases due to general inflation and specific future price increases or decreases. However, if estimates of future cash flows from the asset's continuing use and the discount rate exclude the effect of general inflation, the entity also excludes this effect from the estimate of net cash flows on disposal.
Foreign currency future cash flows
54
Future cash flows are estimated in the currency in which they will be generated and then discounted using a discount rate appropriate for that currency. An entity translates the present value using the spot exchange rate at the date of the value in use calculation.
Discount rate
55
The discount rate (rates) shall be a pre-tax rate (rates) that reflect(s) current market assessments of:
(a)
the time value of money; and
(b)
the risks specific to the asset for which the future cash flow estimates have not been adjusted.
56
A rate that reflects current market assessments of the time value of money and the risks specific to the asset is the return that investors would require if they were to choose an investment that would generate cash flows of amounts, timing and risk profile equivalent to those that the entity expects to derive from the asset. This rate is estimated from the rate implicit in current market transactions for similar assets or from the weighted average cost of capital of a listed entity that has a single asset (or a portfolio of assets) similar in terms of service potential and risks to the asset under review. However, the discount rate(s) used to measure an asset's value in use shall not reflect risks for which the future cash flow estimates have been adjusted. Otherwise, the effect of some assumptions will be double-counted.
57
When an asset-specific rate is not directly available from the market, an entity uses surrogates to estimate the discount rate. Appendix A provides additional guidance on estimating the discount rate in such circumstances.
RECOGNISING AND MEASURING AN IMPAIRMENT LOSS
58
Paragraphs 59-64 set out the requirements for recognising and measuring impairment losses for an individual asset other than goodwill. Recognising and measuring impairment losses for cash-generating units and goodwill are dealt with in paragraphs 65-108.
59
If, and only if, the recoverable amount of an asset is less than its carrying amount, the carrying amount of the asset shall be reduced to its recoverable amount. That reduction is an impairment loss.
60
An impairment loss shall be recognised immediately in profit or loss, unless the asset is carried at revalued amount in accordance with another standard (for example, in accordance with the revaluation model in IAS 16). Any impairment loss of a revalued asset shall be treated as a revaluation decrease in accordance with that other standard.
61
An impairment loss on a non-revalued asset is recognised in profit or loss. However, an impairment loss on a revalued asset is recognised directly against any revaluation surplus for the asset to the extent that the impairment loss does not exceed the amount in the revaluation surplus for that same asset.
62
When the amount estimated for an impairment loss is greater than the carrying amount of the asset to which it relates, an entity shall recognise a liability if, and only if, that is required by another standard.
63
After the recognition of an impairment loss, the depreciation (amortisation) charge for the asset shall be adjusted in future periods to allocate the asset's revised carrying amount, less its residual value (if any), on a systematic basis over its remaining useful life.
64
If an impairment loss is recognised, any related deferred tax assets or liabilities are determined in accordance with IAS 12 by comparing the revised carrying amount of the asset with its tax base (see Illustrative Example 3).
CASH-GENERATING UNITS AND GOODWILL
65
Paragraphs 66-108 set out the requirements for identifying the cash-generating unit to which an asset belongs and determining the carrying amount of, and recognising impairment losses for, cash-generating units and goodwill.
Identifying the cash-generating unit to which an asset belongs
66
If there is any indication that an asset may be impaired, recoverable amount shall be estimated for the individual asset. If it is not possible to estimate the recoverable amount of the individual asset, an entity shall determine the recoverable amount of the cash-generating unit to which the asset belongs (the asset's cash-generating unit).
67
The recoverable amount of an individual asset cannot be determined if:
(a)
the asset's value in use cannot be estimated to be close to its fair value less costs to sell (for example, when the future cash flows from continuing use of the asset cannot be estimated to be negligible); and
(b)
the asset does not generate cash inflows that are largely independent of those from other assets.
In such cases, value in use and, therefore, recoverable amount, can be determined only for the asset's cash-generating unit.
Example
A mining entity owns a private railway to support its mining activities. The private railway could be sold only for scrap value and it does not generate cash inflows that are largely independent of the cash inflows from the other assets of the mine.
It is not possible to estimate the recoverable amount of the private railway because its value in use cannot be determined and is probably different from scrap value. Therefore, the entity estimates the recoverable amount of the cash-generating unit to which the private railway belongs, i.e. the mine as a whole.
68
As defined in paragraph 6, an asset's cash-generating unit is the smallest group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Identification of an asset's cash-generating unit involves judgement. If recoverable amount cannot be determined for an individual asset, an entity identifies the lowest aggregation of assets that generate largely independent cash inflows.
Example
A bus company provides services under contract with a municipality that requires minimum service on each of five separate routes. Assets devoted to each route and the cash flows from each route can be identified separately. One of the routes operates at a significant loss.
Because the entity does not have the option to curtail any one bus route, the lowest level of identifiable cash inflows that are largely independent of the cash inflows from other assets or groups of assets is the cash inflows generated by the five routes together. The cash-generating unit for each route is the bus company as a whole.
69
Cash inflows are inflows of cash and cash equivalents received from parties external to the entity. In identifying whether cash inflows from an asset (or group of assets) are largely independent of the cash inflows from other assets (or groups of assets), an entity considers various factors, including how management monitors the entity's operations (such as by product lines, businesses, individual locations, districts or regional areas) or how management makes decisions about continuing or disposing of the entity's assets and operations. Illustrative Example 1 gives examples of identification of a cash-generating unit.
70
If an active market exists for the output produced by an asset or group of assets, that asset or group of assets shall be identified as a cash-generating unit, even if some or all of the output is used internally. If the cash inflows generated by any asset or cash-generating unit are affected by internal transfer pricing, an entity shall use management's best estimate of future price(s) that could be achieved in arm's length transactions in estimating:
(a)
the future cash inflows used to determine the asset's or cash-generating unit's value in use; and
(b)
the future cash outflows used to determine the value in use of any other assets or cash-generating units that are affected by the internal transfer pricing.
71
Even if part or all of the output produced by an asset or a group of assets is used by other units of the entity (for example, products at an intermediate stage of a production process), this asset or group of assets forms a separate cash-generating unit if the entity could sell the output on an active market. This is because the asset or group of assets could generate cash inflows that would be largely independent of the cash inflows from other assets or groups of assets. In using information based on financial budgets/forecasts that relates to such a cash-generating unit, or to any other asset or cash-generating unit affected by internal transfer pricing, an entity adjusts this information if internal transfer prices do not reflect management's best estimate of future prices that could be achieved in arm's length transactions.
72
Cash-generating units shall be identified consistently from period to period for the same asset or types of assets, unless a change is justified.
73
If an entity determines that an asset belongs to a cash-generating unit different from that in previous periods, or that the types of assets aggregated for the asset's cash-generating unit have changed, paragraph 130 requires disclosures about the cash-generating unit, if an impairment loss is recognised or reversed for the cash-generating unit.
Recoverable amount and carrying amount of a cash-generating unit
74
The recoverable amount of a cash-generating unit is the higher of the cash-generating unit's fair value less costs to sell and its value in use. For the purpose of determining the recoverable amount of a cash-generating unit, any reference in paragraphs 19-57 to ‘an asset’ is read as a reference to ‘a cash-generating unit’.
75
The carrying amount of a cash-generating unit shall be determined on a basis consistent with the way the recoverable amount of the cash-generating unit is determined.
76
The carrying amount of a cash-generating unit:
(a)
includes the carrying amount of only those assets that can be attributed directly, or allocated on a reasonable and consistent basis, to the cash-generating unit and will generate the future cash inflows used in determining the cash-generating unit's value in use; and
(b)
does not include the carrying amount of any recognised liability, unless the recoverable amount of the cash-generating unit cannot be determined without consideration of this liability.
This is because fair value less costs to sell and value in use of a cash-generating unit are determined excluding cash flows that relate to assets that are not part of the cash-generating unit and liabilities that have been recognised (see paragraphs 28 and 43).
77
When assets are grouped for recoverability assessments, it is important to include in the cash-generating unit all assets that generate or are used to generate the relevant stream of cash inflows. Otherwise, the cash-generating unit may appear to be fully recoverable when in fact an impairment loss has occurred. In some cases, although some assets contribute to the estimated future cash flows of a cash-generating unit, they cannot be allocated to the cash-generating unit on a reasonable and consistent basis. This might be the case for goodwill or corporate assets such as head office assets. Paragraphs 80-103 explain how to deal with these assets in testing a cash-generating unit for impairment.
78
It may be necessary to consider some recognised liabilities to determine the recoverable amount of a cash-generating unit. This may occur if the disposal of a cash-generating unit would require the buyer to assume the liability. In this case, the fair value less costs to sell (or the estimated cash flow from ultimate disposal) of the cash-generating unit is the estimated selling price for the assets of the cash-generating unit and the liability together, less the costs of disposal. To perform a meaningful comparison between the carrying amount of the cash-generating unit and its recoverable amount, the carrying amount of the liability is deducted in determining both the cash-generating unit's value in use and its carrying amount.
Example
A company operates a mine in a country where legislation requires that the owner must restore the site on completion of its mining operations. The cost of restoration includes the replacement of the overburden, which must be removed before mining operations commence. A provision for the costs to replace the overburden was recognised as soon as the overburden was removed. The amount provided was recognised as part of the cost of the mine and is being depreciated over the mine's useful life. The carrying amount of the provision for restoration costs is CU500 
(
1
)
 which is equal to the present value of the restoration costs.
The entity is testing the mine for impairment. The cash-generating unit for the mine is the mine as a whole. The entity has received various offers to buy the mine at a price of around CU800. This price reflects the fact that the buyer will assume the obligation to restore the overburden. Disposal costs for the mine are negligible. The value in use of the mine is approximately CU1 200, excluding restoration costs. The carrying amount of the mine is CU1 000.
The cash-generating unit's fair value less costs to sell is CU800. This amount considers restoration costs that have already been provided for. As a consequence, the value in use for the cash-generating unit is determined after consideration of the restoration costs and is estimated to be CU700 (CU1 200 less CU500). The carrying amount of the cash-generating unit is CU500, which is the carrying amount of the mine (CU1 000) less the carrying amount of the provision for restoration costs (CU500). Therefore, the recoverable amount of the cash-generating unit exceeds its carrying amount.
79
For practical reasons, the recoverable amount of a cash-generating unit is sometimes determined after consideration of assets that are not part of the cash-generating unit (for example, receivables or other financial assets) or liabilities that have been recognised (for example, payables, pensions and other provisions). In such cases, the carrying amount of the cash-generating unit is increased by the carrying amount of those assets and decreased by the carrying amount of those liabilities.
Goodwill
Allocating goodwill to cash-generating units
80
For the purpose of impairment testing, goodwill acquired in a business combination shall, from the acquisition date, be allocated to each of the acquirer's cash-generating units, or groups of cash-generating units, that is expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units or groups of units. Each unit or group of units to which the goodwill is so allocated shall:
(a)
represent the lowest level within the entity at which the goodwill is monitored for internal management purposes; and
(b)
not be larger than an operating segment determined in accordance with IFRS 8 
Operating segments
.
81
Goodwill acquired in a business combination represents a payment made by an acquirer in anticipation of future economic benefits from assets that are not capable of being individually identified and separately recognised. Goodwill does not generate cash flows independently of other assets or groups of assets, and often contributes to the cash flows of multiple cash-generating units. Goodwill sometimes cannot be allocated on a non-arbitrary basis to individual cash-generating units, but only to groups of cash-generating units. As a result, the lowest level within the entity at which the goodwill is monitored for internal management purposes sometimes comprises a number of cash-generating units to which the goodwill relates, but to which it cannot be allocated. References in paragraphs 83-99 to a cash-generating unit to which goodwill is allocated should be read as references also to a group of cash-generating units to which goodwill is allocated.
82
Applying the requirements in paragraph 80 results in goodwill being tested for impairment at a level that reflects the way an entity manages its operations and with which the goodwill would naturally be associated. Therefore, the development of additional reporting systems is typically not necessary.
83
A cash-generating unit to which goodwill is allocated for the purpose of impairment testing may not coincide with the level at which goodwill is allocated in accordance with IAS 21 
The effects of changes in foreign exchange rates
 for the purpose of measuring foreign currency gains and losses. For example, if an entity is required by IAS 21 to allocate goodwill to relatively low levels for the purpose of measuring foreign currency gains and losses, it is not required to test the goodwill for impairment at that same level unless it also monitors the goodwill at that level for internal management purposes.
84
If the initial allocation of goodwill acquired in a business combination cannot be completed before the end of the annual period in which the business combination is effected, that initial allocation shall be completed before the end of the first annual period beginning after the acquisition date.
85
In accordance with IFRS 3 
Business combinations
, if the initial accounting for a business combination can be determined only provisionally by the end of the period in which the combination is effected, the acquirer:
(a)
accounts for the combination using those provisional values; and
(b)
recognises any adjustments to those provisional values as a result of completing the initial accounting within 12 months of the acquisition date.
In such circumstances, it might also not be possible to complete the initial allocation of the goodwill acquired in the combination before the end of the annual period in which the combination is effected. When this is the case, the entity discloses the information required by paragraph 133.
86
If goodwill has been allocated to a cash-generating unit and the entity disposes of an operation within that unit, the goodwill associated with the operation disposed of shall be:
(a)
included in the carrying amount of the operation when determining the gain or loss on disposal; and
(b)
measured on the basis of the relative values of the operation disposed of and the portion of the cash-generating unit retained, unless the entity can demonstrate that some other method better reflects the goodwill associated with the operation disposed of.
Example
An entity sells for CU100 an operation that was part of a cash-generating unit to which goodwill has been allocated. The goodwill allocated to the unit cannot be identified or associated with an asset group at a level lower than that unit, except arbitrarily. The recoverable amount of the portion of the cash-generating unit retained is CU300.
Because the goodwill allocated to the cash-generating unit cannot be non-arbitrarily identified or associated with an asset group at a level lower than that unit, the goodwill associated with the operation disposed of is measured on the basis of the relative values of the operation disposed of and the portion of the unit retained. Therefore, 25 per cent of the goodwill allocated to the cash-generating unit is included in the carrying amount of the operation that is sold.
87
If an entity reorganises its reporting structure in a way that changes the composition of one or more cash-generating units to which goodwill has been allocated, the goodwill shall be reallocated to the units affected. This reallocation shall be performed using a relative value approach similar to that used when an entity disposes of an operation within a cash-generating unit, unless the entity can demonstrate that some other method better reflects the goodwill associated with the reorganised units.
Example
Goodwill had previously been allocated to cash-generating unit A. The goodwill allocated to A cannot be identified or associated with an asset group at a level lower than A, except arbitrarily. A is to be divided and integrated into three other cash-generating units, B, C and D.
Because the goodwill allocated to A cannot be non-arbitrarily identified or associated with an asset group at a level lower than A, it is reallocated to units B, C and D on the basis of the relative values of the three portions of A before those portions are integrated with B, C and D.
Testing cash-generating units with goodwill for impairment
88
When, as described in paragraph 81, goodwill relates to a cash-generating unit but has not been allocated to that unit, the unit shall be tested for impairment, whenever there is an indication that the unit may be impaired, by comparing the unit's carrying amount, excluding any goodwill, with its recoverable amount. Any impairment loss shall be recognised in accordance with paragraph 104.
89
If a cash-generating unit described in paragraph 88 includes in its carrying amount an intangible asset that has an indefinite useful life or is not yet available for use and that asset can be tested for impairment only as part of the cash-generating unit, paragraph 10 requires the unit also to be tested for impairment annually.
90
A cash-generating unit to which goodwill has been allocated shall be tested for impairment annually, and whenever there is an indication that the unit may be impaired, by comparing the carrying amount of the unit, including the goodwill, with the recoverable amount of the unit. If the recoverable amount of the unit exceeds the carrying amount of the unit, the unit and the goodwill allocated to that unit shall be regarded as not impaired. If the carrying amount of the unit exceeds the recoverable amount of the unit, the entity shall recognise the impairment loss in accordance with paragraph 104.
Minority interest
91
In accordance with IFRS 3, goodwill recognised in a business combination represents the goodwill acquired by a parent based on the parent's ownership interest, rather than the amount of goodwill controlled by the parent as a result of the business combination. Therefore, goodwill attributable to a minority interest is not recognised in the parent's consolidated financial statements. Accordingly, if there is a minority interest in a cash-generating unit to which goodwill has been allocated, the carrying amount of that unit comprises:
(a)
both the parent's interest and the minority interest in the identifiable net assets of the unit; and
(b)
the parent's interest in goodwill.
However, part of the recoverable amount of the cash-generating unit determined in accordance with this standard is attributable to the minority interest in goodwill.
92
Consequently, for the purpose of impairment testing a non-wholly-owned cash-generating unit with goodwill, the carrying amount of that unit is notionally adjusted, before being compared with its recoverable amount. This is accomplished by grossing up the carrying amount of goodwill allocated to the unit to include the goodwill attributable to the minority interest. This notionally adjusted carrying amount is then compared with the recoverable amount of the unit to determine whether the cash-generating unit is impaired. If it is, the entity allocates the impairment loss in accordance with paragraph 104 first to reduce the carrying amount of goodwill allocated to the unit.
93
However, because goodwill is recognised only to the extent of the parent's ownership interest, any impairment loss relating to the goodwill is apportioned between that attributable to the parent and that attributable to the minority interest, with only the former being recognised as a goodwill impairment loss.
94
If the total impairment loss relating to goodwill is less than the amount by which the notionally adjusted carrying amount of the cash-generating unit exceeds its recoverable amount, paragraph 104 requires the remaining excess to be allocated to the other assets of the unit pro rata on the basis of the carrying amount of each asset in the unit.
95
Illustrative Example 7 illustrates the impairment testing of a non-wholly-owned cash-generating unit with goodwill.
Timing of impairment tests
96
The annual impairment test for a cash-generating unit to which goodwill has been allocated may be performed at any time during an annual period, provided the test is performed at the same time every year. Different cash-generating units may be tested for impairment at different times. However, if some or all of the goodwill allocated to a cash-generating unit was acquired in a business combination during the current annual period, that unit shall be tested for impairment before the end of the current annual period.
97
If the assets constituting the cash-generating unit to which goodwill has been allocated are tested for impairment at the same time as the unit containing the goodwill, they shall be tested for impairment before the unit containing the goodwill. Similarly, if the cash-generating units constituting a group of cash-generating units to which goodwill has been allocated are tested for impairment at the same time as the group of units containing the goodwill, the individual units shall be tested for impairment before the group of units containing the goodwill.
98
At the time of impairment testing a cash-generating unit to which goodwill has been allocated, there may be an indication of an impairment of an asset within the unit containing the goodwill. In such circumstances, the entity tests the asset for impairment first, and recognises any impairment loss for that asset before testing for impairment the cash-generating unit containing the goodwill. Similarly, there may be an indication of an impairment of a cash-generating unit within a group of units containing the goodwill. In such circumstances, the entity tests the cash-generating unit for impairment first, and recognises any impairment loss for that unit, before testing for impairment the group of units to which the goodwill is allocated.
99
The most recent detailed calculation made in a preceding period of the recoverable amount of a cash-generating unit to which goodwill has been allocated may be used in the impairment test of that unit in the current period provided all of the following criteria are met:
(a)
the assets and liabilities making up the unit have not changed significantly since the most recent recoverable amount calculation;
(b)
the most recent recoverable amount calculation resulted in an amount that exceeded the carrying amount of the unit by a substantial margin; and
(c)
based on an analysis of events that have occurred and circumstances that have changed since the most recent recoverable amount calculation, the likelihood that a current recoverable amount determination would be less than the current carrying amount of the unit is remote.
Corporate assets
100
Corporate assets include group or divisional assets such as the building of a headquarters or a division of the entity, EDP equipment or a research centre. The structure of an entity determines whether an asset meets this standard's definition of corporate assets for a particular cash-generating unit. The distinctive characteristics of corporate assets are that they do not generate cash inflows independently of other assets or groups of assets and their carrying amount cannot be fully attributed to the cash-generating unit under review.
101
Because corporate assets do not generate separate cash inflows, the recoverable amount of an individual corporate asset cannot be determined unless management has decided to dispose of the asset. As a consequence, if there is an indication that a corporate asset may be impaired, recoverable amount is determined for the cash-generating unit or group of cash-generating units to which the corporate asset belongs, and is compared with the carrying amount of this cash-generating unit or group of cash-generating units. Any impairment loss is recognised in accordance with paragraph 104.
102
In testing a cash-generating unit for impairment, an entity shall identify all the corporate assets that relate to the cash-generating unit under review. If a portion of the carrying amount of a corporate asset:
(a)
can be allocated on a reasonable and consistent basis to that unit, the entity shall compare the carrying amount of the unit, including the portion of the carrying amount of the corporate asset allocated to the unit, with its recoverable amount. Any impairment loss shall be recognised in accordance with paragraph 104;
(b)
cannot be allocated on a reasonable and consistent basis to that unit, the entity shall:
(i)
compare the carrying amount of the unit, excluding the corporate asset, with its recoverable amount and recognise any impairment loss in accordance with paragraph 104;
(ii)
identify the smallest group of cash-generating units that includes the cash-generating unit under review and to which a portion of the carrying amount of the corporate asset can be allocated on a reasonable and consistent basis; and
(iii)
compare the carrying amount of that group of cash-generating units, including the portion of the carrying amount of the corporate asset allocated to that group of units, with the recoverable amount of the group of units. Any impairment loss shall be recognised in accordance with paragraph 104.
103
Illustrative Example 8 illustrates the application of these requirements to corporate assets.
Impairment loss for a cash-generating unit
104
An impairment loss shall be recognised for a cash-generating unit (the smallest group of cash-generating units to which goodwill or a corporate asset has been allocated) if, and only if, the recoverable amount of the unit (group of units) is less than the carrying amount of the unit (group of units). The impairment loss shall be allocated to reduce the carrying amount of the assets of the unit (group of units) in the following order:
(a)
first, to reduce the carrying amount of any goodwill allocated to the cash-generating unit (group of units); and
(b)
then, to the other assets of the unit (group of units) pro rata on the basis of the carrying amount of each asset in the unit (group of units).
These reductions in carrying amounts shall be treated as impairment losses on individual assets and recognised in accordance with paragraph 60.
105
In allocating an impairment loss in accordance with paragraph 104, an entity shall not reduce the carrying amount of an asset below the highest of:
(a)
its fair value less costs to sell (if determinable);
(b)
its value in use (if determinable); and
(c)
zero.
The amount of the impairment loss that would otherwise have been allocated to the asset shall be allocated pro rata to the other assets of the unit (group of units).
106
If it is not practicable to estimate the recoverable amount of each individual asset of a cash-generating unit, this standard requires an arbitrary allocation of an impairment loss between the assets of that unit, other than goodwill, because all assets of a cash-generating unit work together.
107
If the recoverable amount of an individual asset cannot be determined (see paragraph 67):
(a)
an impairment loss is recognised for the asset if its carrying amount is greater than the higher of its fair value less costs to sell and the results of the allocation procedures described in paragraphs 104 and 105; and
(b)
no impairment loss is recognised for the asset if the related cash-generating unit is not impaired. This applies even if the asset's fair value less costs to sell is less than its carrying amount.
Example
A machine has suffered physical damage but is still working, although not as well as before it was damaged. The machine's fair value less costs to sell is less than its carrying amount. The machine does not generate independent cash inflows. The smallest identifiable group of assets that includes the machine and generates cash inflows that are largely independent of the cash inflows from other assets is the production line to which the machine belongs. The recoverable amount of the production line shows that the production line taken as a whole is not impaired.
Assumption 1: budgets/forecasts approved by management reflect no commitment of management to replace the machine.
The recoverable amount of the machine alone cannot be estimated because the machine's value in use:
(a)
may differ from its fair value less costs to sell; and
(b)
can be determined only for the cash-generating unit to which the machine belongs (the production line).
The production line is not impaired. Therefore, no impairment loss is recognised for the machine. Nevertheless, the entity may need to reassess the depreciation period or the depreciation method for the machine. Perhaps a shorter depreciation period or a faster depreciation method is required to reflect the expected remaining useful life of the machine or the pattern in which economic benefits are expected to be consumed by the entity.
Assumption 2: budgets/forecasts approved by management reflect a commitment of management to replace the machine and sell it in the near future. Cash flows from continuing use of the machine until its disposal are estimated to be negligible.
The machine's value in use can be estimated to be close to its fair value less costs to sell. Therefore, the recoverable amount of the machine can be determined and no consideration is given to the cash-generating unit to which the machine belongs (i.e. the production line). Because the machine's fair value less costs to sell is less than its carrying amount, an impairment loss is recognised for the machine.
108
After the requirements in paragraphs 104 and 105 have been applied, a liability shall be recognised for any remaining amount of an impairment loss for a cash-generating unit if, and only if, that is required by another standard.
REVERSING AN IMPAIRMENT LOSS
109
Paragraphs 110-116 set out the requirements for reversing an impairment loss recognised for an asset or a cash-generating unit in prior periods. These requirements use the term ‘an asset’ but apply equally to an individual asset or a cash-generating unit. Additional requirements for an individual asset are set out in paragraphs 117-121, for a cash-generating unit in paragraphs 122 and 123 and for goodwill in paragraphs 124 and 125.
110
An entity shall assess at each reporting date whether there is any indication that an impairment loss recognised in prior periods for an asset other than goodwill may no longer exist or may have decreased. If any such indication exists, the entity shall estimate the recoverable amount of that asset.
111
In assessing whether there is any indication that an impairment loss recognised in prior periods for an asset other than goodwill may no longer exist or may have decreased, an entity shall consider, as a minimum, the following indications:
External sources of information
(a)
the asset's market value has increased significantly during the period;
(b)
significant changes with a favourable effect on the entity have taken place during the period, or will take place in the near future, in the technological, market, economic or legal environment in which the entity operates or in the market to which the asset is dedicated;
(c)
market interest rates or other market rates of return on investments have decreased during the period, and those decreases are likely to affect the discount rate used in calculating the asset's value in use and increase the asset's recoverable amount materially.
Internal sources of information
(d)
significant changes with a favourable effect on the entity have taken place during the period, or are expected to take place in the near future, in the extent to which, or manner in which, the asset is used or is expected to be used. These changes include costs incurred during the period to improve or enhance the asset's performance or restructure the operation to which the asset belongs;
(e)
evidence is available from internal reporting that indicates that the economic performance of the asset is, or will be, better than expected.
112
Indications of a potential decrease in an impairment loss in paragraph 111 mainly mirror the indications of a potential impairment loss in paragraph 12.
113
If there is an indication that an impairment loss recognised for an asset other than goodwill may no longer exist or may have decreased, this may indicate that the remaining useful life, the depreciation (amortisation) method or the residual value may need to be reviewed and adjusted in accordance with the standard applicable to the asset, even if no impairment loss is reversed for the asset.
114
An impairment loss recognised in prior periods for an asset other than goodwill shall be reversed if, and only if, there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognised. If this is the case, the carrying amount of the asset shall, except as described in paragraph 117, be increased to its recoverable amount. That increase is a reversal of an impairment loss.
115
A reversal of an impairment loss reflects an increase in the estimated service potential of an asset, either from use or from sale, since the date when an entity last recognised an impairment loss for that asset. Paragraph 130 requires an entity to identify the change in estimates that causes the increase in estimated service potential. Examples of changes in estimates include:
(a)
a change in the basis for recoverable amount (i.e. whether recoverable amount is based on fair value less costs to sell or value in use);
(b)
if recoverable amount was based on value in use, a change in the amount or timing of estimated future cash flows or in the discount rate; or
(c)
if recoverable amount was based on fair value less costs to sell, a change in estimate of the components of fair value less costs to sell.
116
An asset's value in use may become greater than the asset's carrying amount simply because the present value of future cash inflows increases as they become closer. However, the service potential of the asset has not increased. Therefore, an impairment loss is not reversed just because of the passage of time (sometimes called the ‘unwinding’ of the discount), even if the recoverable amount of the asset becomes higher than its carrying amount.
Reversing an impairment loss for an individual asset
117
The increased carrying amount of an asset other than goodwill attributable to a reversal of an impairment loss shall not exceed the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the asset in prior years.
118
Any increase in the carrying amount of an asset other than goodwill above the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the asset in prior years is a revaluation. In accounting for such a revaluation, an entity applies the standard applicable to the asset.
119
A reversal of an impairment loss for an asset other than goodwill shall be recognised immediately in profit or loss, unless the asset is carried at revalued amount in accordance with another standard (for example, the revaluation model in IAS 16). Any reversal of an impairment loss of a revalued asset shall be treated as a revaluation increase in accordance with that other standard.
120
A reversal of an impairment loss on a revalued asset is credited directly to equity under the heading revaluation surplus. However, to the extent that an impairment loss on the same revalued asset was previously recognised in profit or loss, a reversal of that impairment loss is also recognised in profit or loss.
121
After a reversal of an impairment loss is recognised, the depreciation (amortisation) charge for the asset shall be adjusted in future periods to allocate the asset's revised carrying amount, less its residual value (if any), on a systematic basis over its remaining useful life.
Reversing an impairment loss for a cash-generating unit
122
A reversal of an impairment loss for a cash-generating unit shall be allocated to the assets of the unit, except for goodwill, pro rata with the carrying amounts of those assets. These increases in carrying amounts shall be treated as reversals of impairment losses for individual assets and recognised in accordance with paragraph 119.
123
In allocating a reversal of an impairment loss for a cash-generating unit in accordance with paragraph 122, the carrying amount of an asset shall not be increased above the lower of:
(a)
its recoverable amount (if determinable); and
(b)
the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the asset in prior periods.
The amount of the reversal of the impairment loss that would otherwise have been allocated to the asset shall be allocated pro rata to the other assets of the unit, except for goodwill.
Reversing an impairment loss for goodwill
124
An impairment loss recognised for goodwill shall not be reversed in a subsequent period.
125
IAS 38 
Intangible assets
 prohibits the recognition of internally generated goodwill. Any increase in the recoverable amount of goodwill in the periods following the recognition of an impairment loss for that goodwill is likely to be an increase in internally generated goodwill, rather than a reversal of the impairment loss recognised for the acquired goodwill.
DISCLOSURE
126
An entity shall disclose the following for each class of assets:
(a)
the amount of impairment losses recognised in profit or loss during the period and the line item(s) of the income statement in which those impairment losses are included;
(b)
the amount of reversals of impairment losses recognised in profit or loss during the period and the line item(s) of the income statement in which those impairment losses are reversed;
(c)
the amount of impairment losses on revalued assets recognised directly in equity during the period;
(d)
the amount of reversals of impairment losses on revalued assets recognised directly in equity during the period.
127
A class of assets is a grouping of assets of similar nature and use in an entity's operations.
128
The information required in paragraph 126 may be presented with other information disclosed for the class of assets. For example, this information may be included in a reconciliation of the carrying amount of property, plant and equipment, at the beginning and end of the period, as required by IAS 16.
129
An entity that reports segment information in accordance with IFRS 8 shall disclose the following for each reportable segment:
(a)
the amount of impairment losses recognised in profit or loss and directly in equity during the period;
(b)
the amount of reversals of impairment losses recognised in profit or loss and directly in equity during the period.
130
An entity shall disclose the following for each material impairment loss recognised or reversed during the period for an individual asset, including goodwill, or a cash-generating unit:
(a)
the events and circumstances that led to the recognition or reversal of the impairment loss;
(b)
the amount of the impairment loss recognised or reversed;
(c)
for an individual asset:
(i)
the nature of the asset; and
(ii)
if the entity reports segment information in accordance with IFRS 8, the reportable segment to which the asset belongs;
(d)
for a cash-generating unit:
(i)
a description of the cash-generating unit (such as whether it is a product line, a plant, a business operation, a geographical area, or a reportable segment as defined in IFRS 8);
(ii)
the amount of the impairment loss recognised or reversed by class of assets and, if the entity reports segment information in accordance with IFRS 8, by reportable segment; and
(iii)
if the aggregation of assets for identifying the cash-generating unit has changed since the previous estimate of the cash-generating unit's recoverable amount (if any), a description of the current and former way of aggregating assets and the reasons for changing the way the cash-generating unit is identified;
(e)
whether the recoverable amount of the asset (cash-generating unit) is its fair value less costs to sell or its value in use;
(f)
if recoverable amount is fair value less costs to sell, the basis used to determine fair value less costs to sell (such as whether fair value was determined by reference to an active market);
(g)
if recoverable amount is value in use, the discount rate(s) used in the current estimate and previous estimate (if any) of value in use.
131
An entity shall disclose the following information for the aggregate impairment losses and the aggregate reversals of impairment losses recognised during the period for which no information is disclosed in accordance with paragraph 130:
(a)
the main classes of assets affected by impairment losses and the main classes of assets affected by reversals of impairment losses;
(b)
the main events and circumstances that led to the recognition of these impairment losses and reversals of impairment losses.
132
An entity is encouraged to disclose assumptions used to determine the recoverable amount of assets (cash-generating units) during the period. However, paragraph 134 requires an entity to disclose information about the estimates used to measure the recoverable amount of a cash-generating unit when goodwill or an intangible asset with an indefinite useful life is included in the carrying amount of that unit.
133
If, in accordance with paragraph 84, any portion of the goodwill acquired in a business combination during the period has not been allocated to a cash-generating unit (group of units) at the reporting date, the amount of the unallocated goodwill shall be disclosed together with the reasons why that amount remains unallocated.
Estimates used to measure recoverable amounts of cash-generating units containing goodwill or intangible assets with indefinite useful lives
134
An entity shall disclose the information required by (a)-(f) for each cash-generating unit (group of units) for which the carrying amount of goodwill or intangible assets with indefinite useful lives allocated to that unit (group of units) is significant in comparison with the entity's total carrying amount of goodwill or intangible assets with indefinite useful lives:
(a)
the carrying amount of goodwill allocated to the unit (group of units);
(b)
the carrying amount of intangible assets with indefinite useful lives allocated to the unit (group of units);
(c)
the basis on which the unit's (group of units') recoverable amount has been determined (i.e. value in use or fair value less costs to sell);
(d)
if the unit's (group of units') recoverable amount is based on value in use:
(i)
a description of each key assumption on which management has based its cash flow projections for the period covered by the most recent budgets/forecasts. Key assumptions are those to which the unit's (group of units') recoverable amount is most sensitive;
(ii)
a description of management's approach to determining the value(s) assigned to each key assumption, whether those value(s) reflect past experience or, if appropriate, are consistent with external sources of information, and, if not, how and why they differ from past experience or external sources of information;
(iii)
the period over which management has projected cash flows based on financial budgets/forecasts approved by management and, when a period greater than five years is used for a cash-generating unit (group of units), an explanation of why that longer period is justified;
(iv)
the growth rate used to extrapolate cash flow projections beyond the period covered by the most recent budgets/forecasts, and the justification for using any growth rate that exceeds the long-term average growth rate for the products, industries, or country or countries in which the entity operates, or for the market to which the unit (group of units) is dedicated;
(v)
the discount rate(s) applied to the cash flow projections;
(e)
if the unit's (group of units') recoverable amount is based on fair value less costs to sell, the methodology used to determine fair value less costs to sell. If fair value less costs to sell is not determined using an observable market price for the unit (group of units), the following information shall also be disclosed:
(i)
a description of each key assumption on which management has based its determination of fair value less costs to sell. Key assumptions are those to which the unit's (group of units') recoverable amount is most sensitive;
(ii)
a description of management's approach to determining the value(s) assigned to each key assumption, whether those value(s) reflect past experience or, if appropriate, are consistent with external sources of information, and, if not, how and why they differ from past experience or external sources of information;
(f)
if a reasonably possible change in a key assumption on which management has based its determination of the unit's (group of units') recoverable amount would cause the unit's (group of units') carrying amount to exceed its recoverable amount:
(i)
the amount by which the unit's (group of units') recoverable amount exceeds its carrying amount;
(ii)
the value assigned to the key assumption;
(iii)
the amount by which the value assigned to the key assumption must change, after incorporating any consequential effects of that change on the other variables used to measure recoverable amount, in order for the unit's (group of units') recoverable amount to be equal to its carrying amount.
135
If some or all of the carrying amount of goodwill or intangible assets with indefinite useful lives is allocated across multiple cash-generating units (groups of units), and the amount so allocated to each unit (group of units) is not significant in comparison with the entity's total carrying amount of goodwill or intangible assets with indefinite useful lives, that fact shall be disclosed, together with the aggregate carrying amount of goodwill or intangible assets with indefinite useful lives allocated to those units (groups of units). In addition, if the recoverable amounts of any of those units (groups of units) are based on the same key assumption(s) and the aggregate carrying amount of goodwill or intangible assets with indefinite useful lives allocated to them is significant in comparison with the entity's total carrying amount of goodwill or intangible assets with indefinite useful lives, an entity shall disclose that fact, together with:
(a)
the aggregate carrying amount of goodwill allocated to those units (groups of units);
(b)
the aggregate carrying amount of intangible assets with indefinite useful lives allocated to those units (groups of units);
(c)
a description of the key assumption(s);
(d)
a description of management's approach to determining the value(s) assigned to the key assumption(s), whether those value(s) reflect past experience or, if appropriate, are consistent with external sources of information, and, if not, how and why they differ from past experience or external sources of information;
(e)
if a reasonably possible change in the key assumption(s) would cause the aggregate of the units' (groups of units') carrying amounts to exceed the aggregate of their recoverable amounts:
(i)
the amount by which the aggregate of the units' (groups of units') recoverable amounts exceeds the aggregate of their carrying amounts;
(ii)
the value(s) assigned to the key assumption(s);
(iii)
the amount by which the value(s) assigned to the key assumption(s) must change, after incorporating any consequential effects of the change on the other variables used to measure recoverable amount, in order for the aggregate of the units' (groups of units') recoverable amounts to be equal to the aggregate of their carrying amounts.
136
The most recent detailed calculation made in a preceding period of the recoverable amount of a cash-generating unit (group of units) may, in accordance with paragraph 24 or 99, be carried forward and used in the impairment test for that unit (group of units) in the current period provided specified criteria are met. When this is the case, the information for that unit (group of units) that is incorporated into the disclosures required by paragraphs 134 and 135 relate to the carried forward calculation of recoverable amount.
137
Illustrative Example 9 illustrates the disclosures required by paragraphs 134 and 135.
Transitional provisions and effective date
138
If an entity elects in accordance with paragraph 85 of IFRS 3 apply IFRS 3 from any date before the effective dates set out in paragraphs 78-84 of IFRS 3, it also shall apply this standard prospectively from that same date.
139
Otherwise, an entity shall apply this standard:
(a)
to goodwill and intangible assets acquired in business combinations for which the agreement date is on or after 31 March 2004; and
(b)
to all other assets prospectively from the beginning of the first annual period beginning on or after 31 March 2004.
140
Entities to which paragraph 139 applies are encouraged to apply the requirements of this standard before the effective dates specified in paragraph 139. However, if an entity applies this standard before those effective dates, it also shall apply IFRS 3 and IAS 38 (as revised in 2004) at the same time.
Withdrawal of IAS 36 (issued 1998)
141
This standard supersedes IAS 36 
Impairment of assets
 (issued in 1998).
(
1
)
  In the case of an intangible asset, the term ‘amortisation’ is generally used instead of ‘depreciation’. The two terms have the same meaning.
(
2
)
  Once an asset meets the criteria to be classified as held for sale (or is included in a disposal group that is classified as held for sale), it is excluded from the scope of this standard and is accounted for in accordance with IFRS 5 
Non-current assets held for sale and discontinued operations
.
(
1
)
  In this standard, monetary amounts are denominated in ‘currency units’ (CU).
Appendix A
USING PRESENT VALUE TECHNIQUES TO MEASURE VALUE IN USE
This appendix is an integral part of the standard. It provides guidance on the use of present value techniques in measuring value in use. Although the guidance uses the term ‘asset’, it equally applies to a group of assets forming a cash-generating unit.
The components of a present value measurement
A1
The following elements together capture the economic differences between assets:
(a)
an estimate of the future cash flow, or in more complex cases, series of future cash flows the entity expects to derive from the asset;
(b)
expectations about possible variations in the amount or timing of those cash flows;
(c)
the time value of money, represented by the current market risk-free rate of interest;
(d)
the price for bearing the uncertainty inherent in the asset; and
(e)
other, sometimes unidentifiable, factors (such as illiquidity) that market participants would reflect in pricing the future cash flows the entity expects to derive from the asset.
A2
This appendix contrasts two approaches to computing present value, either of which may be used to estimate the value in use of an asset, depending on the circumstances. Under the ‘traditional’ approach, adjustments for factors (b)-(e) described in paragraph A1 are embedded in the discount rate. Under the ‘expected cash flow’ approach, factors (b), (d) and (e) cause adjustments in arriving at risk-adjusted expected cash flows. Whichever approach an entity adopts to reflect expectations about possible variations in the amount or timing of future cash flows, the result should be to reflect the expected present value of the future cash flows, i.e. the weighted average of all possible outcomes.
General principles
A3
The techniques used to estimate future cash flows and interest rates will vary from one situation to another depending on the circumstances surrounding the asset in question. However, the following general principles govern any application of present value techniques in measuring assets:
(a)
interest rates used to discount cash flows should reflect assumptions that are consistent with those inherent in the estimated cash flows. Otherwise, the effect of some assumptions will be double-counted or ignored. For example, a discount rate of 12 per cent might be applied to contractual cash flows of a loan receivable. That rate reflects expectations about future defaults from loans with particular characteristics. That same 12 per cent rate should not be used to discount expected cash flows because those cash flows already reflect assumptions about future defaults;
(b)
estimated cash flows and discount rates should be free from both bias and factors unrelated to the asset in question. For example, deliberately understating estimated net cash flows to enhance the apparent future profitability of an asset introduces a bias into the measurement;
(c)
estimated cash flows or discount rates should reflect the range of possible outcomes rather than a single most likely, minimum or maximum possible amount.
Traditional and expected cash flow approaches to present value
Traditional approach
A4
Accounting applications of present value have traditionally used a single set of estimated cash flows and a single discount rate, often described as ‘the rate commensurate with the risk’. In effect, the traditional approach assumes that a single discount rate convention can incorporate all the expectations about the future cash flows and the appropriate risk premium. Therefore, the traditional approach places most of the emphasis on selection of the discount rate.
A5
In some circumstances, such as those in which comparable assets can be observed in the marketplace, a traditional approach is relatively easy to apply. For assets with contractual cash flows, it is consistent with the manner in which marketplace participants describe assets, as in ‘a 12 per cent bond’.
A6
However, the traditional approach may not appropriately address some complex measurement problems, such as the measurement of non-financial assets for which no market for the item or a comparable item exists. A proper search for ‘the rate commensurate with the risk’ requires analysis of at least two items — an asset that exists in the marketplace and has an observed interest rate and the asset being measured. The appropriate discount rate for the cash flows being measured must be inferred from the observable rate of interest in that other asset. To draw that inference, the characteristics of the other asset's cash flows must be similar to those of the asset being measured. Therefore, the measurer must do the following:
(a)
identify the set of cash flows that will be discounted;
(b)
identify another asset in the marketplace that appears to have similar cash flow characteristics;
(c)
compare the cash flow sets from the two items to ensure that they are similar (for example, are both sets contractual cash flows, or is one contractual and the other an estimated cash flow?);
(d)
evaluate whether there is an element in one item that is not present in the other (for example, is one less liquid than the other?); and
(e)
evaluate whether both sets of cash flows are likely to behave (i.e. vary) in a similar fashion in changing economic conditions.
Expected cash flow approach
A7
The expected cash flow approach is, in some situations, a more effective measurement tool than the traditional approach. In developing a measurement, the expected cash flow approach uses all expectations about possible cash flows instead of the single most likely cash flow. For example, a cash flow might be CU100, CU200 or CU300 with probabilities of 10 per cent, 60 per cent and 30 per cent, respectively. The expected cash flow is CU220. The expected cash flow approach thus differs from the traditional approach by focusing on direct analysis of the cash flows in question and on more explicit statements of the assumptions used in the measurement.
A8
The expected cash flow approach also allows use of present value techniques when the timing of cash flows is uncertain. For example, a cash flow of CU1 000 may be received in one year, two years or three years with probabilities of 10 per cent, 60 per cent and 30 per cent, respectively. The example below shows the computation of expected present value in that situation.
Present value of CU1 000  in 1 year at 5 %
CU952,38
Probability
10,00  %
CU95,24
Present value of CU1 000  in 2 years at 5,25  %
CU902,73
Probability
60,00  %
CU541,64
Present value of CU1 000  in 3 years at 5,50  %
CU851,61
Probability
30,00  %
CU255,48
Expected present value
CU892,36
A9
The expected present value of CU892,36 differs from the traditional notion of a best estimate of CU902,73 (the 60 per cent probability). A traditional present value computation applied to this example requires a decision about which of the possible timings of cash flows to use and, accordingly, would not reflect the probabilities of other timings. This is because the discount rate in a traditional present value computation cannot reflect uncertainties in timing.
A10
The use of probabilities is an essential element of the expected cash flow approach. Some question whether assigning probabilities to highly subjective estimates suggests greater precision than, in fact, exists. However, the proper application of the traditional approach (as described in paragraph A6) requires the same estimates and subjectivity without providing the computational transparency of the expected cash flow approach.
A11
Many estimates developed in current practice already incorporate the elements of expected cash flows informally. In addition, accountants often face the need to measure an asset using limited information about the probabilities of possible cash flows. For example, an accountant might be confronted with the following situations:
(a)
the estimated amount falls somewhere between CU50 and CU250, but no amount in the range is more likely than any other amount. Based on that limited information, the estimated expected cash flow is CU150 [(50 + 250)/2];
(b)
the estimated amount falls somewhere between CU50 and CU250, and the most likely amount is CU100. However, the probabilities attached to each amount are unknown. Based on that limited information, the estimated expected cash flow is CU133,33 (50 + 100 + 250)/3];
(c)
the estimated amount will be CU50 (10 per cent probability), CU250 (30 per cent probability), or CU100 (60 per cent probability). Based on that limited information, the estimated expected cash flow is CU140 [(50 × 0,10) + (250 × 0,30) + (100 × 0,60)].
In each case, the estimated expected cash flow is likely to provide a better estimate of value in use than the minimum, most likely or maximum amount taken alone.
A12
The application of an expected cash flow approach is subject to a cost-benefit constraint. In some cases, an entity may have access to extensive data and may be able to develop many cash flow scenarios. In other cases, an entity may not be able to develop more than general statements about the variability of cash flows without incurring substantial cost. The entity needs to balance the cost of obtaining additional information against the additional reliability that information will bring to the measurement.
A13
Some maintain that expected cash flow techniques are inappropriate for measuring a single item or an item with a limited number of possible outcomes. They offer an example of an asset with two possible outcomes: a 90 per cent probability that the cash flow will be CU10 and a 10 per cent probability that the cash flow will be CU1 000. They observe that the expected cash flow in that example is CU109 and criticise that result as not representing either of the amounts that may ultimately be paid.
A14
Assertions like the one just outlined reflect underlying disagreement with the measurement objective. If the objective is accumulation of costs to be incurred, expected cash flows may not produce a representationally faithful estimate of the expected cost. However, this standard is concerned with measuring the recoverable amount of an asset. The recoverable amount of the asset in this example is not likely to be CU10, even though that is the most likely cash flow. This is because a measurement of CU10 does not incorporate the uncertainty of the cash flow in the measurement of the asset. Instead, the uncertain cash flow is presented as if it were a certain cash flow. No rational entity would sell an asset with these characteristics for CU10.
Discount rate
A15
Whichever approach an entity adopts for measuring the value in use of an asset, interest rates used to discount cash flows should not reflect risks for which the estimated cash flows have been adjusted. Otherwise, the effect of some assumptions will be double-counted.
A16
When an asset-specific rate is not directly available from the market, an entity uses surrogates to estimate the discount rate. The purpose is to estimate, as far as possible, a market assessment of:
(a)
the time value of money for the periods until the end of the asset's useful life; and
(b)
factors (b), (d) and (e) described in paragraph A1, to the extent those factors have not caused adjustments in arriving at estimated cash flows.
A17
As a starting point in making such an estimate, the entity might take into account the following rates:
(a)
the entity's weighted average cost of capital determined using techniques such as the Capital Asset Pricing Model;
(b)
the entity's incremental borrowing rate; and
(c)
other market borrowing rates.
A18
However, these rates must be adjusted:
(a)
to reflect the way that the market would assess the specific risks associated with the asset's estimated cash flows; and
(b)
to exclude risks that are not relevant to the asset's estimated cash flows or for which the estimated cash flows have been adjusted.
Consideration should be given to risks such as country risk, currency risk and price risk.
A19
The discount rate is independent of the entity's capital structure and the way the entity financed the purchase of the asset, because the future cash flows expected to arise from an asset do not depend on the way in which the entity financed the purchase of the asset.
A20
Paragraph 55 requires the discount rate used to be a pre-tax rate. Therefore, when the basis used to estimate the discount rate is post-tax, that basis is adjusted to reflect a pre-tax rate.
A21
An entity normally uses a single discount rate for the estimate of an asset's value in use. However, an entity uses separate discount rates for different future periods where value in use is sensitive to a difference in risks for different periods or to the term structure of interest rates.
INTERNATIONAL ACCOUNTING STANDARD 37
Provisions, contingent liabilities and contingent assets
OBJECTIVE
The objective of this standard is to ensure that appropriate recognition criteria and measurement bases are applied to provisions, contingent liabilities and contingent assets and that sufficient information is disclosed in the notes to enable users to understand their nature, timing and amount.
SCOPE
1
This standard shall be applied by all entities in accounting for provisions, contingent liabilities and contingent assets, except:
(a)
those resulting from executory contracts, except where the contract is onerous; and
(b)
[deleted]
(c)
those covered by another standard.
2
This standard does not apply to financial instruments (including guarantees) that are within the scope of IAS 39 
Financial instruments: recognition and measurement
.
3
Executory contracts are contracts under which neither party has performed any of its obligations or both parties have partially performed their obligations to an equal extent. This standard does not apply to executory contracts unless they are onerous.
4
[Deleted]
5
Where another standard deals with a specific type of provision, contingent liability or contingent asset, an entity applies that standard instead of this standard. For example, IFRS 3 
Business combinations
 addresses the treatment by an acquirer of contingent liabilities assumed in a business combination. Similarly, certain types of provisions are also addressed in standards on:
(a)
construction contracts (see IAS 11 
Construction contracts
);
(b)
income taxes (see IAS 12 
Income taxes
);
(c)
leases (see IAS 17 
Leases
). However, as IAS 17 contains no specific requirements to deal with operating leases that have become onerous, this standard applies to such cases;
(d)
employee benefits (see IAS 19 
Employee benefits
); and
(e)
insurance contracts (see IFRS 4 
Insurance contracts
). However, this standard applies to provisions, contingent liabilities and contingent assets of an insurer, other than those arising from its contractual obligations and rights under insurance contracts within the scope of IFRS 4.
6
Some amounts treated as provisions may relate to the recognition of revenue, for example where an entity gives guarantees in exchange for a fee. This standard does not address the recognition of revenue. IAS 18 
Revenue
 identifies the circumstances in which revenue is recognised and provides practical guidance on the application of the recognition criteria. This standard does not change the requirements of IAS 18.
7
This standard defines provisions as liabilities of uncertain timing or amount. In some countries the term ‘provision’ is also used in the context of items such as depreciation, impairment of assets and doubtful debts: these are adjustments to the carrying amounts of assets and are not addressed in this standard.
8
Other standards specify whether expenditures are treated as assets or as expenses. These issues are not addressed in this standard. Accordingly, this standard neither prohibits nor requires capitalisation of the costs recognised when a provision is made.
9
This standard applies to provisions for restructurings (including discontinued operations). When a restructuring meets the definition of a discontinued operation, additional disclosures may be required by IFRS 5 
Non-current assets held for sale and discontinued operations
.
DEFINITIONS
10
The following terms are used in this standard with the meanings specified:
A 
provision
 is a liability of uncertain timing or amount.
A 
liability
 is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.
An 
obligating event
 is an event that creates a legal or constructive obligation that results in an entity having no realistic alternative to settling that obligation.
A 
legal obligation
 is an obligation that derives from:
(a)
a contract (through its explicit or implicit terms);
(b)
legislation; or
(c)
other operation of law.
A 
constructive obligation
 is an obligation that derives from an entity's actions where:
(a)
by an established pattern of past practice, published policies or a sufficiently specific current statement, the entity has indicated to other parties that it will accept certain responsibilities; and
(b)
as a result, the entity has created a valid expectation on the part of those other parties that it will discharge those responsibilities.
A 
contingent liability
 is:
(a)
a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; or
(b)
a present obligation that arises from past events but is not recognised because:
(i)
it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or
(ii)
the amount of the obligation cannot be measured with sufficient reliability.
A 
contingent asset
 is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.
An 
onerous contract
 is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it.
A 
restructuring
 is a programme that is planned and controlled by management, and materially changes either:
(a)
the scope of a business undertaken by an entity; or
(b)
the manner in which that business is conducted.
Provisions and other liabilities
11
Provisions can be distinguished from other liabilities such as trade payables and accruals because there is uncertainty about the timing or amount of the future expenditure required in settlement. By contrast:
(a)
trade payables are liabilities to pay for goods or services that have been received or supplied and have been invoiced or formally agreed with the supplier; and
(b)
accruals are liabilities to pay for goods or services that have been received or supplied but have not been paid, invoiced or formally agreed with the supplier, including amounts due to employees (for example, amounts relating to accrued vacation pay). Although it is sometimes necessary to estimate the amount or timing of accruals, the uncertainty is generally much less than for provisions.
Accruals are often reported as part of trade and other payables, whereas provisions are reported separately.
Relationship between provisions and contingent liabilities
12
In a general sense, all provisions are contingent because they are uncertain in timing or amount. However, within this standard the term ‘contingent’ is used for liabilities and assets that are not recognised because their existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. In addition, the term ‘contingent liability’ is used for liabilities that do not meet the recognition criteria.
13
This standard distinguishes between:
(a)
provisions — which are recognised as liabilities (assuming that a reliable estimate can be made) because they are present obligations and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligations; and
(b)
contingent liabilities — which are not recognised as liabilities because they are either:
(i)
possible obligations, as it has yet to be confirmed whether the entity has a present obligation that could lead to an outflow of resources embodying economic benefits; or
(ii)
present obligations that do not meet the recognition criteria in this standard (because either it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation, or a sufficiently reliable estimate of the amount of the obligation cannot be made).
RECOGNITION
Provisions
14
A provision shall be recognised when:
(a)
an entity has a present obligation (legal or constructive) as a result of a past event;
(b)
it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and
(c)
a reliable estimate can be made of the amount of the obligation.
If these conditions are not met, no provision shall be recognised.
Present obligation
15
In rare cases it is not clear whether there is a present obligation. In these cases, a past event is deemed to give rise to a present obligation if, taking account of all available evidence, it is more likely than not that a present obligation exists at the balance sheet date.
16
In almost all cases it will be clear whether a past event has given rise to a present obligation. In rare cases, for example in a law suit, it may be disputed either whether certain events have occurred or whether those events result in a present obligation. In such a case, an entity determines whether a present obligation exists at the balance sheet date by taking account of all available evidence, including, for example, the opinion of experts. The evidence considered includes any additional evidence provided by events after the balance sheet date. On the basis of such evidence:
(a)
where it is more likely than not that a present obligation exists at the balance sheet date, the entity recognises a provision (if the recognition criteria are met); and
(b)
where it is more likely that no present obligation exists at the balance sheet date, the entity discloses a contingent liability, unless the possibility of an outflow of resources embodying economic benefits is remote (see paragraph 86).
Past event
17
A past event that leads to a present obligation is called an obligating event. For an event to be an obligating event, it is necessary that the entity has no realistic alternative to settling the obligation created by the event. This is the case only:
(a)
where the settlement of the obligation can be enforced by law; or
(b)
in the case of a constructive obligation, where the event (which may be an action of the entity) creates valid expectations in other parties that the entity will discharge the obligation.
18
Financial statements deal with the financial position of an entity at the end of its reporting period and not its possible position in the future. Therefore, no provision is recognised for costs that need to be incurred to operate in the future. The only liabilities recognised in an entity's balance sheet are those that exist at the balance sheet date.
19
It is only those obligations arising from past events existing independently of an entity's future actions (i.e. the future conduct of its business) that are recognised as provisions. Examples of such obligations are penalties or clean-up costs for unlawful environmental damage, both of which would lead to an outflow of resources embodying economic benefits in settlement regardless of the future actions of the entity. Similarly, an entity recognises a provision for the decommissioning costs of an oil installation or a nuclear power station to the extent that the entity is obliged to rectify damage already caused. In contrast, because of commercial pressures or legal requirements, an entity may intend or need to carry out expenditure to operate in a particular way in the future (for example, by fitting smoke filters in a certain type of factory). Because the entity can avoid the future expenditure by its future actions, for example by changing its method of operation, it has no present obligation for that future expenditure and no provision is recognised.
20
An obligation always involves another party to whom the obligation is owed. It is not necessary, however, to know the identity of the party to whom the obligation is owed — indeed the obligation may be to the public at large. Because an obligation always involves a commitment to another party, it follows that a management or board decision does not give rise to a constructive obligation at the balance sheet date unless the decision has been communicated before the balance sheet date to those affected by it in a sufficiently specific manner to raise a valid expectation in them that the entity will discharge its responsibilities.
21
An event that does not give rise to an obligation immediately may do so at a later date, because of changes in the law or because an act (for example, a sufficiently specific public statement) by the entity gives rise to a constructive obligation. For example, when environmental damage is caused there may be no obligation to remedy the consequences. However, the causing of the damage will become an obligating event when a new law requires the existing damage to be rectified or when the entity publicly accepts responsibility for rectification in a way that creates a constructive obligation.
22
Where details of a proposed new law have yet to be finalised, an obligation arises only when the legislation is virtually certain to be enacted as drafted. For the purpose of this standard, such an obligation is treated as a legal obligation. Differences in circumstances surrounding enactment make it impossible to specify a single event that would make the enactment of a law virtually certain. In many cases it will be impossible to be virtually certain of the enactment of a law until it is enacted.
Probable outflow of resources embodying economic benefits
23
For a liability to qualify for recognition there must be not only a present obligation but also the probability of an outflow of resources embodying economic benefits to settle that obligation. For the purpose of this standard 
(
*1
)
, an outflow of resources or other event is regarded as probable if the event is more likely than not to occur, i.e. the probability that the event will occur is greater than the probability that it will not. Where it is not probable that a present obligation exists, an entity discloses a contingent liability, unless the possibility of an outflow of resources embodying economic benefits is remote (see paragraph 86).
24
Where there are a number of similar obligations (e.g. product warranties or similar contracts) the probability that an outflow will be required in settlement is determined by considering the class of obligations as a whole. Although the likelihood of outflow for any one item may be small, it may well be probable that some outflow of resources will be needed to settle the class of obligations as a whole. If that is the case, a provision is recognised (if the other recognition criteria are met).
Reliable estimate of the obligation
25
The use of estimates is an essential part of the preparation of financial statements and does not undermine their reliability. This is especially true in the case of provisions, which by their nature are more uncertain than most other balance sheet items. Except in extremely rare cases, an entity will be able to determine a range of possible outcomes and can therefore make an estimate of the obligation that is sufficiently reliable to use in recognising a provision.
26
In the extremely rare case where no reliable estimate can be made, a liability exists that cannot be recognised. That liability is disclosed as a contingent liability (see paragraph 86).
Contingent liabilities
27
An entity shall not recognise a contingent liability.
28
A contingent liability is disclosed, as required by paragraph 86, unless the possibility of an outflow of resources embodying economic benefits is remote.
29
Where an entity is jointly and severally liable for an obligation, the part of the obligation that is expected to be met by other parties is treated as a contingent liability. The entity recognises a provision for the part of the obligation for which an outflow of resources embodying economic benefits is probable, except in the extremely rare circumstances where no reliable estimate can be made.
30
Contingent liabilities may develop in a way not initially expected. Therefore, they are assessed continually to determine whether an outflow of resources embodying economic benefits has become probable. If it becomes probable that an outflow of future economic benefits will be required for an item previously dealt with as a contingent liability, a provision is recognised in the financial statements of the period in which the change in probability occurs (except in the extremely rare circumstances where no reliable estimate can be made).
Contingent assets
31
An entity shall not recognise a contingent asset.
32
Contingent assets usually arise from unplanned or other unexpected events that give rise to the possibility of an inflow of economic benefits to the entity. An example is a claim that an entity is pursuing through legal processes, where the outcome is uncertain.
33
Contingent assets are not recognised in financial statements since this may result in the recognition of income that may never be realised. However, when the realisation of income is virtually certain, then the related asset is not a contingent asset and its recognition is appropriate.
34
A contingent asset is disclosed, as required by paragraph 89, where an inflow of economic benefits is probable.
35
Contingent assets are assessed continually to ensure that developments are appropriately reflected in the financial statements. If it has become virtually certain that an inflow of economic benefits will arise, the asset and the related income are recognised in the financial statements of the period in which the change occurs. If an inflow of economic benefits has become probable, an entity discloses the contingent asset (see paragraph 89).
MEASUREMENT
Best estimate
36
The amount recognised as a provision shall be the best estimate of the expenditure required to settle the present obligation at the balance sheet date.
37
The best estimate of the expenditure required to settle the present obligation is the amount that an entity would rationally pay to settle the obligation at the balance sheet date or to transfer it to a third party at that time. It will often be impossible or prohibitively expensive to settle or transfer an obligation at the balance sheet date. However, the estimate of the amount that an entity would rationally pay to settle or transfer the obligation gives the best estimate of the expenditure required to settle the present obligation at the balance sheet date.
38
The estimates of outcome and financial effect are determined by the judgement of the management of the entity, supplemented by experience of similar transactions and, in some cases, reports from independent experts. The evidence considered includes any additional evidence provided by events after the balance sheet date.
39
Uncertainties surrounding the amount to be recognised as a provision are dealt with by various means according to the circumstances. Where the provision being measured involves a large population of items, the obligation is estimated by weighting all possible outcomes by their associated probabilities. The name for this statistical method of estimation is ‘expected value’. The provision will therefore be different depending on whether the probability of a loss of a given amount is, for example, 60 per cent or 90 per cent. Where there is a continuous range of possible outcomes, and each point in that range is as likely as any other, the mid-point of the range is used.
Example
An entity sells goods with a warranty under which customers are covered for the cost of repairs of any manufacturing defects that become apparent within the first six months after purchase. If minor defects were detected in all products sold, repair costs of 1 million would result. If major defects were detected in all products sold, repair costs of 4 million would result. The entity's past experience and future expectations indicate that, for the coming year, 75 per cent of the goods sold will have no defects, 20 per cent of the goods sold will have minor defects and 5 per cent of the goods sold will have major defects. In accordance with paragraph 24, an entity assesses the probability of an outflow for the warranty obligations as a whole.
The expected value of the cost of repairs is:
(75 % of nil) + (20 % of 1m) + (5 % of 4m) = 400 000
40
Where a single obligation is being measured, the individual most likely outcome may be the best estimate of the liability. However, even in such a case, the entity considers other possible outcomes. Where other possible outcomes are either mostly higher or mostly lower than the most likely outcome, the best estimate will be a higher or lower amount. For example, if an entity has to rectify a serious fault in a major plant that it has constructed for a customer, the individual most likely outcome may be for the repair to succeed at the first attempt at a cost of 1 000, but a provision for a larger amount is made if there is a significant chance that further attempts will be necessary.
41
The provision is measured before tax, as the tax consequences of the provision, and changes in it, are dealt with under IAS 12.
Risks and uncertainties
42
The risks and uncertainties that inevitably surround many events and circumstances shall be taken into account in reaching the best estimate of a provision.
43
Risk describes variability of outcome. A risk adjustment may increase the amount at which a liability is measured. Caution is needed in making judgements under conditions of uncertainty, so that income or assets are not overstated and expenses or liabilities are not understated. However, uncertainty does not justify the creation of excessive provisions or a deliberate overstatement of liabilities. For example, if the projected costs of a particularly adverse outcome are estimated on a prudent basis, that outcome is not then deliberately treated as more probable than is realistically the case. Care is needed to avoid duplicating adjustments for risk and uncertainty with consequent overstatement of a provision.
44
Disclosure of the uncertainties surrounding the amount of the expenditure is made under paragraph 85(b).
Present value
45
Where the effect of the time value of money is material, the amount of a provision shall be the present value of the expenditures expected to be required to settle the obligation.
46
Because of the time value of money, provisions relating to cash outflows that arise soon after the balance sheet date are more onerous than those where cash outflows of the same amount arise later. Provisions are therefore discounted, where the effect is material.
47
The discount rate (or rates) shall be a pre-tax rate (or rates) that reflect(s) current market assessments of the time value of money and the risks specific to the liability. The discount rate(s) shall not reflect risks for which future cash flow estimates have been adjusted.
Future events
48
Future events that may affect the amount required to settle an obligation shall be reflected in the amount of a provision where there is sufficient objective evidence that they will occur.
49
Expected future events may be particularly important in measuring provisions. For example, an entity may believe that the cost of cleaning up a site at the end of its life will be reduced by future changes in technology. The amount recognised reflects a reasonable expectation of technically qualified, objective observers, taking account of all available evidence as to the technology that will be available at the time of the clean-up. Thus it is appropriate to include, for example, expected cost reductions associated with increased experience in applying existing technology or the expected cost of applying existing technology to a larger or more complex clean-up operation than has previously been carried out. However, an entity does not anticipate the development of a completely new technology for cleaning up unless it is supported by sufficient objective evidence.
50
The effect of possible new legislation is taken into consideration in measuring an existing obligation when sufficient objective evidence exists that the legislation is virtually certain to be enacted. The variety of circumstances that arise in practice makes it impossible to specify a single event that will provide sufficient, objective evidence in every case. Evidence is required both of what legislation will demand and of whether it is virtually certain to be enacted and implemented in due course. In many cases sufficient objective evidence will not exist until the new legislation is enacted.
Expected disposal of assets
51
Gains from the expected disposal of assets shall not be taken into account in measuring a provision.
52
Gains on the expected disposal of assets are not taken into account in measuring a provision, even if the expected disposal is closely linked to the event giving rise to the provision. Instead, an entity recognises gains on expected disposals of assets at the time specified by the standard dealing with the assets concerned.
REIMBURSEMENTS
53
Where some or all of the expenditure required to settle a provision is expected to be reimbursed by another party, the reimbursement shall be recognised when, and only when, it is virtually certain that reimbursement will be received if the entity settles the obligation. The reimbursement shall be treated as a separate asset. The amount recognised for the reimbursement shall not exceed the amount of the provision.
54
In the income statement, the expense relating to a provision may be presented net of the amount recognised for a reimbursement.
55
Sometimes, an entity is able to look to another party to pay part or all of the expenditure required to settle a provision (for example, through insurance contracts, indemnity clauses or suppliers' warranties). The other party may either reimburse amounts paid by the entity or pay the amounts directly.
56
In most cases the entity will remain liable for the whole of the amount in question so that the entity would have to settle the full amount if the third party failed to pay for any reason. In this situation, a provision is recognised for the full amount of the liability, and a separate asset for the expected reimbursement is recognised when it is virtually certain that reimbursement will be received if the entity settles the liability.
57
In some cases, the entity will not be liable for the costs in question if the third party fails to pay. In such a case the entity has no liability for those costs and they are not included in the provision.
58
As noted in paragraph 29, an obligation for which an entity is jointly and severally liable is a contingent liability to the extent that it is expected that the obligation will be settled by the other parties.
CHANGES IN PROVISIONS
59
Provisions shall be reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision shall be reversed.
60
Where discounting is used, the carrying amount of a provision increases in each period to reflect the passage of time. This increase is recognised as borrowing cost.
USE OF PROVISIONS
61
A provision shall be used only for expenditures for which the provision was originally recognised.
62
Only expenditures that relate to the original provision are set against it. Setting expenditures against a provision that was originally recognised for another purpose would conceal the impact of two different events.
APPLICATION OF THE RECOGNITION AND MEASUREMENT RULES
Future operating losses
63
Provisions shall not be recognised for future operating losses.
64
Future operating losses do not meet the definition of a liability in paragraph 10 and the general recognition criteria set out for provisions in paragraph 14.
65
An expectation of future operating losses is an indication that certain assets of the operation may be impaired. An entity tests these assets for impairment under IAS 36 
Impairment of assets
.
Onerous contracts
66
If an entity has a contract that is onerous, the present obligation under the contract shall be recognised and measured as a provision.
67
Many contracts (for example, some routine purchase orders) can be cancelled without paying compensation to the other party, and therefore there is no obligation. Other contracts establish both rights and obligations for each of the contracting parties. Where events make such a contract onerous, the contract falls within the scope of this standard and a liability exists which is recognised. Executory contracts that are not onerous fall outside the scope of this standard.
68
This standard defines an onerous contract as a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it.
69
Before a separate provision for an onerous contract is established, an entity recognises any impairment loss that has occurred on assets dedicated to that contract (see IAS 36).
Restructuring
70
The following are examples of events that may fall under the definition of restructuring:
(a)
sale or termination of a line of business;
(b)
the closure of business locations in a country or region or the relocation of business activities from one country or region to another;
(c)
changes in management structure, for example, eliminating a layer of management; and
(d)
fundamental reorganisations that have a material effect on the nature and focus of the entity's operations.
71
A provision for restructuring costs is recognised only when the general recognition criteria for provisions set out in paragraph 14 are met. Paragraphs 72-83 set out how the general recognition criteria apply to restructurings.
72
A constructive obligation to restructure arises only when an entity:
(a)
has a detailed formal plan for the restructuring identifying at least:
(i)
the business or part of a business concerned;
(ii)
the principal locations affected;
(iii)
the location, function, and approximate number of employees who will be compensated for terminating their services;
(iv)
the expenditures that will be undertaken; and
(v)
when the plan will be implemented; and
(b)
has raised a valid expectation in those affected that it will carry out the restructuring by starting to implement that plan or announcing its main features to those affected by it.
73
Evidence that an entity has started to implement a restructuring plan would be provided, for example, by dismantling plant or selling assets or by the public announcement of the main features of the plan. A public announcement of a detailed plan to restructure constitutes a constructive obligation to restructure only if it is made in such a way and in sufficient detail (i.e. setting out the main features of the plan) that it gives rise to valid expectations in other parties such as customers, suppliers and employees (or their representatives) that the entity will carry out the restructuring.
74
For a plan to be sufficient to give rise to a constructive obligation when communicated to those affected by it, its implementation needs to be planned to begin as soon as possible and to be completed in a timeframe that makes significant changes to the plan unlikely. If it is expected that there will be a long delay before the restructuring begins or that the restructuring will take an unreasonably long time, it is unlikely that the plan will raise a valid expectation on the part of others that the entity is at present committed to restructuring, because the timeframe allows opportunities for the entity to change its plans.
75
A management or board decision to restructure taken before the balance sheet date does not give rise to a constructive obligation at the balance sheet date unless the entity has, before the balance sheet date:
(a)
started to implement the restructuring plan; or
(b)
announced the main features of the restructuring plan to those affected by it in a sufficiently specific manner to raise a valid expectation in them that the entity will carry out the restructuring.
If an entity starts to implement a restructuring plan, or announces its main features to those affected, only after the balance sheet date, disclosure is required under IAS 10 
Events after the balance sheet date
, if the restructuring is material and non-disclosure could influence the economic decisions of users taken on the basis of the financial statements.
76
Although a constructive obligation is not created solely by a management decision, an obligation may result from other earlier events together with such a decision. For example, negotiations with employee representatives for termination payments, or with purchasers for the sale of an operation, may have been concluded subject only to board approval. Once that approval has been obtained and communicated to the other parties, the entity has a constructive obligation to restructure, if the conditions of paragraph 72 are met.
77
In some countries, the ultimate authority is vested in a board whose membership includes representatives of interests other than those of management (e.g. employees) or notification to such representatives may be necessary before the board decision is taken. Because a decision by such a board involves communication to these representatives, it may result in a constructive obligation to restructure.
78
No obligation arises for the sale of an operation until the entity is committed to the sale, i.e. there is a binding sale agreement.
79
Even when an entity has taken a decision to sell an operation and announced that decision publicly, it cannot be committed to the sale until a purchaser has been identified and there is a binding sale agreement. Until there is a binding sale agreement, the entity will be able to change its mind and indeed will have to take another course of action if a purchaser cannot be found on acceptable terms. When the sale of an operation is envisaged as part of a restructuring, the assets of the operation are reviewed for impairment, under IAS 36. When a sale is only part of a restructuring, a constructive obligation can arise for the other parts of the restructuring before a binding sale agreement exists.
80
A restructuring provision shall include only the direct expenditures arising from the restructuring, which are those that are both:
(a)
necessarily entailed by the restructuring; and
(b)
not associated with the ongoing activities of the entity.
81
A restructuring provision does not include such costs as:
(a)
retraining or relocating continuing staff;
(b)
marketing; or
(c)
investment in new systems and distribution networks.
These expenditures relate to the future conduct of the business and are not liabilities for restructuring at the balance sheet date. Such expenditures are recognised on the same basis as if they arose independently of a restructuring.
82
Identifiable future operating losses up to the date of a restructuring are not included in a provision, unless they relate to an onerous contract as defined in paragraph 10.
83
As required by paragraph 51, gains on the expected disposal of assets are not taken into account in measuring a restructuring provision, even if the sale of assets is envisaged as part of the restructuring.
DISCLOSURE
84
For each class of provision, an entity shall disclose:
(a)
the carrying amount at the beginning and end of the period;
(b)
additional provisions made in the period, including increases to existing provisions;
(c)
amounts used (i.e. incurred and charged against the provision) during the period;
(d)
unused amounts reversed during the period; and
(e)
the increase during the period in the discounted amount arising from the passage of time and the effect of any change in the discount rate.
Comparative information is not required.
85
An entity shall disclose the following for each class of provision:
(a)
a brief description of the nature of the obligation and the expected timing of any resulting outflows of economic benefits;
(b)
an indication of the uncertainties about the amount or timing of those outflows. Where necessary to provide adequate information, an entity shall disclose the major assumptions made concerning future events, as addressed in paragraph 48; and
(c)
the amount of any expected reimbursement, stating the amount of any asset that has been recognised for that expected reimbursement.
86
Unless the possibility of any outflow in settlement is remote, an entity shall disclose for each class of contingent liability at the balance sheet date a brief description of the nature of the contingent liability and, where practicable:
(a)
an estimate of its financial effect, measured under paragraphs 36-52;
(b)
an indication of the uncertainties relating to the amount or timing of any outflow; and
(c)
the possibility of any reimbursement.
87
In determining which provisions or contingent liabilities may be aggregated to form a class, it is necessary to consider whether the nature of the items is sufficiently similar for a single statement about them to fulfil the requirements of paragraphs 85(a) and (b) and 86(a) and (b). Thus, it may be appropriate to treat as a single class of provision amounts relating to warranties of different products, but it would not be appropriate to treat as a single class amounts relating to normal warranties and amounts that are subject to legal proceedings.
88
Where a provision and a contingent liability arise from the same set of circumstances, an entity makes the disclosures required by paragraphs 84-86 in a way that shows the link between the provision and the contingent liability.
89
Where an inflow of economic benefits is probable, an entity shall disclose a brief description of the nature of the contingent assets at the balance sheet date, and, where practicable, an estimate of their financial effect, measured using the principles set out for provisions in paragraphs 36-52.
90
It is important that disclosures for contingent assets avoid giving misleading indications of the likelihood of income arising.
91
Where any of the information required by paragraphs 86 and 89 is not disclosed because it is not practicable to do so, that fact shall be stated.
92
In extremely rare cases, disclosure of some or all of the information required by paragraphs 84-89 can be expected to prejudice seriously the position of the entity in a dispute with other parties on the subject matter of the provision, contingent liability or contingent asset. In such cases, an entity need not disclose the information, but shall disclose the general nature of the dispute, together with the fact that, and reason why, the information has not been disclosed.
TRANSITIONAL PROVISIONS
93
The effect of adopting this standard on its effective date (or earlier) shall be reported as an adjustment to the opening balance of retained earnings for the period in which the standard is first adopted. Entities are encouraged, but not required, to adjust the opening balance of retained earnings for the earliest period presented and to restate comparative information. If comparative information is not restated, this fact shall be disclosed.
94
[Deleted]
EFFECTIVE DATE
95
This standard becomes operative for annual financial statements covering periods beginning on or after 1 July 1999. Earlier application is encouraged. If an entity applies this standard for periods beginning before 1 July 1999, it shall disclose that fact.
96
[Deleted]
(
*1
)
  The interpretation of ‘probable’ in this standard as ‘more likely than not’ does not necessarily apply in other standards.
INTERNATIONAL ACCOUNTING STANDARD 38
Intangible assets
OBJECTIVE
1
The objective of this standard is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another standard. This standard requires an entity to recognise an intangible asset if, and only if, specified criteria are met. The standard also specifies how to measure the carrying amount of intangible assets and requires specified disclosures about intangible assets.
SCOPE
2
This standard shall be applied in accounting for intangible assets, except:
(a)
intangible assets that are within the scope of another standard;
(b)
financial assets, as defined in IAS 32 
Financial instruments: presentation
;
(c)
the recognition and measurement of exploration and evaluation assets (see IFRS 6 
Exploration for and evaluation of mineral resources
); and
(d)
expenditure on the development and extraction of, minerals, oil, natural gas and similar non-regenerative resources.
3
If another standard prescribes the accounting for a specific type of intangible asset, an entity applies that standard instead of this standard. For example, this standard does not apply to:
(a)
intangible assets held by an entity for sale in the ordinary course of business (see IAS 2 
Inventories
 and IAS 11 
Construction contracts
);
(b)
deferred tax assets (see IAS 12 
Income taxes
);
(c)
leases that are within the scope of IAS 17 
Leases
;
(d)
assets arising from employee benefits (see IAS 19 
Employee benefits
);
(e)
financial assets as defined in IAS 32. The recognition and measurement of some financial assets are covered by IAS 27 
Consolidated and separate financial statements
, IAS 28 
Investments in associates
 and IAS 31 
Interests in joint ventures
;
(f)
goodwill acquired in a business combination (see IFRS 3 
Business combinations
);
(g)
deferred acquisition costs, and intangible assets, arising from an insurer's contractual rights under insurance contracts within the scope of IFRS 4 
Insurance contracts
. IFRS 4 sets out specific disclosure requirements for those deferred acquisition costs but not for those intangible assets. Therefore, the disclosure requirements in this standard apply to those intangible assets;
(h)
non-current intangible assets classified as held for sale (or included in a disposal group that is classified as held for sale) in accordance with IFRS 5 
Non-current assets held for sale and discontinued operations
.
4
Some intangible assets may be contained in or on a physical substance such as a compact disc (in the case of computer software), legal documentation (in the case of a licence or patent) or film. In determining whether an asset that incorporates both intangible and tangible elements should be treated under IAS 16 
Property, plant and equipment
 or as an intangible asset under this standard, an entity uses judgement to assess which element is more significant. For example, computer software for a computer-controlled machine tool that cannot operate without that specific software is an integral part of the related hardware and it is treated as property, plant and equipment. The same applies to the operating system of a computer. When the software is not an integral part of the related hardware, computer software is treated as an intangible asset.
5
This standard applies to, among other things, expenditure on advertising, training, start-up, research and development activities. Research and development activities are directed to the development of knowledge. Therefore, although these activities may result in an asset with physical substance (e.g. a prototype), the physical element of the asset is secondary to its intangible component, i.e. the knowledge embodied in it.
6
In the case of a finance lease, the underlying asset may be either tangible or intangible. After initial recognition, a lessee accounts for an intangible asset held under a finance lease in accordance with this standard. Rights under licensing agreements for items such as motion picture films, video recordings, plays, manuscripts, patents and copyrights are excluded from the scope of IAS 17 and are within the scope of this standard.
7
Exclusions from the scope of a standard may occur if activities or transactions are so specialised that they give rise to accounting issues that may need to be dealt with in a different way. Such issues arise in the accounting for expenditure on the exploration for, or development and extraction of, oil, gas and mineral deposits in extractive industries and in the case of insurance contracts. Therefore, this standard does not apply to expenditure on such activities and contracts. However, this standard applies to other intangible assets used (such as computer software), and other expenditure incurred (such as start-up costs), in extractive industries or by insurers.
DEFINITIONS
8
The following terms are used in this standard with the meanings specified:
An 
active market
 is a market in which all the following conditions exist:
(a)
the items traded in the market are homogeneous;
(b)
willing buyers and sellers can normally be found at any time; and
(c)
prices are available to the public.
The 
agreement date
 for a business combination is the date that a substantive agreement between the combining parties is reached and, in the case of publicly listed entities, announced to the public. In the case of a hostile takeover, the earliest date that a substantive agreement between the combining parties is reached is the date that a sufficient number of the acquiree's owners have accepted the acquirer's offer for the acquirer to obtain control of the acquiree.
Amortisation
 is the systematic allocation of the depreciable amount of an intangible asset over its useful life.
An 
asset
 is a resource:
(a)
controlled by an entity as a result of past events; and
(b)
from which future economic benefits are expected to flow to the entity.
Carrying amount
 is the amount at which an asset is recognised in the balance sheet after deducting any accumulated amortisation and accumulated impairment losses thereon.
Cost
 is the amount of cash or cash equivalents paid or the fair value of other consideration given to acquire an asset at the time of its acquisition or construction, or, when applicable, the amount attributed to that asset when initially recognised in accordance with the specific requirements of other IFRSs, e.g. IFRS 2 
Share-based payment
.
Depreciable amount
 is the cost of an asset, or other amount substituted for cost, less its residual value.
Development
 is the application of research findings or other knowledge to a plan or design for the production of new or substantially improved materials, devices, products, processes, systems or services before the start of commercial production or use.
Entity-specific value
 is the present value of the cash flows an entity expects to arise from the continuing use of an asset and from its disposal at the end of its useful life or expects to incur when settling a liability.
Fair value of an asset
 is the amount for which that asset could be exchanged between knowledgeable, willing parties in an arm's length transaction.
An 
impairment loss
 is the amount by which the carrying amount of an asset exceeds its recoverable amount.
An 
intangible asset
 is an identifiable non-monetary asset without physical substance.
Monetary assets
 are money held and assets to be received in fixed or determinable amounts of money.
Research
 is original and planned investigation undertaken with the prospect of gaining new scientific or technical knowledge and understanding.
The 
residual value
 of an intangible asset is the estimated amount that an entity would currently obtain from disposal of the asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Useful life
 is:
(a)
the period over which an asset is expected to be available for use by an entity; or
(b)
the number of production or similar units expected to be obtained from the asset by an entity.
Intangible assets
9
Entities frequently expend resources, or incur liabilities, on the acquisition, development, maintenance or enhancement of intangible resources such as scientific or technical knowledge, design and implementation of new processes or systems, licences, intellectual property, market knowledge and trademarks (including brand names and publishing titles). Common examples of items encompassed by these broad headings are computer software, patents, copyrights, motion picture films, customer lists, mortgage servicing rights, fishing licences, import quotas, franchises, customer or supplier relationships, customer loyalty, market share and marketing rights.
10
Not all the items described in paragraph 9 meet the definition of an intangible asset, i.e. identifiability, control over a resource and existence of future economic benefits. If an item within the scope of this standard does not meet the definition of an intangible asset, expenditure to acquire it or generate it internally is recognised as an expense when it is incurred. However, if the item is acquired in a business combination, it forms part of the goodwill recognised at the acquisition date (see paragraph 68).
Identifiability
11
The definition of an intangible asset requires an intangible asset to be identifiable to distinguish it from goodwill. Goodwill acquired in a business combination represents a payment made by the acquirer in anticipation of future economic benefits from assets that are not capable of being individually identified and separately recognised. The future economic benefits may result from synergy between the identifiable assets acquired or from assets that, individually, do not qualify for recognition in the financial statements but for which the acquirer is prepared to make a payment in the business combination.
12
An asset meets the identifiability criterion in the definition of an intangible asset when it:
(a)
is separable, i.e. is capable of being separated or divided from the entity and sold, transferred, licensed, rented or exchanged, either individually or together with a related contract, asset or liability; or
(b)
arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the entity or from other rights and obligations.
Control
13
An entity controls an asset if the entity has the power to obtain the future economic benefits flowing from the underlying resource and to restrict the access of others to those benefits. The capacity of an entity to control the future economic benefits from an intangible asset would normally stem from legal rights that are enforceable in a court of law. In the absence of legal rights, it is more difficult to demonstrate control. However, legal enforceability of a right is not a necessary condition for control because an entity may be able to control the future economic benefits in some other way.
14
Market and technical knowledge may give rise to future economic benefits. An entity controls those benefits if, for example, the knowledge is protected by legal rights such as copyrights, a restraint of trade agreement (where permitted) or by a legal duty on employees to maintain confidentiality.
15
An entity may have a team of skilled staff and may be able to identify incremental staff skills leading to future economic benefits from training. The entity may also expect that the staff will continue to make their skills available to the entity. However, an entity usually has insufficient control over the expected future economic benefits arising from a team of skilled staff and from training for these items to meet the definition of an intangible asset. For a similar reason, specific management or technical talent is unlikely to meet the definition of an intangible asset, unless it is protected by legal rights to use it and to obtain the future economic benefits expected from it, and it also meets the other parts of the definition.
16
An entity may have a portfolio of customers or a market share and expect that, because of its efforts in building customer relationships and loyalty, the customers will continue to trade with the entity. However, in the absence of legal rights to protect, or other ways to control, the relationships with customers or the loyalty of the customers to the entity, the entity usually has insufficient control over the expected economic benefits from customer relationships and loyalty for such items (e.g. portfolio of customers, market shares, customer relationships and customer loyalty) to meet the definition of intangible assets. In the absence of legal rights to protect customer relationships, exchange transactions for the same or similar non-contractual customer relationships (other than as part of a business combination) provide evidence that the entity is nonetheless able to control the expected future economic benefits flowing from the customer relationships. Because such exchange transactions also provide evidence that the customer relationships are separable, those customer relationships meet the definition of an intangible asset.
Future economic benefits
17
The future economic benefits flowing from an intangible asset may include revenue from the sale of products or services, cost savings, or other benefits resulting from the use of the asset by the entity. For example, the use of intellectual property in a production process may reduce future production costs rather than increase future revenues.
RECOGNITION AND MEASUREMENT
18
The recognition of an item as an intangible asset requires an entity to demonstrate that the item meets:
(a)
the definition of an intangible asset (see paragraphs 8-17); and
(b)
the recognition criteria (see paragraphs 21-23).
This requirement applies to costs incurred initially to acquire or internally generate an intangible asset and those incurred subsequently to add to, replace part of, or service it.
19
Paragraphs 25-32 deal with the application of the recognition criteria to separately acquired intangible assets, and paragraphs 33-43 deal with their application to intangible assets acquired in a business combination. Paragraph 44 deals with the initial measurement of intangible assets acquired by way of a government grant, paragraphs 45-47 with exchanges of intangible assets, and paragraphs 48-50 with the treatment of internally generated goodwill. Paragraphs 51-67 deal with the initial recognition and measurement of internally generated intangible assets.
20
The nature of intangible assets is such that, in many cases, there are no additions to such an asset or replacements of part of it. Accordingly, most subsequent expenditures are likely to maintain the expected future economic benefits embodied in an existing intangible asset rather than meet the definition of an intangible asset and the recognition criteria in this standard. In addition, it is often difficult to attribute subsequent expenditure directly to a particular intangible asset rather than to the business as a whole. Therefore, only rarely will subsequent expenditure — expenditure incurred after the initial recognition of an acquired intangible asset or after completion of an internally generated intangible asset — be recognised in the carrying amount of an asset. Consistently with paragraph 63, subsequent expenditure on brands, mastheads, publishing titles, customer lists and items similar in substance (whether externally acquired or internally generated) is always recognised in profit or loss as incurred. This is because such expenditure cannot be distinguished from expenditure to develop the business as a whole.
21
An intangible asset shall be recognised if, and only if:
(a)
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and
(b)
the cost of the asset can be measured reliably.
22
An entity shall assess the probability of expected future economic benefits using reasonable and supportable assumptions that represent management's best estimate of the set of economic conditions that will exist over the useful life of the asset.
23
An entity uses judgement to assess the degree of certainty attached to the flow of future economic benefits that are attributable to the use of the asset on the basis of the evidence available at the time of initial recognition, giving greater weight to external evidence.
24
An intangible asset shall be measured initially at cost.
Separate acquisition
25
Normally, the price an entity pays to acquire separately an intangible asset reflects expectations about the probability that the expected future economic benefits embodied in the asset will flow to the entity. In other words, the effect of probability is reflected in the cost of the asset. Therefore, the probability recognition criterion in paragraph 21(a) is always considered to be satisfied for separately acquired intangible assets.
26
In addition, the cost of a separately acquired intangible asset can usually be measured reliably. This is particularly so when the purchase consideration is in the form of cash or other monetary assets.
27
The cost of a separately acquired intangible asset comprises:
(a)
its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates; and
(b)
any directly attributable cost of preparing the asset for its intended use.
28
Examples of directly attributable costs are:
(a)
costs of employee benefits (as defined in IAS 19) arising directly from bringing the asset to its working condition;
(b)
professional fees arising directly from bringing the asset to its working condition; and
(c)
costs of testing whether the asset is functioning properly.
29
Examples of expenditures that are not part of the cost of an intangible asset are:
(a)
costs of introducing a new product or service (including costs of advertising and promotional activities);
(b)
costs of conducting business in a new location or with a new class of customer (including costs of staff training); and
(c)
administration and other general overhead costs.
30
Recognition of costs in the carrying amount of an intangible asset ceases when the asset is in the condition necessary for it to be capable of operating in the manner intended by management. Therefore, costs incurred in using or redeploying an intangible asset are not included in the carrying amount of that asset. For example, the following costs are not included in the carrying amount of an intangible asset:
(a)
costs incurred while an asset capable of operating in the manner intended by management has yet to be brought into use; and
(b)
initial operating losses, such as those incurred while demand for the asset's output builds up.
31
Some operations occur in connection with the development of an intangible asset, but are not necessary to bring the asset to the condition necessary for it to be capable of operating in the manner intended by management. These incidental operations may occur before or during the development activities. Because incidental operations are not necessary to bring an asset to the condition necessary for it to be capable of operating in the manner intended by management, the income and related expenses of incidental operations are recognised immediately in profit or loss, and included in their respective classifications of income and expense.
32
If payment for an intangible asset is deferred beyond normal credit terms, its cost is the cash price equivalent. The difference between this amount and the total payments is recognised as interest expense over the period of credit unless it is capitalised in accordance with the capitalisation treatment permitted in IAS 23 
Borrowing costs
.
Acquisition as part of a business combination
33
In accordance with IFRS 3, if an intangible asset is acquired in a business combination, the cost of that intangible asset is its fair value at the acquisition date. The fair value of an intangible asset reflects market expectations about the probability that the future economic benefits embodied in the asset will flow to the entity. In other words, the effect of probability is reflected in the fair value measurement of the intangible asset. Therefore, the probability recognition criterion in paragraph 21(a) is always considered to be satisfied for intangible assets acquired in business combinations.
34
Therefore, in accordance with this standard and IFRS 3, an acquirer recognises at the acquisition date separately from goodwill an intangible asset of the acquiree if the asset's fair value can be measured reliably, irrespective of whether the asset had been recognised by the acquiree before the business combination. This means that the acquirer recognises as an asset separately from goodwill an in-process research and development project of the acquiree if the project meets the definition of an intangible asset and its fair value can be measured reliably. An acquiree's in-process research and development project meets the definition of an intangible asset when it:
(a)
meets the definition of an asset; and
(b)
is identifiable, i.e. is separable or arises from contractual or other legal rights.
Measuring the fair value of an intangible asset acquired in a business combination
35
The fair value of intangible assets acquired in business combinations can normally be measured with sufficient reliability to be recognised separately from goodwill. When, for the estimates used to measure an intangible asset's fair value, there is a range of possible outcomes with different probabilities, that uncertainty enters into the measurement of the asset's fair value, rather than demonstrates an inability to measure fair value reliably. If an intangible asset acquired in a business combination has a finite useful life, there is a rebuttable presumption that its fair value can be measured reliably.
36
An intangible asset acquired in a business combination might be separable, but only together with a related tangible or intangible asset. For example, a magazine's publishing title might not be able to be sold separately from a related subscriber database, or a trademark for natural spring water might relate to a particular spring and could not be sold separately from the spring. In such cases, the acquirer recognises the group of assets as a single asset separately from goodwill if the individual fair values of the assets in the group are not reliably measurable.
37
Similarly, the terms ‘brand’ and ‘brand name’ are often used as synonyms for trademarks and other marks. However, the former are general marketing terms that are typically used to refer to a group of complementary assets such as a trademark (or service mark) and its related trade name, formulas, recipes and technological expertise. The acquirer recognises as a single asset a group of complementary intangible assets comprising a brand if the individual fair values of the complementary assets are not reliably measurable. If the individual fair values of the complementary assets are reliably measurable, an acquirer may recognise them as a single asset provided the individual assets have similar useful lives.
38
The only circumstances in which it might not be possible to measure reliably the fair value of an intangible asset acquired in a business combination are when the intangible asset arises from legal or other contractual rights and either:
(a)
is not separable; or
(b)
is separable, but there is no history or evidence of exchange transactions for the same or similar assets, and otherwise estimating fair value would be dependent on immeasurable variables.
39
Quoted market prices in an active market provide the most reliable estimate of the fair value of an intangible asset (see also paragraph 78). The appropriate market price is usually the current bid price. If current bid prices are unavailable, the price of the most recent similar transaction may provide a basis from which to estimate fair value, provided that there has not been a significant change in economic circumstances between the transaction date and the date at which the asset's fair value is estimated.
40
If no active market exists for an intangible asset, its fair value is the amount that the entity would have paid for the asset, at the acquisition date, in an arm's length transaction between knowledgeable and willing parties, on the basis of the best information available. In determining this amount, an entity considers the outcome of recent transactions for similar assets.
41
Entities that are regularly involved in the purchase and sale of unique intangible assets may have developed techniques for estimating their fair values indirectly. These techniques may be used for initial measurement of an intangible asset acquired in a business combination if their objective is to estimate fair value and if they reflect current transactions and practices in the industry to which the asset belongs. These techniques include, when appropriate:
(a)
applying multiples reflecting current market transactions to indicators that drive the profitability of the asset (such as revenue, market shares and operating profit) or to the royalty stream that could be obtained from licensing the intangible asset to another party in an arm's length transaction (as in the ‘relief from royalty’ approach); or
(b)
discounting estimated future net cash flows from the asset.
Subsequent expenditure on an acquired in-process research and development project
42
Research or development expenditure that:
(a)
relates to an in-process research or development project acquired separately or in a business combination and recognised as an intangible asset; and
(b)
is incurred after the acquisition of that project;
shall be accounted for in accordance with paragraphs 54-62.
43
Applying the requirements in paragraphs 54-62 means that subsequent expenditure on an in-process research or development project acquired separately or in a business combination and recognised as an intangible asset is:
(a)
recognised as an expense when incurred if it is research expenditure;
(b)
recognised as an expense when incurred if it is development expenditure that does not satisfy the criteria for recognition as an intangible asset in paragraph 57; and
(c)
added to the carrying amount of the acquired in-process research or development project if it is development expenditure that satisfies the recognition criteria in paragraph 57.
Acquisition by way of a government grant
44
In some cases, an intangible asset may be acquired free of charge, or for nominal consideration, by way of a government grant. This may happen when a government transfers or allocates to an entity intangible assets such as airport landing rights, licences to operate radio or television stations, import licences or quotas or rights to access other restricted resources. In accordance with IAS 20 
Accounting for government grants and disclosure of government assistance
, an entity may choose to recognise both the intangible asset and the grant initially at fair value. If an entity chooses not to recognise the asset initially at fair value, the entity recognises the asset initially at a nominal amount (the other treatment permitted by IAS 20) plus any expenditure that is directly attributable to preparing the asset for its intended use.
Exchanges of assets
45
One or more intangible assets may be acquired in exchange for a non-monetary asset or assets, or a combination of monetary and non-monetary assets. The following discussion refers simply to an exchange of one non-monetary asset for another, but it also applies to all exchanges described in the preceding sentence. The cost of such an intangible asset is measured at fair value unless (a) the exchange transaction lacks commercial substance or (b) the fair value of neither the asset received nor the asset given up is reliably measurable. The acquired asset is measured in this way even if an entity cannot immediately derecognise the asset given up. If the acquired asset is not measured at fair value, its cost is measured at the carrying amount of the asset given up.
46
An entity determines whether an exchange transaction has commercial substance by considering the extent to which its future cash flows are expected to change as a result of the transaction. An exchange transaction has commercial substance if:
(a)
the configuration (i.e. risk, timing and amount) of the cash flows of the asset received differs from the configuration of the cash flows of the asset transferred; or
(b)
the entity-specific value of the portion of the entity's operations affected by the transaction changes as a result of the exchange; and
(c)
the difference in (a) or (b) is significant relative to the fair value of the assets exchanged.
For the purpose of determining whether an exchange transaction has commercial substance, the entity-specific value of the portion of the entity's operations affected by the transaction shall reflect post-tax cash flows. The result of these analyses may be clear without an entity having to perform detailed calculations.
47
Paragraph 21(b) specifies that a condition for the recognition of an intangible asset is that the cost of the asset can be measured reliably. The fair value of an intangible asset for which comparable market transactions do not exist is reliably measurable if (a) the variability in the range of reasonable fair value estimates is not significant for that asset or (b) the probabilities of the various estimates within the range can be reasonably assessed and used in estimating fair value. If an entity is able to determine reliably the fair value of either the asset received or the asset given up, then the fair value of the asset given up is used to measure cost unless the fair value of the asset received is more clearly evident.
Internally generated goodwill
48
Internally generated goodwill shall not be recognised as an asset.
49
In some cases, expenditure is incurred to generate future economic benefits, but it does not result in the creation of an intangible asset that meets the recognition criteria in this standard. Such expenditure is often described as contributing to internally generated goodwill. Internally generated goodwill is not recognised as an asset because it is not an identifiable resource (i.e. it is not separable nor does it arise from contractual or other legal rights) controlled by the entity that can be measured reliably at cost.
50
Differences between the market value of an entity and the carrying amount of its identifiable net assets at any time may capture a range of factors that affect the value of the entity. However, such differences do not represent the cost of intangible assets controlled by the entity.
Internally generated intangible assets
51
It is sometimes difficult to assess whether an internally generated intangible asset qualifies for recognition because of problems in:
(a)
identifying whether and when there is an identifiable asset that will generate expected future economic benefits; and
(b)
determining the cost of the asset reliably. In some cases, the cost of generating an intangible asset internally cannot be distinguished from the cost of maintaining or enhancing the entity's internally generated goodwill or of running day-to-day operations.
Therefore, in addition to complying with the general requirements for the recognition and initial measurement of an intangible asset, an entity applies the requirements and guidance in paragraphs 52-67 to all internally generated intangible assets.
52
To assess whether an internally generated intangible asset meets the criteria for recognition, an entity classifies the generation of the asset into:
(a)
a research phase; and
(b)
a development phase.
Although the terms ‘research’ and ‘development’ are defined, the terms ‘research phase’ and ‘development phase’ have a broader meaning for the purpose of this standard.
53
If an entity cannot distinguish the research phase from the development phase of an internal project to create an intangible asset, the entity treats the expenditure on that project as if it were incurred in the research phase only.
Research phase
54
No intangible asset arising from research (or from the research phase of an internal project) shall be recognised. Expenditure on research (or on the research phase of an internal project) shall be recognised as an expense when it is incurred.
55
In the research phase of an internal project, an entity cannot demonstrate that an intangible asset exists that will generate probable future economic benefits. Therefore, this expenditure is recognised as an expense when it is incurred.
56
Examples of research activities are:
(a)
activities aimed at obtaining new knowledge;
(b)
the search for, evaluation and final selection of, applications of research findings or other knowledge;
(c)
the search for alternatives for materials, devices, products, processes, systems or services; and
(d)
the formulation, design, evaluation and final selection of possible alternatives for new or improved materials, devices, products, processes, systems or services.
Development phase
57
An intangible asset arising from development (or from the development phase of an internal project) shall be recognised if, and only if, an entity can demonstrate all of the following:
(a)
the technical feasibility of completing the intangible asset so that it will be available for use or sale;
(b)
its intention to complete the intangible asset and use or sell it;
(c)
its ability to use or sell the intangible asset;
(d)
how the intangible asset will generate probable future economic benefits. Among other things, the entity can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset;
(e)
the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset;
(f)
its ability to measure reliably the expenditure attributable to the intangible asset during its development.
58
In the development phase of an internal project, an entity can, in some instances, identify an intangible asset and demonstrate that the asset will generate probable future economic benefits. This is because the development phase of a project is further advanced than the research phase.
59
Examples of development activities are:
(a)
the design, construction and testing of pre-production or pre-use prototypes and models;
(b)
the design of tools, jigs, moulds and dies involving new technology;
(c)
the design, construction and operation of a pilot plant that is not of a scale economically feasible for commercial production; and
(d)
the design, construction and testing of a chosen alternative for new or improved materials, devices, products, processes, systems or services.
60
To demonstrate how an intangible asset will generate probable future economic benefits, an entity assesses the future economic benefits to be received from the asset using the principles in IAS 36 
Impairment of assets
. If the asset will generate economic benefits only in combination with other assets, the entity applies the concept of cash-generating units in IAS 36.
61
Availability of resources to complete, use and obtain the benefits from an intangible asset can be demonstrated by, for example, a business plan showing the technical, financial and other resources needed and the entity's ability to secure those resources. In some cases, an entity demonstrates the availability of external finance by obtaining a lender's indication of its willingness to fund the plan.
62
An entity's costing systems can often measure reliably the cost of generating an intangible asset internally, such as salary and other expenditure incurred in securing copyrights or licences or developing computer software.
63
Internally generated brands, mastheads, publishing titles, customer lists and items similar in substance shall not be recognised as intangible assets.
64
Expenditure on internally generated brands, mastheads, publishing titles, customer lists and items similar in substance cannot be distinguished from the cost of developing the business as a whole. Therefore, such items are not recognised as intangible assets.
Cost of an internally generated intangible asset
65
The cost of an internally generated intangible asset for the purpose of paragraph 24 is the sum of expenditure incurred from the date when the intangible asset first meets the recognition criteria in paragraphs 21, 22 and 57. Paragraph 71 prohibits reinstatement of expenditure previously recognised as an expense.
66
The cost of an internally generated intangible asset comprises all directly attributable costs necessary to create, produce, and prepare the asset to be capable of operating in the manner intended by management. Examples of directly attributable costs are:
(a)
costs of materials and services used or consumed in generating the intangible asset;
(b)
costs of employee benefits (as defined in IAS 19) arising from the generation of the intangible asset;
(c)
fees to register a legal right; and
(d)
amortisation of patents and licences that are used to generate the intangible asset.
IAS 23 specifies criteria for the recognition of interest as an element of the cost of an internally generated intangible asset.
67
The following are not components of the cost of an internally generated intangible asset:
(a)
selling, administrative and other general overhead expenditure unless this expenditure can be directly attributed to preparing the asset for use;
(b)
identified inefficiencies and initial operating losses incurred before the asset achieves planned performance; and
(c)
expenditure on training staff to operate the asset.
Example illustrating paragraph 65
An entity is developing a new production process. During 20X5, expenditure incurred was CU1 000
                               
(
1
)
, of which CU900 was incurred before 1 December 20X5 and CU100 was incurred between 1 December 20X5 and 31 December 20X5. The entity is able to demonstrate that, at 1 December 20X5, the production process met the criteria for recognition as an intangible asset. The recoverable amount of the know-how embodied in the process (including future cash outflows to complete the process before it is available for use) is estimated to be CU500.
At the end of 20X5, the production process is recognised as an intangible asset at a cost of CU100 (expenditure incurred since the date when the recognition criteria were met, i.e. 1 December 20X5). The CU900 expenditure incurred before 1 December 20X5 is recognised as an expense because the recognition criteria were not met until 1 December 20X5. This expenditure does not form part of the cost of the production process recognised in the balance sheet.
During 20X6, expenditure incurred is CU2 000. At the end of 20X6, the recoverable amount of the know-how embodied in the process (including future cash outflows to complete the process before it is available for use) is estimated to be CU1 900.
At the end of 20X6, the cost of the production process is CU2 100 (CU100 expenditure recognised at the end of 20X5 plus CU2 000 expenditure recognised in 20X6). The entity recognises an impairment loss of CU200 to adjust the carrying amount of the process before impairment loss (CU2 100) to its recoverable amount (CU1 900). This impairment loss will be reversed in a subsequent period if the requirements for the reversal of an impairment loss in IAS 36 are met.
RECOGNITION OF AN EXPENSE
68
Expenditure on an intangible item shall be recognised as an expense when it is incurred unless:
(a)
it forms part of the cost of an intangible asset that meets the recognition criteria (see paragraphs 18-67); or
(b)
the item is acquired in a business combination and cannot be recognised as an intangible asset. If this is the case, this expenditure (included in the cost of the business combination) shall form part of the amount attributed to goodwill at the acquisition date (see IFRS 3).
69
In some cases, expenditure is incurred to provide future economic benefits to an entity, but no intangible asset or other asset is acquired or created that can be recognised. In these cases, the expenditure is recognised as an expense when it is incurred. For example, except when it forms part of the cost of a business combination, expenditure on research is recognised as an expense when it is incurred (see paragraph 54). Other examples of expenditure that is recognised as an expense when it is incurred include:
(a)
expenditure on start-up activities (i.e. start-up costs), unless this expenditure is included in the cost of an item of property, plant and equipment in accordance with IAS 16. Start-up costs may consist of establishment costs such as legal and secretarial costs incurred in establishing a legal entity, expenditure to open a new facility or business (i.e. pre-opening costs) or expenditures for starting new operations or launching new products or processes (i.e. pre-operating costs);
(b)
expenditure on training activities;
(c)
expenditure on advertising and promotional activities;
(d)
expenditure on relocating or reorganising part or all of an entity.
70
Paragraph 68 does not preclude recognising a prepayment as an asset when payment for the delivery of goods or services has been made in advance of the delivery of goods or the rendering of services.
Past expenses not to be recognised as an asset
71
Expenditure on an intangible item that was initially recognised as an expense shall not be recognised as part of the cost of an intangible asset at a later date.
MEASUREMENT AFTER RECOGNITION
72
An entity shall choose either the cost model in paragraph 74 or the revaluation model in paragraph 75 as its accounting policy. If an intangible asset is accounted for using the revaluation model, all the other assets in its class shall also be accounted for using the same model, unless there is no active market for those assets.
73
A class of intangible assets is a grouping of assets of a similar nature and use in an entity's operations. The items within a class of intangible assets are revalued simultaneously to avoid selective revaluation of assets and the reporting of amounts in the financial statements representing a mixture of costs and values as at different dates.
Cost model
74
After initial recognition, an intangible asset shall be carried at its cost less any accumulated amortisation and any accumulated impairment losses.
Revaluation model
75
After initial recognition, an intangible asset shall be carried at a revalued amount, being its fair value at the date of the revaluation less any subsequent accumulated amortisation and any subsequent accumulated impairment losses. For the purpose of revaluations under this standard, fair value shall be determined by reference to an active market. Revaluations shall be made with such regularity that at the balance sheet date the carrying amount of the asset does not differ materially from its fair value.
76
The revaluation model does not allow:
(a)
the revaluation of intangible assets that have not previously been recognised as assets; or
(b)
the initial recognition of intangible assets at amounts other than cost.
77
The revaluation model is applied after an asset has been initially recognised at cost. However, if only part of the cost of an intangible asset is recognised as an asset because the asset did not meet the criteria for recognition until part of the way through the process (see paragraph 65), the revaluation model may be applied to the whole of that asset. Also, the revaluation model may be applied to an intangible asset that was received by way of a government grant and recognised at a nominal amount (see paragraph 44).
78
It is uncommon for an active market with the characteristics described in paragraph 8 to exist for an intangible asset, although this may happen. For example, in some jurisdictions, an active market may exist for freely transferable taxi licences, fishing licences or production quotas. However, an active market cannot exist for brands, newspaper mastheads, music and film publishing rights, patents or trademarks, because each such asset is unique. Also, although intangible assets are bought and sold, contracts are negotiated between individual buyers and sellers, and transactions are relatively infrequent. For these reasons, the price paid for one asset may not provide sufficient evidence of the fair value of another. Moreover, prices are often not available to the public.
79
The frequency of revaluations depends on the volatility of the fair values of the intangible assets being revalued. If the fair value of a revalued asset differs materially from its carrying amount, a further revaluation is necessary. Some intangible assets may experience significant and volatile movements in fair value, thus necessitating annual revaluation. Such frequent revaluations are unnecessary for intangible assets with only insignificant movements in fair value.
80
If an intangible asset is revalued, any accumulated amortisation at the date of the revaluation is either:
(a)
restated proportionately with the change in the gross carrying amount of the asset so that the carrying amount of the asset after revaluation equals its revalued amount; or
(b)
eliminated against the gross carrying amount of the asset and the net amount restated to the revalued amount of the asset.
81
If an intangible asset in a class of revalued intangible assets cannot be revalued because there is no active market for this asset, the asset shall be carried at its cost less any accumulated amortisation and impairment losses.
82
If the fair value of a revalued intangible asset can no longer be determined by reference to an active market, the carrying amount of the asset shall be its revalued amount at the date of the last revaluation by reference to the active market less any subsequent accumulated amortisation and any subsequent accumulated impairment losses.
83
The fact that an active market no longer exists for a revalued intangible asset may indicate that the asset may be impaired and that it needs to be tested in accordance with IAS 36.
84
If the fair value of the asset can be determined by reference to an active market at a subsequent measurement date, the revaluation model is applied from that date.
85
If an intangible asset's carrying amount is increased as a result of a revaluation, the increase shall be credited directly to equity under the heading of revaluation surplus. However, the increase shall be recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss.
86
If an intangible asset's carrying amount is decreased as a result of a revaluation, the decrease shall be recognised in profit or loss. However, the decrease shall be debited directly to equity under the heading of revaluation surplus to the extent of any credit balance in the revaluation surplus in respect of that asset.
87
The cumulative revaluation surplus included in equity may be transferred directly to retained earnings when the surplus is realised. The whole surplus may be realised on the retirement or disposal of the asset. However, some of the surplus may be realised as the asset is used by the entity; in such a case, the amount of the surplus realised is the difference between amortisation based on the revalued carrying amount of the asset and amortisation that would have been recognised based on the asset's historical cost. The transfer from revaluation surplus to retained earnings is not made through the income statement.
USEFUL LIFE
88
An entity shall assess whether the useful life of an intangible asset is finite or indefinite and, if finite, the length of, or number of production or similar units constituting, that useful life. An intangible asset shall be regarded by the entity as having an indefinite useful life when, based on an analysis of all of the relevant factors, there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the entity.
89
The accounting for an intangible asset is based on its useful life. An intangible asset with a finite useful life is amortised (see paragraphs 97-106), and an intangible asset with an indefinite useful life is not (see paragraphs 107-110). The illustrative examples accompanying this standard illustrate the determination of useful life for different intangible assets, and the subsequent accounting for those assets based on the useful life determinations.
90
Many factors are considered in determining the useful life of an intangible asset, including:
(a)
the expected usage of the asset by the entity and whether the asset could be managed efficiently by another management team;
(b)
typical product life cycles for the asset and public information on estimates of useful lives of similar assets that are used in a similar way;
(c)
technical, technological, commercial or other types of obsolescence;
(d)
the stability of the industry in which the asset operates and changes in the market demand for the products or services output from the asset;
(e)
expected actions by competitors or potential competitors;
(f)
the level of maintenance expenditure required to obtain the expected future economic benefits from the asset and the entity's ability and intention to reach such a level;
(g)
the period of control over the asset and legal or similar limits on the use of the asset, such as the expiry dates of related leases; and
(h)
whether the useful life of the asset is dependent on the useful life of other assets of the entity.
91
The term ‘indefinite’ does not mean ‘infinite’. The useful life of an intangible asset reflects only that level of future maintenance expenditure required to maintain the asset at its standard of performance assessed at the time of estimating the asset's useful life, and the entity's ability and intention to reach such a level. A conclusion that the useful life of an intangible asset is indefinite should not depend on planned future expenditure in excess of that required to maintain the asset at that standard of performance.
92
Given the history of rapid changes in technology, computer software and many other intangible assets are susceptible to technological obsolescence. Therefore, it is likely that their useful life is short.
93
The useful life of an intangible asset may be very long or even indefinite. Uncertainty justifies estimating the useful life of an intangible asset on a prudent basis, but it does not justify choosing a life that is unrealistically short.
94
The useful life of an intangible asset that arises from contractual or other legal rights shall not exceed the period of the contractual or other legal rights, but may be shorter depending on the period over which the entity expects to use the asset. If the contractual or other legal rights are conveyed for a limited term that can be renewed, the useful life of the intangible asset shall include the renewal period(s) only if there is evidence to support renewal by the entity without significant cost.
95
There may be both economic and legal factors influencing the useful life of an intangible asset. Economic factors determine the period over which future economic benefits will be received by the entity. Legal factors may restrict the period over which the entity controls access to these benefits. The useful life is the shorter of the periods determined by these factors.
96
Existence of the following factors, among others, indicates that an entity would be able to renew the contractual or other legal rights without significant cost:
(a)
there is evidence, possibly based on experience, that the contractual or other legal rights will be renewed. If renewal is contingent upon the consent of a third party, this includes evidence that the third party will give its consent;
(b)
there is evidence that any conditions necessary to obtain renewal will be satisfied; and
(c)
the cost to the entity of renewal is not significant when compared with the future economic benefits expected to flow to the entity from renewal.
If the cost of renewal is significant when compared with the future economic benefits expected to flow to the entity from renewal, the ‘renewal’ cost represents, in substance, the cost to acquire a new intangible asset at the renewal date.
INTANGIBLE ASSETS WITH FINITE USEFUL LIVES
Amortisation period and amortisation method
97
The depreciable amount of an intangible asset with a finite useful life shall be allocated on a systematic basis over its useful life. Amortisation shall begin when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. Amortisation shall cease at the earlier of the date that the asset is classified as held for sale (or included in a disposal group that is classified as held for sale) in accordance with IFRS 5 and the date that the asset is derecognised. The amortisation method used shall reflect the pattern in which the asset's future economic benefits are expected to be consumed by the entity. If that pattern cannot be determined reliably, the straight-line method shall be used. The amortisation charge for each period shall be recognised in profit or loss unless this or another standard permits or requires it to be included in the carrying amount of another asset.
98
A variety of amortisation methods can be used to allocate the depreciable amount of an asset on a systematic basis over its useful life. These methods include the straight-line method, the diminishing balance method and the unit of production method. The method used is selected on the basis of the expected pattern of consumption of the expected future economic benefits embodied in the asset and is applied consistently from period to period, unless there is a change in the expected pattern of consumption of those future economic benefits. There is rarely, if ever, persuasive evidence to support an amortisation method for intangible assets with finite useful lives that results in a lower amount of accumulated amortisation than under the straight-line method.
99
Amortisation is usually recognised in profit or loss. However, sometimes the future economic benefits embodied in an asset are absorbed in producing other assets. In this case, the amortisation charge constitutes part of the cost of the other asset and is included in its carrying amount. For example, the amortisation of intangible assets used in a production process is included in the carrying amount of inventories (see IAS 2 
Inventories
).
Residual value
100
The residual value of an intangible asset with a finite useful life shall be assumed to be zero unless:
(a)
there is a commitment by a third party to purchase the asset at the end of its useful life; or
(b)
there is an active market for the asset and:
(i)
residual value can be determined by reference to that market; and
(ii)
it is probable that such a market will exist at the end of the asset's useful life.
101
The depreciable amount of an asset with a finite useful life is determined after deducting its residual value. A residual value other than zero implies that an entity expects to dispose of the intangible asset before the end of its economic life.
102
An estimate of an asset's residual value is based on the amount recoverable from disposal using prices prevailing at the date of the estimate for the sale of a similar asset that has reached the end of its useful life and has operated under conditions similar to those in which the asset will be used. The residual value is reviewed at least at each financial year-end. A change in the asset's residual value is accounted for as a change in an accounting estimate in accordance with IAS 8 
Accounting policies, changes in accounting estimates and errors
.
103
The residual value of an intangible asset may increase to an amount equal to or greater than the asset's carrying amount. If it does, the asset's amortisation charge is zero unless and until its residual value subsequently decreases to an amount below the asset's carrying amount.
Review of amortisation period and amortisation method
104
The amortisation period and the amortisation method for an intangible asset with a finite useful life shall be reviewed at least at each financial year-end. If the expected useful life of the asset is different from previous estimates, the amortisation period shall be changed accordingly. If there has been a change in the expected pattern of consumption of the future economic benefits embodied in the asset, the amortisation method shall be changed to reflect the changed pattern. Such changes shall be accounted for as changes in accounting estimates in accordance with IAS 8.
105
During the life of an intangible asset, it may become apparent that the estimate of its useful life is inappropriate. For example, the recognition of an impairment loss may indicate that the amortisation period needs to be changed.
106
Over time, the pattern of future economic benefits expected to flow to an entity from an intangible asset may change. For example, it may become apparent that a diminishing balance method of amortisation is appropriate rather than a straight-line method. Another example is if use of the rights represented by a licence is deferred pending action on other components of the business plan. In this case, economic benefits that flow from the asset may not be received until later periods.
INTANGIBLE ASSETS WITH INDEFINITE USEFUL LIVES
107
An intangible asset with an indefinite useful life shall not be amortised.
108
In accordance with IAS 36, an entity is required to test an intangible asset with an indefinite useful life for impairment by comparing its recoverable amount with its carrying amount:
(a)
annually; and
(b)
whenever there is an indication that the intangible asset may be impaired.
Review of useful life assessment
109
The useful life of an intangible asset that is not being amortised shall be reviewed each period to determine whether events and circumstances continue to support an indefinite useful life assessment for that asset. If they do not, the change in the useful life assessment from indefinite to finite shall be accounted for as a change in an accounting estimate in accordance with IAS 8.
110
In accordance with IAS 36, reassessing the useful life of an intangible asset as finite rather than indefinite is an indicator that the asset may be impaired. As a result, the entity tests the asset for impairment by comparing its recoverable amount, determined in accordance with IAS 36, with its carrying amount, and recognising any excess of the carrying amount over the recoverable amount as an impairment loss.
RECOVERABILITY OF THE CARRYING AMOUNT — IMPAIRMENT LOSSES
111
To determine whether an intangible asset is impaired, an entity applies IAS 36. That standard explains when and how an entity reviews the carrying amount of its assets, how it determines the recoverable amount of an asset and when it recognises or reverses an impairment loss.
RETIREMENTS AND DISPOSALS
112
An intangible asset shall be derecognised:
(a)
on disposal; or
(b)
when no future economic benefits are expected from its use or disposal.
113
The gain or loss arising from the derecognition of an intangible asset shall be determined as the difference between the net disposal proceeds, if any, and the carrying amount of the asset. It shall be recognised in profit or loss when the asset is derecognised (unless IAS 17 requires otherwise on a sale and leaseback). Gains shall not be classified as revenue.
114
The disposal of an intangible asset may occur in a variety of ways (e.g. by sale, by entering into a finance lease, or by donation). In determining the date of disposal of such an asset, an entity applies the criteria in IAS 18 
Revenue
 for recognising revenue from the sale of goods. IAS 17 applies to disposal by a sale and leaseback.
115
If in accordance with the recognition principle in paragraph 21 an entity recognises in the carrying amount of an asset the cost of a replacement for part of an intangible asset, then it derecognises the carrying amount of the replaced part. If it is not practicable for an entity to determine the carrying amount of the replaced part, it may use the cost of the replacement as an indication of what the cost of the replaced part was at the time it was acquired or internally generated.
116
The consideration receivable on disposal of an intangible asset is recognised initially at its fair value. If payment for the intangible asset is deferred, the consideration received is recognised initially at the cash price equivalent. The difference between the nominal amount of the consideration and the cash price equivalent is recognised as interest revenue in accordance with IAS 18 reflecting the effective yield on the receivable.
117
Amortisation of an intangible asset with a finite useful life does not cease when the intangible asset is no longer used, unless the asset has been fully depreciated or is classified as held for sale (or included in a disposal group that is classified as held for sale) in accordance with IFRS 5.
DISCLOSURE
General
118
An entity shall disclose the following for each class of intangible assets, distinguishing between internally generated intangible assets and other intangible assets:
(a)
whether the useful lives are indefinite or finite and, if finite, the useful lives or the amortisation rates used;
(b)
the amortisation methods used for intangible assets with finite useful lives;
(c)
the gross carrying amount and any accumulated amortisation (aggregated with accumulated impairment losses) at the beginning and end of the period;
(d)
the line item(s) of the income statement in which any amortisation of intangible assets is included;
(e)
a reconciliation of the carrying amount at the beginning and end of the period showing:
(i)
additions, indicating separately those from internal development, those acquired separately, and those acquired through business combinations;
(ii)
assets classified as held for sale or included in a disposal group classified as held for sale in accordance with IFRS 5 and other disposals;
(iii)
increases or decreases during the period resulting from revaluations under paragraphs 75, 85 and 86 and from impairment losses recognised or reversed directly in equity in accordance with IAS 36 (if any);
(iv)
impairment losses recognised in profit or loss during the period in accordance with IAS 36 (if any);
(v)
impairment losses reversed in profit or loss during the period in accordance with IAS 36 (if any);
(vi)
any amortisation recognised during the period;
(vii)
net exchange differences arising on the translation of the financial statements into the presentation currency, and on the translation of a foreign operation into the presentation currency of the entity; and
(viii)
other changes in the carrying amount during the period.
119
A class of intangible assets is a grouping of assets of a similar nature and use in an entity's operations. Examples of separate classes may include:
(a)
brand names;
(b)
mastheads and publishing titles;
(c)
computer software;
(d)
licences and franchises;
(e)
copyrights, patents and other industrial property rights, service and operating rights;
(f)
recipes, formulae, models, designs and prototypes; and
(g)
intangible assets under development.
The classes mentioned above are disaggregated (aggregated) into smaller (larger) classes if this results in more relevant information for the users of the financial statements.
120
An entity discloses information on impaired intangible assets in accordance with IAS 36 in addition to the information required by paragraph 118(e)(iii)-(v).
121
IAS 8 requires an entity to disclose the nature and amount of a change in an accounting estimate that has a material effect in the current period or is expected to have a material effect in subsequent periods. Such disclosure may arise from changes in:
(a)
the assessment of an intangible asset's useful life;
(b)
the amortisation method; or
(c)
residual values.
122
An entity shall also disclose:
(a)
for an intangible asset assessed as having an indefinite useful life, the carrying amount of that asset and the reasons supporting the assessment of an indefinite useful life. In giving these reasons, the entity shall describe the factor(s) that played a significant role in determining that the asset has an indefinite useful life;
(b)
a description, the carrying amount and remaining amortisation period of any individual intangible asset that is material to the entity's financial statements;
(c)
for intangible assets acquired by way of a government grant and initially recognised at fair value (see paragraph 44):
(i)
the fair value initially recognised for these assets;
(ii)
their carrying amount; and
(iii)
whether they are measured after recognition under the cost model or the revaluation model;
(d)
the existence and carrying amounts of intangible assets whose title is restricted and the carrying amounts of intangible assets pledged as security for liabilities;
(e)
the amount of contractual commitments for the acquisition of intangible assets.
123
When an entity describes the factor(s) that played a significant role in determining that the useful life of an intangible asset is indefinite, the entity considers the list of factors in paragraph 90.
Intangible assets measured after recognition using the revaluation model
124
If intangible assets are accounted for at revalued amounts, an entity shall disclose the following:
(a)
by class of intangible assets:
(i)
the effective date of the revaluation;
(ii)
the carrying amount of revalued intangible assets; and
(iii)
the carrying amount that would have been recognised had the revalued class of intangible assets been measured after recognition using the cost model in paragraph 74;
(b)
the amount of the revaluation surplus that relates to intangible assets at the beginning and end of the period, indicating the changes during the period and any restrictions on the distribution of the balance to shareholders; and
(c)
the methods and significant assumptions applied in estimating the assets' fair values.
125
It may be necessary to aggregate the classes of revalued assets into larger classes for disclosure purposes. However, classes are not aggregated if this would result in the combination of a class of intangible assets that includes amounts measured under both the cost and revaluation models.
Research and development expenditure
126
An entity shall disclose the aggregate amount of research and development expenditure recognised as an expense during the period.
127
Research and development expenditure comprises all expenditure that is directly attributable to research or development activities (see paragraphs 66 and 67 for guidance on the type of expenditure to be included for the purpose of the disclosure requirement in paragraph 126).
Other information
128
An entity is encouraged, but not required, to disclose the following information:
(a)
a description of any fully amortised intangible asset that is still in use; and
(b)
a brief description of significant intangible assets controlled by the entity but not recognised as assets because they did not meet the recognition criteria in this standard or because they were acquired or generated before the version of IAS 38 
Intangible assets
 issued in 1998 was effective.
TRANSITIONAL PROVISIONS AND EFFECTIVE DATE
129
If an entity elects in accordance with paragraph 85 of IFRS 3 to apply IFRS 3 from any date before the effective dates set out in paragraphs 78-84 of IFRS 3, it also shall apply this standard prospectively from that same date. Thus, the entity shall not adjust the carrying amount of intangible assets recognised at that date. However, the entity shall, at that date, apply this standard to reassess the useful lives of its recognised intangible assets. If, as a result of that reassessment, the entity changes its assessment of the useful life of an asset, that change shall be accounted for as a change in an accounting estimate in accordance with IAS 8.
130
Otherwise, an entity shall apply this standard:
(a)
to the accounting for intangible assets acquired in business combinations for which the agreement date is on or after 31 March 2004; and
(b)
to the accounting for all other intangible assets prospectively from the beginning of the first annual period beginning on or after 31 March 2004. Thus, the entity shall not adjust the carrying amount of intangible assets recognised at that date. However, the entity shall, at that date, apply this standard to reassess the useful lives of such intangible assets. If, as a result of that reassessment, the entity changes its assessment of the useful life of an asset, that change shall be accounted for as a change in an accounting estimate in accordance with IAS 8.
130A
An entity shall apply the amendments in paragraph 2 for annual periods beginning on or after 1 January 2006. If an entity applies IFRS 6 an earlier period, those amendments shall be applied for that earlier period.
Exchanges of similar assets
131
The requirement in paragraphs 129 and 130(b) to apply this standard prospectively means that if an exchange of assets was measured before the effective date of this standard on the basis of the carrying amount of the asset given up, the entity does not restate the carrying amount of the asset acquired to reflect its fair value at the acquisition date.
Early application
132
Entities to which paragraph 130 applies are encouraged to apply the requirements of this standard before the effective dates specified in paragraph 130. However, if an entity applies this standard before those effective dates, it also shall apply IFRS 3 and IAS 36 (as revised in 2004) at the same time.
WITHDRAWAL OF IAS 38 (ISSUED 1998)
133
This standard supersedes IAS 38 
Intangible assets
 (issued in 1998).
(
1
)
  In this standard, monetary amounts are denominated in ‘currency units’.
INTERNATIONAL ACCOUNTING STANDARD 39
Financial instruments: recognition and measurement
OBJECTIVE
1
The objective of this standard is to establish principles for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. Requirements for presenting information about financial instruments are in IAS 32 
Financial instruments: presentation
. Requirements for disclosing information about financial instruments are in IFRS 7 
Financial instruments: disclosures
.
SCOPE
2
This standard shall be applied by all entities to all types of financial instruments except:
(a)
those interests in subsidiaries, associates and joint ventures that are accounted for under IAS 27 
Consolidated and separate financial statements,
 IAS 28 
Investments in associates
 or IAS 31 
Interests in joint ventures.
 However, entities shall apply this standard to an interest in a subsidiary, associate or joint venture that according to IAS 27, IAS 28 or IAS 31 is accounted for under this standard. Entities shall also apply this standard to derivatives on an interest in a subsidiary, associate or joint venture unless the derivative meets the definition of an equity instrument of the entity in IAS 32;
(b)
rights and obligations under leases to which IAS 17 
Leases
 applies. However:
(i)
lease receivables recognised by a lessor are subject to the derecognition and impairment provisions of this standard (see paragraphs 15-37, 58, 59, 63-65 and Appendix A paragraphs AG36-AG52 and AG84-AG93);
(ii)
finance lease payables recognised by a lessee are subject to the derecognition provisions of this standard (see paragraphs 39-42 and Appendix A paragraphs AG57-AG63); and
(iii)
derivatives that are embedded in leases are subject to the embedded derivatives provisions of this standard (see paragraphs 10-13 and Appendix A paragraphs AG27-AG33);
(c)
employers' rights and obligations under employee benefit plans, to which IAS 19 
Employee benefits
 applies;
(d)
financial instruments issued by the entity that meet the definition of an equity instrument in IAS 32 (including options and warrants). However, the holder of such equity instruments shall apply this standard to those instruments, unless they meet the exception in (a) above;
(e)
rights and obligations arising under (i) an insurance contract as defined in IFRS 4 
Insurance contracts
, other than an issuer's rights and obligations arising under an insurance contract that meets the definition of a financial guarantee contract in paragraph 9, or (ii) a contract that is within the scope of IFRS 4 because it contains a discretionary participation feature. However, this standard applies to a derivative that is embedded in a contract within the scope of IFRS 4 if the derivative is not itself a contract within the scope of IFRS 4 (see paragraphs 10-13 and Appendix A paragraphs AG27-AG33 of this standard). Moreover, if an issuer of financial guarantee contracts has previously asserted explicitly that it regards such contracts as insurance contracts and has used accounting applicable to insurance contracts, the issuer may elect to apply either this standard or IFRS 4 to such financial guarantee contracts (see paragraphs AG4 and AG4A). The issuer may make that election contract by contract, but the election for each contract is irrevocable;
(f)
contracts for contingent consideration in a business combination (see IFRS 3 
Business combinations
). This exemption applies only to the acquirer;
(g)
contracts between an acquirer and a vendor in a business combination to buy or sell an acquiree at a future date;
(h)
loan commitments other than those loan commitments described in paragraph 4. An issuer of loan commitments shall apply IAS 37 
Provisions, contingent liabilities and contingent assets
 to loan commitments that are not within the scope of this standard. However, all loan commitments are subject to the derecognition provisions of this standard (see paragraphs 15-42 and Appendix A paragraphs AG36-AG63);
(i)
financial instruments, contracts and obligations under share-based payment transactions to which IFRS 2 
Share-based payment
 applies, except for contracts within the scope of paragraphs 5-7 of this standard, to which this standard applies;
(j)
rights to payments to reimburse the entity for expenditure it is required to make to settle a liability that it recognises as a provision in accordance with IAS 37, or for which, in an earlier period, it recognised a provision in accordance with IAS 37.
3
[Deleted]
4
The following loan commitments are within the scope of this standard:
(a)
loan commitments that the entity designates as financial liabilities at fair value through profit or loss. An entity that has a past practice of selling the assets resulting from its loan commitments shortly after origination shall apply this standard to all its loan commitments in the same class;
(b)
loan commitments that can be settled net in cash or by delivering or issuing another financial instrument. These loan commitments are derivatives. A loan commitment is not regarded as settled net merely because the loan is paid out in instalments (for example, a mortgage construction loan that is paid out in instalments in line with the progress of construction);
(c)
commitments to provide a loan at a below-market interest rate. Paragraph 47(d) specifies the subsequent measurement of liabilities arising from these loan commitments.
5
This standard shall be applied to those contracts to buy or sell a non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments, as if the contracts were financial instruments, with the exception of contracts that were entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with the entity's expected purchase, sale or usage requirements.
6
There are various ways in which a contract to buy or sell a non-financial item can be settled net in cash or another financial instrument or by exchanging financial instruments. These include:
(a)
when the terms of the contract permit either party to settle it net in cash or another financial instrument or by exchanging financial instruments;
(b)
when the ability to settle net in cash or another financial instrument, or by exchanging financial instruments, is not explicit in the terms of the contract, but the entity has a practice of settling similar contracts net in cash or another financial instrument or by exchanging financial instruments (whether with the counterparty, by entering into offsetting contracts or by selling the contract before its exercise or lapse);
(c)
when, for similar contracts, 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
(d)
when the non-financial item that is the subject of the contract is readily convertible to cash.
A contract to which (b) or (c) applies is not entered into for the purpose of the receipt or delivery of the non-financial item in accordance with the entity's expected purchase, sale or usage requirements and, accordingly, is within the scope of this standard. Other contracts to which paragraph 5 applies are evaluated to determine whether they were entered into and continue to be held for the purpose of the receipt or delivery of the non-financial item in accordance with the entity's expected purchase, sale or usage requirements and, accordingly, whether they are within the scope of this standard.
7
A written option to buy or sell a non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments, in accordance with paragraph 6(a) or (d) is within the scope of this standard. Such a contract cannot be entered into for the purpose of the receipt or delivery of the non-financial item in accordance with the entity's expected purchase, sale or usage requirements.
DEFINITIONS
8
The terms defined in IAS 32 are used in this standard with the meanings specified in paragraph 11 of IAS 32. IAS 32 defines the following terms:
—
financial instrument,
—
financial asset,
—
financial liability,
—
equity instrument,
and provides guidance on applying those definitions.
9
The following terms are used in this standard with the meanings specified:
Definition of a derivative
A 
derivative
 is a financial instrument or other contract within the scope of this standard (see paragraphs 2-7) with all three of the following characteristics:
(a)
its value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes called the ‘underlying’);
(b)
it requires no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors; and
(c)
it is settled at a future date.
Definitions of four categories of financial instruments
A 
financial asset or financial liability at fair value through profit or loss
 is a financial asset or financial liability that meets either of the following conditions.
(a)
It is classified as held for trading. A financial asset or financial liability is classified as held for trading if it is:
(i)
acquired or incurred principally for the purpose of selling or repurchasing it in the near term;
(ii)
part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit-taking; or
(iii)
a derivative (except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument).
(b)
Upon initial recognition it is designated by the entity as at fair value through profit or loss. An entity may use this designation only when permitted by paragraph 11A, or when doing so results in more relevant information, because either:
(i)
it eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as ‘an accounting mismatch’) that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases; or
(ii)
a group of financial assets, financial liabilities or both is managed and its performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy, and information about the group is provided internally on that basis to the entity's key management personnel (as defined in IAS 24 
Related party disclosures
 (as revised in 2003)), for example the entity's board of directors and chief executive officer.
In IFRS 7, paragraphs 9-11 and B4 require the entity to provide disclosures about financial assets and financial liabilities it has designated as at fair value through profit or loss, including how it has satisfied these conditions. For instruments qualifying in accordance with (ii) above, that disclosure includes a narrative description of how designation as at fair value through profit or loss is consistent with the entity's documented risk management or investment strategy.
Investments in equity instruments that do not have a quoted market price in an active market, and whose fair value cannot be reliably measured (see paragraph 46(c) and Appendix A paragraphs AG80 and AG81), shall not be designated as at fair value through profit or loss.
It should be noted that paragraphs 48, 48A, 49 and Appendix A paragraphs AG69-AG82, which set out requirements for determining a reliable measure of the fair value of a financial asset or financial liability, apply equally to all items that are measured at fair value, whether by designation or otherwise, or whose fair value is disclosed.
Held-to-maturity investments
 are non-derivative financial assets with fixed or determinable payments and fixed maturity that an entity has the positive intention and ability to hold to maturity (see Appendix A paragraphs AG16-AG25) other than:
(a)
those that the entity upon initial recognition designates as at fair value through profit or loss;
(b)
those that the entity designates as available for sale; and
(c)
those that meet the definition of loans and receivables.
An entity shall not classify any financial assets as held to maturity if the entity has, during the current financial year or during the two preceding financial years, sold or reclassified more than an insignificant amount of held-to-maturity investments before maturity (more than insignificant in relation to the total amount of held-to-maturity investments) other than sales or reclassifications that:
(i)
are so close to maturity or the financial asset's call date (for example, less than three months before maturity) that changes in the market rate of interest would not have a significant effect on the financial asset's fair value;
(ii)
occur after the entity has collected substantially all of the financial asset's original principal through scheduled payments or prepayments; or
(iii)
are attributable to an isolated event that is beyond the entity's control, is non-recurring and could not have been reasonably anticipated by the entity.
Loans and receivables
 are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market, other than:
(a)
those that the entity intends to sell immediately or in the near term, which shall be classified as held for trading, and those that the entity upon initial recognition designates as at fair value through profit or loss;
(b)
those that the entity upon initial recognition designates as available for sale; or
(c)
those for which the holder may not recover substantially all of its initial investment, other than because of credit deterioration, which shall be classified as available for sale.
An interest acquired in a pool of assets that are not loans or receivables (for example, an interest in a mutual fund or a similar fund) is not a loan or receivable.
Available-for-sale financial assets
 are those non-derivative financial assets that are designated as available for sale or are not classified as (a) loans and receivables, (b) held-to-maturity investments or (c) financial assets at fair value through profit or loss.
Definition of a financial guarantee contract
A 
financial guarantee contract
 is a contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the original or modified terms of a debt instrument.
Definitions relating to recognition and measurement
The 
amortised cost of a financial asset or financial liability
 is the amount at which the financial asset or financial liability is measured at initial recognition minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, and minus any reduction (directly or through the use of an allowance account) for impairment or uncollectability.
The 
effective interest method
 is a method of calculating the amortised cost of a financial asset or a financial liability (or group of financial assets or financial liabilities) and of allocating the interest income or interest expense over the relevant period. The 
effective interest rate
 is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, an entity shall estimate cash flows considering all contractual terms of the financial instrument (for example, prepayment, call and similar options) but shall not consider future credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate (see IAS 18 
Revenue
), transaction costs, and all other premiums or discounts. There is a presumption that the cash flows and the expected life of a group of similar financial instruments can be estimated reliably. However, in those rare cases when it is not possible to estimate reliably the cash flows or the expected life of a financial instrument (or group of financial instruments), the entity shall use the contractual cash flows over the full contractual term of the financial instrument (or group of financial instruments).
Derecognition
 is the removal of a previously recognised financial asset or financial liability from an entity's balance sheet.
Fair value
 is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction 
(
1
)
.
A 
regular way purchase or sale
 is a purchase or sale of a financial asset under a contract whose terms require delivery of the asset within the time frame established generally by regulation or convention in the marketplace concerned.
Transaction costs
 are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or financial liability (see Appendix A paragraph AG13). An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument.
Definitions relating to hedge accounting
A 
firm commitment
 is a binding agreement for the exchange of a specified quantity of resources at a specified price on a specified future date or dates.
A 
forecast transaction
 is an uncommitted but anticipated future transaction.
A 
hedging instrument
 is a designated derivative or (for a hedge of the risk of changes in foreign currency exchange rates only) a designated non-derivative financial asset or non-derivative financial liability whose fair value or cash flows are expected to offset changes in the fair value or cash flows of a designated hedged item (paragraphs 72-77 and Appendix A paragraphs AG94-AG97 elaborate on the definition of a hedging instrument).
A 
hedged item
 is an asset, liability, firm commitment, highly probable forecast transaction or net investment in a foreign operation that (a) exposes the entity to risk of changes in fair value or future cash flows and (b) is designated as being hedged (paragraphs 78-84 and Appendix A paragraphs AG98-AG101 elaborate on the definition of hedged items).
Hedge effectiveness
 is the degree to which changes in the fair value or cash flows of the hedged item that are attributable to a hedged risk are offset by changes in the fair value or cash flows of the hedging instrument (see Appendix A paragraphs AG105-AG113).
EMBEDDED DERIVATIVES
10
An embedded derivative is a component of a hybrid (combined) instrument that also includes a non-derivative host contract — with the effect that some of the cash flows of the combined instrument vary in a way similar to a stand-alone derivative. An embedded derivative causes some or all of the cash flows that otherwise would be required by the contract to be modified according to a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract. A derivative that is attached to a financial instrument but is contractually transferable independently of that instrument, or has a different counterparty from that instrument, is not an embedded derivative, but a separate financial instrument.
11
An embedded derivative shall be separated from the host contract and accounted for as a derivative under this standard if, and only if:
(a)
the economic characteristics and risks of the embedded derivative are not closely related to the economic characteristics and risks of the host contract (see Appendix A paragraphs AG30 and AG33);
(b)
a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and
(c)
the hybrid (combined) instrument is not measured at fair value with changes in fair value recognised in profit or loss (i.e. a derivative that is embedded in a financial asset or financial liability at fair value through profit or loss is not separated).
If an embedded derivative is separated, the host contract shall be accounted for under this standard if it is a financial instrument, and in accordance with other appropriate standards if it is not a financial instrument. This standard does not address whether an embedded derivative shall be presented separately on the face of the financial statements.
11A
Notwithstanding paragraph 11, if a contract contains one or more embedded derivatives, an entity may designate the entire hybrid (combined) contract as a financial asset or financial liability at fair value through profit or loss unless:
(a)
the embedded derivative(s) does not significantly modify the cash flows that otherwise would be required by the contract; or
(b)
it is clear with little or no analysis when a similar hybrid (combined) instrument is first considered that separation of the embedded derivative(s) is prohibited, such as a prepayment option embedded in a loan that permits the holder to prepay the loan for approximately its amortised cost.
12
If an entity is required by this standard to separate an embedded derivative from its host contract, but is unable to measure the embedded derivative separately either at acquisition or at a subsequent financial reporting date, it shall designate the entire hybrid (combined) contract as at fair value through profit or loss.
13
If an entity is unable to determine reliably the fair value of an embedded derivative on the basis of its terms and conditions (for example, because the embedded derivative is based on an unquoted equity instrument), the fair value of the embedded derivative is the difference between the fair value of the hybrid (combined) instrument and the fair value of the host contract, if those can be determined under this standard. If the entity is unable to determine the fair value of the embedded derivative using this method, paragraph 12 applies and the hybrid (combined) instrument is designated as at fair value through profit or loss.
RECOGNITION AND DERECOGNITION
Initial recognition
14
An entity shall recognise a financial asset or a financial liability on its balance sheet when, and only when, the entity becomes a party to the contractual provisions of the instrument. (See paragraph 38 with respect to regular way purchases of financial assets.)
Derecognition of a financial asset
15
In consolidated financial statements, paragraphs 16-23 and Appendix A paragraphs AG34-AG52 are applied at a consolidated level. Hence, an entity first consolidates all subsidiaries in accordance with IAS 27 and SIC-12 
Consolidation — special purpose entities
 and then applies paragraphs 16-23 and Appendix A paragraphs AG34-AG52 to the resulting group.
16
Before evaluating whether, and to what extent, derecognition is appropriate under paragraphs 17-23, an entity determines whether those paragraphs should be applied to a part of a financial asset (or a part of a group of similar financial assets) or a financial asset (or a group of similar financial assets) in its entirety, as follows.
(a)
Paragraphs 17-23 are applied to a part of a financial asset (or a part of a group of similar financial assets) if, and only if, the part being considered for derecognition meets one of the following three conditions.
(i)
The part comprises only specifically identified cash flows from a financial asset (or a group of similar financial assets). For example, when an entity enters into an interest rate strip whereby the counterparty obtains the right to the interest cash flows, but not the principal cash flows from a debt instrument, paragraphs 17-23 are applied to the interest cash flows.
(ii)
The part comprises only a fully proportionate (pro rata) share of the cash flows from a financial asset (or a group of similar financial assets). For example, when an entity enters into an arrangement whereby the counterparty obtains the rights to a 90 per cent share of all cash flows of a debt instrument, paragraphs 17-23 are applied to 90 per cent of those cash flows. If there is more than one counterparty, each counterparty is not required to have a proportionate share of the cash flows provided that the transferring entity has a fully proportionate share.
(iii)
The part comprises only a fully proportionate (pro rata) share of specifically identified cash flows from a financial asset (or a group of similar financial assets). For example, when an entity enters into an arrangement whereby the counterparty obtains the rights to a 90 per cent share of interest cash flows from a financial asset, paragraphs 17-23 are applied to 90 per cent of those interest cash flows. If there is more than one counterparty, each counterparty is not required to have a proportionate share of the specifically identified cash flows provided that the transferring entity has a fully proportionate share.
(b)
In all other cases, paragraphs 17-23 are applied to the financial asset in its entirety (or to the group of similar financial assets in their entirety). For example, when an entity transfers (i) the rights to the first or the last 90 per cent of cash collections from a financial asset (or a group of financial assets), or (ii) the rights to 90 per cent of the cash flows from a group of receivables, but provides a guarantee to compensate the buyer for any credit losses up to 8 per cent of the principal amount of the receivables, paragraphs 17-23 are applied to the financial asset (or a group of similar financial assets) in its entirety.
In paragraphs 17-26, the term ‘financial asset’ refers to either a part of a financial asset (or a part of a group of similar financial assets) as identified in (a) above or, otherwise, a financial asset (or a group of similar financial assets) in its entirety.
17
An entity shall derecognise a financial asset when, and only when:
(a)
the contractual rights to the cash flows from the financial asset expire; or
(b)
it transfers the financial asset as set out in paragraphs 18 and 19 and the transfer qualifies for derecognition in accordance with paragraph 20.
(See paragraph 38 for regular way sales of financial assets.)
18
An entity transfers a financial asset if, and only if, it either:
(a)
transfers the contractual rights to receive the cash flows of the financial asset; or
(b)
retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the cash flows to one or more recipients in an arrangement that meets the conditions in paragraph 19.
19
When an entity retains the contractual rights to receive the cash flows of a financial asset (the ‘original asset’), but assumes a contractual obligation to pay those cash flows to one or more entities (the ‘eventual recipients’), the entity treats the transaction as a transfer of a financial asset if, and only if, all of the following three conditions are met.
(a)
The entity has no obligation to pay amounts to the eventual recipients unless it collects equivalent amounts from the original asset. Short-term advances by the entity with the right of full recovery of the amount lent plus accrued interest at market rates do not violate this condition.
(b)
The entity is prohibited by the terms of the transfer contract from selling or pledging the original asset other than as security to the eventual recipients for the obligation to pay them cash flows.
(c)
The entity has an obligation to remit any cash flows it collects on behalf of the eventual recipients without material delay. In addition, the entity is not entitled to reinvest such cash flows, except for investments in cash or cash equivalents (as defined in IAS 7 
Cash-flow statements
) during the short settlement period from the collection date to the date of required remittance to the eventual recipients, and interest earned on such investments is passed to the eventual recipients.
20
When an entity transfers a financial asset (see paragraph 18), it shall evaluate the extent to which it retains the risks and rewards of ownership of the financial asset. In this case:
(a)
if the entity transfers substantially all the risks and rewards of ownership of the financial asset, the entity shall derecognise the financial asset and recognise separately as assets or liabilities any rights and obligations created or retained in the transfer;
(b)
if the entity retains substantially all the risks and rewards of ownership of the financial asset, the entity shall continue to recognise the financial asset;
(c)
if the entity neither transfers nor retains substantially all the risks and rewards of ownership of the financial asset, the entity shall determine whether it has retained control of the financial asset. In this case:
(i)
if the entity has not retained control, it shall derecognise the financial asset and recognise separately as assets or liabilities any rights and obligations created or retained in the transfer;
(ii)
if the entity has retained control, it shall continue to recognise the financial asset to the extent of its continuing involvement in the financial asset (see paragraph 30).
21
The transfer of risks and rewards (see paragraph 20) is evaluated by comparing the entity's exposure, before and after the transfer, with the variability in the amounts and timing of the net cash flows of the transferred asset. An entity has retained substantially all the risks and rewards of ownership of a financial asset if its exposure to the variability in the present value of the future net cash flows from the financial asset does not change significantly as a result of the transfer (e.g. because the entity has sold a financial asset subject to an agreement to buy it back at a fixed price or the sale price plus a lender's return). An entity has transferred substantially all the risks and rewards of ownership of a financial asset if its exposure to such variability is no longer significant in relation to the total variability in the present value of the future net cash flows associated with the financial asset (e.g. because the entity has sold a financial asset subject only to an option to buy it back at its fair value at the time of repurchase or has transferred a fully proportionate share of the cash flows from a larger financial asset in an arrangement, such as a loan sub-participation, that meets the conditions in paragraph 19).
22
Often it will be obvious whether the entity has transferred or retained substantially all risks and rewards of ownership and there will be no need to perform any computations. In other cases, it will be necessary to compute and compare the entity's exposure to the variability in the present value of the future net cash flows before and after the transfer. The computation and comparison is made using as the discount rate an appropriate current market interest rate. All reasonably possible variability in net cash flows is considered, with greater weight being given to those outcomes that are more likely to occur.
23
Whether the entity has retained control (see paragraph 20(c)) of the transferred asset depends on the transferee's ability to sell the asset. If the transferee has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer, the entity has not retained control. In all other cases, the entity has retained control.
Transfers that qualify for derecognition (see paragraph 20(a) and (c)(i))
24
If an entity transfers a financial asset in a transfer that qualifies for derecognition in its entirety and retains the right to service the financial asset for a fee, it shall recognise either a servicing asset or a servicing liability for that servicing contract. If the fee to be received is not expected to compensate the entity adequately for performing the servicing, a servicing liability for the servicing obligation shall be recognised at its fair value. If the fee to be received is expected to be more than adequate compensation for the servicing, a servicing asset shall be recognised for the servicing right at an amount determined on the basis of an allocation of the carrying amount of the larger financial asset in accordance with paragraph 27.
25
If, as a result of a transfer, a financial asset is derecognised in its entirety but the transfer results in the entity obtaining a new financial asset or assuming a new financial liability, or a servicing liability, the entity shall recognise the new financial asset, financial liability or servicing liability at fair value.
26
On derecognition of a financial asset in its entirety, the difference between:
(a)
the carrying amount; and
(b)
the sum of (i) the consideration received (including any new asset obtained less any new liability assumed) and (ii) any cumulative gain or loss that had been recognised directly in equity (see paragraph 55(b));
shall be recognised in profit or loss.
27
If the transferred asset is part of a larger financial asset (e.g. when an entity transfers interest cash flows that are part of a debt instrument, see paragraph 16(a)) and the part transferred qualifies for derecognition in its entirety, the previous carrying amount of the larger financial asset shall be allocated between the part that continues to be recognised and the part that is derecognised, based on the relative fair values of those parts on the date of the transfer. For this purpose, a retained servicing asset shall be treated as a part that continues to be recognised. The difference between:
(a)
the carrying amount allocated to the part derecognised; and
(b)
the sum of (i) the consideration received for the part derecognised (including any new asset obtained less any new liability assumed) and (ii) any cumulative gain or loss allocated to it that had been recognised directly in equity (see paragraph 55(b));
shall be recognised in profit or loss. A cumulative gain or loss that had been recognised in equity is allocated between the part that continues to be recognised and the part that is derecognised, based on the relative fair values of those parts.
28
When an entity allocates the previous carrying amount of a larger financial asset between the part that continues to be recognised and the part that is derecognised, the fair value of the part that continues to be recognised needs to be determined. When the entity has a history of selling parts similar to the part that continues to be recognised or other market transactions exist for such parts, recent prices of actual transactions provide the best estimate of its fair value. When there are no price quotes or recent market transactions to support the fair value of the part that continues to be recognised, the best estimate of the fair value is the difference between the fair value of the larger financial asset as a whole and the consideration received from the transferee for the part that is derecognised.
Transfers that do not qualify for derecognition (see paragraph 20(b))
29
If a transfer does not result in derecognition because the entity has retained substantially all the risks and rewards of ownership of the transferred asset, the entity shall continue to recognise the transferred asset in its entirety and shall recognise a financial liability for the consideration received. In subsequent periods, the entity shall recognise any income on the transferred asset and any expense incurred on the financial liability.
Continuing involvement in transferred assets (see paragraph 20(c)(ii))
30
If an entity neither transfers nor retains substantially all the risks and rewards of ownership of a transferred asset, and retains control of the transferred asset, the entity continues to recognise the transferred asset to the extent of its continuing involvement. The extent of the entity's continuing involvement in the transferred asset is the extent to which it is exposed to changes in the value of the transferred asset. For example:
(a)
when the entity's continuing involvement takes the form of guaranteeing the transferred asset, the extent of the entity's continuing involvement is the lower of (i) the amount of the asset and (ii) the maximum amount of the consideration received that the entity could be required to repay (the guarantee amount);
(b)
when the entity's continuing involvement takes the form of a written or purchased option (or both) on the transferred asset, the extent of the entity's continuing involvement is the amount of the transferred asset that the entity may repurchase. However, in case of a written put option on an asset that is measured at fair value, the extent of the entity's continuing involvement is limited to the lower of the fair value of the transferred asset and the option exercise price (see paragraph AG48);
(c)
when the entity's continuing involvement takes the form of a cash-settled option or similar provision on the transferred asset, the extent of the entity's continuing involvement is measured in the same way as that which results from non-cash settled options as set out in (b) above.
31
When an entity continues to recognise an asset to the extent of its continuing involvement, the entity also recognises an associated liability. Despite the other measurement requirements in this standard, the transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the entity has retained. The associated liability is measured in such a way that the net carrying amount of the transferred asset and the associated liability is:
(a)
the amortised cost of the rights and obligations retained by the entity, if the transferred asset is measured at amortised cost; or
(b)
equal to the fair value of the rights and obligations retained by the entity when measured on a stand-alone basis, if the transferred asset is measured at fair value.
32
The entity shall continue to recognise any income arising on the transferred asset to the extent of its continuing involvement and shall recognise any expense incurred on the associated liability.
33
For the purpose of subsequent measurement, recognised changes in the fair value of the transferred asset and the associated liability are accounted for consistently with each other in accordance with paragraph 55, and shall not be offset.
34
If an entity's continuing involvement is in only a part of a financial asset (e.g. when an entity retains an option to repurchase part of a transferred asset, or retains a residual interest that does not result in the retention of substantially all the risks and rewards of ownership and the entity retains control), the entity allocates the previous carrying amount of the financial asset between the part it continues to recognise under continuing involvement, and the part it no longer recognises on the basis of the relative fair values of those parts on the date of the transfer. For this purpose, the requirements of paragraph 28 apply. The difference between:
(a)
the carrying amount allocated to the part that is no longer recognised; and
(b)
the sum of (i) the consideration received for the part no longer recognised and (ii) any cumulative gain or loss allocated to it that had been recognised directly in equity (see paragraph 55(b));
shall be recognised in profit or loss. A cumulative gain or loss that had been recognised in equity is allocated between the part that continues to be recognised and the part that is no longer recognised on the basis of the relative fair values of those parts.
35
If the transferred asset is measured at amortised cost, the option in this standard to designate a financial liability as at fair value through profit or loss is not applicable to the associated liability.
All transfers
36
If a transferred asset continues to be recognised, the asset and the associated liability shall not be offset. Similarly, the entity shall not offset any income arising from the transferred asset with any expense incurred on the associated liability (see IAS 32 paragraph 42).
37
If a transferor provides non-cash collateral (such as debt or equity instruments) to the transferee, the accounting for the collateral by the transferor and the transferee depends on whether the transferee has the right to sell or repledge the collateral and on whether the transferor has defaulted. The transferor and transferee shall account for the collateral as follows:
(a)
If the transferee has the right by contract or custom to sell or repledge the collateral, then the transferor shall reclassify that asset in its balance sheet (e.g. as a loaned asset, pledged equity instruments or repurchase receivable) separately from other assets.
(b)
If the transferee sells collateral pledged to it, it shall recognise the proceeds from the sale and a liability measured at fair value for its obligation to return the collateral.
(c)
If the transferor defaults under the terms of the contract and is no longer entitled to redeem the collateral, it shall derecognise the collateral, and the transferee shall recognise the collateral as its asset initially measured at fair value or, if it has already sold the collateral, derecognise its obligation to return the collateral.
(d)
Except as provided in (c), the transferor shall continue to carry the collateral as its asset, and the transferee shall not recognise the collateral as an asset.
Regular way purchase or sale of a financial asset
38
A regular way purchase or sale of financial assets shall be recognised and derecognised, as applicable, using trade date accounting or settlement date accounting (see Appendix A paragraphs AG53-AG56).
Derecognition of a financial liability
39
An entity shall remove a financial liability (or a part of a financial liability) from its balance sheet when, and only when, it is extinguished — i.e. when the obligation specified in the contract is discharged or cancelled or expires.
40
An exchange between an existing borrower and lender of debt instruments with substantially different terms shall be accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability or a part of it (whether or not attributable to the financial difficulty of the debtor) shall be accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability.
41
The difference between the carrying amount of a financial liability (or part of a financial liability) extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, shall be recognised in profit or loss.
42
If an entity repurchases a part of a financial liability, the entity shall allocate the previous carrying amount of the financial liability between the part that continues to be recognised and the part that is derecognised based on the relative fair values of those parts on the date of the repurchase. The difference between (a) the carrying amount allocated to the part derecognised and (b) the consideration paid, including any non-cash assets transferred or liabilities assumed, for the part derecognised shall be recognised in profit or loss.
MEASUREMENT
Initial measurement of financial assets and financial liabilities
43
When a financial asset or financial liability is recognised initially, an entity shall measure it at its fair value plus, in the case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability.
44
When an entity uses settlement date accounting for an asset that is subsequently measured at cost or amortised cost, the asset is recognised initially at its fair value on the trade date (see Appendix A paragraphs AG53-AG56).
Subsequent measurement of financial assets
45
For the purpose of measuring a financial asset after initial recognition, this standard classifies financial assets into the following four categories defined in paragraph 9:
(a)
financial assets at fair value through profit or loss;
(b)
held-to-maturity investments;
(c)
loans and receivables; and
(d)
available-for-sale financial assets.
These categories apply to measurement and profit or loss recognition under this standard. The entity may use other descriptors for these categories or other categorisations when presenting information on the face of the financial statements. The entity shall disclose in the notes the information required by IFRS 7.
46
After initial recognition, an entity shall measure financial assets, including derivatives that are assets, at their fair values, without any deduction for transaction costs it may incur on sale or other disposal, except for the following financial assets:
(a)
loans and receivables as defined in paragraph 9, which shall be measured at amortised cost using the effective interest method;
(b)
held-to-maturity investments as defined in paragraph 9, which shall be measured at amortised cost using the effective interest method; and
(c)
investments in equity instruments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured and derivatives that are linked to and must be settled by delivery of such unquoted equity instruments, which shall be measured at cost (see Appendix A paragraphs AG80 and AG81).
Financial assets that are designated as hedged items are subject to measurement under the hedge accounting requirements in paragraphs 89-102. All financial assets except those measured at fair value through profit or loss are subject to review for impairment in accordance with paragraphs 58-70 and Appendix A paragraphs AG84-AG93.
Subsequent measurement of financial liabilities
47
After initial recognition, an entity shall measure all financial liabilities at amortised cost using the effective interest method, except for:
(a)
financial liabilities at fair value through profit or loss. Such liabilities, including derivatives that are liabilities, shall be measured at fair value except for a derivative liability that is linked to and must be settled by delivery of an unquoted equity instrument whose fair value cannot be reliably measured, which shall be measured at cost;
(b)
financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach applies. Paragraphs 29 and 31 apply to the measurement of such financial liabilities;
(c)
financial guarantee contracts as defined in paragraph 9. After initial recognition, an issuer of such a contract shall (unless paragraph 47(a) or (b) applies) measure it at the higher of:
(i)
the amount determined in accordance with IAS 37; and
(ii)
the amount initially recognised (see paragraph 43) less, when appropriate, cumulative amortisation recognised in accordance with IAS 18;
(d)
commitments to provide a loan at a below-market interest rate. After initial recognition, an issuer of such a commitment shall (unless paragraph 47(a) applies) measure it at the higher of:
(i)
the amount determined in accordance with IAS 37; and
(ii)
the amount initially recognised (see paragraph 43) less, when appropriate, cumulative amortisation recognised in accordance with IAS 18.
Financial liabilities that are designated as hedged items are subject to the hedge accounting requirements in paragraphs 89-102.
Fair value measurement considerations
48
In determining the fair value of a financial asset or a financial liability for the purpose of applying this standard, IAS 32 or IFRS 7, an entity shall apply paragraphs AG69-AG82 of Appendix A.
48A
The best evidence of fair value is quoted prices in an active market. If the market for a financial instrument is not active, an entity establishes fair value by using a valuation technique. The objective of using a valuation technique is to establish what the transaction price would have been on the measurement date in an arm's length exchange motivated by normal business considerations. Valuation techniques include using recent arm's length market transactions between knowledgeable, willing parties, if available, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis and option pricing models. If there is a valuation technique commonly used by market participants to price the instrument and that technique has been demonstrated to provide reliable estimates of prices obtained in actual market transactions, the entity uses that technique. The chosen valuation technique makes maximum use of market inputs and relies as little as possible on entity-specific inputs. It incorporates all factors that market participants would consider in setting a price and is consistent with accepted economic methodologies for pricing financial instruments. Periodically, an entity calibrates the valuation technique and tests it for validity using prices from any observable current market transactions in the same instrument (i.e. without modification or repackaging) or based on any available observable market data.
49
The fair value of a financial liability with a demand feature (e.g. a demand deposit) is not less than the amount payable on demand, discounted from the first date that the amount could be required to be paid.
Reclassifications
50
An entity:
(a)
shall not reclassify a derivative out of the fair value through profit or loss category while it is held or issued;
(b)
shall not reclassify any financial instrument out of the fair value through profit or loss category if upon initial recognition it was designated by the entity as at fair value through profit or loss; and
(c)
may, if a financial asset is no longer held for the purpose of selling or repurchasing it in the near term (notwithstanding that the financial asset may have been acquired or incurred principally for the purpose of selling or repurchasing it in the near term), reclassify that financial asset out of the fair value through profit or loss category if the requirements in paragraph 50b or 50d are met.
An entity shall not reclassify any financial instrument into the fair value through profit or loss category after initial recognition.
50B
A financial asset to which paragraph 50(c) applies (except a financial asset of the type described in paragraph 50D) may be reclassified out of the fair value through profit or loss category only in rare circumstances.
50C
If an entity reclassifies a financial asset out of the fair value through profit or loss category in accordance with paragraph 50B, the financial asset shall be reclassified at its fair value on the date of reclassification. Any gain or loss already recognised in profit or loss shall not be reversed. The fair value of the financial asset on the date of reclassification becomes its new cost or amortised cost, as applicable.
50D
A financial asset to which paragraph 50(c) applies that would have met the definition of loans and receivables (if the financial asset had not been required to be classified as held for trading at initial recognition) may be reclassified out of the fair value through profit or loss category if the entity has the intention and ability to hold the financial asset for the foreseeable future or until maturity.
50E
A financial asset classified as available for sale that would have met the definition of loans and receivables (if it had not been designated as available for sale) may be reclassified out of the available-for-sale category to the loans and receivables category if the entity has the intention and ability to hold the financial asset for the foreseeable future or until maturity.
50F
If an entity reclassifies a financial asset out of the fair value through profit or loss category in accordance with paragraph 50D or out of the available-for-sale category in accordance with paragraph 50E, it shall reclassify the financial asset at its fair value on the date of reclassification. For a financial asset reclassified in accordance with paragraph 50D, any gain or loss already recognised in profit or loss shall not be reversed. The fair value of the financial asset on the date of reclassification becomes its new cost or amortised cost, as applicable. For a financial asset reclassified out of the available-for-sale category in accordance with paragraph 50E, any previous gain or loss on that asset that has been recognised in other comprehensive income in accordance with paragraph 55(b) shall be accounted for in accordance with paragraph 54.
51
If, as a result of a change in intention or ability, it is no longer appropriate to classify an investment as held to maturity, it shall be reclassified as available for sale and remeasured at fair value, and the difference between its carrying amount and fair value shall be accounted for in accordance with paragraph 55(b).
52
Whenever sales or reclassification of more than an insignificant amount of held-to-maturity investments do not meet any of the conditions in paragraph 9, any remaining held-to-maturity investments shall be reclassified as available for sale. On such reclassification, the difference between their carrying amount and fair value shall be accounted for in accordance with paragraph 55(b).
53
If a reliable measure becomes available for a financial asset or financial liability for which such a measure was previously not available, and the asset or liability is required to be measured at fair value if a reliable measure is available (see paragraphs 46(c) and 47), the asset or liability shall be remeasured at fair value, and the difference between its carrying amount and fair value shall be accounted for in accordance with paragraph 55.
54
If, as a result of a change in intention or ability or in the rare circumstance that a reliable measure of fair value is no longer available (see paragraphs 46(c) and 47) or because the ‘two preceding financial years’ referred to in paragraph 9 have passed, it becomes appropriate to carry a financial asset or financial liability at cost or amortised cost rather than at fair value, the fair value carrying amount of the financial asset or the financial liability on that date becomes its new cost or amortised cost, as applicable. Any previous gain or loss on that asset that has been recognised directly in equity in accordance with paragraph 55(b) shall be accounted for as follows:
(a)
In the case of a financial asset with a fixed maturity, the gain or loss shall be amortised to profit or loss over the remaining life of the held-to-maturity investment using the effective interest method. Any difference between the new amortised cost and maturity amount shall also be amortised over the remaining life of the financial asset using the effective interest method, similar to the amortisation of a premium and a discount. If the financial asset is subsequently impaired, any gain or loss that has been recognised directly in equity is recognised in profit or loss in accordance with paragraph 67.
(b)
In the case of a financial asset that does not have a fixed maturity, the gain or loss shall remain in equity until the financial asset is sold or otherwise disposed of, when it shall be recognised in profit or loss. If the financial asset is subsequently impaired any previous gain or loss that has been recognised directly in equity is recognised in profit or loss in accordance with paragraph 67.
Gains and losses
55
A gain or loss arising from a change in the fair value of a financial asset or financial liability that is not part of a hedging relationship (see paragraphs 89-102), shall be recognised, as follows.
(a)
A gain or loss on a financial asset or financial liability classified as at fair value through profit or loss shall be recognised in profit or loss.
(b)
A gain or loss on an available-for-sale financial asset shall be recognised directly in equity, through the statement of changes in equity (see IAS 1 
Presentation of financial statements
), except for impairment losses (see paragraphs 67-70) and foreign exchange gains and losses (see Appendix A paragraph AG83), until the financial asset is derecognised, at which time the cumulative gain or loss previously recognised in equity shall be recognised in profit or loss. However, interest calculated using the effective interest method (see paragraph 9) is recognised in profit or loss (see IAS 18). Dividends on an available-for-sale equity instrument are recognised in profit or loss when the entity's right to receive payment is established (see IAS 18).
56
For financial assets and financial liabilities carried at amortised cost (see paragraphs 46 and 47), a gain or loss is recognised in profit or loss when the financial asset or financial liability is derecognised or impaired, and through the amortisation process. However, for financial assets or financial liabilities that are hedged items (see paragraphs 78-84 and Appendix A paragraphs AG98-AG101) the accounting for the gain or loss shall follow paragraphs 89-102.
57
If an entity recognises financial assets using settlement date accounting (see paragraph 38 and Appendix A paragraphs AG53 and AG56), any change in the fair value of the asset to be received during the period between the trade date and the settlement date is not recognised for assets carried at cost or amortised cost (other than impairment losses). For assets carried at fair value, however, the change in fair value shall be recognised in profit or loss or in equity, as appropriate under paragraph 55.
Impairment and uncollectability of financial assets
58
An entity shall assess at each balance sheet date whether there is any objective evidence that a financial asset or group of financial assets is impaired. If any such evidence exists, the entity shall apply paragraph 63 (for financial assets carried at amortised cost), paragraph 66 (for financial assets carried at cost) or paragraph 67 (for available-for-sale financial assets) to determine the amount of any impairment loss.
59
A financial asset or a group of financial assets is impaired and impairment losses are incurred if, and only if, there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a ‘loss event’) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. It may not be possible to identify a single, discrete event that caused the impairment. Rather the combined effect of several events may have caused the impairment. Losses expected as a result of future events, no matter how likely, are not recognised. Objective evidence that a financial asset or group of assets is impaired includes observable data that comes to the attention of the holder of the asset about the following loss events:
(a)
significant financial difficulty of the issuer or obligor;
(b)
a breach of contract, such as a default or delinquency in interest or principal payments;
(c)
the lender, for economic or legal reasons relating to the borrower's financial difficulty, granting to the borrower a concession that the lender would not otherwise consider;
(d)
it becoming probable that the borrower will enter bankruptcy or other financial reorganisation;
(e)
the disappearance of an active market for that financial asset because of financial difficulties; or
(f)
observable data indicating that there is a measurable decrease in the estimated future cash flows from a group of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the group, including:
(i)
adverse changes in the payment status of borrowers in the group (e.g. an increased number of delayed payments or an increased number of credit card borrowers who have reached their credit limit and are paying the minimum monthly amount); or
(ii)
national or local economic conditions that correlate with defaults on the assets in the group (e.g. an increase in the unemployment rate in the geographical area of the borrowers, a decrease in property prices for mortgages in the relevant area, a decrease in oil prices for loan assets to oil producers, or adverse changes in industry conditions that affect the borrowers in the group).
60
The disappearance of an active market because an entity's financial instruments are no longer publicly traded is not evidence of impairment. A downgrade of an entity's credit rating is not, of itself, evidence of impairment, although it may be evidence of impairment when considered with other available information. A decline in the fair value of a financial asset below its cost or amortised cost is not necessarily evidence of impairment (for example, a decline in the fair value of an investment in a debt instrument that results from an increase in the risk-free interest rate).
61
In addition to the types of events in paragraph 59, objective evidence of impairment for an investment in an equity instrument includes information about significant changes with an adverse effect that have taken place in the technological, market, economic or legal environment in which the issuer operates, and indicates that the cost of the investment in the equity instrument may not be recovered. A significant or prolonged decline in the fair value of an investment in an equity instrument below its cost is also objective evidence of impairment.
62
In some cases the observable data required to estimate the amount of an impairment loss on a financial asset may be limited or no longer fully relevant to current circumstances. For example, this may be the case when a borrower is in financial difficulties and there are few available historical data relating to similar borrowers. In such cases, an entity uses its experienced judgement to estimate the amount of any impairment loss. Similarly an entity uses its experienced judgement to adjust observable data for a group of financial assets to reflect current circumstances (see paragraph AG89). The use of reasonable estimates is an essential part of the preparation of financial statements and does not undermine their reliability.
Financial assets carried at amortised cost
63
If there is objective evidence that an impairment loss on loans and receivables or held-to-maturity investments carried at amortised cost has been incurred, the amount of the loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset's original effective interest rate (i.e. the effective interest rate computed at initial recognition). The carrying amount of the asset shall be reduced either directly or through use of an allowance account. The amount of the loss shall be recognised in profit or loss.
64
An entity first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, and individually or collectively for financial assets that are not individually significant (see paragraph 59). If an entity determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is or continues to be recognised are not included in a collective assessment of impairment.
65
If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised (such as an improvement in the debtor's credit rating), the previously recognised impairment loss shall be reversed either directly or by adjusting an allowance account. The reversal shall not result in a carrying amount of the financial asset that exceeds what the amortised cost would have been had the impairment not been recognised at the date the impairment is reversed. The amount of the reversal shall be recognised in profit or loss.
Financial assets carried at cost
66
If there is objective evidence that an impairment loss has been incurred on an unquoted equity instrument that is not carried at fair value because its fair value cannot be reliably measured, or on a derivative asset that is linked to and must be settled by delivery of such an unquoted equity instrument, the amount of the impairment loss is measured as the difference between the carrying amount of the financial asset and the present value of estimated future cash flows discounted at the current market rate of return for a similar financial asset (see paragraph 46(c) and Appendix A paragraphs AG80 and AG81). Such impairment losses shall not be reversed.
Available-for-sale financial assets
67
When a decline in the fair value of an available-for-sale financial asset has been recognised directly in equity and there is objective evidence that the asset is impaired (see paragraph 59), the cumulative loss that had been recognised directly in equity shall be removed from equity and recognised in profit or loss even though the financial asset has not been derecognised.
68
The amount of the cumulative loss that is removed from equity and recognised in profit or loss under paragraph 67 shall be the difference between the acquisition cost (net of any principal repayment and amortisation) and current fair value, less any impairment loss on that financial asset previously recognised in profit or loss.
69
Impairment losses recognised in profit or loss for an investment in an equity instrument classified as available for sale shall not be reversed through profit or loss.
70
If, in a subsequent period, the fair value of a debt instrument classified as available for sale increases and the increase can be objectively related to an event occurring after the impairment loss was recognised in profit or loss, the impairment loss shall be reversed, with the amount of the reversal recognised in profit or loss.
HEDGING
71
If there is a designated hedging relationship between a hedging instrument and a hedged item as described in paragraphs 85-88 and Appendix A paragraphs AG102-AG104, accounting for the gain or loss on the hedging instrument and the hedged item shall follow paragraphs 89-102.
Hedging instruments
Qualifying instruments
72
This standard does not restrict the circumstances in which a derivative may be designated as a hedging instrument provided the conditions in paragraph 88 are met, except for some written options (see Appendix A paragraph AG94). However, a non-derivative financial asset or non-derivative financial liability may be designated as a hedging instrument only for a hedge of a foreign currency risk.
73
For hedge accounting purposes, only instruments that involve a party external to the reporting entity (i.e. external to the group, segment or individual entity that is being reported on) can be designated as hedging instruments. Although individual entities within a consolidated group or divisions within an entity may enter into hedging transactions with other entities within the group or divisions within the entity, any such intragroup transactions are eliminated on consolidation. Therefore, such hedging transactions do not qualify for hedge accounting in the consolidated financial statements of the group. However, they may qualify for hedge accounting in the individual or separate financial statements of individual entities within the group or in segment reporting provided that they are external to the individual entity or segment that is being reported on.
Designation of hedging instruments
74
There is normally a single fair value measure for a hedging instrument in its entirety, and the factors that cause changes in fair value are co-dependent. Thus, a hedging relationship is designated by an entity for a hedging instrument in its entirety. The only exceptions permitted are:
(a)
separating the intrinsic value and time value of an option contract and designating as the hedging instrument only the change in intrinsic value of an option and excluding change in its time value; and
(b)
separating the interest element and the spot price of a forward contract.
These exceptions are permitted because the intrinsic value of the option and the premium on the forward can generally be measured separately. A dynamic hedging strategy that assesses both the intrinsic value and time value of an option contract can qualify for hedge accounting.
75
A proportion of the entire hedging instrument, such as 50 per cent of the notional amount, may be designated as the hedging instrument in a hedging relationship. However, a hedging relationship may not be designated for only a portion of the time period during which a hedging instrument remains outstanding.
76
A single hedging instrument may be designated as a hedge of more than one type of risk provided that (a) the risks hedged can be identified clearly; (b) the effectiveness of the hedge can be demonstrated; and (c) it is possible to ensure that there is specific designation of the hedging instrument and different risk positions.
77
Two or more derivatives, or proportions of them (or, in the case of a hedge of currency risk, two or more non-derivatives or proportions of them, or a combination of derivatives and non-derivatives or proportions of them), may be viewed in combination and jointly designated as the hedging instrument, including when the risk(s) arising from some derivatives offset(s) those arising from others. However, an interest rate collar or other derivative instrument that combines a written option and a purchased option does not qualify as a hedging instrument if it is, in effect, a net written option (for which a net premium is received). Similarly, two or more instruments (or proportions of them) may be designated as the hedging instrument only if none of them is a written option or a net written option.
Hedged items
Qualifying items
78
A hedged item can be a recognised asset or liability, an unrecognised firm commitment, a highly probable forecast transaction or a net investment in a foreign operation. The hedged item can be (a) a single asset, liability, firm commitment, highly probable forecast transaction or net investment in a foreign operation, (b) a group of assets, liabilities, firm commitments, highly probable forecast transactions or net investments in foreign operations with similar risk characteristics or (c) in a portfolio hedge of interest rate risk only, a portion of the portfolio of financial assets or financial liabilities that share the risk being hedged.
79
Unlike loans and receivables, a held-to-maturity investment cannot be a hedged item with respect to interest-rate risk or prepayment risk because designation of an investment as held to maturity requires an intention to hold the investment until maturity without regard to changes in the fair value or cash flows of such an investment attributable to changes in interest rates. However, a held-to-maturity investment can be a hedged item with respect to risks from changes in foreign currency exchange rates and credit risk.
80
For hedge accounting purposes, only assets, liabilities, firm commitments or highly probable forecast transactions that involve a party external to the entity can be designated as hedged items. It follows that hedge accounting can be applied to transactions between entities or segments in the same group only in the individual or separate financial statements of those entities or segments and not in the consolidated financial statements of the group. As an exception, the foreign currency risk of an intragroup monetary item (e.g. a payable/receivable between two subsidiaries) may qualify as a hedged item in the consolidated financial statements if it results in an exposure to foreign exchange rate gains or losses that are not fully eliminated on consolidation in accordance with IAS 21 
The effects of changes in foreign exchange rates
. In accordance with IAS 21, foreign exchange rate gains and losses on intragroup monetary items are not fully eliminated on consolidation when the intragroup monetary item is transacted between two group entities that have different functional currencies. In addition, the foreign currency risk of a highly probable forecast intragroup transaction may qualify as a hedged item in consolidated financial statements provided that the transaction is denominated in a currency other than the functional currency of the entity entering into that transaction and the foreign currency risk will affect consolidated profit or loss.
Designation of financial items as hedged items
81
If the hedged item is a financial asset or financial liability, it may be a hedged item with respect to the risks associated with only a portion of its cash flows or fair value (such as one or more selected contractual cash flows or portions of them or a percentage of the fair value) provided that effectiveness can be measured. For example, an identifiable and separately measurable portion of the interest rate exposure of an interest-bearing asset or interest-bearing liability may be designated as the hedged risk (such as a risk-free interest rate or benchmark interest rate component of the total interest rate exposure of a hedged financial instrument).
81A
In a fair value hedge of the interest rate exposure of a portfolio of financial assets or financial liabilities (and only in such a hedge), the portion hedged may be designated in terms of an amount of a currency (e.g. an amount of dollars, euro, pounds or rand) rather than as individual assets (or liabilities). Although the portfolio may, for risk management purposes, include assets and liabilities, the amount designated is an amount of assets or an amount of liabilities. Designation of a net amount including assets and liabilities is not permitted. The entity may hedge a portion of the interest rate risk associated with this designated amount. For example, in the case of a hedge of a portfolio containing prepayable assets, the entity may hedge the change in fair value that is attributable to a change in the hedged interest rate on the basis of expected, rather than contractual, repricing dates. […].
Designation of non-financial items as hedged items
82
If the hedged item is a non-financial asset or non-financial liability, it shall be designated as a hedged item (a) for foreign currency risks, or (b) in its entirety for all risks, because of the difficulty of isolating and measuring the appropriate portion of the cash flows or fair value changes attributable to specific risks other than foreign currency risks.
Designation of groups of items as hedged items
83
Similar assets or similar liabilities shall be aggregated and hedged as a group only if the individual assets or individual liabilities in the group share the risk exposure that is designated as being hedged. Furthermore, the change in fair value attributable to the hedged risk for each individual item in the group shall be expected to be approximately proportional to the overall change in fair value attributable to the hedged risk of the group of items.
84
Because an entity assesses hedge effectiveness by comparing the change in the fair value or cash flow of a hedging instrument (or group of similar hedging instruments) and a hedged item (or group of similar hedged items), comparing a hedging instrument with an overall net position (e.g. the net of all fixed rate assets and fixed rate liabilities with similar maturities), rather than with a specific hedged item, does not qualify for hedge accounting.
Hedge accounting
85
Hedge accounting recognises the offsetting effects on profit or loss of changes in the fair values of the hedging instrument and the hedged item.
86
Hedging relationships are of three types:
(a)
fair value hedge
: a hedge of the exposure to changes in fair value of a recognised asset or liability or an unrecognised firm commitment, or an identified portion of such an asset, liability or firm commitment, that is attributable to a particular risk and could affect profit or loss;
(b)
cash flow hedge
: a hedge of the exposure to variability in cash flows that (i) is attributable to a particular risk associated with a recognised asset or liability (such as all or some future interest payments on variable rate debt) or a highly probable forecast transaction and (ii) could affect profit or loss;
(c)
hedge of a net investment in a foreign operation
 as defined in IAS 21.
87
A hedge of the foreign currency risk of a firm commitment may be accounted for as a fair value hedge or as a cash flow hedge.
88
A hedging relationship qualifies for hedge accounting under paragraphs 89-102 if, and only if, all of the following conditions are met.
(a)
At the inception of the hedge there is formal designation and documentation of the hedging relationship and the entity's risk management objective and strategy for undertaking the hedge. That documentation shall include identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the entity will assess the hedging instrument's effectiveness in offsetting the exposure to changes in the hedged item's fair value or cash flows attributable to the hedged risk.
(b)
The hedge is expected to be highly effective (see Appendix A paragraphs AG105-AG113) in achieving offsetting changes in fair value or cash flows attributable to the hedged risk, consistently with the originally documented risk management strategy for that particular hedging relationship.
(c)
For cash flow hedges, a forecast transaction that is the subject of the hedge must be highly probable and must present an exposure to variations in cash flows that could ultimately affect profit or loss.
(d)
The effectiveness of the hedge can be reliably measured, i.e. the fair value or cash flows of the hedged item that are attributable to the hedged risk and the fair value of the hedging instrument can be reliably measured (see paragraphs 46 and 47 and Appendix A paragraphs AG80 and AG81 for guidance on determining fair value).
(e)
The hedge is assessed on an ongoing basis and determined actually to have been highly effective throughout the financial reporting periods for which the hedge was designated.
Fair value hedges
89
If a fair value hedge meets the conditions in paragraph 88 during the period, it shall be accounted for as follows:
(a)
the gain or loss from remeasuring the hedging instrument at fair value (for a derivative hedging instrument) or the foreign currency component of its carrying amount measured in accordance with IAS 21 (for a non-derivative hedging instrument) shall be recognised in profit or loss; and
(b)
the gain or loss on the hedged item attributable to the hedged risk shall adjust the carrying amount of the hedged item and be recognised in profit or loss. This applies if the hedged item is otherwise measured at cost. Recognition of the gain or loss attributable to the hedged risk in profit or loss applies if the hedged item is an available-for-sale financial asset.
89A
For a fair value hedge of the interest rate exposure of a portion of a portfolio of financial assets or financial liabilities (and only in such a hedge), the requirement in paragraph 89(b) may be met by presenting the gain or loss attributable to the hedged item either:
(a)
in a single separate line item within assets, for those repricing time periods for which the hedged item is an asset; or
(b)
in a single separate line item within liabilities, for those repricing time periods for which the hedged item is a liability.
The separate line items referred to in (a) and (b) above shall be presented next to financial assets or financial liabilities. Amounts included in these line items shall be removed from the balance sheet when the assets or liabilities to which they relate are derecognised.
90
If only particular risks attributable to a hedged item are hedged, recognised changes in the fair value of the hedged item unrelated to the hedged risk are recognised as set out in paragraph 55.
91
An entity shall discontinue prospectively the hedge accounting specified in paragraph 89 if:
(a)
the hedging instrument expires or is sold, terminated or exercised (for this purpose, the replacement or rollover of a hedging instrument into another hedging instrument is not an expiration or termination if such replacement or rollover is part of the entity's documented hedging strategy);
(b)
the hedge no longer meets the criteria for hedge accounting in paragraph 88; or
(c)
the entity revokes the designation.
92
Any adjustment arising from paragraph 89(b) to the carrying amount of a hedged financial instrument for which the effective interest method is used (or, in the case of a portfolio hedge of interest rate risk, to the separate balance sheet line item described in paragraph 89A) shall be amortised to profit or loss. Amortisation may begin as soon as an adjustment exists and shall begin no later than when the hedged item ceases to be adjusted for changes in its fair value attributable to the risk being hedged. The adjustment is based on a recalculated effective interest rate at the date amortisation begins. However, if, in the case of a fair value hedge of the interest rate exposure of a portfolio of financial assets or financial liabilities (and only in such a hedge), amortising using a recalculated effective interest rate is not practicable, the adjustment shall be amortised using a straight-line method. The adjustment shall be amortised fully by maturity of the financial instrument or, in the case of a portfolio hedge of interest rate risk, by expiry of the relevant repricing time period.
93
When an unrecognised firm commitment is designated as a hedged item, the subsequent cumulative change in the fair value of the firm commitment attributable to the hedged risk is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss (see paragraph 89(b)). The changes in the fair value of the hedging instrument are also recognised in profit or loss.
94
When an entity enters into a firm commitment to acquire an asset or assume a liability that is a hedged item in a fair value hedge, the initial carrying amount of the asset or liability that results from the entity meeting the firm commitment is adjusted to include the cumulative change in the fair value of the firm commitment attributable to the hedged risk that was recognised in the balance sheet.
Cash flow hedges
95
If a cash flow hedge meets the conditions in paragraph 88 during the period, it shall be accounted for as follows:
(a)
the portion of the gain or loss on the hedging instrument that is determined to be an effective hedge (see paragraph 88) shall be recognised directly in equity through the statement of changes in equity (see IAS 1); and
(b)
the ineffective portion of the gain or loss on the hedging instrument shall be recognised in profit or loss.
96
More specifically, a cash flow hedge is accounted for as follows:
(a)
the separate component of equity associated with the hedged item is adjusted to the lesser of the following (in absolute amounts):
(i)
the cumulative gain or loss on the hedging instrument from inception of the hedge; and
(ii)
the cumulative change in fair value (present value) of the expected future cash flows on the hedged item from inception of the hedge;
(b)
any remaining gain or loss on the hedging instrument or designated component of it (that is not an effective hedge) is recognised in profit or loss; and
(c)
if an entity's documented risk management strategy for a particular hedging relationship excludes from the assessment of hedge effectiveness a specific component of the gain or loss or related cash flows on the hedging instrument (see paragraphs 74, 75 and 88(a)), that excluded component of gain or loss is recognised in accordance with paragraph 55.
97
If a hedge of a forecast transaction subsequently results in the recognition of a financial asset or a financial liability, the associated gains or losses that were recognised directly in equity in accordance with paragraph 95 shall be reclassified into profit or loss in the same period or periods during which the asset acquired or liability assumed affects profit or loss (such as in the periods that interest income or interest expense is recognised). However, if an entity expects that all or a portion of a loss recognised directly in equity will not be recovered in one or more future periods, it shall reclassify into profit or loss the amount that is not expected to be recovered.
98
If a hedge of a forecast transaction subsequently results in the recognition of a non-financial asset or a non-financial liability, or a forecast transaction for a non-financial asset or non-financial liability becomes a firm commitment for which fair value hedge accounting is applied, then the entity shall adopt (a) or (b) below:
(a)
It reclassifies the associated gains and losses that were recognised directly in equity in accordance with paragraph 95 into profit or loss in the same period or periods during which the asset acquired or liability assumed affects profit or loss (such as in the periods that depreciation expense or cost of sales is recognised). However, if an entity expects that all or a portion of a loss recognised directly in equity will not be recovered in one or more future periods, it shall reclassify into profit or loss the amount that is not expected to be recovered.
(b)
It removes the associated gains and losses that were recognised directly in equity in accordance with paragraph 95, and includes them in the initial cost or other carrying amount of the asset or liability.
99
An entity shall adopt either (a) or (b) in paragraph 98 as its accounting policy and shall apply it consistently to all hedges to which paragraph 98 relates.
100
For cash flow hedges other than those covered by paragraphs 97 and 98, amounts that had been recognised directly in equity shall be recognised in profit or loss in the same period or periods during which the hedged forecast transaction affects profit or loss (for example, when a forecast sale occurs).
101
In any of the following circumstances an entity shall discontinue prospectively the hedge accounting specified in paragraphs 95-100:
(a)
The hedging instrument expires or is sold, terminated or exercised (for this purpose, the replacement or rollover of a hedging instrument into another hedging instrument is not an expiration or termination if such replacement or rollover is part of the entity's documented hedging strategy). In this case, the cumulative gain or loss on the hedging instrument that remains recognised directly in equity from the period when the hedge was effective (see paragraph 95(a)) shall remain separately recognised in equity until the forecast transaction occurs. When the transaction occurs, paragraph 97, 98 or 100 applies.
(b)
The hedge no longer meets the criteria for hedge accounting in paragraph 88. In this case, the cumulative gain or loss on the hedging instrument that remains recognised directly in equity from the period when the hedge was effective (see paragraph 95(a)) shall remain separately recognised in equity until the forecast transaction occurs. When the transaction occurs, paragraph 97, 98 or 100 applies.
(c)
The forecast transaction is no longer expected to occur, in which case any related cumulative gain or loss on the hedging instrument that remains recognised directly in equity from the period when the hedge was effective (see paragraph 95(a)) shall be recognised in profit or loss. A forecast transaction that is no longer highly probable (see paragraph 88(c)) may still be expected to occur.
(d)
The entity revokes the designation. For hedges of a forecast transaction, the cumulative gain or loss on the hedging instrument that remains recognised directly in equity from the period when the hedge was effective (see paragraph 95(a)) shall remain separately recognised in equity until the forecast transaction occurs or is no longer expected to occur. When the transaction occurs, paragraph 97, 98 or 100 applies. If the transaction is no longer expected to occur, the cumulative gain or loss that had been recognised directly in equity shall be recognised in profit or loss.
Hedges of a net investment
102
Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment (see IAS 21), shall be accounted for similarly to cash flow hedges:
(a)
the portion of the gain or loss on the hedging instrument that is determined to be an effective hedge (see paragraph 88) shall be recognised directly in equity through the statement of changes in equity (see IAS 1); and
(b)
the ineffective portion shall be recognised in profit or loss.
The gain or loss on the hedging instrument relating to the effective portion of the hedge that has been recognised directly in equity shall be recognised in profit or loss on disposal of the foreign operation.
EFFECTIVE DATE AND TRANSITION
103
An entity shall apply this standard (including the amendments issued in March 2004) for annual periods beginning on or after 1 January 2005. Earlier application is permitted. An entity shall not apply this standard (including the amendments issued in March 2004) for annual periods beginning before 1 January 2005 unless it also applies IAS 32 (issued December 2003). If an entity applies this standard for a period beginning before 1 January 2005, it shall disclose that fact.
103A
An entity shall apply the amendment in paragraph 2(j) for annual periods beginning on or after 1 January 2006. If an entity applies IFRIC 5 
Rights to interests arising from decommissioning, restoration and environmental rehabilitation funds
 for an earlier period, this amendment shall be applied for that earlier period.
103B
Financial guarantee contracts
 (amendments to IAS 39 and IFRS 4), issued in August 2005, amended paragraphs 2(e) and (h), 4, 47 and AG4, added paragraph AG4A, added a new definition of financial guarantee contracts in paragraph 9, and deleted paragraph 3. An entity shall apply those amendments for annual periods beginning on or after 1 January 2006. Earlier application is encouraged. If an entity applies these changes for an earlier period, it shall disclose that fact and apply the related amendments to IAS 32 
(
2
)
 and IFRS 4 at the same time.
103G
Reclassification of financial assets
 (amendments to IAS 39 and IFRS 7), issued in October 2008, amended paragraphs 50 and AG8, and added paragraphs 50B-50F. An entity shall apply those amendments from 1 July 2008. An entity shall not reclassify a financial asset in accordance with paragraph 50B, 50D or 50E before 1 July 2008. Any reclassification of a financial asset made in periods beginning on or after 1 November 2008 shall take effect only from the date when the reclassification is made. Any reclassification of a financial asset in accordance with paragraph 50B, 50D or 50E shall not be applied retrospectively to reporting periods ended before the effective date set out in this paragraph.
104
This standard shall be applied retrospectively except as specified in paragraphs 105-108. The opening balance of retained earnings for the earliest prior period presented and all other comparative amounts shall be adjusted as if this standard had always been in use unless restating the information would be impracticable. If restatement is impracticable, the entity shall disclose that fact and indicate the extent to which the information was restated.
105
When this standard is first applied, an entity is permitted to designate a previously recognised financial asset as available for sale. For any such financial asset the entity shall recognise all cumulative changes in fair value in a separate component of equity until subsequent derecognition or impairment, when the entity shall transfer that cumulative gain or loss to profit or loss. The entity shall also:
(a)
restate the financial asset using the new designation in the comparative financial statements; and
(b)
disclose the fair value of the financial assets at the date of designation and their classification and carrying amount in the previous financial statements.
105A
An entity shall apply paragraphs 11A, 48A, AG4B-AG4K, AG33A and AG33B and the 2005 amendments in paragraphs 9, 12 and 13 for annual periods beginning on or after 1 January 2006. Earlier application is encouraged.
105B
An entity that first applies paragraphs 11A, 48A, AG4B-AG4K, AG33A and AG33B and the 2005 amendments in paragraphs 9, 12 and 13 in its annual period beginning before 1 January 2006:
(a)
is permitted, when those new and amended paragraphs are first applied, to designate as at fair value through profit or loss any previously recognised financial asset or financial liability that then qualifies for such designation. When the annual period begins before 1 September 2005, such designations need not be completed until 1 September 2005 and may also include financial assets and financial liabilities recognised between the beginning of that annual period and 1 September 2005. Notwithstanding paragraph 91, any financial assets and financial liabilities designated as at fair value through profit or loss in accordance with this subparagraph that were previously designated as the hedged item in fair value hedge accounting relationships shall be de-designated from those relationships at the same time they are designated as at fair value through profit or loss;
(b)
shall disclose the fair value of any financial assets or financial liabilities designated in accordance with subparagraph (a) at the date of designation and their classification and carrying amount in the previous financial statements;
(c)
shall de-designate any financial asset or financial liability previously designated as at fair value through profit or loss if it does not qualify for such designation in accordance with those new and amended paragraphs. When a financial asset or financial liability will be measured at amortised cost after de-designation, the date of de-designation is deemed to be its date of initial recognition;
(d)
shall disclose the fair value of any financial assets or financial liabilities de-designated in accordance with subparagraph (c) at the date of de-designation and their new classifications.
105C
An entity that first applies paragraphs 11A, 48A, AG4B-AG4K, AG33A and AG33B and the 2005 amendments in paragraphs 9, 12 and 13 in its annual period beginning on or after 1 January 2006:
(a)
shall de-designate any financial asset or financial liability previously designated as at fair value through profit or loss only if it does not qualify for such designation in accordance with those new and amended paragraphs. When a financial asset or financial liability will be measured at amortised cost after de-designation, the date of de-designation is deemed to be its date of initial recognition;
(b)
shall not designate as at fair value through profit or loss any previously recognised financial assets or financial liabilities;
(c)
shall disclose the fair value of any financial assets or financial liabilities de-designated in accordance with subparagraph (a) at the date of de-designation and their new classifications.
105D
An entity shall restate its comparative financial statements using the new designations in paragraph 105B or 105C provided that, in the case of a financial asset, financial liability, or group of financial assets, financial liabilities or both, designated as at fair value through profit or loss, those items or groups would have met the criteria in paragraph 9(b)(i), 9(b)(ii) or 11A at the beginning of the comparative period or, if acquired after the beginning of the comparative period, would have met the criteria in paragraph 9(b)(i), 9(b)(ii) or 11A at the date of initial recognition.
106
Except as permitted by paragraph 107, an entity shall apply the derecognition requirements in paragraphs 15-37 and Appendix A paragraphs AG36-AG52 prospectively. Accordingly, if an entity derecognised financial assets under IAS 39 (revised 2000) as a result of a transaction that occurred before 1 January 2004 and those assets would not have been derecognised under this standard, it shall not recognise those assets.
107
Notwithstanding paragraph 106, an entity may apply the derecognition requirements in paragraphs 15-37 and Appendix A paragraphs AG36-AG52 retrospectively from a date of the entity's choosing, provided that the information needed to apply IAS 39 to assets and liabilities derecognised as a result of past transactions was obtained at the time of initially accounting for those transactions.
107A
Notwithstanding paragraph 104, an entity may apply the requirements in the last sentence of paragraph AG76, and paragraph AG76A, in either of the following ways:
(a)
prospectively to transactions entered into after 25 October 2002; or
(b)
prospectively to transactions entered into after 1 January 2004.
108
An entity shall not adjust the carrying amount of non-financial assets and non-financial liabilities to exclude gains and losses related to cash flow hedges that were included in the carrying amount before the beginning of the financial year in which this standard is first applied. At the beginning of the financial period in which this standard is first applied, any amount recognised directly in equity for a hedge of a firm commitment that under this standard is accounted for as a fair value hedge shall be reclassified as an asset or liability, except for a hedge of foreign currency risk that continues to be treated as a cash flow hedge.
108A
An entity shall apply the last sentence of paragraph 80, and paragraphs AG99A and AG99B, for annual periods beginning on or after 1 January 2006. Earlier application is encouraged. If an entity has designated as the hedged item an external forecast transaction that:
(a)
is denominated in the functional currency of the entity entering into the transaction;
(b)
gives rise to an exposure that will have an effect on consolidated profit or loss (i.e. is denominated in a currency other than the group's presentation currency); and
(c)
would have qualified for hedge accounting had it not been denominated in the functional currency of the entity entering into it;
it may apply hedge accounting in the consolidated financial statements in the period(s) before the date of application of the last sentence of paragraph 80, and paragraphs AG99A and AG99B.
108B
An entity need not apply paragraph AG99B to comparative information relating to periods before the date of application of the last sentence of paragraph 80 and paragraph AG99A.
WITHDRAWAL OF OTHER PRONOUNCEMENTS
109
This standard supersedes IAS 39 
Financial instruments: recognition and measurement
 revised in October 2000.
110
This standard and the accompanying Implementation Guidance supersede the Implementation Guidance issued by the IAS 39 Implementation Guidance Committee, established by the former IASC.
(
1
)
  Paragraphs 48-49 and AG69-AG82 of Appendix A contain requirements for determining the fair value of a financial asset or financial liability.
(
2
)
  When an entity applies IFRS 7, the reference to IAS 32 is replaced by a reference to IFRS 7.
Appendix A
Application guidance
This appendix is an integral part of the standard.
SCOPE (paragraphs 2-7)
AG1
Some contracts require a payment based on climatic, geological or other physical variables. (Those based on climatic variables are sometimes referred to as ‘weather derivatives’.) If those contracts are not within the scope of IFRS 4, they are within the scope of this standard.
AG2
This standard does not change the requirements relating to employee benefit plans that comply with IAS 26 
Accounting and reporting by retirement benefit plans
 and royalty agreements based on the volume of sales or service revenues that are accounted for under IAS 18.
AG3
Sometimes, an entity makes what it views as a ‘strategic investment’ in equity instruments issued by another entity, with the intention of establishing or maintaining a long-term operating relationship with the entity in which the investment is made. The investor entity uses IAS 28 to determine whether the equity method of accounting is appropriate for such an investment. Similarly, the investor entity uses IAS 31 to determine whether proportionate consolidation or the equity method is appropriate for such an investment. If neither the equity method nor proportionate consolidation is appropriate, the entity applies this standard to that strategic investment.
AG3A
This standard applies to the financial assets and financial liabilities of insurers, other than rights and obligations that paragraph 2(e) excludes because they arise under contracts within the scope of IFRS 4.
AG4
Financial guarantee contracts may have various legal forms, such as a guarantee, some types of letter of credit, a credit default contract or an insurance contract. Their accounting treatment does not depend on their legal form. The following are examples of the appropriate treatment (see paragraph 2(e)):
(a)
Although a financial guarantee contract meets the definition of an insurance contract in IFRS 4 if the risk transferred is significant, the issuer applies this standard. Nevertheless, if the issuer has previously asserted explicitly that it regards such contracts as insurance contracts and has used accounting applicable to insurance contracts, the issuer may elect to apply either this standard or IFRS 4 to such financial guarantee contracts. If this standard applies, paragraph 43 requires the issuer to recognise a financial guarantee contract initially at fair value. If the financial guarantee contract was issued to an unrelated party in a stand-alone arm's length transaction, its fair value at inception is likely to equal the premium received, unless there is evidence to the contrary. Subsequently, unless the financial guarantee contract was designated at inception as at fair value through profit or loss or unless paragraphs 29-37 and AG47-AG52 apply (when a transfer of a financial asset does not qualify for derecognition or the continuing involvement approach applies), the issuer measures it at the higher of:
(i)
the amount determined in accordance with IAS 37; and
(ii)
the amount initially recognised less, when appropriate, cumulative amortisation recognised in accordance with IAS 18 (see paragraph 47(c)).
(b)
Some credit-related guarantees do not, as a precondition for payment, require that the holder is exposed to, and has incurred a loss on, the failure of the debtor to make payments on the guaranteed asset when due. An example of such a guarantee is one that requires payments in response to changes in a specified credit rating or credit index. Such guarantees are not financial guarantee contracts, as defined in this standard, and are not insurance contracts, as defined in IFRS 4. Such guarantees are derivatives and the issuer applies this standard to them.
(c)
If a financial guarantee contract was issued in connection with the sale of goods, the issuer applies IAS 18 in determining when it recognises the revenue from the guarantee and from the sale of goods.
AG4A
Assertions that an issuer regards contracts as insurance contracts are typically found throughout the issuer's communications with customers and regulators, contracts, business documentation and financial statements. Furthermore, insurance contracts are often subject to accounting requirements that are distinct from the requirements for other types of transaction, such as contracts issued by banks or commercial companies. In such cases, an issuer's financial statements typically include a statement that the issuer has used those accounting requirements.
DEFINITIONS (paragraphs 8 and 9)
Designation as at fair value through profit or loss
AG4B
Paragraph 9 of this standard allows an entity to designate a financial asset, a financial liability, or a group of financial instruments (financial assets, financial liabilities or both) as at fair value through profit or loss provided that doing so results in more relevant information.
AG4C
The decision of an entity to designate a financial asset or financial liability as at fair value through profit or loss is similar to an accounting policy choice (although, unlike an accounting policy choice, it is not required to be applied consistently to all similar transactions). When an entity has such a choice, paragraph 14(b) of IAS 8 
Accounting policies, changes in accounting estimates and errors
 requires the chosen policy to result in the financial statements providing reliable and more relevant information about the effects of transactions, other events and conditions on the entity's financial position, financial performance or cash flows. In the case of designation as at fair value through profit or loss, paragraph 9 sets out the two circumstances when the requirement for more relevant information will be met. Accordingly, to choose such designation in accordance with paragraph 9, the entity needs to demonstrate that it falls within one (or both) of these two circumstances.
Paragraph 9(b)(i): Designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise
AG4D
Under IAS 39, measurement of a financial asset or financial liability and classification of recognised changes in its value are determined by the item's classification and whether the item is part of a designated hedging relationship. Those requirements can create a measurement or recognition inconsistency (sometimes referred to as an ‘accounting mismatch’) when, for example, in the absence of designation as at fair value through profit or loss, a financial asset would be classified as available for sale (with most changes in fair value recognised directly in equity) and a liability the entity considers related would be measured at amortised cost (with changes in fair value not recognised). In such circumstances, an entity may conclude that its financial statements would provide more relevant information if both the asset and the liability were classified as at fair value through profit or loss.
AG4E
The following examples show when this condition could be met. In all cases, an entity may use this condition to designate financial assets or financial liabilities as at fair value through profit or loss only if it meets the principle in paragraph 9(b)(i).
(a)
An entity has liabilities whose cash flows are contractually based on the performance of assets that would otherwise be classified as available for sale. For example, an insurer may have liabilities containing a discretionary participation feature that pay benefits based on realised and/or unrealised investment returns of a specified pool of the insurer's assets. If the measurement of those liabilities reflects current market prices, classifying the assets as at fair value through profit or loss means that changes in the fair value of the financial assets are recognised in profit or loss in the same period as related changes in the value of the liabilities.
(b)
An entity has liabilities under insurance contracts whose measurement incorporates current information (as permitted by IFRS 4, paragraph 24), and financial assets it considers related that would otherwise be classified as available for sale or measured at amortised cost.
(c)
An entity has financial assets, financial liabilities or both that share a risk, such as interest rate risk, that gives rise to opposite changes in fair value that 10 d to offset each other. However, only some of the instruments would be measured at fair value through profit or loss (i.e. are derivatives, or are classified as held for trading). It may also be the case that the requirements for hedge accounting are not met, for example because the requirements for effectiveness in paragraph 88 are not met.
(d)
An entity has financial assets, financial liabilities or both that share a risk, such as interest rate risk, that gives rise to opposite changes in fair value that 10 d to offset each other and the entity does not qualify for hedge accounting because none of the instruments is a derivative. Furthermore, in the absence of hedge accounting there is a significant inconsistency in the recognition of gains and losses. For example:
(i)
the entity has financed a portfolio of fixed rate assets that would otherwise be classified as available for sale with fixed rate debentures whose changes in fair value 10 d to offset each other. Reporting both the assets and the debentures at fair value through profit or loss corrects the inconsistency that would otherwise arise from measuring the assets at fair value with changes reported in equity and the debentures at amortised cost;
(ii)
the entity has financed a specified group of loans by issuing traded bonds whose changes in fair value 10 d to offset each other. If, in addition, the entity regularly buys and sells the bonds but rarely, if ever, buys and sells the loans, reporting both the loans and the bonds at fair value through profit or loss eliminates the inconsistency in the timing of recognition of gains and losses that would otherwise result from measuring them both at amortised cost and recognising a gain or loss each time a bond is repurchased.
AG4F
In cases such as those described in the preceding paragraph, to designate, at initial recognition, the financial assets and financial liabilities not otherwise so measured as at fair value through profit or loss may eliminate or significantly reduce the measurement or recognition inconsistency and produce more relevant information. For practical purposes, the entity need not enter into all of the assets and liabilities giving rise to the measurement or recognition inconsistency at exactly the same time. A reasonable delay is permitted provided that each transaction is designated as at fair value through profit or loss at its initial recognition and, at that time, any remaining transactions are expected to occur.
AG4G
It would not be acceptable to designate only some of the financial assets and financial liabilities giving rise to the inconsistency as at fair value through profit or loss if to do so would not eliminate or significantly reduce the inconsistency and would therefore not result in more relevant information. However, it would be acceptable to designate only some of a number of similar financial assets or similar financial liabilities if doing so achieves a significant reduction (and possibly a greater reduction than other allowable designations) in the inconsistency. For example, assume an entity has a number of similar financial liabilities that sum to CU100 
(
1
)
 and a number of similar financial assets that sum to CU50 but are measured on a different basis. The entity may significantly reduce the measurement inconsistency by designating at initial recognition all of the assets but only some of the liabilities (for example, individual liabilities with a combined total of CU45) as at fair value through profit or loss. However, because designation as at fair value through profit or loss can be applied only to the whole of a financial instrument, the entity in this example must designate one or more liabilities in their entirety. It could not designate either a component of a liability (e.g. changes in value attributable to only one risk, such as changes in a benchmark interest rate) or a proportion (i.e. percentage) of a liability.
Paragraph 9(b)(ii): A group of financial assets, financial liabilities or both is managed and its performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy
AG4H
An entity may manage and evaluate the performance of a group of financial assets, financial liabilities or both in such a way that measuring that group at fair value through profit or loss results in more relevant information. The focus in this instance is on the way the entity manages and evaluates performance, rather than on the nature of its financial instruments.
AG4I
The following examples show when this condition could be met. In all cases, an entity may use this condition to designate financial assets or financial liabilities as at fair value through profit or loss only if it meets the principle in paragraph 9(b)(ii).
(a)
The entity is a venture capital organisation, mutual fund, unit trust or similar entity whose business is investing in financial assets with a view to profiting from their total return in the form of interest or dividends and changes in fair value. IAS 28 and IAS 31 allow such investments to be excluded from their scope provided they are measured at fair value through profit or loss. An entity may apply the same accounting policy to other investments managed on a total return basis but over which its influence is insufficient for them to be within the scope of IAS 28 or IAS 31.
(b)
The entity has financial assets and financial liabilities that share one or more risks and those risks are managed and evaluated on a fair value basis in accordance with a documented policy of asset and liability management. An example could be an entity that has issued ‘structured products’ containing multiple embedded derivatives and manages the resulting risks on a fair value basis using a mix of derivative and non-derivative financial instruments. A similar example could be an entity that originates fixed interest rate loans and manages the resulting benchmark interest rate risk using a mix of derivative and non-derivative financial instruments.
(c)
The entity is an insurer that holds a portfolio of financial assets, manages that portfolio so as to maximise its total return (i.e. interest or dividends and changes in fair value), and evaluates its performance on that basis. The portfolio may be held to back specific liabilities, equity or both. If the portfolio is held to back specific liabilities, the condition in paragraph 9(b)(ii) may be met for the assets regardless of whether the insurer also manages and evaluates the liabilities on a fair value basis. The condition in paragraph 9(b)(ii) may be met when the insurer's objective is to maximise total return on the assets over the longer term even if amounts paid to holders of participating contracts depend on other factors such as the amount of gains realised in a shorter period (e.g. a year) or are subject to the insurer's discretion.
AG4J
As noted above, this condition relies on the way the entity manages and evaluates performance of the group of financial instruments under consideration. Accordingly, (subject to the requirement of designation at initial recognition) an entity that designates financial instruments as at fair value through profit or loss on the basis of this condition shall so designate all eligible financial instruments that are managed and evaluated together.
AG4K
Documentation of the entity's strategy need not be extensive but should be sufficient to demonstrate compliance with paragraph 9(b)(ii). Such documentation is not required for each individual item, but may be on a portfolio basis. For example, if the performance management system for a department — as approved by the entity's key management personnel — clearly demonstrates that its performance is evaluated on a total return basis, no further documentation is required to demonstrate compliance with paragraph 9(b)(ii).
Effective interest rate
AG5
In some cases, financial assets are acquired at a deep discount that reflects incurred credit losses. Entities include such incurred credit losses in the estimated cash flows when computing the effective interest rate.
AG6
When applying the effective interest method, an entity generally amortises any fees, points paid or received, transaction costs and other premiums or discounts included in the calculation of the effective interest rate over the expected life of the instrument. However, a shorter period is used if this is the period to which the fees, points paid or received, transaction costs, premiums or discounts relate. This will be the case when the variable to which the fees, points paid or received, transaction costs, premiums or discounts relate is repriced to market rates before the expected maturity of the instrument. In such a case, the appropriate amortisation period is the period to the next such repricing date. For example, if a premium or discount on a floating rate instrument reflects interest that has accrued on the instrument since interest was last paid, or changes in market rates since the floating interest rate was reset to market rates, it will be amortised to the next date when the floating interest is reset to market rates. This is because the premium or discount relates to the period to the next interest reset date because, at that date, the variable to which the premium or discount relates (i.e. interest rates) is reset to market rates. If, however, the premium or discount results from a change in the credit spread over the floating rate specified in the instrument, or other variables that are not reset to market rates, it is amortised over the expected life of the instrument.
AG7
For floating rate financial assets and floating rate financial liabilities, periodic re-estimation of cash flows to reflect movements in market rates of interest alters the effective interest rate. If a floating rate financial asset or floating rate financial liability is recognised initially at an amount equal to the principal receivable or payable on maturity, re-estimating the future interest payments normally has no significant effect on the carrying amount of the asset or liability.
AG8
If an entity revises its estimates of payments or receipts, the entity shall adjust the carrying amount of the financial asset or financial liability (or group of financial instruments) to reflect actual and revised estimated cash flows. The entity recalculates the carrying amount by computing the present value of estimated future cash flows at the financial instrument's original effective interest rate. The adjustment is recognised as income or expense in profit or loss. If a financial asset is reclassified in accordance with paragraph 50B, 50D or 50E, and the entity subsequently increases its estimates of future cash receipts as a result of increased recoverability of those cash receipts, the effect of that increase shall be recognised as an adjustment to the effective interest rate from the date of the change in estimate rather than as an adjustment to the carrying amount of the asset at the date of the change in estimate.
Derivatives
AG9
Typical examples of derivatives are futures and forward, swap and option contracts. A derivative usually has a notional amount, which is an amount of currency, a number of shares, a number of units of weight or volume or other units specified in the contract. However, a derivative instrument does not require the holder or writer to invest or receive the notional amount at the inception of the contract. Alternatively, a derivative could require a fixed payment or payment of an amount that can change (but not proportionally with a change in the underlying) as a result of some future event that is unrelated to a notional amount. For example, a contract may require a fixed payment of CU1 000 
(
2
)
 if six-month LIBOR increases by 100 basis points. Such a contract is a derivative even though a notional amount is not specified.
AG10
The definition of a derivative in this standard includes contracts that are settled gross by delivery of the underlying item (e.g. a forward contract to purchase a fixed rate debt instrument). An entity may have a contract to buy or sell a non-financial item that can be settled net in cash or another financial instrument or by exchanging financial instruments (e.g. a contract to buy or sell a commodity at a fixed price at a future date). Such a contract is within the scope of this standard unless it was entered into and continues to be held for the purpose of delivery of a non-financial item in accordance with the entity's expected purchase, sale or usage requirements (see paragraphs 5-7).
AG11
One of the defining characteristics of a derivative is that it has an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors. An option contract meets that definition because the premium is less than the investment that would be required to obtain the underlying financial instrument to which the option is linked. A currency swap that requires an initial exchange of different currencies of equal fair values meets the definition because it has a zero initial net investment.
AG12
A regular way purchase or sale gives rise to a fixed price commitment between trade date and settlement date that meets the definition of a derivative. However, because of the short duration of the commitment it is not recognised as a derivative financial instrument. Rather, this standard provides for special accounting for such regular way contracts (see paragraphs 38 and AG53-AG56).
AG12A
The definition of a derivative refers to non-financial variables that are not specific to a party to the contract. These include an index of earthquake losses in a particular region and an index of temperatures in a particular city. Non-financial variables specific to a party to the contract include the occurrence or non-occurrence of a fire that damages or destroys an asset of a party to the contract. A change in the fair value of a non-financial asset is specific to the owner if the fair value reflects not only changes in market prices for such assets (a financial variable) but also the condition of the specific non-financial asset held (a non-financial variable). For example, if a guarantee of the residual value of a specific car exposes the guarantor to the risk of changes in the car's physical condition, the change in that residual value is specific to the owner of the car.
Transaction costs
AG13
Transaction costs include fees and commissions paid to agents (including employees acting as selling agents), advisers, brokers and dealers, levies by regulatory agencies and securities exchanges, and transfer taxes and duties. Transaction costs do not include debt premiums or discounts, financing costs or internal administrative or holding costs.
Financial assets and financial liabilities held for trading
AG14
Trading generally reflects active and frequent buying and selling, and financial instruments held for trading generally are used with the objective of generating a profit from short-term fluctuations in price or dealer's margin.
AG15
Financial liabilities held for trading include:
(a)
derivative liabilities that are not accounted for as hedging instruments;
(b)
obligations to deliver financial assets borrowed by a short seller (i.e. an entity that sells financial assets it has borrowed and does not yet own);
(c)
financial liabilities that are incurred with an intention to repurchase them in the near term (e.g. a quoted debt instrument that the issuer may buy back in the near term depending on changes in its fair value); and
(d)
financial liabilities that are part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent pattern of short-term profit-taking.
The fact that a liability is used to fund trading activities does not in itself make that liability one that is held for trading.
Held-to-maturity investments
AG16
An entity does not have a positive intention to hold to maturity an investment in a financial asset with a fixed maturity if:
(a)
the entity intends to hold the financial asset for an undefined period;
(b)
the entity stands ready to sell the financial asset (other than if a situation arises that is non-recurring and could not have been reasonably anticipated by the entity) in response to changes in market interest rates or risks, liquidity needs, changes in the availability of and the yield on alternative investments, changes in financing sources and terms or changes in foreign currency risk; or
(c)
the issuer has a right to settle the financial asset at an amount significantly below its amortised cost.
AG17
A debt instrument with a variable interest rate can satisfy the criteria for a held-to-maturity investment. Equity instruments cannot be held-to-maturity investments either because they have an indefinite life (such as ordinary shares) or because the amounts the holder may receive can vary in a manner that is not predetermined (such as for share options, warrants and similar rights). With respect to the definition of held-to-maturity investments, fixed or determinable payments and fixed maturity mean that a contractual arrangement defines the amounts and dates of payments to the holder, such as interest and principal payments. A significant risk of non-payment does not preclude classification of a financial asset as held to maturity as long as its contractual payments are fixed or determinable and the other criteria for that classification are met. If the terms of a perpetual debt instrument provide for interest payments for an indefinite period, the instrument cannot be classified as held to maturity because there is no maturity date.
AG18
The criteria for classification as a held-to-maturity investment are met for a financial asset that is callable by the issuer if the holder intends and is able to hold it until it is called or until maturity and the holder would recover substantially all of its carrying amount. The call option of the issuer, if exercised, simply accelerates the asset's maturity. However, if the financial asset is callable on a basis that would result in the holder not recovering substantially all of its carrying amount, the financial asset cannot be classified as a held-to-maturity investment. The entity considers any premium paid and capitalised transaction costs in determining whether the carrying amount would be substantially recovered.
AG19
A financial asset that is puttable (i.e. the holder has the right to require that the issuer repay or redeem the financial asset before maturity) cannot be classified as a held-to-maturity investment because paying for a put feature in a financial asset is inconsistent with expressing an intention to hold the financial asset until maturity.
AG20
For most financial assets, fair value is a more appropriate measure than amortised cost. The held-to-maturity classification is an exception, but only if the entity has a positive intention and the ability to hold the investment to maturity. When an entity's actions cast doubt on its intention and ability to hold such investments to maturity, paragraph 9 precludes the use of the exception for a reasonable period of time.
AG21
A disaster scenario that is only remotely possible, such as a run on a bank or a similar situation affecting an insurer, is not something that is assessed by an entity in deciding whether it has the positive intention and ability to hold an investment to maturity.
AG22
Sales before maturity could satisfy the condition in paragraph 9 — and therefore not raise a question about the entity's intention to hold other investments to maturity — if they are attributable to any of the following:
(a)
a significant deterioration in the issuer's creditworthiness. For example, a sale following a downgrade in a credit rating by an external rating agency would not necessarily raise a question about the entity's intention to hold other investments to maturity if the downgrade provides evidence of a significant deterioration in the issuer's creditworthiness judged by reference to the credit rating at initial recognition. Similarly, if an entity uses internal ratings for assessing exposures, changes in those internal ratings may help to identify issuers for which there has been a significant deterioration in creditworthiness, provided the entity's approach to assigning internal ratings and changes in those ratings give a consistent, reliable and objective measure of the credit quality of the issuers. If there is evidence that a financial asset is impaired (see paragraphs 58 and 59), the deterioration in creditworthiness is often regarded as significant;
(b)
a change in tax law that eliminates or significantly reduces the tax-exempt status of interest on the held-to-maturity investment (but not a change in tax law that revises the marginal tax rates applicable to interest income);
(c)
a major business combination or major disposition (such as a sale of a segment) that necessitates the sale or transfer of held-to-maturity investments to maintain the entity's existing interest rate risk position or credit risk policy (although the business combination is an event within the entity's control, the changes to its investment portfolio to maintain an interest rate risk position or credit risk policy may be consequential rather than anticipated);
(d)
a change in statutory or regulatory requirements significantly modifying either what constitutes a permissible investment or the maximum level of particular types of investments, thereby causing an entity to dispose of a held-to-maturity investment;
(e)
a significant increase in the industry's regulatory capital requirements that causes the entity to downsize by selling held-to-maturity investments;
(f)
a significant increase in the risk weights of held-to-maturity investments used for regulatory risk-based capital purposes.
AG23
An entity does not have a demonstrated ability to hold to maturity an investment in a financial asset with a fixed maturity if:
(a)
it does not have the financial resources available to continue to finance the investment until maturity; or
(b)
it is subject to an existing legal or other constraint that could frustrate its intention to hold the financial asset to maturity. (However, an issuer's call option does not necessarily frustrate an entity's intention to hold a financial asset to maturity — see paragraph AG18.)
AG24
Circumstances other than those described in paragraphs AG16-AG23 can indicate that an entity does not have a positive intention or the ability to hold an investment to maturity.
AG25
An entity assesses its intention and ability to hold its held-to-maturity investments to maturity not only when those financial assets are initially recognised, but also at each subsequent balance sheet date.
Loans and receivables
AG26
Any non-derivative financial asset with fixed or determinable payments (including loan assets, trade receivables, investments in debt instruments and deposits held in banks) could potentially meet the definition of loans and receivables. However, a financial asset that is quoted in an active market (such as a quoted debt instrument, see paragraph AG71) does not qualify for classification as a loan or receivable. Financial assets that do not meet the definition of loans and receivables may be classified as held-to-maturity investments if they meet the conditions for that classification (see paragraphs 9 and AG16-AG25). On initial recognition of a financial asset that would otherwise be classified as a loan or receivable, an entity may designate it as a financial asset at fair value through profit or loss, or available for sale.
EMBEDDED DERIVATIVES (paragraphs 10-13)
AG27
If a host contract has no stated or predetermined maturity and represents a residual interest in the net assets of an entity, then its economic characteristics and risks are those of an equity instrument, and an embedded derivative would need to possess equity characteristics related to the same entity to be regarded as closely related. If the host contract is not an equity instrument and meets the definition of a financial instrument, then its economic characteristics and risks are those of a debt instrument.
AG28
An embedded non-option derivative (such as an embedded forward or swap) is separated from its host contract on the basis of its stated or implied substantive terms, so as to result in it having a fair value of zero at initial recognition. An embedded option-based derivative (such as an embedded put, call, cap, floor or swaption) is separated from its host contract on the basis of the stated terms of the option feature. The initial carrying amount of the host instrument is the residual amount after separating the embedded derivative.
AG29
Generally, multiple embedded derivatives in a single instrument are treated as a single compound embedded derivative. However, embedded derivatives that are classified as equity (see IAS 32) are accounted for separately from those classified as assets or liabilities. In addition, if an instrument has more than one embedded derivative and those derivatives relate to different risk exposures and are readily separable and independent of each other, they are accounted for separately from each other.
AG30
The economic characteristics and risks of an embedded derivative are not closely related to the host contract (paragraph 11(a)) in the following examples. In these examples, assuming the conditions in paragraph 11(b) and (c) are met, an entity accounts for the embedded derivative separately from the host contract.
(a)
A put option embedded in an instrument that enables the holder to require the issuer to reacquire the instrument for an amount of cash or other assets that varies on the basis of the change in an equity or commodity price or index is not closely related to a host debt instrument.
(b)
A call option embedded in an equity instrument that enables the issuer to reacquire that equity instrument at a specified price is not closely related to the host equity instrument from the perspective of the holder (from the issuer's perspective, the call option is an equity instrument provided it meets the conditions for that classification under IAS 32, in which case it is excluded from the scope of this standard).
(c)
An option or automatic provision to extend the remaining term to maturity of a debt instrument is not closely related to the host debt instrument unless there is a concurrent adjustment to the approximate current market rate of interest at the time of the extension. If an entity issues a debt instrument and the holder of that debt instrument writes a call option on the debt instrument to a third party, the issuer regards the call option as extending the term to maturity of the debt instrument provided the issuer can be required to participate in or facilitate the remarketing of the debt instrument as a result of the call option being exercised.
(d)
Equity-indexed interest or principal payments embedded in a host debt instrument or insurance contract — by which the amount of interest or principal is indexed to the value of equity instruments — are not closely related to the host instrument because the risks inherent in the host and the embedded derivative are dissimilar.
(e)
Commodity-indexed interest or principal payments embedded in a host debt instrument or insurance contract — by which the amount of interest or principal is indexed to the price of a commodity (such as gold) — are not closely related to the host instrument because the risks inherent in the host and the embedded derivative are dissimilar.
(f)
An equity conversion feature embedded in a convertible debt instrument is not closely related to the host debt instrument from the perspective of the holder of the instrument (from the issuer's perspective, the equity conversion option is an equity instrument and excluded from the scope of this standard provided it meets the conditions for that classification under IAS 32).
(g)
A call, put, or prepayment option embedded in a host debt contract or host insurance contract is not closely related to the host contract unless the option's exercise price is approximately equal on each exercise date to the amortised cost of the host debt instrument or the carrying amount of the host insurance contract. From the perspective of the issuer of a convertible debt instrument with an embedded call or put option feature, the assessment of whether the call or put option is closely related to the host debt contract is made before separating the equity element under IAS 32.
(h)
Credit derivatives that are embedded in a host debt instrument and allow one party (the ‘beneficiary’) to transfer the credit risk of a particular reference asset, which it may not own, to another party (the ‘guarantor’) are not closely related to the host debt instrument. Such credit derivatives allow the guarantor to assume the credit risk associated with the reference asset without directly owning it.
AG31
An example of a hybrid instrument is a financial instrument that gives the holder a right to put the financial instrument back to the issuer in exchange for an amount of cash or other financial assets that varies on the basis of the change in an equity or commodity index that may increase or decrease (a ‘puttable instrument’). Unless the issuer on initial recognition designates the puttable instrument as a financial liability at fair value through profit or loss, it is required to separate an embedded derivative (i.e. the indexed principal payment) under paragraph 11 because the host contract is a debt instrument under paragraph AG27 and the indexed principal payment is not closely related to a host debt instrument under paragraph AG30(a). Because the principal payment can increase and decrease, the embedded derivative is a non-option derivative whose value is indexed to the underlying variable.
AG32
In the case of a puttable instrument that can be put back at any time for cash equal to a proportionate share of the net asset value of an entity (such as units of an open-ended mutual fund or some unit-linked investment products), the effect of separating an embedded derivative and accounting for each component is to measure the combined instrument at the redemption amount that is payable at the balance sheet date if the holder exercised its right to put the instrument back to the issuer.
AG33
The economic characteristics and risks of an embedded derivative are closely related to the economic characteristics and risks of the host contract in the following examples. In these examples, an entity does not account for the embedded derivative separately from the host contract.
(a)
An embedded derivative in which the underlying is an interest rate or interest rate index that can change the amount of interest that would otherwise be paid or received on an interest-bearing host debt contract or insurance contract is closely related to the host contract unless the combined instrument can be settled in such a way that the holder would not recover substantially all of its recognised investment or the embedded derivative could at least double the holder's initial rate of return on the host contract and could result in a rate of return that is at least twice what the market return would be for a contract with the same terms as the host contract.
(b)
An embedded floor or cap on the interest rate on a debt contract or insurance contract is closely related to the host contract, provided the cap is at or above the market rate of interest and the floor is at or below the market rate of interest when the contract is issued, and the cap or floor is not leveraged in relation to the host contract. Similarly, provisions included in a contract to purchase or sell an asset (e.g. a commodity) that establish a cap and a floor on the price to be paid or received for the asset are closely related to the host contract if both the cap and floor were out of the money at inception and are not leveraged.
(c)
An embedded foreign currency derivative that provides a stream of principal or interest payments that are denominated in a foreign currency and is embedded in a host debt instrument (e.g. a dual currency bond) is closely related to the host debt instrument. Such a derivative is not separated from the host instrument because IAS 21 requires foreign currency gains and losses on monetary items to be recognised in profit or loss.
(d)
An embedded foreign currency derivative in a host contract that is an insurance contract or not a financial instrument (such as a contract for the purchase or sale of a non-financial item where the price is denominated in a foreign currency) is closely related to the host contract provided it is not leveraged, does not contain an option feature, and requires payments denominated in one of the following currencies:
(i)
the functional currency of any substantial party to that contract;
(ii)
the currency in which the price of the related good or service that is acquired or delivered is routinely denominated in commercial transactions around the world (such as the US dollar for crude oil transactions); or
(iii)
a currency that is commonly used in contracts to purchase or sell non-financial items in the economic environment in which the transaction takes place (e.g. a relatively stable and liquid currency that is commonly used in local business transactions or external trade).
(e)
An embedded prepayment option in an interest-only or principal-only strip is closely related to the host contract provided the host contract (i) initially resulted from separating the right to receive contractual cash flows of a financial instrument that, in and of itself, did not contain an embedded derivative, and (ii) does not contain any terms not present in the original host debt contract.
(f)
An embedded derivative in a host lease contract is closely related to the host contract if the embedded derivative is (i) an inflation-related index such as an index of lease payments to a consumer price index (provided that the lease is not leveraged and the index relates to inflation in the entity's own economic environment), (ii) contingent rentals based on related sales or (iii) contingent rentals based on variable interest rates.
(g)
A unit-linking feature embedded in a host financial instrument or host insurance contract is closely related to the host instrument or host contract if the unit-denominated payments are measured at current unit values that reflect the fair values of the assets of the fund. A unit-linking feature is a contractual term that requires payments denominated in units of an internal or external investment fund.
(h)
A derivative embedded in an insurance contract is closely related to the host insurance contract if the embedded derivative and host insurance contract are so interdependent that an entity cannot measure the embedded derivative separately (i.e. without considering the host contract).
Instruments containing embedded derivatives
AG33A
When an entity becomes a party to a hybrid (combined) instrument that contains one or more embedded derivatives, paragraph 11 requires the entity to identify any such embedded derivative, assess whether it is required to be separated from the host contract and, for those that are required to be separated, measure the derivatives at fair value at initial recognition and subsequently. These requirements can be more complex, or result in less reliable measures, than measuring the entire instrument at fair value through profit or loss. For that reason this standard permits the entire instrument to be designated as at fair value through profit or loss.
AG33B
Such designation may be used whether paragraph 11 requires the embedded derivatives to be separated from the host contract or prohibits such separation. However, paragraph 11A would not justify designating the hybrid (combined) instrument as at fair value through profit or loss in the cases set out in paragraph 11A(a) and (b) because doing so would not reduce complexity or increase reliability.
RECOGNITION AND DERECOGNITION (paragraphs 14-42)
Initial recognition (paragraph 14)
AG34
As a consequence of the principle in paragraph 14, an entity recognises all of its contractual rights and obligations under derivatives in its balance sheet as assets and liabilities, respectively, except for derivatives that prevent a transfer of financial assets from being accounted for as a sale (see paragraph AG49). If a transfer of a financial asset does not qualify for derecognition, the transferee does not recognise the transferred asset as its asset (see paragraph AG50).
AG35
The following are examples of applying the principle in paragraph 14:
(a)
unconditional receivables and payables are recognised as assets or liabilities when the entity becomes a party to the contract and, as a consequence, has a legal right to receive or a legal obligation to pay cash;
(b)
assets to be acquired and liabilities to be incurred as a result of a firm commitment to purchase or sell goods or services are generally not recognised until at least one of the parties has performed under the agreement. For example, an entity that receives a firm order does not generally recognise an asset (and the entity that places the order does not recognise a liability) at the time of the commitment but, rather, delays recognition until the ordered goods or services have been shipped, delivered or rendered. If a firm commitment to buy or sell non-financial items is within the scope of this standard under paragraphs 5-7, its net fair value is recognised as an asset or liability on the commitment date (see (c) below). In addition, if a previously unrecognised firm commitment is designated as a hedged item in a fair value hedge, any change in the net fair value attributable to the hedged risk is recognised as an asset or liability after the inception of the hedge (see paragraphs 93 and 94);
(c)
a forward contract that is within the scope of this standard (see paragraphs 2-7) is recognised as an asset or a liability on the commitment date, rather than on the date on which settlement takes place. When an entity becomes a party to a forward contract, the fair values of the right and obligation are often equal, so that the net fair value of the forward is zero. If the net fair value of the right and obligation is not zero, the contract is recognised as an asset or liability;
(d)
option contracts that are within the scope of this standard (see paragraphs 2-7) are recognised as assets or liabilities when the holder or writer becomes a party to the contract;
(e)
planned future transactions, no matter how likely, are not assets and liabilities because the entity has not become a party to a contract.
Derecognition of a financial asset (paragraphs 15-37)
AG36
The following flow chart illustrates the evaluation of whether and to what extent a financial asset is derecognised.
Consolidate all subsidiaries (including any SPE) [Paragraph 15]
Determine whether the derecognition principles below are applied to a part or all of an asset (or group of similar assets) [Paragraph 16]
Have the rights to the cash flows from the asset expired? [Paragraph 17(a)]
Yes
Derecognise the asset
No
Has the entity transferred its rights to receive the cash flows from the asset? [Paragraph 18(a)]
No
Has the entity assumed an obligation to pay the cash flows from the asset that meets the conditions in paragraph 19? [Paragraph 18(b)]
No
Continue to recognise the asset
Yes
Has the entity transferred substantially all risks and rewards? [Paragraph 20(a)]
Yes
Derecognise the asset
No
Has the entity retained substantially all risks and rewards? [Paragraph 20(b)]
Yes
Continue to recognise the asset
No
Has the entity retained control of the asset? [Paragraph 20(c)]
No
Derecognise the asset
Yes
Continue to recognise the asset to the extent of the entity’s continuing involvement
Yes
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 (paragraph 18(b))
AG37
The situation described in paragraph 18(b) (when an entity retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the cash flows to one or more recipients) occurs, for example, if the entity is a special purpose entity or trust, and issues to investors beneficial interests in the underlying financial assets that it owns and provides servicing of those financial assets. In that case, the financial assets qualify for derecognition if the conditions in paragraphs 19 and 20 are met.
AG38
In applying paragraph 19, the entity could be, for example, the originator of the financial asset, or it could be a group that includes a consolidated special purpose entity that has acquired the financial asset and passes on cash flows to unrelated third party investors.
Evaluation of the transfer of risks and rewards of ownership (paragraph 20)
AG39
Examples of when an entity has transferred substantially all the risks and rewards of ownership are:
(a)
an unconditional sale of a financial asset;
(b)
a sale of a financial asset together with an option to repurchase the financial asset at its fair value at the time of repurchase; and
(c)
a sale of a financial asset together with a put or call option that is deeply out of the money (i.e. an option that is so far out of the money it is highly unlikely to go into the money before expiry).
AG40
Examples of when an entity has retained substantially all the risks and rewards of ownership are:
(a)
a sale and repurchase transaction where the repurchase price is a fixed price or the sale price plus a lender's return;
(b)
a securities lending agreement;
(c)
a sale of a financial asset together with a total return swap that transfers the market risk exposure back to the entity;
(d)
a sale of a financial asset together with a deep in-the-money put or call option (i.e. an option that is so far in the money that it is highly unlikely to go out of the money before expiry); and
(e)
a sale of short-term receivables in which the entity guarantees to compensate the transferee for credit losses that are likely to occur.
AG41
If an entity determines that as a result of the transfer, it has transferred substantially all the risks and rewards of ownership of the transferred asset, it does not recognise the transferred asset again in a future period, unless it reacquires the transferred asset in a new transaction.
Evaluation of the transfer of control
AG42
An entity has not retained control of a transferred asset if the transferee has the practical ability to sell the transferred asset. An entity has retained control of a transferred asset if the transferee does not have the practical ability to sell the transferred asset. A transferee has the practical ability to sell the transferred asset if it is traded in an active market because the transferee could repurchase the transferred asset in the market if it needs to return the asset to the entity. For example, a transferee may have the practical ability to sell a transferred asset if the transferred asset is subject to an option that allows the entity to repurchase it, but the transferee can readily obtain the transferred asset in the market if the option is exercised. A transferee does not have the practical ability to sell the transferred asset if the entity retains such an option and the transferee cannot readily obtain the transferred asset in the market if the entity exercises its option.
AG43
The transferee has the practical ability to sell the transferred asset only if the transferee can sell the transferred asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without imposing additional restrictions on the transfer. The critical question is what the transferee is able to do in practice, not what contractual rights the transferee has concerning what it can do with the transferred asset or what contractual prohibitions exist. In particular:
(a)
a contractual right to dispose of the transferred asset has little practical effect if there is no market for the transferred asset; and
(b)
an ability to dispose of the transferred asset has little practical effect if it cannot be exercised freely. For that reason:
(i)
the transferee's ability to dispose of the transferred asset must be independent of the actions of others (i.e. it must be a unilateral ability); and
(ii)
the transferee must be able to dispose of the transferred asset without needing to attach restrictive conditions or ‘strings’ to the transfer (e.g. conditions about how a loan asset is serviced or an option giving the transferee the right to repurchase the asset).
AG44
That the transferee is unlikely to sell the transferred asset does not, of itself, mean that the transferor has retained control of the transferred asset. However, if a put option or guarantee constrains the transferee from selling the transferred asset, then the transferor has retained control of the transferred asset. For example, if a put option or guarantee is sufficiently valuable it constrains the transferee from selling the transferred asset because the transferee would, in practice, not sell the transferred asset to a third party without attaching a similar option or other restrictive conditions. Instead, the transferee would hold the transferred asset so as to obtain payments under the guarantee or put option. Under these circumstances the transferor has retained control of the transferred asset.
Transfers that qualify for derecognition
AG45
An entity may retain the right to a part of the interest payments on transferred assets as compensation for servicing those assets. The part of the interest payments that the entity would give up upon termination or transfer of the servicing contract is allocated to the servicing asset or servicing liability. The part of the interest payments that the entity would not give up is an interest-only strip receivable. For example, if the entity would not give up any interest upon termination or transfer of the servicing contract, the entire interest spread is an interest-only strip receivable. For the purposes of applying paragraph 27, the fair values of the servicing asset and interest-only strip receivable are used to allocate the carrying amount of the receivable between the part of the asset that is derecognised and the part that continues to be recognised. If there is no servicing fee specified or the fee to be received is not expected to compensate the entity adequately for performing the servicing, a liability for the servicing obligation is recognised at fair value.
AG46
In estimating the fair values of the part that continues to be recognised and the part that is derecognised for the purposes of applying paragraph 27, an entity applies the fair value measurement requirements in paragraphs 48-49 and AG69-AG82 in addition to paragraph 28.
Transfers that do not qualify for derecognition
AG47
The following is an application of the principle outlined in paragraph 29. If a guarantee provided by the entity for default losses on the transferred asset prevents a transferred asset from being derecognised because the entity has retained substantially all the risks and rewards of ownership of the transferred asset, the transferred asset continues to be recognised in its entirety and the consideration received is recognised as a liability.
Continuing involvement in transferred assets
AG48
The following are examples of how an entity measures a transferred asset and the associated liability under paragraph 30.
All assets
(a)
If a guarantee provided by an entity to pay for default losses on a transferred asset prevents the transferred asset from being derecognised to the extent of the continuing involvement, the transferred asset at the date of the transfer is measured at the lower of (i) the carrying amount of the asset and (ii) the maximum amount of the consideration received in the transfer that the entity could be required to repay (the guarantee amount). The associated liability is initially measured at the guarantee amount plus the fair value of the guarantee (which is normally the consideration received for the guarantee). Subsequently, the initial fair value of the guarantee is recognised in profit or loss on a time proportion basis (see IAS 18) and the carrying value of the asset is reduced by any impairment losses.
Assets measured at amortised cost
(b)
If a put option obligation written by an entity or call option right held by an entity prevents a transferred asset from being derecognised and the entity measures the transferred asset at amortised cost, the associated liability is measured at its cost (i.e. the consideration received) adjusted for the amortisation of any difference between that cost and the amortised cost of the transferred asset at the expiration date of the option. For example, assume that the amortised cost and carrying amount of the asset on the date of the transfer is CU98 and that the consideration received is CU95. The amortised cost of the asset on the option exercise date will be CU100. The initial carrying amount of the associated liability is CU95 and the difference between CU95 and CU100 is recognised in profit or loss using the effective interest method. If the option is exercised, any difference between the carrying amount of the associated liability and the exercise price is recognised in profit or loss.
Assets measured at fair value
(c)
If a call option right retained by an entity prevents a transferred asset from being derecognised and the entity measures the transferred asset at fair value, the asset continues to be measured at its fair value. The associated liability is measured at (i) the option exercise price less the time value of the option if the option is in or at the money, or (ii) the fair value of the transferred asset less the time value of the option if the option is out of the money. The adjustment to the measurement of the associated liability ensures that the net carrying amount of the asset and the associated liability is the fair value of the call option right. For example, if the fair value of the underlying asset is CU80, the option exercise price is CU95 and the time value of the option is CU5, the carrying amount of the associated liability is CU75 (CU80 - CU5) and the carrying amount of the transferred asset is CU80 (i.e. its fair value).
(d)
If a put option written by an entity prevents a transferred asset from being derecognised and the entity measures the transferred asset at fair value, the associated liability is measured at the option exercise price plus the time value of the option. The measurement of the asset at fair value is limited to the lower of the fair value and the option exercise price because the entity has no right to increases in the fair value of the transferred asset above the exercise price of the option. This ensures that the net carrying amount of the asset and the associated liability is the fair value of the put option obligation. For example, if the fair value of the underlying asset is CU120, the option exercise price is CU100 and the time value of the option is CU5, the carrying amount of the associated liability is CU105 (CU100 + CU5) and the carrying amount of the asset is CU100 (in this case the option exercise price).
(e)
If a collar, in the form of a purchased call and written put, prevents a transferred asset from being derecognised and the entity measures the asset at fair value, it continues to measure the asset at fair value. The associated liability is measured at (i) the sum of the call exercise price and fair value of the put option less the time value of the call option, if the call option is in or at the money, or (ii) the sum of the fair value of the asset and the fair value of the put option less the time value of the call option if the call option is out of the money. The adjustment to the associated liability ensures that the net carrying amount of the asset and the associated liability is the fair value of the options held and written by the entity. For example, assume an entity transfers a financial asset that is measured at fair value while simultaneously purchasing a call with an exercise price of CU120 and writing a put with an exercise price of CU80. Assume also that the fair value of the asset is CU100 at the date of the transfer. The time value of the put and call are CU1 and CU5 respectively. In this case, the entity recognises an asset of CU100 (the fair value of the asset) and a liability of CU96 [(CU100 + CU1) - CU5]. This gives a net asset value of CU4, which is the fair value of the options held and written by the entity.
All transfers
AG49
To the extent that a transfer of a financial asset does not qualify for derecognition, the transferor's contractual rights or obligations related to the transfer are not accounted for separately as derivatives if recognising both the derivative and either the transferred asset or the liability arising from the transfer would result in recognising the same rights or obligations twice. For example, a call option retained by the transferor may prevent a transfer of financial assets from being accounted for as a sale. In that case, the call option is not separately recognised as a derivative asset.
AG50
To the extent that a transfer of a financial asset does not qualify for derecognition, the transferee does not recognise the transferred asset as its asset. The transferee derecognises the cash or other consideration paid and recognises a receivable from the transferor. If the transferor has both a right and an obligation to reacquire control of the entire transferred asset for a fixed amount (such as under a repurchase agreement), the transferee may account for its receivable as a loan or receivable.
Examples
AG51
The following examples illustrate the application of the derecognition principles of this standard.
(a)
Repurchase agreements and securities lending.
 If a financial asset is sold under an agreement to repurchase it at a fixed price or at the sale price plus a lender's return or if it is loaned under an agreement to return it to the transferor, it is not derecognised because the transferor retains substantially all the risks and rewards of ownership. If the transferee obtains the right to sell or pledge the asset, the transferor reclassifies the asset on its balance sheet, for example, as a loaned asset or repurchase receivable.
(b)
Repurchase agreements and securities lending — assets that are substantially the same.
 If a financial asset is sold under an agreement to repurchase the same or substantially the same asset at a fixed price or at the sale price plus a lender's return or if a financial asset is borrowed or loaned under an agreement to return the same or substantially the same asset to the transferor, it is not derecognised because the transferor retains substantially all the risks and rewards of ownership.
(c)
Repurchase agreements and securities lending — right of substitution.
 If a repurchase agreement at a fixed repurchase price or a price equal to the sale price plus a lender's return, or a similar securities lending transaction, provides the transferee with a right to substitute assets that are similar and of equal fair value to the transferred asset at the repurchase date, the asset sold or lent under a repurchase or securities lending transaction is not derecognised because the transferor retains substantially all the risks and rewards of ownership.
(d)
Repurchase right of first refusal at fair value.
 If an entity sells a financial asset and retains only a right of first refusal to repurchase the transferred asset at fair value if the transferee subsequently sells it, the entity derecognises the asset because it has transferred substantially all the risks and rewards of ownership.
(e)
Wash sale transaction.
 The repurchase of a financial asset shortly after it has been sold is sometimes referred to as a wash sale. Such a repurchase does not preclude derecognition provided that the original transaction met the derecognition requirements. However, if an agreement to sell a financial asset is entered into concurrently with an agreement to repurchase the same asset at a fixed price or the sale price plus a lender's return, then the asset is not derecognised.
(f)
Put options and call options that are deeply in the money.
 If a transferred financial asset can be called back by the transferor and the call option is deeply in the money, the transfer does not qualify for derecognition because the transferor has retained substantially all the risks and rewards of ownership. Similarly, if the financial asset can be put back by the transferee and the put option is deeply in the money, the transfer does not qualify for derecognition because the transferor has retained substantially all the risks and rewards of ownership.
(g)
Put options and call options that are deeply out of the money.
 A financial asset that is transferred subject only to a deep out-of-the-money put option held by the transferee or a deep out-of-the-money call option held by the transferor is derecognised. This is because the transferor has transferred substantially all the risks and rewards of ownership.
(h)
Readily obtainable assets subject to a call option that is neither deeply in the money nor deeply out of the money
. If an entity holds a call option on an asset that is readily obtainable in the market and the option is neither deeply in the money nor deeply out of the money, the asset is derecognised. This is because the entity (i) has neither retained nor transferred substantially all the risks and rewards of ownership, and (ii) has not retained control. However, if the asset is not readily obtainable in the market, derecognition is precluded to the extent of the amount of the asset that is subject to the call option because the entity has retained control of the asset.
(i)
A not readily obtainable asset subject to a put option written by an entity that is neither deeply in the money nor deeply out of the money.
 If an entity transfers a financial asset that is not readily obtainable in the market, and writes a put option that is not deeply out of the money, the entity neither retains nor transfers substantially all the risks and rewards of ownership because of the written put option. The entity retains control of the asset if the put option is sufficiently valuable to prevent the transferee from selling the asset, in which case the asset continues to be recognised to the extent of the transferor's continuing involvement (see paragraph AG44). The entity transfers control of the asset if the put option is not sufficiently valuable to prevent the transferee from selling the asset, in which case the asset is derecognised.
(j)
Assets subject to a fair value put or call option or a forward repurchase agreement.
 A transfer of a financial asset that is subject only to a put or call option or a forward repurchase agreement that has an exercise or repurchase price equal to the fair value of the financial asset at the time of repurchase results in derecognition because of the transfer of substantially all the risks and rewards of ownership.
(k)
Cash settled call or put options.
 An entity evaluates the transfer of a financial asset that is subject to a put or call option or a forward repurchase agreement that will be settled net in cash to determine whether it has retained or transferred substantially all the risks and rewards of ownership. If the entity has not retained substantially all the risks and rewards of ownership of the transferred asset, it determines whether it has retained control of the transferred asset. That the put or the call or the forward repurchase agreement is settled net in cash does not automatically mean that the entity has transferred control (see paragraphs AG44 and (g), (h) and (i) above).
(l)
Removal of accounts provision.
 A removal of accounts provision is an unconditional repurchase (call) option that gives an entity the right to reclaim assets transferred subject to some restrictions. Provided that such an option results in the entity neither retaining nor transferring substantially all the risks and rewards of ownership, it precludes derecognition only to the extent of the amount subject to repurchase (assuming that the transferee cannot sell the assets). For example, if the carrying amount and proceeds from the transfer of loan assets are CU100 000 and any individual loan could be called back but the aggregate amount of loans that could be repurchased could not exceed CU10 000, CU90 000 of the loans would qualify for derecognition.
(m)
Clean-up calls.
 An entity, which may be a transferor, that services transferred assets may hold a clean-up call to purchase remaining transferred assets when the amount of outstanding assets falls to a specified level at which the cost of servicing those assets becomes burdensome in relation to the benefits of servicing. Provided that such a clean-up call results in the entity neither retaining nor transferring substantially all the risks and rewards of ownership and the transferee cannot sell the assets, it precludes derecognition only to the extent of the amount of the assets that is subject to the call option.
(n)
Subordinated retained interests and credit guarantees.
 An entity may provide the transferee with credit enhancement by subordinating some or all of its interest retained in the transferred asset. Alternatively, an entity may provide the transferee with credit enhancement in the form of a credit guarantee that could be unlimited or limited to a specified amount. If the entity retains substantially all the risks and rewards of ownership of the transferred asset, the asset continues to be recognised in its entirety. If the entity retains some, but not substantially all, of the risks and rewards of ownership and has retained control, derecognition is precluded to the extent of the amount of cash or other assets that the entity could be required to pay.
(o)
Total return swaps.
 An entity may sell a financial asset to a transferee and enter into a total return swap with the transferee, whereby all of the interest payment cash flows from the underlying asset are remitted to the entity in exchange for a fixed payment or variable rate payment and any increases or declines in the fair value of the underlying asset are absorbed by the entity. In such a case, derecognition of all of the asset is prohibited.
(p)
Interest rate swaps.
 An entity may transfer to a transferee a fixed rate financial asset and enter into an interest rate swap with the transferee to receive a fixed interest rate and pay a variable interest rate based on a notional amount that is equal to the principal amount of the transferred financial asset. The interest rate swap does not preclude derecognition of the transferred asset provided the payments on the swap are not conditional on payments being made on the transferred asset.
(q)
Amortising interest rate swaps.
 An entity may transfer to a transferee a fixed rate financial asset that is paid off over time, and enter into an amortising interest rate swap with the transferee to receive a fixed interest rate and pay a variable interest rate based on a notional amount. If the notional amount of the swap amortises so that it equals the principal amount of the transferred financial asset outstanding at any point in time, the swap would generally result in the entity retaining substantial prepayment risk, in which case the entity either continues to recognise all of the transferred asset or continues to recognise the transferred asset to the extent of its continuing involvement. Conversely, if the amortisation of the notional amount of the swap is not linked to the principal amount outstanding of the transferred asset, such a swap would not result in the entity retaining prepayment risk on the asset. Hence, it would not preclude derecognition of the transferred asset provided the payments on the swap are not conditional on interest payments being made on the transferred asset and the swap does not result in the entity retaining any other significant risks and rewards of ownership on the transferred asset.
AG52
This paragraph illustrates the application of the continuing involvement approach when the entity's continuing involvement is in a part of a financial asset.
Assume an entity has a portfolio of prepayable loans whose coupon and effective interest rate is 10 per cent and whose principal amount and amortised cost is CU10 000. It enters into a transaction in which, in return for a payment of CU9 115, the transferee obtains the right to CU9 000 of any collections of principal plus interest thereon at 9,5 per cent. The entity retains rights to CU1 000 of any collections of principal plus interest thereon at 10 per cent, plus the excess spread of 0,5 per cent on the remaining CU9 000 of principal. Collections from prepayments are allocated between the entity and the transferee proportionately in the ratio of 1:9, but any defaults are deducted from the entity's interest of CU1 000 until that interest is exhausted. The fair value of the loans at the date of the transaction is CU10 100 and the estimated fair value of the excess spread of 0,5 per cent is CU40.
The entity determines that it has transferred some significant risks and rewards of ownership (for example, significant prepayment risk) but has also retained some significant risks and rewards of ownership (because of its subordinated retained interest) and has retained control. It therefore applies the continuing involvement approach.
To apply this standard, the entity analyses the transaction as (a) a retention of a fully proportionate retained interest of CU1 000, plus (b) the subordination of that retained interest to provide credit enhancement to the transferee for credit losses.
The entity calculates that CU9 090 (90 per cent × CU10 100) of the consideration received of CU9 115 represents the consideration for a fully proportionate 90 per cent share. The remainder of the consideration received (CU25) represents consideration received for subordinating its retained interest to provide credit enhancement to the transferee for credit losses. In addition, the excess spread of 0,5 per cent represents consideration received for the credit enhancement. Accordingly, the total consideration received for the credit enhancement is CU65 (CU25 + CU40).
The entity calculates the gain or loss on the sale of the 90 per cent share of cash flows. Assuming that separate fair values of the 90 per cent part transferred and the 10 per cent part retained are not available at the date of the transfer, the entity allocates the carrying amount of the asset in accordance with paragraph 28 as follows:
Estimated fair value
Percentage
Allocated carrying amount
Portion transferred
9 090
90 %
9 000
Portion retained
1 010
10 %
1 000
Total
10 100
10 000
The entity computes its gain or loss on the sale of the 90 per cent share of the cash flows by deducting the allocated carrying amount of the portion transferred from the consideration received, i.e. CU90 (CU9 090 - CU9 000). The carrying amount of the portion retained by the entity is CU1 000.
In addition, the entity recognises the continuing involvement that results from the subordination of its retained interest for credit losses. Accordingly, it recognises an asset of CU1 000 (the maximum amount of the cash flows it would not receive under the subordination), and an associated liability of CU1 065 (which is the maximum amount of the cash flows it would not receive under the subordination, i.e. CU1 000 plus the fair value of the subordination of CU65).
The entity uses all of the above information to account for the transaction as follows:
Debit
Credit
Original asset
—
9 000
Asset recognised for subordination or the residual interest
1 000
—
Asset for the consideration received in the form of excess spread
40
—
Profit or loss (gain on transfer)
—
90
Liability
—
1 065
Cash received
9 115
—
Total
10 155
10 155
Immediately following the transaction, the carrying amount of the asset is CU2 040 comprising CU1 000, representing the allocated cost of the portion retained, and CU1 040, representing the entity's additional continuing involvement from the subordination of its retained interest for credit losses (which includes the excess spread of CU40).
In subsequent periods, the entity recognises the consideration received for the credit enhancement (CU65) on a time proportion basis, accrues interest on the recognised asset using the effective interest method and recognises any credit impairment on the recognised assets. As an example of the latter, assume that in the following year there is a credit impairment loss on the underlying loans of CU300. The entity reduces its recognised asset by CU600 (CU300 relating to its retained interest and CU300 relating to the additional continuing involvement that arises from the subordination of its retained interest for credit losses), and reduces its recognised liability by CU300. The net result is a charge to profit or loss for credit impairment of CU300.
Regular way purchase or sale of a financial asset (paragraph 38)
AG53
A regular way purchase or sale of financial assets is recognised using either trade date accounting or settlement date accounting as described in paragraphs AG55 and AG56. The method used is applied consistently for all purchases and sales of financial assets that belong to the same category of financial assets defined in paragraph 9. For this purpose assets that are held for trading form a separate category from assets designated at fair value through profit or loss.
AG54
A contract that requires or permits net settlement of the change in the value of the contract is not a regular way contract. Instead, such a contract is accounted for as a derivative in the period between the trade date and the settlement date.
AG55
The trade date is the date that an entity commits itself to purchase or sell an asset. Trade date accounting refers to (a) the recognition of an asset to be received and the liability to pay for it on the trade date, and (b) derecognition of an asset that is sold, recognition of any gain or loss on disposal and the recognition of a receivable from the buyer for payment on the trade date. Generally, interest does not start to accrue on the asset and corresponding liability until the settlement date when title passes.
AG56
The settlement date is the date that an asset is delivered to or by an entity. Settlement date accounting refers to (a) the recognition of an asset on the day it is received by the entity, and (b) the derecognition of an asset and recognition of any gain or loss on disposal on the day that it is delivered by the entity. When settlement date accounting is applied an entity accounts for any change in the fair value of the asset to be received during the period between the trade date and the settlement date in the same way as it accounts for the acquired asset. In other words, the change in value is not recognised for assets carried at cost or amortised cost; it is recognised in profit or loss for assets classified as financial assets at fair value through profit or loss; and it is recognised in equity for assets classified as available for sale.
Derecognition of a financial liability (paragraphs 39-42)
AG57
A financial liability (or part of it) is extinguished when the debtor either:
(a)
discharges the liability (or part of it) by paying the creditor, normally with cash, other financial assets, goods or services; or
(b)
is legally released from primary responsibility for the liability (or part of it) either by process of law or by the creditor. (If the debtor has given a guarantee this condition may still be met.)
AG58
If an issuer of a debt instrument repurchases that instrument, the debt is extinguished even if the issuer is a market maker in that instrument or intends to resell it in the near term.
AG59
Payment to a third party, including a trust (sometimes called ‘in-substance defeasance’), does not, by itself, relieve the debtor of its primary obligation to the creditor, in the absence of legal release.
AG60
If a debtor pays a third party to assume an obligation and notifies its creditor that the third party has assumed its debt obligation, the debtor does not derecognise the debt obligation unless the condition in paragraph AG57(b) is met. If the debtor pays a third party to assume an obligation and obtains a legal release from its creditor, the debtor has extinguished the debt. However, if the debtor agrees to make payments on the debt to the third party or direct to its original creditor, the debtor recognises a new debt obligation to the third party.
AG61
Although legal release, whether judicially or by the creditor, results in derecognition of a liability, the entity may recognise a new liability if the derecognition criteria in paragraphs 15-37 are not met for the financial assets transferred. If those criteria are not met, the transferred assets are not derecognised, and the entity recognises a new liability relating to the transferred assets.
AG62
For the purpose of paragraph 40, the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10 per cent different from the discounted present value of the remaining cash flows of the original financial liability. If an exchange of debt instruments or modification of terms is accounted for as an extinguishment, any costs or fees incurred are recognised as part of the gain or loss on the extinguishment. If the exchange or modification is not accounted for as an extinguishment, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the remaining term of the modified liability.
AG63
In some cases, a creditor releases a debtor from its present obligation to make payments, but the debtor assumes a guarantee obligation to pay if the party assuming primary responsibility defaults. In this circumstance the debtor:
(a)
recognises a new financial liability based on the fair value of its obligation for the guarantee; and
(b)
recognises a gain or loss based on the difference between (i) any proceeds paid and (ii) the carrying amount of the original financial liability less the fair value of the new financial liability.
MEASUREMENT (paragraphs 43-70)
Initial measurement of financial assets and financial liabilities (paragraph 43)
AG64
The fair value of a financial instrument on initial recognition is normally the transaction price (i.e. the fair value of the consideration given or received, see also paragraph AG76). However, if part of the consideration given or received is for something other than the financial instrument, the fair value of the financial instrument is estimated, using a valuation technique (see paragraphs AG74-AG79). For example, the fair value of a long-term loan or receivable that carries no interest can be estimated as the present value of all future cash receipts discounted using the prevailing market rate(s) of interest for a similar instrument (similar as to currency, term, type of interest rate and other factors) with a similar credit rating. Any additional amount lent is an expense or a reduction of income unless it qualifies for recognition as some other type of asset.
AG65
If an entity originates a loan that bears an off-market interest rate (e.g. 5 per cent when the market rate for similar loans is 8 per cent), and receives an up-front fee as compensation, the entity recognises the loan at its fair value, i.e. net of the fee it receives. The entity accretes the discount to profit or loss using the effective interest rate method.
Subsequent measurement of financial assets (paragraphs 45 and 46)
AG66
If a financial instrument that was previously recognised as a financial asset is measured at fair value and its fair value falls below zero, it is a financial liability measured in accordance with paragraph 47.
AG67
The following example illustrates the accounting for transaction costs on the initial and subsequent measurement of an available-for-sale financial asset. An asset is acquired for CU100 plus a purchase commission of CU2. Initially, the asset is recognised at CU102. The next financial reporting date occurs one day later, when the quoted market price of the asset is CU100. If the asset were sold, a commission of CU3 would be paid. On that date, the asset is measured at CU100 (without regard to the possible commission on sale) and a loss of CU2 is recognised in equity. If the available-for-sale financial asset has fixed or determinable payments, the transaction costs are amortised to profit or loss using the effective interest method. If the available-for-sale financial asset does not have fixed or determinable payments, the transaction costs are recognised in profit or loss when the asset is derecognised or becomes impaired.
AG68
Instruments that are classified as loans and receivables are measured at amortised cost without regard to the entity's intention to hold them to maturity.
Fair value measurement considerations (paragraphs 48-49)
AG69
Underlying the definition of fair value is a presumption that an entity is a going concern without any intention or need to liquidate, to curtail materially the scale of its operations or to undertake a transaction on adverse terms. Fair value is not, therefore, the amount that an entity would receive or pay in a forced transaction, involuntary liquidation or distress sale. However, fair value reflects the credit quality of the instrument.
AG70
This standard uses the terms ‘bid price’ and ‘asking price’ (sometimes referred to as ‘current offer price’) in the context of quoted market prices, and the term ‘the bid-ask spread’ to include only transaction costs. Other adjustments to arrive at fair value (e.g. for counterparty credit risk) are not included in the term ‘bid-ask spread’.
Active market: quoted price
AG71
A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's length basis. Fair value is defined in terms of a price agreed by a willing buyer and a willing seller in an arm's length transaction. The objective of determining fair value for a financial instrument that is traded in an active market is to arrive at the price at which a transaction would occur at the balance sheet date in that instrument (i.e. without modifying or repackaging the instrument) in the most advantageous active market to which the entity has immediate access. However, the entity adjusts the price in the more advantageous market to reflect any differences in counterparty credit risk between instruments traded in that market and the one being valued. The existence of published price quotations in an active market is the best evidence of fair value and when they exist they are used to measure the financial asset or financial liability.
AG72
The appropriate quoted market price for an asset held or liability to be issued is usually the current bid price and, for an asset to be acquired or liability held, the asking price. When an entity has assets and liabilities with offsetting market risks, it may use mid-market prices as a basis for establishing fair values for the offsetting risk positions and apply the bid or asking price to the net open position as appropriate. When current bid and asking prices are unavailable, the price of the most recent transaction provides evidence of the current fair value as long as there has not been a significant change in economic circumstances since the time of the transaction. If conditions have changed since the time of the transaction (e.g. a change in the risk-free interest rate following the most recent price quote for a corporate bond), the fair value reflects the change in conditions by reference to current prices or rates for similar financial instruments, as appropriate. Similarly, if the entity can demonstrate that the last transaction price is not fair value (e.g. because it reflected the amount that an entity would receive or pay in a forced transaction, involuntary liquidation or distress sale), that price is adjusted. The fair value of a portfolio of financial instruments is the product of the number of units of the instrument and its quoted market price. If a published price quotation in an active market does not exist for a financial instrument in its entirety, but active markets exist for its component parts, fair value is determined on the basis of the relevant market prices for the component parts.
AG73
If a rate (rather than a price) is quoted in an active market, the entity uses that market-quoted rate as an input into a valuation technique to determine fair value. If the market-quoted rate does not include credit risk or other factors that market participants would include in valuing the instrument, the entity adjusts for those factors.
No active market: valuation technique
AG74
If the market for a financial instrument is not active, an entity establishes fair value by using a valuation technique. Valuation techniques include using recent arm's length market transactions between knowledgeable, willing parties, if available, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis and option pricing models. If there is a valuation technique commonly used by market participants to price the instrument and that technique has been demonstrated to provide reliable estimates of prices obtained in actual market transactions, the entity uses that technique.
AG75
The objective of using a valuation technique is to establish what the transaction price would have been on the measurement date in an arm's length exchange motivated by normal business considerations. Fair value is estimated on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs. A valuation technique would be expected to arrive at a realistic estimate of the fair value if (a) it reasonably reflects how the market could be expected to price the instrument and (b) the inputs to the valuation technique reasonably represent market expectations and measures of the risk-return factors inherent in the financial instrument.
AG76
Therefore, a valuation technique (a) incorporates all factors that market participants would consider in setting a price and (b) is consistent with accepted economic methodologies for pricing financial instruments. Periodically, an entity calibrates the valuation technique and tests it for validity using prices from any observable current market transactions in the same instrument (i.e. without modification or repackaging) or based on any available observable market data. An entity obtains market data consistently in the same market where the instrument was originated or purchased. The best evidence of the fair value of a financial instrument at initial recognition is the transaction price (i.e. the fair value of the consideration given or received) unless the fair value of that instrument is evidenced by comparison with other observable current market transactions in the same instrument (i.e. without modification or repackaging) or based on a valuation technique whose variables include only data from observable markets.
AG76A
The subsequent measurement of the financial asset or financial liability and the subsequent recognition of gains and losses shall be consistent with the requirements of this standard. The application of paragraph AG76 may result in no gain or loss being recognised on the initial recognition of a financial asset or financial liability. In such a case, IAS 39 requires that a gain or loss shall be recognised after initial recognition only to the extent that it arises from a change in a factor (including time) that market participants would consider in setting a price.
AG77
The initial acquisition or origination of a financial asset or incurrence of a financial liability is a market transaction that provides a foundation for estimating the fair value of the financial instrument. In particular, if the financial instrument is a debt instrument (such as a loan), its fair value can be determined by reference to the market conditions that existed at its acquisition or origination date and current market conditions or interest rates currently charged by the entity or by others for similar debt instruments (i.e. similar remaining maturity, cash flow pattern, currency, credit risk, collateral and interest basis). Alternatively, provided there is no change in the credit risk of the debtor and applicable credit spreads after the origination of the debt instrument, an estimate of the current market interest rate may be derived by using a benchmark interest rate reflecting a better credit quality than the underlying debt instrument, holding the credit spread constant, and adjusting for the change in the benchmark interest rate from the origination date. If conditions have changed since the most recent market transaction, the corresponding change in the fair value of the financial instrument being valued is determined by reference to current prices or rates for similar financial instruments, adjusted as appropriate, for any differences from the instrument being valued.
AG78
The same information may not be available at each measurement date. For example, at the date that an entity makes a loan or acquires a debt instrument that is not actively traded, the entity has a transaction price that is also a market price. However, no new transaction information may be available at the next measurement date and, although the entity can determine the general level of market interest rates, it may not know what level of credit or other risk market participants would consider in pricing the instrument on that date. An entity may not have information from recent transactions to determine the appropriate credit spread over the basic interest rate to use in determining a discount rate for a present value computation. It would be reasonable to assume, in the absence of evidence to the contrary, that no changes have taken place in the spread that existed at the date the loan was made. However, the entity would be expected to make reasonable efforts to determine whether there is evidence that there has been a change in such factors. When evidence of a change exists, the entity would consider the effects of the change in determining the fair value of the financial instrument.
AG79
In applying discounted cash flow analysis, an entity uses one or more discount rates equal to the prevailing rates of return for financial instruments having substantially the same terms and characteristics, including the credit quality of the instrument, the remaining term over which the contractual interest rate is fixed, the remaining term to repayment of the principal and the currency in which payments are to be made. Short-term receivables and payables with no stated interest rate may be measured at the original invoice amount if the effect of discounting is immaterial.
No active market: equity instruments
AG80
The fair value of investments in equity instruments that do not have a quoted market price in an active market and derivatives that are linked to and must be settled by delivery of such an unquoted equity instrument (see paragraphs 46(c) and 47) is reliably measurable if (a) the variability in the range of reasonable fair value estimates is not significant for that instrument or (b) the probabilities of the various estimates within the range can be reasonably assessed and used in estimating fair value.
AG81
There are many situations in which the variability in the range of reasonable fair value estimates of investments in equity instruments that do not have a quoted market price and derivatives that are linked to and must be settled by delivery of such an unquoted equity instrument (see paragraphs 46(c) and 47) is likely not to be significant. Normally it is possible to estimate the fair value of a financial asset that an entity has acquired from an outside party. However, if the range of reasonable fair value estimates is significant and the probabilities of the various estimates cannot be reasonably assessed, an entity is precluded from measuring the instrument at fair value.
Inputs to valuation techniques
AG82
An appropriate technique for estimating the fair value of a particular financial instrument would incorporate observable market data about the market conditions and other factors that are likely to affect the instrument's fair value. The fair value of a financial instrument will be based on one or more of the following factors (and perhaps others).
(a)
The time value of money (i.e. interest at the basic or risk-free rate).
 Basic interest rates can usually be derived from observable government bond prices and are often quoted in financial publications. These rates typically vary with the expected dates of the projected cash flows along a yield curve of interest rates for different time horizons. For practical reasons, an entity may use a well-accepted and readily observable general rate, such as LIBOR or a swap rate, as the benchmark rate. (Because a rate such as LIBOR is not the risk-free interest rate, the credit risk adjustment appropriate to the particular financial instrument is determined on the basis of its credit risk in relation to the credit risk in this benchmark rate.) In some countries, the central government's bonds may carry a significant credit risk and may not provide a stable benchmark basic interest rate for instruments denominated in that currency. Some entities in these countries may have a better credit standing and a lower borrowing rate than the central government. In such a case, basic interest rates may be more appropriately determined by reference to interest rates for the highest rated corporate bonds issued in the currency of that jurisdiction.
(b)
Credit risk.
 The effect on fair value of credit risk (i.e. the premium over the basic interest rate for credit risk) may be derived from observable market prices for traded instruments of different credit quality or from observable interest rates charged by lenders for loans of various credit ratings.
(c)
Foreign currency exchange prices.
 Active currency exchange markets exist for most major currencies, and prices are quoted daily in financial publications.
(d)
Commodity prices.
 There are observable market prices for many commodities.
(e)
Equity prices.
 Prices (and indexes of prices) of traded equity instruments are readily observable in some markets. Present value based techniques may be used to estimate the current market price of equity instruments for which there are no observable prices.
(f)
Volatility (i.e. magnitude of future changes in price of the financial instrument or other item).
 Measures of the volatility of actively traded items can normally be reasonably estimated on the basis of historical market data or by using volatilities implied in current market prices.
(g)
Prepayment risk and surrender risk.
 Expected prepayment patterns for financial assets and expected surrender patterns for financial liabilities can be estimated on the basis of historical data. (The fair value of a financial liability that can be surrendered by the counterparty cannot be less than the present value of the surrender amount — see paragraph 49.)
(h)
Servicing costs for a financial asset or a financial liability.
 Costs of servicing can be estimated using comparisons with current fees charged by other market participants. If the costs of servicing a financial asset or financial liability are significant and other market participants would face comparable costs, the issuer would consider them in determining the fair value of that financial asset or financial liability. It is likely that the fair value at inception of a contractual right to future fees equals the origination costs paid for them, unless future fees and related costs are out of line with market comparables.
Gains and losses (paragraphs 55-57)
AG83
An entity applies IAS 21 to financial assets and financial liabilities that are monetary items in accordance with IAS 21 and denominated in a foreign currency. Under IAS 21, any foreign exchange gains and losses on monetary assets and monetary liabilities are recognised in profit or loss. An exception is a monetary item that is designated as a hedging instrument in either a cash flow hedge (see paragraphs 95-101) or a hedge of a net investment (see paragraph 102). For the purpose of recognising foreign exchange gains and losses under IAS 21, a monetary available-for-sale financial asset is treated as if it were carried at amortised cost in the foreign currency. Accordingly, for such a financial asset, exchange differences resulting from changes in amortised cost are recognised in profit or loss and other changes in carrying amount are recognised in accordance with paragraph 55(b). For available-for-sale financial assets that are not monetary items under IAS 21 (for example, equity instruments), the gain or loss that is recognised directly in equity under paragraph 55(b) includes any related foreign exchange component. If there is a hedging relationship between a non-derivative monetary asset and a non-derivative monetary liability, changes in the foreign currency component of those financial instruments are recognised in profit or loss.
Impairment and uncollectability of financial assets (paragraphs 58-70)
Financial assets carried at amortised cost (paragraphs 63-65)
AG84
Impairment of a financial asset carried at amortised cost is measured using the financial instrument's original effective interest rate because discounting at the current market rate of interest would, in effect, impose fair value measurement on financial assets that are otherwise measured at amortised cost. If the terms of a loan, receivable or held-to-maturity investment are renegotiated or otherwise modified because of financial difficulties of the borrower or issuer, impairment is measured using the original effective interest rate before the modification of terms. Cash flows relating to short-term receivables are not discounted if the effect of discounting is immaterial. If a loan, receivable or held-to-maturity investment has a variable interest rate, the discount rate for measuring any impairment loss under paragraph 63 is the current effective interest rate(s) determined under the contract. As a practical expedient, a creditor may measure impairment of a financial asset carried at amortised cost on the basis of an instrument's fair value using an observable market price. The calculation of the present value of the estimated future cash flows of a collateralised financial asset reflects the cash flows that may result from foreclosure less costs for obtaining and selling the collateral, whether or not foreclosure is probable.
AG85
The process for estimating impairment considers all credit exposures, not only those of low credit quality. For example, if an entity uses an internal credit grading system it considers all credit grades, not only those reflecting a severe credit deterioration.
AG86
The process for estimating the amount of an impairment loss may result either in a single amount or in a range of possible amounts. In the latter case, the entity recognises an impairment loss equal to the best estimate within the range 
(
3
)
 taking into account all relevant information available before the financial statements are issued about conditions existing at the balance sheet date.
AG87
For the purpose of a collective evaluation of impairment, financial assets are grouped on the basis of similar credit risk characteristics that are indicative of the debtors' ability to pay all amounts due according to the contractual terms (for example, on the basis of a credit risk evaluation or grading process that considers asset type, industry, geographical location, collateral type, past-due status and other relevant factors). The characteristics chosen are relevant to the estimation of future cash flows for groups of such assets by being indicative of the debtors' ability to pay all amounts due according to the contractual terms of the assets being evaluated. However, loss probabilities and other loss statistics differ at a group level between (a) assets that have been individually evaluated for impairment and found not to be impaired and (b) assets that have not been individually evaluated for impairment, with the result that a different amount of impairment may be required. If an entity does not have a group of assets with similar risk characteristics, it does not make the additional assessment.
AG88
Impairment losses recognised on a group basis represent an interim step pending the identification of impairment losses on individual assets in the group of financial assets that are collectively assessed for impairment. As soon as information is available that specifically identifies losses on individually impaired assets in a group, those assets are removed from the group.
AG89
Future cash flows in a group of financial assets that are collectively evaluated for impairment are estimated on the basis of historical loss experience for assets with credit risk characteristics similar to those in the group. Entities that have no entity-specific loss experience or insufficient experience, use peer group experience for comparable groups of financial assets. Historical loss experience is adjusted on the basis of current observable data to reflect the effects of current conditions that did not affect the period on which the historical loss experience is based and to remove the effects of conditions in the historical period that do not exist currently. Estimates of changes in future cash flows reflect and are directionally consistent with changes in related observable data from period to period (such as changes in unemployment rates, property prices, commodity prices, payment status or other factors that are indicative of incurred losses in the group and their magnitude). The methodology and assumptions used for estimating future cash flows are reviewed regularly to reduce any differences between loss estimates and actual loss experience.
AG90
As an example of applying paragraph AG89, an entity may determine, on the basis of historical experience, that one of the main causes of default on credit card loans is the death of the borrower. The entity may observe that the death rate is unchanged from one year to the next. Nevertheless, some of the borrowers in the entity's group of credit card loans may have died in that year, indicating that an impairment loss has occurred on those loans, even if, at the year-end, the entity is not yet aware which specific borrowers have died. It would be appropriate for an impairment loss to be recognised for these ‘incurred but not reported’ losses. However, it would not be appropriate to recognise an impairment loss for deaths that are expected to occur in a future period, because the necessary loss event (the death of the borrower) has not yet occurred.
AG91
When using historical loss rates in estimating future cash flows, it is important that information about historical loss rates is applied to groups that are defined in a manner consistent with the groups for which the historical loss rates were observed. Therefore, the method used should enable each group to be associated with information about past loss experience in groups of assets with similar credit risk characteristics and relevant observable data that reflect current conditions.
AG92
Formula-based approaches or statistical methods may be used to determine impairment losses in a group of financial assets (e.g. for smaller balance loans) as long as they are consistent with the requirements in paragraphs 63-65 and AG87-AG91. Any model used would incorporate the effect of the time value of money, consider the cash flows for all of the remaining life of an asset (not only the next year), consider the age of the loans within the portfolio and not give rise to an impairment loss on initial recognition of a financial asset.
Interest income after impairment recognition
AG93
Once a financial asset or a group of similar financial assets has been written down as a result of an impairment loss, interest income is thereafter recognised using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss.
HEDGING (paragraphs 71-102)
Hedging instruments (paragraphs 72-77)
Qualifying instruments (paragraphs 72 and 73)
AG94
The potential loss on an option that an entity writes could be significantly greater than the potential gain in value of a related hedged item. In other words, a written option is not effective in reducing the profit or loss exposure of a hedged item. Therefore, a written option does not qualify as a hedging instrument unless it is designated as an offset to a purchased option, including one that is embedded in another financial instrument (for example, a written call option used to hedge a callable liability). In contrast, a purchased option has potential gains equal to or greater than losses and therefore has the potential to reduce profit or loss exposure from changes in fair values or cash flows. Accordingly, it can qualify as a hedging instrument.
AG95
A held-to-maturity investment carried at amortised cost may be designated as a hedging instrument in a hedge of foreign currency risk.
AG96
An investment in an unquoted equity instrument that is not carried at fair value because its fair value cannot be reliably measured or a derivative that is linked to and must be settled by delivery of such an unquoted equity instrument (see paragraphs 46(c) and 47) cannot be designated as a hedging instrument.
AG97
An entity's own equity instruments are not financial assets or financial liabilities of the entity and therefore cannot be designated as hedging instruments.
Hedged items (paragraphs 78-84)
Qualifying items (paragraphs 78-80)
AG98
A firm commitment to acquire a business in a business combination cannot be a hedged item, except for foreign exchange risk, because the other risks being hedged cannot be specifically identified and measured. These other risks are general business risks.
AG99
An equity method investment cannot be a hedged item in a fair value hedge because the equity method recognises in profit or loss the investor's share of the associate's profit or loss, rather than changes in the investment's fair value. For a similar reason, an investment in a consolidated subsidiary cannot be a hedged item in a fair value hedge because consolidation recognises in profit or loss the subsidiary's profit or loss, rather than changes in the investment's fair value. A hedge of a net investment in a foreign operation is different because it is a hedge of the foreign currency exposure, not a fair value hedge of the change in the value of the investment.
AG99A
Paragraph 80 states that in consolidated financial statements the foreign currency risk of a highly probable forecast intragroup transaction may qualify as a hedged item in a cash flow hedge, provided the transaction is denominated in a currency other than the functional currency of the entity entering into that transaction and the foreign currency risk will affect consolidated profit or loss. For this purpose an entity can be a parent, subsidiary, associate, joint venture or branch. If the foreign currency risk of a forecast intragroup transaction does not affect consolidated profit or loss, the intragroup transaction cannot qualify as a hedged item. This is usually the case for royalty payments, interest payments or management charges between members of the same group unless there is a related external transaction. However, when the foreign currency risk of a forecast intragroup transaction will affect consolidated profit or loss, the intragroup transaction can qualify as a hedged item. An example is forecast sales or purchases of inventories between members of the same group if there is an onward sale of the inventory to a party external to the group. Similarly, a forecast intragroup sale of plant and equipment from the group entity that manufactured it to a group entity that will use the plant and equipment in its operations may affect consolidated profit or loss. This could occur, for example, because the plant and equipment will be depreciated by the purchasing entity and the amount initially recognised for the plant and equipment may change if the forecast intragroup transaction is denominated in a currency other than the functional currency of the purchasing entity.
AG99B
If a hedge of a forecast intragroup transaction qualifies for hedge accounting, any gain or loss that is recognised directly in equity in accordance with paragraph 95(a) shall be reclassified into profit or loss in the same period or periods during which the foreign currency risk of the hedged transaction affects consolidated profit or loss.
Designation of financial items as hedged items (paragraphs 81 and 81A)
AG99C
[…]The entity may designate all of the cash flows of the entire financial asset or financial liability as the hedged item and hedge them for only one particular risk (e.g. only for changes that are attributable to changes in LIBOR). For example, in the case of a financial liability whose effective interest rate is 100 basis points below LIBOR, an entity can designate as the hedged item the entire liability (i.e. principal plus interest at LIBOR minus 100 basis points) and hedge the change in the fair value or cash flows of that entire liability that is attributable to changes in LIBOR. The entity may also choose a hedge ratio of other than one to one in order to improve the effectiveness of the hedge as described in paragraph AG100.
AG99D
In addition, if a fixed rate financial instrument is hedged some time after its origination and interest rates have changed in the meantime, the entity can designate a portion equal to a benchmark rate […].. For example, assume an entity originates a fixed rate financial asset of CU100 that has an effective interest rate of 6 per cent at a time when LIBOR is 4 per cent. It begins to hedge that asset some time later when LIBOR has increased to 8 per cent and the fair value of the asset has decreased to CU90. The entity calculates that if it had purchased the asset on the date it first designates it as the hedged item for its then fair value of CU90, the effective yield would have been 9,5 per cent. […].The entity can designate a LIBOR portion of 8 per cent that consists partly of the contractual interest cash flows and partly of the difference between the current fair value (i.e. CU90) and the amount repayable on maturity (i.e. CU100).
Designation of non-financial items as hedged items (paragraph 82)
AG100
Changes in the price of an ingredient or component of a non-financial asset or non-financial liability generally do not have a predictable, separately measurable effect on the price of the item that is comparable to the effect of, say, a change in market interest rates on the price of a bond. Thus, a non-financial asset or non-financial liability is a hedged item only in its entirety or for foreign exchange risk. If there is a difference between the terms of the hedging instrument and the hedged item (such as for a hedge of the forecast purchase of Brazilian coffee using a forward contract to purchase Colombian coffee on otherwise similar terms), the hedging relationship nonetheless can qualify as a hedge relationship provided all the conditions in paragraph 88 are met, including that the hedge is expected to be highly effective. For this purpose, the amount of the hedging instrument may be greater or less than that of the hedged item if this improves the effectiveness of the hedging relationship. For example, a regression analysis could be performed to establish a statistical relationship between the hedged item (e.g. a transaction in Brazilian coffee) and the hedging instrument (e.g. a transaction in Colombian coffee). If there is a valid statistical relationship between the two variables (i.e. between the unit prices of Brazilian coffee and Colombian coffee), the slope of the regression line can be used to establish the hedge ratio that will maximise expected effectiveness. For example, if the slope of the regression line is 1,02, a hedge ratio based on 0,98 quantities of hedged items to 1,00 quantities of the hedging instrument maximises expected effectiveness. However, the hedging relationship may result in ineffectiveness that is recognised in profit or loss during the term of the hedging relationship.
Designation of groups of items as hedged items (paragraphs 83 and 84)
AG101
A hedge of an overall net position (e.g. the net of all fixed rate assets and fixed rate liabilities with similar maturities), rather than of a specific hedged item, does not qualify for hedge accounting. However, almost the same effect on profit or loss of hedge accounting for this type of hedging relationship can be achieved by designating as the hedged item part of the underlying items. For example, if a bank has CU100 of assets and CU90 of liabilities with risks and terms of a similar nature and hedges the net CU10 exposure, it can designate as the hedged item CU10 of those assets. This designation can be used if such assets and liabilities are fixed rate instruments, in which case it is a fair value hedge, or if they are variable rate instruments, in which case it is a cash flow hedge. Similarly, if an entity has a firm commitment to make a purchase in a foreign currency of CU100 and a firm commitment to make a sale in the foreign currency of CU90, it can hedge the net amount of CU10 by acquiring a derivative and designating it as a hedging instrument associated with CU10 of the firm purchase commitment of CU100.
Hedge accounting (paragraphs 85-102)
AG102
An example of a fair value hedge is a hedge of exposure to changes in the fair value of a fixed rate debt instrument as a result of changes in interest rates. Such a hedge could be entered into by the issuer or by the holder.
AG103
An example of a cash flow hedge is the use of a swap to change floating rate debt to fixed rate debt (i.e. a hedge of a future transaction where the future cash flows being hedged are the future interest payments).
AG104
A hedge of a firm commitment (e.g. a hedge of the change in fuel price relating to an unrecognised contractual commitment by an electric utility to purchase fuel at a fixed price) is a hedge of an exposure to a change in fair value. Accordingly, such a hedge is a fair value hedge. However, under paragraph 87 a hedge of the foreign currency risk of a firm commitment could alternatively be accounted for as a cash flow hedge.
Assessing hedge effectiveness
AG105
A hedge is regarded as highly effective only if both of the following conditions are met:
(a)
At the inception of the hedge and in subsequent periods, the hedge is expected to be highly effective in achieving offsetting changes in fair value or cash flows attributable to the hedged risk during the period for which the hedge is designated. Such an expectation can be demonstrated in various ways, including a comparison of past changes in the fair value or cash flows of the hedged item that are attributable to the hedged risk with past changes in the fair value or cash flows of the hedging instrument, or by demonstrating a high statistical correlation between the fair value or cash flows of the hedged item and those of the hedging instrument. The entity may choose a hedge ratio of other than one to one in order to improve the effectiveness of the hedge as described in paragraph AG100.
(b)
The actual results of the hedge are within a range of 80-125 per cent. For example, if actual results are such that the loss on the hedging instrument is CU120 and the gain on the cash instrument is CU100, offset can be measured by 120/100, which is 120 per cent, or by 100/120, which is 83 per cent. In this example, assuming the hedge meets the condition in (a), the entity would conclude that the hedge has been highly effective.
AG106
Effectiveness is assessed, at a minimum, at the time an entity prepares its annual or interim financial statements.
AG107
This standard does not specify a single method for assessing hedge effectiveness. The method an entity adopts for assessing hedge effectiveness depends on its risk management strategy. For example, if the entity's risk management strategy is to adjust the amount of the hedging instrument periodically to reflect changes in the hedged position, the entity needs to demonstrate that the hedge is expected to be highly effective only for the period until the amount of the hedging instrument is next adjusted. In some cases, an entity adopts different methods for different types of hedges. An entity's documentation of its hedging strategy includes its procedures for assessing effectiveness. Those procedures state whether the assessment includes all of the gain or loss on a hedging instrument or whether the instrument's time value is excluded.
AG107A
[…].
AG108
If the principal terms of the hedging instrument and of the hedged asset, liability, firm commitment or highly probable forecast transaction are the same, the changes in fair value and cash flows attributable to the risk being hedged may be likely to offset each other fully, both when the hedge is entered into and afterwards. For example, an interest rate swap is likely to be an effective hedge if the notional and principal amounts, term, repricing dates, dates of interest and principal receipts and payments, and basis for measuring interest rates are the same for the hedging instrument and the hedged item. In addition, a hedge of a highly probable forecast purchase of a commodity with a forward contract is likely to be highly effective if:
(a)
the forward contract is for the purchase of the same quantity of the same commodity at the same time and location as the hedged forecast purchase;
(b)
the fair value of the forward contract at inception is zero; and
(c)
either the change in the discount or premium on the forward contract is excluded from the assessment of effectiveness and recognised in profit or loss or the change in expected cash flows on the highly probable forecast transaction is based on the forward price for the commodity.
AG109
Sometimes the hedging instrument offsets only part of the hedged risk. For example, a hedge would not be fully effective if the hedging instrument and hedged item are denominated in different currencies that do not move in tandem. Also, a hedge of interest rate risk using a derivative would not be fully effective if part of the change in the fair value of the derivative is attributable to the counterparty's credit risk.
AG110
To qualify for hedge accounting, the hedge must relate to a specific identified and designated risk, and not merely to the entity's general business risks, and must ultimately affect the entity's profit or loss. A hedge of the risk of obsolescence of a physical asset or the risk of expropriation of property by a government is not eligible for hedge accounting; effectiveness cannot be measured because those risks are not measurable reliably.
AG111
In the case of interest rate risk, hedge effectiveness may be assessed by preparing a maturity schedule for financial assets and financial liabilities that shows the net interest rate exposure for each time period, provided that the net exposure is associated with a specific asset or liability (or a specific group of assets or liabilities or a specific portion of them) giving rise to the net exposure, and hedge effectiveness is assessed against that asset or liability.
AG112
In assessing the effectiveness of a hedge, an entity generally considers the time value of money. The fixed interest rate on a hedged item need not exactly match the fixed interest rate on a swap designated as a fair value hedge. Nor does the variable interest rate on an interest-bearing asset or liability need to be the same as the variable interest rate on a swap designated as a cash flow hedge. A swap's fair value derives from its net settlements. The fixed and variable rates on a swap can be changed without affecting the net settlement if both are changed by the same amount.
AG113
If an entity does not meet hedge effectiveness criteria, the entity discontinues hedge accounting from the last date on which compliance with hedge effectiveness was demonstrated. However, if the entity identifies the event or change in circumstances that caused the hedging relationship to fail the effectiveness criteria, and demonstrates that the hedge was effective before the event or change in circumstances occurred, the entity discontinues hedge accounting from the date of the event or change in circumstances.
Fair value hedge accounting for a portfolio hedge of interest rate risk
AG114
For a fair value hedge of interest rate risk associated with a portfolio of financial assets or financial liabilities, an entity would meet the requirements of this standard if it complies with the procedures set out in (a)-(i) and paragraphs AG115-AG132 below.
(a)
As part of its risk management process the entity identifies a portfolio of items whose interest rate risk it wishes to hedge. The portfolio may comprise only assets, only liabilities or both assets and liabilities. The entity may identify two or more portfolios (e.g. the entity may group its available-for-sale assets into a separate portfolio), in which case it applies the guidance below to each portfolio separately.
(b)
The entity analyses the portfolio into repricing time periods based on expected, rather than contractual, repricing dates. The analysis into repricing time periods may be performed in various ways, including scheduling cash flows into the periods in which they are expected to occur, or scheduling notional principal amounts into all periods until repricing is expected to occur.
(c)
On the basis of this analysis, the entity decides the amount it wishes to hedge. The entity designates as the hedged item an amount of assets or liabilities (but not a net amount) from the identified portfolio equal to the amount it wishes to designate as being hedged. […].
(d)
The entity designates the interest rate risk it is hedging. This risk could be a portion of the interest rate risk in each of the items in the hedged position, such as a benchmark interest rate (e.g. LIBOR).
(e)
The entity designates one or more hedging instruments for each repricing time period.
(f)
Using the designations made in (c)-(e) above, the entity assesses at inception and in subsequent periods, whether the hedge is expected to be highly effective during the period for which the hedge is designated.
(g)
Periodically, the entity measures the change in the fair value of the hedged item (as designated in (c)) that is attributable to the hedged risk (as designated in (d)), […]. Provided that the hedge is determined actually to have been highly effective when assessed using the entity's documented method of assessing effectiveness, the entity recognises the change in fair value of the hedged item as a gain or loss in profit or loss and in one of two line items in the balance sheet as described in paragraph 89A. The change in fair value need not be allocated to individual assets or liabilities.
(h)
The entity measures the change in fair value of the hedging instrument(s) (as designated in (e)) and recognises it as a gain or loss in profit or loss. The fair value of the hedging instrument(s) is recognised as an asset or liability in the balance sheet.
(i)
Any ineffectiveness 
(
4
)
 will be recognised in profit or loss as the difference between the change in fair value referred to in (g) and that referred to in (h).
AG115
This approach is described in more detail below. The approach shall be applied only to a fair value hedge of the interest rate risk associated with a portfolio of financial assets or financial liabilities.
AG116
The portfolio identified in paragraph AG114(a) could contain assets and liabilities. Alternatively, it could be a portfolio containing only assets, or only liabilities. The portfolio is used to determine the amount of the assets or liabilities the entity wishes to hedge. However, the portfolio is not itself designated as the hedged item.
AG117
In applying paragraph AG114(b), the entity determines the expected repricing date of an item as the earlier of the dates when that item is expected to mature or to reprice to market rates. The expected repricing dates are estimated at the inception of the hedge and throughout the term of the hedge, based on historical experience and other available information, including information and expectations regarding prepayment rates, interest rates and the interaction between them. Entities that have no entity-specific experience or insufficient experience use peer group experience for comparable financial instruments. These estimates are reviewed periodically and updated in the light of experience. In the case of a fixed rate item that is prepayable, the expected repricing date is the date on which the item is expected to prepay unless it reprices to market rates on an earlier date. For a group of similar items, the analysis into time periods based on expected repricing dates may take the form of allocating a percentage of the group, rather than individual items, to each time period. An entity may apply other methodologies for such allocation purposes. For example, it may use a prepayment rate multiplier for allocating amortising loans to time periods based on expected repricing dates. However, the methodology for such an allocation shall be in accordance with the entity's risk management procedures and objectives.
AG118
As an example of the designation set out in paragraph AG114(c), if in a particular repricing time period an entity estimates that it has fixed rate assets of CU100 and fixed rate liabilities of CU80 and decides to hedge all of the net position of CU20, it designates as the hedged item assets in the amount of CU20 (a portion of the assets) 
(
5
)
 The designation is expressed as an ‘amount of a currency’ (e.g. an amount of dollars, euro, pounds or rand) rather than as individual assets. It follows that all of the assets (or liabilities) from which the hedged amount is drawn — i.e. all of the CU100 of assets in the above example — must be items whose fair value changes in response to changes in the interest rate being hedged[…].
AG119
The entity also complies with the other designation and documentation requirements set out in paragraph 88(a). For a portfolio hedge of interest rate risk, this designation and documentation specifies the entity's policy for all of the variables that are used to identify the amount that is hedged and how effectiveness is measured, including the following:
(a)
which assets and liabilities are to be included in the portfolio hedge and the basis to be used for removing them from the portfolio;
(b)
how the entity estimates repricing dates, including what interest rate assumptions underlie estimates of prepayment rates and the basis for changing those estimates. The same method is used for both the initial estimates made at the time an asset or liability is included in the hedged portfolio and for any later revisions to those estimates;
(c)
the number and duration of repricing time periods;
(d)
how often the entity will test effectiveness […];
(e)
the methodology used by the entity to determine the amount of assets or liabilities that are designated as the hedged item […];
(f)
[…]. whether the entity will test effectiveness for each repricing time period individually, for all time periods in aggregate, or by using some combination of the two.
The policies specified in designating and documenting the hedging relationship shall be in accordance with the entity's risk management procedures and objectives. Changes in policies shall not be made arbitrarily. They shall be justified on the basis of changes in market conditions and other factors and be founded on and consistent with the entity's risk management procedures and objectives.
AG120
The hedging instrument referred to in paragraph AG114(e) may be a single derivative or a portfolio of derivatives all of which contain exposure to the hedged interest rate risk designated in paragraph AG114(d) (e.g. a portfolio of interest rate swaps all of which contain exposure to LIBOR). Such a portfolio of derivatives may contain offsetting risk positions. However, it may not include written options or net written options, because the standard 
(
6
)
 does not permit such options to be designated as hedging instruments (except when a written option is designated as an offset to a purchased option). If the hedging instrument hedges the amount designated in paragraph AG114(c) for more than one repricing time period, it is allocated to all of the time periods that it hedges. However, the whole of the hedging instrument must be allocated to those repricing time periods because the standard 
(
7
)
 does not permit a hedging relationship to be designated for only a portion of the time period during which a hedging instrument remains outstanding.
AG121
When the entity measures the change in the fair value of a prepayable item in accordance with paragraph AG114(g), a change in interest rates affects the fair value of the prepayable item in two ways: it affects the fair value of the contractual cash flows and the fair value of the prepayment option that is contained in a prepayable item. Paragraph 81 of the standard permits an entity to designate a portion of a financial asset or financial liability, sharing a common risk exposure, as the hedged item, provided effectiveness can be measured. […].
AG122
The standard does not specify the techniques used to determine the amount referred to in paragraph AG114(g), namely the change in the fair value of the hedged item that is attributable to the hedged risk. […]. It is not appropriate to assume that changes in the fair value of the hedged item equal changes in the value of the hedging instrument.
AG123
Paragraph 89A requires that if the hedged item for a particular repricing time period is an asset, the change in its value is presented in a separate line item within assets. Conversely, if the hedged item for a particular repricing time period is a liability, the change in its value is presented in a separate line item within liabilities. These are the separate line items referred to in paragraph AG114(g). Specific allocation to individual assets (or liabilities) is not required.
AG124
Paragraph AG114(i) notes that ineffectiveness arises to the extent that the change in the fair value of the hedged item that is attributable to the hedged risk differs from the change in the fair value of the hedging derivative. Such a difference may arise for a number of reasons, including:
(a)
[…];
(b)
items in the hedged portfolio becoming impaired or being derecognised;
(c)
the payment dates of the hedging instrument and the hedged item being different; and
(d)
other causes […].
Such ineffectiveness 
(
8
)
 shall be identified and recognised in profit or loss.
AG125
Generally, the effectiveness of the hedge will be improved:
(a)
if the entity schedules items with different prepayment characteristics in a way that takes account of the differences in prepayment behaviour;
(b)
when the number of items in the portfolio is larger. When only a few items are contained in the portfolio, relatively high ineffectiveness is likely if one of the items prepays earlier or later than expected. Conversely, when the portfolio contains many items, the prepayment behaviour can be predicted more accurately;
(c)
when the repricing time periods used are narrower (e.g. 1-month as opposed to 3-month repricing time periods). Narrower repricing time periods reduce the effect of any mismatch between the repricing and payment dates (within the repricing time period) of the hedged item and those of the hedging instrument;
(d)
the greater the frequency with which the amount of the hedging instrument is adjusted to reflect changes in the hedged item (e.g. because of changes in prepayment expectations).
AG126
An entity tests effectiveness periodically. […]
AG127
When measuring effectiveness, the entity distinguishes revisions to the estimated repricing dates of existing assets (or liabilities) from the origination of new assets (or liabilities), with only the former giving rise to ineffectiveness. […].Once ineffectiveness has been recognised as set out above, the entity establishes a new estimate of the total assets (or liabilities) in each repricing time period, including new assets (or liabilities) that have been originated since it last tested effectiveness, and designates a new amount as the hedged item and a new percentage as the hedged percentage. […]
AG128
Items that were originally scheduled into a repricing time period may be derecognised because of earlier than expected prepayment or write-offs caused by impairment or sale. When this occurs, the amount of change in fair value included in the separate line item referred to in paragraph AG114(g) that relates to the derecognised item shall be removed from the balance sheet, and included in the gain or loss that arises on derecognition of the item. For this purpose, it is necessary to know the repricing time period(s) into which the derecognised item was scheduled, because this determines the repricing time period(s) from which to remove it and hence the amount to remove from the separate line item referred to in paragraph AG114(g). When an item is derecognised, if it can be determined in which time period it was included, it is removed from that time period. If not, it is removed from the earliest time period if the derecognition resulted from higher than expected prepayments, or allocated to all time periods containing the derecognised item on a systematic and rational basis if the item was sold or became impaired.
AG129
In addition, any amount relating to a particular time period that has not been derecognised when the time period expires is recognised in profit or loss at that time (see paragraph 89A). […]
AG130
[…].
AG131
If the hedged amount for a repricing time period is reduced without the related assets (or liabilities) being derecognised, the amount included in the separate line item referred to in paragraph AG114(g) that relates to the reduction shall be amortised in accordance with paragraph 92.
AG132
An entity may wish to apply the approach set out in paragraphs AG114-AG131 to a portfolio hedge that had previously been accounted for as a cash flow hedge in accordance with IAS 39. Such an entity would revoke the previous designation of a cash flow hedge in accordance with paragraph 101(d), and apply the requirements set out in that paragraph. It would also redesignate the hedge as a fair value hedge and apply the approach set out in paragraphs AG114-AG131 prospectively to subsequent accounting periods.
TRANSITION (paragraphs 103-108b)
AG133
An entity may have designated a forecast intragroup transaction as a hedged item at the start of an annual period beginning on or after 1 January 2005 (or, for the purpose of restating comparative information, the start of an earlier comparative period) in a hedge that would qualify for hedge accounting in accordance with this standard (as amended by the last sentence of paragraph 80). Such an entity may use that designation to apply hedge accounting in consolidated financial statements from the start of the annual period beginning on or after 1 January 2005 (or the start of the earlier comparative period). Such an entity shall also apply paragraphs AG99A and AG99B from the start of the annual period beginning on or after 1 January 2005. However, in accordance with paragraph 108B, it need not apply paragraph AG99B to comparative information for earlier periods.
(
1
)
  In this standard, monetary amounts are denominated in ‘currency units’ (CU).
(
2
)
  In this standard, monetary amounts are denominated in ‘currency units’ (CU).
(
3
)
  IAS 37, paragraph 39 contains guidance on how to determine the best estimate in a range of possible outcomes.
(
4
)
  The same materiality considerations apply in this context as apply throughout IFRSs.
(
5
)
  The standard permits an entity to designate any amount of the available qualifying assets or liabilities, i.e. in this example any amount of assets between CU0 and CU100.
(
6
)
  See paragraphs 77 and AG94.
(
7
)
  See paragraph 75.
(
8
)
  The same materiality considerations apply in this context as apply throughout IFRSs.
INTERNATIONAL ACCOUNTING STANDARD 40
Investment property
OBJECTIVE
1
The objective of this standard is to prescribe the accounting treatment for investment property and related disclosure requirements.
SCOPE
2
This standard shall be applied in the recognition, measurement and disclosure of investment property.
3
Among other things, this standard applies to the measurement in a lessee's financial statements of investment property interests held under a lease accounted for as a finance lease and to the measurement in a lessor's financial statements of investment property provided to a lessee under an operating lease. This standard does not deal with matters covered in IAS 17 
Leases
, including:
(a)
classification of leases as finance leases or operating leases;
(b)
recognition of lease income from investment property (see also IAS 18 
Revenue
);
(c)
measurement in a lessee's financial statements of property interests held under a lease accounted for as an operating lease;
(d)
measurement in a lessor's financial statements of its net investment in a finance lease;
(e)
accounting for sale and leaseback transactions; and
(f)
disclosure about finance leases and operating leases.
4
This standard does not apply to:
(a)
biological assets related to agricultural activity (see IAS 41 
Agriculture
); and
(b)
mineral rights and mineral reserves such as oil, natural gas and similar non-regenerative resources.
DEFINITIONS
5
The following terms are used in this standard with the meanings specified:
Carrying amount
 is the amount at which an asset is recognised in the balance sheet.
Cost
 is the amount of cash or cash equivalents paid or the fair value of other consideration given to acquire an asset at the time of its acquisition or construction or, where applicable, the amount attributed to that asset when initially recognised in accordance with the specific requirements of other IFRSs, e.g. IFRS 2 
Share-based payment
.
Fair value
 is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm's length transaction.
Investment property
 is property (land or a building — or part of a building — or both) held (by the owner or by the lessee under a finance lease) to earn rentals or for capital appreciation or both, rather than for:
(a)
use in the production or supply of goods or services or for administrative purposes; or
(b)
sale in the ordinary course of business.
Owner-occupied property
 is property held (by the owner or by the lessee under a finance lease) for use in the production or supply of goods or services or for administrative purposes.
6
A property interest that is held by a lessee under an operating lease may be classified and accounted for as investment property if, and only if, the property would otherwise meet the definition of an investment property and the lessee uses the fair value model set out in paragraphs 33-55 for the asset recognised. This classification alternative is available on a property-by-property basis. However, once this classification alternative is selected for one such property interest held under an operating lease, all property classified as investment property shall be accounted for using the fair value model. When this classification alternative is selected, any interest so classified is included in the disclosures required by paragraphs 74-78.
7
Investment property is held to earn rentals or for capital appreciation or both. Therefore, an investment property generates cash flows largely independently of the other assets held by an entity. This distinguishes investment property from owner-occupied property. The production or supply of goods or services (or the use of property for administrative purposes) generates cash flows that are attributable not only to property, but also to other assets used in the production or supply process. IAS 16 
Property, plant and equipment
 applies to owner-occupied property.
8
The following are examples of investment property:
(a)
land held for long-term capital appreciation rather than for short-term sale in the ordinary course of business;
(b)
land held for a currently undetermined future use. (If an entity has not determined that it will use the land as owner-occupied property or for short-term sale in the ordinary course of business, the land is regarded as held for capital appreciation;)
(c)
a building owned by the entity (or held by the entity under a finance lease) and leased out under one or more operating leases;
(d)
a building that is vacant but is held to be leased out under one or more operating leases.
9
The following are examples of items that are not investment property and are therefore outside the scope of this standard:
(a)
property intended for sale in the ordinary course of business or in the process of construction or development for such sale (see IAS 2 
Inventories
), for example, property acquired exclusively with a view to subsequent disposal in the near future or for development and resale;
(b)
property being constructed or developed on behalf of third parties (see IAS 11 
Construction contracts
);
(c)
owner-occupied property (see IAS 16), including (among other things) property held for future use as owner-occupied property, property held for future development and subsequent use as owner-occupied property, property occupied by employees (whether or not the employees pay rent at market rates) and owner-occupied property awaiting disposal;
(d)
property that is being constructed or developed for future use as investment property. IAS 16 applies to such property until construction or development is complete, at which time the property becomes investment property and this standard applies. However, this standard applies to existing investment property that is being redeveloped for continued future use as investment property (see paragraph 58);
(e)
property that is leased to another entity under a finance lease.
10
Some properties comprise a portion that is held to earn rentals or for capital appreciation and another portion that is held for use in the production or supply of goods or services or for administrative purposes. If these portions could be sold separately (or leased out separately under a finance lease), an entity accounts for the portions separately. If the portions could not be sold separately, the property is investment property only if an insignificant portion is held for use in the production or supply of goods or services or for administrative purposes.
11
In some cases, an entity provides ancillary services to the occupants of a property it holds. An entity treats such a property as investment property if the services are insignificant to the arrangement as a whole. An example is when the owner of an office building provides security and maintenance services to the lessees who occupy the building.
12
In other cases, the services provided are significant. For example, if an entity owns and manages a hotel, services provided to guests are significant to the arrangement as a whole. Therefore, an owner-managed hotel is owner-occupied property, rather than investment property.
13
It may be difficult to determine whether ancillary services are so significant that a property does not qualify as investment property. For example, the owner of a hotel sometimes transfers some responsibilities to third parties under a management contract. The terms of such contracts vary widely. At one end of the spectrum, the owner's position may, in substance, be that of a passive investor. At the other end of the spectrum, the owner may simply have outsourced day-to-day functions while retaining significant exposure to variation in the cash flows generated by the operations of the hotel.
14
Judgement is needed to determine whether a property qualifies as investment property. An entity develops criteria so that it can exercise that judgement consistently in accordance with the definition of investment property and with the related guidance in paragraphs 7-13. Paragraph 75(c) requires an entity to disclose these criteria when classification is difficult.
15
In some cases, an entity owns property that is leased to, and occupied by, its parent or another subsidiary. The property does not qualify as investment property in the consolidated financial statements, because the property is owner-occupied from the perspective of the group. However, from the perspective of the entity that owns it, the property is investment property if it meets the definition in paragraph 5. Therefore, the lessor treats the property as investment property in its individual financial statements.
RECOGNITION
16
Investment property shall be recognised as an asset when, and only when:
(a)
it is probable that the future economic benefits that are associated with the investment property will flow to the entity; and
(b)
the cost of the investment property can be measured reliably.
17
An entity evaluates under this recognition principle all its investment property costs at the time they are incurred. These costs include costs incurred initially to acquire an investment property and costs incurred subsequently to add to, replace part of, or service a property.
18
Under the recognition principle in paragraph 16, an entity does not recognise in the carrying amount of an investment property the costs of the day-to-day servicing of such a property. Rather, these costs are recognised in profit or loss as incurred. Costs of day-to-day servicing are primarily the cost of labour and consumables, and may include the cost of minor parts. The purpose of these expenditures is often described as for the ‘repairs and maintenance’ of the property.
19
Parts of investment properties may have been acquired through replacement. For example, the interior walls may be replacements of original walls. Under the recognition principle, an entity recognises in the carrying amount of an investment property the cost of replacing part of an existing investment property at the time that cost is incurred if the recognition criteria are met. The carrying amount of those parts that are replaced is derecognised in accordance with the derecognition provisions of this standard.
MEASUREMENT AT RECOGNITION
20
An investment property shall be measured initially at its cost. Transaction costs shall be included in the initial measurement.
21
The cost of a purchased investment property comprises its purchase price and any directly attributable expenditure. Directly attributable expenditure includes, for example, professional fees for legal services, property transfer taxes and other transaction costs.
22
The cost of a self-constructed investment property is its cost at the date when the construction or development is complete. Until that date, an entity applies IAS 16. At that date, the property becomes investment property and this standard applies (see paragraphs 57(e) and 65).
23
The cost of an investment property is not increased by:
(a)
start-up costs (unless they are necessary to bring the property to the condition necessary for it to be capable of operating in the manner intended by management);
(b)
operating losses incurred before the investment property achieves the planned level of occupancy; or
(c)
abnormal amounts of wasted material, labour or other resources incurred in constructing or developing the property.
24
If payment for an investment property is deferred, its cost is the cash price equivalent. The difference between this amount and the total payments is recognised as interest expense over the period of credit.
25
The initial cost of a property interest held under a lease and classified as an investment property shall be as prescribed for a finance lease by paragraph 20 of IAS 17, i.e. the asset shall be recognised at the lower of the fair value of the property and the present value of the minimum lease payments. An equivalent amount shall be recognised as a liability in accordance with that same paragraph.
26
Any premium paid for a lease is treated as part of the minimum lease payments for this purpose, and is therefore included in the cost of the asset, but is excluded from the liability. If a property interest held under a lease is classified as investment property, the item accounted for at fair value is that interest and not the underlying property. Guidance on determining the fair value of a property interest is set out for the fair value model in paragraphs 33-52. That guidance is also relevant to the determination of fair value when that value is used as cost for initial recognition purposes.
27
One or more investment properties may be acquired in exchange for a non-monetary asset or assets, or a combination of monetary and non-monetary assets. The following discussion refers to an exchange of one non-monetary asset for another, but it also applies to all exchanges described in the preceding sentence. The cost of such an investment property is measured at fair value unless (a) the exchange transaction lacks commercial substance or (b) the fair value of neither the asset received nor the asset given up is reliably measurable. The acquired asset is measured in this way even if an entity cannot immediately derecognise the asset given up. If the acquired asset is not measured at fair value, its cost is measured at the carrying amount of the asset given up.
28
An entity determines whether an exchange transaction has commercial substance by considering the extent to which its future cash flows are expected to change as a result of the transaction. An exchange transaction has commercial substance if:
(a)
the configuration (risk, timing and amount) of the cash flows of the asset received differs from the configuration of the cash flows of the asset transferred; or
(b)
the entity-specific value of the portion of the entity's operations affected by the transaction changes as a result of the exchange; and
(c)
the difference in (a) or (b) is significant relative to the fair value of the assets exchanged.
For the purpose of determining whether an exchange transaction has commercial substance, the entity-specific value of the portion of the entity's operations affected by the transaction shall reflect post-tax cash flows. The result of these analyses may be clear without an entity having to perform detailed calculations.
29
The fair value of an asset for which comparable market transactions do not exist is reliably measurable if (a) the variability in the range of reasonable fair value estimates is not significant for that asset or (b) the probabilities of the various estimates within the range can be reasonably assessed and used in estimating fair value. If the entity is able to determine reliably the fair value of either the asset received or the asset given up, then the fair value of the asset given up is used to measure cost unless the fair value of the asset received is more clearly evident.
MEASUREMENT AFTER RECOGNITION
Accounting policy
30
With the exceptions noted in paragraphs 32A and 34, an entity shall choose as its accounting policy either the fair value model in paragraphs 33-55 or the cost model in paragraph 56 and shall apply that policy to all of its investment property.
31
IAS 8 
Accounting policies, changes in accounting estimates and errors
 states that a voluntary change in accounting policy shall be made only if the change will result in a more appropriate presentation of transactions, other events or conditions in the entity's financial statements. It is highly unlikely that a change from the fair value model to the cost model will result in a more appropriate presentation.
32
This standard requires all entities to determine the fair value of investment property, for the purpose of either measurement (if the entity uses the fair value model) or disclosure (if it uses the cost model). An entity is encouraged, but not required, to determine the fair value of investment property on the basis of a valuation by an independent valuer who holds a recognised and relevant professional qualification and has recent experience in the location and category of the investment property being valued.
32A
An entity may:
(a)
choose either the fair value model or the cost model for all investment property backing liabilities that pay a return linked directly to the fair value of, or returns from, specified assets including that investment property; and
(b)
choose either the fair value model or the cost model for all other investment property, regardless of the choice made in (a).
32B
Some insurers and other entities operate an internal property fund that issues notional units, with some units held by investors in linked contracts and others held by the entity. Paragraph 32A does not permit an entity to measure the property held by the fund partly at cost and partly at fair value.
32C
If an entity chooses different models for the two categories described in paragraph 32A, sales of investment property between pools of assets measured using different models shall be recognised at fair value and the cumulative change in fair value shall be recognised in profit or loss. Accordingly, if an investment property is sold from a pool in which the fair value model is used into a pool in which the cost model is used, the property's fair value at the date of the sale becomes its deemed cost.
Fair value model
33
After initial recognition, an entity that chooses the fair value model shall measure all of its investment property at fair value, except in the cases described in paragraph 53.
34
When a property interest held by a lessee under an operating lease is classified as an investment property under paragraph 6, paragraph 30 is not elective; the fair value model shall be applied.
35
A gain or loss arising from a change in the fair value of investment property shall be recognised in profit or loss for the period in which it arises.
36
The fair value of investment property is the price at which the property could be exchanged between knowledgeable, willing parties in an arm's length transaction (see paragraph 5). Fair value specifically excludes an estimated price inflated or deflated by special terms or circumstances such as atypical financing, sale and leaseback arrangements, special considerations or concessions granted by anyone associated with the sale.
37
An entity determines fair value without any deduction for transaction costs it may incur on sale or other disposal.
38
The fair value of investment property shall reflect market conditions at the balance sheet date.
39
Fair value is time-specific as of a given date. Because market conditions may change, the amount reported as fair value may be incorrect or inappropriate if estimated as of another time. The definition of fair value also assumes simultaneous exchange and completion of the contract for sale without any variation in price that might be made in an arm's length transaction between knowledgeable, willing parties if exchange and completion are not simultaneous.
40
The fair value of investment property reflects, among other things, rental income from current leases and reasonable and supportable assumptions that represent what knowledgeable, willing parties would assume about rental income from future leases in the light of current conditions. It also reflects, on a similar basis, any cash outflows (including rental payments and other outflows) that could be expected in respect of the property. Some of those outflows are reflected in the liability whereas others relate to outflows that are not recognised in the financial statements until a later date (e.g. periodic payments such as contingent rents).
41
Paragraph 25 specifies the basis for initial recognition of the cost of an interest in a leased property. Paragraph 33 requires the interest in the leased property to be remeasured, if necessary, to fair value. In a lease negotiated at market rates, the fair value of an interest in a leased property at acquisition, net of all expected lease payments (including those relating to recognised liabilities), should be zero. This fair value does not change regardless of whether, for accounting purposes, a leased asset and liability are recognised at fair value or at the present value of minimum lease payments, in accordance with paragraph 20 of IAS 17. Thus, remeasuring a leased asset from cost in accordance with paragraph 25 to fair value in accordance with paragraph 33 should not give rise to any initial gain or loss, unless fair value is measured at different times. This could occur when an election to apply the fair value model is made after initial recognition.
42
The definition of fair value refers to ‘knowledgeable, willing parties’. In this context, ‘knowledgeable’ means that both the willing buyer and the willing seller are reasonably informed about the nature and characteristics of the investment property, its actual and potential uses, and market conditions at the balance sheet date. A willing buyer is motivated, but not compelled, to buy. This buyer is neither over-eager nor determined to buy at any price. The assumed buyer would not pay a higher price than a market comprising knowledgeable, willing buyers and sellers would require.
43
A willing seller is neither an over-eager nor a forced seller, prepared to sell at any price, nor one prepared to hold out for a price not considered reasonable in current market conditions. The willing seller is motivated to sell the investment property at market terms for the best price obtainable. The factual circumstances of the actual investment property owner are not a part of this consideration because the willing seller is a hypothetical owner (e.g. a willing seller would not take into account the particular tax circumstances of the actual investment property owner).
44
The definition of fair value refers to an arm's length transaction. An arm's length transaction is one between parties that do not have a particular or special relationship that makes prices of transactions uncharacteristic of market conditions. The transaction is presumed to be between unrelated parties, each acting independently.
45
The best evidence of fair value is given by current prices in an active market for similar property in the same location and condition and subject to similar lease and other contracts. An entity takes care to identify any differences in the nature, location or condition of the property, or in the contractual terms of the leases and other contracts relating to the property.
46
In the absence of current prices in an active market of the kind described in paragraph 45, an entity considers information from a variety of sources, including:
(a)
current prices in an active market for properties of different nature, condition or location (or subject to different lease or other contracts), adjusted to reflect those differences;
(b)
recent prices of similar properties on less active markets, with adjustments to reflect any changes in economic conditions since the date of the transactions that occurred at those prices; and
(c)
discounted cash flow projections based on reliable estimates of future cash flows, supported by the terms of any existing lease and other contracts and (when possible) by external evidence such as current market rents for similar properties in the same location and condition, and using discount rates that reflect current market assessments of the uncertainty in the amount and timing of the cash flows.
47
In some cases, the various sources listed in the previous paragraph may suggest different conclusions about the fair value of an investment property. An entity considers the reasons for those differences, in order to arrive at the most reliable estimate of fair value within a range of reasonable fair value estimates.
48
In exceptional cases, there is clear evidence when an entity first acquires an investment property (or when an existing property first becomes investment property following the completion of construction or development, or after a change in use) that the variability in the range of reasonable fair value estimates will be so great, and the probabilities of the various outcomes so difficult to assess, that the usefulness of a single estimate of fair value is negated. This may indicate that the fair value of the property will not be reliably determinable on a continuing basis (see paragraph 53).
49
Fair value differs from value in use, as defined in IAS 36 
Impairment of assets
. Fair value reflects the knowledge and estimates of knowledgeable, willing buyers and sellers. In contrast, value in use reflects the entity's estimates, including the effects of factors that may be specific to the entity and not applicable to entities in general. For example, fair value does not reflect any of the following factors to the extent that they would not be generally available to knowledgeable, willing buyers and sellers:
(a)
additional value derived from the creation of a portfolio of properties in different locations;
(b)
synergies between investment property and other assets;
(c)
legal rights or legal restrictions that are specific only to the current owner; and
(d)
tax benefits or tax burdens that are specific to the current owner.
50
In determining the fair value of investment property, an entity does not double-count assets or liabilities that are recognised as separate assets or liabilities. For example:
(a)
equipment such as lifts or air-conditioning is often an integral part of a building and is generally included in the fair value of the investment property, rather than recognised separately as property, plant and equipment;
(b)
if an office is leased on a furnished basis, the fair value of the office generally includes the fair value of the furniture, because the rental income relates to the furnished office. When furniture is included in the fair value of investment property, an entity does not recognise that furniture as a separate asset;
(c)
the fair value of investment property excludes prepaid or accrued operating lease income, because the entity recognises it as a separate liability or asset;
(d)
the fair value of investment property held under a lease reflects expected cash flows (including contingent rent that is expected to become payable). Accordingly, if a valuation obtained for a property is net of all payments expected to be made, it will be necessary to add back any recognised lease liability, to arrive at the fair value of the investment property for accounting purposes.
51
The fair value of investment property does not reflect future capital expenditure that will improve or enhance the property and does not reflect the related future benefits from this future expenditure.
52
In some cases, an entity expects that the present value of its payments relating to an investment property (other than payments relating to recognised liabilities) will exceed the present value of the related cash receipts. An entity applies IAS 37 
Provisions, contingent liabilities and contingent assets
 to determine whether to recognise a liability and, if so, how to measure it.
Inability to determine fair value reliably
53
There is a rebuttable presumption that an entity can reliably determine the fair value of an investment property on a continuing basis. However, in exceptional cases, there is clear evidence when an entity first acquires an investment property (or when an existing property first becomes investment property following the completion of construction or development, or after a change in use) that the fair value of the investment property is not reliably determinable on a continuing basis. This arises when, and only when, comparable market transactions are infrequent and alternative reliable estimates of fair value (for example, based on discounted cash flow projections) are not available. In such cases, an entity shall measure that investment property using the cost model in IAS 16. The residual value of the investment property shall be assumed to be zero. The entity shall apply IAS 16 until disposal of the investment property.
54
In the exceptional cases when an entity is compelled, for the reason given in the previous paragraph, to measure an investment property using the cost model in accordance with IAS 16, it measures all its other investment property at fair value. In these cases, although an entity may use the cost model for one investment property, the entity shall continue to account for each of the remaining properties using the fair value model.
55
If an entity has previously measured an investment property at fair value, it shall continue to measure the property at fair value until disposal (or until the property becomes owner-occupied property or the entity begins to develop the property for subsequent sale in the ordinary course of business) even if comparable market transactions become less frequent or market prices become less readily available.
Cost model
56
After initial recognition, an entity that chooses the cost model shall measure all of its investment property in accordance with IAS 16's requirements for that model, other than those that meet the criteria to be classified as held for sale (or are included in a disposal group that is classified as held for sale) in accordance with IFRS 5 
Non-current assets held for sale and discontinued operations
. Investment properties that meet the criteria to be classified as held for sale (or are included in a disposal group that is classified as held for sale) shall be measured in accordance with IFRS 5.
TRANSFERS
57
Transfers to, or from, investment property shall be made when, and only when, there is a change in use, evidenced by:
(a)
commencement of owner-occupation, for a transfer from investment property to owner-occupied property;
(b)
commencement of development with a view to sale, for a transfer from investment property to inventories;
(c)
end of owner-occupation, for a transfer from owner-occupied property to investment property;
(d)
commencement of an operating lease to another party, for a transfer from inventories to investment property; or
(e)
end of construction or development, for a transfer from property in the course of construction or development (covered by IAS 16) to investment property.
58
Paragraph 57(b) requires an entity to transfer a property from investment property to inventories when, and only when, there is a change in use, evidenced by commencement of development with a view to sale. When an entity decides to dispose of an investment property without development, it continues to treat the property as an investment property until it is derecognised (eliminated from the balance sheet) and does not treat it as inventory. Similarly, if an entity begins to redevelop an existing investment property for continued future use as investment property, the property remains an investment property and is not reclassified as owner-occupied property during the redevelopment.
59
Paragraphs 60-65 apply to recognition and measurement issues that arise when an entity uses the fair value model for investment property. When an entity uses the cost model, transfers between investment property, owner-occupied property and inventories do not change the carrying amount of the property transferred and they do not change the cost of that property for measurement or disclosure purposes.
60
For a transfer from investment property carried at fair value to owner-occupied property or inventories, the property's deemed cost for subsequent accounting in accordance with IAS 16 or IAS 2 shall be its fair value at the date of change in use.
61
If an owner-occupied property becomes an investment property that will be carried at fair value, an entity shall apply IAS 16 up to the date of change in use. The entity shall treat any difference at that date between the carrying amount of the property in accordance with IAS 16 and its fair value in the same way as a revaluation in accordance with IAS 16.
62
Up to the date when an owner-occupied property becomes an investment property carried at fair value, an entity depreciates the property and recognises any impairment losses that have occurred. The entity treats any difference at that date between the carrying amount of the property in accordance with IAS 16 and its fair value in the same way as a revaluation in accordance with IAS 16. In other words:
(a)
any resulting decrease in the carrying amount of the property is recognised in profit or loss. However, to the extent that an amount is included in revaluation surplus for that property, the decrease is charged against that revaluation surplus;
(b)
any resulting increase in the carrying amount is treated as follows:
(i)
to the extent that the increase reverses a previous impairment loss for that property, the increase is recognised in profit or loss. The amount recognised in profit or loss does not exceed the amount needed to restore the carrying amount to the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised;
(ii)
any remaining part of the increase is credited directly to equity in revaluation surplus. On subsequent disposal of the investment property, the revaluation surplus included in equity may be transferred to retained earnings. The transfer from revaluation surplus to retained earnings is not made through profit or loss.
63
For a transfer from inventories to investment property that will be carried at fair value, any difference between the fair value of the property at that date and its previous carrying amount shall be recognised in profit or loss.
64
The treatment of transfers from inventories to investment property that will be carried at fair value is consistent with the treatment of sales of inventories.
65
When an entity completes the construction or development of a self-constructed investment property that will be carried at fair value, any difference between the fair value of the property at that date and its previous carrying amount shall be recognised in profit or loss.
DISPOSALS
66
An investment property shall be derecognised (eliminated from the balance sheet) on disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from its disposal.
67
The disposal of an investment property may be achieved by sale or by entering into a finance lease. In determining the date of disposal for investment property, an entity applies the criteria in IAS 18 for recognising revenue from the sale of goods and considers the related guidance in the Appendix to IAS 18. IAS 17 applies to a disposal effected by entering into a finance lease and to a sale and leaseback.
68
If, in accordance with the recognition principle in paragraph 16, an entity recognises in the carrying amount of an asset the cost of a replacement for part of an investment property, it derecognises the carrying amount of the replaced part. For investment property accounted for using the cost model, a replaced part may not be a part that was depreciated separately. If it is not practicable for an entity to determine the carrying amount of the replaced part, it may use the cost of the replacement as an indication of what the cost of the replaced part was at the time it was acquired or constructed. Under the fair value model, the fair value of the investment property may already reflect that the part to be replaced has lost its value. In other cases it may be difficult to discern how much fair value should be reduced for the part being replaced. An alternative to reducing fair value for the replaced part, when it is not practical to do so, is to include the cost of the replacement in the carrying amount of the asset and then to reassess the fair value, as would be required for additions not involving replacement.
69
Gains or losses arising from the retirement or disposal of investment property shall be determined as the difference between the net disposal proceeds and the carrying amount of the asset and shall be recognised in profit or loss (unless IAS 17 requires otherwise on a sale and leaseback) in the period of the retirement or disposal.
70
The consideration receivable on disposal of an investment property is recognised initially at fair value. In particular, if payment for an investment property is deferred, the consideration received is recognised initially at the cash price equivalent. The difference between the nominal amount of the consideration and the cash price equivalent is recognised as interest revenue in accordance with IAS 18 using the effective interest method.
71
An entity applies IAS 37 or other standards, as appropriate, to any liabilities that it retains after disposal of an investment property.
72
Compensation from third parties for investment property that was impaired, lost or given up shall be recognised in profit or loss when the compensation becomes receivable.
73
Impairments or losses of investment property, related claims for or payments of compensation from third parties and any subsequent purchase or construction of replacement assets are separate economic events and are accounted for separately as follows:
(a)
impairments of investment property are recognised in accordance with IAS 36;
(b)
retirements or disposals of investment property are recognised in accordance with paragraphs 66-71 of this standard;
(c)
compensation from third parties for investment property that was impaired, lost or given up is recognised in profit or loss when it becomes receivable; and
(d)
the cost of assets restored, purchased or constructed as replacements is determined in accordance with paragraphs 20-29 of this standard.
DISCLOSURE
Fair value model and cost model
74
The disclosures below apply in addition to those in IAS 17. In accordance with IAS 17, the owner of an investment property provides lessors' disclosures about leases into which it has entered. An entity that holds an investment property under a finance or operating lease provides lessees' disclosures for finance leases and lessors' disclosures for any operating leases into which it has entered.
75
An entity shall disclose:
(a)
whether it applies the fair value model or the cost model;
(b)
if it applies the fair value model, whether, and in what circumstances, property interests held under operating leases are classified and accounted for as investment property;
(c)
when classification is difficult (see paragraph 14), the criteria it uses to distinguish investment property from owner-occupied property and from property held for sale in the ordinary course of business;
(d)
the methods and significant assumptions applied in determining the fair value of investment property, including a statement whether the determination of fair value was supported by market evidence or was more heavily based on other factors (which the entity shall disclose) because of the nature of the property and lack of comparable market data;
(e)
the extent to which the fair value of investment property (as measured or disclosed in the financial statements) is based on a valuation by an independent valuer who holds a recognised and relevant professional qualification and has recent experience in the location and category of the investment property being valued. If there has been no such valuation, that fact shall be disclosed;
(f)
the amounts recognised in profit or loss for:
(i)
rental income from investment property;
(ii)
direct operating expenses (including repairs and maintenance) arising from investment property that generated rental income during the period; and
(iii)
direct operating expenses (including repairs and maintenance) arising from investment property that did not generate rental income during the period;
(iv)
the cumulative change in fair value recognised in profit or loss on a sale of investment property from a pool of assets in which the cost model is used into a pool in which the fair value model is used (see paragraph 32C);
(g)
the existence and amounts of restrictions on the realisability of investment property or the remittance of income and proceeds of disposal;
(h)
contractual obligations to purchase, construct or develop investment property or for repairs, maintenance or enhancements.
Fair value model
76
In addition to the disclosures required by paragraph 75, an entity that applies the fair value model in paragraphs 33-55 shall disclose a reconciliation between the carrying amounts of investment property at the beginning and end of the period, showing the following:
(a)
additions, disclosing separately those additions resulting from acquisitions and those resulting from subsequent expenditure recognised in the carrying amount of an asset;
(b)
additions resulting from acquisitions through business combinations;
(c)
assets classified as held for sale or included in a disposal group classified as held for sale in accordance with IFRS 5 and other disposals;
(d)
net gains or losses from fair value adjustments;
(e)
the net exchange differences arising on the translation of the financial statements into a different presentation currency, and on translation of a foreign operation into the presentation currency of the reporting entity;
(f)
transfers to and from inventories and owner-occupied property; and
(g)
other changes.
77
When a valuation obtained for investment property is adjusted significantly for the purpose of the financial statements, for example to avoid double-counting of assets or liabilities that are recognised as separate assets and liabilities as described in paragraph 50, the entity shall disclose a reconciliation between the valuation obtained and the adjusted valuation included in the financial statements, showing separately the aggregate amount of any recognised lease obligations that have been added back, and any other significant adjustments.
78
In the exceptional cases referred to in paragraph 53, when an entity measures investment property using the cost model in IAS 16, the reconciliation required by paragraph 76 shall disclose amounts relating to that investment property separately from amounts relating to other investment property. In addition, an entity shall disclose:
(a)
a description of the investment property;
(b)
an explanation of why fair value cannot be determined reliably;
(c)
if possible, the range of estimates within which fair value is highly likely to lie; and
(d)
on disposal of investment property not carried at fair value:
(i)
the fact that the entity has disposed of investment property not carried at fair value;
(ii)
the carrying amount of that investment property at the time of sale; and
(iii)
the amount of gain or loss recognised.
Cost model
79
In addition to the disclosures required by paragraph 75, an entity that applies the cost model in paragraph 56 shall disclose:
(a)
the depreciation methods used;
(b)
the useful lives or the depreciation rates used;
(c)
the gross carrying amount and the accumulated depreciation (aggregated with accumulated impairment losses) at the beginning and end of the period;
(d)
a reconciliation of the carrying amount of investment property at the beginning and end of the period, showing the following:
(i)
additions, disclosing separately those additions resulting from acquisitions and those resulting from subsequent expenditure recognised as an asset;
(ii)
additions resulting from acquisitions through business combinations;
(iii)
assets classified as held for sale or included in a disposal group classified as held for sale in accordance with IFRS 5 and other disposals;
(iv)
depreciation;
(v)
the amount of impairment losses recognised, and the amount of impairment losses reversed, during the period in accordance with IAS 36;
(vi)
the net exchange differences arising on the translation of the financial statements into a different presentation currency, and on translation of a foreign operation into the presentation currency of the reporting entity;
(vii)
transfers to and from inventories and owner-occupied property; and
(viii)
other changes; and
(e)
the fair value of investment property. In the exceptional cases described in paragraph 53, when an entity cannot determine the fair value of the investment property reliably, it shall disclose:
(i)
a description of the investment property;
(ii)
an explanation of why fair value cannot be determined reliably; and
(iii)
if possible, the range of estimates within which fair value is highly likely to lie.
TRANSITIONAL PROVISIONS
Fair value model
80
An entity that has previously applied IAS 40 (2000) and elects for the first time to classify and account for some or all eligible property interests held under operating leases as investment property shall recognise the effect of that election as an adjustment to the opening balance of retained earnings for the period in which the election is first made. In addition:
(a)
if the entity has previously disclosed publicly (in financial statements or otherwise) the fair value of those property interests in earlier periods (determined on a basis that satisfies the definition of fair value in paragraph 5 and the guidance in paragraphs 36-52), the entity is encouraged, but not required:
(i)
to adjust the opening balance of retained earnings for the earliest period presented for which such fair value was disclosed publicly; and
(ii)
to restate comparative information for those periods; and
(b)
if the entity has not previously disclosed publicly the information described in (a), it shall not restate comparative information and shall disclose that fact.
81
This standard requires a treatment different from that required by IAS 8. IAS 8 requires comparative information to be restated unless such restatement is impracticable.
82
When an entity first applies this standard, the adjustment to the opening balance of retained earnings includes the reclassification of any amount held in revaluation surplus for investment property.
Cost model
83
IAS 8 applies to any change in accounting policies that is made when an entity first applies this standard and chooses to use the cost model. The effect of the change in accounting policies includes the reclassification of any amount held in revaluation surplus for investment property.
84
The requirements of paragraphs 27-29 regarding the initial measurement of an investment property acquired in an exchange of assets transaction shall be applied prospectively only to future transactions.
EFFECTIVE DATE
85
An entity shall apply this standard for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. If an entity applies this standard for a period beginning before 1 January 2005, it shall disclose that fact.
WITHDRAWAL OF IAS 40 (2000)
86
This standard supersedes IAS 40 
Investment property
 (issued in 2000).
INTERNATIONAL ACCOUNTING STANDARD 41
Agriculture
OBJECTIVE
The objective of this standard is to prescribe the accounting treatment and disclosures related to agricultural activity.
SCOPE
1
This standard shall be applied to account for the following when they relate to agricultural activity:
(a)
biological assets;
(b)
agricultural produce at the point of harvest; and
(c)
government grants covered by paragraphs 34-35.
2
This standard does not apply to:
(a)
land related to agricultural activity (see IAS 16 
Property, plant and equipment
 and IAS 40 
Investment property
); and
(b)
intangible assets related to agricultural activity (see IAS 38 
Intangible assets
).
3
This standard is applied to agricultural produce, which is the harvested product of the entity's biological assets, only at the point of harvest. Thereafter, IAS 2 
Inventories
 or another applicable standard is applied. Accordingly, this standard does not deal with the processing of agricultural produce after harvest; for example, the processing of grapes into wine by a vintner who has grown the grapes. While such processing may be a logical and natural extension of agricultural activity, and the events taking place may bear some similarity to biological transformation, such processing is not included within the definition of agricultural activity in this standard.
4
The table below provides examples of biological assets, agricultural produce, and products that are the result of processing after harvest:
Biological assets
Agricultural produce
Products that are the result of processing after harvest
Sheep
Wool
Yarn, carpet
Trees in a plantation forest
Logs
Lumber
Plants
Cotton
Thread, clothing
Harvested cane
Sugar
Dairy cattle
Milk
Cheese
Pigs
Carcass
Sausages, cured hams
Bushes
Leaf
Tea, cured tobacco
Vines
Grapes
Wine
Fruit trees
Picked fruit
Processed fruit
DEFINITIONS
Agriculture-related definitions
5
The following terms are used in this standard with the meanings specified:
Agricultural activity
 is the management by an entity of the biological transformation of biological assets for sale, into agricultural produce, or into additional biological assets.
Agricultural produce
 is the harvested product of the entity's biological assets.
A 
biological asset
 is a living animal or plant.
Biological transformation
 comprises the processes of growth, degeneration, production, and procreation that cause qualitative or quantitative changes in a biological asset.
A 
group of biological assets
 is an aggregation of similar living animals or plants.
Harvest
 is the detachment of produce from a biological asset or the cessation of a biological asset's life processes.
6
Agricultural activity covers a diverse range of activities; for example, raising livestock, forestry, annual or perennial cropping, cultivating orchards and plantations, floriculture, and aquaculture (including fish farming). Certain common features exist within this diversity:
(a)
Capability to change
. Living animals and plants are capable of biological transformation;
(b)
Management of change
. Management facilitates biological transformation by enhancing, or at least stabilising, conditions necessary for the process to take place (for example, nutrient levels, moisture, temperature, fertility, and light). Such management distinguishes agricultural activity from other activities. For example, harvesting from unmanaged sources (such as ocean fishing and deforestation) is not agricultural activity; and
(c)
Measurement of change
. The change in quality (for example, genetic merit, density, ripeness, fat cover, protein content, and fibre strength) or quantity (for example, progeny, weight, cubic metres, fibre length or diameter, and number of buds) brought about by biological transformation is measured and monitored as a routine management function.
7
Biological transformation results in the following types of outcomes:
(a)
asset changes through (i) growth (an increase in quantity or improvement in quality of an animal or plant), (ii) degeneration (a decrease in the quantity or deterioration in quality of an animal or plant), or (iii) procreation (creation of additional living animals or plants); or
(b)
production of agricultural produce such as latex, tea leaf, wool, and milk.
General definitions
8
The following terms are used in this standard with the meanings specified:
An 
active market
 is a market where all the following conditions exist:
(a)
the items traded within the market are homogeneous;
(b)
willing buyers and sellers can normally be found at any time; and
(c)
prices are available to the public.
Carrying amount
 is the amount at which an asset is recognised in the balance sheet.
Fair value
 is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction.
Government grants
 are as defined in IAS 20 
Accounting for government grants and disclosure of government assistance
.
9
The fair value of an asset is based on its present location and condition. As a result, for example, the fair value of cattle at a farm is the price for the cattle in the relevant market less the transport and other costs of getting the cattle to that market.
RECOGNITION AND MEASUREMENT
10
An entity shall recognise a biological asset or agricultural produce when, and only when:
(a)
the entity controls the asset as a result of past events;
(b)
it is probable that future economic benefits associated with the asset will flow to the entity; and
(c)
the fair value or cost of the asset can be measured reliably.
11
In agricultural activity, control may be evidenced by, for example, legal ownership of cattle and the branding or otherwise marking of the cattle on acquisition, birth, or weaning. The future benefits are normally assessed by measuring the significant physical attributes.
12
A biological asset shall be measured on initial recognition and at each balance sheet date at its fair value less estimated point-of-sale costs, except for the case described in paragraph 30 where the fair value cannot be measured reliably.
13
Agricultural produce harvested from an entity's biological assets shall be measured at its fair value less estimated point-of-sale costs at the point of harvest. Such measurement is the cost at that date when applying IAS 2 
Inventories
 or another applicable standard.
14
Point-of-sale costs include commissions to brokers and dealers, levies by regulatory agencies and commodity exchanges, and transfer taxes and duties. Point-of-sale costs exclude transport and other costs necessary to get assets to a market.
15
The determination of fair value for a biological asset or agricultural produce may be facilitated by grouping biological assets or agricultural produce according to significant attributes; for example, by age or quality. An entity selects the attributes corresponding to the attributes used in the market as a basis for pricing.
16
Entities often enter into contracts to sell their biological assets or agricultural produce at a future date. Contract prices are not necessarily relevant in determining fair value, because fair value reflects the current market in which a willing buyer and seller would enter into a transaction. As a result, the fair value of a biological asset or agricultural produce is not adjusted because of the existence of a contract. In some cases, a contract for the sale of a biological asset or agricultural produce may be an onerous contract, as defined in IAS 37 
Provisions, contingent liabilities and contingent assets
. IAS 37 applies to onerous contracts.
17
If an active market exists for a biological asset or agricultural produce, the quoted price in that market is the appropriate basis for determining the fair value of that asset. If an entity has access to different active markets, the entity uses the most relevant one. For example, if an entity has access to two active markets, it would use the price existing in the market expected to be used.
18
If an active market does not exist, an entity uses one or more of the following, when available, in determining fair value:
(a)
the most recent market transaction price, provided that there has not been a significant change in economic circumstances between the date of that transaction and the balance sheet date;
(b)
market prices for similar assets with adjustment to reflect differences; and
(c)
sector benchmarks such as the value of an orchard expressed per export tray, bushel, or hectare, and the value of cattle expressed per kilogram of meat.
19
In some cases, the information sources listed in paragraph 18 may suggest different conclusions as to the fair value of a biological asset or agricultural produce. An entity considers the reasons for those differences, in order to arrive at the most reliable estimate of fair value within a relatively narrow range of reasonable estimates.
20
In some circumstances, market-determined prices or values may not be available for a biological asset in its present condition. In these circumstances, an entity uses the present value of expected net cash flows from the asset discounted at a current market-determined pre-tax rate in determining fair value.
21
The objective of a calculation of the present value of expected net cash flows is to determine the fair value of a biological asset in its present location and condition. An entity considers this in determining an appropriate discount rate to be used and in estimating expected net cash flows. The present condition of a biological asset excludes any increases in value from additional biological transformation and future activities of the entity, such as those related to enhancing the future biological transformation, harvesting, and selling.
22
An entity does not include any cash flows for financing the assets, taxation, or re-establishing biological assets after harvest (for example, the cost of replanting trees in a plantation forest after harvest).
23
In agreeing an arm's length transaction price, knowledgeable, willing buyers and sellers consider the possibility of variations in cash flows. It follows that fair value reflects the possibility of such variations. Accordingly, an entity incorporates expectations about possible variations in cash flows into either the expected cash flows, or the discount rate, or some combination of the two. In determining a discount rate, an entity uses assumptions consistent with those used in estimating the expected cash flows, to avoid the effect of some assumptions being double-counted or ignored.
24
Cost may sometimes approximate fair value, particularly when:
(a)
little biological transformation has taken place since initial cost incurrence (for example, for fruit tree seedlings planted immediately prior to a balance sheet date); or
(b)
the impact of the biological transformation on price is not expected to be material (for example, for the initial growth in a 30-year pine plantation production cycle).
25
Biological assets are often physically attached to land (for example, trees in a plantation forest). There may be no separate market for biological assets that are attached to the land but an active market may exist for the combined assets, that is, for the biological assets, raw land, and land improvements, as a package. An entity may use information regarding the combined assets to determine fair value for the biological assets. For example, the fair value of raw land and land improvements may be deducted from the fair value of the combined assets to arrive at the fair value of biological assets.
Gains and losses
26
A gain or loss arising on initial recognition of a biological asset at fair value less estimated point-of-sale costs and from a change in fair value less estimated point-of-sale costs of a biological asset shall be included in profit or loss for the period in which it arises.
27
A loss may arise on initial recognition of a biological asset, because estimated point-of-sale costs are deducted in determining fair value less estimated point-of-sale costs of a biological asset. A gain may arise on initial recognition of a biological asset, such as when a calf is born.
28
A gain or loss arising on initial recognition of agricultural produce at fair value less estimated point-of-sale costs shall be included in profit or loss for the period in which it arises.
29
A gain or loss may arise on initial recognition of agricultural produce as a result of harvesting.
Inability to measure fair value reliably
30
There is a presumption that fair value can be measured reliably for a biological asset. However, that presumption can be rebutted only on initial recognition for a biological asset for which market-determined prices or values are not available and for which alternative estimates of fair value are determined to be clearly unreliable. In such a case, that biological asset shall be measured at its cost less any accumulated depreciation and any accumulated impairment losses. Once the fair value of such a biological asset becomes reliably measurable, an entity shall measure it at its fair value less estimated point-of-sale costs. Once a non-current biological asset meets the criteria to be classified as held for sale (or is included in a disposal group that is classified as held for sale) in accordance with IFRS 5 
Non-current assets held for sale and discontinued operations
, it is presumed that fair value can be measured reliably.
31
The presumption in paragraph 30 can be rebutted only on initial recognition. An entity that has previously measured a biological asset at its fair value less estimated point-of-sale costs continues to measure the biological asset at its fair value less estimated point-of-sale costs until disposal.
32
In all cases, an entity measures agricultural produce at the point of harvest at its fair value less estimated point-of-sale costs. This standard reflects the view that the fair value of agricultural produce at the point of harvest can always be measured reliably.
33
In determining cost, accumulated depreciation and accumulated impairment losses, an entity considers IAS 2 
Inventories
, IAS 16 
Property, plant and equipment
 and IAS 36 
Impairment of assets
.
GOVERNMENT GRANTS
34
An unconditional government grant related to a biological asset measured at its fair value less estimated point-of-sale costs shall be recognised as income when, and only when, the government grant becomes receivable.
35
If a government grant related to a biological asset measured at its fair value less estimated point-of-sale costs is conditional, including where a government grant requires an entity not to engage in specified agricultural activity, an entity shall recognise the government grant as income when, and only when, the conditions attaching to the government grant are met.
36
Terms and conditions of government grants vary. For example, a government grant may require an entity to farm in a particular location for five years and require the entity to return all of the government grant if it farms for less than five years. In this case, the government grant is not recognised as income until the five years have passed. However, if the government grant allows part of the government grant to be retained based on the passage of time, the entity recognises the government grant as income on a time proportion basis.
37
If a government grant relates to a biological asset measured at its cost less any accumulated depreciation and any accumulated impairment losses (see paragraph 30), IAS 20 
Accounting for government grants and disclosure of government assistance
 is applied.
38
This standard requires a different treatment from IAS 20, if a government grant relates to a biological asset measured at its fair value less estimated point-of-sale costs or a government grant requires an entity not to engage in specified agricultural activity. IAS 20 is applied only to a government grant related to a biological asset measured at its cost less any accumulated depreciation and any accumulated impairment losses.
DISCLOSURE
39
[Deleted]
General
40
An entity shall disclose the aggregate gain or loss arising during the current period on initial recognition of biological assets and agricultural produce and from the change in fair value less estimated point-of-sale costs of biological assets.
41
An entity shall provide a description of each group of biological assets.
42
The disclosure required by paragraph 41 may take the form of a narrative or quantified description.
43
An entity is encouraged to provide a quantified description of each group of biological assets, distinguishing between consumable and bearer biological assets or between mature and immature biological assets, as appropriate. For example, an entity may disclose the carrying amounts of consumable biological assets and bearer biological assets by group. An entity may further divide those carrying amounts between mature and immature assets. These distinctions provide information that may be helpful in assessing the timing of future cash flows. An entity discloses the basis for making any such distinctions.
44
Consumable biological assets are those that are to be harvested as agricultural produce or sold as biological assets. Examples of consumable biological assets are livestock intended for the production of meat, livestock held for sale, fish in farms, crops such as maize and wheat, and trees being grown for lumber. Bearer biological assets are those other than consumable biological assets; for example, livestock from which milk is produced, grape vines, fruit trees, and trees from which firewood is harvested while the tree remains. Bearer biological assets are not agricultural produce but, rather, are self-regenerating.
45
Biological assets may be classified either as mature biological assets or immature biological assets. Mature biological assets are those that have attained harvestable specifications (for consumable biological assets) or are able to sustain regular harvests (for bearer biological assets).
46
If not disclosed elsewhere in information published with the financial statements, an entity shall describe:
(a)
the nature of its activities involving each group of biological assets; and
(b)
non-financial measures or estimates of the physical quantities of:
(i)
each group of the entity's biological assets at the end of the period; and
(ii)
output of agricultural produce during the period.
47
An entity shall disclose the methods and significant assumptions applied in determining the fair value of each group of agricultural produce at the point of harvest and each group of biological assets.
48
An entity shall disclose the fair value less estimated point-of-sale costs of agricultural produce harvested during the period, determined at the point of harvest.
49
An entity shall disclose:
(a)
the existence and carrying amounts of biological assets whose title is restricted, and the carrying amounts of biological assets pledged as security for liabilities;
(b)
the amount of commitments for the development or acquisition of biological assets; and
(c)
financial risk management strategies related to agricultural activity.
50
An entity shall present a reconciliation of changes in the carrying amount of biological assets between the beginning and the end of the current period. The reconciliation shall include:
(a)
the gain or loss arising from changes in fair value less estimated point-of-sale costs;
(b)
increases due to purchases;
(c)
decreases attributable to sales and biological assets classified as held for sale (or included in a disposal group that is classified as held for sale) in accordance with IFRS 5;
(d)
decreases due to harvest;
(e)
increases resulting from business combinations;
(f)
net exchange differences arising on the translation of financial statements into a different presentation currency, and on the translation of a foreign operation into the presentation currency of the reporting entity; and
(g)
other changes.
51
The fair value less estimated point-of-sale costs of a biological asset can change due to both physical changes and price changes in the market. Separate disclosure of physical and price changes is useful in appraising current period performance and future prospects, particularly when there is a production cycle of more than one year. In such cases, an entity is encouraged to disclose, by group or otherwise, the amount of change in fair value less estimated point-of-sale costs included in profit or loss due to physical changes and due to price changes. This information is generally less useful when the production cycle is less than one year (for example, when raising chickens or growing cereal crops).
52
Biological transformation results in a number of types of physical change — growth, degeneration, production, and procreation, each of which is observable and measurable. Each of those physical changes has a direct relationship to future economic benefits. A change in fair value of a biological asset due to harvesting is also a physical change.
53
Agricultural activity is often exposed to climatic, disease and other natural risks. If an event occurs that gives rise to a material item of income or expense, the nature and amount of that item are disclosed in accordance with IAS 1 
Presentation of financial statements
. Examples of such an event include an outbreak of a virulent disease, a flood, a severe drought or frost, and a plague of insects.
Additional disclosures for biological assets where fair value cannot be measured reliably
54
If an entity measures biological assets at their cost less any accumulated depreciation and any accumulated impairment losses (see paragraph 30) at the end of the period, the entity shall disclose for such biological assets:
(a)
a description of the biological assets;
(b)
an explanation of why fair value cannot be measured reliably;
(c)
if possible, the range of estimates within which fair value is highly likely to lie;
(d)
the depreciation method used;
(e)
the useful lives or the depreciation rates used; and
(f)
the gross carrying amount and the accumulated depreciation (aggregated with accumulated impairment losses) at the beginning and end of the period.
55
If, during the current period, an entity measures biological assets at their cost less any accumulated depreciation and any accumulated impairment losses (see paragraph 30), an entity shall disclose any gain or loss recognised on disposal of such biological assets and the reconciliation required by paragraph 50 shall disclose amounts related to such biological assets separately. In addition, the reconciliation shall include the following amounts included in profit or loss related to those biological assets:
(a)
impairment losses;
(b)
reversals of impairment losses; and
(c)
depreciation.
56
If the fair value of biological assets previously measured at their cost less any accumulated depreciation and any accumulated impairment losses becomes reliably measurable during the current period, an entity shall disclose for those biological assets:
(a)
a description of the biological assets;
(b)
an explanation of why fair value has become reliably measurable; and
(c)
the effect of the change.
Government grants
57
An entity shall disclose the following related to agricultural activity covered by this standard:
(a)
the nature and extent of government grants recognised in the financial statements;
(b)
unfulfilled conditions and other contingencies attaching to government grants; and
(c)
significant decreases expected in the level of government grants.
EFFECTIVE DATE AND TRANSITION
58
This standard becomes operative for annual financial statements covering periods beginning on or after 1 January 2003. Earlier application is encouraged. If an entity applies this standard for periods beginning before 1 January 2003, it shall disclose that fact.
59
This standard does not establish any specific transitional provisions. The adoption of this standard is accounted for in accordance with IAS 8 
Accounting policies, changes in accounting estimates and errors
.
INTERNATIONAL FINANCIAL REPORTING STANDARD 1
First-time adoption of international financial reporting standards
OBJECTIVE
1
The objective of this IFRS is to ensure that an entity's 
first IFRS financial statements
, and its interim financial reports for part of the period covered by those financial statements, contain high quality information that:
(a)
is transparent for users and comparable over all periods presented;
(b)
provides a suitable starting point for accounting under 
international financial reporting standards (IFRSs)
; and
(c)
can be generated at a cost that does not exceed the benefits to users.
SCOPE
2
An entity shall apply this IFRS in:
(a)
its first IFRS financial statements; and
(b)
each interim financial report, if any, that it presents under IAS 34 
Interim financial reporting
 for part of the period covered by its first IFRS financial statements.
3
An entity's first IFRS financial statements are the first annual financial statements in which the entity adopts IFRSs, by an explicit and unreserved statement in those financial statements of compliance with IFRSs. Financial statements under IFRSs are an entity's first IFRS financial statements if, for example, the entity:
(a)
presented its most recent previous financial statements:
(i)
under national requirements that are not consistent with IFRSs in all respects;
(ii)
in conformity with IFRSs in all respects, except that the financial statements did not contain an explicit and unreserved statement that they complied with IFRSs;
(iii)
containing an explicit statement of compliance with some, but not all, IFRSs;
(iv)
under national requirements inconsistent with IFRSs, using some individual IFRSs to account for items for which national requirements did not exist; or
(v)
under national requirements, with a reconciliation of some amounts to the amounts determined under IFRSs;
(b)
prepared financial statements under IFRSs for internal use only, without making them available to the entity's owners or any other external users;
(c)
prepared a reporting package under IFRSs for consolidation purposes without preparing a complete set of financial statements as defined in IAS 1 
Presentation of financial statements
; or
(d)
did not present financial statements for previous periods.
4
This IFRS applies when an entity first adopts IFRSs. It does not apply when, for example, an entity:
(a)
stops presenting financial statements under national requirements, having previously presented them as well as another set of financial statements that contained an explicit and unreserved statement of compliance with IFRSs;
(b)
presented financial statements in the previous year under national requirements and those financial statements contained an explicit and unreserved statement of compliance with IFRSs; or
(c)
presented financial statements in the previous year that contained an explicit and unreserved statement of compliance with IFRSs, even if the auditors qualified their audit report on those financial statements.
5
This IFRS does not apply to changes in accounting policies made by an entity that already applies IFRSs. Such changes are the subject of:
(a)
requirements on changes in accounting policies in IAS 8 
Accounting policies, changes in accounting estimates and errors
; and
(b)
specific transitional requirements in other IFRSs.
RECOGNITION AND MEASUREMENT
Opening IFRS balance sheet
6
An entity shall prepare an 
opening IFRS balance sheet
 at the 
date of transition to IFRSs
. This is the starting point for its accounting under IFRSs. An entity need not present its opening IFRS balance sheet in its first IFRS financial statements.
Accounting policies
7
An entity shall use the same accounting policies in its opening IFRS balance sheet and throughout all periods presented in its first IFRS financial statements. Those accounting policies shall comply with each IFRS effective at the 
reporting date
 for its first IFRS financial statements, except as specified in paragraphs 13-34B, 36A-36C and 37.
8
An entity shall not apply different versions of IFRSs that were effective at earlier dates. An entity may apply a new IFRS that is not yet mandatory if it permits early application.
Example: Consistent application of latest version of IFRSs
Background
The reporting date for entity A's first IFRS financial statements is 31 December 2005. Entity A decides to present comparative information in those financial statements for one year only (see paragraph 36). Therefore, its date of transition to IFRSs is the beginning of business on 1 January 2004 (or, equivalently, close of business on 31 December 2003). Entity A presented financial statements under its 
previous GAAP
 annually to 31 December each year up to, and including, 31 December 2004.
Application of requirements
Entity A is required to apply the IFRSs effective for periods ending on 31 December 2005 in:
(a)
preparing its opening IFRS balance sheet at 1 January 2004; and
(b)
preparing and presenting its balance sheet for 31 December 2005 (including comparative amounts for 2004), income statement, statement of changes in equity and cash-flow statement for the year to 31 December 2005 (including comparative amounts for 2004) and disclosures (including comparative information for 2004).
If a new IFRS is not yet mandatory but permits early application, entity A is permitted, but not required, to apply that IFRS in its first IFRS financial statements.
9
The transitional provisions in other IFRSs apply to changes in accounting policies made by an entity that already uses IFRSs; they do not apply to a 
first-time adopter's
 transition to IFRSs, except as specified in paragraphs 25D, 34A and 34B.
10
Except as described in paragraphs 13-34B and 36A-36C, an entity shall, in its opening IFRS balance sheet:
(a)
recognise all assets and liabilities whose recognition is required by IFRSs;
(b)
not recognise items as assets or liabilities if IFRSs do not permit such recognition;
(c)
reclassify items that it recognised under previous GAAP as one type of asset, liability or component of equity, but are a different type of asset, liability or component of equity under IFRSs; and
(d)
apply IFRSs in measuring all recognised assets and liabilities.
11
The accounting policies that an entity uses in its opening IFRS balance sheet may differ from those that it used for the same date using its previous GAAP. The resulting adjustments arise from events and transactions before the date of transition to IFRSs. Therefore, an entity shall recognise those adjustments directly in retained earnings (or, if appropriate, another category of equity) at the date of transition to IFRSs.
12
This IFRS establishes two categories of exceptions to the principle that an entity's opening IFRS balance sheet shall comply with each IFRS:
(a)
paragraphs 13-25G and 36A-36C grant exemptions from some requirements of other IFRSs;
(b)
paragraphs 26-34B prohibit retrospective application of some aspects of other IFRSs.
Exemptions from other IFRSs
13
An entity may elect to use one or more of the following exemptions:
(a)
business combinations (paragraph 15);
(b)
fair value
 or revaluation as 
deemed cost
 (paragraphs 16-19);
(c)
employee benefits (paragraphs 20 and 20A);
(d)
cumulative translation differences (paragraphs 21 and 22);
(e)
compound financial instruments (paragraph 23);
(f)
assets and liabilities of subsidiaries, associates and joint ventures (paragraphs 24 and 25);
(g)
designation of previously recognised financial instruments (paragraph 25A);
(h)
share-based payment transactions (paragraphs 25B and 25C);
(i)
insurance contracts (paragraph 25D);
(j)
decommissioning liabilities included in the cost of property, plant and equipment (paragraph 25E);
(k)
leases (paragraph 25F); and
(l)
fair value measurement of financial assets or financial liabilities at initial recognition (paragraph 25G).
An entity shall not apply these exemptions by analogy to other items.
14
Some exemptions below refer to fair value. IFRS 3 
Business combinations
 explains how to determine the fair values of identifiable assets and liabilities acquired in a business combination. An entity shall apply those explanations in determining fair values under this IFRS, unless another IFRS contains more specific guidance on the determination of fair values for the asset or liability in question. Those fair values shall reflect conditions that existed at the date for which they were determined.
Business combinations
15
An entity shall apply the requirements in Appendix B to business combinations that the entity recognised before the date of transition to IFRSs.
Fair value or revaluation as deemed cost
16
An entity may elect to measure an item of property, plant and equipment at the date of transition to IFRSs at its fair value and use that fair value as its deemed cost at that date.
17
A first-time adopter may elect to use a previous GAAP revaluation of an item of property, plant and equipment at, or before, the date of transition to IFRSs as deemed cost at the date of the revaluation, if the revaluation was, at the date of the revaluation, broadly comparable to:
(a)
fair value; or
(b)
cost or depreciated cost under IFRSs, adjusted to reflect, for example, changes in a general or specific price index.
18
The elections in paragraphs 16 and 17 are also available for:
(a)
investment property, if an entity elects to use the cost model in IAS 40 
Investment property
; and
(b)
intangible assets that meet:
(i)
the recognition criteria in IAS 38 
Intangible assets
 (including reliable measurement of original cost); and
(ii)
the criteria in IAS 38 for revaluation (including the existence of an active market).
An entity shall not use these elections for other assets or for liabilities.
19
A first-time adopter may have established a deemed cost under previous GAAP for some or all of its assets and liabilities by measuring them at their fair value at one particular date because of an event such as a privatisation or initial public offering. It may use such event-driven fair value measurements as deemed cost for IFRSs at the date of that measurement.
Employee benefits
20
Under IAS 19 
Employee benefits
, an entity may elect to use a ‘corridor’ approach that leaves some actuarial gains and losses unrecognised. Retrospective application of this approach requires an entity to split the cumulative actuarial gains and losses from the inception of the plan until the date of transition to IFRSs into a recognised portion and an unrecognised portion. However, a first-time adopter may elect to recognise all cumulative actuarial gains and losses at the date of transition to IFRSs, even if it uses the corridor approach for later actuarial gains and losses. If a first-time adopter uses this election, it shall apply it to all plans.
20A
An entity may disclose the amounts required by paragraph 120A(p) of IAS 19 as the amounts are determined for each accounting period prospectively from the date of transition to IFRSs.
Cumulative translation differences
21
IAS 21 
The effects of changes in foreign exchange rates
 requires an entity:
(a)
to classify some translation differences as a separate component of equity; and
(b)
on disposal of a foreign operation, to transfer the cumulative translation difference for that foreign operation (including, if applicable, gains and losses on related hedges) to the income statement as part of the gain or loss on disposal.
22
However, a first-time adopter need not comply with these requirements for cumulative translation differences that existed at the date of transition to IFRSs. If a first-time adopter uses this exemption:
(a)
the cumulative translation differences for all foreign operations are deemed to be zero at the date of transition to IFRSs; and
(b)
the gain or loss on a subsequent disposal of any foreign operation shall exclude translation differences that arose before the date of transition to IFRSs and shall include later translation differences.
Compound financial instruments
23
IAS 32 
Financial instruments: presentation
 requires an entity to split a compound financial instrument at inception into separate liability and equity components. If the liability component is no longer outstanding, retrospective application of IAS 32 involves separating two portions of equity. The first portion is in retained earnings and represents the cumulative interest accreted on the liability component. The other portion represents the original equity component. However, under this IFRS, a first-time adopter need not separate these two portions if the liability component is no longer outstanding at the date of transition to IFRSs.
Assets and liabilities of subsidiaries, associates and joint ventures
24
If a subsidiary becomes a first-time adopter later than its parent, the subsidiary shall, in its financial statements, measure its assets and liabilities at either:
(a)
the carrying amounts that would be included in the parent's consolidated financial statements, based on the parent's date of transition to IFRSs, if no adjustments were made for consolidation procedures and for the effects of the business combination in which the parent acquired the subsidiary; or
(b)
the carrying amounts required by the rest of this IFRS, based on the subsidiary's date of transition to IFRSs. These carrying amounts could differ from those described in (a):
(i)
when the exemptions in this IFRS result in measurements that depend on the date of transition to IFRSs;
(ii)
when the accounting policies used in the subsidiary's financial statements differ from those in the consolidated financial statements. For example, the subsidiary may use as its accounting policy the cost model in IAS 16 
Property, plant and equipment
, whereas the group may use the revaluation model.
A similar election is available to an associate or joint venture that becomes a first-time adopter later than an entity that has significant influence or joint control over it.
25
However, if an entity becomes a first-time adopter later than its subsidiary (or associate or joint venture) the entity shall, in its consolidated financial statements, measure the assets and liabilities of the subsidiary (or associate or joint venture) at the same carrying amounts as in the financial statements of the subsidiary (or associate or joint venture), after adjusting for consolidation and equity accounting adjustments and for the effects of the business combination in which the entity acquired the subsidiary. Similarly, if a parent becomes a first-time adopter for its separate financial statements earlier or later than for its consolidated financial statements, it shall measure its assets and liabilities at the same amounts in both financial statements, except for consolidation adjustments.
Designation of previously recognised financial instruments
25A
IAS 39 
Financial instruments: recognition and measurement
 permits a financial asset to be designated on initial recognition as available for sale or a financial instrument (provided it meets certain criteria) to be designated as a financial asset or financial liability at fair value through profit or loss. Despite this requirement exceptions apply in the following circumstances:
(a)
any entity is permitted to make an available-for-sale designation at the date of transition to IFRSs;
(b)
an entity that presents its first IFRS financial statements for an annual period beginning on or after 1 September 2006
                                 
 — such an entity is permitted to designate, at the date of transition to IFRSs, any financial asset or financial liability as at fair value through profit or loss provided the asset or liability meets the criteria in paragraph 9(b)(i), 9(b)(ii) or 11A of IAS 39 at that date;
(c)
an entity that presents its first IFRS financial statements for an annual period beginning on or after 1 January 2006 and before 1 September 2006
                                 
 — such an entity is permitted to designate, at the date of transition to IFRSs, any financial asset or financial liability as at fair value through profit or loss provided the asset or liability meets the criteria in paragraph 9(b)(i), 9(b)(ii) or 11A of IAS 39 at that date. When the date of transition to IFRSs is before 1 September 2005, such designations need not be completed until 1 September 2005 and may also include financial assets and financial liabilities recognised between the date of transition to IFRSs and 1 September 2005;
(d)
an entity that presents its first IFRS financial statements for an annual period beginning before 1 January 2006 and applies paragraphs 11A, 48A, AG4B-AG4K, AG33A and AG33B and the 2005 amendments in paragraphs 9, 12 and 13 of IAS 39
 — such an entity is permitted at the start of its first IFRS reporting period to designate as at fair value through profit or loss any financial asset or financial liability that qualifies for such designation in accordance with these new and amended paragraphs at that date. When the entity's first IFRS reporting period begins before 1 September 2005, such designations need not be completed until 1 September 2005 and may also include financial assets and financial liabilities recognised between the beginning of that period and 1 September 2005. If the entity restates comparative information for IAS 39 it shall restate that information for the financial assets, financial liabilities, or group of financial assets, financial liabilities or both, designated at the start of its first IFRS reporting period. Such restatement of comparative information shall be made only if the designated items or groups would have met the criteria for such designation in paragraph 9(b)(i), 9(b)(ii) or 11A of IAS 39 at the date of transition to IFRSs or, if acquired after the date of transition to IFRSs, would have met the criteria in paragraph 9(b)(i), 9(b)(ii) or 11A at the date of initial recognition;
(e)
for an entity that presents its first IFRS financial statements for an annual period beginning before 1 September 2006
                                 
 — notwithstanding paragraph 91 of IAS 39, any financial assets and financial liabilities such an entity designated as at fair value through profit or loss in accordance with subparagraph (c) or (d) above that were previously designated as the hedged item in fair value hedge accounting relationships shall be de-designated from those relationships at the same time they are designated as at fair value through profit or loss.
Share-based payment transactions
25B
A first-time adopter is encouraged, but not required, to apply IFRS 2 
Share-based payment
 to equity instruments that were granted on or before 7 November 2002. A first-time adopter is also encouraged, but not required, to apply IFRS 2 to equity instruments that were granted after 7 November 2002 that vested before the later of (a) the date of transition to IFRSs and (b) 1 January 2005. However, if a first-time adopter elects to apply IFRS 2 to such equity instruments, it may do so only if the entity has disclosed publicly the fair value of those equity instruments, determined at the measurement date, as defined in IFRS 2. For all grants of equity instruments to which IFRS 2 has not been applied (e.g. equity instruments granted on or before 7 November 2002), a first-time adopter shall nevertheless disclose the information required by paragraphs 44 and 45 of IFRS 2. If a first-time adopter modifies the terms or conditions of a grant of equity instruments to which IFRS 2 has not been applied, the entity is not required to apply paragraphs 26-29 of IFRS 2 if the modification occurred before the later of (a) the date of transition to IFRSs and (b) 1 January 2005.
25C
A first-time adopter is encouraged, but not required, to apply IFRS 2 to liabilities arising from share-based payment transactions that were settled before the date of transition to IFRSs. A first-time adopter is also encouraged, but not required, to apply IFRS 2 to liabilities that were settled before 1 January 2005. For liabilities to which IFRS 2 is applied, a first-time adopter is not required to restate comparative information to the extent that the information relates to a period or date that is earlier than 7 November 2002.
Insurance contracts
25D
A first-time adopter may apply the transitional provisions in IFRS 4 
Insurance contracts
. IFRS 4 restricts changes in accounting policies for insurance contracts, including changes made by a first-time adopter.
Changes in existing decommissioning, restoration and similar liabilities included in the cost of property, plant and equipment
25E
IFRIC 1 
Changes in existing decommissioning, restoration and similar liabilities
 requires specified changes in a decommissioning, restoration or similar liability to be added to or deducted from the cost of the asset to which it relates; the adjusted depreciable amount of the asset is then depreciated prospectively over its remaining useful life. A first-time adopter need not comply with these requirements for changes in such liabilities that occurred before the date of transition to IFRSs. If a first-time adopter uses this exemption, it shall:
(a)
measure the liability as at the date of transition to IFRSs in accordance with IAS 37;
(b)
to the extent that the liability is within the scope of IFRIC 1, estimate the amount that would have been included in the cost of the related asset when the liability first arose, by discounting the liability to that date using its best estimate of the historical risk-adjusted discount rate(s) that would have applied for that liability over the intervening period; and
(c)
calculate the accumulated depreciation on that amount, as at the date of transition to IFRSs, on the basis of the current estimate of the useful life of the asset, using the depreciation policy adopted by the entity under IFRSs.
Leases
25F
A first-time adopter may apply the transitional provisions in IFRIC 4 
Determining whether an arrangement contains a lease
. Therefore, a first-time adopter may determine whether an arrangement existing at the date of transition to IFRSs contains a lease on the basis of facts and circumstances existing at that date.
Fair value measurement of financial assets or financial liabilities
25G
Notwithstanding the requirements of paragraphs 7 and 9, an entity may apply the requirements in the last sentence of IAS 39 paragraph AG76, and paragraph AG76A, in either of the following ways:
(a)
prospectively to transactions entered into after 25 October 2002; or
(b)
prospectively to transactions entered into after 1 January 2004.
Exceptions to retrospective application of other IFRSs
26
This IFRS prohibits retrospective application of some aspects of other IFRSs relating to:
(a)
derecognition of financial assets and financial liabilities (paragraphs 27 and 27A);
(b)
hedge accounting (paragraphs 28-30);
(c)
estimates (paragraphs 31-34); and
(d)
assets classified as held for sale and discontinued operations (paragraphs 34A and 34B).
Derecognition of financial assets and financial liabilities
27
Except as permitted by paragraph 27A, a first-time adopter shall apply the derecognition requirements in IAS 39 prospectively for transactions occurring on or after 1 January 2004. In other words, if a first-time adopter derecognised non-derivative financial assets or non-derivative financial liabilities under its previous GAAP as a result of a transaction that occurred before 1 January 2004, it shall not recognise those assets and liabilities under IFRSs (unless they qualify for recognition as a result of a later transaction or event).
27A
Notwithstanding paragraph 27, an entity may apply the derecognition requirements in IAS 39 retrospectively from a date of the entity's choosing, provided that the information needed to apply IAS 39 to financial assets and financial liabilities derecognised as a result of past transactions was obtained at the time of initially accounting for those transactions.
Hedge accounting
28
As required by IAS 39, at the date of transition to IFRSs, an entity shall:
(a)
measure all derivatives at fair value; and
(b)
eliminate all deferred losses and gains arising on derivatives that were reported under previous GAAP as if they were assets or liabilities.
29
An entity shall not reflect in its opening IFRS balance sheet a hedging relationship of a type that does not qualify for hedge accounting under IAS 39 (for example, many hedging relationships where the hedging instrument is a cash instrument or written option; where the hedged item is a net position; or where the hedge covers interest risk in a held-to-maturity investment). However, if an entity designated a net position as a hedged item under previous GAAP, it may designate an individual item within that net position as a hedged item under IFRSs, provided that it does so no later than the date of transition to IFRSs.
30
If, before the date of transition to IFRSs, an entity had designated a transaction as a hedge but the hedge does not meet the conditions for hedge accounting in IAS 39 the entity shall apply paragraphs 91 and 101 of IAS 39 (as revised in 2003) to discontinue hedge accounting. Transactions entered into before the date of transition to IFRSs shall not be retrospectively designated as hedges.
Estimates
31
An entity's estimates under IFRSs at the date of transition to IFRSs shall be consistent with estimates made for the same date under previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.
32
An entity may receive information after the date of transition to IFRSs about estimates that it had made under previous GAAP. Under paragraph 31, an entity shall treat the receipt of that information in the same way as non-adjusting events after the balance sheet date under IAS 10 
Events after the balance sheet date
. For example, assume that an entity's date of transition to IFRSs is 1 January 2004 and new information on 15 July 2004 requires the revision of an estimate made under previous GAAP at 31 December 2003. The entity shall not reflect that new information in its opening IFRS balance sheet (unless the estimates need adjustment for any differences in accounting policies or there is objective evidence that the estimates were in error). Instead, the entity shall reflect that new information in its income statement (or, if appropriate, other changes in equity) for the year ended 31 December 2004.
33
An entity may need to make estimates under IFRSs at the date of transition to IFRSs that were not required at that date under previous GAAP. To achieve consistency with IAS 10, those estimates under IFRSs shall reflect conditions that existed at the date of transition to IFRSs. In particular, estimates at the date of transition to IFRSs of market prices, interest rates or foreign exchange rates shall reflect market conditions at that date.
34
Paragraphs 31-33 apply to the opening IFRS balance sheet. They also apply to a comparative period presented in an entity's first IFRS financial statements, in which case the references to the date of transition to IFRSs are replaced by references to the end of that comparative period.
Assets classified as held for sale and discontinued operations
34A
IFRS 5 
Non-current assets held for sale and discontinued operations
 requires that it shall be applied prospectively to non-current assets (or disposal groups) that meet the criteria to be classified as held for sale and operations that meet the criteria to be classified as discontinued after the effective date of IFRS 5. IFRS 5 permits an entity to apply the requirements of the IFRS to all non-current assets (or disposal groups) that meet the criteria to be classified as held for sale and operations that meet the criteria to be classified as discontinued after any date before the effective date of the IFRS, provided the valuations and other information needed to apply the IFRS were obtained at the time those criteria were originally met.
34B
An entity with a date of transition to IFRSs before 1 January 2005 shall apply the transitional provisions of IFRS 5. An entity with a date of transition to IFRSs on or after 1 January 2005 shall apply IFRS 5 retrospectively.
PRESENTATION AND DISCLOSURE
35
Except as described in paragraphs 36A-37, this IFRS does not provide exemptions from the presentation and disclosure requirements in other IFRSs.
Comparative information
36
To comply with IAS 1, an entity's first IFRS financial statements shall include at least one year of comparative information under IFRSs.
Exemption from the requirement to restate comparative information for IAS 39 and IFRS 4
36A
In its first IFRS financial statements, an entity that adopts IFRSs before 1 January 2006 shall present at least one year of comparative information, but this comparative information need not comply with IAS 32, IAS 39 or IFRS 4. An entity that chooses to present comparative information that does not comply with IAS 32, IAS 39 or IFRS 4 in its first year of transition shall:
(a)
apply the recognition and measurement requirements of its previous GAAP in the comparative information for financial instruments within the scope of IAS 32 and IAS 39 and for insurance contracts within the scope of IFRS 4;
(b)
disclose this fact together with the basis used to prepare this information; and
(c)
disclose the nature of the main adjustments that would make the information comply with IAS 32, IAS 39 and IFRS 4. The entity need not quantify those adjustments. However, the entity shall treat any adjustment between the balance sheet at the comparative period's reporting date (i.e. the balance sheet that includes comparative information under previous GAAP) and the balance sheet at the start of the 
first IFRS reporting period
 (i.e. the first period that includes information that complies with IAS 32, IAS 39 and IFRS 4) as arising from a change in accounting policy and give the disclosures required by paragraph 28(a)-(e) and (f)(i) of IAS 8. Paragraph 28(f)(i) applies only to amounts presented in the balance sheet at the comparative period's reporting date.
In the case of an entity that chooses to present comparative information that does not comply with IAS 32, IAS 39 and IFRS 4, references to the ‘date of transition to IFRSs’ shall mean, in the case of those standards only, the beginning of the first IFRS reporting period. Such entities are required to comply with paragraph 15(c) of IAS 1 to provide additional disclosures when compliance with the specific requirements in IFRSs is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance.
Exemption from the requirement to present comparative information for IFRS 6
36B
An entity that adopts IFRSs before 1 January 2006 and chooses to adopt IFRS 6 
Exploration for and evaluation of mineral resources
 before 1 January 2006 need not apply the requirements of IFRS 6 to comparative information presented in its first IFRS financial statements.
Exemption from the requirement to provide comparative disclosures for IFRS 7
36C
An entity that adopts IFRSs before 1 January 2006 and chooses to adopt IFRS 7 
Financial instruments: disclosures
 in its first IFRS financial statements need not present the comparative disclosures required by IFRS 7 in those financial statements.
Non-IFRS comparative information and historical summaries
37
Some entities present historical summaries of selected data for periods before the first period for which they present full comparative information under IFRSs. This IFRS does not require such summaries to comply with the recognition and measurement requirements of IFRSs. Furthermore, some entities present comparative information under previous GAAP as well as the comparative information required by IAS 1. In any financial statements containing historical summaries or comparative information under previous GAAP, an entity shall:
(a)
label the previous GAAP information prominently as not being prepared under IFRSs; and
(b)
disclose the nature of the main adjustments that would make it comply with IFRSs. An entity need not quantify those adjustments.
Explanation of transition to IFRSs
38
An entity shall explain how the transition from previous GAAP to IFRSs affected its reported financial position, financial performance and cash flows.
Reconciliations
39
To comply with paragraph 38, an entity's first IFRS financial statements shall include:
(a)
reconciliations of its equity reported under previous GAAP to its equity under IFRSs for both of the following dates:
(i)
the date of transition to IFRSs; and
(ii)
the end of the latest period presented in the entity's most recent annual financial statements under previous GAAP;
(b)
a reconciliation of the profit or loss reported under previous GAAP for the latest period in the entity's most recent annual financial statements to its profit or loss under IFRSs for the same period; and
(c)
if the entity recognised or reversed any impairment losses for the first time in preparing its opening IFRS balance sheet, the disclosures that IAS 36 
Impairment of assets
 would have required if the entity had recognised those impairment losses or reversals in the period beginning with the date of transition to IFRSs.
40
The reconciliations required by paragraph 39(a) and (b) shall give sufficient detail to enable users to understand the material adjustments to the balance sheet and income statement. If an entity presented a cash-flow statement under its previous GAAP, it shall also explain the material adjustments to the cash-flow statement.
41
If an entity becomes aware of errors made under previous GAAP, the reconciliations required by paragraph 39(a) and (b) shall distinguish the correction of those errors from changes in accounting policies.
42
IAS 8 does not deal with changes in accounting policies that occur when an entity first adopts IFRSs. Therefore, IAS 8's requirements for disclosures about changes in accounting policies do not apply in an entity's first IFRS financial statements.
43
If an entity did not present financial statements for previous periods, its first IFRS financial statements shall disclose that fact.
Designation of financial assets or financial liabilities
43A
An entity is permitted to designate a previously recognised financial asset or financial liability as a financial asset or financial liability at fair value through profit or loss or a financial asset as available for sale in accordance with paragraph 25A. The entity shall disclose the fair value of financial assets or financial liabilities designated into each category at the date of designation and their classification and carrying amount in the previous financial statements.
Use of fair value as deemed cost
44
If an entity uses fair value in its opening IFRS balance sheet as deemed cost for an item of property, plant and equipment, an investment property or an intangible asset (see paragraphs 16 and 18), the entity's first IFRS financial statements shall disclose, for each line item in the opening IFRS balance sheet:
(a)
the aggregate of those fair values; and
(b)
the aggregate adjustment to the carrying amounts reported under previous GAAP.
Interim financial reports
45
To comply with paragraph 38, if an entity presents an interim financial report under IAS 34 for part of the period covered by its first IFRS financial statements, the entity shall satisfy the following requirements in addition to the requirements of IAS 34:
(a)
Each such interim financial report shall, if the entity presented an interim financial report for the comparable interim period of the immediately preceding financial year, include reconciliations of:
(i)
its equity under previous GAAP at the end of that comparable interim period to its equity under IFRSs at that date; and
(ii)
its profit or loss under previous GAAP for that comparable interim period (current and year-to-date) to its profit or loss under IFRSs for that period.
(b)
In addition to the reconciliations required by (a), an entity's first interim financial report under IAS 34 for part of the period covered by its first IFRS financial statements shall include the reconciliations described in paragraph 39(a) and (b) (supplemented by the details required by paragraphs 40 and 41) or a cross-reference to another published document that includes these reconciliations.
46
IAS 34 requires minimum disclosures, which are based on the assumption that users of the interim financial report also have access to the most recent annual financial statements. However, IAS 34 also requires an entity to disclose ‘any events or transactions that are material to an understanding of the current interim period’. Therefore, if a first-time adopter did not, in its most recent annual financial statements under previous GAAP, disclose information material to an understanding of the current interim period, its interim financial report shall disclose that information or include a cross-reference to another published document that includes it.
EFFECTIVE DATE
47
An entity shall apply this IFRS if its first IFRS financial statements are for a period beginning on or after 1 January 2004. Earlier application is encouraged. If an entity's first IFRS financial statements are for a period beginning before 1 January 2004 and the entity applies this IFRS instead of SIC-8 
First-time application of IASs as the primary basis of accounting
, it shall disclose that fact.
47A
An entity shall apply the amendments in paragraphs 13(j) and 25E for annual periods beginning on or after 1 September 2004. If an entity applies IFRIC 1 for an earlier period, these amendments shall be applied for that earlier period.
47B
An entity shall apply the amendments in paragraphs 13(k) and 25F for annual periods beginning on or after 1 January 2006. If an entity applies IFRIC 4 for an earlier period, these amendments shall be applied for that earlier period.
47C
An entity shall apply the amendments in paragraph 36B for annual periods beginning on or after 1 January 2006. If an entity applies IFRS 6 for an earlier period, these amendments shall be applied for that earlier period.
47D
An entity shall apply the amendments in paragraph 20A for annual periods beginning on or after 1 January 2006. If an entity applies the amendments to IAS 19 Employee benefits — 
actuarial gains and losses, group plans and disclosures
 for an earlier period, these amendments shall be applied for that earlier period.
47E
An entity shall apply the amendments in paragraphs 13(l) and 25G for annual periods beginning on or after 1 January 2005. If an entity applies the amendments to IAS 39 Financial instruments: recognition and measurement — 
transition and initial recognition of financial assets and financial liabilities
 for an earlier period, these amendments shall be applied for that earlier period.
Appendix A
Defined terms
This appendix is an integral part of the IFRS.
Date of transition to IFRSs
The beginning of the earliest period for which an entity presents full comparative information under IFRSs in its first IFRS financial statements.
Deemed cost
An amount used as a surrogate for cost or depreciated cost at a given date. Subsequent depreciation or amortisation assumes that the entity had initially recognised the asset or liability at the given date and that its cost was equal to the deemed cost.
Fair value
The amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction.
First IFRS financial statements
The first annual financial statements in which an entity adopts International financial reporting standards (IFRSs), by an explicit and unreserved statement of compliance with IFRSs.
First IFRS reporting period
The reporting period ending on the reporting date of an entity's first IFRS financial statements.
First-time adopter
An entity that presents its first IFRS financial statements.
International financial reporting standards (IFRSs)
Standards and interpretations adopted by the International Accounting Standards Board (IASB). They comprise:
(a)
international financial reporting standards;
(b)
international accounting standards; and
(c)
interpretations originated by the International Financial Reporting Interpretations Committee (IFRIC) or the former Standing Interpretations Committee (SIC).
Opening IFRS balance sheet
An entity's balance sheet (published or unpublished) at the date of transition to IFRSs.
Previous GAAP
The basis of accounting that a first-time adopter used immediately before adopting IFRSs.
Reporting date
The end of the latest period covered by financial statements or by an interim financial report.
Appendix B
Business combinations
This appendix is an integral part of the IFRS.
B1
A first-time adopter may elect not to apply IFRS 3 
Business combinations
 retrospectively to past business combinations (business combinations that occurred before the date of transition to IFRSs). However, if a first-time adopter restates any business combination to comply with IFRS 3, it shall restate all later business combinations and shall also apply IAS 36 
Impairment of assets
 (as revised in 2004) and IAS 38 
Intangible assets
 (as revised in 2004) from that same date. For example, if a first-time adopter elects to restate a business combination that occurred on 30 June 2002, it shall restate all business combinations that occurred between 30 June 2002 and the date of transition to IFRSs, and it shall also apply IAS 36 (as revised in 2004) and IAS 38 (as revised in 2004) from 30 June 2002.
B1A
An entity need not apply IAS 21 
The effects of changes in foreign exchange rates
 (as revised in 2003) retrospectively to fair value adjustments and goodwill arising in business combinations that occurred before the date of transition to IFRSs. If the entity does not apply IAS 21 retrospectively to those fair value adjustments and goodwill, it shall treat them as assets and liabilities of the entity rather than as assets and liabilities of the acquiree. Therefore, those goodwill and fair value adjustments either are already expressed in the entity's functional currency or are non-monetary foreign currency items, which are reported using the exchange rate applied under previous GAAP.
B1B
An entity may apply IAS 21 retrospectively to fair value adjustments and goodwill arising in either:
(a)
all business combinations that occurred before the date of transition to IFRSs; or
(b)
all business combinations that the entity elects to restate to comply with IFRS 3, as permitted by paragraph B1 above.
B2
If a first-time adopter does not apply IFRS 3 retrospectively to a past business combination, this has the following consequences for that business combination:
(a)
The first-time adopter shall keep the same classification (as an acquisition by the legal acquirer, a reverse acquisition by the legal acquiree, or a uniting of interests) as in its previous GAAP financial statements.
(b)
The first-time adopter shall recognise all its assets and liabilities at the date of transition to IFRSs that were acquired or assumed in a past business combination, other than:
(i)
some financial assets and financial liabilities derecognised under previous GAAP (see paragraph 27); and
(ii)
assets, including goodwill, and liabilities that were not recognised in the acquirer's consolidated balance sheet under previous GAAP and also would not qualify for recognition under IFRSs in the separate balance sheet of the acquiree (see paragraph B2(f)-B2(i)).
The first-time adopter shall recognise any resulting change by adjusting retained earnings (or, if appropriate, another category of equity), unless the change results from the recognition of an intangible asset that was previously subsumed within goodwill (see paragraph B2(g)(i)).
(c)
The first-time adopter shall exclude from its opening IFRS balance sheet any item recognised under previous GAAP that does not qualify for recognition as an asset or liability under IFRSs. The first-time adopter shall account for the resulting change as follows:
(i)
the first-time adopter may have classified a past business combination as an acquisition and recognised as an intangible asset an item that does not qualify for recognition as an asset under IAS 38. It shall reclassify that item (and, if any, the related deferred tax and minority interests) as part of goodwill (unless it deducted goodwill directly from equity under previous GAAP, see paragraph B2(g)(i) and B2(i));
(ii)
the first-time adopter shall recognise all other resulting changes in retained earnings 
(
1
)
.
(d)
IFRSs require subsequent measurement of some assets and liabilities on a basis that is not based on original cost, such as fair value. The first-time adopter shall measure these assets and liabilities on that basis in its opening IFRS balance sheet, even if they were acquired or assumed in a past business combination. It shall recognise any resulting change in the carrying amount by adjusting retained earnings (or, if appropriate, another category of equity), rather than goodwill.
(e)
Immediately after the business combination, the carrying amount under previous GAAP of assets acquired and liabilities assumed in that business combination shall be their deemed cost under IFRSs at that date. If IFRSs require a cost-based measurement of those assets and liabilities at a later date, that deemed cost shall be the basis for cost-based depreciation or amortisation from the date of the business combination.
(f)
If an asset acquired, or liability assumed, in a past business combination was not recognised under previous GAAP, it does not have a deemed cost of zero in the opening IFRS balance sheet. Instead, the acquirer shall recognise and measure it in its consolidated balance sheet on the basis that IFRSs would require in the balance sheet of the acquiree. To illustrate: if the acquirer had not, under its previous GAAP, capitalised finance leases acquired in a past business combination, it shall capitalise those leases in its consolidated financial statements, as IAS 17 
Leases
 would require the acquiree to do in its IFRS balance sheet. Conversely, if an asset or liability was subsumed in goodwill under previous GAAP but would have been recognised separately under IFRS 3, that asset or liability remains in goodwill unless IFRSs would require its recognition in the financial statements of the acquiree.
(g)
The carrying amount of goodwill in the opening IFRS balance sheet shall be its carrying amount under previous GAAP at the date of transition to IFRSs, after the following three adjustments:
(i)
If required by paragraph B2(c)(i) above, the first-time adopter shall increase the carrying amount of goodwill when it reclassifies an item that it recognised as an intangible asset under previous GAAP. Similarly, if paragraph B2(f) requires the first-time adopter to recognise an intangible asset that was subsumed in recognised goodwill under previous GAAP, the first-time adopter shall decrease the carrying amount of goodwill accordingly (and, if applicable, adjust deferred tax and minority interests).
(ii)
A contingency affecting the amount of the purchase consideration for a past business combination may have been resolved before the date of transition to IFRSs. If a reliable estimate of the contingent adjustment can be made and its payment is probable, the first-time adopter shall adjust the goodwill by that amount. Similarly, the first-time adopter shall adjust the carrying amount of goodwill if a previously recognised contingent adjustment can no longer be measured reliably or its payment is no longer probable.
(iii)
Regardless of whether there is any indication that the goodwill may be impaired, the first-time adopter shall apply IAS 36 in testing the goodwill for impairment at the date of transition to IFRSs and in recognising any resulting impairment loss in retained earnings (or, if so required by IAS 36, in revaluation surplus). The impairment test shall be based on conditions at the date of transition to IFRSs.
(h)
No other adjustments shall be made to the carrying amount of goodwill at the date of transition to IFRSs. For example, the first-time adopter shall not restate the carrying amount of goodwill:
(i)
to exclude in-process research and development acquired in that business combination (unless the related intangible asset would qualify for recognition under IAS 38 in the balance sheet of the acquiree);
(ii)
to adjust previous amortisation of goodwill;
(iii)
to reverse adjustments to goodwill that IFRS 3 would not permit, but were made under previous GAAP because of adjustments to assets and liabilities between the date of the business combination and the date of transition to IFRSs.
(i)
If the first-time adopter recognised goodwill under previous GAAP as a deduction from equity:
(i)
it shall not recognise that goodwill in its opening IFRS balance sheet. Furthermore, it shall not transfer that goodwill to the income statement if it disposes of the subsidiary or if the investment in the subsidiary becomes impaired;
(ii)
adjustments resulting from the subsequent resolution of a contingency affecting the purchase consideration shall be recognised in retained earnings.
(j)
Under its previous GAAP, the first-time adopter may not have consolidated a subsidiary acquired in a past business combination (for example, because the parent did not regard it as a subsidiary under previous GAAP or did not prepare consolidated financial statements). The first-time adopter shall adjust the carrying amounts of the subsidiary's assets and liabilities to the amounts that IFRSs would require in the subsidiary's balance sheet. The deemed cost of goodwill equals the difference at the date of transition to IFRSs between:
(i)
the parent's interest in those adjusted carrying amounts; and
(ii)
the cost in the parent's separate financial statements of its investment in the subsidiary.
(k)
The measurement of minority interests and deferred tax follows from the measurement of other assets and liabilities. Therefore, the above adjustments to recognised assets and liabilities affect minority interests and deferred tax.
B3
The exemption for past business combinations also applies to past acquisitions of investments in associates and of interests in joint ventures. Furthermore, the date selected for paragraph B1 applies equally for all such acquisitions.
(
1
)
  Such changes include reclassifications from or to intangible assets if goodwill was not recognised under previous GAAP as an asset. This arises if, under previous GAAP, the entity (a) deducted goodwill directly from equity or (b) did not treat the business combination as an acquisition.
INTERNATIONAL FINANCIAL REPORTING STANDARD 2
Share-based payment
OBJECTIVE
1
The objective of this IFRS is to specify the financial reporting by an entity when it undertakes a 
share-based payment transaction
. In particular, it requires an entity to reflect in its profit or loss and financial position the effects of share-based payment transactions, including expenses associated with transactions in which 
share options
 are granted to employees.
SCOPE
2
An entity shall apply this IFRS in accounting for all share-based payment transactions, including:
(a)
equity-settled share-based payment transactions
, in which the entity receives goods or services as consideration for 
equity instruments
 of the entity (including shares or share options);
(b)
cash-settled share-based payment transactions
, in which the entity acquires goods or services by incurring liabilities to the supplier of those goods or services for amounts that are based on the price (or value) of the entity's shares or other equity instruments of the entity; and
(c)
transactions in which the entity receives or acquires goods or services and the terms of the arrangement provide either the entity or the supplier of those goods or services with a choice of whether the entity settles the transaction in cash (or other assets) or by issuing equity instruments;
except as noted in paragraphs 5 and 6.
3
For the purposes of this IFRS, transfers of an entity's equity instruments by its shareholders to parties that have supplied goods or services to the entity (including employees) are share-based payment transactions, unless the transfer is clearly for a purpose other than payment for goods or services supplied to the entity. This also applies to transfers of equity instruments of the entity's parent, or equity instruments of another entity in the same group as the entity, to parties that have supplied goods or services to the entity.
4
For the purposes of this IFRS, a transaction with an employee (or other party) in his/her capacity as a holder of equity instruments of the entity is not a share-based payment transaction. For example, if an entity grants all holders of a particular class of its equity instruments the right to acquire additional equity instruments of the entity at a price that is less than the fair value of those equity instruments, and an employee receives such a right because he/she is a holder of equity instruments of that particular class, the granting or exercise of that right is not subject to the requirements of this IFRS.
5
As noted in paragraph 2, this IFRS applies to share-based payment transactions in which an entity acquires or receives goods or services. Goods includes inventories, consumables, property, plant and equipment, intangible assets and other non-financial assets. However, an entity shall not apply this IFRS to transactions in which the entity acquires goods as part of the net assets acquired in a business combination to which IFRS 3 
Business combinations
 applies. Hence, equity instruments issued in a business combination in exchange for control of the acquiree are not within the scope of this IFRS. However, equity instruments granted to employees of the acquiree in their capacity as employees (e.g. in return for continued service) are within the scope of this IFRS. Similarly, the cancellation, replacement or other modification of 
share-based payment arrangements
 because of a business combination or other equity restructuring shall be accounted for in accordance with this IFRS.
6
This IFRS does not apply to share-based payment transactions in which the entity receives or acquires goods or services under a contract within the scope of paragraphs 8-10 of IAS 32 
Financial instruments: presentation
 (as revised in 2003) 
(
1
)
 or paragraphs 5-7 of IAS 39 
Financial instruments: recognition and measurement
 (as revised in 2003).
RECOGNITION
7
An entity shall recognise the goods or services received or acquired in a share-based payment transaction when it obtains the goods or as the services are received. The entity shall recognise a corresponding increase in equity if the goods or services were received in an equity-settled share-based payment transaction, or a liability if the goods or services were acquired in a cash-settled share-based payment transaction.
8
When the goods or services received or acquired in a share-based payment transaction do not qualify for recognition as assets, they shall be recognised as expenses.
9
Typically, an expense arises from the consumption of goods or services. For example, services are typically consumed immediately, in which case an expense is recognised as the counterparty renders service. Goods might be consumed over a period of time or, in the case of inventories, sold at a later date, in which case an expense is recognised when the goods are consumed or sold. However, sometimes it is necessary to recognise an expense before the goods or services are consumed or sold, because they do not qualify for recognition as assets. For example, an entity might acquire goods as part of the research phase of a project to develop a new product. Although those goods have not been consumed, they might not qualify for recognition as assets under the applicable IFRS.
EQUITY-SETTLED SHARE-BASED PAYMENT TRANSACTIONS
Overview
10
For equity-settled share-based payment transactions, the entity shall measure the goods or services received, and the corresponding increase in equity, directly, at the fair value of the goods or services received, unless that fair value cannot be estimated reliably. If the entity cannot estimate reliably the fair value of the goods or services received, the entity shall measure their value, and the corresponding increase in equity, indirectly, by reference to 
(
2
)
 the fair value of the equity instruments granted.
11
To apply the requirements of paragraph 10 to transactions with 
employees and others providing similar services
 
(
3
)
, the entity shall measure the fair value of the services received by reference to the fair value of the equity instruments granted, because typically it is not possible to estimate reliably the fair value of the services received, as explained in paragraph 12. The fair value of those equity instruments shall be measured at 
grant date
.
12
Typically, shares, share options or other equity instruments are granted to employees as part of their remuneration package, in addition to a cash salary and other employment benefits. Usually, it is not possible to measure directly the services received for particular components of the employee's remuneration package. It might also not be possible to measure the fair value of the total remuneration package independently, without measuring directly the fair value of the equity instruments granted. Furthermore, shares or share options are sometimes granted as part of a bonus arrangement, rather than as a part of basic remuneration, e.g. as an incentive to the employees to remain in the entity's employ or to reward them for their efforts in improving the entity's performance. By granting shares or share options, in addition to other remuneration, the entity is paying additional remuneration to obtain additional benefits. Estimating the fair value of those additional benefits is likely to be difficult. Because of the difficulty of measuring directly the fair value of the services received, the entity shall measure the fair value of the employee services received by reference to the fair value of the equity instruments granted.
13
To apply the requirements of paragraph 10 to transactions with parties other than employees, there shall be a rebuttable presumption that the fair value of the goods or services received can be estimated reliably. That fair value shall be measured at the date the entity obtains the goods or the counterparty renders service. In rare cases, if the entity rebuts this presumption because it cannot estimate reliably the fair value of the goods or services received, the entity shall measure the goods or services received, and the corresponding increase in equity, indirectly, by reference to the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders service.
Transactions in which services are received
14
If the equity instruments granted 
vest
 immediately, the counterparty is not required to complete a specified period of service before becoming unconditionally entitled to those equity instruments. In the absence of evidence to the contrary, the entity shall presume that services rendered by the counterparty as consideration for the equity instruments have been received. In this case, on grant date the entity shall recognise the services received in full, with a corresponding increase in equity.
15
If the equity instruments granted do not vest until the counterparty completes a specified period of service, the entity shall presume that the services to be rendered by the counterparty as consideration for those equity instruments will be received in the future, during the 
vesting period
. The entity shall account for those services as they are rendered by the counterparty during the vesting period, with a corresponding increase in equity. For example:
(a)
if an employee is granted share options conditional upon completing three years' service, then the entity shall presume that the services to be rendered by the employee as consideration for the share options will be received in the future, over that three-year vesting period;
(b)
if an employee is granted share options conditional upon the achievement of a performance condition and remaining in the entity's employ until that performance condition is satisfied, and the length of the vesting period varies depending on when that performance condition is satisfied, the entity shall presume that the services to be rendered by the employee as consideration for the share options will be received in the future, over the expected vesting period. The entity shall estimate the length of the expected vesting period at grant date, based on the most likely outcome of the performance condition. If the performance condition is a 
market condition
, the estimate of the length of the expected vesting period shall be consistent with the assumptions used in estimating the fair value of the options granted, and shall not be subsequently revised. If the performance condition is not a market condition, the entity shall revise its estimate of the length of the vesting period, if necessary, if subsequent information indicates that the length of the vesting period differs from previous estimates.
Transactions measured by reference to the fair value of the equity instruments granted
Determining the fair value of equity instruments granted
16
For transactions measured by reference to the fair value of the equity instruments granted, an entity shall measure the fair value of equity instruments granted at the 
measurement date
, based on market prices if available, taking into account the terms and conditions upon which those equity instruments were granted (subject to the requirements of paragraphs 19-22).
17
If market prices are not available, the entity shall estimate the fair value of the equity instruments granted using a valuation technique to estimate what the price of those equity instruments would have been on the measurement date in an arm's length transaction between knowledgeable, willing parties. The valuation technique shall be consistent with generally accepted valuation methodologies for pricing financial instruments, and shall incorporate all factors and assumptions that knowledgeable, willing market participants would consider in setting the price (subject to the requirements of paragraphs 19-22).
18
Appendix B contains further guidance on the measurement of the fair value of shares and share options, focusing on the specific terms and conditions that are common features of a grant of shares or share options to employees.
Treatment of vesting conditions
19
A grant of equity instruments might be conditional upon satisfying specified 
vesting conditions
. For example, a grant of shares or share options to an employee is typically conditional on the employee remaining in the entity's employ for a specified period of time. There might be performance conditions that must be satisfied, such as the entity achieving a specified growth in profit or a specified increase in the entity's share price. Vesting conditions, other than market conditions, shall not be taken into account when estimating the fair value of the shares or share options at the measurement date. Instead, vesting conditions shall be taken into account by adjusting the number of equity instruments included in the measurement of the transaction amount so that, ultimately, the amount recognised for goods or services received as consideration for the equity instruments granted shall be based on the number of equity instruments that eventually vest. Hence, on a cumulative basis, no amount is recognised for goods or services received if the equity instruments granted do not vest because of failure to satisfy a vesting condition, e.g. the counterparty fails to complete a specified service period, or a performance condition is not satisfied, subject to the requirements of paragraph 21.
20
To apply the requirements of paragraph 19, the entity shall recognise an amount for the goods or services received during the vesting period based on the best available estimate of the number of equity instruments expected to vest and shall revise that estimate, if necessary, if subsequent information indicates that the number of equity instruments expected to vest differs from previous estimates. On vesting date, the entity shall revise the estimate to equal the number of equity instruments that ultimately vested, subject to the requirements of paragraph 21.
21
Market conditions, such as a target share price upon which vesting (or exercisability) is conditioned, shall be taken into account when estimating the fair value of the equity instruments granted. Therefore, for grants of equity instruments with market conditions, the entity shall recognise the goods or services received from a counterparty who satisfies all other vesting conditions (e.g. services received from an employee who remains in service for the specified period of service), irrespective of whether that market condition is satisfied.
Treatment of a reload feature
22
For options with a 
reload feature
, the reload feature shall not be taken into account when estimating the fair value of options granted at the measurement date. Instead, a 
reload option
 shall be accounted for as a new option grant, if and when a reload option is subsequently granted.
After vesting date
23
Having recognised the goods or services received in accordance with paragraphs 10-22, and a corresponding increase in equity, the entity shall make no subsequent adjustment to total equity after vesting date. For example, the entity shall not subsequently reverse the amount recognised for services received from an employee if the vested equity instruments are later forfeited or, in the case of share options, the options are not exercised. However, this requirement does not preclude the entity from recognising a transfer within equity, i.e. a transfer from one component of equity to another.
If the fair value of the equity instruments cannot be estimated reliably
24
The requirements in paragraphs 16-23 apply when the entity is required to measure a share-based payment transaction by reference to the fair value of the equity instruments granted. In rare cases, the entity may be unable to estimate reliably the fair value of the equity instruments granted at the measurement date, in accordance with the requirements in paragraphs 16-22. In these rare cases only, the entity shall instead:
(a)
measure the equity instruments at their 
intrinsic value
, initially at the date the entity obtains the goods or the counterparty renders service and subsequently at each reporting date and at the date of final settlement, with any change in intrinsic value recognised in profit or loss. For a grant of share options, the share-based payment arrangement is finally settled when the options are exercised, are forfeited (e.g. upon cessation of employment) or lapse (e.g. at the end of the option's life);
(b)
recognise the goods or services received based on the number of equity instruments that ultimately vest or (where applicable) are ultimately exercised. To apply this requirement to share options, for example, the entity shall recognise the goods or services received during the vesting period, if any, in accordance with paragraphs 14 and 15, except that the requirements in paragraph 15(b) concerning a market condition do not apply. The amount recognised for goods or services received during the vesting period shall be based on the number of share options expected to vest. The entity shall revise that estimate, if necessary, if subsequent information indicates that the number of share options expected to vest differs from previous estimates. On vesting date, the entity shall revise the estimate to equal the number of equity instruments that ultimately vested. After vesting date, the entity shall reverse the amount recognised for goods or services received if the share options are later forfeited, or lapse at the end of the share option's life.
25
If an entity applies paragraph 24, it is not necessary to apply paragraphs 26-29, because any modifications to the terms and conditions on which the equity instruments were granted will be taken into account when applying the intrinsic value method set out in paragraph 24. However, if an entity settles a grant of equity instruments to which paragraph 24 has been applied:
(a)
if the settlement occurs during the vesting period, the entity shall account for the settlement as an acceleration of vesting, and shall therefore recognise immediately the amount that would otherwise have been recognised for services received over the remainder of the vesting period;
(b)
any payment made on settlement shall be accounted for as the repurchase of equity instruments, i.e. as a deduction from equity, except to the extent that the payment exceeds the intrinsic value of the equity instruments, measured at the repurchase date. Any such excess shall be recognised as an expense.
Modifications to the terms and conditions on which equity instruments were granted, including cancellations and settlements
26
An entity might modify the terms and conditions on which the equity instruments were granted. For example, it might reduce the exercise price of options granted to employees (i.e. reprice the options), which increases the fair value of those options. The requirements in paragraphs 27-29 to account for the effects of modifications are expressed in the context of share-based payment transactions with employees. However, the requirements shall also be applied to share-based payment transactions with parties other than employees that are measured by reference to the fair value of the equity instruments granted. In the latter case, any references in paragraphs 27-29 to grant date shall instead refer to the date the entity obtains the goods or the counterparty renders service.
27
The entity shall recognise, as a minimum, the services received measured at the grant date fair value of the equity instruments granted, unless those equity instruments do not vest because of failure to satisfy a vesting condition (other than a market condition) that was specified at grant date. This applies irrespective of any modifications to the terms and conditions on which the equity instruments were granted, or a cancellation or settlement of that grant of equity instruments. In addition, the entity shall recognise the effects of modifications that increase the total fair value of the share-based payment arrangement or are otherwise beneficial to the employee. Guidance on applying this requirement is given in Appendix B.
28
If the entity cancels or settles a grant of equity instruments during the vesting period (other than a grant cancelled by forfeiture when the vesting conditions are not satisfied):
(a)
the entity shall account for the cancellation or settlement as an acceleration of vesting, and shall therefore recognise immediately the amount that otherwise would have been recognised for services received over the remainder of the vesting period;
(b)
any payment made to the employee on the cancellation or settlement of the grant shall be accounted for as the repurchase of an equity interest, i.e. as a deduction from equity, except to the extent that the payment exceeds the fair value of the equity instruments granted, measured at the repurchase date. Any such excess shall be recognised as an expense;
(c)
if new equity instruments are granted to the employee and, on the date when those new equity instruments are granted, the entity identifies the new equity instruments granted as replacement equity instruments for the cancelled equity instruments, the entity shall account for the granting of replacement equity instruments in the same way as a modification of the original grant of equity instruments, in accordance with paragraph 27 and the guidance in Appendix B. The incremental fair value granted is the difference between the fair value of the replacement equity instruments and the net fair value of the cancelled equity instruments, at the date the replacement equity instruments are granted. The net fair value of the cancelled equity instruments is their fair value, immediately before the cancellation, less the amount of any payment made to the employee on cancellation of the equity instruments that is accounted for as a deduction from equity in accordance with (b) above. If the entity does not identify new equity instruments granted as replacement equity instruments for the cancelled equity instruments, the entity shall account for those new equity instruments as a new grant of equity instruments.
29
If an entity repurchases vested equity instruments, the payment made to the employee shall be accounted for as a deduction from equity, except to the extent that the payment exceeds the fair value of the equity instruments repurchased, measured at the repurchase date. Any such excess shall be recognised as an expense.
CASH-SETTLED SHARE-BASED PAYMENT TRANSACTIONS
30
For cash-settled share-based payment transactions, the entity shall measure the goods or services acquired and the liability incurred at the fair value of the liability. Until the liability is settled, the entity shall remeasure the fair value of the liability at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period.
31
For example, an entity might grant share appreciation rights to employees as part of their remuneration package, whereby the employees will become entitled to a future cash payment (rather than an equity instrument), based on the increase in the entity's share price from a specified level over a specified period of time. Or an entity might grant to its employees a right to receive a future cash payment by granting to them a right to shares (including shares to be issued upon the exercise of share options) that are redeemable, either mandatorily (e.g. upon cessation of employment) or at the employee's option.
32
The entity shall recognise the services received, and a liability to pay for those services, as the employees render service. For example, some share appreciation rights vest immediately, and the employees are therefore not required to complete a specified period of service to become entitled to the cash payment. In the absence of evidence to the contrary, the entity shall presume that the services rendered by the employees in exchange for the share appreciation rights have been received. Thus, the entity shall recognise immediately the services received and a liability to pay for them. If the share appreciation rights do not vest until the employees have completed a specified period of service, the entity shall recognise the services received, and a liability to pay for them, as the employees render service during that period.
33
The liability shall be measured, initially and at each reporting date until settled, at the fair value of the share appreciation rights, by applying an option pricing model, taking into account the terms and conditions on which the share appreciation rights were granted, and the extent to which the employees have rendered service to date.
SHARE-BASED PAYMENT TRANSACTIONS WITH CASH ALTERNATIVES
34
For share-based payment transactions in which the terms of the arrangement provide either the entity or the counterparty with the choice of whether the entity settles the transaction in cash (or other assets) or by issuing equity instruments, the entity shall account for that transaction, or the components of that transaction, as a cash-settled share-based payment transaction if, and to the extent that, the entity has incurred a liability to settle in cash or other assets, or as an equity-settled share-based payment transaction if, and to the extent that, no such liability has been incurred.
Share-based payment transactions in which the terms of the arrangement provide the counterparty with a choice of settlement
35
If an entity has granted the counterparty the right to choose whether a share-based payment transaction is settled in cash 
(
4
)
 or by issuing equity instruments, the entity has granted a compound financial instrument, which includes a debt component (i.e. the counterparty's right to demand payment in cash) and an equity component (i.e. the counterparty's right to demand settlement in equity instruments rather than in cash). For transactions with parties other than employees, in which the fair value of the goods or services received is measured directly, the entity shall measure the equity component of the compound financial instrument as the difference between the fair value of the goods or services received and the fair value of the debt component, at the date when the goods or services are received.
36
For other transactions, including transactions with employees, the entity shall measure the fair value of the compound financial instrument at the measurement date, taking into account the terms and conditions on which the rights to cash or equity instruments were granted.
37
To apply paragraph 36, the entity shall first measure the fair value of the debt component, and then measure the fair value of the equity component — taking into account that the counterparty must forfeit the right to receive cash in order to receive the equity instrument. The fair value of the compound financial instrument is the sum of the fair values of the two components. However, share-based payment transactions in which the counterparty has the choice of settlement are often structured so that the fair value of one settlement alternative is the same as the other. For example, the counterparty might have the choice of receiving share options or cash-settled share appreciation rights. In such cases, the fair value of the equity component is zero, and hence the fair value of the compound financial instrument is the same as the fair value of the debt component. Conversely, if the fair values of the settlement alternatives differ, the fair value of the equity component usually will be greater than zero, in which case the fair value of the compound financial instrument will be greater than the fair value of the debt component.
38
The entity shall account separately for the goods or services received or acquired in respect of each component of the compound financial instrument. For the debt component, the entity shall recognise the goods or services acquired, and a liability to pay for those goods or services, as the counterparty supplies goods or renders service, in accordance with the requirements applying to cash-settled share-based payment transactions (paragraphs 30–33). For the equity component (if any), the entity shall recognise the goods or services received, and an increase in equity, as the counterparty supplies goods or renders service, in accordance with the requirements applying to equity-settled share-based payment transactions (paragraphs 10-29).
39
At the date of settlement, the entity shall remeasure the liability to its fair value. If the entity issues equity instruments on settlement rather than paying cash, the liability shall be transferred direct to equity, as the consideration for the equity instruments issued.
40
If the entity pays in cash on settlement rather than issuing equity instruments, that payment shall be applied to settle the liability in full. Any equity component previously recognised shall remain within equity. By electing to receive cash on settlement, the counterparty forfeited the right to receive equity instruments. However, this requirement does not preclude the entity from recognising a transfer within equity, i.e. a transfer from one component of equity to another.
Share-based payment transactions in which the terms of the arrangement provide the entity with a choice of settlement
41
For a share-based payment transaction in which the terms of the arrangement provide an entity with the choice of whether to settle in cash or by issuing equity instruments, the entity shall determine whether it has a present obligation to settle in cash and account for the share-based payment transaction accordingly. The entity has a present obligation to settle in cash if the choice of settlement in equity instruments has no commercial substance (e.g. because the entity is legally prohibited from issuing shares), or the entity has a past practice or a stated policy of settling in cash, or generally settles in cash whenever the counterparty asks for cash settlement.
42
If the entity has a present obligation to settle in cash, it shall account for the transaction in accordance with the requirements applying to cash-settled share-based payment transactions, in paragraphs 30-33.
43
If no such obligation exists, the entity shall account for the transaction in accordance with the requirements applying to equity-settled share-based payment transactions, in paragraphs 10-29. Upon settlement:
(a)
if the entity elects to settle in cash, the cash payment shall be accounted for as the repurchase of an equity interest, i.e. as a deduction from equity, except as noted in (c) below;
(b)
if the entity elects to settle by issuing equity instruments, no further accounting is required (other than a transfer from one component of equity to another, if necessary), except as noted in (c) below;
(c)
if the entity elects the settlement alternative with the higher fair value, as at the date of settlement, the entity shall recognise an additional expense for the excess value given, i.e. the difference between the cash paid and the fair value of the equity instruments that would otherwise have been issued, or the difference between the fair value of the equity instruments issued and the amount of cash that would otherwise have been paid, whichever is applicable.
DISCLOSURES
44
An entity shall disclose information that enables users of the financial statements to understand the nature and extent of share-based payment arrangements that existed during the period.
45
To give effect to the principle in paragraph 44, the entity shall disclose at least the following:
(a)
a description of each type of share-based payment arrangement that existed at any time during the period, including the general terms and conditions of each arrangement, such as vesting requirements, the maximum term of options granted, and the method of settlement (e.g. whether in cash or equity). An entity with substantially similar types of share-based payment arrangements may aggregate this information, unless separate disclosure of each arrangement is necessary to satisfy the principle in paragraph 44;
(b)
the number and weighted average exercise prices of share options for each of the following groups of options:
(i)
outstanding at the beginning of the period;
(ii)
granted during the period;
(iii)
forfeited during the period;
(iv)
exercised during the period;
(v)
expired during the period;
(vi)
outstanding at the end of the period; and
(vii)
exercisable at the end of the period;
(c)
for share options exercised during the period, the weighted average share price at the date of exercise. If options were exercised on a regular basis throughout the period, the entity may instead disclose the weighted average share price during the period;
(d)
for share options outstanding at the end of the period, the range of exercise prices and weighted average remaining contractual life. If the range of exercise prices is wide, the outstanding options shall be divided into ranges that are meaningful for assessing the number and timing of additional shares that may be issued and the cash that may be received upon exercise of those options.
46
An entity shall disclose information that enables users of the financial statements to understand how the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period was determined.
47
If the entity has measured the fair value of goods or services received as consideration for equity instruments of the entity indirectly, by reference to the fair value of the equity instruments granted, to give effect to the principle in paragraph 46, the entity shall disclose at least the following:
(a)
for share options granted during the period, the weighted average fair value of those options at the measurement date and information on how that fair value was measured, including:
(i)
the option pricing model used and the inputs to that model, including the weighted average share price, exercise price, expected volatility, option life, expected dividends, the risk-free interest rate and any other inputs to the model, including the method used and the assumptions made to incorporate the effects of expected early exercise;
(ii)
how expected volatility was determined, including an explanation of the extent to which expected volatility was based on historical volatility; and
(iii)
whether and how any other features of the option grant were incorporated into the measurement of fair value, such as a market condition;
(b)
for other equity instruments granted during the period (i.e. other than share options), the number and weighted average fair value of those equity instruments at the measurement date, and information on how that fair value was measured, including:
(i)
if fair value was not measured on the basis of an observable market price, how it was determined;
(ii)
whether and how expected dividends were incorporated into the measurement of fair value; and
(iii)
whether and how any other features of the equity instruments granted were incorporated into the measurement of fair value;
(c)
for share-based payment arrangements that were modified during the period:
(i)
an explanation of those modifications;
(ii)
the incremental fair value granted (as a result of those modifications); and
(iii)
information on how the incremental fair value granted was measured, consistently with the requirements set out in (a) and (b) above, where applicable.
48
If the entity has measured directly the fair value of goods or services received during the period, the entity shall disclose how that fair value was determined, e.g. whether fair value was measured at a market price for those goods or services.
49
If the entity has rebutted the presumption in paragraph 13, it shall disclose that fact, and give an explanation of why the presumption was rebutted.
50
An entity shall disclose information that enables users of the financial statements to understand the effect of share-based payment transactions on the entity's profit or loss for the period and on its financial position.
51
To give effect to the principle in paragraph 50, the entity shall disclose at least the following:
(a)
the total expense recognised for the period arising from share-based payment transactions in which the goods or services received did not qualify for recognition as assets and hence were recognised immediately as an expense, including separate disclosure of that portion of the total expense that arises from transactions accounted for as equity-settled share-based payment transactions;
(b)
for liabilities arising from share-based payment transactions:
(i)
the total carrying amount at the end of the period; and
(ii)
the total intrinsic value at the end of the period of liabilities for which the counterparty's right to cash or other assets had vested by the end of the period (e.g. vested share appreciation rights).
52
If the information required to be disclosed by this IFRS does not satisfy the principles in paragraphs 44, 46 and 50, the entity shall disclose such additional information as is necessary to satisfy them.
TRANSITIONAL PROVISIONS
53
For equity-settled share-based payment transactions, the entity shall apply this IFRS to grants of shares, share options or other equity instruments that were granted after 7 November 2002 and had not yet vested at the effective date of this IFRS.
54
The entity is encouraged, but not required, to apply this IFRS to other grants of equity instruments if the entity has disclosed publicly the fair value of those equity instruments, determined at the measurement date.
55
For all grants of equity instruments to which this IFRS is applied, the entity shall restate comparative information and, where applicable, adjust the opening balance of retained earnings for the earliest period presented.
56
For all grants of equity instruments to which this IFRS has not been applied (e.g. equity instruments granted on or before 7 November 2002), the entity shall nevertheless disclose the information required by paragraphs 44 and 45.
57
If, after the IFRS becomes effective, an entity modifies the terms or conditions of a grant of equity instruments to which this IFRS has not been applied, the entity shall nevertheless apply paragraphs 26-29 to account for any such modifications.
58
For liabilities arising from share-based payment transactions existing at the effective date of this IFRS, the entity shall apply the IFRS retrospectively. For these liabilities, the entity shall restate comparative information, including adjusting the opening balance of retained earnings in the earliest period presented for which comparative information has been restated, except that the entity is not required to restate comparative information to the extent that the information relates to a period or date that is earlier than 7 November 2002.
59
The entity is encouraged, but not required, to apply retrospectively the IFRS to other liabilities arising from share-based payment transactions, for example, to liabilities that were settled during a period for which comparative information is presented.
EFFECTIVE DATE
60
An entity shall apply this IFRS for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. If an entity applies the IFRS for a period beginning before 1 January 2005, it shall disclose that fact.
(
1
)
  The title of IAS 32 was amended in 2005.
(
2
)
  This IFRS uses the phrase ‘by reference to’ rather than ‘at’, because the transaction is ultimately measured by multiplying the fair value of the equity instruments granted, measured at the date specified in paragraph 11 or 13 (whichever is applicable), by the number of equity instruments that vest, as explained in paragraph 19.
(
3
)
  In the remainder of this IFRS, all references to employees also includes others providing similar services.
(
4
)
  In paragraphs 35-43, all references to cash also include other assets of the entity.
Appendix A
Defined terms
This appendix is an integral part of the IFRS.
Cash-settled share-based payment transaction
A share-based payment transaction in which the entity acquires goods or services by incurring a liability to transfer cash or other assets to the supplier of those goods or services for amounts that are based on the price (or value) of the entity's shares or other equity instruments of the entity.
Employees and others providing similar services
Individuals who render personal services to the entity and either (a) the individuals are regarded as employees for legal or tax purposes, (b) the individuals work for the entity under its direction in the same way as individuals who are regarded as employees for legal or tax purposes, or (c) the services rendered are similar to those rendered by employees. For example, the term encompasses all management personnel, i.e. those persons having authority and responsibility for planning, directing and controlling the activities of the entity, including non-executive directors.
Equity instrument
A contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities
 (
1
)
.
Equity instrument granted
The right (conditional or unconditional) to an equity instrument of the entity conferred by the entity on another party, under a share-based payment arrangement.
Equity-settled share-based payment transaction
A share-based payment transaction in which the entity receives goods or services as consideration for equity instruments of the entity (including shares or share options).
Fair value
The amount for which an asset could be exchanged, a liability settled, or an equity instrument granted could be exchanged, between knowledgeable, willing parties in an arm's length transaction.
Grant date
The date at which the entity and another party (including an employee) agree to a share-based payment arrangement, being when the entity and the counterparty have a shared understanding of the terms and conditions of the arrangement. At grant date the entity confers on the counterparty the right to cash, other assets, or equity instruments of the entity, provided the specified vesting conditions, if any, are met. If that agreement is subject to an approval process (for example, by shareholders), grant date is the date when that approval is obtained.
Intrinsic value
The difference between the fair value of the shares to which the counterparty has the (conditional or unconditional) right to subscribe or which it has the right to receive, and the price (if any) the counterparty is (or will be) required to pay for those shares. For example, a share option with an exercise price of CU15
 (
2
)
, on a share with a fair value of CU20, has an intrinsic value of CU5.
Market condition
A condition upon which the exercise price, vesting or exercisability of an equity instrument depends that is related to the market price of the entity's equity instruments, such as attaining a specified share price or a specified amount of intrinsic value of a share option, or achieving a specified target that is based on the market price of the entity's equity instruments relative to an index of market prices of equity instruments of other entities.
Measurement date
The date at which the fair value of the equity instruments granted is measured for the purposes of this IFRS. For transactions with employees and others providing similar services, the measurement date is grant date. For transactions with parties other than employees (and those providing similar services), the measurement date is the date the entity obtains the goods or the counterparty renders service.
Reload feature
A feature that provides for an automatic grant of additional share options whenever the option holder exercises previously granted options using the entity's shares, rather than cash, to satisfy the exercise price.
Reload option
A new share option granted when a share is used to satisfy the exercise price of a previous share option.
Share-based payment arrangement
An agreement between the entity and another party (including an employee) to enter into a share-based payment transaction, which thereby entitles the other party to receive cash or other assets of the entity for amounts that are based on the price of the entity's shares or other equity instruments of the entity, or to receive equity instruments of the entity, provided the specified vesting conditions, if any, are met.
Share-based payment transaction
A transaction in which the entity receives goods or services as consideration for equity instruments of the entity (including shares or share options), or acquires goods or services by incurring liabilities to the supplier of those goods or services for amounts that are based on the price of the entity's shares or other equity instruments of the entity.
Share option
A contract that gives the holder the right, but not the obligation, to subscribe to the entity's shares at a fixed or determinable price for a specified period of time.
Vest
To become an entitlement. Under a share-based payment arrangement, a counterparty's right to receive cash, other assets, or equity instruments of the entity vests upon satisfaction of any specified vesting conditions.
Vesting conditions
The conditions that must be satisfied for the counterparty to become entitled to receive cash, other assets or equity instruments of the entity, under a share-based payment arrangement. Vesting conditions include service conditions, which require the other party to complete a specified period of service, and performance conditions, which require specified performance targets to be met (such as a specified increase in the entity's profit over a specified period of time).
Vesting period
The period during which all the specified vesting conditions of a share-based payment arrangement are to be satisfied.
(
1
)
  The 
Framework
 defines a liability as a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits (i.e. an outflow of cash or other assets of the entity).
(
2
)
  In this appendix, monetary amounts are denominated in ‘currency units’ (CU).
Appendix B
Application Guidance
This appendix is an integral part of the IFRS.
Estimating the fair value of equity instruments granted
B1
Paragraphs B2-B41 of this appendix discuss measurement of the fair value of shares and share options granted, focusing on the specific terms and conditions that are common features of a grant of shares or share options to employees. Therefore, it is not exhaustive. Furthermore, because the valuation issues discussed below focus on shares and share options granted to employees, it is assumed that the fair value of the shares or share options is measured at grant date. However, many of the valuation issues discussed below (e.g. determining expected volatility) also apply in the context of estimating the fair value of shares or share options granted to parties other than employees at the date the entity obtains the goods or the counterparty renders service.
Shares
B2
For shares granted to employees, the fair value of the shares shall be measured at the market price of the entity's shares (or an estimated market price, if the entity's shares are not publicly traded), adjusted to take into account the terms and conditions upon which the shares were granted (except for vesting conditions that are excluded from the measurement of fair value in accordance with paragraphs 19-21).
B3
For example, if the employee is not entitled to receive dividends during the vesting period, this factor shall be taken into account when estimating the fair value of the shares granted. Similarly, if the shares are subject to restrictions on transfer after vesting date, that factor shall be taken into account, but only to the extent that the post-vesting restrictions affect the price that a knowledgeable, willing market participant would pay for that share. For example, if the shares are actively traded in a deep and liquid market, post-vesting transfer restrictions may have little, if any, effect on the price that a knowledgeable, willing market participant would pay for those shares. Restrictions on transfer or other restrictions that exist during the vesting period shall not be taken into account when estimating the grant date fair value of the shares granted, because those restrictions stem from the existence of vesting conditions, which are accounted for in accordance with paragraphs 19-21.
Share options
B4
For share options granted to employees, in many cases market prices are not available, because the options granted are subject to terms and conditions that do not apply to traded options. If traded options with similar terms and conditions do not exist, the fair value of the options granted shall be estimated by applying an option pricing model.
B5
The entity shall consider factors that knowledgeable, willing market participants would consider in selecting the option pricing model to apply. For example, many employee options have long lives, are usually exercisable during the period between vesting date and the end of the options' life, and are often exercised early. These factors should be considered when estimating the grant date fair value of the options. For many entities, this might preclude the use of the Black-Scholes-Merton formula, which does not allow for the possibility of exercise before the end of the option's life and may not adequately reflect the effects of expected early exercise. It also does not allow for the possibility that expected volatility and other model inputs might vary over the option's life. However, for share options with relatively short contractual lives, or that must be exercised within a short period of time after vesting date, the factors identified above may not apply. In these instances, the Black-Scholes-Merton formula may produce a value that is substantially the same as a more flexible option pricing model.
B6
All option pricing models take into account, as a minimum, the following factors:
(a)
the exercise price of the option;
(b)
the life of the option;
(c)
the current price of the underlying shares;
(d)
the expected volatility of the share price;
(e)
the dividends expected on the shares (if appropriate); and
(f)
the risk-free interest rate for the life of the option.
B7
Other factors that knowledgeable, willing market participants would consider in setting the price shall also be taken into account (except for vesting conditions and reload features that are excluded from the measurement of fair value in accordance with paragraphs 19-22).
B8
For example, a share option granted to an employee typically cannot be exercised during specified periods (e.g. during the vesting period or during periods specified by securities regulators). This factor shall be taken into account if the option pricing model applied would otherwise assume that the option could be exercised at any time during its life. However, if an entity uses an option pricing model that values options that can be exercised only at the end of the options' life, no adjustment is required for the inability to exercise them during the vesting period (or other periods during the options' life), because the model assumes that the options cannot be exercised during those periods.
B9
Similarly, another factor common to employee share options is the possibility of early exercise of the option, for example, because the option is not freely transferable, or because the employee must exercise all vested options upon cessation of employment. The effects of expected early exercise shall be taken into account, as discussed in paragraphs B16-B21.
B10
Factors that a knowledgeable, willing market participant would not consider in setting the price of a share option (or other equity instrument) shall not be taken into account when estimating the fair value of share options (or other equity instruments) granted. For example, for share options granted to employees, factors that affect the value of the option from the individual employee's perspective only are not relevant to estimating the price that would be set by a knowledgeable, willing market participant.
Inputs to option pricing models
B11
In estimating the expected volatility of and dividends on the underlying shares, the objective is to approximate the expectations that would be reflected in a current market or negotiated exchange price for the option. Similarly, when estimating the effects of early exercise of employee share options, the objective is to approximate the expectations that an outside party with access to detailed information about employees' exercise behaviour would develop based on information available at the grant date.
B12
Often, there is likely to be a range of reasonable expectations about future volatility, dividends and exercise behaviour. If so, an expected value should be calculated, by weighting each amount within the range by its associated probability of occurrence.
B13
Expectations about the future are generally based on experience, modified if the future is reasonably expected to differ from the past. In some circumstances, identifiable factors may indicate that unadjusted historical experience is a relatively poor predictor of future experience. For example, if an entity with two distinctly different lines of business disposes of the one that was significantly less risky than the other, historical volatility may not be the best information on which to base reasonable expectations for the future.
B14
In other circumstances, historical information may not be available. For example, a newly listed entity will have little, if any, historical data on the volatility of its share price. Unlisted and newly listed entities are discussed further below.
B15
In summary, an entity should not simply base estimates of volatility, exercise behaviour and dividends on historical information without considering the extent to which the past experience is expected to be reasonably predictive of future experience.
Expected early exercise
B16
Employees often exercise share options early, for a variety of reasons. For example, employee share options are typically non-transferable. This often causes employees to exercise their share options early, because that is the only way for the employees to liquidate their position. Also, employees who cease employment are usually required to exercise any vested options within a short period of time, otherwise the share options are forfeited. This factor also causes the early exercise of employee share options. Other factors causing early exercise are risk aversion and lack of wealth diversification.
B17
The means by which the effects of expected early exercise are taken into account depends upon the type of option pricing model applied. For example, expected early exercise could be taken into account by using an estimate of the option's expected life (which, for an employee share option, is the period of time from grant date to the date on which the option is expected to be exercised) as an input into an option pricing model (e.g. the Black-Scholes-Merton formula). Alternatively, expected early exercise could be modelled in a binomial or similar option pricing model that uses contractual life as an input.
B18
Factors to consider in estimating early exercise include:
(a)
the length of the vesting period, because the share option typically cannot be exercised until the end of the vesting period. Hence, determining the valuation implications of expected early exercise is based on the assumption that the options will vest. The implications of vesting conditions are discussed in paragraphs 19-21;
(b)
the average length of time similar options have remained outstanding in the past;
(c)
the price of the underlying shares. Experience may indicate that the employees 10 d to exercise options when the share price reaches a specified level above the exercise price;
(d)
the employee's level within the organisation. For example, experience might indicate that higher-level employees 10 d to exercise options later than lower-level employees (discussed further in paragraph B21);
(e)
expected volatility of the underlying shares. On average, employees might 10 d to exercise options on highly volatile shares earlier than on shares with low volatility.
B19
As noted in paragraph B17, the effects of early exercise could be taken into account by using an estimate of the option's expected life as an input into an option pricing model. When estimating the expected life of share options granted to a group of employees, the entity could base that estimate on an appropriately weighted average expected life for the entire employee group or on appropriately weighted average lives for subgroups of employees within the group, based on more detailed data about employees' exercise behaviour (discussed further below).
B20
Separating an option grant into groups for employees with relatively homogeneous exercise behaviour is likely to be important. Option value is not a linear function of option term; value increases at a decreasing rate as the term lengthens. For example, if all other assumptions are equal, although a two-year option is worth more than a one-year option, it is not worth twice as much. That means that calculating estimated option value on the basis of a single weighted average life that includes widely differing individual lives would overstate the total fair value of the share options granted. Separating options granted into several groups, each of which has a relatively narrow range of lives included in its weighted average life, reduces that overstatement.
B21
Similar considerations apply when using a binomial or similar model. For example, the experience of an entity that grants options broadly to all levels of employees might indicate that top-level executives 10 d to hold their options longer than middle-management employees hold theirs and that lower-level employees 10 d to exercise their options earlier than any other group. In addition, employees who are encouraged or required to hold a minimum amount of their employer's equity instruments, including options, might on average exercise options later than employees not subject to that provision. In those situations, separating options by groups of recipients with relatively homogeneous exercise behaviour will result in a more accurate estimate of the total fair value of the share options granted.
Expected volatility
B22
Expected volatility is a measure of the amount by which a price is expected to fluctuate during a period. The measure of volatility used in option pricing models is the annualised standard deviation of the continuously compounded rates of return on the share over a period of time. Volatility is typically expressed in annualised terms that are comparable regardless of the time period used in the calculation, for example, daily, weekly or monthly price observations.
B23
The rate of return (which may be positive or negative) on a share for a period measures how much a shareholder has benefited from dividends and appreciation (or depreciation) of the share price.
B24
The expected annualised volatility of a share is the range within which the continuously compounded annual rate of return is expected to fall approximately two-thirds of the time. For example, to say that a share with an expected continuously compounded rate of return of 12 per cent has a volatility of 30 per cent means that the probability that the rate of return on the share for one year will be between –18 per cent (12 %-30 %) and 42 per cent (12 % + 30 %) is approximately two-thirds. If the share price is CU100 at the beginning of the year and no dividends are paid, the year-end share price would be expected to be between CU83,53 (CU100 × e
–0,18
                  
) and CU152,20 (CU100 × e
0,42
                  
) approximately two-thirds of the time.
B25
Factors to consider in estimating expected volatility include:
(a)
implied volatility from traded share options on the entity's shares, or other traded instruments of the entity that include option features (such as convertible debt), if any;
(b)
the historical volatility of the share price over the most recent period that is generally commensurate with the expected term of the option (taking into account the remaining contractual life of the option and the effects of expected early exercise);
(c)
the length of time an entity's shares have been publicly traded. A newly listed entity might have a high historical volatility, compared with similar entities that have been listed longer. Further guidance for newly listed entities is given below;
(d)
the tendency of volatility to revert to its mean, i.e. its long-term average level, and other factors indicating that expected future volatility might differ from past volatility. For example, if an entity's share price was extraordinarily volatile for some identifiable period of time because of a failed takeover bid or a major restructuring, that period could be disregarded in computing historical average annual volatility;
(e)
appropriate and regular intervals for price observations. The price observations should be consistent from period to period. For example, an entity might use the closing price for each week or the highest price for the week, but it should not use the closing price for some weeks and the highest price for other weeks. Also, the price observations should be expressed in the same currency as the exercise price.
Newly listed entities
B26
As noted in paragraph B25, an entity should consider historical volatility of the share price over the most recent period that is generally commensurate with the expected option term. If a newly listed entity does not have sufficient information on historical volatility, it should nevertheless compute historical volatility for the longest period for which trading activity is available. It could also consider the historical volatility of similar entities following a comparable period in their lives. For example, an entity that has been listed for only one year and grants options with an average expected life of five years might consider the pattern and level of historical volatility of entities in the same industry for the first six years in which the shares of those entities were publicly traded.
Unlisted entities
B27
An unlisted entity will not have historical information to consider when estimating expected volatility. Some factors to consider instead are set out below.
B28
In some cases, an unlisted entity that regularly issues options or shares to employees (or other parties) might have set up an internal market for its shares. The volatility of those share prices could be considered when estimating expected volatility.
B29
Alternatively, the entity could consider the historical or implied volatility of similar listed entities, for which share price or option price information is available, to use when estimating expected volatility. This would be appropriate if the entity has based the value of its shares on the share prices of similar listed entities.
B30
If the entity has not based its estimate of the value of its shares on the share prices of similar listed entities, and has instead used another valuation methodology to value its shares, the entity could derive an estimate of expected volatility consistent with that valuation methodology. For example, the entity might value its shares on a net asset or earnings basis. It could consider the expected volatility of those net asset values or earnings.
Expected dividends
B31
Whether expected dividends should be taken into account when measuring the fair value of shares or options granted depends on whether the counterparty is entitled to dividends or dividend equivalents.
B32
For example, if employees were granted options and are entitled to dividends on the underlying shares or dividend equivalents (which might be paid in cash or applied to reduce the exercise price) between grant date and exercise date, the options granted should be valued as if no dividends will be paid on the underlying shares, i.e. the input for expected dividends should be zero.
B33
Similarly, when the grant date fair value of shares granted to employees is estimated, no adjustment is required for expected dividends if the employee is entitled to receive dividends paid during the vesting period.
B34
Conversely, if the employees are not entitled to dividends or dividend equivalents during the vesting period (or before exercise, in the case of an option), the grant date valuation of the rights to shares or options should take expected dividends into account. That is to say, when the fair value of an option grant is estimated, expected dividends should be included in the application of an option pricing model. When the fair value of a share grant is estimated, that valuation should be reduced by the present value of dividends expected to be paid during the vesting period.
B35
Option pricing models generally call for expected dividend yield. However, the models may be modified to use an expected dividend amount rather than a yield. An entity may use either its expected yield or its expected payments. If the entity uses the latter, it should consider its historical pattern of increases in dividends. For example, if an entity's policy has generally been to increase dividends by approximately 3 per cent per year, its estimated option value should not assume a fixed dividend amount throughout the option's life unless there is evidence that supports that assumption.
B36
Generally, the assumption about expected dividends should be based on publicly available information. An entity that does not pay dividends and has no plans to do so should assume an expected dividend yield of zero. However, an emerging entity with no history of paying dividends might expect to begin paying dividends during the expected lives of its employee share options. Those entities could use an average of their past dividend yield (zero) and the mean dividend yield of an appropriately comparable peer group.
Risk-free interest rate
B37
Typically, the risk-free interest rate is the implied yield currently available on zero-coupon government issues of the country in whose currency the exercise price is expressed, with a remaining term equal to the expected term of the option being valued (based on the option's remaining contractual life and taking into account the effects of expected early exercise). It may be necessary to use an appropriate substitute, if no such government issues exist or circumstances indicate that the implied yield on zero-coupon government issues is not representative of the risk-free interest rate (for example, in high inflation economies). Also, an appropriate substitute should be used if market participants would typically determine the risk-free interest rate by using that substitute, rather than the implied yield of zero-coupon government issues, when estimating the fair value of an option with a life equal to the expected term of the option being valued.
Capital structure effects
B38
Typically, third parties, not the entity, write traded share options. When these share options are exercised, the writer delivers shares to the option holder. Those shares are acquired from existing shareholders. Hence the exercise of traded share options has no dilutive effect.
B39
In contrast, if share options are written by the entity, new shares are issued when those share options are exercised (either actually issued or issued in substance, if shares previously repurchased and held in treasury are used). Given that the shares will be issued at the exercise price rather than the current market price at the date of exercise, this actual or potential dilution might reduce the share price, so that the option holder does not make as large a gain on exercise as on exercising an otherwise similar traded option that does not dilute the share price.
B40
Whether this has a significant effect on the value of the share options granted depends on various factors, such as the number of new shares that will be issued on exercise of the options compared with the number of shares already issued. Also, if the market already expects that the option grant will take place, the market may have already factored the potential dilution into the share price at the date of grant.
B41
However, the entity should consider whether the possible dilutive effect of the future exercise of the share options granted might have an impact on their estimated fair value at grant date. Option pricing models can be adapted to take into account this potential dilutive effect.
Modifications to equity-settled share-based payment arrangements
B42
Paragraph 27 requires that, irrespective of any modifications to the terms and conditions on which the equity instruments were granted, or a cancellation or settlement of that grant of equity instruments, the entity should recognise, as a minimum, the services received measured at the grant date fair value of the equity instruments granted, unless those equity instruments do not vest because of failure to satisfy a vesting condition (other than a market condition) that was specified at grant date. In addition, the entity should recognise the effects of modifications that increase the total fair value of the share-based payment arrangement or are otherwise beneficial to the employee.
B43
To apply the requirements of paragraph 27:
(a)
if the modification increases the fair value of the equity instruments granted (e.g. by reducing the exercise price), measured immediately before and after the modification, the entity shall include the incremental fair value granted in the measurement of the amount recognised for services received as consideration for the equity instruments granted. The incremental fair value granted is the difference between the fair value of the modified equity instrument and that of the original equity instrument, both estimated as at the date of the modification. If the modification occurs during the vesting period, the incremental fair value granted is included in the measurement of the amount recognised for services received over the period from the modification date until the date when the modified equity instruments vest, in addition to the amount based on the grant date fair value of the original equity instruments, which is recognised over the remainder of the original vesting period. If the modification occurs after vesting date, the incremental fair value granted is recognised immediately, or over the vesting period if the employee is required to complete an additional period of service before becoming unconditionally entitled to those modified equity instruments;
(b)
similarly, if the modification increases the number of equity instruments granted, the entity shall include the fair value of the additional equity instruments granted, measured at the date of the modification, in the measurement of the amount recognised for services received as consideration for the equity instruments granted, consistently with the requirements in (a) above. For example, if the modification occurs during the vesting period, the fair value of the additional equity instruments granted is included in the measurement of the amount recognised for services received over the period from the modification date until the date when the additional equity instruments vest, in addition to the amount based on the grant date fair value of the equity instruments originally granted, which is recognised over the remainder of the original vesting period;
(c)
if the entity modifies the vesting conditions in a manner that is beneficial to the employee, for example, by reducing the vesting period or by modifying or eliminating a performance condition (other than a market condition, changes to which are accounted for in accordance with (a) above), the entity shall take the modified vesting conditions into account when applying the requirements of paragraphs 19-21.
B44
Furthermore, if the entity modifies the terms or conditions of the equity instruments granted in a manner that reduces the total fair value of the share-based payment arrangement, or is not otherwise beneficial to the employee, the entity shall nevertheless continue to account for the services received as consideration for the equity instruments granted as if that modification had not occurred (other than a cancellation of some or all the equity instruments granted, which shall be accounted for in accordance with paragraph 28). For example:
(a)
if the modification reduces the fair value of the equity instruments granted, measured immediately before and after the modification, the entity shall not take into account that decrease in fair value and shall continue to measure the amount recognised for services received as consideration for the equity instruments based on the grant date fair value of the equity instruments granted;
(b)
if the modification reduces the number of equity instruments granted to an employee, that reduction shall be accounted for as a cancellation of that portion of the grant, in accordance with the requirements of paragraph 28;
(c)
if the entity modifies the vesting conditions in a manner that is not beneficial to the employee, for example, by increasing the vesting period or by modifying or adding a performance condition (other than a market condition, changes to which are accounted for in accordance with (a) above), the entity shall not take the modified vesting conditions into account when applying the requirements of paragraphs 19-21.
INTERNATIONAL FINANCIAL REPORTING STANDARD 3
Business combinations
OBJECTIVE
1
The objective of this IFRS is to specify the financial reporting by an entity when it undertakes a 
business combination
. In particular, it specifies that all business combinations should be accounted for by applying the purchase method. Therefore, the acquirer recognises the acquiree's identifiable assets, liabilities and 
contingent liabilities
 at their 
fair values
 at the 
acquisition date
, and also recognises 
goodwill
, which is subsequently tested for impairment rather than amortised.
SCOPE
2
Except as described in paragraph 3, entities shall apply this IFRS when accounting for business combinations.
3
This IFRS does not apply to:
(a)
business combinations in which separate entities or 
businesses
 are brought together to form a 
joint venture;
(b)
business combinations involving entities or businesses under common control;
(c)
business combinations involving two or more 
mutual entities;
(d)
business combinations in which separate entities or businesses are brought together to form a 
reporting entity
 by contract alone without the obtaining of an ownership interest (for example, combinations in which separate entities are brought together by contract alone to form a dual listed corporation).
Identifying a business combination
4
A business combination is the bringing together of separate entities or businesses into one reporting entity. The result of nearly all business combinations is that one entity, the acquirer, obtains 
control
 of one or more other businesses, the acquiree. If an entity obtains control of one or more other entities that are not businesses, the bringing together of those entities is not a business combination. When an entity acquires a group of assets or net assets that does not constitute a business, it shall allocate the cost of the group between the individual identifiable assets and liabilities in the group based on their relative fair values at the acquisition date.
5
A business combination may be structured in a variety of ways for legal, taxation or other reasons. It may involve the purchase by an entity of the equity of another entity, the purchase of all the net assets of another entity, the assumption of the liabilities of another entity, or the purchase of some of the net assets of another entity that together form one or more businesses. It may be effected by the issue of equity instruments, the transfer of cash, cash equivalents or other assets, or a combination thereof. The transaction may be between the shareholders of the combining entities or between one entity and the shareholders of another entity. It may involve the establishment of a new entity to control the combining entities or net assets transferred, or the restructuring of one or more of the combining entities.
6
A business combination may result in a parent-subsidiary relationship in which the acquirer is the 
parent
 and the acquiree a 
subsidiary
 of the acquirer. In such circumstances, the acquirer applies this IFRS in its consolidated financial statements. It includes its interest in the acquiree in any separate financial statements it issues as an investment in a subsidiary (see IAS 27 
Consolidated and separate financial statements
).
7
A business combination may involve the purchase of the net assets, including any goodwill, of another entity rather than the purchase of the equity of the other entity. Such a combination does not result in a parent-subsidiary relationship.
8
Included within the definition of a business combination, and therefore the scope of this IFRS, are business combinations in which one entity obtains control of another entity but for which the date of obtaining control (i.e. the acquisition date) does not coincide with the date or dates of acquiring an ownership interest (i.e. the 
date or dates of exchange
). This situation may arise, for example, when an investee enters into share buy-back arrangements with some of its investors and, as a result, control of the investee changes.
9
This IFRS does not specify the accounting by venturers for interests in joint ventures (see IAS 31 
Interests in joint ventures
).
Business combinations involving entities under common control
10
A business combination involving entities or businesses under common control is a business combination in which all of the combining entities or businesses are ultimately controlled by the same party or parties both before and after the business combination, and that control is not transitory.
11
A group of individuals shall be regarded as controlling an entity when, as a result of contractual arrangements, they collectively have the power to govern its financial and operating policies so as to obtain benefits from its activities. Therefore, a business combination is outside the scope of this IFRS when the same group of individuals has, as a result of contractual arrangements, ultimate collective power to govern the financial and operating policies of each of the combining entities so as to obtain benefits from their activities, and that ultimate collective power is not transitory.
12
An entity can be controlled by an individual, or by a group of individuals acting together under a contractual arrangement, and that individual or group of individuals may not be subject to the financial reporting requirements of IFRSs. Therefore, it is not necessary for combining entities to be included as part of the same consolidated financial statements for a business combination to be regarded as one involving entities under common control.
13
The extent of 
minority interests
 in each of the combining entities before and after the business combination is not relevant to determining whether the combination involves entities under common control. Similarly, the fact that one of the combining entities is a subsidiary that has been excluded from the consolidated financial statements of the group in accordance with IAS 27 is not relevant to determining whether a combination involves entities under common control.
METHOD OF ACCOUNTING
14
All business combinations shall be accounted for by applying the purchase method.
15
The purchase method views a business combination from the perspective of the combining entity that is identified as the acquirer. The acquirer purchases net assets and recognises the assets acquired and liabilities and contingent liabilities assumed, including those not previously recognised by the acquiree. The measurement of the acquirer's assets and liabilities is not affected by the transaction, nor are any additional assets or liabilities of the acquirer recognised as a result of the transaction, because they are not the subjects of the transaction.
APPLICATION OF THE PURCHASE METHOD
16
Applying the purchase method involves the following steps:
(a)
identifying an acquirer;
(b)
measuring the cost of the business combination; and
(c)
allocating, at the acquisition date, the cost of the business combination to the assets acquired and liabilities and contingent liabilities assumed.
Identifying the acquirer
17
An acquirer shall be identified for all business combinations. The acquirer is the combining entity that obtains control of the other combining entities or businesses.
18
Because the purchase method views a business combination from the acquirer's perspective, it assumes that one of the parties to the transaction can be identified as the acquirer.
19
Control is the power to govern the financial and operating policies of an entity or business so as to obtain benefits from its activities. A combining entity shall be presumed to have obtained control of another combining entity when it acquires more than one-half of that other entity's voting rights, unless it can be demonstrated that such ownership does not constitute control. Even if one of the combining entities does not acquire more than one-half of the voting rights of another combining entity, it might have obtained control of that other entity if, as a result of the combination, it obtains:
(a)
power over more than one-half of the voting rights of the other entity by virtue of an agreement with other investors; or
(b)
power to govern the financial and operating policies of the other entity under a statute or an agreement; or
(c)
power to appoint or remove the majority of the members of the board of directors or equivalent governing body of the other entity; or
(d)
power to cast the majority of votes at meetings of the board of directors or equivalent governing body of the other entity.
20
Although sometimes it may be difficult to identify an acquirer, there are usually indications that one exists. For example:
(a)
if the fair value of one of the combining entities is significantly greater than that of the other combining entity, the entity with the greater fair value is likely to be the acquirer;
(b)
if the business combination is effected through an exchange of voting ordinary equity instruments for cash or other assets, the entity giving up cash or other assets is likely to be the acquirer; and
(c)
if the business combination results in the management of one of the combining entities being able to dominate the selection of the management team of the resulting combined entity, the entity whose management is able so to dominate is likely to be the acquirer.
21
In a business combination effected through an exchange of equity interests, the entity that issues the equity interests is normally the acquirer. However, all pertinent facts and circumstances shall be considered to determine which of the combining entities has the power to govern the financial and operating policies of the other entity (or entities) so as to obtain benefits from its (or their) activities. In some business combinations, commonly referred to as reverse acquisitions, the acquirer is the entity whose equity interests have been acquired and the issuing entity is the acquiree. This might be the case when, for example, a private entity arranges to have itself ‘acquired’ by a smaller public entity as a means of obtaining a stock exchange listing. Although legally the issuing public entity is regarded as the parent and the private entity is regarded as the subsidiary, the legal subsidiary is the acquirer if it has the power to govern the financial and operating policies of the legal parent so as to obtain benefits from its activities. Commonly the acquirer is the larger entity; however, the facts and circumstances surrounding a combination sometimes indicate that a smaller entity acquires a larger entity. Guidance on the accounting for reverse acquisitions is provided in paragraphs B1-B15 of Appendix B.
22
When a new entity is formed to issue equity instruments to effect a business combination, one of the combining entities that existed before the combination shall be identified as the acquirer on the basis of the evidence available.
23
Similarly, when a business combination involves more than two combining entities, one of the combining entities that existed before the combination shall be identified as the acquirer on the basis of the evidence available. Determining the acquirer in such cases shall include a consideration of, amongst other things, which of the combining entities initiated the combination and whether the assets or revenues of one of the combining entities significantly exceed those of the others.
Cost of a business combination
24
The acquirer shall measure the cost of a business combination as the aggregate of:
(a)
the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the acquirer, in exchange for control of the acquiree; plus
(b)
any costs directly attributable to the business combination.
25
The acquisition date is the date on which the acquirer effectively obtains control of the acquiree. When this is achieved through a single exchange transaction, the date of exchange coincides with the acquisition date. However, a business combination may involve more than one exchange transaction, for example when it is achieved in stages by successive share purchases. When this occurs:
(a)
the cost of the combination is the aggregate cost of the individual transactions; and
(b)
the date of exchange is the date of each exchange transaction (i.e. the date that each individual investment is recognised in the financial statements of the acquirer), whereas the acquisition date is the date on which the acquirer obtains control of the acquiree.
26
Assets given and liabilities incurred or assumed by the acquirer in exchange for control of the acquiree are required by paragraph 24 to be measured at their fair values at the date of exchange. Therefore, when settlement of all or any part of the cost of a business combination is deferred, the fair value of that deferred component shall be determined by discounting the amounts payable to their present value at the date of exchange, taking into account any premium or discount likely to be incurred in settlement.
27
The published price at the date of exchange of a quoted equity instrument provides the best evidence of the instrument's fair value and shall be used, except in rare circumstances. Other evidence and valuation methods shall be considered only in the rare circumstances when the acquirer can demonstrate that the published price at the date of exchange is an unreliable indicator of fair value, and that the other evidence and valuation methods provide a more reliable measure of the equity instrument's fair value. The published price at the date of exchange is an unreliable indicator only when it has been affected by the thinness of the market. If the published price at the date of exchange is an unreliable indicator or if a published price does not exist for equity instruments issued by the acquirer, the fair value of those instruments could, for example, be estimated by reference to their proportional interest in the fair value of the acquirer or by reference to the proportional interest in the fair value of the acquiree obtained, whichever is the more clearly evident. The fair value at the date of exchange of monetary assets given to equity holders of the acquiree as an alternative to equity instruments may also provide evidence of the total fair value given by the acquirer in exchange for control of the acquiree. In any event, all aspects of the combination, including significant factors influencing the negotiations, shall be considered. Further guidance on determining the fair value of equity instruments is set out in IAS 39 
Financial instruments: recognition and measurement
.
28
The cost of a business combination includes liabilities incurred or assumed by the acquirer in exchange for control of the acquiree. Future losses or other costs expected to be incurred as a result of a combination are not liabilities incurred or assumed by the acquirer in exchange for control of the acquiree, and are not, therefore, included as part of the cost of the combination.
29
The cost of a business combination includes any costs directly attributable to the combination, such as professional fees paid to accountants, legal advisers, valuers and other consultants to effect the combination. General administrative costs, including the costs of maintaining an acquisitions department, and other costs that cannot be directly attributed to the particular combination being accounted for are not included in the cost of the combination: they are recognised as an expense when incurred.
30
The costs of arranging and issuing financial liabilities are an integral part of the liability issue transaction, even when the liabilities are issued to effect a business combination, rather than costs directly attributable to the combination. Therefore, entities shall not include such costs in the cost of a business combination. In accordance with IAS 39, such costs shall be included in the initial measurement of the liability.
31
Similarly, the costs of issuing equity instruments are an integral part of the equity issue transaction, even when the equity instruments are issued to effect a business combination, rather than costs directly attributable to the combination. Therefore, entities shall not include such costs in the cost of a business combination. In accordance with IAS 32 
Financial instruments: presentation
, such costs reduce the proceeds from the equity issue.
Adjustments to the cost of a business combination contingent on future events
32
When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the acquirer shall include the amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is 
probable
 and can be measured reliably.
33
A business combination agreement may allow for adjustments to the cost of the combination that are contingent on one or more future events. The adjustment might, for example, be contingent on a specified level of profit being maintained or achieved in future periods, or on the market price of the instruments issued being maintained. It is usually possible to estimate the amount of any such adjustment at the time of initially accounting for the combination without impairing the reliability of the information, even though some uncertainty exists. If the future events do not occur or the estimate needs to be revised, the cost of the business combination shall be adjusted accordingly.
34
However, when a business combination agreement provides for such an adjustment, that adjustment is not included in the cost of the combination at the time of initially accounting for the combination if it either is not probable or cannot be measured reliably. If that adjustment subsequently becomes probable and can be measured reliably, the additional consideration shall be treated as an adjustment to the cost of the combination.
35
In some circumstances, the acquirer may be required to make a subsequent payment to the seller as compensation for a reduction in the value of the assets given, equity instruments issued or liabilities incurred or assumed by the acquirer in exchange for control of the acquiree. This is the case, for example, when the acquirer guarantees the market price of equity or debt instruments issued as part of the cost of the business combination and is required to issue additional equity or debt instruments to restore the originally determined cost. In such cases, no increase in the cost of the business combination is recognised. In the case of equity instruments, the fair value of the additional payment is offset by an equal reduction in the value attributed to the instruments initially issued. In the case of debt instruments, the additional payment is regarded as a reduction in the premium or an increase in the discount on the initial issue.
Allocating the cost of a business combination to the assets acquired and liabilities and contingent liabilities assumed
36
The acquirer shall, at the acquisition date, allocate the cost of a business combination by recognising the acquiree's identifiable assets, liabilities and contingent liabilities that satisfy the recognition criteria in paragraph 37 at their fair values at that date, except for non-current assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 
Non-current assets held for sale and discontinued operations
, which shall be recognised at fair value less costs to sell. Any difference between the cost of the business combination and the acquirer's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities so recognised shall be accounted for in accordance with paragraphs 51-57.
37
The acquirer shall recognise separately the acquiree's identifiable assets, liabilities and contingent liabilities at the acquisition date only if they satisfy the following criteria at that date:
(a)
in the case of an asset other than an 
intangible
asset
, it is probable that any associated future economic benefits will flow to the acquirer, and its fair value can be measured reliably;
(b)
in the case of a liability other than a contingent liability, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and its fair value can be measured reliably;
(c)
in the case of an intangible asset or a contingent liability, its fair value can be measured reliably.
38
The acquirer's income statement shall incorporate the acquiree's profits and losses after the acquisition date by including the acquiree's income and expenses based on the cost of the business combination to the acquirer. For example, depreciation expense included after the acquisition date in the acquirer's income statement that relates to the acquiree's depreciable assets shall be based on the fair values of those depreciable assets at the acquisition date, i.e. their cost to the acquirer.
39
Application of the purchase method starts from the acquisition date, which is the date on which the acquirer effectively obtains control of the acquiree. Because control is the power to govern the financial and operating policies of an entity or business so as to obtain benefits from its activities, it is not necessary for a transaction to be closed or finalised at law before the acquirer obtains control. All pertinent facts and circumstances surrounding a business combination shall be considered in assessing when the acquirer has obtained control.
40
Because the acquirer recognises the acquiree's identifiable assets, liabilities and contingent liabilities that satisfy the recognition criteria in paragraph 37 at their fair values at the acquisition date, any minority interest in the acquiree is stated at the minority's proportion of the net fair value of those items. Paragraphs B16 and B17 of Appendix B provide guidance on determining the fair values of the acquiree's identifiable assets, liabilities and contingent liabilities for the purpose of allocating the cost of a business combination.
Acquiree's identifiable assets and liabilities
41
In accordance with paragraph 36, the acquirer recognises separately as part of allocating the cost of the combination only the identifiable assets, liabilities and contingent liabilities of the acquiree that existed at the acquisition date and satisfy the recognition criteria in paragraph 37. Therefore:
(a)
the acquirer shall recognise liabilities for terminating or reducing the activities of the acquiree as part of allocating the cost of the combination only when the acquiree has, at the acquisition date, an existing liability for restructuring recognised in accordance with IAS 37 
Provisions, contingent liabilities and contingent assets
; and
(b)
the acquirer, when allocating the cost of the combination, shall not recognise liabilities for future losses or other costs expected to be incurred as a result of the business combination.
42
A payment that an entity is contractually required to make, for example, to its employees or suppliers in the event that it is acquired in a business combination is a present obligation of the entity that is regarded as a contingent liability until it becomes probable that a business combination will take place. The contractual obligation is recognised as a liability by that entity in accordance with IAS 37 when a business combination becomes probable and the liability can be measured reliably. Therefore, when the business combination is effected, that liability of the acquiree is recognised by the acquirer as part of allocating the cost of the combination.
43
However, an acquiree's restructuring plan whose execution is conditional upon its being acquired in a business combination is not, immediately before the business combination, a present obligation of the acquiree. Nor is it a contingent liability of the acquiree immediately before the combination because it is not a possible obligation arising from a past event whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the acquiree. Therefore, an acquirer shall not recognise a liability for such restructuring plans as part of allocating the cost of the combination.
44
The identifiable assets and liabilities that are recognised in accordance with paragraph 36 include all of the acquiree's assets and liabilities that the acquirer purchases or assumes, including all of its financial assets and financial liabilities. They might also include assets and liabilities not previously recognised in the acquiree's financial statements, e.g. because they did not qualify for recognition before the acquisition. For example, a tax benefit arising from the acquiree's tax losses that was not recognised by the acquiree before the business combination qualifies for recognition as an identifiable asset in accordance with paragraph 36 if it is probable that the acquirer will have future taxable profits against which the unrecognised tax benefit can be applied.
Acquiree's intangible assets
45
In accordance with paragraph 37, the acquirer recognises separately an intangible asset of the acquiree at the acquisition date only if it meets the definition of an intangible asset in IAS 38 
Intangible assets
 and its fair value can be measured reliably. This means that the acquirer recognises as an asset separately from goodwill an in-process research and development project of the acquiree if the project meets the definition of an intangible asset and its fair value can be measured reliably. IAS 38 provides guidance on determining whether the fair value of an intangible asset acquired in a business combination can be measured reliably.
46
A non-monetary asset without physical substance must be identifiable to meet the definition of an intangible asset. In accordance with IAS 38, an asset meets the identifiability criterion in the definition of an intangible asset only if it:
(a)
is separable, i.e. capable of being separated or divided from the entity and sold, transferred, licensed, rented or exchanged, either individually or together with a related contract, asset or liability; or
(b)
arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the entity or from other rights and obligations.
Acquiree's contingent liabilities
47
Paragraph 37 specifies that the acquirer recognises separately a contingent liability of the acquiree as part of allocating the cost of a business combination only if its fair value can be measured reliably. If its fair value cannot be measured reliably:
(a)
there is a resulting effect on the amount recognised as goodwill or accounted for in accordance with paragraph 56; and
(b)
the acquirer shall disclose the information about that contingent liability required to be disclosed by IAS 37.
Paragraph B16(l) of Appendix B provides guidance on determining the fair value of a contingent liability.
48
After their initial recognition, the acquirer shall measure contingent liabilities that are recognised separately in accordance with paragraph 36 at the higher of:
(a)
the amount that would be recognised in accordance with IAS 37; and
(b)
the amount initially recognised less, when appropriate, cumulative amortisation recognised in accordance with IAS 18 
Revenue
.
49
The requirement in paragraph 48 does not apply to contracts accounted for in accordance with IAS 39. However, loan commitments excluded from the scope of IAS 39 that are not commitments to provide loans at below-market interest rates are accounted for as contingent liabilities of the acquiree if, at the acquisition date, it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or if the amount of the obligation cannot be measured with sufficient reliability. Such a loan commitment is, in accordance with paragraph 37, recognised separately as part of allocating the cost of a combination only if its fair value can be measured reliably.
50
Contingent liabilities recognised separately as part of allocating the cost of a business combination are excluded from the scope of IAS 37. However, the acquirer shall disclose for those contingent liabilities the information required to be disclosed by IAS 37 for each class of provision.
Goodwill
51
The acquirer shall, at the acquisition date:
(a)
recognise goodwill acquired in a business combination as an asset; and
(b)
initially measure that goodwill at its cost, being the excess of the cost of the business combination over the acquirer's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised in accordance with paragraph 36.
52
Goodwill acquired in a business combination represents a payment made by the acquirer in anticipation of future economic benefits from assets that are not capable of being individually identified and separately recognised.
53
To the extent that the acquiree's identifiable assets, liabilities or contingent liabilities do not satisfy the criteria in paragraph 37 for separate recognition at the acquisition date, there is a resulting effect on the amount recognised as goodwill (or accounted for in accordance with paragraph 56). This is because goodwill is measured as the residual cost of the business combination after recognising the acquiree's identifiable assets, liabilities and contingent liabilities.
54
After initial recognition, the acquirer shall measure goodwill acquired in a business combination at cost less any accumulated impairment losses.
55
Goodwill acquired in a business combination shall not be amortised. Instead, the acquirer shall test it for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, in accordance with IAS 36 
Impairment of assets
.
Excess of acquirer's interest in the net fair value of acquiree's identifiable assets, liabilities and contingent liabilities over cost
56
If the acquirer's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised in accordance with paragraph 36 exceeds the cost of the business combination, the acquirer shall:
(a)
reassess the identification and measurement of the acquiree's identifiable assets, liabilities and contingent liabilities and the measurement of the cost of the combination; and
(b)
recognise immediately in profit or loss any excess remaining after that reassessment.
57
A gain recognised in accordance with paragraph 56 could comprise one or more of the following components:
(a)
errors in measuring the fair value of either the cost of the combination or the acquiree's identifiable assets, liabilities or contingent liabilities. Possible future costs arising in respect of the acquiree that have not been reflected correctly in the fair value of the acquiree's identifiable assets, liabilities or contingent liabilities are a potential cause of such errors;
(b)
a requirement in an accounting standard to measure identifiable net assets acquired at an amount that is not fair value, but is treated as though it is fair value for the purpose of allocating the cost of the combination. For example, the guidance in Appendix B on determining the fair values of the acquiree's identifiable assets and liabilities requires the amount assigned to tax assets and liabilities to be undiscounted;
(c)
a bargain purchase.
Business combination achieved in stages
58
A business combination may involve more than one exchange transaction, for example when it occurs in stages by successive share purchases. If so, each exchange transaction shall be treated separately by the acquirer, using the cost of the transaction and fair value information at the date of each exchange transaction, to determine the amount of any goodwill associated with that transaction. This results in a step-by-step comparison of the cost of the individual investments with the acquirer's interest in the fair values of the acquiree's identifiable assets, liabilities and contingent liabilities at each step.
59
When a business combination involves more than one exchange transaction, the fair values of the acquiree's identifiable assets, liabilities and contingent liabilities may be different at the date of each exchange transaction. Because:
(a)
the acquiree's identifiable assets, liabilities and contingent liabilities are notionally restated to their fair values at the date of each exchange transaction to determine the amount of any goodwill associated with each transaction; and
(b)
the acquiree's identifiable assets, liabilities and contingent liabilities must then be recognised by the acquirer at their fair values at the acquisition date;
any adjustment to those fair values relating to previously held interests of the acquirer is a revaluation and shall be accounted for as such. However, because this revaluation arises on the initial recognition by the acquirer of the acquiree's assets, liabilities and contingent liabilities, it does not signify that the acquirer has elected to apply an accounting policy of revaluing those items after initial recognition in accordance with, for example, IAS 16 
Property, plant and equipment
.
60
Before qualifying as a business combination, a transaction may qualify as an investment in an associate and be accounted for in accordance with IAS 28 
Investments in associates
 using the equity method. If so, the fair values of the investee's identifiable net assets at the date of each earlier exchange transaction will have been determined previously in applying the equity method to the investment.
Initial accounting determined provisionally
61
The initial accounting for a business combination involves identifying and determining the fair values to be assigned to the acquiree's identifiable assets, liabilities and contingent liabilities and the cost of the combination.
62
If the initial accounting for a business combination can be determined only provisionally by the end of the period in which the combination is effected because either the fair values to be assigned to the acquiree's identifiable assets, liabilities or contingent liabilities or the cost of the combination can be determined only provisionally, the acquirer shall account for the combination using those provisional values. The acquirer shall recognise any adjustments to those provisional values as a result of completing the initial accounting:
(a)
within 12 months of the acquisition date; and
(b)
from the acquisition date. Therefore:
(i)
the carrying amount of an identifiable asset, liability or contingent liability that is recognised or adjusted as a result of completing the initial accounting shall be calculated as if its fair value at the acquisition date had been recognised from that date;
(ii)
goodwill or any gain recognised in accordance with paragraph 56 shall be adjusted from the acquisition date by an amount equal to the adjustment to the fair value at the acquisition date of the identifiable asset, liability or contingent liability being recognised or adjusted;
(iii)
comparative information presented for the periods before the initial accounting for the combination is complete shall be presented as if the initial accounting had been completed from the acquisition date. This includes any additional depreciation, amortisation or other profit or loss effect recognised as a result of completing the initial accounting.
Adjustments after the initial accounting is complete
63
Except as outlined in paragraphs 33, 34 and 65, adjustments to the initial accounting for a business combination after that initial accounting is complete shall be recognised only to correct an error in accordance with IAS 8 
Accounting policies, changes in accounting estimates and errors
. Adjustments to the initial accounting for a business combination after that accounting is complete shall not be recognised for the effect of changes in estimates. In accordance with IAS 8, the effect of a change in estimates shall be recognised in the current and future periods.
64
IAS 8 requires an entity to account for an error correction retrospectively, and to present financial statements as if the error had never occurred by restating the comparative information for the prior period(s) in which the error occurred. Therefore, the carrying amount of an identifiable asset, liability or contingent liability of the acquiree that is recognised or adjusted as a result of an error correction shall be calculated as if its fair value or adjusted fair value at the acquisition date had been recognised from that date. Goodwill or any gain recognised in a prior period in accordance with paragraph 56 shall be adjusted retrospectively by an amount equal to the fair value at the acquisition date (or the adjustment to the fair value at the acquisition date) of the identifiable asset, liability or contingent liability being recognised (or adjusted).
Recognition of deferred tax assets after the initial accounting is complete
65
If the potential benefit of the acquiree's income tax loss carry-forwards or other deferred tax assets did not satisfy the criteria in paragraph 37 for separate recognition when a business combination is initially accounted for but is subsequently realised, the acquirer shall recognise that benefit as income in accordance with IAS 12 
Income taxes
. In addition, the acquirer shall:
(a)
reduce the carrying amount of goodwill to the amount that would have been recognised if the deferred tax asset had been recognised as an identifiable asset from the acquisition date; and
(b)
recognise the reduction in the carrying amount of the goodwill as an expense.
However, this procedure shall not result in the creation of an excess as described in paragraph 56, nor shall it increase the amount of any gain previously recognised in accordance with paragraph 56.
DISCLOSURE
66
An acquirer shall disclose information that enables users of its financial statements to evaluate the nature and financial effect of business combinations that were effected:
(a)
during the period;
(b)
after the balance sheet date but before the financial statements are authorised for issue.
67
To give effect to the principle in paragraph 66(a), the acquirer shall disclose the following information for each business combination that was effected during the period:
(a)
the names and descriptions of the combining entities or businesses;
(b)
the acquisition date;
(c)
the percentage of voting equity instruments acquired;
(d)
the cost of the combination and a description of the components of that cost, including any costs directly attributable to the combination. When equity instruments are issued or issuable as part of the cost, the following shall also be disclosed:
(i)
the number of equity instruments issued or issuable; and
(ii)
the fair value of those instruments and the basis for determining that fair value. If a published price does not exist for the instruments at the date of exchange, the significant assumptions used to determine fair value shall be disclosed. If a published price exists at the date of exchange but was not used as the basis for determining the cost of the combination, that fact shall be disclosed together with: the reasons the published price was not used; the method and significant assumptions used to attribute a value to the equity instruments; and the aggregate amount of the difference between the value attributed to, and the published price of, the equity instruments;
(e)
details of any operations the entity has decided to dispose of as a result of the combination;
(f)
the amounts recognised at the acquisition date for each class of the acquiree's assets, liabilities and contingent liabilities, and, unless disclosure would be impracticable, the carrying amounts of each of those classes, determined in accordance with IFRSs, immediately before the combination. If such disclosure would be impracticable, that fact shall be disclosed, together with an explanation of why this is the case;
(g)
the amount of any excess recognised in profit or loss in accordance with paragraph 56, and the line item in the income statement in which the excess is recognised;
(h)
a description of the factors that contributed to a cost that results in the recognition of goodwill — a description of each intangible asset that was not recognised separately from goodwill and an explanation of why the intangible asset's fair value could not be measured reliably — or a description of the nature of any excess recognised in profit or loss in accordance with paragraph 56;
(i)
the amount of the acquiree's profit or loss since the acquisition date included in the acquirer's profit or loss for the period, unless disclosure would be impracticable. If such disclosure would be impracticable, that fact shall be disclosed, together with an explanation of why this is the case.
68
The information required to be disclosed by paragraph 67 shall be disclosed in aggregate for business combinations effected during the reporting period that are individually immaterial.
69
If the initial accounting for a business combination that was effected during the period was determined only provisionally as described in paragraph 62, that fact shall also be disclosed together with an explanation of why this is the case.
70
To give effect to the principle in paragraph 66(a), the acquirer shall disclose the following information, unless such disclosure would be impracticable:
(a)
the revenue of the combined entity for the period as though the acquisition date for all business combinations effected during the period had been the beginning of that period;
(b)
the profit or loss of the combined entity for the period as though the acquisition date for all business combinations effected during the period had been the beginning of the period.
If disclosure of this information would be impracticable, that fact shall be disclosed, together with an explanation of why this is the case.
71
To give effect to the principle in paragraph 66(b), the acquirer shall disclose the information required by paragraph 67 for each business combination effected after the balance sheet date but before the financial statements are authorised for issue, unless such disclosure would be impracticable. If disclosure of any of that information would be impracticable, that fact shall be disclosed, together with an explanation of why this is the case.
72
An acquirer shall disclose information that enables users of its financial statements to evaluate the financial effects of gains, losses, error corrections and other adjustments recognised in the current period that relate to business combinations that were effected in the current or in previous periods.
73
To give effect to the principle in paragraph 72, the acquirer shall disclose the following information:
(a)
the amount and an explanation of any gain or loss recognised in the current period that:
(i)
relates to the identifiable assets acquired or liabilities or contingent liabilities assumed in a business combination that was effected in the current or a previous period; and
(ii)
is of such size, nature or incidence that disclosure is relevant to an understanding of the combined entity's financial performance;
(b)
if the initial accounting for a business combination that was effected in the immediately preceding period was determined only provisionally at the end of that period, the amounts and explanations of the adjustments to the provisional values recognised during the current period;
(c)
the information about error corrections required to be disclosed by IAS 8 for any of the acquiree's identifiable assets, liabilities or contingent liabilities, or changes in the values assigned to those items, that the acquirer recognises during the current period in accordance with paragraphs 63 and 64.
74
An entity shall disclose information that enables users of its financial statements to evaluate changes in the carrying amount of goodwill during the period.
75
To give effect to the principle in paragraph 74, the entity shall disclose a reconciliation of the carrying amount of goodwill at the beginning and end of the period, showing separately:
(a)
the gross amount and accumulated impairment losses at the beginning of the period;
(b)
additional goodwill recognised during the period except goodwill included in a disposal group that, on acquisition, meets the criteria to be classified as held for sale in accordance with IFRS 5;
(c)
adjustments resulting from the subsequent recognition of deferred tax assets during the period in accordance with paragraph 65;
(d)
goodwill included in a disposal group classified as held for sale in accordance with IFRS 5 and goodwill derecognised during the period without having previously been included in a disposal group classified as held for sale;
(e)
impairment losses recognised during the period in accordance with IAS 36;
(f)
net exchange differences arising during the period in accordance with IAS 21 
The effects of changes in foreign exchange rates
;
(g)
any other changes in the carrying amount during the period; and
(h)
the gross amount and accumulated impairment losses at the end of the period.
76
The entity discloses information about the recoverable amount and impairment of goodwill in accordance with IAS 36 in addition to the information required to be disclosed by paragraph 75(e).
77
If in any situation the information required to be disclosed by this IFRS does not satisfy the objectives set out in paragraphs 66, 72 and 74, the entity shall disclose such additional information as is necessary to meet those objectives.
TRANSITIONAL PROVISIONS AND EFFECTIVE DATE
78
Except as provided in paragraph 85, this IFRS shall apply to the accounting for business combinations for which the agreement date is on or after 31 March 2004. This IFRS shall also apply to the accounting for:
(a)
goodwill arising from a business combination for which the agreement date is on or after 31 March 2004; or
(b)
any excess of the acquirer's interest in the net fair value of the acquiree's identifiable assets, liabilities and contingent liabilities over the cost of a business combination for which the agreement date is on or after 31 March 2004.
Previously recognised goodwill
79
An entity shall apply this IFRS prospectively, from the beginning of the first annual period beginning on or after 31 March 2004, to goodwill acquired in a business combination for which the agreement date was before 31 March 2004, and to goodwill arising from an interest in a jointly controlled entity obtained before 31 March 2004 and accounted for by applying proportionate consolidation. Therefore, an entity shall:
(a)
from the beginning of the first annual period beginning on or after 31 March 2004, discontinue amortising such goodwill;
(b)
at the beginning of the first annual period beginning on or after 31 March 2004, eliminate the carrying amount of the related accumulated amortisation with a corresponding decrease in goodwill; and
(c)
from the beginning of the first annual period beginning on or after 31 March 2004, test the goodwill for impairment in accordance with IAS 36 (as revised in 2004).
80
If an entity previously recognised goodwill as a deduction from equity, it shall not recognise that goodwill in profit or loss when it disposes of all or part of the business to which that goodwill relates or when a cash-generating unit to which the goodwill relates becomes impaired.
Previously recognised negative goodwill
81
The carrying amount of negative goodwill at the beginning of the first annual period beginning on or after 31 March 2004 that arose from either:
(a)
a business combination for which the agreement date was before 31 March 2004; or
(b)
an interest in a jointly controlled entity obtained before 31 March 2004 and accounted for by applying proportionate consolidation;
shall be derecognised at the beginning of that period, with a corresponding adjustment to the opening balance of retained earnings.
Previously recognised intangible assets
82
The carrying amount of an item classified as an intangible asset that either:
(a)
was acquired in a business combination for which the agreement date was before 31 March 2004; or
(b)
arises from an interest in a jointly controlled entity obtained before 31 March 2004 and accounted for by applying proportionate consolidation;
shall be reclassified as goodwill at the beginning of the first annual period beginning on or after 31 March 2004, if that intangible asset does not at that date meet the identifiability criterion in IAS 38 (as revised in 2004).
Equity accounted investments
83
For investments accounted for by applying the equity method and acquired on or after 31 March 2004, an entity shall apply this IFRS in the accounting for:
(a)
any acquired goodwill included in the carrying amount of that investment. Therefore, amortisation of that notional goodwill shall not be included in the determination of the entity's share of the investee's profits or losses;
(b)
any excess included in the carrying amount of the investment of the entity's interest in the net fair value of the investee's identifiable assets, liabilities and contingent liabilities over the cost of the investment. Therefore, an entity shall include that excess as income in the determination of the entity's share of the investee's profits or losses in the period in which the investment is acquired.
84
For investments accounted for by applying the equity method and acquired before 31 March 2004:
(a)
an entity shall apply this IFRS on a prospective basis, from the beginning of the first annual period beginning on or after 31 March 2004, to any acquired goodwill included in the carrying amount of that investment. Therefore, an entity shall, from that date, discontinue including the amortisation of that goodwill in the determination of the entity's share of the investee's profits or losses;
(b)
an entity shall derecognise any negative goodwill included in the carrying amount of that investment at the beginning of the first annual period beginning on or after 31 March 2004, with a corresponding adjustment to the opening balance of retained earnings.
Limited retrospective application
85
An entity is permitted to apply the requirements of this IFRS to goodwill existing at or acquired after, and to business combinations occurring from, any date before the effective dates outlined in paragraphs 78-84, provided:
(a)
the valuations and other information needed to apply the IFRS to past business combinations were obtained at the time those combinations were initially accounted for; and
(b)
the entity also applies IAS 36 (as revised in 2004) and IAS 38 (as revised in 2004) prospectively from that same date, and the valuations and other information needed to apply those standards from that date were previously obtained by the entity so that there is no need to determine estimates that would need to have been made at a prior date.
WITHDRAWAL OF OTHER PRONOUNCEMENTS
86
This IFRS supersedes IAS 22 
Business combinations
 (as issued in 1998).
87
This IFRS supersedes the following interpretations:
(a)
SIC-9 
Business combinations — classification either as acquisitions or unitings of interests
;
(b)
SIC-22 
Business combinations — subsequent adjustment of fair values and goodwill initially reported
; and
(c)
SIC-28 
Business combinations—‘date of exchange’ and fair value of equity instruments
.
Appendix A
Defined terms
This appendix is an integral part of the IFRS.
Acquisition date
The date on which the acquirer effectively obtains control of the acquiree.
Agreement date
The date that a substantive agreement between the combining parties is reached and, in the case of publicly listed entities, announced to the public. In the case of a hostile takeover, the earliest date that a substantive agreement between the combining parties is reached is the date that a sufficient number of the acquiree's owners have accepted the acquirer's offer for the acquirer to obtain control of the acquiree.
Business
An integrated set of activities and assets conducted and managed for the purpose of providing:
(a)
a return to investors; or
(b)
lower costs or other economic benefits directly and proportionately to policyholders or participants.
A business generally consists of inputs, processes applied to those inputs, and resulting outputs that are, or will be, used to generate revenues. If goodwill is present in a transferred set of activities and assets, the transferred set shall be presumed to be a business.
Business combination
The bringing together of separate entities or businesses into one reporting entity.
Business combination involving entities or businesses under common control
A business combination in which all of the combining entities or businesses ultimately are controlled by the same party or parties both before and after the combination, and that control is not transitory.
Contingent liability
Contingent liability has the meaning given to it in IAS 37 
Provisions, contingent liabilities and contingent assets
, i.e.:
(a)
a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; or
(b)
a present obligation that arises from past events but is not recognised because:
(i)
it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or
(ii)
the amount of the obligation cannot be measured with sufficient reliability.
Control
The power to govern the financial and operating policies of an entity or business so as to obtain benefits from its activities.
Date of exchange
When a business combination is achieved in a single exchange transaction, the date of exchange is the acquisition date. When a business combination involves more than one exchange transaction, for example when it is achieved in stages by successive share purchases, the date of exchange is the date that each individual investment is recognised in the financial statements of the acquirer.
Fair value
The amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction.
Goodwill
Future economic benefits arising from assets that are not capable of being individually identified and separately recognised.
Intangible asset
Intangible asset has the meaning given to it in IAS 38 
Intangible assets
, i.e. an identifiable non-monetary asset without physical substance.
Joint venture
Joint venture has the meaning given to it in IAS 31 
Interests in joint ventures
, i.e. a contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control.
Minority interest
That portion of the profit or loss and net assets of a subsidiary attributable to equity interests that are not owned, directly or indirectly through subsidiaries, by the parent.
Mutual entity
An entity other than an investor-owned entity, such as a mutual insurance company or a mutual cooperative entity, that provides lower costs or other economic benefits directly and proportionately to its policyholders or participants.
Parent
An entity that has one or more subsidiaries.
Probable
More likely than not.
Reporting entity
An entity for which there are users who rely on the entity's general purpose financial statements for information that will be useful to them for making decisions about the allocation of resources. A reporting entity can be a single entity or a group comprising a parent and all of its subsidiaries.
Subsidiary
An entity, including an unincorporated entity such as a partnership, that is controlled by another entity (known as the parent).
Appendix B
Application supplement
This appendix is an integral part of the IFRS.
Reverse acquisitions
B1
As noted in paragraph 21, in some business combinations, commonly referred to as reverse acquisitions, the acquirer is the entity whose equity interests have been acquired and the issuing entity is the acquiree. This might be the case when, for example, a private entity arranges to have itself ‘acquired’ by a smaller public entity as a means of obtaining a stock exchange listing. Although legally the issuing public entity is regarded as the parent and the private entity is regarded as the subsidiary, the legal subsidiary is the acquirer if it has the power to govern the financial and operating policies of the legal parent so as to obtain benefits from its activities.
B2
An entity shall apply the guidance in paragraphs B3-B15 when accounting for a reverse acquisition.
B3
Reverse acquisition accounting determines the allocation of the cost of the business combination as at the acquisition date and does not apply to transactions after the combination.
Cost of the business combination
B4
When equity instruments are issued as part of the cost of the business combination, paragraph 24 requires the cost of the combination to include the fair value of those equity instruments at the date of exchange. Paragraph 27 notes that, in the absence of a reliable published price, the fair value of the equity instruments can be estimated by reference to the fair value of the acquirer or the fair value of the acquiree, whichever is more clearly evident.
B5
In a reverse acquisition, the cost of the business combination is deemed to have been incurred by the legal subsidiary (i.e. the acquirer for accounting purposes) in the form of equity instruments issued to the owners of the legal parent (i.e. the acquiree for accounting purposes). If the published price of the equity instruments of the legal subsidiary is used to determine the cost of the combination, a calculation shall be made to determine the number of equity instruments the legal subsidiary would have had to issue to provide the same percentage ownership interest of the combined entity to the owners of the legal parent as they have in the combined entity as a result of the reverse acquisition. The fair value of the number of equity instruments so calculated shall be used as the cost of the combination.
B6
If the fair value of the equity instruments of the legal subsidiary is not otherwise clearly evident, the total fair value of all the issued equity instruments of the legal parent before the business combination shall be used as the basis for determining the cost of the combination.
Preparation and presentation of consolidated financial statements
B7
Consolidated financial statements prepared following a reverse acquisition shall be issued under the name of the legal parent, but described in the notes as a continuation of the financial statements of the legal subsidiary (i.e. the acquirer for accounting purposes). Because such consolidated financial statements represent a continuation of the financial statements of the legal subsidiary:
(a)
the assets and liabilities of the legal subsidiary shall be recognised and measured in those consolidated financial statements at their pre-combination carrying amounts;
(b)
the retained earnings and other equity balances recognised in those consolidated financial statements shall be the retained earnings and other equity balances of the legal subsidiary immediately before the business combination;
(c)
the amount recognised as issued equity instruments in those consolidated financial statements shall be determined by adding to the issued equity of the legal subsidiary immediately before the business combination the cost of the combination determined as described in paragraphs B4-B6. However, the equity structure appearing in those consolidated financial statements (i.e. the number and type of equity instruments issued) shall reflect the equity structure of the legal parent, including the equity instruments issued by the legal parent to effect the combination;
(d)
comparative information presented in those consolidated financial statements shall be that of the legal subsidiary.
B8
Reverse acquisition accounting applies only in the consolidated financial statements. Therefore, in the legal parent's separate financial statements, if any, the investment in the legal subsidiary is accounted for in accordance with the requirements in IAS 27 on accounting for investments in an investor's separate financial statements.
B9
Consolidated financial statements prepared following a reverse acquisition shall reflect the fair values of the assets, liabilities and contingent liabilities of the legal parent (i.e. the acquiree for accounting purposes). Therefore, the cost of the business combination shall be allocated by measuring the identifiable assets, liabilities and contingent liabilities of the legal parent that satisfy the recognition criteria in paragraph 37 at their fair values at the acquisition date. Any excess of the cost of the combination over the acquirer's interest in the net fair value of those items shall be accounted for in accordance with paragraphs 51-55. Any excess of the acquirer's interest in the net fair value of those items over the cost of the combination shall be accounted for in accordance with paragraph 56.
Minority interest
B10
In some reverse acquisitions, some of the owners of the legal subsidiary do not exchange their equity instruments for equity instruments of the legal parent. Although the entity in which those owners hold equity instruments (the legal subsidiary) acquired another entity (the legal parent), those owners shall be treated as a minority interest in the consolidated financial statements prepared after the reverse acquisition. This is because the owners of the legal subsidiary that do not exchange their equity instruments for equity instruments of the legal parent have an interest only in the results and net assets of the legal subsidiary, and not in the results and net assets of the combined entity. Conversely, all of the owners of the legal parent, notwithstanding that the legal parent is regarded as the acquiree, have an interest in the results and net assets of the combined entity.
B11
Because the assets and liabilities of the legal subsidiary are recognised and measured in the consolidated financial statements at their pre-combination carrying amounts, the minority interest shall reflect the minority shareholders' proportionate interest in the pre-combination carrying amounts of the legal subsidiary's net assets.
Earnings per share
B12
As noted in paragraph B7(c), the equity structure appearing in the consolidated financial statements prepared following a reverse acquisition reflects the equity structure of the legal parent, including the equity instruments issued by the legal parent to effect the business combination.
B13
For the purpose of calculating the weighted average number of ordinary shares outstanding (the denominator) during the period in which the reverse acquisition occurs:
(a)
the number of ordinary shares outstanding from the beginning of that period to the acquisition date shall be deemed to be the number of ordinary shares issued by the legal parent to the owners of the legal subsidiary; and
(b)
the number of ordinary shares outstanding from the acquisition date to the end of that period shall be the actual number of ordinary shares of the legal parent outstanding during that period.
B14
The basic earnings per share disclosed for each comparative period before the acquisition date that is presented in the consolidated financial statements following a reverse acquisition shall be calculated by dividing the profit or loss of the legal subsidiary attributable to ordinary shareholders in each of those periods by the number of ordinary shares issued by the legal parent to the owners of the legal subsidiary in the reverse acquisition.
B15
The calculations outlined in paragraphs B13 and B14 assume that there were no changes in the number of the legal subsidiary's issued ordinary shares during the comparative periods and during the period from the beginning of the period in which the reverse acquisition occurred to the acquisition date. The calculation of earnings per share shall be appropriately adjusted to take into account the effect of a change in the number of the legal subsidiary's issued ordinary shares during those periods.
Allocating the cost of a business combination
B16
This IFRS requires an acquirer to recognise the acquiree's identifiable assets, liabilities and contingent liabilities that satisfy the relevant recognition criteria at their fair values at the acquisition date. For the purpose of allocating the cost of a business combination, the acquirer shall treat the following measures as fair values:
(a)
for financial instruments traded in an active market the acquirer shall use current market values;
(b)
for financial instruments not traded in an active market the acquirer shall use estimated values that take into consideration features such as price-earnings ratios, dividend yields and expected growth rates of comparable instruments of entities with similar characteristics;
(c)
for receivables, beneficial contracts and other identifiable assets the acquirer shall use the present values of the amounts to be received, determined at appropriate current interest rates, less allowances for uncollectability and collection costs, if necessary. However, discounting is not required for short-term receivables, beneficial contracts and other identifiable assets when the difference between the nominal and discounted amounts is not material;
(d)
for inventories of:
(i)
finished goods and merchandise the acquirer shall use selling prices less the sum of (1) the costs of disposal and (2) a reasonable profit allowance for the selling effort of the acquirer based on profit for similar finished goods and merchandise;
(ii)
work in progress the acquirer shall use selling prices of finished goods less the sum of (1) costs to complete, (2) costs of disposal and (3) a reasonable profit allowance for the completing and selling effort based on profit for similar finished goods; and
(iii)
raw materials the acquirer shall use current replacement costs;
(e)
for land and buildings the acquirer shall use market values;
(f)
for plant and equipment the acquirer shall use market values, normally determined by appraisal. If there is no market-based evidence of fair value because of the specialised nature of the item of plant and equipment and the item is rarely sold, except as part of a continuing business, an acquirer may need to estimate fair value using an income or a depreciated replacement cost approach;
(g)
for intangible assets the acquirer shall determine fair value:
(i)
by reference to an active market as defined in IAS 38; or
(ii)
if no active market exists, on a basis that reflects the amounts the acquirer would have paid for the assets in arm's length transactions between knowledgeable willing parties, based on the best information available (see IAS 38 for further guidance on determining the fair values of intangible assets acquired in business combinations);
(h)
for net employee benefit assets or liabilities for defined benefit plans the acquirer shall use the present value of the defined benefit obligation less the fair value of any plan assets. However, an asset is recognised only to the extent that it is probable it will be available to the acquirer in the form of refunds from the plan or a reduction in future contributions;
(i)
for tax assets and liabilities the acquirer shall use the amount of the tax benefit arising from tax losses or the taxes payable in respect of profit or loss in accordance with IAS 12, assessed from the perspective of the combined entity. The tax asset or liability is determined after allowing for the tax effect of restating identifiable assets, liabilities and contingent liabilities to their fair values and is not discounted;
(j)
for accounts and notes payable, long-term debt, liabilities, accruals and other claims payable the acquirer shall use the present values of amounts to be disbursed in settling the liabilities determined at appropriate current interest rates. However, discounting is not required for short-term liabilities when the difference between the nominal and discounted amounts is not material;
(k)
for onerous contracts and other identifiable liabilities of the acquiree the acquirer shall use the present values of amounts to be disbursed in settling the obligations determined at appropriate current interest rates;
(l)
for contingent liabilities of the acquiree the acquirer shall use the amounts that a third party would charge to assume those contingent liabilities. Such an amount shall reflect all expectations about possible cash flows and not the single most likely or the expected maximum or minimum cash flow.
B17
Some of the above guidance requires fair values to be estimated using present value techniques. If the guidance for a particular item does not refer to the use of present value techniques, such techniques may be used in estimating the fair value of that item.
INTERNATIONAL FINANCIAL REPORTING STANDARD 4
Insurance contracts
OBJECTIVE
1
The objective of this IFRS is to specify the financial reporting for 
insurance contracts
 by any entity that issues such contracts (described in this IFRS as an 
insurer
) until the Board completes the second phase of its project on insurance contracts. In particular, this IFRS requires:
(a)
limited improvements to accounting by insurers for insurance contracts;
(b)
disclosure that identifies and explains the amounts in an insurer's financial statements arising from insurance contracts and helps users of those financial statements understand the amount, timing and uncertainty of future cash flows from insurance contracts.
SCOPE
2
An entity shall apply this IFRS to:
(a)
insurance contracts (including 
reinsurance contracts
) that it issues and reinsurance contracts that it holds;
(b)
financial instruments that it issues with a 
discretionary participation feature
 (see paragraph 35). IFRS 7 
Financial instruments: disclosures
 requires disclosure about financial instruments, including financial instruments that contain such features.
3
This IFRS does not address other aspects of accounting by insurers, such as accounting for financial assets held by insurers and financial liabilities issued by insurers (see IAS 32 
Financial instruments: presentation
, IAS 39 
Financial instruments: recognition and measurement
 and IFRS 7), except in the transitional provisions in paragraph 45.
4
An entity shall not apply this IFRS to:
(a)
product warranties issued directly by a manufacturer, dealer or retailer (see IAS 18 
Revenue
 and IAS 37 
Provisions, contingent liabilities and contingent assets
);
(b)
employers' assets and liabilities under employee benefit plans (see IAS 19 
Employee benefits
 and IFRS 2 
Share-based payment
) and retirement benefit obligations reported by defined benefit retirement plans (see IAS 26 
Accounting and reporting by retirement benefit plans
);
(c)
contractual rights or contractual obligations that are contingent on the future use of, or right to use, a non-financial item (for example, some licence fees, royalties, contingent lease payments and similar items), as well as a lessee's residual value guarantee embedded in a finance lease (see IAS 17 
Leases
, IAS 18 
Revenue
 and IAS 38 
Intangible assets
);
(d)
financial guarantee contracts unless the issuer has previously asserted explicitly that it regards such contracts as insurance contracts and has used accounting applicable to insurance contracts, in which case the issuer may elect to apply either IAS 39, IAS 32 and IFRS 7 or this standard to such financial guarantee contracts. The issuer may make that election contract by contract, but the election for each contract is irrevocable;
(e)
contingent consideration payable or receivable in a business combination (see IFRS 3 
Business combinations
);
(f)
direct insurance contracts
 that the entity holds (i.e. direct insurance contracts in which the entity is the 
policyholder
). However, a 
cedant
 shall apply this IFRS to reinsurance contracts that it holds.
5
For ease of reference, this IFRS describes any entity that issues an insurance contract as an insurer, whether or not the issuer is regarded as an insurer for legal or supervisory purposes.
6
A reinsurance contract is a type of insurance contract. Accordingly, all references in this IFRS to insurance contracts also apply to reinsurance contracts.
Embedded derivatives
7
IAS 39 requires an entity to separate some embedded derivatives from their host contract, measure them at 
fair value
 and include changes in their fair value in profit or loss. IAS 39 applies to derivatives embedded in an insurance contract unless the embedded derivative is itself an insurance contract.
8
As an exception to the requirement in IAS 39, an insurer need not separate, and measure at fair value, a policyholder's option to surrender an insurance contract for a fixed amount (or for an amount based on a fixed amount and an interest rate), even if the exercise price differs from the carrying amount of the host 
insurance liability
. However, the requirement in IAS 39 does apply to a put option or cash surrender option embedded in an insurance contract if the surrender value varies in response to the change in a financial variable (such as an equity or commodity price or index), or a non-financial variable that is not specific to a party to the contract. Furthermore, that requirement also applies if the holder's ability to exercise a put option or cash surrender option is triggered by a change in such a variable (for example, a put option that can be exercised if a stock market index reaches a specified level).
9
Paragraph 8 applies equally to options to surrender a financial instrument containing a discretionary participation feature.
Unbundling of deposit components
10
Some insurance contracts contain both an insurance component and a 
deposit component.
 In some cases, an insurer is required or permitted to 
unbundle
 those components:
(a)
unbundling is required if both the following conditions are met:
(i)
the insurer can measure the deposit component (including any embedded surrender options) separately (i.e. without considering the insurance component);
(ii)
the insurer's accounting policies do not otherwise require it to recognise all obligations and rights arising from the deposit component;
(b)
unbundling is permitted, but not required, if the insurer can measure the deposit component separately as in (a)(i) but its accounting policies require it to recognise all obligations and rights arising from the deposit component, regardless of the basis used to measure those rights and obligations;
(c)
unbundling is prohibited if an insurer cannot measure the deposit component separately as in (a)(i).
11
The following is an example of a case when an insurer's accounting policies do not require it to recognise all obligations arising from a deposit component. A cedant receives compensation for losses from a 
reinsurer
, but the contract obliges the cedant to repay the compensation in future years. That obligation arises from a deposit component. If the cedant's accounting policies would otherwise permit it to recognise the compensation as income without recognising the resulting obligation, unbundling is required.
12
To unbundle a contract, an insurer shall:
(a)
apply this IFRS to the insurance component;
(b)
apply IAS 39 to the deposit component.
RECOGNITION AND MEASUREMENT
Temporary exemption from some other IFRSs
13
Paragraphs 10-12 of IAS 8 
Accounting policies, changes in accounting estimates and errors
 specify criteria for an entity to use in developing an accounting policy if no IFRS applies specifically to an item. However, this IFRS exempts an insurer from applying those criteria to its accounting policies for:
(a)
insurance contracts that it issues (including related acquisition costs and related intangible assets, such as those described in paragraphs 31 and 32); and
(b)
reinsurance contracts that it holds.
14
Nevertheless, this IFRS does not exempt an insurer from some implications of the criteria in paragraphs 10-12 of IAS 8. Specifically, an insurer:
(a)
shall not recognise as a liability any provisions for possible future claims, if those claims arise under insurance contracts that are not in existence at the reporting date (such as catastrophe provisions and equalisation provisions);
(b)
shall carry out the 
liability adequacy test
 described in paragraphs 15-19;
(c)
shall remove an insurance liability (or a part of an insurance liability) from its balance sheet when, and only when, it is extinguished — i.e. when the obligation specified in the contract is discharged or cancelled or expires;
(d)
shall not offset:
(i)
reinsurance assets
 against the related insurance liabilities; or
(ii)
income or expense from reinsurance contracts against the expense or income from the related insurance contracts;
(e)
shall consider whether its reinsurance assets are impaired (see paragraph 20).
Liability adequacy test
15
An insurer shall assess at each reporting date whether its recognised insurance liabilities are adequate, using current estimates of future cash flows under its insurance contracts. If that assessment shows that the carrying amount of its insurance liabilities (less related deferred acquisition costs and related intangible assets, such as those discussed in paragraphs 31 and 32) is inadequate in the light of the estimated future cash flows, the entire deficiency shall be recognised in profit or loss.
16
If an insurer applies a liability adequacy test that meets specified minimum requirements, this IFRS imposes no further requirements. The minimum requirements are the following:
(a)
The test considers current estimates of all contractual cash flows, and of related cash flows such as claims handling costs, as well as cash flows resulting from embedded options and guarantees.
(b)
If the test shows that the liability is inadequate, the entire deficiency is recognised in profit or loss.
17
If an insurer's accounting policies do not require a liability adequacy test that meets the minimum requirements of paragraph 16, the insurer shall:
(a)
determine the carrying amount of the relevant insurance liabilities 
(
1
)
 less the carrying amount of:
(i)
any related deferred acquisition costs; and
(ii)
any related intangible assets, such as those acquired in a business combination or portfolio transfer (see paragraphs 31 and 32). However, related reinsurance assets are not considered because an insurer accounts for them separately (see paragraph 20);
(b)
determine whether the amount described in (a) is less than the carrying amount that would be required if the relevant insurance liabilities were within the scope of IAS 37. If it is less, the insurer shall recognise the entire difference in profit or loss and decrease the carrying amount of the related deferred acquisition costs or related intangible assets or increase the carrying amount of the relevant insurance liabilities.
18
If an insurer's liability adequacy test meets the minimum requirements of paragraph 16, the test is applied at the level of aggregation specified in that test. If its liability adequacy test does not meet those minimum requirements, the comparison described in paragraph 17 shall be made at the level of a portfolio of contracts that are subject to broadly similar risks and managed together as a single portfolio.
19
The amount described in paragraph 17(b) (i.e. the result of applying IAS 37) shall reflect future investment margins (see paragraphs 27-29) if, and only if, the amount described in paragraph 17(a) also reflects those margins.
Impairment of reinsurance assets
20
If a cedant's reinsurance asset is impaired, the cedant shall reduce its carrying amount accordingly and recognise that impairment loss in profit or loss. A reinsurance asset is impaired if, and only if:
(a)
there is objective evidence, as a result of an event that occurred after initial recognition of the reinsurance asset, that the cedant may not receive all amounts due to it under the terms of the contract; and
(b)
that event has a reliably measurable impact on the amounts that the cedant will receive from the reinsurer.
Changes in accounting policies
21
Paragraphs 22-30 apply both to changes made by an insurer that already applies IFRSs and to changes made by an insurer adopting IFRSs for the first time.
22
An insurer may change its accounting policies for insurance contracts if, and only if, the change makes the financial statements more relevant to the economic decision-making needs of users and no less reliable, or more reliable and no less relevant to those needs. An insurer shall judge relevance and reliability by the criteria in IAS 8.
23
To justify changing its accounting policies for insurance contracts, an insurer shall show that the change brings its financial statements closer to meeting the criteria in IAS 8, but the change need not achieve full compliance with those criteria. The following specific issues are discussed below:
(a)
current interest rates (paragraph 24);
(b)
continuation of existing practices (paragraph 25);
(c)
prudence (paragraph 26);
(d)
future investment margins (paragraphs 27-29); and
(e)
shadow accounting (paragraph 30).
Current market interest rates
24
An insurer is permitted, but not required, to change its accounting policies so that it remeasures designated insurance liabilities 
(
2
)
 to reflect current market interest rates and recognises changes in those liabilities in profit or loss. At that time, it may also introduce accounting policies that require other current estimates and assumptions for the designated liabilities. The election in this paragraph permits an insurer to change its accounting policies for designated liabilities, without applying those policies consistently to all similar liabilities as IAS 8 would otherwise require. If an insurer designates liabilities for this election, it shall continue to apply current market interest rates (and, if applicable, the other current estimates and assumptions) consistently in all periods to all these liabilities until they are extinguished.
Continuation of existing practices
25
An insurer may continue the following practices, but the introduction of any of them does not satisfy paragraph 22:
(a)
measuring insurance liabilities on an undiscounted basis;
(b)
measuring contractual rights to future investment management fees at an amount that exceeds their fair value as implied by a comparison with current fees charged by other market participants for similar services. It is likely that the fair value at inception of those contractual rights equals the origination costs paid, unless future investment management fees and related costs are out of line with market comparables;
(c)
using non-uniform accounting policies for the insurance contracts (and related deferred acquisition costs and related intangible assets, if any) of subsidiaries, except as permitted by paragraph 24. If those accounting policies are not uniform, an insurer may change them if the change does not make the accounting policies more diverse and also satisfies the other requirements in this IFRS.
Prudence
26
An insurer need not change its accounting policies for insurance contracts to eliminate excessive prudence. However, if an insurer already measures its insurance contracts with sufficient prudence, it shall not introduce additional prudence.
Future investment margins
27
An insurer need not change its accounting policies for insurance contracts to eliminate future investment margins. However, there is a rebuttable presumption that an insurer's financial statements will become less relevant and reliable if it introduces an accounting policy that reflects future investment margins in the measurement of insurance contracts, unless those margins affect the contractual payments. Two examples of accounting policies that reflect those margins are:
(a)
using a discount rate that reflects the estimated return on the insurer's assets; or
(b)
projecting the returns on those assets at an estimated rate of return, discounting those projected returns at a different rate and including the result in the measurement of the liability.
28
An insurer may overcome the rebuttable presumption described in paragraph 27 if, and only if, the other components of a change in accounting policies increase the relevance and reliability of its financial statements sufficiently to outweigh the decrease in relevance and reliability caused by the inclusion of future investment margins. For example, suppose that an insurer's existing accounting policies for insurance contracts involve excessively prudent assumptions set at inception and a discount rate prescribed by a regulator without direct reference to market conditions, and ignore some embedded options and guarantees. The insurer might make its financial statements more relevant and no less reliable by switching to a comprehensive investor-oriented basis of accounting that is widely used and involves:
(a)
current estimates and assumptions;
(b)
a reasonable (but not excessively prudent) adjustment to reflect risk and uncertainty;
(c)
measurements that reflect both the intrinsic value and time value of embedded options and guarantees; and
(d)
a current market discount rate, even if that discount rate reflects the estimated return on the insurer's assets.
29
In some measurement approaches, the discount rate is used to determine the present value of a future profit margin. That profit margin is then attributed to different periods using a formula. In those approaches, the discount rate affects the measurement of the liability only indirectly. In particular, the use of a less appropriate discount rate has a limited or no effect on the measurement of the liability at inception. However, in other approaches, the discount rate determines the measurement of the liability directly. In the latter case, because the introduction of an asset-based discount rate has a more significant effect, it is highly unlikely that an insurer could overcome the rebuttable presumption described in paragraph 27.
Shadow accounting
30
In some accounting models, realised gains or losses on an insurer's assets have a direct effect on the measurement of some or all of (a) its insurance liabilities, (b) related deferred acquisition costs and (c) related intangible assets, such as those described in paragraphs 31 and 32. An insurer is permitted, but not required, to change its accounting policies so that a recognised but unrealised gain or loss on an asset affects those measurements in the same way that a realised gain or loss does. The related adjustment to the insurance liability (or deferred acquisition costs or intangible assets) shall be recognised in equity if, and only if, the unrealised gains or losses are recognised directly in equity. This practice is sometimes described as ‘shadow accounting’.
Insurance contracts acquired in a business combination or portfolio transfer
31
To comply with IFRS 3, an insurer shall, at the acquisition date, measure at fair value the insurance liabilities assumed and 
insurance assets
 acquired in a business combination. However, an insurer is permitted, but not required, to use an expanded presentation that splits the fair value of acquired insurance contracts into two components:
(a)
a liability measured in accordance with the insurer's accounting policies for insurance contracts that it issues; and
(b)
an intangible asset, representing the difference between (i) the fair value of the contractual insurance rights acquired and insurance obligations assumed and (ii) the amount described in (a). The subsequent measurement of this asset shall be consistent with the measurement of the related insurance liability.
32
An insurer acquiring a portfolio of insurance contracts may use the expanded presentation described in paragraph 31.
33
The intangible assets described in paragraphs 31 and 32 are excluded from the scope of IAS 36 
Impairment of assets
 and IAS 38. However, IAS 36 and IAS 38 apply to customer lists and customer relationships reflecting the expectation of future contracts that are not part of the contractual insurance rights and contractual insurance obligations that existed at the date of a business combination or portfolio transfer.
Discretionary participation features
Discretionary participation features in insurance contracts
34
Some insurance contracts contain a discretionary participation feature as well as a 
guaranteed element
. The issuer of such a contract:
(a)
may, but need not, recognise the guaranteed element separately from the discretionary participation feature. If the issuer does not recognise them separately, it shall classify the whole contract as a liability. If the issuer classifies them separately, it shall classify the guaranteed element as a liability;
(b)
shall, if it recognises the discretionary participation feature separately from the guaranteed element, classify that feature as either a liability or a separate component of equity. This IFRS does not specify how the issuer determines whether that feature is a liability or equity. The issuer may split that feature into liability and equity components and shall use a consistent accounting policy for that split. The issuer shall not classify that feature as an intermediate category that is neither liability nor equity;
(c)
may recognise all premiums received as revenue without separating any portion that relates to the equity component. The resulting changes in the guaranteed element and in the portion of the discretionary participation feature classified as a liability shall be recognised in profit or loss. If part or all of the discretionary participation feature is classified in equity, a portion of profit or loss may be attributable to that feature (in the same way that a portion may be attributable to minority interests). The issuer shall recognise the portion of profit or loss attributable to any equity component of a discretionary participation feature as an allocation of profit or loss, not as expense or income (see IAS 1 
Presentation of financial statements
);
(d)
shall, if the contract contains an embedded derivative within the scope of IAS 39, apply IAS 39 to that embedded derivative;
(e)
shall, in all respects not described in paragraphs 14-20 and 34(a)-(d), continue its existing accounting policies for such contracts, unless it changes those accounting policies in a way that complies with paragraphs 21-30.
Discretionary participation features in financial instruments
35
The requirements in paragraph 34 also apply to a financial instrument that contains a discretionary participation feature. In addition:
(a)
if the issuer classifies the entire discretionary participation feature as a liability, it shall apply the liability adequacy test in paragraphs 15-19 to the whole contract (i.e. both the guaranteed element and the discretionary participation feature). The issuer need not determine the amount that would result from applying IAS 39 to the guaranteed element;
(b)
if the issuer classifies part or all of that feature as a separate component of equity, the liability recognised for the whole contract shall not be less than the amount that would result from applying IAS 39 to the guaranteed element. That amount shall include the intrinsic value of an option to surrender the contract, but need not include its time value if paragraph 9 exempts that option from measurement at fair value. The issuer need not disclose the amount that would result from applying IAS 39 to the guaranteed element, nor need it present that amount separately. Furthermore, the issuer need not determine that amount if the total liability recognised is clearly higher;
(c)
although these contracts are financial instruments, the issuer may continue to recognise the premiums for those contracts as revenue and recognise as an expense the resulting increase in the carrying amount of the liability;
(d)
although these contracts are financial instruments, an issuer applying paragraph 20(b) of IFRS 7 to contracts with a discretionary participation feature shall disclose the total interest expense recognised in profit or loss, but need not calculate such interest expense using the effective interest method.
DISCLOSURE
Explanation of recognised amounts
36
An insurer shall disclose information that identifies and explains the amounts in its financial statements arising from insurance contracts.
37
To comply with paragraph 36, an insurer shall disclose:
(a)
its accounting policies for insurance contracts and related assets, liabilities, income and expense;
(b)
the recognised assets, liabilities, income and expense (and, if it presents its cash-flow statement using the direct method, cash flows) arising from insurance contracts. Furthermore, if the insurer is a cedant, it shall disclose:
(i)
gains and losses recognised in profit or loss on buying reinsurance; and
(ii)
if the cedant defers and amortises gains and losses arising on buying reinsurance, the amortisation for the period and the amounts remaining unamortised at the beginning and end of the period;
(c)
the process used to determine the assumptions that have the greatest effect on the measurement of the recognised amounts described in (b). When practicable, an insurer shall also give quantified disclosure of those assumptions;
(d)
the effect of changes in assumptions used to measure insurance assets and insurance liabilities, showing separately the effect of each change that has a material effect on the financial statements;
(e)
reconciliations of changes in insurance liabilities, reinsurance assets and, if any, related deferred acquisition costs.
Nature and extent of risks arising from insurance contracts
38
An insurer shall disclose information that enables users of its financial statements to evaluate the nature and extent of risks arising from insurance contracts.
39
To comply with paragraph 38, an insurer shall disclose:
(a)
its objectives, policies and processes for managing risks arising from insurance contracts and the methods used to manage those risks;
(b)
[deleted]
(c)
information about 
insurance risk
 (both before and after risk mitigation by reinsurance), including information about:
(i)
sensitivity to insurance risk (see paragraph 39A);
(ii)
concentrations of insurance risk, including a description of how management determines concentrations and a description of the shared characteristic that identifies each concentration (e.g. type of insured event, geographical area, or currency);
(iii)
actual claims compared with previous estimates (i.e. claims development). The disclosure about claims development shall go back to the period when the earliest material claim arose for which there is still uncertainty about the amount and timing of the claims payments, but need not go back more than 10 years. An insurer need not disclose this information for claims for which uncertainty about the amount and timing of claims payments is typically resolved within one year;
(d)
information about credit risk, liquidity risk and market risk that paragraphs 31-42 of IFRS 7 would require if the insurance contracts were within the scope of IFRS 7. However:
(i)
an insurer need not provide the maturity analysis required by paragraph 39(a) of IFRS 7 if it discloses information about the estimated timing of the net cash outflows resulting from recognised insurance liabilities instead. This may take the form of an analysis, by estimated timing, of the amounts recognised in the balance sheet;
(ii)
if an insurer uses an alternative method to manage sensitivity to market conditions, such as an embedded value analysis, it may use that sensitivity analysis to meet the requirement in paragraph 40(a) of IFRS 7. Such an insurer shall also provide the disclosures required by paragraph 41 of IFRS 7;
(e)
information about exposures to market risk arising from embedded derivatives contained in a host insurance contract if the insurer is not required to, and does not, measure the embedded derivatives at fair value.
39A
To comply with paragraph 39(c)(i), an insurer shall disclose either (a) or (b) as follows:
(a)
a sensitivity analysis that shows how profit or loss and equity would have been affected had changes in the relevant risk variable that were reasonably possible at the balance sheet date occurred; the methods and assumptions used in preparing the sensitivity analysis; and any changes from the previous period in the methods and assumptions used. However, if an insurer uses an alternative method to manage sensitivity to market conditions, such as an embedded value analysis, it may meet this requirement by disclosing that alternative sensitivity analysis and the disclosures required by paragraph 41 of IFRS 7;
(b)
qualitative information about sensitivity, and information about those terms and conditions of insurance contracts that have a material effect on the amount, timing and uncertainty of the insurer's future cash flows.
EFFECTIVE DATE AND TRANSITION
40
The transitional provisions in paragraphs 41-45 apply both to an entity that is already applying IFRSs when it first applies this IFRS and to an entity that applies IFRSs for the first-time (a first-time adopter).
41
An entity shall apply this IFRS 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.
41A
Financial guarantee contracts
 (amendments to IAS 39 and IFRS 4), issued in August 2005, amended paragraphs 4(d), B18(g) and B19(f). An entity shall apply those amendments for annual periods beginning on or after 1 January 2006. Earlier application is encouraged. If an entity applies those amendments for an earlier period, it shall disclose that fact and apply the related amendments to IAS 39 and IAS 32 
(
3
)
 at the same time.
Disclosure
42
An entity need not apply the disclosure requirements in this IFRS to comparative information that relates to annual periods beginning before 1 January 2005, except for the disclosures required by paragraph 37(a) and (b) about accounting policies, and recognised assets, liabilities, income and expense (and cash flows if the direct method is used).
43
If it is impracticable to apply a particular requirement of paragraphs 10-35 to comparative information that relates to annual periods beginning before 1 January 2005, an entity shall disclose that fact. Applying the liability adequacy test (paragraphs 15-19) to such comparative information might sometimes be impracticable, but it is highly unlikely to be impracticable to apply other requirements of paragraphs 10-35 to such comparative information. IAS 8 explains the term ‘impracticable’.
44
In applying paragraph 39(c)(iii), an entity need not disclose information about claims development that occurred earlier than five years before the end of the first financial year in which it applies this IFRS. Furthermore, if it is impracticable, when an entity first applies this IFRS, to prepare information about claims development that occurred before the beginning of the earliest period for which an entity presents full comparative information that complies with this IFRS, the entity shall disclose that fact.
Redesignation of financial assets
45
When an insurer changes its accounting policies for insurance liabilities, it is permitted, but not required, to reclassify some or all of its financial assets as ‘at fair value through profit or loss’. This reclassification is permitted if an insurer changes accounting policies when it first applies this IFRS and if it makes a subsequent policy change permitted by paragraph 22. The reclassification is a change in accounting policy and IAS 8 applies.
(
1
)
  The relevant insurance liabilities are those insurance liabilities (and related deferred acquisition costs and related intangible assets) for which the insurer's accounting policies do not require a liability adequacy test that meets the minimum requirements of paragraph 16.
(
2
)
  In this paragraph, insurance liabilities include related deferred acquisition costs and related intangible assets, such as those discussed in paragraphs 31 and 32.
(
3
)
  When an entity applies IFRS 7, the reference to IAS 32 is replaced by a reference to IFRS 7.
Appendix A
Defined terms
This appendix is an integral part of the IFRS.
Cedant
The policyholder under a reinsurance contract.
Deposit component
A contractual component that is not accounted for as a derivative under IAS 39 and would be within the scope of IAS 39 if it were a separate instrument.
Direct insurance contract
An insurance contract that is not a reinsurance contract.
Discretionary participation feature
A contractual right to receive, as a supplement to guaranteed benefits, additional benefits:
(a)
that are likely to be a significant portion of the total contractual benefits;
(b)
whose amount or timing is contractually at the discretion of the issuer; and
(c)
that are contractually based on:
(i)
the performance of a specified pool of contracts or a specified type of contract;
(ii)
realised and/or unrealised investment returns on a specified pool of assets held by the issuer; or
(iii)
the profit or loss of the company, fund or other entity that issues the contract.
Fair value
The amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction.
Financial guarantee contract
A contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the original or modified terms of a debt instrument.
Financial risk
The risk of a possible future change in one or more of a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract.
Guaranteed benefits
Payments or other benefits to which a particular policyholder or investor has an unconditional right that is not subject to the contractual discretion of the issuer.
Guaranteed element
An obligation to pay guaranteed benefits, included in a contract that contains a discretionary participation feature.
Insurance asset
An insurer's net contractual rights under an insurance contract.
Insurance contract
A contract under which one party (the insurer) accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder. (See Appendix B for guidance on this definition.)
Insurance liability
An insurer's net contractual obligations under an insurance contract.
Insurance risk
Risk, other than financial risk, transferred from the holder of a contract to the issuer.
Insured event
An uncertain future event that is covered by an insurance contract and creates insurance risk.
Insurer
The party that has an obligation under an insurance contract to compensate a policyholder if an insured event occurs.
Liability adequacy test
An assessment of whether the carrying amount of an insurance liability needs to be increased (or the carrying amount of related deferred acquisition costs or related intangible assets decreased), based on a review of future cash flows.
Policyholder
A party that has a right to compensation under an insurance contract if an insured event occurs.
Reinsurance assets
A cedant's net contractual rights under a reinsurance contract.
Reinsurance contract
An insurance contract issued by one insurer (the reinsurer) to compensate another insurer (the cedant) for losses on one or more contracts issued by the cedant.
Reinsurer
The party that has an obligation under a reinsurance contract to compensate a cedant if an insured event occurs.
Unbundle
Account for the components of a contract as if they were separate contracts.
Appendix B
Definition of an insurance contract
This appendix is an integral part of the IFRS.
B1
This appendix gives guidance on the definition of an insurance contract in Appendix A. It addresses the following issues:
(a)
the term ‘uncertain future event’ (paragraphs B2-B4);
(b)
payments in kind (paragraphs B5-B7);
(c)
insurance risk and other risks (paragraphs B8-B17);
(d)
examples of insurance contracts (paragraphs B18-B21);
(e)
significant insurance risk (paragraphs B22-B28); and
(f)
changes in the level of insurance risk (paragraphs B29 and B30).
Uncertain future event
B2
Uncertainty (or risk) is the essence of an insurance contract. Accordingly, at least one of the following is uncertain at the inception of an insurance contract:
(a)
whether an 
insured event
 will occur;
(b)
when it will occur; or
(c)
how much the insurer will need to pay if it occurs.
B3
In some insurance contracts, the insured event is the discovery of a loss during the term of the contract, even if the loss arises from an event that occurred before the inception of the contract. In other insurance contracts, the insured event is an event that occurs during the term of the contract, even if the resulting loss is discovered after the end of the contract term.
B4
Some insurance contracts cover events that have already occurred, but whose financial effect is still uncertain. An example is a reinsurance contract that covers the direct insurer against adverse development of claims already reported by policyholders. In such contracts, the insured event is the discovery of the ultimate cost of those claims.
Payments in kind
B5
Some insurance contracts require or permit payments to be made in kind. An example is when the insurer replaces a stolen article directly, instead of reimbursing the policyholder. Another example is when an insurer uses its own hospitals and medical staff to provide medical services covered by the contracts.
B6
Some fixed-fee service contracts in which the level of service depends on an uncertain event meet the definition of an insurance contract in this IFRS but are not regulated as insurance contracts in some countries. One example is a maintenance contract in which the service provider agrees to repair specified equipment after a malfunction. The fixed service fee is based on the expected number of malfunctions, but it is uncertain whether a particular machine will break down. The malfunction of the equipment adversely affects its owner and the contract compensates the owner (in kind, rather than cash). Another example is a contract for car breakdown services in which the provider agrees, for a fixed annual fee, to provide roadside assistance or tow the car to a nearby garage. The latter contract could meet the definition of an insurance contract even if the provider does not agree to carry out repairs or replace parts.
B7
Applying the IFRS to the contracts described in paragraph B6 is likely to be no more burdensome than applying the IFRSs that would be applicable if such contracts were outside the scope of this IFRS:
(a)
There are unlikely to be material liabilities for malfunctions and breakdowns that have already occurred.
(b)
If IAS 18 
Revenue
 applied, the service provider would recognise revenue by reference to the stage of completion (and subject to other specified criteria). That approach is also acceptable under this IFRS, which permits the service provider (i) to continue its existing accounting policies for these contracts unless they involve practices prohibited by paragraph 14 and (ii) to improve its accounting policies if so permitted by paragraphs 22-30.
(c)
The service provider considers whether the cost of meeting its contractual obligation to provide services exceeds the revenue received in advance. To do this, it applies the liability adequacy test described in paragraphs 15-19 of this IFRS. If this IFRS did not apply to these contracts, the service provider would apply IAS 37 to determine whether the contracts are onerous.
(d)
For these contracts, the disclosure requirements in this IFRS are unlikely to add significantly to disclosures required by other IFRSs.
Distinction between insurance risk and other risks
B8
The definition of an insurance contract refers to insurance risk, which this IFRS defines as risk, other than 
financial risk
, transferred from the holder of a contract to the issuer. A contract that exposes the issuer to financial risk without significant insurance risk is not an insurance contract.
B9
The definition of financial risk in Appendix A includes a list of financial and non-financial variables. That list includes non-financial variables that are not specific to a party to the contract, such as an index of earthquake losses in a particular region or an index of temperatures in a particular city. It excludes non-financial variables that are specific to a party to the contract, such as the occurrence or non-occurrence of a fire that damages or destroys an asset of that party. Furthermore, the risk of changes in the fair value of a non-financial asset is not a financial risk if the fair value reflects not only changes in market prices for such assets (a financial variable) but also the condition of a specific non-financial asset held by a party to a contract (a non-financial variable). For example, if a guarantee of the residual value of a specific car exposes the guarantor to the risk of changes in the car's physical condition, that risk is insurance risk, not financial risk.
B10
Some contracts expose the issuer to financial risk, in addition to significant insurance risk. For example, many life insurance contracts both guarantee a minimum rate of return to policyholders (creating financial risk) and promise death benefits that at some times significantly exceed the policyholder's account balance (creating insurance risk in the form of mortality risk). Such contracts are insurance contracts.
B11
Under some contracts, an insured event triggers the payment of an amount linked to a price index. Such contracts are insurance contracts, provided the payment that is contingent on the insured event can be significant. For example, a life-contingent annuity linked to a cost-of-living index transfers insurance risk because payment is triggered by an uncertain event — the survival of the annuitant. The link to the price index is an embedded derivative, but it also transfers insurance risk. If the resulting transfer of insurance risk is significant, the embedded derivative meets the definition of an insurance contract, in which case it need not be separated and measured at fair value (see paragraph 7 of this IFRS).
B12
The definition of insurance risk refers to risk that the insurer accepts from the policyholder. In other words, insurance risk is a pre-existing risk transferred from the policyholder to the insurer. Thus, a new risk created by the contract is not insurance risk.
B13
The definition of an insurance contract refers to an adverse effect on the policyholder. The definition does not limit the payment by the insurer to an amount equal to the financial impact of the adverse event. For example, the definition does not exclude ‘new-for-old’ coverage that pays the policyholder sufficient to permit replacement of a damaged old asset by a new asset. Similarly, the definition does not limit payment under a term life insurance contract to the financial loss suffered by the deceased's dependants, nor does it preclude the payment of predetermined amounts to quantify the loss caused by death or an accident.
B14
Some contracts require a payment if a specified uncertain event occurs, but do not require an adverse effect on the policyholder as a precondition for payment. Such a contract is not an insurance contract even if the holder uses the contract to mitigate an underlying risk exposure. For example, if the holder uses a derivative to hedge an underlying non-financial variable that is correlated with cash flows from an asset of the entity, the derivative is not an insurance contract because payment is not conditional on whether the holder is adversely affected by a reduction in the cash flows from the asset. Conversely, the definition of an insurance contract refers to an uncertain event for which an adverse effect on the policyholder is a contractual precondition for payment. This contractual precondition does not require the insurer to investigate whether the event actually caused an adverse effect, but permits the insurer to deny payment if it is not satisfied that the event caused an adverse effect.
B15
Lapse or persistency risk (i.e. the risk that the counterparty will cancel the contract earlier or later than the issuer had expected in pricing the contract) is not insurance risk because the payment to the counterparty is not contingent on an uncertain future event that adversely affects the counterparty. Similarly, expense risk (i.e. the risk of unexpected increases in the administrative costs associated with the servicing of a contract, rather than in costs associated with insured events) is not insurance risk because an unexpected increase in expenses does not adversely affect the counterparty.
B16
Therefore, a contract that exposes the issuer to lapse risk, persistency risk or expense risk is not an insurance contract unless it also exposes the issuer to insurance risk. However, if the issuer of that contract mitigates that risk by using a second contract to transfer part of that risk to another party, the second contract exposes that other party to insurance risk.
B17
An insurer can accept significant insurance risk from the policyholder only if the insurer is an entity separate from the policyholder. In the case of a mutual insurer, the mutual accepts risk from each policyholder and pools that risk. Although policyholders bear that pooled risk collectively in their capacity as owners, the mutual has still accepted the risk that is the essence of an insurance contract.
Examples of insurance contracts
B18
The following are examples of contracts that are insurance contracts, if the transfer of insurance risk is significant:
(a)
insurance against theft or damage to property;
(b)
insurance against product liability, professional liability, civil liability or legal expenses;
(c)
life insurance and prepaid funeral plans (although death is certain, it is uncertain when death will occur or, for some types of life insurance, whether death will occur within the period covered by the insurance);
(d)
life-contingent annuities and pensions (i.e. contracts that provide compensation for the uncertain future event — the survival of the annuitant or pensioner — to assist the annuitant or pensioner in maintaining a given standard of living, which would otherwise be adversely affected by his or her survival);
(e)
disability and medical cover;
(f)
surety bonds, fidelity bonds, performance bonds and bid bonds (i.e. contracts that provide compensation if another party fails to perform a contractual obligation, for example an obligation to construct a building);
(g)
credit insurance that provides for specified payments to be made to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due under the original or modified terms of a debt instrument. These contracts could have various legal forms, such as that of a guarantee, some types of letter of credit, a credit derivative default contract or an insurance contract. However, although these contracts meet the definition of an insurance contract, they also meet the definition of a financial guarantee contract in IAS 39 and are within the scope of IAS 32 
(
1
)
 and IAS 39, not this IFRS (see paragraph 4(d)). Nevertheless, if an issuer of financial guarantee contracts has previously asserted explicitly that it regards such contracts as insurance contracts and has used accounting applicable to insurance contracts, the issuer may elect to apply either IAS 39 and IAS 32 
(
1
)
 or this standard to such financial guarantee contracts;
(h)
product warranties. Product warranties issued by another party for goods sold by a manufacturer, dealer or retailer are within the scope of this IFRS. However, product warranties issued directly by a manufacturer, dealer or retailer are outside its scope, because they are within the scope of IAS 18 and IAS 37;
(i)
title insurance (i.e. insurance against the discovery of defects in title to land that were not apparent when the insurance contract was written). In this case, the insured event is the discovery of a defect in the title, not the defect itself;
(j)
travel assistance (i.e. compensation in cash or in kind to policyholders for losses suffered while they are travelling). Paragraphs B6 and B7 discuss some contracts of this kind;
(k)
catastrophe bonds that provide for reduced payments of principal, interest or both if a specified event adversely affects the issuer of the bond (unless the specified event does not create significant insurance risk, for example if the event is a change in an interest rate or foreign exchange rate);
(l)
insurance swaps and other contracts that require a payment based on changes in climatic, geological or other physical variables that are specific to a party to the contract;
(m)
reinsurance contracts.
B19
The following are examples of items that are not insurance contracts:
(a)
investment contracts that have the legal form of an insurance contract but do not expose the insurer to significant insurance risk, for example life insurance contracts in which the insurer bears no significant mortality risk (such contracts are non-insurance financial instruments or service contracts, see paragraphs B20 and B21);
(b)
contracts that have the legal form of insurance, but pass all significant insurance risk back to the policyholder through non-cancellable and enforceable mechanisms that adjust future payments by the policyholder as a direct result of insured losses, for example some financial reinsurance contracts or some group contracts (such contracts are normally non-insurance financial instruments or service contracts, see paragraphs B20 and B21);
(c)
self-insurance, in other words retaining a risk that could have been covered by insurance (there is no insurance contract because there is no agreement with another party);
(d)
contracts (such as gambling contracts) that require a payment if a specified uncertain future event occurs, but do not require, as a contractual precondition for payment, that the event adversely affects the policyholder. However, this does not preclude the specification of a predetermined payout to quantify the loss caused by a specified event such as death or an accident (see also paragraph B13);
(e)
derivatives that expose one party to financial risk but not insurance risk, because they require that party to make payment based solely on changes in one or more of a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract (see IAS 39);
(f)
a credit-related guarantee (or letter of credit, credit derivative default contract or credit insurance contract) that requires payments even if the holder has not incurred a loss on the failure of the debtor to make payments when due (see IAS 39);
(g)
contracts that require a payment based on a climatic, geological or other physical variable that is not specific to a party to the contract (commonly described as weather derivatives);
(h)
catastrophe bonds that provide for reduced payments of principal, interest or both, based on a climatic, geological or other physical variable that is not specific to a party to the contract.
B20
If the contracts described in paragraph B19 create financial assets or financial liabilities, they are within the scope of IAS 39. Among other things, this means that the parties to the contract use what is sometimes called deposit accounting, which involves the following:
(a)
one party recognises the consideration received as a financial liability, rather than as revenue;
(b)
the other party recognises the consideration paid as a financial asset, rather than as an expense.
B21
If the contracts described in paragraph B19 do not create financial assets or financial liabilities, IAS 18 applies. Under IAS 18, revenue associated with a transaction involving the rendering of services is recognised by reference to the stage of completion of the transaction if the outcome of the transaction can be estimated reliably.
Significant insurance risk
B22
A contract is an insurance contract only if it transfers significant insurance risk. Paragraphs B8–B21 discuss insurance risk. The following paragraphs discuss the assessment of whether insurance risk is significant.
B23
Insurance risk is significant if, and only if, an insured event could cause an insurer to pay significant additional benefits in any scenario, excluding scenarios that lack commercial substance (i.e. have no discernible effect on the economics of the transaction). If significant additional benefits would be payable in scenarios that have commercial substance, the condition in the previous sentence may be met even if the insured event is extremely unlikely or even if the expected (i.e. probability-weighted) present value of contingent cash flows is a small proportion of the expected present value of all the remaining contractual cash flows.
B24
The additional benefits described in paragraph B23 refer to amounts that exceed those that would be payable if no insured event occurred (excluding scenarios that lack commercial substance). Those additional amounts include claims handling and claims assessment costs, but exclude:
(a)
the loss of the ability to charge the policyholder for future services. For example, in an investment-linked life insurance contract, the death of the policyholder means that the insurer can no longer perform investment management services and collect a fee for doing so. However, this economic loss for the insurer does not reflect insurance risk, just as a mutual fund manager does not take on insurance risk in relation to the possible death of the client. Therefore, the potential loss of future investment management fees is not relevant in assessing how much insurance risk is transferred by a contract;
(b)
waiver on death of charges that would be made on cancellation or surrender. Because the contract brought those charges into existence, the waiver of these charges does not compensate the policyholder for a pre-existing risk. Hence, they are not relevant in assessing how much insurance risk is transferred by a contract;
(c)
a payment conditional on an event that does not cause a significant loss to the holder of the contract. For example, consider a contract that requires the issuer to pay one million currency units if an asset suffers physical damage causing an insignificant economic loss of one currency unit to the holder. In this contract, the holder transfers to the insurer the insignificant risk of losing one currency unit. At the same time, the contract creates non-insurance risk that the issuer will need to pay 999,999 currency units if the specified event occurs. Because the issuer does not accept significant insurance risk from the holder, this contract is not an insurance contract;
(d)
possible reinsurance recoveries. The insurer accounts for these separately.
B25
An insurer shall assess the significance of insurance risk contract by contract, rather than by reference to materiality to the financial statements 
(
2
)
. Thus, insurance risk may be significant even if there is a minimal probability of material losses for a whole book of contracts. This contract-by-contract assessment makes it easier to classify a contract as an insurance contract. However, if a relatively homogeneous book of small contracts is known to consist of contracts that all transfer insurance risk, an insurer need not examine each contract within that book to identify a few non-derivative contracts that transfer insignificant insurance risk.
B26
It follows from paragraphs B23-B25 that if a contract pays a death benefit exceeding the amount payable on survival, the contract is an insurance contract unless the additional death benefit is insignificant (judged by reference to the contract rather than to an entire book of contracts). As noted in paragraph B24(b), the waiver on death of cancellation or surrender charges is not included in this assessment if this waiver does not compensate the policyholder for a pre-existing risk. Similarly, an annuity contract that pays out regular sums for the rest of a policyholder's life is an insurance contract, unless the aggregate life-contingent payments are insignificant.
B27
Paragraph B23 refers to additional benefits. These additional benefits could include a requirement to pay benefits earlier if the insured event occurs earlier and the payment is not adjusted for the time value of money. An example is whole life insurance for a fixed amount (in other words, insurance that provides a fixed death benefit whenever the policyholder dies, with no expiry date for the cover). It is certain that the policyholder will die, but the date of death is uncertain. The insurer will suffer a loss on those individual contracts for which policyholders die early, even if there is no overall loss on the whole book of contracts.
B28
If an insurance contract is unbundled into a deposit component and an insurance component, the significance of insurance risk transfer is assessed by reference to the insurance component. The significance of insurance risk transferred by an embedded derivative is assessed by reference to the embedded derivative.
Changes in the level of insurance risk
B29
Some contracts do not transfer any insurance risk to the issuer at inception, although they do transfer insurance risk at a later time. For example, consider a contract that provides a specified investment return and includes an option for the policyholder to use the proceeds of the investment on maturity to buy a life-contingent annuity at the current annuity rates charged by the insurer to other new annuitants when the policyholder exercises the option. The contract transfers no insurance risk to the issuer until the option is exercised, because the insurer remains free to price the annuity on a basis that reflects the insurance risk transferred to the insurer at that time. However, if the contract specifies the annuity rates (or a basis for setting the annuity rates), the contract transfers insurance risk to the issuer at inception.
B30
A contract that qualifies as an insurance contract remains an insurance contract until all rights and obligations are extinguished or expire.
(
1
)
  When an entity applies IFRS 7, the reference to IAS 32 is replaced by a reference to IFRS 7.
(
2
)
  For this purpose, contracts entered into simultaneously with a single counterparty (or contracts that are otherwise interdependent) form a single contract.
INTERNATIONAL FINANCIAL REPORTING STANDARD 5
Non-current assets held for sale and discontinued operations
OBJECTIVE
1
The objective of this IFRS is to specify the accounting for assets held for sale, and the presentation and disclosure of 
discontinued operations
. In particular, the IFRS requires:
(a)
assets that meet the criteria to be classified as held for sale to be measured at the lower of carrying amount and 
fair value
 less 
costs to sell
, and depreciation on such assets to cease; and
(b)
assets that meet the criteria to be classified as held for sale to be presented separately on the face of the balance sheet and the results of discontinued operations to be presented separately in the income statement.
SCOPE
2
The classification and presentation requirements of this IFRS apply to all recognised 
non-current assets
 
(
1
)
 and to all 
disposal groups
 of an entity. The measurement requirements of this IFRS apply to all recognised non-current assets and disposal groups (as set out in paragraph 4), except for those assets listed in paragraph 5 which shall continue to be measured in accordance with the standard noted.
3
Assets classified as non-current in accordance with IAS 1 
Presentation of financial statements
 (as revised in 2003) shall not be reclassified as 
current assets
 until they meet the criteria to be classified as held for sale in accordance with this IFRS. Assets of a class that an entity would normally regard as non-current that are acquired exclusively with a view to resale shall not be classified as current unless they meet the criteria to be classified as held for sale in accordance with this IFRS.
4
Sometimes an entity disposes of a group of assets, possibly with some directly associated liabilities, together in a single transaction. Such a disposal group may be a group of 
cash-generating units
, a single cash-generating unit, or part of a cash-generating unit 
(
2
)
. The group may include any assets and any liabilities of the entity, including current assets, current liabilities and assets excluded by paragraph 5 from the measurement requirements of this IFRS. If a non-current asset within the scope of the measurement requirements of this IFRS is part of a disposal group, the measurement requirements of this IFRS apply to the group as a whole, so that the group is measured at the lower of its carrying amount and fair value less costs to sell. The requirements for measuring the individual assets and liabilities within the disposal group are set out in paragraphs 18, 19 and 23.
5
The measurement provisions of this IFRS 
(
3
)
 do not apply to the following assets, which are covered by the standards listed, either as individual assets or as part of a disposal group:
(a)
deferred tax assets (IAS 12 
Income taxes
);
(b)
assets arising from employee benefits (IAS 19 
Employee benefits
);
(c)
financial assets within the scope of IAS 39 
Financial instruments: recognition and measurement
;
(d)
non-current assets that are accounted for in accordance with the fair value model in IAS 40 
Investment property
;
(e)
non-current assets that are measured at fair value less estimated point-of-sale costs in accordance with IAS 41 
Agriculture
;
(f)
contractual rights under insurance contracts as defined in IFRS 4 
Insurance contracts
.
CLASSIFICATION OF NON-CURRENT ASSETS (OR DISPOSAL GROUPS) AS HELD FOR SALE
6
An entity shall classify a non-current asset (or disposal group) as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use.
7
For this to be the case, the asset (or disposal group) must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (or disposal groups) and its sale must be 
highly probable
.
8
For the sale to be highly probable, the appropriate level of management must be committed to a plan to sell the asset (or disposal group), and an active programme to locate a buyer and complete the plan must have been initiated. Further, the asset (or disposal group) must be actively marketed for sale at a price that is reasonable in relation to its current fair value. In addition, the sale should be expected to qualify for recognition as a completed sale within one year from the date of classification, except as permitted by paragraph 9, and actions required to complete the plan should indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
9
Events or circumstances may extend the period to complete the sale beyond one year. An extension of the period required to complete a sale does not preclude an asset (or disposal group) from being classified as held for sale if the delay is caused by events or circumstances beyond the entity's control and there is sufficient evidence that the entity remains committed to its plan to sell the asset (or disposal group). This will be the case when the criteria in Appendix B are met.
10
Sale transactions include exchanges of non-current assets for other non-current assets when the exchange has commercial substance in accordance with IAS 16 
Property, plant and equipment
.
11
When an entity acquires a non-current asset (or disposal group) exclusively with a view to its subsequent disposal, it shall classify the non-current asset (or disposal group) as held for sale at the acquisition date only if the one-year requirement in paragraph 8 is met (except as permitted by paragraph 9) and it is highly probable that any other criteria in paragraphs 7 and 8 that are not met at that date will be met within a short period following the acquisition (usually within three months).
12
If the criteria in paragraphs 7 and 8 are met after the balance sheet date, an entity shall not classify a non-current asset (or disposal group) as held for sale in those financial statements when issued. However, when those criteria are met after the balance sheet date but before the authorisation of the financial statements for issue, the entity shall disclose the information specified in paragraph 41(a), (b) and (d) in the notes.
Non-current assets that are to be abandoned
13
An entity shall not classify as held for sale a non-current asset (or disposal group) that is to be abandoned. This is because its carrying amount will be recovered principally through continuing use. However, if the disposal group to be abandoned meets the criteria in paragraph 32(a)-(c), the entity shall present the results and cash flows of the disposal group as discontinued operations in accordance with paragraphs 33 and 34 at the date on which it ceases to be used. Non-current assets (or disposal groups) to be abandoned include non-current assets (or disposal groups) that are to be used to the end of their economic life and non-current assets (or disposal groups) that are to be closed rather than sold.
14
An entity shall not account for a non-current asset that has been temporarily taken out of use as if it had been abandoned.
MEASUREMENT OF NON-CURRENT ASSETS (OR DISPOSAL GROUPS) CLASSIFIED AS HELD FOR SALE
Measurement of a non-current asset (or disposal group)
15
An entity shall measure a non-current asset (or disposal group) classified as held for sale at the lower of its carrying amount and fair value less costs to sell.
16
If a newly acquired asset (or disposal group) meets the criteria to be classified as held for sale (see paragraph 11), applying paragraph 15 will result in the asset (or disposal group) being measured on initial recognition at the lower of its carrying amount had it not been so classified (for example, cost) and fair value less costs to sell. Hence, if the asset (or disposal group) is acquired as part of a business combination, it shall be measured at fair value less costs to sell.
17
When the sale is expected to occur beyond one year, the entity shall measure the costs to sell at their present value. Any increase in the present value of the costs to sell that arises from the passage of time shall be presented in profit or loss as a financing cost.
18
Immediately before the initial classification of the asset (or disposal group) as held for sale, the carrying amounts of the asset (or all the assets and liabilities in the group) shall be measured in accordance with applicable IFRSs.
19
On subsequent remeasurement of a disposal group, the carrying amounts of any assets and liabilities that are not within the scope of the measurement requirements of this IFRS, but are included in a disposal group classified as held for sale, shall be remeasured in accordance with applicable IFRSs before the fair value less costs to sell of the disposal group is remeasured.
Recognition of impairment losses and reversals
20
An entity shall recognise an impairment loss for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell, to the extent that it has not been recognised in accordance with paragraph 19.
21
An entity shall recognise a gain for any subsequent increase in fair value less costs to sell of an asset, but not in excess of the cumulative impairment loss that has been recognised either in accordance with this IFRS or previously in accordance with IAS 36 
Impairment of assets
.
22
An entity shall recognise a gain for any subsequent increase in fair value less costs to sell of a disposal group:
(a)
to the extent that it has not been recognised in accordance with paragraph 19; but
(b)
not in excess of the cumulative impairment loss that has been recognised, either in accordance with this IFRS or previously in accordance with IAS 36, on the non-current assets that are within the scope of the measurement requirements of this IFRS.
23
The impairment loss (or any subsequent gain) recognised for a disposal group shall reduce (or increase) the carrying amount of the non-current assets in the group that are within the scope of the measurement requirements of this IFRS, in the order of allocation set out in paragraphs 104(a) and (b) and 122 of IAS 36 (as revised in 2004).
24
A gain or loss not previously recognised by the date of the sale of a non-current asset (or disposal group) shall be recognised at the date of derecognition. Requirements relating to derecognition are set out in:
(a)
paragraphs 67-72 of IAS 16 (as revised in 2003) for property, plant and equipment; and
(b)
paragraphs 112-117 of IAS 38 
Intangible assets
 (as revised in 2004) for intangible assets.
25
An entity shall not depreciate (or amortise) a non-current asset while it is classified as held for sale or while it is part of a disposal group classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale shall continue to be recognised.
Changes to a plan of sale
26
If an entity has classified an asset (or disposal group) as held for sale, but the criteria in paragraphs 7-9 are no longer met, the entity shall cease to classify the asset (or disposal group) as held for sale.
27
The entity shall measure a non-current asset that ceases to be classified as held for sale (or ceases to be included in a disposal group classified as held for sale) at the lower of:
(a)
its carrying amount before the asset (or disposal group) was classified as held for sale, adjusted for any depreciation, amortisation or revaluations that would have been recognised had the asset (or disposal group) not been classified as held for sale; and
(b)
its 
recoverable amount
 at the date of the subsequent decision not to sell 
(
4
)
.
28
The entity shall include any required adjustment to the carrying amount of a non-current asset that ceases to be classified as held for sale in profit or loss 
(
5
)
 from continuing operations in the period in which the criteria in paragraphs 7-9 are no longer met. The entity shall present that adjustment in the same income statement caption used to present a gain or loss, if any, recognised in accordance with paragraph 37.
29
If an entity removes an individual asset or liability from a disposal group classified as held for sale, the remaining assets and liabilities of the disposal group to be sold shall continue to be measured as a group only if the group meets the criteria in paragraphs 7-9. Otherwise, the remaining non-current assets of the group that individually meet the criteria to be classified as held for sale shall be measured individually at the lower of their carrying amounts and fair values less costs to sell at that date. Any non-current assets that do not meet the criteria shall cease to be classified as held for sale in accordance with paragraph 26.
PRESENTATION AND DISCLOSURE
30
An entity shall present and disclose information that enables users of the financial statements to evaluate the financial effects of discontinued operations and disposals of non-current assets (or disposal groups).
Presenting discontinued operations
31
A 
component of an entity
 comprises operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the entity. In other words, a component of an entity will have been a cash-generating unit or a group of cash-generating units while being held for use.
32
A discontinued operation is a component of an entity that either has been disposed of, or is classified as held for sale, and:
(a)
represents a separate major line of business or geographical area of operations;
(b)
is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or
(c)
is a subsidiary acquired exclusively with a view to resale.
33
An entity shall disclose:
(a)
a single amount on the face of the income statement comprising the total of:
(i)
the post-tax profit or loss of discontinued operations; and
(ii)
the post-tax gain or loss recognised on the measurement to fair value less costs to sell or on the disposal of the assets or disposal group(s) constituting the discontinued operation;
(b)
an analysis of the single amount in (a) into:
(i)
the revenue, expenses and pre-tax profit or loss of discontinued operations;
(ii)
the related income tax expense as required by paragraph 81(h) of IAS 12;
(iii)
the gain or loss recognised on the measurement to fair value less costs to sell or on the disposal of the assets or disposal group(s) constituting the discontinued operation; and
(iv)
the related income tax expense as required by paragraph 81(h) of IAS 12.
The analysis may be presented in the notes or on the face of the income statement. If it is presented on the face of the income statement it shall be presented in a section identified as relating to discontinued operations, i.e. separately from continuing operations. The analysis is not required for disposal groups that are newly acquired subsidiaries that meet the criteria to be classified as held for sale on acquisition (see paragraph 11);
(c)
the net cash flows attributable to the operating, investing and financing activities of discontinued operations. These disclosures may be presented either in the notes or on the face of the financial statements. These disclosures are not required for disposal groups that are newly acquired subsidiaries that meet the criteria to be classified as held for sale on acquisition (see paragraph 11).
34
An entity shall re-present the disclosures in paragraph 33 for prior periods presented in the financial statements so that the disclosures relate to all operations that have been discontinued by the balance sheet date for the latest period presented.
35
Adjustments in the current period to amounts previously presented in discontinued operations that are directly related to the disposal of a discontinued operation in a prior period shall be classified separately in discontinued operations. The nature and amount of such adjustments shall be disclosed. Examples of circumstances in which these adjustments may arise include the following:
(a)
the resolution of uncertainties that arise from the terms of the disposal transaction, such as the resolution of purchase price adjustments and indemnification issues with the purchaser;
(b)
the resolution of uncertainties that arise from and are directly related to the operations of the component before its disposal, such as environmental and product warranty obligations retained by the seller;
(c)
the settlement of employee benefit plan obligations, provided that the settlement is directly related to the disposal transaction.
36
If an entity ceases to classify a component of an entity as held for sale, the results of operations of the component previously presented in discontinued operations in accordance with paragraphs 33-35 shall be reclassified and included in income from continuing operations for all periods presented. The amounts for prior periods shall be described as having been re-presented.
Gains or losses relating to continuing operations
37
Any gain or loss on the remeasurement of a non-current asset (or disposal group) classified as held for sale that does not meet the definition of a discontinued operation shall be included in profit or loss from continuing operations.
Presentation of a non-current asset or disposal group classified as held for sale
38
An entity shall present a non-current asset classified as held for sale and the assets of a disposal group classified as held for sale separately from other assets in the balance sheet. The liabilities of a disposal group classified as held for sale shall be presented separately from other liabilities in the balance sheet. Those assets and liabilities shall not be offset and presented as a single amount. The major classes of assets and liabilities classified as held for sale shall be separately disclosed either on the face of the balance sheet or in the notes, except as permitted by paragraph 39. An entity shall present separately any cumulative income or expense recognised directly in equity relating to a non-current asset (or disposal group) classified as held for sale.
39
If the disposal group is a newly acquired subsidiary that meets the criteria to be classified as held for sale on acquisition (see paragraph 11), disclosure of the major classes of assets and liabilities is not required.
40
An entity shall not reclassify or re-present amounts presented for non-current assets or for the assets and liabilities of disposal groups classified as held for sale in the balance sheets for prior periods to reflect the classification in the balance sheet for the latest period presented.
Additional disclosures
41
An entity shall disclose the following information in the notes in the period in which a non-current asset (or disposal group) has been either classified as held for sale or sold:
(a)
a description of the non-current asset (or disposal group);
(b)
a description of the facts and circumstances of the sale, or leading to the expected disposal, and the expected manner and timing of that disposal;
(c)
the gain or loss recognised in accordance with paragraphs 20-22 and, if not separately presented on the face of the income statement, the caption in the income statement that includes that gain or loss;
(d)
if applicable, the reportable segment in which the non-current asset (or disposal group) is presented in accordance with IFRS 8 
Operating segments
.
42
If either paragraph 26 or paragraph 29 applies, an entity shall disclose, in the period of the decision to change the plan to sell the non-current asset (or disposal group), a description of the facts and circumstances leading to the decision and the effect of the decision on the results of operations for the period and any prior periods presented.
TRANSITIONAL PROVISIONS
43
The IFRS shall be applied prospectively to non-current assets (or disposal groups) that meet the criteria to be classified as held for sale and operations that meet the criteria to be classified as discontinued after the effective date of the IFRS. An entity may apply the requirements of the IFRS to all non-current assets (or disposal groups) that meet the criteria to be classified as held for sale and operations that meet the criteria to be classified as discontinued after any date before the effective date of the IFRS, provided the valuations and other information needed to apply the IFRS were obtained at the time those criteria were originally met.
EFFECTIVE DATE
44
An entity shall apply this IFRS for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. If an entity applies the IFRS for a period beginning before 1 January 2005, it shall disclose that fact.
WITHDRAWAL OF IAS 35
45
This IFRS supersedes IAS 35 
Discontinuing operations
.
(
1
)
  For assets classified according to a liquidity presentation, non-current assets are assets that include amounts expected to be recovered more than 12 months after the balance sheet date. Paragraph 3 applies to the classification of such assets.
(
2
)
  However, once the cash flows from an asset or group of assets are expected to arise principally from sale rather than continuing use, they become less dependent on cash flows arising from other assets, and a disposal group that was part of a cash-generating unit becomes a separate cash-generating unit.
(
3
)
  Other than paragraphs 18 and 19, which require the assets in question to be measured in accordance with other applicable IFRSs.
(
4
)
  If the non-current asset is part of a cash-generating unit, its recoverable amount is the carrying amount that would have been recognised after the allocation of any impairment loss arising on that cash-generating unit in accordance with IAS 36.
(
5
)
  Unless the asset is property, plant and equipment or an intangible asset that had been revalued in accordance with 
IAS 16
 or 
IAS 38
 before classification as held for sale, in which case the adjustment shall be treated as a revaluation increase or decrease.
Appendix A
Defined terms
This appendix is an integral part of the IFRS.
Cash-generating unit
The smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Component of an entity
Operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the entity.
Costs to sell
The incremental costs directly attributable to the disposal of an asset (or disposal group), excluding finance costs and income tax expense.
Current asset
An asset that satisfies any of the following criteria:
(a)
it is expected to be realised in, or is intended for sale or consumption in, the entity's normal operating cycle;
(b)
it is held primarily for the purpose of being traded;
(c)
it is expected to be realised within 12 months after the balance sheet date; or
(d)
it is cash or a cash equivalent asset unless it is restricted from being exchanged or used to settle a liability for at least 12 months after the balance sheet date.
Discontinued operation
A component of an entity that either has been disposed of or is classified as held for sale and:
(a)
represents a separate major line of business or geographical area of operations;
(b)
is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or
(c)
is a subsidiary acquired exclusively with a view to resale.
Disposal group
A group of assets to be disposed of, by sale or otherwise, together as a group in a single transaction, and liabilities directly associated with those assets that will be transferred in the transaction. The group includes goodwill acquired in a business combination if the group is a cash-generating unit to which goodwill has been allocated in accordance with the requirements of paragraphs 80-87 of IAS 36 
Impairment of assets
 (as revised in 2004) or if it is an operation within such a cash-generating unit.
Fair value
The amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction.
Firm purchase commitment
An agreement with an unrelated party, binding on both parties and usually legally enforceable, that (a) specifies all significant terms, including the price and timing of the transactions, and (b) includes a disincentive for non-performance that is sufficiently large to make performance highly probable.
Highly probable
Significantly more likely than probable.
Non-current asset
An asset that does not meet the definition of a current asset.
Probable
More likely than not.
Recoverable amount
The higher of an asset's fair value less costs to sell and its value in use.
Value in use
The present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.
Appendix B
Application supplement
This appendix is an integral part of the IFRS.
EXTENSION OF THE PERIOD REQUIRED TO COMPLETE A SALE
B1
As noted in paragraph 9, an extension of the period required to complete a sale does not preclude an asset (or disposal group) from being classified as held for sale if the delay is caused by events or circumstances beyond the entity's control and there is sufficient evidence that the entity remains committed to its plan to sell the asset (or disposal group). An exception to the one-year requirement in paragraph 8 shall therefore apply in the following situations in which such events or circumstances arise:
(a)
at the date an entity commits itself to a plan to sell a non-current asset (or disposal group) it reasonably expects that others (not a buyer) will impose conditions on the transfer of the asset (or disposal group) that will extend the period required to complete the sale, and:
(i)
actions necessary to respond to those conditions cannot be initiated until after a 
firm purchase commitment
 is obtained; and
(ii)
a firm purchase commitment is highly probable within one year;
(b)
an entity obtains a firm purchase commitment and, as a result, a buyer or others unexpectedly impose conditions on the transfer of a non-current asset (or disposal group) previously classified as held for sale that will extend the period required to complete the sale, and:
(i)
timely actions necessary to respond to the conditions have been taken; and
(ii)
a favourable resolution of the delaying factors is expected;
(c)
during the initial one-year period, circumstances arise that were previously considered unlikely and, as a result, a non-current asset (or disposal group) previously classified as held for sale is not sold by the end of that period, and:
(i)
during the initial one-year period the entity took action necessary to respond to the change in circumstances;
(ii)
the non-current asset (or disposal group) is being actively marketed at a price that is reasonable, given the change in circumstances; and
(iii)
the criteria in paragraphs 7 and 8 are met.
INTERNATIONAL FINANCIAL REPORTING STANDARD 6
Exploration for and evaluation of mineral resources
OBJECTIVE
1
The objective of this IFRS is to specify the financial reporting for the 
exploration for and evaluation of mineral resources
.
2
In particular, the IFRS requires:
(a)
limited improvements to existing accounting practices for 
exploration and evaluation expenditures
;
(b)
entities that recognise 
exploration and evaluation assets
 to assess such assets for impairment in accordance with this IFRS and measure any impairment in accordance with IAS 36 
Impairment of assets
;
(c)
disclosures that identify and explain the amounts in the entity's financial statements arising from the exploration for and evaluation of mineral resources and help users of those financial statements understand the amount, timing and certainty of future cash flows from any exploration and evaluation assets recognised.
SCOPE
3
An entity shall apply the IFRS to exploration and evaluation expenditures that it incurs.
4
The IFRS does not address other aspects of accounting by entities engaged in the exploration for and evaluation of mineral resources.
5
An entity shall not apply the IFRS to expenditures incurred:
(a)
before the exploration for and evaluation of mineral resources, such as expenditures incurred before the entity has obtained the legal rights to explore a specific area;
(b)
after the technical feasibility and commercial viability of extracting a mineral resource are demonstrable.
RECOGNITION OF EXPLORATION AND EVALUATION ASSETS
Temporary exemption from IAS 8 paragraphs 11 and 12
6
When developing its accounting policies, an entity recognising exploration and evaluation assets shall apply paragraph 10 of IAS 8 
Accounting policies, changes in accounting estimates and errors
.
7
Paragraphs 11 and 12 of IAS 8 specify sources of authoritative requirements and guidance that management is required to consider in developing an accounting policy for an item if no IFRS applies specifically to that item. Subject to paragraphs 9 and 10 below, this IFRS exempts an entity from applying those paragraphs to its accounting policies for the recognition and measurement of exploration and evaluation assets.
MEASUREMENT OF EXPLORATION AND EVALUATION ASSETS
Measurement at recognition
8
Exploration and evaluation assets shall be measured at cost.
Elements of cost of exploration and evaluation assets
9
An entity shall determine an accounting policy specifying which expenditures are recognised as exploration and evaluation assets and apply the policy consistently. In making this determination, an entity considers the degree to which the expenditure can be associated with finding specific mineral resources. The following are examples of expenditures that might be included in the initial measurement of exploration and evaluation assets (the list is not exhaustive):
(a)
acquisition of rights to explore;
(b)
topographical, geological, geochemical and geophysical studies;
(c)
exploratory drilling;
(d)
trenching;
(e)
sampling; and
(f)
activities in relation to evaluating the technical feasibility and commercial viability of extracting a mineral resource.
10
Expenditures related to the development of mineral resources shall not be recognised as exploration and evaluation assets. The 
Framework
 and IAS 38 
Intangible assets
 provide guidance on the recognition of assets arising from development.
11
In accordance with IAS 37 
Provisions, contingent liabilities and contingent assets
 an entity recognises any obligations for removal and restoration that are incurred during a particular period as a consequence of having undertaken the exploration for and evaluation of mineral resources.
Measurement after recognition
12
After recognition, an entity shall apply either the cost model or the revaluation model to the exploration and evaluation assets. If the revaluation model is applied (either the model in IAS 16 
Property, plant and equipment
 or the model in IAS 38) it shall be consistent with the classification of the assets (see paragraph 15).
Changes in accounting policies
13
An entity may change its accounting policies for exploration and evaluation expenditures if the change makes the financial statements more relevant to the economic decision-making needs of users and no less reliable, or more reliable and no less relevant to those needs. An entity shall judge relevance and reliability using the criteria in IAS 8.
14
To justify changing its accounting policies for exploration and evaluation expenditures, an entity shall demonstrate that the change brings its financial statements closer to meeting the criteria in IAS 8, but the change need not achieve full compliance with those criteria.
PRESENTATION
Classification of exploration and evaluation assets
15
An entity shall classify exploration and evaluation assets as tangible or intangible according to the nature of the assets acquired and apply the classification consistently.
16
Some exploration and evaluation assets are treated as intangible (e.g. drilling rights), whereas others are tangible (e.g. vehicles and drilling rigs). To the extent that a tangible asset is consumed in developing an intangible asset, the amount reflecting that consumption is part of the cost of the intangible asset. However, using a tangible asset to develop an intangible asset does not change a tangible asset into an intangible asset.
Reclassification of exploration and evaluation assets
17
An exploration and evaluation asset shall no longer be classified as such when the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. Exploration and evaluation assets shall be assessed for impairment, and any impairment loss recognised, before reclassification.
IMPAIRMENT
Recognition and measurement
18
Exploration and evaluation assets shall be assessed for impairment when facts and circumstances suggest that the carrying amount of an exploration and evaluation asset may exceed its recoverable amount. When facts and circumstances suggest that the carrying amount exceeds the recoverable amount, an entity shall measure, present and disclose any resulting impairment loss in accordance with IAS 36, except as provided by paragraph 21 below.
19
For the purposes of exploration and evaluation assets only, paragraph 20 of this IFRS shall be applied rather than paragraphs 8-17 of IAS 36 when identifying an exploration and evaluation asset that may be impaired. Paragraph 20 uses the term ‘assets’ but applies equally to separate exploration and evaluation assets or a cash-generating unit.
20
One or more of the following facts and circumstances indicate that an entity should test exploration and evaluation assets for impairment (the list is not exhaustive):
(a)
the period for which the entity has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed;
(b)
substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned;
(c)
exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area;
(d)
sufficient data exist to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale.
In any such case, or similar cases, the entity shall perform an impairment test in accordance with IAS 36. Any impairment loss is recognised as an expense in accordance with IAS 36.
Specifying the level at which exploration and evaluation assets are assessed for impairment
21
An entity shall determine an accounting policy for allocating exploration and evaluation assets to cash-generating units or groups of cash-generating units for the purpose of assessing such assets for impairment. Each cash-generating unit or group of units to which an exploration and evaluation asset is allocated shall not be larger than an operating segment determined in accordance with IFRS 8 O
perating segments
.
22
The level identified by the entity for the purposes of testing exploration and evaluation assets for impairment may comprise one or more cash-generating units.
DISCLOSURE
23
An entity shall disclose information that identifies and explains the amounts recognised in its financial statements arising from the exploration for and evaluation of mineral resources.
24
To comply with paragraph 23, an entity shall disclose:
(a)
its accounting policies for exploration and evaluation expenditures, including the recognition of exploration and evaluation assets;
(b)
the amounts of assets, liabilities, income and expense and operating and investing cash flows arising from the exploration for and evaluation of mineral resources.
25
An entity shall treat exploration and evaluation assets as a separate class of assets and make the disclosures required by either IAS 16 or IAS 38 consistent with how the assets are classified.
EFFECTIVE DATE
26
An entity shall apply this IFRS for annual periods beginning on or after 1 January 2006. Earlier application is encouraged. If an entity applies the IFRS for a period beginning before 1 January 2006, it shall disclose that fact.
TRANSITIONAL PROVISIONS
27
If it is impracticable to apply a particular requirement of paragraph 18 to comparative information that relates to annual periods beginning before 1 January 2006, an entity shall disclose that fact. IAS 8 explains the term ‘impracticable’.
Appendix A
Defined terms
This appendix is an integral part of the IFRS.
Exploration and evaluation assets
Exploration and evaluation expenditures recognised as assets in accordance with the entity's accounting policy.
Exploration and evaluation expenditures
Expenditures incurred by an entity in connection with the exploration for and evaluation of mineral resources before the technical feasibility and commercial viability of extracting a mineral resource are demonstrable.
Exploration for and evaluation of mineral resources
The search for mineral resources, including minerals, oil, natural gas and similar non-regenerative resources after the entity has obtained legal rights to explore in a specific area, as well as the determination of the technical feasibility and commercial viability of extracting the mineral resource.
INTERNATIONAL FINANCIAL REPORTING STANDARD 7
Financial instruments: disclosures
OBJECTIVE
1
The objective of this IFRS is to require entities to provide disclosures in their financial statements that enable users to evaluate:
(a)
the significance of financial instruments for the entity's financial position and performance; and
(b)
the nature and extent of risks arising from financial instruments to which the entity is exposed during the period and at the reporting date, and how the entity manages those risks.
2
The principles in this IFRS complement the principles for recognising, measuring and presenting financial assets and financial liabilities in IAS 32 
Financial instruments: presentation
 and IAS 39 
Financial instruments: recognition and measurement
.
SCOPE
3
This IFRS shall be applied by all entities to all types of financial instruments, except:
(a)
those interests in subsidiaries, associates and joint ventures that are accounted for in accordance with IAS 27 
Consolidated and separate financial statements
, IAS 28 
Investments in associates
 or IAS 31 
Interests in joint ventures
. However, in some cases, IAS 27, IAS 28 or IAS 31 permits an entity to account for an interest in a subsidiary, associate or joint venture using IAS 39; in those cases, entities shall apply the disclosure requirements in IAS 27, IAS 28 or IAS 31 in addition to those in this IFRS. Entities shall also apply this IFRS to all derivatives linked to interests in subsidiaries, associates or joint ventures unless the derivative meets the definition of an equity instrument in IAS 32;
(b)
employers' rights and obligations arising from employee benefit plans, to which IAS 19 
Employee benefits
 applies;
(c)
contracts for contingent consideration in a business combination (see IFRS 3 
Business combinations
). This exemption applies only to the acquirer;
(d)
insurance contracts as defined in IFRS 4 
Insurance contracts
. However, this IFRS applies to derivatives that are embedded in insurance contracts if IAS 39 requires the entity to account for them separately. Moreover, an issuer shall apply this IFRS to 
financial guarantee contracts
 if the issuer applies IAS 39 in recognising and measuring the contracts, but shall apply IFRS 4 if the issuer elects, in accordance with paragraph 4(d) of IFRS 4, to apply IFRS 4 in recognising and measuring them;
(e)
financial instruments, contracts and obligations under share-based payment transactions to which IFRS 2 
Share-based payment
 applies, except that this IFRS applies to contracts within the scope of paragraphs 5-7 of IAS 39.
4
This IFRS applies to recognised and unrecognised financial instruments. Recognised financial instruments include financial assets and financial liabilities that are within the scope of IAS 39. Unrecognised financial instruments include some financial instruments that, although outside the scope of IAS 39, are within the scope of this IFRS (such as some loan commitments).
5
This IFRS applies to contracts to buy or sell a non-financial item that are within the scope of IAS 39 (see paragraphs 5-7 of IAS 39).
CLASSES OF FINANCIAL INSTRUMENTS AND LEVEL OF DISCLOSURE
6
When this IFRS requires disclosures by class of financial instrument, an entity shall group financial instruments into classes that are appropriate to the nature of the information disclosed and that take into account the characteristics of those financial instruments. An entity shall provide sufficient information to permit reconciliation to the line items presented in the balance sheet.
SIGNIFICANCE OF FINANCIAL INSTRUMENTS FOR FINANCIAL POSITION AND PERFORMANCE
7
An entity shall disclose information that enables users of its financial statements to evaluate the significance of financial instruments for its financial position and performance.
Balance sheet
Categories of financial assets and financial liabilities
8
The carrying amounts of each of the following categories, as defined in IAS 39, shall be disclosed either on the face of the balance sheet or in the notes:
(a)
financial assets at fair value through profit or loss, showing separately (i) those designated as such upon initial recognition and (ii) those classified as held for trading in accordance with IAS 39;
(b)
held-to-maturity investments;
(c)
loans and receivables;
(d)
available-for-sale financial assets;
(e)
financial liabilities at fair value through profit or loss, showing separately (i) those designated as such upon initial recognition and (ii) those classified as held for trading in accordance with IAS 39; and
(f)
financial liabilities measured at amortised cost.
Financial assets or financial liabilities at fair value through profit or loss
9
If the entity has designated a loan or receivable (or group of loans or receivables) as at fair value through profit or loss, it shall disclose:
(a)
the maximum exposure to 
credit risk
 (see paragraph 36(a)) of the loan or receivable (or group of loans or receivables) at the reporting date;
(b)
the amount by which any related credit derivatives or similar instruments mitigate that maximum exposure to credit risk;
(c)
the amount of change, during the period and cumulatively, in the fair value of the loan or receivable (or group of loans or receivables) that is attributable to changes in the credit risk of the financial asset determined either:
(i)
as the amount of change in its fair value that is not attributable to changes in market conditions that give rise to 
market risk
; or
(ii)
using an alternative method the entity believes more faithfully represents the amount of change in its fair value that is attributable to changes in the credit risk of the asset.
Changes in market conditions that give rise to market risk include changes in an observed (benchmark) interest rate, commodity price, foreign exchange rate or index of prices or rates;
(d)
the amount of the change in the fair value of any related credit derivatives or similar instruments that has occurred during the period and cumulatively since the loan or receivable was designated.
10
If the entity has designated a financial liability as at fair value through profit or loss in accordance with paragraph 9 of IAS 39, it shall disclose:
(a)
the amount of change, during the period and cumulatively, in the fair value of the financial liability that is attributable to changes in the credit risk of that liability determined either:
(i)
as the amount of change in its fair value that is not attributable to changes in market conditions that give rise to market risk (see Appendix B, paragraph B4); or
(ii)
using an alternative method the entity believes more faithfully represents the amount of change in its fair value that is attributable to changes in the credit risk of the liability.
Changes in market conditions that give rise to market risk include changes in a benchmark interest rate, the price of another entity's financial instrument, a commodity price, a foreign exchange rate or an index of prices or rates. For contracts that include a unit-linking feature, changes in market conditions include changes in the performance of the related internal or external investment fund;
(b)
the difference between the financial liability's carrying amount and the amount the entity would be contractually required to pay at maturity to the holder of the obligation.
11
The entity shall disclose:
(a)
the methods used to comply with the requirements in paragraphs 9(c) and 10(a);
(b)
if the entity believes that the disclosure it has given to comply with the requirements in paragraph 9(c) or 10(a) does not faithfully represent the change in the fair value of the financial asset or financial liability attributable to changes in its credit risk, the reasons for reaching this conclusion and the factors it believes are relevant.
Reclassification
12
If the entity has reclassified a financial asset (in accordance with paragraphs 51-54 of IAS 39) as one measured:
(a)
at cost or amortised cost, rather than fair value; or
(b)
at fair value, rather than at cost or amortised cost,
it shall disclose the amount reclassified into and out of each category and the reason for that reclassification.
12A
If the entity has reclassified a financial asset out of the fair value through profit or loss category in accordance with paragraph 50B or 50D of IAS 39 or out of the available-for-sale category in accordance with paragraph 50E of IAS 39, it shall disclose:
(a)
the amount reclassified into and out of each category;
(b)
for each reporting period until derecognition, the carrying amounts and fair values of all financial assets that have been reclassified in the current and previous reporting periods;
(c)
if a financial asset was reclassified in accordance with paragraph 50B, the rare situation, and the facts and circumstances indicating that the situation was rare;
(d)
for the reporting period when the financial asset was reclassified, the fair value gain or loss on the financial asset recognised in profit or loss or other comprehensive income in that reporting period and in the previous reporting period;
(e)
for each reporting period following the reclassification (including the reporting period in which the financial asset was reclassified) until derecognition of the financial asset, the fair value gain or loss that would have been recognised in profit or loss or other comprehensive income if the financial asset had not been reclassified, and the gain, loss, income and expense recognised in profit or loss; and
(f)
the effective interest rate and estimated amounts of cash flows the entity expects to recover, as at the date of reclassification of the financial asset.
Derecognition
13
An entity may have transferred financial assets in such a way that part or all of the financial assets do not qualify for derecognition (see paragraphs 15-37 of IAS 39). The entity shall disclose for each class of such financial assets:
(a)
the nature of the assets;
(b)
the nature of the risks and rewards of ownership to which the entity remains exposed;
(c)
when the entity continues to recognise all of the assets, the carrying amounts of the assets and of the associated liabilities; and
(d)
when the entity continues to recognise the assets to the extent of its continuing involvement, the total carrying amount of the original assets, the amount of the assets that the entity continues to recognise, and the carrying amount of the associated liabilities.
Collateral
14
An entity shall disclose:
(a)
the carrying amount of financial assets it has pledged as collateral for liabilities or contingent liabilities, including amounts that have been reclassified in accordance with paragraph 37(a) of IAS 39; and
(b)
the terms and conditions relating to its pledge.
15
When an entity holds collateral (of financial or non-financial assets) and is permitted to sell or repledge the collateral in the absence of default by the owner of the collateral, it shall disclose:
(a)
the fair value of the collateral held;
(b)
the fair value of any such collateral sold or repledged, and whether the entity has an obligation to return it; and
(c)
the terms and conditions associated with its use of the collateral.
Allowance account for credit losses
16
When financial assets are impaired by credit losses and the entity records the impairment in a separate account (e.g. an allowance account used to record individual impairments or a similar account used to record a collective impairment of assets) rather than directly reducing the carrying amount of the asset, it shall disclose a reconciliation of changes in that account during the period for each class of financial assets.
Compound financial instruments with multiple embedded derivatives
17
If an entity has issued an instrument that contains both a liability and an equity component (see paragraph 28 of IAS 32) and the instrument has multiple embedded derivatives whose values are interdependent (such as a callable convertible debt instrument), it shall disclose the existence of those features.
Defaults and breaches
18
For 
loans payable
 recognised at the reporting date, an entity shall disclose:
(a)
details of any defaults during the period of principal, interest, sinking fund, or redemption terms of those loans payable;
(b)
the carrying amount of the loans payable in default at the reporting date; and
(c)
whether the default was remedied, or the terms of the loans payable were renegotiated, before the financial statements were authorised for issue.
19
If, during the period, there were breaches of loan agreement terms other than those described in paragraph 18, an entity shall disclose the same information as required by paragraph 18 if those breaches permitted the lender to demand accelerated repayment (unless the breaches were remedied, or the terms of the loan were renegotiated, on or before the reporting date).
Income statement and equity
Items of income, expense, gains or losses
20
An entity shall disclose the following items of income, expense, gains or losses either on the face of the financial statements or in the notes:
(a)
net gains or net losses on:
(i)
financial assets or financial liabilities at fair value through profit or loss, showing separately those on financial assets or financial liabilities designated as such upon initial recognition, and those on financial assets or financial liabilities that are classified as held for trading in accordance with IAS 39;
(ii)
available-for-sale financial assets, showing separately the amount of gain or loss recognised directly in equity during the period and the amount removed from equity and recognised in profit or loss for the period;
(iii)
held-to-maturity investments;
(iv)
loans and receivables; and
(v)
financial liabilities measured at amortised cost;
(b)
total interest income and total interest expense (calculated using the effective interest method) for financial assets or financial liabilities that are not at fair value through profit or loss;
(c)
fee income and expense (other than amounts included in determining the effective interest rate) arising from:
(i)
financial assets or financial liabilities that are not at fair value through profit or loss; and
(ii)
trust and other fiduciary activities that result in the holding or investing of assets on behalf of individuals, trusts, retirement benefit plans, and other institutions;
(d)
interest income on impaired financial assets accrued in accordance with paragraph AG93 of IAS 39; and
(e)
the amount of any impairment loss for each class of financial asset.
Other disclosures
Accounting policies
21
In accordance with paragraph 108 of IAS 1 
Presentation of financial statements
, an entity discloses, in the summary of significant accounting policies, the measurement basis (or bases) used in preparing the financial statements and the other accounting policies used that are relevant to an understanding of the financial statements.
Hedge accounting
22
An entity shall disclose the following separately for each type of hedge described in IAS 39 (i.e. fair value hedges, cash flow hedges, and hedges of net investments in foreign operations):
(a)
a description of each type of hedge;
(b)
a description of the financial instruments designated as hedging instruments and their fair values at the reporting date; and
(c)
the nature of the risks being hedged.
23
For cash flow hedges, an entity shall disclose:
(a)
the periods when the cash flows are expected to occur and when they are expected to affect profit or loss;
(b)
a description of any forecast transaction for which hedge accounting had previously been used, but which is no longer expected to occur;
(c)
the amount that was recognised in equity during the period;
(d)
the amount that was removed from equity and included in profit or loss for the period, showing the amount included in each line item in the income statement; and
(e)
the amount that was removed from equity during the period and included in the initial cost or other carrying amount of a non-financial asset or non-financial liability whose acquisition or incurrence was a hedged highly probable forecast transaction.
24
An entity shall disclose separately:
(a)
in fair value hedges, gains or losses:
(i)
on the hedging instrument; and
(ii)
on the hedged item attributable to the hedged risk;
(b)
the ineffectiveness recognised in profit or loss that arises from cash flow hedges; and
(c)
the ineffectiveness recognised in profit or loss that arises from hedges of net investments in foreign operations.
Fair value
25
Except as set out in paragraph 29, for each class of financial assets and financial liabilities (see paragraph 6), an entity shall disclose the fair value of that class of assets and liabilities in a way that permits it to be compared with its carrying amount.
26
In disclosing fair values, an entity shall group financial assets and financial liabilities into classes, but shall offset them only to the extent that their carrying amounts are offset in the balance sheet.
27
An entity shall disclose:
(a)
the methods and, when a valuation technique is used, the assumptions applied in determining fair values of each class of financial assets or financial liabilities. For example, if applicable, an entity discloses information about the assumptions relating to prepayment rates, rates of estimated credit losses, and interest rates or discount rates;
(b)
whether fair values are determined, in whole or in part, directly by reference to published price quotations in an active market or are estimated using a valuation technique (see paragraphs AG71-AG79 of IAS 39);
(c)
whether the fair values recognised or disclosed in the financial statements are determined in whole or in part using a valuation technique based on assumptions that are not supported by prices from observable current market transactions in the same instrument (i.e. without modification or repackaging) and not based on available observable market data. For fair values that are recognised in the financial statements, if changing one or more of those assumptions to reasonably possible alternative assumptions would change fair value significantly, the entity shall state this fact and disclose the effect of those changes. For this purpose, significance shall be judged with respect to profit or loss, and total assets or total liabilities, or, when changes in fair value are recognised in equity, total equity;
(d)
if (c) applies, the total amount of the change in fair value estimated using such a valuation technique that was recognised in profit or loss during the period.
28
If the market for a financial instrument is not active, an entity establishes its fair value using a valuation technique (see paragraphs AG74-AG79 of IAS 39). Nevertheless, the best evidence of fair value at initial recognition is the transaction price (i.e. the fair value of the consideration given or received), unless conditions described in paragraph AG76 of IAS 39 are met. It follows that there could be a difference between the fair value at initial recognition and the amount that would be determined at that date using the valuation technique. If such a difference exists, an entity shall disclose, by class of financial instrument:
(a)
its accounting policy for recognising that difference in profit or loss to reflect a change in factors (including time) that market participants would consider in setting a price (see paragraph AG76A of IAS 39); and
(b)
the aggregate difference yet to be recognised in profit or loss at the beginning and end of the period and a reconciliation of changes in the balance of this difference.
29
Disclosures of fair value are not required:
(a)
when the carrying amount is a reasonable approximation of fair value, for example, for financial instruments such as short-term trade receivables and payables;
(b)
for an investment in equity instruments that do not have a quoted market price in an active market, or derivatives linked to such equity instruments, that is measured at cost in accordance with IAS 39 because its fair value cannot be measured reliably; or
(c)
for a contract containing a discretionary participation feature (as described in IFRS 4) if the fair value of that feature cannot be measured reliably.
30
In the cases described in paragraph 29(b) and (c), an entity shall disclose information to help users of the financial statements make their own judgements about the extent of possible differences between the carrying amount of those financial assets or financial liabilities and their fair value, including:
(a)
the fact that fair value information has not been disclosed for these instruments because their fair value cannot be measured reliably;
(b)
a description of the financial instruments, their carrying amount, and an explanation of why fair value cannot be measured reliably;
(c)
information about the market for the instruments;
(d)
information about whether and how the entity intends to dispose of the financial instruments; and
(e)
if financial instruments whose fair value previously could not be reliably measured are derecognised, that fact, their carrying amount at the time of derecognition, and the amount of gain or loss recognised.
NATURE AND EXTENT OF RISKS ARISING FROM FINANCIAL INSTRUMENTS
31
An entity shall disclose information that enables users of its financial statements to evaluate the nature and extent of risks arising from financial instruments to which the entity is exposed at the reporting date.
32
The disclosures required by paragraphs 33-42 focus on the risks that arise from financial instruments and how they have been managed. These risks typically include, but are not limited to, credit risk, 
liquidity risk
 and market risk.
Qualitative disclosures
33
For each type of risk arising from financial instruments, an entity shall disclose:
(a)
the exposures to risk and how they arise;
(b)
its objectives, policies and processes for managing the risk and the methods used to measure the risk; and
(c)
any changes in (a) or (b) from the previous period.
Quantitative disclosures
34
For each type of risk arising from financial instruments, an entity shall disclose:
(a)
summary quantitative data about its exposure to that risk at the reporting date. This disclosure shall be based on the information provided internally to key management personnel of the entity (as defined in IAS 24 
Related party disclosures
), for example the entity's board of directors or chief executive officer;
(b)
the disclosures required by paragraphs 36-42, to the extent not provided in (a), unless the risk is not material (see paragraphs 29-31 of IAS 1 for a discussion of materiality);
(c)
concentrations of risk if not apparent from (a) and (b).
35
If the quantitative data disclosed as at the reporting date are unrepresentative of an entity's exposure to risk during the period, an entity shall provide further information that is representative.
Credit risk
36
An entity shall disclose by class of financial instrument:
(a)
the amount that best represents its maximum exposure to credit risk at the reporting date without taking account of any collateral held or other credit enhancements (e.g. netting agreements that do not qualify for offset in accordance with IAS 32);
(b)
in respect of the amount disclosed in (a), a description of collateral held as security and other credit enhancements;
(c)
information about the credit quality of financial assets that are neither 
past due
 nor impaired; and
(d)
the carrying amount of financial assets that would otherwise be past due or impaired whose terms have been renegotiated.
Financial assets that are either past due or impaired
37
An entity shall disclose by class of financial asset:
(a)
an analysis of the age of financial assets that are past due as at the reporting date but not impaired;
(b)
an analysis of financial assets that are individually determined to be impaired as at the reporting date, including the factors the entity considered in determining that they are impaired; and
(c)
for the amounts disclosed in (a) and (b), a description of collateral held by the entity as security and other credit enhancements and, unless impracticable, an estimate of their fair value.
Collateral and other credit enhancements obtained
38
When an entity obtains financial or non-financial assets during the period by taking possession of collateral it holds as security or calling on other credit enhancements (e.g. guarantees), and such assets meet the recognition criteria in other standards, an entity shall disclose:
(a)
the nature and carrying amount of the assets obtained; and
(b)
when the assets are not readily convertible into cash, its policies for disposing of such assets or for using them in its operations.
Liquidity risk
39
An entity shall disclose:
(a)
a maturity analysis for financial liabilities that shows the remaining contractual maturities; and
(b)
a description of how it manages the liquidity risk inherent in (a).
Market risk
Sensitivity analysis
40
Unless an entity complies with paragraph 41, it shall disclose:
(a)
a sensitivity analysis for each type of market risk to which the entity is exposed at the reporting date, showing how profit or loss and equity would have been affected by changes in the relevant risk variable that were reasonably possible at that date;
(b)
the methods and assumptions used in preparing the sensitivity analysis; and
(c)
changes from the previous period in the methods and assumptions used, and the reasons for such changes.
41
If an entity prepares a sensitivity analysis, such as value-at-risk, that reflects interdependencies between risk variables (e.g. interest rates and exchange rates) and uses it to manage financial risks, it may use that sensitivity analysis in place of the analysis specified in paragraph 40. The entity shall also disclose:
(a)
an explanation of the method used in preparing such a sensitivity analysis, and of the main parameters and assumptions underlying the data provided; and
(b)
an explanation of the objective of the method used and of limitations that may result in the information not fully reflecting the fair value of the assets and liabilities involved.
Other market risk disclosures
42
When the sensitivity analyses disclosed in accordance with paragraph 40 or 41 are unrepresentative of a risk inherent in a financial instrument (for example because the year-end exposure does not reflect the exposure during the year), the entity shall disclose that fact and the reason it believes the sensitivity analyses are unrepresentative.
EFFECTIVE DATE AND TRANSITION
43
An entity shall apply this IFRS for annual periods beginning on or after 1 January 2007. Earlier application is encouraged. If an entity applies this IFRS for an earlier period, it shall disclose that fact.
44
If an entity applies this IFRS for annual periods beginning before 1 January 2006, it need not present comparative information for the disclosures required by paragraphs 31-42 about the nature and extent of risks arising from financial instruments.
44E
Reclassification of financial assets
 (amendments to IAS 39 and IFRS 7), issued in October 2008, amended paragraph 12 and added paragraph 12A. An entity shall apply those amendments from 1 July 2008.
WITHDRAWAL OF IAS 30
45
This IFRS supersedes IAS 30 
Disclosures in the financial statements of banks and similar financial institutions
.
Appendix A
Defined terms
This appendix is an integral part of the IFRS.
Credit risk
The risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation.
Currency risk
The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.
Interest rate risk
The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.
Liquidity risk
The risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities.
Loans payable
Loans payable are financial liabilities, other than short-term trade payables on normal credit terms.
Market risk
The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk and other price risk.
Other price risk
The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market.
Past due
A financial asset is past due when a counterparty has failed to make a payment when contractually due.
The following terms are defined in paragraph 11 of IAS 32 or paragraph 9 of IAS 39 and are used in the IFRS with the meaning specified in IAS 32 and IAS 39:
—
amortised cost of a financial asset or financial liability,
—
available-for-sale financial assets,
—
derecognition,
—
derivative,
—
effective interest method,
—
equity instrument,
—
fair value,
—
financial asset,
—
financial instrument,
—
financial liability,
—
financial asset or financial liability at fair value through profit or loss,
—
financial guarantee contract,
—
financial asset or financial liability held for trading,
—
forecast transaction,
—
hedging instrument,
—
held-to-maturity investments,
—
loans and receivables,
—
regular way purchase or sale.
Appendix B
Application Guidance
This appendix is an integral part of the IFRS.
CLASSES OF FINANCIAL INSTRUMENTS AND LEVEL OF DISCLOSURE (PARAGRAPH 6)
B1
Paragraph 6 requires an entity to group financial instruments into classes that are appropriate to the nature of the information disclosed and that take into account the characteristics of those financial instruments. The classes described in paragraph 6 are determined by the entity and are, thus, distinct from the categories of financial instruments specified in IAS 39 (which determine how financial instruments are measured and where changes in fair value are recognised).
B2
In determining classes of financial instrument, an entity shall, at a minimum:
(a)
distinguish instruments measured at amortised cost from those measured at fair value;
(b)
treat as a separate class or classes those financial instruments outside the scope of this IFRS.
B3
An entity decides, in the light of its circumstances, how much detail it provides to satisfy the requirements of this IFRS, how much emphasis it places on different aspects of the requirements and how it aggregates information to display the overall picture without combining information with different characteristics. It is necessary to strike a balance between overburdening financial statements with excessive detail that may not assist users of financial statements and obscuring important information as a result of too much aggregation. For example, an entity shall not obscure important information by including it among a large amount of insignificant detail. Similarly, an entity shall not disclose information that is so aggregated that it obscures important differences between individual transactions or associated risks.
SIGNIFICANCE OF FINANCIAL INSTRUMENTS FOR FINANCIAL POSITION AND PERFORMANCE
Financial liabilities at fair value through profit or loss (paragraphs 10 and 11)
B4
If an entity designates a financial liability as at fair value through profit or loss, paragraph 10(a) requires it to disclose the amount of change in the fair value of the financial liability that is attributable to changes in the liability's credit risk. Paragraph 10(a)(i) permits an entity to determine this amount as the amount of change in the liability's fair value that is not attributable to changes in market conditions that give rise to market risk. If the only relevant changes in market conditions for a liability are changes in an observed (benchmark) interest rate, this amount can be estimated as follows:
(a)
First, the entity computes the liability's internal rate of return at the start of the period using the observed market price of the liability and the liability's contractual cash flows at the start of the period. It deducts from this rate of return the observed (benchmark) interest rate at the start of the period, to arrive at an instrument-specific component of the internal rate of return.
(b)
Next, the entity calculates the present value of the cash flows associated with the liability using the liability's contractual cash flows at the end of the period and a discount rate equal to the sum of (i) the observed (benchmark) interest rate at the end of the period and (ii) the instrument-specific component of the internal rate of return as determined in (a).
(c)
The difference between the observed market price of the liability at the end of the period and the amount determined in (b) is the change in fair value that is not attributable to changes in the observed (benchmark) interest rate. This is the amount to be disclosed.
This example assumes that changes in fair value arising from factors other than changes in the instrument's credit risk or changes in interest rates are not significant. If the instrument in the example contains an embedded derivative, the change in fair value of the embedded derivative is excluded in determining the amount to be disclosed in accordance with paragraph 10(a).
Other disclosure — accounting policies (paragraph 21)
B5
Paragraph 21 requires disclosure of the measurement basis (or bases) used in preparing the financial statements and the other accounting policies used that are relevant to an understanding of the financial statements. For financial instruments, such disclosure may include:
(a)
for financial assets or financial liabilities designated as at fair value through profit or loss:
(i)
the nature of the financial assets or financial liabilities the entity has designated as at fair value through profit or loss;
(ii)
the criteria for so designating such financial assets or financial liabilities on initial recognition; and
(iii)
how the entity has satisfied the conditions in paragraph 9, 11A or 12 of IAS 39 for such designation. For instruments designated in accordance with paragraph (b)(i) of the definition of a financial asset or financial liability at fair value through profit or loss in IAS 39, that disclosure includes a narrative description of the circumstances underlying the measurement or recognition inconsistency that would otherwise arise. For instruments designated in accordance with paragraph (b)(ii) of the definition of a financial asset or financial liability at fair value through profit or loss in IAS 39, that disclosure includes a narrative description of how designation at fair value through profit or loss is consistent with the entity's documented risk management or investment strategy;
(b)
the criteria for designating financial assets as available for sale;
(c)
whether regular way purchases and sales of financial assets are accounted for at trade date or at settlement date (see paragraph 38 of IAS 39);
(d)
when an allowance account is used to reduce the carrying amount of financial assets impaired by credit losses:
(i)
the criteria for determining when the carrying amount of impaired financial assets is reduced directly (or, in the case of a reversal of a write-down, increased directly) and when the allowance account is used; and
(ii)
the criteria for writing off amounts charged to the allowance account against the carrying amount of impaired financial assets (see paragraph 16);
(e)
how net gains or net losses on each category of financial instrument are determined (see paragraph 20(a)), for example, whether the net gains or net losses on items at fair value through profit or loss include interest or dividend income;
(f)
the criteria the entity uses to determine that there is objective evidence that an impairment loss has occurred (see paragraph 20(e));
(g)
when the terms of financial assets that would otherwise be past due or impaired have been renegotiated, the accounting policy for financial assets that are the subject of renegotiated terms (see paragraph 36(d)).
Paragraph 113 of IAS 1 also requires entities to disclose, in the summary of significant accounting policies or other notes, the judgements, apart from those involving estimations, that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
NATURE AND EXTENT OF RISKS ARISING FROM FINANCIAL INSTRUMENTS (PARAGRAPHS 31-42)
B6
The disclosures required by paragraphs 31-42 shall be either given in the financial statements or incorporated by cross-reference from the financial statements to some other statement, such as a management commentary or risk report, that is available to users of the financial statements on the same terms as the financial statements and at the same time. Without the information incorporated by cross-reference, the financial statements are incomplete.
Quantitative disclosures (paragraph 34)
B7
Paragraph 34(a) requires disclosures of summary quantitative data about an entity's exposure to risks based on the information provided internally to key management personnel of the entity. When an entity uses several methods to manage a risk exposure, the entity shall disclose information using the method or methods that provide the most relevant and reliable information. IAS 8 
Accounting policies, changes in accounting estimates and errors
 discusses relevance and reliability.
B8
Paragraph 34(c) requires disclosures about concentrations of risk. Concentrations of risk arise from financial instruments that have similar characteristics and are affected similarly by changes in economic or other conditions. The identification of concentrations of risk requires judgement taking into account the circumstances of the entity. Disclosure of concentrations of risk shall include:
(a)
a description of how management determines concentrations;
(b)
a description of the shared characteristic that identifies each concentration (e.g. counterparty, geographical area, currency or market); and
(c)
the amount of the risk exposure associated with all financial instruments sharing that characteristic.
Maximum credit risk exposure (paragraph 36(a))
B9
Paragraph 36(a) requires disclosure of the amount that best represents the entity's maximum exposure to credit risk. For a financial asset, this is typically the gross carrying amount, net of:
(a)
any amounts offset in accordance with IAS 32; and
(b)
any impairment losses recognised in accordance with IAS 39.
B10
Activities that give rise to credit risk and the associated maximum exposure to credit risk include, but are not limited to:
(a)
granting loans and receivables to customers and placing deposits with other entities. In these cases, the maximum exposure to credit risk is the carrying amount of the related financial assets;
(b)
entering into derivative contracts, e.g. foreign exchange contracts, interest rate swaps and credit derivatives. When the resulting asset is measured at fair value, the maximum exposure to credit risk at the reporting date will equal the carrying amount;
(c)
granting financial guarantees. In this case, the maximum exposure to credit risk is the maximum amount the entity could have to pay if the guarantee is called on, which may be significantly greater than the amount recognised as a liability;
(d)
making a loan commitment that is irrevocable over the life of the facility or is revocable only in response to a material adverse change. If the issuer cannot settle the loan commitment net in cash or another financial instrument, the maximum credit exposure is the full amount of the commitment. This is because it is uncertain whether the amount of any undrawn portion may be drawn upon in the future. This may be significantly greater than the amount recognised as a liability.
Contractual maturity analysis (paragraph 39(a))
B11
In preparing the contractual maturity analysis for financial liabilities required by paragraph 39(a), an entity uses its judgement to determine an appropriate number of time bands. For example, an entity might determine that the following time bands are appropriate:
(a)
not later than one month;
(b)
later than one month and not later than three months;
(c)
later than three months and not later than one year; and
(d)
later than one year and not later than five years.
B12
When a counterparty has a choice of when an amount is paid, the liability is included on the basis of the earliest date on which the entity can be required to pay. For example, financial liabilities that an entity can be required to repay on demand (e.g. demand deposits) are included in the earliest time band.
B13
When an entity is committed to make amounts available in instalments, each instalment is allocated to the earliest period in which the entity can be required to pay. For example, an undrawn loan commitment is included in the time band containing the earliest date it can be drawn down.
B14
The amounts disclosed in the maturity analysis are the contractual undiscounted cash flows, for example:
(a)
gross finance lease obligations (before deducting finance charges);
(b)
prices specified in forward agreements to purchase financial assets for cash;
(c)
net amounts for pay-floating/receive-fixed interest rate swaps for which net cash flows are exchanged;
(d)
contractual amounts to be exchanged in a derivative financial instrument (e.g. a currency swap) for which gross cash flows are exchanged; and
(e)
gross loan commitments.
Such undiscounted cash flows differ from the amount included in the balance sheet because the balance sheet amount is based on discounted cash flows.
B15
If appropriate, an entity shall disclose the analysis of derivative financial instruments separately from that of non-derivative financial instruments in the contractual maturity analysis for financial liabilities required by paragraph 39(a). For example, it would be appropriate to distinguish cash flows from derivative financial instruments and non-derivative financial instruments if the cash flows arising from the derivative financial instruments are settled gross. This is because the gross cash outflow may be accompanied by a related inflow.
B16
When the amount payable is not fixed, the amount disclosed is determined by reference to the conditions existing at the reporting date. For example, when the amount payable varies with changes in an index, the amount disclosed may be based on the level of the index at the reporting date.
Market risk — sensitivity analysis (paragraphs 40 and 41)
B17
Paragraph 40(a) requires a sensitivity analysis for each type of market risk to which the entity is exposed. In accordance with paragraph B3, an entity decides how it aggregates information to display the overall picture without combining information with different characteristics about exposures to risks from significantly different economic environments. For example:
(a)
an entity that trades financial instruments might disclose this information separately for financial instruments held for trading and those not held for trading;
(b)
an entity would not aggregate its exposure to market risks from areas of hyperinflation with its exposure to the same market risks from areas of very low inflation.
If an entity has exposure to only one type of market risk in only one economic environment, it would not show disaggregated information.
B18
Paragraph 40(a) requires the sensitivity analysis to show the effect on profit or loss and equity of reasonably possible changes in the relevant risk variable (e.g. prevailing market interest rates, currency rates, equity prices or commodity prices). For this purpose:
(a)
entities are not required to determine what the profit or loss for the period would have been if relevant risk variables had been different. Instead, entities disclose the effect on profit or loss and equity at the balance sheet date assuming that a reasonably possible change in the relevant risk variable had occurred at the balance sheet date and had been applied to the risk exposures in existence at that date. For example, if an entity has a floating rate liability at the end of the year, the entity would disclose the effect on profit or loss (i.e. interest expense) for the current year if interest rates had varied by reasonably possible amounts;
(b)
entities are not required to disclose the effect on profit or loss and equity for each change within a range of reasonably possible changes of the relevant risk variable. Disclosure of the effects of the changes at the limits of the reasonably possible range would be sufficient.
B19
In determining what a reasonably possible change in the relevant risk variable is, an entity should consider:
(a)
the economic environments in which it operates. A reasonably possible change should not include remote or ‘worst case’ scenarios or ‘stress tests’. Moreover, if the rate of change in the underlying risk variable is stable, the entity need not alter the chosen reasonably possible change in the risk variable. For example, assume that interest rates are 5 per cent and an entity determines that a fluctuation in interest rates of ± 50 basis points is reasonably possible. It would disclose the effect on profit or loss and equity if interest rates were to change to 4,5 per cent or 5,5 per cent. In the next period, interest rates have increased to 5,5 per cent. The entity continues to believe that interest rates may fluctuate by ± 50 basis points (i.e. that the rate of change in interest rates is stable). The entity would disclose the effect on profit or loss and equity if interest rates were to change to 5 per cent or 6 per cent. The entity would not be required to revise its assessment that interest rates might reasonably fluctuate by ± 50 basis points, unless there is evidence that interest rates have become significantly more volatile;
(b)
the time frame over which it is making the assessment. The sensitivity analysis shall show the effects of changes that are considered to be reasonably possible over the period until the entity will next present these disclosures, which is usually its next annual reporting period.
B20
Paragraph 41 permits an entity to use a sensitivity analysis that reflects interdependencies between risk variables, such as a value-at-risk methodology, if it uses this analysis to manage its exposure to financial risks. This applies even if such a methodology measures only the potential for loss and does not measure the potential for gain. Such an entity might comply with paragraph 41(a) by disclosing the type of value-at-risk model used (e.g. whether the model relies on Monte Carlo simulations), an explanation about how the model works and the main assumptions (e.g. the holding period and confidence level). Entities might also disclose the historical observation period and weightings applied to observations within that period, an explanation of how options are dealt with in the calculations, and which volatilities and correlations (or, alternatively, Monte Carlo probability distribution simulations) are used.
B21
An entity shall provide sensitivity analyses for the whole of its business, but may provide different types of sensitivity analysis for different classes of financial instruments.
Interest rate risk
B22
Interest rate risk
 arises on interest-bearing financial instruments recognised in the balance sheet (e.g. loans and receivables and debt instruments issued) and on some financial instruments not recognised in the balance sheet (e.g. some loan commitments).
Currency risk
B23
Currency risk
 (or foreign exchange risk) arises on financial instruments that are denominated in a foreign currency, i.e. in a currency other than the functional currency in which they are measured. For the purpose of this IFRS, currency risk does not arise from financial instruments that are non-monetary items or from financial instruments denominated in the functional currency.
B24
A sensitivity analysis is disclosed for each currency to which an entity has significant exposure.
Other price risk
B25
Other price risk
 arises on financial instruments because of changes in, for example, commodity prices or equity prices. To comply with paragraph 40, an entity might disclose the effect of a decrease in a specified stock market index, commodity price, or other risk variable. For example, if an entity gives residual value guarantees that are financial instruments, the entity discloses an increase or decrease in the value of the assets to which the guarantee applies.
B26
Two examples of financial instruments that give rise to equity price risk are (a) a holding of equities in another entity, and (b) an investment in a trust that in turn holds investments in equity instruments. Other examples include forward contracts and options to buy or sell specified quantities of an equity instrument and swaps that are indexed to equity prices. The fair values of such financial instruments are affected by changes in the market price of the underlying equity instruments.
B27
In accordance with paragraph 40(a), the sensitivity of profit or loss (that arises, for example, from instruments classified as at fair value through profit or loss and impairments of available-for-sale financial assets) is disclosed separately from the sensitivity of equity (that arises, for example, from instruments classified as available for sale).
B28
Financial instruments that an entity classifies as equity instruments are not remeasured. Neither profit or loss nor equity will be affected by the equity price risk of those instruments. Accordingly, no sensitivity analysis is required.
INTERNATIONAL FINANCIAL REPORTING STANDARD 8
Operating segments
CORE PRINCIPLE
1
An entity shall disclose information to enable users of its financial statements to evaluate the nature and financial effects of the business activities in which it engages and the economic environments in which it operates.
SCOPE
2
This IFRS shall apply to:
(a)
the separate or individual financial statements of an entity:
(i)
whose debt or equity instruments are traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local and regional markets); or
(ii)
that files, or is in the process of filing, its financial statements with a securities commission or other regulatory organisation for the purpose of issuing any class of instruments in a public market; and
(b)
the consolidated financial statements of a group with a parent:
(i)
whose debt or equity instruments are traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local and regional markets); or
(ii)
that files, or is in the process of filing, the consolidated financial statements with a securities commission or other regulatory organisation for the purpose of issuing any class of instruments in a public market.
3
If an entity that is not required to apply this IFRS chooses to disclose information about segments that does not comply with this IFRS, it shall not describe the information as segment information.
4
If a financial report contains both the consolidated financial statements of a parent that is within the scope of this IFRS as well as the parent's separate financial statements, segment information is required only in the consolidated financial statements.
OPERATING SEGMENTS
5
An operating segment is a component of an entity:
(a)
that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity);
(b)
whose operating results are regularly reviewed by the entity's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and
(c)
for which discrete financial information is available.
An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues.
6
Not every part of an entity is necessarily an operating segment or part of an operating segment. For example, a corporate headquarters or some functional departments may not earn revenues or may earn revenues that are only incidental to the activities of the entity and would not be operating segments. For the purposes of this IFRS, an entity's post-employment benefit plans are not operating segments.
7
The term ‘chief operating decision maker’ identifies a function, not necessarily a manager with a specific title. That function is to allocate resources to and assess the performance of the operating segments of an entity. Often the chief operating decision maker of an entity is its chief executive officer or chief operating officer but, for example, it may be a group of executive directors or others.
8
For many entities, the three characteristics of operating segments described in paragraph 5 clearly identify its operating segments. However, an entity may produce reports in which its business activities are presented in a variety of ways. If the chief operating decision maker uses more than one set of segment information, other factors may identify a single set of components as constituting an entity's operating segments, including the nature of the business activities of each component, the existence of managers responsible for them, and information presented to the board of directors.
9
Generally, an operating segment has a segment manager who is directly accountable to and maintains regular contact with the chief operating decision maker to discuss operating activities, financial results, forecasts, or plans for the segment. The term ‘segment manager’ identifies a function, not necessarily a manager with a specific title. The chief operating decision maker also may be the segment manager for some operating segments. A single manager may be the segment manager for more than one operating segment. If the characteristics in paragraph 5 apply to more than one set of components of an organisation but there is only one set for which segment managers are held responsible, that set of components constitutes the operating segments.
10
The characteristics in paragraph 5 may apply to two or more overlapping sets of components for which managers are held responsible. That structure is sometimes referred to as a matrix form of organisation. For example, in some entities, some managers are responsible for different product and service lines worldwide, whereas other managers are responsible for specific geographical areas. The chief operating decision maker regularly reviews the operating results of both sets of components, and financial information is available for both. In that situation, the entity shall determine which set of components constitutes the operating segments by reference to the core principle.
REPORTABLE SEGMENTS
11
An entity shall report separately information about each operating segment that:
(a)
has been identified in accordance with paragraphs 5-10 or results from aggregating two or more of those segments in accordance with paragraph 12; and
(b)
exceeds the quantitative thresholds in paragraph 13.
Paragraphs 14-19 specify other situations in which separate information about an operating segment shall be reported.
Aggregation criteria
12
Operating segments often exhibit similar long-term financial performance if they have similar economic characteristics. For example, similar long-term average gross margins for two operating segments would be expected if their economic characteristics were similar. Two or more operating segments may be aggregated into a single operating segment if aggregation is consistent with the core principle of this IFRS, the segments have similar economic characteristics, and the segments are similar in each of the following respects:
(a)
the nature of the products and services;
(b)
the nature of the production processes;
(c)
the type or class of customer for their products and services;
(d)
the methods used to distribute their products or provide their services; and
(e)
if applicable, the nature of the regulatory environment, for example, banking, insurance or public utilities.
Quantitative thresholds
13
An entity shall report separately information about an operating segment that meets any of the following quantitative thresholds:
(a)
Its reported revenue, including both sales to external customers and intersegment sales or transfers, is 10 per cent or more of the combined revenue, internal and external, of all operating segments.
(b)
The absolute amount of its reported profit or loss is 10 per cent or more of the greater, in absolute amount, of (i) the combined reported profit of all operating segments that did not report a loss and (ii) the combined reported loss of all operating segments that reported a loss.
(c)
Its assets are 10 per cent or more of the combined assets of all operating segments.
Operating segments that do not meet any of the quantitative thresholds may be considered reportable, and separately disclosed, if management believes that information about the segment would be useful to users of the financial statements.
14
An entity may combine information about operating segments that do not meet the quantitative thresholds with information about other operating segments that do not meet the quantitative thresholds to produce a reportable segment only if the operating segments have similar economic characteristics and share a majority of the aggregation criteria listed in paragraph 12.
15
If the total external revenue reported by operating segments constitutes less than 75 per cent of the entity's revenue, additional operating segments shall be identified as reportable segments (even if they do not meet the criteria in paragraph 13) until at least 75 per cent of the entity's revenue is included in reportable segments.
16
Information about other business activities and operating segments that are not reportable shall be combined and disclosed in an ‘all other segments’ category separately from other reconciling items in the reconciliations required by paragraph 28. The sources of the revenue included in the ‘all other segments’ category shall be described.
17
If management judges that an operating segment identified as a reportable segment in the immediately preceding period is of continuing significance, information about that segment shall continue to be reported separately in the current period even if it no longer meets the criteria for reportability in paragraph 13.
18
If an operating segment is identified as a reportable segment in the current period in accordance with the quantitative thresholds, segment data for a prior period presented for comparative purposes shall be restated to reflect the newly reportable segment as a separate segment, even if that segment did not satisfy the criteria for reportability in paragraph 13 in the prior period, unless the necessary information is not available and the cost to develop it would be excessive.
19
There may be a practical limit to the number of reportable segments that an entity separately discloses beyond which segment information may become too detailed. Although no precise limit has been determined, as the number of segments that are reportable in accordance with paragraphs 13-18 increases above 10, the entity should consider whether a practical limit has been reached.
DISCLOSURE
20
An entity shall disclose information to enable users of its financial statements to evaluate the nature and financial effects of the business activities in which it engages and the economic environments in which it operates.
21
To give effect to the principle in paragraph 20, an entity shall disclose the following for each period for which an income statement is presented:
(a)
general information as described in paragraph 22;
(b)
information about reported segment profit or loss, including specified revenues and expenses included in reported segment profit or loss, segment assets, segment liabilities and the basis of measurement, as described in paragraphs 23-27; and
(c)
reconciliations of the totals of segment revenues, reported segment profit or loss, segment assets, segment liabilities and other material segment items to corresponding entity amounts as described in paragraph 28.
Reconciliations of balance sheet amounts for reportable segments to the entity's balance sheet amounts are required for each date at which a balance sheet is presented. Information for prior periods shall be restated as described in paragraphs 29 and 30.
General information
22
An entity shall disclose the following general information:
(a)
factors used to identify the entity's reportable segments, including the basis of organisation (for example, whether management has chosen to organise the entity around differences in products and services, geographical areas, regulatory environments, or a combination of factors and whether operating segments have been aggregated); and
(b)
types of products and services from which each reportable segment derives its revenues.
Information about profit or loss, assets and liabilities
23
An entity shall report a measure of profit or loss and total assets for each reportable segment. An entity shall report a measure of liabilities for each reportable segment if such an amount is regularly provided to the chief operating decision maker. An entity shall also disclose the following about each reportable segment if the specified amounts are included in the measure of segment profit or loss reviewed by the chief operating decision maker, or are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss:
(a)
revenues from external customers;
(b)
revenues from transactions with other operating segments of the same entity;
(c)
interest revenue;
(d)
interest expense;
(e)
depreciation and amortisation;
(f)
material items of income and expense disclosed in accordance with paragraph 86 of IAS 1 
Presentation of financial statements
;
(g)
the entity's interest in the profit or loss of associates and joint ventures accounted for by the equity method;
(h)
income tax expense or income; and
(i)
material non-cash items other than depreciation and amortisation.
An entity shall report interest revenue separately from interest expense for each reportable segment unless a majority of the segment's revenues are from interest and the chief operating decision maker relies primarily on net interest revenue to assess the performance of the segment and make decisions about resources to be allocated to the segment. In that situation, an entity may report that segment's interest revenue net of its interest expense and disclose that it has done so.
24
An entity shall disclose the following about each reportable segment if the specified amounts are included in the measure of segment assets reviewed by the chief operating decision maker or are otherwise regularly provided to the chief operating decision maker, even if not included in the measure of segment assets:
(a)
the amount of investment in associates and joint ventures accounted for by the equity method; and
(b)
the amounts of additions to non-current assets 
(
1
)
 other than financial instruments, deferred tax assets, post-employment benefit assets (see IAS 19 
Employee benefits
 paragraphs 54-58) and rights arising under insurance contracts.
MEASUREMENT
25
The amount of each segment item reported shall be the measure reported to the chief operating decision maker for the purposes of making decisions about allocating resources to the segment and assessing its performance. Adjustments and eliminations made in preparing an entity's financial statements and allocations of revenues, expenses, and gains or losses shall be included in determining reported segment profit or loss only if they are included in the measure of the segment's profit or loss that is used by the chief operating decision maker. Similarly, only those assets and liabilities that are included in the measures of the segment's assets and segment's liabilities that are used by the chief operating decision maker shall be reported for that segment. If amounts are allocated to reported segment profit or loss, assets or liabilities, those amounts shall be allocated on a reasonable basis.
26
If the chief operating decision maker uses only one measure of an operating segment's profit or loss, the segment's assets or the segment's liabilities in assessing segment performance and deciding how to allocate resources, segment profit or loss, assets and liabilities shall be reported at those measures. If the chief operating decision maker uses more than one measure of an operating segment's profit or loss, the segment's assets or the segment's liabilities, the reported measures shall be those that management believes are determined in accordance with the measurement principles most consistent with those used in measuring the corresponding amounts in the entity's financial statements.
27
An entity shall provide an explanation of the measurements of segment profit or loss, segment assets and segment liabilities for each reportable segment. At a minimum, an entity shall disclose the following:
(a)
the basis of accounting for any transactions between reportable segments;
(b)
the nature of any differences between the measurements of the reportable segments' profits or losses and the entity's profit or loss before income tax expense or income and discontinued operations (if not apparent from the reconciliations described in paragraph 28). Those differences could include accounting policies and policies for allocation of centrally incurred costs that are necessary for an understanding of the reported segment information;
(c)
the nature of any differences between the measurements of the reportable segments' assets and the entity's assets (if not apparent from the reconciliations described in paragraph 28). Those differences could include accounting policies and policies for allocation of jointly used assets that are necessary for an understanding of the reported segment information;
(d)
the nature of any differences between the measurements of the reportable segments' liabilities and the entity's liabilities (if not apparent from the reconciliations described in paragraph 28). Those differences could include accounting policies and policies for allocation of jointly utilised liabilities that are necessary for an understanding of the reported segment information;
(e)
the nature of any changes from prior periods in the measurement methods used to determine reported segment profit or loss and the effect, if any, of those changes on the measure of segment profit or loss;
(f)
the nature and effect of any asymmetrical allocations to reportable segments. For example, an entity might allocate depreciation expense to a segment without allocating the related depreciable assets to that segment.
Reconciliations
28
An entity shall provide reconciliations of all of the following:
(a)
the total of the reportable segments' revenues to the entity's revenue;
(b)
the total of the reportable segments' measures of profit or loss to the entity's profit or loss before tax expense (tax income) and discontinued operations. However, if an entity allocates to reportable segments items such as tax expense (tax income), the entity may reconcile the total of the segments' measures of profit or loss to the entity's profit or loss after those items;
(c)
the total of the reportable segments' assets to the entity's assets;
(d)
the total of the reportable segments' liabilities to the entity's liabilities if segment liabilities are reported in accordance with paragraph 23;
(e)
the total of the reportable segments' amounts for every other material item of information disclosed to the corresponding amount for the entity.
All material reconciling items shall be separately identified and described. For example, the amount of each material adjustment needed to reconcile reportable segment profit or loss to the entity's profit or loss arising from different accounting policies shall be separately identified and described.
Restatement of previously reported information
29
If an entity changes the structure of its internal organisation in a manner that causes the composition of its reportable segments to change, the corresponding information for earlier periods, including interim periods, shall be restated unless the information is not available and the cost to develop it would be excessive. The determination of whether the information is not available and the cost to develop it would be excessive shall be made for each individual item of disclosure. Following a change in the composition of its reportable segments, an entity shall disclose whether it has restated the corresponding items of segment information for earlier periods.
30
If an entity has changed the structure of its internal organisation in a manner that causes the composition of its reportable segments to change and if segment information for earlier periods, including interim periods, is not restated to reflect the change, the entity shall disclose in the year in which the change occurs segment information for the current period on both the old basis and the new basis of segmentation, unless the necessary information is not available and the cost to develop it would be excessive.
ENTITY-WIDE DISCLOSURES
31
Paragraphs 32-34 apply to all entities subject to this IFRS, including those entities that have a single reportable segment. Some entities' business activities are not organised on the basis of differences in related products and services or differences in geographical areas of operations. Such an entity's reportable segments may report revenues from a broad range of essentially different products and services, or more than one of its reportable segments may provide essentially the same products and services. Similarly, an entity's reportable segments may hold assets in different geographical areas and report revenues from customers in different geographical areas, or more than one of its reportable segments may operate in the same geographical area. Information required by paragraphs 32-34 shall be provided only if it is not provided as part of the reportable segment information required by this IFRS.
Information about products and services
32
An entity shall report the revenues from external customers for each product and service, or each group of similar products and services, unless the necessary information is not available and the cost to develop it would be excessive, in which case that fact shall be disclosed. The amounts of revenues reported shall be based on the financial information used to produce the entity's financial statements.
Information about geographical areas
33
An entity shall report the following geographical information, unless the necessary information is not available and the cost to develop it would be excessive:
(a)
revenues from external customers (i) attributed to the entity's country of domicile and (ii) attributed to all foreign countries in total from which the entity derives revenues. If revenues from external customers attributed to an individual foreign country are material, those revenues shall be disclosed separately. An entity shall disclose the basis for attributing revenues from external customers to individual countries;
(b)
non-current assets 
(
2
)
 other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts (i) located in the entity's country of domicile and (ii) located in all foreign countries in total in which the entity holds assets. If assets in an individual foreign country are material, those assets shall be disclosed separately.
The amounts reported shall be based on the financial information that is used to produce the entity's financial statements. If the necessary information is not available and the cost to develop it would be excessive, that fact shall be disclosed. An entity may provide, in addition to the information required by this paragraph, subtotals of geographical information about groups of countries.
Information about major customers
34
An entity shall provide information about the extent of its reliance on its major customers. If revenues from transactions with a single external customer amount to 10 per cent or more of an entity's revenues, the entity shall disclose that fact, the total amount of revenues from each such customer, and the identity of the segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For the purposes of this IFRS, a group of entities known to a reporting entity to be under common control shall be considered a single customer, and a government (national, state, provincial, territorial, local or foreign) and entities known to the reporting entity to be under the control of that government shall be considered a single customer.
TRANSITION AND EFFECTIVE DATE
35
An entity shall apply this IFRS in its annual financial statements for periods beginning on or after 1 January 2009. Earlier application is permitted. If an entity applies this IFRS in its financial statements for a period before 1 January 2009, it shall disclose that fact.
36
Segment information for prior years that is reported as comparative information for the initial year of application shall be restated to conform to the requirements of this IFRS, unless the necessary information is not available and the cost to develop it would be excessive.
WITHDRAWAL OF IAS 14
37
This IFRS supersedes IAS 14 
Segment reporting
.
(
1
)
  For assets classified according to a liquidity presentation, non-current assets are assets that include amounts expected to be recovered more than 12 months after the balance sheet date.
(
2
)
  For assets classified according to a liquidity presentation, non-current assets are assets that include amounts expected to be recovered more than 12 months after the balance sheet date.
Appendix A
Defined term
This appendix is an integral part of the IFRS.
Operating segment
An operating segment is a component of an entity:
(a)
that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity);
(b)
whose operating results are regularly reviewed by the entity's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and
(c)
for which discrete financial information is available.
IFRIC INTERPRETATION 1
Changes in existing decommissioning, restoration and similar liabilities
REFERENCES
—
IAS 1 
Presentation of financial statements
 (as revised in 2003)
—
IAS 8 
Accounting policies, changes in accounting estimates and errors
—
IAS 16 
Property, plant and equipment
 (as revised in 2003)
—
IAS 23 
Borrowing costs
—
IAS 36 
Impairment of assets
 (as revised in 2004)
—
IAS 37 
Provisions, contingent liabilities and contingent assets
BACKGROUND
1
Many entities have obligations to dismantle, remove and restore items of property, plant and equipment. In this interpretation such obligations are referred to as ‘decommissioning, restoration and similar liabilities’. Under IAS 16, the cost of an item of property, plant and equipment includes the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, the obligation for which an entity incurs either when the item is acquired or as a consequence of having used the item during a particular period for purposes other than to produce inventories during that period. IAS 37 contains requirements on how to measure decommissioning, restoration and similar liabilities. This interpretation provides guidance on how to account for the effect of changes in the measurement of existing decommissioning, restoration and similar liabilities.
SCOPE
2
This interpretation applies to changes in the measurement of any existing decommissioning, restoration or similar liability that is both:
(a)
recognised as part of the cost of an item of property, plant and equipment in accordance with IAS 16; and
(b)
recognised as a liability in accordance with IAS 37.
For example, a decommissioning, restoration or similar liability may exist for decommissioning a plant, rehabilitating environmental damage in extractive industries, or removing equipment.
ISSUE
3
This interpretation addresses how the effect of the following events that change the measurement of an existing decommissioning, restoration or similar liability should be accounted for:
(a)
a change in the estimated outflow of resources embodying economic benefits (e.g. cash flows) required to settle the obligation;
(b)
a change in the current market-based discount rate as defined in paragraph 47 of IAS 37 (this includes changes in the time value of money and the risks specific to the liability); and
(c)
an increase that reflects the passage of time (also referred to as the unwinding of the discount).
CONSENSUS
4
Changes in the measurement of an existing decommissioning, restoration and similar liability that result from changes in the estimated timing or amount of the outflow of resources embodying economic benefits required to settle the obligation, or a change in the discount rate, shall be accounted for in accordance with paragraphs 5-7 below.
5
If the related asset is measured using the cost model:
(a)
subject to (b), changes in the liability shall be added to, or deducted from, the cost of the related asset in the current period;
(b)
the amount deducted from the cost of the asset shall not exceed its carrying amount. If a decrease in the liability exceeds the carrying amount of the asset, the excess shall be recognised immediately in profit or loss;
(c)
if the adjustment results in an addition to the cost of an asset, the entity shall consider whether this is an indication that the new carrying amount of the asset may not be fully recoverable. If it is such an indication, the entity shall test the asset for impairment by estimating its recoverable amount, and shall account for any impairment loss, in accordance with IAS 36.
6
If the related asset is measured using the revaluation model:
(a)
changes in the liability alter the revaluation surplus or deficit previously recognised on that asset, so that:
(i)
a decrease in the liability shall (subject to (b)) be credited directly to revaluation surplus in equity, except that it shall be recognised in profit or loss to the extent that it reverses a revaluation deficit on the asset that was previously recognised in profit or loss;
(ii)
an increase in the liability shall be recognised in profit or loss, except that it shall be debited directly to revaluation surplus in equity to the extent of any credit balance existing in the revaluation surplus in respect of that asset;
(b)
in the event that a decrease in the liability exceeds the carrying amount that would have been recognised had the asset been carried under the cost model, the excess shall be recognised immediately in profit or loss;
(c)
a change in the liability is an indication that the asset may have to be revalued in order to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Any such revaluation shall be taken into account in determining the amounts to be taken to profit or loss and equity under (a). If a revaluation is necessary, all assets of that class shall be revalued;
(d)
IAS 1 requires disclosure on the face of the statement of changes in equity of each item of income or expense that is recognised directly in equity. In complying with this requirement, the change in the revaluation surplus arising from a change in the liability shall be separately identified and disclosed as such.
7
The adjusted depreciable amount of the asset is depreciated over its useful life. Therefore, once the related asset has reached the end of its useful life, all subsequent changes in the liability shall be recognised in profit or loss as they occur. This applies under both the cost model and the revaluation model.
8
The periodic unwinding of the discount shall be recognised in profit or loss as a finance cost as it occurs. The allowed alternative treatment of capitalisation under IAS 23 is not permitted.
EFFECTIVE DATE
9
An entity shall apply this interpretation for annual periods beginning on or after 1 September 2004. Earlier application is encouraged. If an entity applies the interpretation for a period beginning before 1 September 2004, it shall disclose that fact.
TRANSITION
10
Changes in accounting policies shall be accounted for according to the requirements of IAS 8 
Accounting policies, changes in accounting estimates and errors
 
(
1
)
.
(
1
)
  If an entity applies this interpretation for a period beginning before 1 January 2005, the entity shall follow the requirements of the previous version of IAS 8, which was entitled 
Net profit or loss for the period, fundamental errors and changes in accounting policies
, unless the entity is applying the revised version of that standard for that earlier period.
IFRIC INTERPRETATION 2
Members' shares in cooperative entities and similar instruments
REFERENCES
—
IAS 32 
Financial instruments: disclosure and presentation
 (as revised in 2003) 
(
1
)
—
IAS 39 
Financial instruments: recognition and measurement
 (as revised in 2003)
BACKGROUND
1
Cooperatives and other similar entities are formed by groups of persons to meet common economic or social needs. National laws typically define a cooperative as a society endeavouring to promote its members' economic advancement by way of a joint business operation (the principle of self-help). Members' interests in a cooperative are often characterised as members' shares, units or the like, and are referred to below as ‘members’ shares'.
2
IAS 32 establishes principles for the classification of financial instruments as financial liabilities or equity. In particular, those principles apply to the classification of puttable instruments that allow the holder to put those instruments to the issuer for cash or another financial instrument. The application of those principles to members' shares in cooperative entities and similar instruments is difficult. Some of the International Accounting Standards Board's constituents have asked for help in understanding how the principles in IAS 32 apply to members' shares and similar instruments that have certain features, and the circumstances in which those features affect the classification as liabilities or equity.
SCOPE
3
This interpretation applies to financial instruments within the scope of IAS 32, including financial instruments issued to members of cooperative entities that evidence the members' ownership interest in the entity. This interpretation does not apply to financial instruments that will or may be settled in the entity's own equity instruments.
ISSUE
4
Many financial instruments, including members' shares, have characteristics of equity, including voting rights and rights to participate in dividend distributions. Some financial instruments give the holder the right to request redemption for cash or another financial asset, but may include or be subject to limits on whether the financial instruments will be redeemed. How should those redemption terms be evaluated in determining whether the financial instruments should be classified as liabilities or equity?
CONSENSUS
5
The contractual right of the holder of a financial instrument (including members' shares in cooperative entities) to request redemption does not, in itself, require that financial instrument to be classified as a financial liability. Rather, the entity must consider all of the terms and conditions of the financial instrument in determining its classification as a financial liability or equity. Those terms and conditions include relevant local laws, regulations and the entity's governing charter in effect at the date of classification, but not expected future amendments to those laws, regulations or charter.
6
Members' shares that would be classified as equity if the members did not have a right to request redemption are equity if either of the conditions described in paragraphs 7 and 8 is present. Demand deposits, including current accounts, deposit accounts and similar contracts that arise when members act as customers are financial liabilities of the entity.
7
Members' shares are equity if the entity has an unconditional right to refuse redemption of the members' shares.
8
Local law, regulation or the entity's governing charter can impose various types of prohibitions on the redemption of members' shares, e.g. unconditional prohibitions or prohibitions based on liquidity criteria. If redemption is unconditionally prohibited by local law, regulation or the entity's governing charter, members' shares are equity. However, provisions in local law, regulation or the entity's governing charter that prohibit redemption only if conditions — such as liquidity constraints — are met (or are not met) do not result in members' shares being equity.
9
An unconditional prohibition may be absolute, in that all redemptions are prohibited. An unconditional prohibition may be partial, in that it prohibits redemption of members' shares if redemption would cause the number of members' shares or amount of paid-in capital from members' shares to fall below a specified level. Members' shares in excess of the prohibition against redemption are liabilities, unless the entity has the unconditional right to refuse redemption as described in paragraph 7. In some cases, the number of shares or the amount of paid-in capital subject to a redemption prohibition may change from time to time. Such a change in the redemption prohibition leads to a transfer between financial liabilities and equity.
10
At initial recognition, the entity shall measure its financial liability for redemption at fair value. In the case of members' shares with a redemption feature, the entity measures the fair value of the financial liability for redemption at no less than the maximum amount payable under the redemption provisions of its governing charter or applicable law discounted from the first date that the amount could be required to be paid (see example 3).
11
As required by paragraph 35 of IAS 32, distributions to holders of equity instruments are recognised directly in equity, net of any income tax benefits. Interest, dividends and other returns relating to financial instruments classified as financial liabilities are expenses, regardless of whether those amounts paid are legally characterised as dividends, interest or otherwise.
12
The Appendix, which is an integral part of the consensus, provides examples of the application of this consensus.
DISCLOSURE
13
When a change in the redemption prohibition leads to a transfer between financial liabilities and equity, the entity shall disclose separately the amount, timing and reason for the transfer.
EFFECTIVE DATE
14
The effective date and transition requirements of this interpretation are the same as those for IAS 32 (as revised in 2003). An entity shall apply this interpretation for annual periods beginning on or after 1 January 2005. If an entity applies this interpretation for a period beginning before 1 January 2005, it shall disclose that fact. This interpretation shall be applied retrospectively.
(
1
)
  In August 2005, IAS 32 was amended as IAS 32 
Financial instruments: presentation
.
Appendix
Examples of application of the consensus
This appendix is an integral part of the interpretation.
A1
This appendix sets out seven examples of the application of the IFRIC consensus. The examples do not constitute an exhaustive list; other fact patterns are possible. Each example assumes that there are no conditions other than those set out in the facts of the example that would require the financial instrument to be classified as a financial liability.
UNCONDITIONAL RIGHT TO REFUSE REDEMPTION (paragraph 7)
Example 1
Facts
A2
The entity's charter states that redemptions are made at the sole discretion of the entity. The charter does not provide further elaboration or limitation on that discretion. In its history, the entity has never refused to redeem members' shares, although the governing board has the right to do so.
Classification
A3
The entity has the unconditional right to refuse redemption and the members' shares are equity. IAS 32 establishes principles for classification that are based on the terms of the financial instrument and notes that a history of, or intention to make, discretionary payments does not trigger liability classification. Paragraph AG26 of IAS 32 states:
When preference shares are non-redeemable, the appropriate classification is determined by the other rights that attach to them. Classification is based on an assessment of the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. When distributions to holders of the preference shares, whether cumulative or non-cumulative, are at the discretion of the issuer, the shares are equity instruments. The classification of a preference share as an equity instrument or a financial liability is not affected by, for example:
(a)
a history of making distributions;
(b)
an intention to make distributions in the future;
(c)
a possible negative impact on the price of ordinary shares of the issuer if distributions are not made (because of restrictions on paying dividends on the ordinary shares if dividends are not paid on the preference shares);
(d)
the amount of the issuer's reserves;
(e)
an issuer's expectation of a profit or loss for a period; or
(f)
an ability or inability of the issuer to influence the amount of its profit or loss for the period.
Example 2
Facts
A4
The entity's charter states that redemptions are made at the sole discretion of the entity. However, the charter further states that approval of a redemption request is automatic unless the entity is unable to make payments without violating local regulations regarding liquidity or reserves.
Classification
A5
The entity does not have the unconditional right to refuse redemption and the members' shares are a financial liability. The restrictions described above are based on the entity's ability to settle its liability. They restrict redemptions only if the liquidity or reserve requirements are not met and then only until such time as they are met. Hence, they do not, under the principles established in IAS 32, result in the classification of the financial instrument as equity. Paragraph AG25 of IAS 32 states:
Preference shares may be issued with various rights. In determining whether a preference share is a financial liability or an equity instrument, an issuer assesses the particular rights attaching to the share to determine whether it exhibits the fundamental characteristic of a financial liability. For example, a preference share that provides for redemption on a specific date or at the option of the holder contains a financial liability because the issuer has an obligation to transfer financial assets to the holder of the share. 
The potential inability of an issuer to satisfy an obligation to redeem a preference share when contractually required to do so, whether because of a lack of funds, a statutory restriction or insufficient profits or reserves, does not negate the obligation.
 [Emphasis added]
PROHIBITIONS AGAINST REDEMPTION (paragraphs 8 and 9)
Example 3
Facts
A6
A cooperative entity has issued shares to its members at different dates and for different amounts in the past as follows:
(a)
1 January 20X1 100 000 shares at CU10 each (CU1 000 000);
(b)
1 January 20X2 100 000 shares at CU20 each (a further CU2 000 000, so that the total for shares issued is CU3 000 000).
Shares are redeemable on demand at the amount for which they were issued.
A7
The entity's charter states that cumulative redemptions cannot exceed 20 per cent of the highest number of its members' shares ever outstanding. At 31 December 20X2 the entity has 200 000 of outstanding shares, which is the highest number of members' shares ever outstanding and no shares have been redeemed in the past. On 1 January 20X3 the entity amends its governing charter and increases the permitted level of cumulative redemptions to 25 per cent of the highest number of its members' shares ever outstanding.
Classification
Before the governing charter is amended
A8
Members' shares in excess of the prohibition against redemption are financial liabilities. The cooperative entity measures this financial liability at fair value at initial recognition. Because these shares are redeemable on demand, the cooperative entity determines the fair value of such financial liabilities as required by paragraph 49 of IAS 39, which states: ‘The fair value of a financial liability with a demand feature (e.g. a demand deposit) is not less than the amount payable on demand …’. Accordingly, the cooperative entity classifies as financial liabilities the maximum amount payable on demand under the redemption provisions.
A9
On 1 January 20X1 the maximum amount payable under the redemption provisions is 20 000 shares at CU10 each and accordingly the entity classifies CU200 000 as financial liability and CU800 000 as equity. However, on 1 January 20X2 because of the new issue of shares at CU20, the maximum amount payable under the redemption provisions increases to 40 000 shares at CU20 each. The issue of additional shares at CU20 creates a new liability that is measured on initial recognition at fair value. The liability after these shares have been issued is 20 per cent of the total shares in issue (200 000), measured at CU20, or CU800 000. This requires recognition of an additional liability of CU600 000. In this example no gain or loss is recognised. Accordingly the entity now classifies CU800 000 as financial liabilities and CU2 200 000 as equity. This example assumes these amounts are not changed between 1 January 20X1 and 31 December 20X2.
After the governing charter is amended
A10
Following the change in its governing charter the cooperative entity can now be required to redeem a maximum of 25 per cent of its outstanding shares or a maximum of 50 000 shares at CU20 each. Accordingly, on 1 January 20X3 the cooperative entity classifies as financial liabilities an amount of CU1 000 000 being the maximum amount payable on demand under the redemption provisions, as determined in accordance with paragraph 49 of IAS 39. It therefore transfers on 1 January 20X3 from equity to financial liabilities an amount of CU200 000, leaving CU2 000 000 classified as equity. In this example the entity does not recognise a gain or loss on the transfer.
Example 4
Facts
A11
Local law governing the operations of cooperatives, or the terms of the entity's governing charter, prohibit an entity from redeeming members' shares if, by redeeming them, it would reduce paid-in capital from members' shares below 75 per cent of the highest amount of paid-in capital from members' shares. The highest amount for a particular cooperative is CU1 000 000. At the balance sheet date the balance of paid-in capital is CU900 000.
Classification
A12
In this case, CU750 000 would be classified as equity and CU150 000 would be classified as financial liabilities. In addition to the paragraphs already cited, paragraph 18(b) of IAS 32 states in part:
… a financial instrument that gives the holder the right to put it back to the issuer for cash or another financial asset (a ‘puttable instrument’) is a financial liability. This is so even when the amount of cash or other financial assets is determined on the basis of an index or other item that has the potential to increase or decrease, or when the legal form of the puttable instrument gives the holder a right to a residual interest in the assets of an issuer. The existence of an option for the holder to put the instrument back to the issuer for cash or another financial asset means that the puttable instrument meets the definition of a financial liability.
A13
The redemption prohibition described in this example is different from the restrictions described in paragraphs 19 and AG25 of IAS 32. Those restrictions are limitations on the ability of the entity to pay the amount due on a financial liability, i.e. they prevent payment of the liability only if specified conditions are met. In contrast, this example describes an unconditional prohibition on redemptions beyond a specified amount, regardless of the entity's ability to redeem members' shares (e.g. given its cash resources, profits or distributable reserves). In effect, the prohibition against redemption prevents the entity from incurring any financial liability to redeem more than a specified amount of paid-in capital. Therefore, the portion of shares subject to the redemption prohibition is not a financial liability. While each member's shares may be redeemable individually, a portion of the total shares outstanding is not redeemable in any circumstances other than liquidation of the entity.
Example 5
Facts
A14
The facts of this example are as stated in example 4. In addition, at the balance sheet date, liquidity requirements imposed in the local jurisdiction prevent the entity from redeeming any members' shares unless its holdings of cash and short-term investments are greater than a specified amount. The effect of these liquidity requirements at the balance sheet date is that the entity cannot pay more than CU50 000 to redeem the members' shares.
Classification
A15
As in example 4, the entity classifies CU750 000 as equity and CU150 000 as a financial liability. This is because the amount classified as a liability is based on the entity's unconditional right to refuse redemption and not on conditional restrictions that prevent redemption only if liquidity or other conditions are not met and then only until such time as they are met. The provisions of paragraphs 19 and AG25 of IAS 32 apply in this case.
Example 6
Facts
A16
The entity’s governing charter prohibits it from redeeming members’ shares, except to the extent of proceeds received from the issue of additional members' shares to new or existing members during the preceding three years. Proceeds from issuing members' shares must be applied to redeem shares for which members have requested redemption. During the three preceding years, the proceeds from issuing members' shares have been CU12 000 and no member's shares have been redeemed.
Classification
A17
The entity classifies CU12 000 of the members’ shares as financial liabilities. Consistently with the conclusions described in example 4, members' shares subject to an unconditional prohibition against redemption are not financial liabilities. Such an unconditional prohibition applies to an amount equal to the proceeds of shares issued before the preceding three years, and accordingly, this amount is classified as equity. However, an amount equal to the proceeds from any shares issued in the preceding three years is not subject to an unconditional prohibition on redemption. Accordingly, proceeds from the issue of members' shares in the preceding three years give rise to financial liabilities until they are no longer available for redemption of members' shares. As a result the entity has a financial liability equal to the proceeds of shares issued during the three preceding years, net of any redemptions during that period.
Example 7
Facts
A18
The entity is a cooperative bank. Local law governing the operations of cooperative banks state that at least 50 per cent of the entity's total ‘outstanding liabilities’ (a term defined in the regulations to include members' share accounts) has to be in the form of members' paid-in capital. The effect of the regulation is that if all of a cooperative's outstanding liabilities are in the form of members' shares, it is able to redeem them all. On 31 December 20X1 the entity has total outstanding liabilities of CU200 000, of which CU125 000 represent members' share accounts. The terms of the members' share accounts permit the holder to redeem them on demand and there are no limitations on redemption in the entity's charter.
Classification
A19
In this example members' shares are classified as financial liabilities. The redemption prohibition is similar to the restrictions described in paragraphs 19 and AG25 of IAS 32. The restriction is a conditional limitation on the ability of the entity to pay the amount due on a financial liability, i.e. they prevent payment of the liability only if specified conditions are met. More specifically, the entity could be required to redeem the entire amount of members' shares (CU125 000) if it repaid all of its other liabilities (CU75 000). Consequently, the prohibition against redemption does not prevent the entity from incurring a financial liability to redeem more than a specified number of members' shares or amount of paid-in capital. It allows the entity only to defer redemption until a condition is met, i.e. the repayment of other liabilities. Members’ shares in this example are not subject to an unconditional prohibition against redemption and are therefore classified as financial liabilities.
IFRIC INTERPRETATION 4
Determining whether an arrangement contains a lease
REFERENCES
—
IAS 8 
Accounting policies, changes in accounting estimates and errors
—
IAS 16 
Property, plant and equipment
 (as revised in 2003)
—
IAS 17 
Leases
 (as revised in 2003)
—
IAS 38 
Intangible assets
 (as revised in 2004)
BACKGROUND
1
An entity may enter into an arrangement, comprising a transaction or a series of related transactions, that does not take the legal form of a lease but conveys a right to use an asset (e.g. an item of property, plant or equipment) in return for a payment or series of payments. Examples of arrangements in which one entity (the supplier) may convey such a right to use an asset to another entity (the purchaser), often together with related services, include:
—
outsourcing arrangements (e.g. the outsourcing of the data processing functions of an entity);
—
arrangements in the telecommunications industry, in which suppliers of network capacity enter into contracts to provide purchasers with rights to capacity;
—
take-or-pay and similar contracts, in which purchasers must make specified payments regardless of whether they take delivery of the contracted products or services (e.g. a take-or-pay contract to acquire substantially all of the output of a supplier's power generator).
2
This interpretation provides guidance for determining whether such arrangements are, or contain, leases that should be accounted for in accordance with IAS 17. It does not provide guidance for determining how such a lease should be classified under that standard.
3
In some arrangements, the underlying asset that is the subject of the lease is a portion of a larger asset. This interpretation does not address how to determine when a portion of a larger asset is itself the underlying asset for the purposes of applying IAS 17. Nevertheless, arrangements in which the underlying asset would represent a unit of account in either IAS 16 or IAS 38 are within the scope of this interpretation.
SCOPE
4
This interpretation does not apply to arrangements that are, or contain, leases excluded from the scope of IAS 17.
ISSUES
5
The issues addressed in this interpretation are:
(a)
how to determine whether an arrangement is, or contains, a lease as defined in IAS 17;
(b)
when the assessment or a reassessment of whether an arrangement is, or contains, a lease should be made; and
(c)
if an arrangement is, or contains, a lease, how the payments for the lease should be separated from payments for any other elements in the arrangement.
CONSENSUS
Determining whether an arrangement is, or contains, a lease
6
Determining whether an arrangement is, or contains, a lease shall be based on the substance of the arrangement and requires an assessment of whether:
(a)
fulfilment of the arrangement is dependent on the use of a specific asset or assets (the asset); and
(b)
the arrangement conveys a right to use the asset.
Fulfilment of the arrangement is dependent on the use of a specific asset
7
Although a specific asset may be explicitly identified in an arrangement, it is not the subject of a lease if fulfilment of the arrangement is not dependent on the use of the specified asset. For example, if the supplier is obliged to deliver a specified quantity of goods or services and has the right and ability to provide those goods or services using other assets not specified in the arrangement, then fulfilment of the arrangement is not dependent on the specified asset and the arrangement does not contain a lease. A warranty obligation that permits or requires the substitution of the same or similar assets when the specified asset is not operating properly does not preclude lease treatment. In addition, a contractual provision (contingent or otherwise) permitting or requiring the supplier to substitute other assets for any reason on or after a specified date does not preclude lease treatment before the date of substitution.
8
An asset has been implicitly specified if, for example, the supplier owns or leases only one asset with which to fulfil the obligation and it is not economically feasible or practicable for the supplier to perform its obligation through the use of alternative assets.
Arrangement conveys a right to use the asset
9
An arrangement conveys the right to use the asset if the arrangement conveys to the purchaser (lessee) the right to control the use of the underlying asset. The right to control the use of the underlying asset is conveyed if any one of the following conditions is met:
(a)
The purchaser has the ability or right to operate the asset or direct others to operate the asset in a manner it determines while obtaining or controlling more than an insignificant amount of the output or other utility of the asset.
(b)
The purchaser has the ability or right to control physical access to the underlying asset while obtaining or controlling more than an insignificant amount of the output or other utility of the asset.
(c)
Facts and circumstances indicate that it is remote that one or more parties other than the purchaser will take more than an insignificant amount of the output or other utility that will be produced or generated by the asset during the term of the arrangement, and the price that the purchaser will pay for the output is neither contractually fixed per unit of output nor equal to the current market price per unit of output as of the time of delivery of the output.
Assessing or reassessing whether an arrangement is, or contains, a lease
10
The assessment of whether an arrangement contains a lease shall be made at the inception of the arrangement, being the earlier of the date of the arrangement and the date of commitment by the parties to the principal terms of the arrangement, on the basis of all of the facts and circumstances. A reassessment of whether the arrangement contains a lease after the inception of the arrangement shall be made only if any one of the following conditions is met:
(a)
There is a change in the contractual terms, unless the change only renews or extends the arrangement.
(b)
A renewal option is exercised or an extension is agreed to by the parties to the arrangement, unless the term of the renewal or extension had initially been included in the lease term in accordance with paragraph 4 of IAS 17. A renewal or extension of the arrangement that does not include modification of any of the terms in the original arrangement before the end of the term of the original arrangement shall be evaluated under paragraphs 6-9 only with respect to the renewal or extension period.
(c)
There is a change in the determination of whether fulfilment is dependent on a specified asset.
(d)
There is a substantial change to the asset, for example a substantial physical change to property, plant or equipment.
11
A reassessment of an arrangement shall be based on the facts and circumstances as of the date of reassessment, including the remaining term of the arrangement. Changes in estimate (for example, the estimated amount of output to be delivered to the purchaser or other potential purchasers) would not trigger a reassessment. If an arrangement is reassessed and is determined to contain a lease (or not to contain a lease), lease accounting shall be applied (or cease to apply) from:
(a)
in the case of (a), (c) or (d) in paragraph 10, when the change in circumstances giving rise to the reassessment occurs;
(b)
in the case of (b) in paragraph 10, the inception of the renewal or extension period.
Separating payments for the lease from other payments
12
If an arrangement contains a lease, the parties to the arrangement shall apply the requirements of IAS 17 to the lease element of the arrangement, unless exempted from those requirements in accordance with paragraph 2 of IAS 17. Accordingly, if an arrangement contains a lease, that lease shall be classified as a finance lease or an operating lease in accordance with paragraphs 7-19 of IAS 17. Other elements of the arrangement not within the scope of IAS 17 shall be accounted for in accordance with other standards.
13
For the purpose of applying the requirements of IAS 17, payments and other consideration required by the arrangement shall be separated at the inception of the arrangement or upon a reassessment of the arrangement into those for the lease and those for other elements on the basis of their relative fair values. The minimum lease payments as defined in paragraph 4 of IAS 17 include only payments for the lease (i.e. the right to use the asset) and exclude payments for other elements in the arrangement (e.g. for services and the cost of inputs).
14
In some cases, separating the payments for the lease from payments for other elements in the arrangement will require the purchaser to use an estimation technique. For example, a purchaser may estimate the lease payments by reference to a lease agreement for a comparable asset that contains no other elements, or by estimating the payments for the other elements in the arrangement by reference to comparable agreements and then deducting these payments from the total payments under the arrangement.
15
If a purchaser concludes that it is impracticable to separate the payments reliably, it shall:
(a)
in the case of a finance lease, recognise an asset and a liability at an amount equal to the fair value of the underlying asset that was identified in paragraphs 7 and 8 as the subject of the lease. Subsequently the liability shall be reduced as payments are made and an imputed finance charge on the liability recognised using the purchaser's incremental borrowing rate of interest 
(
1
)
;
(b)
in the case of an operating lease, treat all payments under the arrangement as lease payments for the purposes of complying with the disclosure requirements of IAS 17; but:
(i)
disclose those payments separately from minimum lease payments of other arrangements that do not include payments for non-lease elements; and
(ii)
state that the disclosed payments also include payments for non-lease elements in the arrangement.
EFFECTIVE DATE
16
An entity shall apply this interpretation for annual periods beginning on or after 1 January 2006. Earlier application is encouraged. If an entity applies this interpretation for a period beginning before 1 January 2006, it shall disclose that fact.
TRANSITION
17
IAS 8 specifies how an entity applies a change in accounting policy resulting from the initial application of an interpretation. An entity is not required to comply with those requirements when first applying this interpretation. If an entity uses this exemption, it shall apply paragraphs 6-9 of the interpretation to arrangements existing at the start of the earliest period for which comparative information under IFRSs is presented on the basis of facts and circumstances existing at the start of that period.
(
1
)
  i.e. the lessee's incremental borrowing rate of interest as defined in paragraph 4 of IAS 17.
IFRIC INTERPRETATION 5
Rights to interests arising from decommissioning, restoration and environmental rehabilitation funds
REFERENCES
—
IAS 8 
Accounting policies, changes in accounting estimates and errors
—
IAS 27 
Consolidated and separate financial statements
—
IAS 28 
Investments in associates
—
IAS 31 
Interests in joint ventures
—
IAS 37 
Provisions, contingent liabilities and contingent assets
—
IAS 39 
Financial instruments: recognition and measurement
 (as revised in 2003)
—
SIC-12 
Consolidation — special purpose entities
 (as revised in 2004)
BACKGROUND
1
The purpose of decommissioning, restoration and environmental rehabilitation funds, hereafter referred to as ‘decommissioning funds’ or ‘funds’, is to segregate assets to fund some or all of the costs of decommissioning plant (such as a nuclear plant) or certain equipment (such as cars), or in undertaking environmental rehabilitation (such as rectifying pollution of water or restoring mined land), together referred to as ‘decommissioning’.
2
Contributions to these funds may be voluntary or required by regulation or law. The funds may have one of the following structures:
(a)
funds that are established by a single contributor to fund its own decommissioning obligations, whether for a particular site, or for a number of geographically dispersed sites;
(b)
funds that are established with multiple contributors to fund their individual or joint decommissioning obligations, when contributors are entitled to reimbursement for decommissioning expenses to the extent of their contributions plus any actual earnings on those contributions less their share of the costs of administering the fund. Contributors may have an obligation to make additional contributions, for example, in the event of the bankruptcy of another contributor;
(c)
funds that are established with multiple contributors to fund their individual or joint decommissioning obligations when the required level of contributions is based on the current activity of a contributor and the benefit obtained by that contributor is based on its past activity. In such cases there is a potential mismatch in the amount of contributions made by a contributor (based on current activity) and the value realisable from the fund (based on past activity).
3
Such funds generally have the following features:
(a)
the fund is separately administered by independent trustees;
(b)
entities (contributors) make contributions to the fund, which are invested in a range of assets that may include both debt and equity investments, and are available to help pay the contributors' decommissioning costs. The trustees determine how contributions are invested, within the constraints set by the fund's governing documents and any applicable legislation or other regulations;
(c)
the contributors retain the obligation to pay decommissioning costs. However, contributors are able to obtain reimbursement of decommissioning costs from the fund up to the lower of the decommissioning costs incurred and the contributor's share of assets of the fund;
(d)
the contributors may have restricted access or no access to any surplus of assets of the fund over those used to meet eligible decommissioning costs.
SCOPE
4
This interpretation applies to accounting in the financial statements of a contributor for interests arising from decommissioning funds that have both of the following features:
(a)
the assets are administered separately (either by being held in a separate legal entity or as segregated assets within another entity); and
(b)
a contributor's right to access the assets is restricted.
5
A residual interest in a fund that extends beyond a right to reimbursement, such as a contractual right to distributions once all the decommissioning has been completed or on winding up the fund, may be an equity instrument within the scope of IAS 39 and is not within the scope of this interpretation.
ISSUES
6
The issues addressed in this interpretation are:
(a)
how should a contributor account for its interest in a fund?
(b)
when a contributor has an obligation to make additional contributions, for example, in the event of the bankruptcy of another contributor, how should that obligation be accounted for?
CONSENSUS
Accounting for an interest in a fund
7
The contributor shall recognise its obligation to pay decommissioning costs as a liability and recognise its interest in the fund separately unless the contributor is not liable to pay decommissioning costs even if the fund fails to pay.
8
The contributor shall determine whether it has control, joint control or significant influence over the fund by reference to IAS 27, IAS 28, IAS 31 and SIC-12. If it does, the contributor shall account for its interest in the fund in accordance with those standards.
9
If a contributor does not have control, joint control or significant influence over the fund, the contributor shall recognise the right to receive reimbursement from the fund as a reimbursement in accordance with IAS 37. This reimbursement shall be measured at the lower of:
(a)
the amount of the decommissioning obligation recognised; and
(b)
the contributor's share of the fair value of the net assets of the fund attributable to contributors.
Changes in the carrying value of the right to receive reimbursement other than contributions to and payments from the fund shall be recognised in profit or loss in the period in which these changes occur.
Accounting for obligations to make additional contributions
10
When a contributor has an obligation to make potential additional contributions, for example, in the event of the bankruptcy of another contributor or if the value of the investment assets held by the fund decreases to an extent that they are insufficient to fulfil the fund's reimbursement obligations, this obligation is a contingent liability that is within the scope of IAS 37. The contributor shall recognise a liability only if it is probable that additional contributions will be made.
Disclosure
11
A contributor shall disclose the nature of its interest in a fund and any restrictions on access to the assets in the fund.
12
When a contributor has an obligation to make potential additional contributions that is not recognised as a liability (see paragraph 10), it shall make the disclosures required by paragraph 86 of IAS 37.
13
When a contributor accounts for its interest in the fund in accordance with paragraph 9, it shall make the disclosures required by paragraph 85(c) of IAS 37.
EFFECTIVE DATE
14
An entity shall apply this interpretation for annual periods beginning on or after 1 January 2006. Earlier application is encouraged. If an entity applies this interpretation to a period beginning before 1 January 2006, it shall disclose that fact.
TRANSITION
15
Changes in accounting policies shall be accounted for in accordance with the requirements of IAS 8.
IFRIC INTERPRETATION 6
Liabilities arising from participating in a specific market — waste electrical and electronic equipment
REFERENCES
—
IAS 8 
Accounting policies, changes in accounting estimates and errors
—
IAS 37 
Provisions, contingent liabilities and contingent assets
BACKGROUND
1
Paragraph 17 of IAS 37 specifies that an obligating event is a past event that leads to a present obligation that an entity has no realistic alternative to settling.
2
Paragraph 19 of IAS 37 states that provisions are recognised only for ‘obligations arising from past events existing independently of an entity's future actions’.
3
The European Union's Directive on Waste Electrical and Electronic Equipment (WE&EE), which regulates the collection, treatment, recovery and environmentally sound disposal of waste equipment, has given rise to questions about when the liability for the decommissioning of WE&EE should be recognised. The Directive distinguishes between ‘new’ and ‘historical’ waste and between waste from private households and waste from sources other than private households. New waste relates to products sold after 13 August 2005. All household equipment sold before that date is deemed to give rise to historical waste for the purposes of the Directive.
4
The Directive states that the cost of waste management for historical household equipment should be borne by producers of that type of equipment that are in the market during a period to be specified in the applicable legislation of each Member State (the measurement period). The Directive states that each Member State shall establish a mechanism to have producers contribute to costs proportionately ‘e.g. in proportion to their respective share of the market by type of equipment.’
5
Several terms used in the interpretation such as ‘market share’ and ‘measurement period’ may be defined very differently in the applicable legislation of individual Member States. For example, the length of the measurement period might be a year or only one month. Similarly, the measurement of market share and the formulae for computing the obligation may differ in the various national legislations. However, all of these examples affect only the measurement of the liability, which is not within the scope of the interpretation.
SCOPE
6
This interpretation provides guidance on the recognition, in the financial statements of producers, of liabilities for waste management under the EU Directive on WE&EE in respect of sales of historical household equipment.
7
The interpretation addresses neither new waste nor historical waste from sources other than private households. The liability for such waste management is adequately covered in IAS 37. However, if, in national legislation, new waste from private households is treated in a similar manner to historical waste from private households, the principles of the interpretation apply by reference to the hierarchy in paragraphs 10–12 of IAS 8. The IAS 8 hierarchy is also relevant for other regulations that impose obligations in a way that is similar to the cost attribution model specified in the EU Directive.
ISSUE
8
The IFRIC was asked to determine in the context of the decommissioning of WE&EE what constitutes the obligating event in accordance with paragraph 14(a) of IAS 37 for the recognition of a provision for waste management costs:
—
the manufacture or sale of the historical household equipment?
—
participation in the market during the measurement period?
—
the incurrence of costs in the performance of waste management activities?
CONSENSUS
9
Participation in the market during the measurement period is the obligating event in accordance with paragraph 14(a) of IAS 37. As a consequence, a liability for waste management costs for historical household equipment does not arise as the products are manufactured or sold. Because the obligation for historical household equipment is linked to participation in the market during the measurement period, rather than to production or sale of the items to be disposed of, there is no obligation unless and until a market share exists during the measurement period. The timing of the obligating event may also be independent of the particular period in which the activities to perform the waste management are undertaken and the related costs incurred.
EFFECTIVE DATE
10
An entity shall apply this interpretation for annual periods beginning on or after 1 December 2005. Earlier application is encouraged. If an entity applies the interpretation for a period beginning before 1 December 2005, it shall disclose that fact.
TRANSITION
11
Changes in accounting policies shall be accounted for in accordance with IAS 8.
IFRIC INTERPRETATION 7
Applying the restatement approach under IAS 29 Financial reporting in hyperinflationary economies
REFERENCES
—
IAS 12 
Income taxes
—
IAS 29 
Financial reporting in hyperinflationary economies
BACKGROUND
1
This interpretation provides guidance on how to apply the requirements of IAS 29 in a reporting period in which an entity identifies 
(
1
)
 the existence of hyperinflation in the economy of its functional currency, when that economy was not hyperinflationary in the prior period, and the entity therefore restates its financial statements in accordance with IAS 29.
ISSUES
2
The questions addressed in this interpretation are:
(a)
how should the requirement ‘…stated in terms of the measuring unit current at the balance sheet date’ in paragraph 8 of IAS 29 be interpreted when an entity applies the standard?
(b)
how should an entity account for opening deferred tax items in its restated financial statements?
CONSENSUS
3
In the reporting period in which an entity identifies the existence of hyperinflation in the economy of its functional currency, not having been hyperinflationary in the prior period, the entity shall apply the requirements of IAS 29 as if the economy had always been hyperinflationary. Therefore, in relation to non-monetary items measured at historical cost, the entity's opening balance sheet at the beginning of the earliest period presented in the financial statements shall be restated to reflect the effect of inflation from the date the assets were acquired and the liabilities were incurred or assumed until the closing balance sheet date of the reporting period. For non-monetary items carried in the opening balance sheet at amounts current at dates other than those of acquisition or incurrence, that restatement shall reflect instead the effect of inflation from the dates those carrying amounts were determined until the closing balance sheet date of the reporting period.
4
At the closing balance sheet date, deferred tax items are recognised and measured in accordance with IAS 12. However, the deferred tax figures in the opening balance sheet for the reporting period shall be determined as follows:
(a)
the entity remeasures the deferred tax items in accordance with IAS 12 after it has restated the nominal carrying amounts of its non-monetary items at the date of the opening balance sheet of the reporting period by applying the measuring unit at that date;
(b)
the deferred tax items remeasured in accordance with (a) are restated for the change in the measuring unit from the date of the opening balance sheet of the reporting period to the closing balance sheet date of that period.
The entity applies the approach in (a) and (b) in restating the deferred tax items in the opening balance sheet of any comparative periods presented in the restated financial statements for the reporting period in which the entity applies IAS 29.
5
After an entity has restated its financial statements, all corresponding figures in the financial statements for a subsequent reporting period, including deferred tax items, are restated by applying the change in the measuring unit for that subsequent reporting period only to the restated financial statements for the previous reporting period.
EFFECTIVE DATE
6
An entity shall apply this interpretation for annual periods beginning on or after 1 March 2006. Earlier application is encouraged. If an entity applies this interpretation to financial statements for a period beginning before 1 March 2006, it shall disclose that fact.
(
1
)
  The identification of hyperinflation is based on the entity's judgement of the criteria in paragraph 3 of IAS 29.
IFRIC INTERPRETATION 8
Scope of IFRS 2
REFERENCES
—
IAS 8 
Accounting policies, changes in accounting estimates and errors
—
IFRS 2 
Share-based payment
BACKGROUND
1
IFRS 2 applies to share-based payment transactions in which the entity receives or acquires goods or services. ‘Goods’ includes inventories, consumables, property, plant and equipment, intangible assets and other non-financial assets (IFRS 2, paragraph 5). Consequently, except for particular transactions excluded from its scope, IFRS 2 applies to all transactions in which the entity receives non-financial assets or services as consideration for the issue of equity instruments of the entity. IFRS 2 also applies to transactions in which the entity incurs liabilities, in respect of goods or services received, that are based on the price (or value) of the entity's shares or other equity instruments of the entity.
2
In some cases, however, it might be difficult to demonstrate that goods or services have been (or will be) received. For example, an entity may grant shares to a charitable organisation for nil consideration. It is usually not possible to identify the specific goods or services received in return for such a transaction. A similar situation might arise in transactions with other parties.
3
IFRS 2 requires transactions in which share-based payments are made to employees to be measured by reference to the fair value of the share-based payments at grant date (IFRS 2, paragraph 11) 
(
1
)
. Hence, the entity is not required to measure directly the fair value of the employee services received.
4
For transactions in which share-based payments are made to parties other than employees, IFRS 2 specifies a rebuttable presumption that the fair value of the goods or services received can be estimated reliably. In these situations, IFRS 2 requires the transaction to be measured at the fair value of the goods or services at the date the entity obtains the goods or the counterparty renders service (IFRS 2, paragraph 13). Hence, there is an underlying presumption that the entity is able to identify the goods or services received from parties other than employees. This raises the question of whether the IFRS applies in the absence of identifiable goods or services. That in turn raises a further question: if the entity has made a share-based payment and the identifiable consideration received (if any) appears to be less than the fair value of the share-based payment, does this situation indicate that goods or services have been received, even though they are not specifically identified, and therefore that IFRS 2 applies?
5
It should be noted that the phrase ‘the fair value of the share-based payment’ refers to the fair value of the particular share-based payment concerned. For example, an entity might be required by government legislation to issue some portion of its shares to nationals of a particular country, which may be transferred only to other nationals of that country. Such a transfer restriction may affect the fair value of the shares concerned, and therefore those shares may have a fair value that is less than the fair value of otherwise identical shares that do not carry such restrictions. In this situation, if the question in paragraph 4 were to arise in the context of the restricted shares, the phrase ‘the fair value of the share-based payment’ would refer to the fair value of the restricted shares, not the fair value of other, unrestricted shares.
SCOPE
6
IFRS 2 applies to transactions in which an entity or an entity's shareholders have granted equity instruments 
(
2
)
 or incurred a liability to transfer cash or other assets for amounts that are based on the price (or value) of the entity's shares or other equity instruments of the entity. This interpretation applies to such transactions when the identifiable consideration received (or to be received) by the entity, including cash and the fair value of identifiable non-cash consideration (if any), appears to be less than the fair value of the equity instruments granted or liability incurred. However, this interpretation does not apply to transactions excluded from the scope of IFRS 2 in accordance with paragraphs 3-6 of that IFRS.
ISSUE
7
The issue addressed in the interpretation is whether IFRS 2 applies to transactions in which the entity cannot identify specifically some or all of the goods or services received.
CONSENSUS
8
IFRS 2 applies to particular transactions in which goods or services are received, such as transactions in which an entity receives goods or services as consideration for equity instruments of the entity. This includes transactions in which the entity cannot identify specifically some or all of the goods or services received.
9
In the absence of specifically identifiable goods or services, other circumstances may indicate that goods or services have been (or will be) received, in which case IFRS 2 applies. In particular, if the identifiable consideration received (if any) appears to be less than the fair value of the equity instruments granted or liability incurred, typically this circumstance indicates that other consideration (i.e. unidentifiable goods or services) has been (or will be) received.
10
The entity shall measure the identifiable goods or services received in accordance with IFRS 2.
11
The entity shall measure the unidentifiable goods or services received (or to be received) as the difference between the fair value of the share-based payment and the fair value of any identifiable goods or services received (or to be received).
12
The entity shall measure the unidentifiable goods or services received at the grant date. However, for cash-settled transactions, the liability shall be remeasured at each reporting date until it is settled.
EFFECTIVE DATE
13
An entity shall apply this interpretation for annual periods beginning on or after 1 May 2006. Earlier application is encouraged. If an entity applies this interpretation to a period beginning before 1 May 2006, it shall disclose that fact.
TRANSITION
14
An entity shall apply this interpretation retrospectively in accordance with the requirements of IAS 8, subject to the transitional provisions of IFRS 2.
(
1
)
  Under IFRS 2, all references to employees include others providing similar services.
(
2
)
  These include equity instruments of the entity, the entity's parent and other entities in the same group as the entity.
IFRIC INTERPRETATION 9
Reassessment of embedded derivatives
REFERENCES
—
IAS 39 
Financial instruments: recognition and measurement
—
IFRS 1 
First-time adoption of international financial reporting standards
—
IFRS 3 
Business combinations
BACKGROUND
1
IAS 39 paragraph 10 describes an embedded derivative as ‘a component of a hybrid (combined) instrument that also includes a non-derivative host contract — with the effect that some of the cash flows of the combined instrument vary in a way similar to a stand-alone derivative.’
2
IAS 39 paragraph 11 requires an embedded derivative to be separated from the host contract and accounted for as a derivative if, and only if:
(a)
the economic characteristics and risks of the embedded derivative are not closely related to the economic characteristics and risks of the host contract;
(b)
a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and
(c)
the hybrid (combined) instrument is not measured at fair value with changes in fair value recognised in profit or loss (i.e. a derivative that is embedded in a financial asset or financial liability at fair value through profit or loss is not separated).
SCOPE
3
Subject to paragraphs 4 and 5 below, this interpretation applies to all embedded derivatives within the scope of IAS 39.
4
This interpretation does not address remeasurement issues arising from a reassessment of embedded derivatives.
5
This interpretation does not address the acquisition of contracts with embedded derivatives in a business combination nor their possible reassessment at the date of acquisition.
ISSUES
6
IAS 39 requires an entity, when it first becomes a party to a contract, to assess whether any embedded derivatives contained in the contract are required to be separated from the host contract and accounted for as derivatives under the standard. This interpretation addresses the following issues:
(a)
Does IAS 39 require such an assessment to be made only when the entity first becomes a party to the contract, or should the assessment be reconsidered throughout the life of the contract?
(b)
Should a first-time adopter make its assessment on the basis of the conditions that existed when the entity first became a party to the contract, or those prevailing when the entity adopts IFRSs for the first time?
CONSENSUS
7
An entity shall assess whether an embedded derivative is required to be separated from the host contract and accounted for as a derivative when the entity first becomes a party to the contract. Subsequent reassessment is prohibited unless there is a change in the terms of the contract that significantly modifies the cash flows that otherwise would be required under the contract, in which case reassessment is required. An entity determines whether a modification to cash flows is significant by considering the extent to which the expected future cash flows associated with the embedded derivative, the host contract or both have changed and whether the change is significant relative to the previously expected cash flows on the contract.
8
A first-time adopter shall assess whether an embedded derivative is required to be separated from the host contract and accounted for as a derivative on the basis of the conditions that existed at the later of the date it first became a party to the contract and the date a reassessment is required by paragraph 7.
EFFECTIVE DATE AND TRANSITION
9
An entity shall apply this interpretation for annual periods beginning on or after 1 June 2006. Earlier application is encouraged. If an entity applies the interpretation for a period beginning before 1 June 2006, it shall disclose that fact. The interpretation shall be applied retrospectively.
IFRIC INTERPRETATION 10
Interim financial reporting and impairment
REFERENCES
—
IAS 34 
Interim financial reporting
—
IAS 36 
Impairment of assets
—
IAS 39 
Financial instruments: recognition and measurement
BACKGROUND
1
An entity is required to assess goodwill for impairment at every reporting date, to assess investments in equity instruments and in financial assets carried at cost for impairment at every balance sheet date and, if required, to recognise an impairment loss at that date in accordance with IAS 36 and IAS 39. However, at a subsequent reporting or balance sheet date, conditions may have so changed that the impairment loss would have been reduced or avoided had the impairment assessment been made only at that date. This interpretation provides guidance on whether such impairment losses should ever be reversed.
2
The interpretation addresses the interaction between the requirements of IAS 34 and the recognition of impairment losses on goodwill in IAS 36 and certain financial assets in IAS 39, and the effect of that interaction on subsequent interim and annual financial statements.
ISSUE
3
IAS 34 paragraph 28 requires an entity to apply the same accounting policies in its interim financial statements as are applied in its annual financial statements. It also states that ‘the frequency of an entity's reporting (annual, half-yearly, or quarterly) shall not affect the measurement of its annual results. To achieve that objective, measurements for interim reporting purposes shall be made on a year-to-date basis.’
4
IAS 36 paragraph 124 states that ‘An impairment loss recognised for goodwill shall not be reversed in a subsequent period.’
5
IAS 39 paragraph 69 states that ‘Impairment losses recognised in profit or loss for an investment in an equity instrument classified as available for sale shall not be reversed through profit or loss.’
6
IAS 39 paragraph 66 requires that impairment losses for financial assets carried at cost (such as an impairment loss on an unquoted equity instrument that is not carried at fair value because its fair value cannot be reliably measured) should not be reversed.
7
The interpretation addresses the following issue:
Should an entity reverse impairment losses recognised in an interim period on goodwill and investments in equity instruments and in financial assets carried at cost if a loss would not have been recognised, or a smaller loss would have been recognised, had an impairment assessment been made only at a subsequent balance sheet date?
CONSENSUS
8
An entity shall not reverse an impairment loss recognised in a previous interim period in respect of goodwill or an investment in either an equity instrument or a financial asset carried at cost.
9
An entity shall not extend this consensus by analogy to other areas of potential conflict between IAS 34 and other standards.
EFFECTIVE DATE AND TRANSITION
10
An entity shall apply the interpretation for annual periods beginning on or after 1 November 2006. Earlier application is encouraged. If an entity applies the interpretation for a period beginning before 1 November 2006, it shall disclose that fact. An entity shall apply the interpretation to goodwill prospectively from the date at which it first applied IAS 36; it shall apply the interpretation to investments in equity instruments or in financial assets carried at cost prospectively from the date at which it first applied the measurement criteria of IAS 39.
IFRIC INTERPRETATION 11
IFRS 2 — Group and treasury share transactions
REFERENCES
—
IAS 8 
Accounting policies, changes in accounting estimates and errors
—
IAS 32 
Financial instruments: presentation
—
IFRS 2 
Share-based payment
ISSUES
1
This interpretation addresses two issues. The first is whether the following transactions should be accounted for as equity-settled or as cash-settled under the requirements of IFRS 2:
(a)
an entity grants to its employees rights to equity instruments of the entity (e.g. share options), and either chooses or is required to buy equity instruments (i.e. treasury shares) from another party, to satisfy its obligations to its employees; and
(b)
an entity's employees are granted rights to equity instruments of the entity (e.g. share options), either by the entity itself or by its shareholders, and the shareholders of the entity provide the equity instruments needed.
2
The second issue concerns share-based payment arrangements that involve two or more entities within the same group. For example, employees of a subsidiary are granted rights to equity instruments of its parent as consideration for the services provided to the subsidiary. IFRS 2 paragraph 3 states that:
For the purposes of this IFRS, transfers of an entity's equity instruments by its shareholders to parties that have supplied goods or services to the entity (including employees) are share-based payment transactions, unless the transfer is clearly for a purpose other than payment for goods or services supplied to the entity. 
This also applies to transfers of equity instruments of the entity's parent, or equity instruments of another entity in the same group as the entity, to parties that have supplied goods or services to the entity.
 [Emphasis added]
However, IFRS 2 does not give guidance on how to account for such transactions in the individual or separate financial statements of each group entity.
3
Therefore, the second issue addresses the following share-based payment arrangements:
(a)
a parent grants rights to its equity instruments direct to the employees of its subsidiary: the parent (not the subsidiary) has the obligation to provide the employees of the subsidiary with the equity instruments needed; and
(b)
a subsidiary grants rights to equity instruments of its parent to its employees: the subsidiary has the obligation to provide its employees with the equity instruments needed.
4
This interpretation addresses how the share-based payment arrangements set out in paragraph 3 should be accounted for in the financial statements of the subsidiary that receives services from the employees.
5
There may be an arrangement between a parent and its subsidiary requiring the subsidiary to pay the parent for the provision of the equity instruments to the employees. This interpretation does not address how to account for such an intragroup payment arrangement.
6
Although this interpretation focuses on transactions with employees, it also applies to similar share-based payment transactions with suppliers of goods or services other than employees.
CONSENSUS
Share-based payment arrangements involving an entity's own equity instruments (paragraph 1)
7
Share-based payment transactions in which an entity receives services as consideration for its own equity instruments shall be accounted for as equity-settled. This applies regardless of whether the entity chooses or is required to buy those equity instruments from another party to satisfy its obligations to its employees under the share-based payment arrangement. It also applies regardless of whether:
(a)
the employee's rights to the entity's equity instruments were granted by the entity itself or by its shareholder(s); or
(b)
the share-based payment arrangement was settled by the entity itself or by its shareholder(s).
Share-based payment arrangements involving equity instruments of the parent
A parent grants rights to its equity instruments to the employees of its subsidiary (paragraph 3(a))
8
Provided that the share-based arrangement is accounted for as equity-settled in the consolidated financial statements of the parent, the subsidiary shall measure the services received from its employees in accordance with the requirements applicable to equity-settled share-based payment transactions, with a corresponding increase recognised in equity as a contribution from the parent.
9
A parent may grant rights to its equity instruments to the employees of its subsidiaries, conditional upon the completion of continuing service with the group for a specified period. An employee of one subsidiary may transfer employment to another subsidiary during the specified vesting period without the employee's rights to equity instruments of the parent under the original share-based payment arrangement being affected. Each subsidiary shall measure the services received from the employee by reference to the fair value of the equity instruments at the date those rights to equity instruments were originally granted by the parent as defined in IFRS 2 Appendix A, and the proportion of the vesting period served by the employee with each subsidiary.
10
Such an employee, after transferring between group entities, may fail to satisfy a vesting condition other than a market condition as defined in IFRS 2 Appendix A, e.g. the employee leaves the group before completing the service period. In this case, each subsidiary shall adjust the amount previously recognised in respect of the services received from the employee in accordance with the principles in IFRS 2 paragraph 19. Hence, if the rights to the equity instruments granted by the parent do not vest because of an employee's failure to meet a vesting condition other than a market condition, no amount is recognised on a cumulative basis for the services received from that employee in the financial statements of any subsidiary.
A subsidiary grants rights to equity instruments of its parent to its employees (paragraph 3(b))
11
The subsidiary shall account for the transaction with its employees as cash-settled. This requirement applies irrespective of how the subsidiary obtains the equity instruments to satisfy its obligations to its employees.
EFFECTIVE DATE
12
An entity shall apply this interpretation for annual periods beginning on or after 1 March 2007. Earlier application is permitted. If an entity applies this interpretation for a period beginning before 1 March 2007, it shall disclose that fact.
TRANSITION
13
An entity shall apply this interpretation retrospectively in accordance with IAS 8, subject to the transitional provisions of IFRS 2.
SIC INTERPRETATION 7
Introduction of the euro
REFERENCES
—
IAS 8 
Accounting policies, changes in accounting estimates and errors
—
IAS 10 
Events after the balance sheet date
 (as revised in 2003)
—
IAS 21 
The effects of changes in foreign exchange rates
 (as revised in 2003)
ISSUE
1
From 1 January 1999, the effective start of Economic and Monetary Union (EMU), the euro will become a currency in its own right and the conversion rates between the euro and the participating national currencies will be irrevocably fixed, i.e. the risk of subsequent exchange differences related to these currencies is eliminated from this date on.
2
The issue is the application of IAS 21 to the changeover from the national currencies of participating Member States of the European Union to the euro (the changeover).
CONSENSUS
3
The requirements of IAS 21 regarding the translation of foreign currency transactions and financial statements of foreign operations should be strictly applied to the changeover. The same rationale applies to the fixing of exchange rates when countries join EMU at later stages.
4
This means that, in particular:
(a)
foreign currency monetary assets and liabilities resulting from transactions shall continue to be translated into the functional currency at the closing rate. Any resultant exchange differences shall be recognised as income or expense immediately, except that an entity shall continue to apply its existing accounting policy for exchange gains and losses related to hedges of the currency risk of a forecast transaction;
(b)
cumulative exchange differences relating to the translation of financial statements of foreign operations shall continue to be classified as equity and shall be recognised as income or expense only on the disposal of the net investment in the foreign operation; and
(c)
exchange differences resulting from the translation of liabilities denominated in participating currencies shall not be included in the carrying amount of related assets.
DATE OF CONSENSUS
October 1997
EFFECTIVE DATE
This interpretation becomes effective on 1 June 1998. Changes in accounting policies shall be accounted for according to the requirements of IAS 8.
SIC INTERPRETATION 10
Government assistance — no specific relation to operating activities
REFERENCES
—
IAS 8 
Accounting policies, changes in accounting estimates and errors
—
IAS 20 
Accounting for government grants and disclosure of government assistance
ISSUE
1
In some countries government assistance to entities may be aimed at encouragement or long-term support of business activities either in certain regions or industry sectors. Conditions to receive such assistance may not be specifically related to the operating activities of the entity. Examples of such assistance are transfers of resources by governments to entities which:
(a)
operate in a particular industry;
(b)
continue operating in recently privatised industries; or
(c)
start or continue to run their business in underdeveloped areas.
2
The issue is whether such government assistance is a ‘government grant’ within the scope of IAS 20 and, therefore, should be accounted for in accordance with this standard.
CONSENSUS
3
Government assistance to entities meets the definition of government grants in IAS 20, even if there are no conditions specifically relating to the operating activities of the entity other than the requirement to operate in certain regions or industry sectors. Such grants shall therefore not be credited directly to equity.
DATE OF CONSENSUS
January 1998
EFFECTIVE DATE
This interpretation becomes effective on 1 August 1998. Changes in accounting policies shall be accounted for in accordance with IAS 8.
SIC INTERPRETATION 12
Consolidation — special purpose entities
REFERENCES
—
IAS 8 
Accounting policies, changes in accounting estimates and errors
—
IAS 19 
Employee benefits
—
IAS 27 
Consolidated and separate financial statements
—
IAS 32 
Financial instruments: presentation
—
IFRS 2 
Share-based payment
ISSUE
1
An entity may be created to accomplish a narrow and well-defined objective (e.g. to effect a lease, research and development activities or a securitisation of financial assets). Such a special purpose entity (SPE) may take the form of a corporation, trust, partnership or unincorporated entity. SPEs often are created with legal arrangements that impose strict and sometimes permanent limits on the decision-making powers of their governing board, trustee or management over the operations of the SPE. Frequently, these provisions specify that the policy guiding the ongoing activities of the SPE cannot be modified, other than perhaps by its creator or sponsor (i.e. they operate on so-called ‘autopilot’).
2
The sponsor (or entity on whose behalf the SPE was created) frequently transfers assets to the SPE, obtains the right to use assets held by the SPE or performs services for the SPE, while other parties (capital providers) may provide the funding to the SPE. An entity that engages in transactions with an SPE (frequently the creator or sponsor) may in substance control the SPE.
3
A beneficial interest in an SPE may, for example, take the form of a debt instrument, an equity instrument, a participation right, a residual interest or a lease. Some beneficial interests may simply provide the holder with a fixed or stated rate of return, while others give the holder rights or access to other future economic benefits of the SPE's activities. In most cases, the creator or sponsor (or the entity on whose behalf the SPE was created) retains a significant beneficial interest in the SPE's activities, even though it may own little or none of the SPE's equity.
4
IAS 27 requires the consolidation of entities that are controlled by the reporting entity. However, the standard does not provide explicit guidance on the consolidation of SPEs.
5
The issue is under what circumstances an entity should consolidate an SPE.
6
This interpretation does not apply to post-employment benefit plans or other long-term employee benefit plans to which IAS 19 applies.
7
A transfer of assets from an entity to an SPE may qualify as a sale by that entity. Even if the transfer does qualify as a sale, the provisions of IAS 27 and this interpretation may mean that the entity should consolidate the SPE. This interpretation does not address the circumstances in which sale treatment should apply for the entity or the elimination of the consequences of such a sale upon consolidation.
CONSENSUS
8
An SPE shall be consolidated when the substance of the relationship between an entity and the SPE indicates that the SPE is controlled by that entity.
9
In the context of an SPE, control may arise through the predetermination of the activities of the SPE (operating on ‘autopilot’) or otherwise. IAS 27.13 indicates several circumstances which result in control even in cases where an entity owns one half or less of the voting power of another entity. Similarly, control may exist even in cases where an entity owns little or none of the SPE's equity. The application of the control concept requires, in each case, judgement in the context of all relevant factors.
10
In addition to the situations described in IAS 27.13, the following circumstances, for example, may indicate a relationship in which an entity controls an SPE and consequently should consolidate the SPE (additional guidance is provided in the Appendix to this interpretation):
(a)
in substance, the activities of the SPE are being conducted on behalf of the entity according to its specific business needs so that the entity obtains benefits from the SPE's operation;
(b)
in substance, the entity has the decision-making powers to obtain the majority of the benefits of the activities of the SPE or, by setting up an ‘autopilot’ mechanism, the entity has delegated these decision-making powers;
(c)
in substance, the entity has rights to obtain the majority of the benefits of the SPE and therefore may be exposed to risks incident to the activities of the SPE; or
(d)
in substance, the entity retains the majority of the residual or ownership risks related to the SPE or its assets in order to obtain benefits from its activities.
11
[Deleted]
DATE OF CONSENSUS
June 1998
EFFECTIVE DATE
This interpretation becomes effective for annual financial periods beginning on or after 1 July 1999; earlier application is encouraged. Changes in accounting policies shall be accounted in accordance with IAS 8.
An entity shall apply the amendment in paragraph 6 for annual periods beginning on or after 1 January 2005. If an entity applies IFRS 2 for an earlier period, this amendment shall be applied for that earlier period.
SIC INTERPRETATION 13
Jointly controlled entities — non-monetary contributions by venturers
REFERENCES
—
IAS 8 
Accounting policies, changes in accounting estimates and errors
—
IAS 16 
Property, plant and equipment
—
IAS 18 
Revenue
—
IAS 31 
Interests in joint ventures
ISSUE
1
IAS 31.48 refers to both contributions and sales between a venturer and a joint venture as follows: ‘When a venturer contributes or sells assets to a joint venture, recognition of any portion of a gain or loss from the transaction shall reflect the substance of the transaction’. In addition, IAS 31.24 says that ‘a jointly controlled entity is a joint venture that involves the establishment of a corporation, partnership or other entity in which each venturer has an interest’. There is no explicit guidance on the recognition of gains and losses resulting from contributions of non-monetary assets to jointly controlled entities (JCEs).
2
Contributions to a JCE are transfers of assets by venturers in exchange for an equity interest in the JCE. Such contributions may take various forms. Contributions may be made simultaneously by the venturers either upon establishing the JCE or subsequently. The consideration received by the venturer(s) in exchange for assets contributed to the JCE may also include cash or other consideration that does not depend on future cash flows of the JCE (additional consideration).
3
The issues are:
(a)
when the appropriate portion of gains or losses resulting from a contribution of a non-monetary asset to a JCE in exchange for an equity interest in the JCE should be recognised by the venturer in the income statement;
(b)
how additional consideration should be accounted for by the venturer; and
(c)
how any unrealised gain or loss should be presented in the consolidated financial statements of the venturer.
4
This interpretation deals with the venturer's accounting for non-monetary contributions to a JCE in exchange for an equity interest in the JCE that is accounted for using either the equity method or proportionate consolidation.
CONSENSUS
5
In applying IAS 31.48 to non-monetary contributions to a JCE in exchange for an equity interest in the JCE, a venturer shall recognise in profit or loss for the period the portion of a gain or loss attributable to the equity interests of the other venturers except when:
(a)
the significant risks and rewards of ownership of the contributed non-monetary asset(s) have not been transferred to the JCE; or
(b)
the gain or loss on the non-monetary contribution cannot be measured reliably; or
(c)
the contribution transaction lacks commercial substance, as that term is described in IAS 16.
If exception (a), (b) or (c) applies, the gain or loss is regarded as unrealised and therefore is not recognised in profit or loss unless paragraph 6 also applies.
6
If, in addition to receiving an equity interest in the JCE, a venturer receives monetary or non-monetary assets, an appropriate portion of gain or loss on the transaction shall be recognised by the venturer in profit or loss.
7
Unrealised gains or losses on non-monetary assets contributed to JCEs shall be eliminated against the underlying assets under the proportionate consolidation method or against the investment under the equity method. Such unrealised gains or losses shall not be presented as deferred gains or losses in the venturer's consolidated balance sheet.
8-13
[Not applicable to bare interpretation]
DATE OF CONSENSUS
June 1998
EFFECTIVE DATE
This interpretation becomes effective for annual financial periods beginning on or after 1 January 1999; earlier application is encouraged. Changes in accounting policies shall be accounted for in accordance with IAS 8.
14
The amendments to the accounting for the non-monetary contribution transactions specified in paragraph 5 shall be applied prospectively to future transactions.
15
An entity shall apply the amendments to this interpretation made by IAS 16 for annual periods beginning on or after 1 January 2005. If an entity applies that standard for an earlier period, it shall also apply these amendments for that earlier period.
SIC INTERPRETATION 15
Operating leases — incentives
REFERENCES
—
IAS 1 
Presentation of financial statements
 (as revised in 2003)
—
IAS 8 
Accounting policies, changes in accounting estimates and errors
—
IAS 17 
Leases
 (as revised in 2003)
ISSUE
1
In negotiating a new or renewed operating lease, the lessor may provide incentives for the lessee to enter into the agreement. Examples of such incentives are an up-front cash payment to the lessee or the reimbursement or assumption by the lessor of costs of the lessee (such as relocation costs, leasehold improvements and costs associated with a pre-existing lease commitment of the lessee). Alternatively, initial periods of the lease term may be agreed to be rent-free or at a reduced rent.
2
The issue is how incentives in an operating lease should be recognised in the financial statements of both the lessee and the lessor.
CONSENSUS
3
All incentives for the agreement of a new or renewed operating lease shall be recognised as an integral part of the net consideration agreed for the use of the leased asset, irrespective of the incentive's nature or form or the timing of payments.
4
The lessor shall recognise the aggregate cost of incentives as a reduction of rental income over the lease term, on a straight-line basis unless another systematic basis is representative of the time pattern over which the benefit of the leased asset is diminished.
5
The lessee shall recognise the aggregate benefit of incentives as a reduction of rental expense over the lease term, on a straight-line basis unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
6
Costs incurred by the lessee, including costs in connection with a pre-existing lease (for example costs for termination, relocation or leasehold improvements), shall be accounted for by the lessee in accordance with the standards applicable to those costs, including costs which are effectively reimbursed through an incentive arrangement.
DATE OF CONSENSUS
June 1998
EFFECTIVE DATE
This interpretation becomes effective for lease terms beginning on or after 1 January 1999.
SIC INTERPRETATION 21
Income taxes — recovery of revalued non-depreciable assets
REFERENCES
—
IAS 8 
Accounting policies, changes in accounting estimates and errors
—
IAS 12 
Income taxes
—
IAS 16 
Property, plant and equipment
 (as revised in 2003)
—
IAS 40 
Investment property
 (as revised in 2003)
ISSUE
1
Under IAS 12.51, the measurement of deferred tax liabilities and assets should reflect the tax consequences that would follow from the manner in which the entity expects, at the balance sheet date, to recover or settle the carrying amount of those assets and liabilities that give rise to temporary differences.
2
IAS 12.20 notes that the revaluation of an asset does not always affect taxable profit (tax loss) in the period of the revaluation and that the tax base of the asset may not be adjusted as a result of the revaluation. If the future recovery of the carrying amount will be taxable, any difference between the carrying amount of the revalued asset and its tax base is a temporary difference and gives rise to a deferred tax liability or asset.
3
The issue is how to interpret the term ‘recovery’ in relation to an asset that is not depreciated (non-depreciable asset) and is revalued in accordance with paragraph 31 of IAS 16.
4
This interpretation also applies to investment properties that are carried at revalued amounts under IAS 40.33 but would be considered non-depreciable if IAS 16 were to be applied.
CONSENSUS
5
The deferred tax liability or asset that arises from the revaluation of a non-depreciable asset in accordance with IAS 16.31 shall be measured on the basis of the tax consequences that would follow from recovery of the carrying amount of that asset through sale, regardless of the basis of measuring the carrying amount of that asset. Accordingly, if the tax law specifies a tax rate applicable to the taxable amount derived from the sale of an asset that differs from the tax rate applicable to the taxable amount derived from using an asset, the former rate is applied in measuring the deferred tax liability or asset related to a non-depreciable asset.
DATE OF CONSENSUS
August 1999
EFFECTIVE DATE
This consensus becomes effective on 15 July 2000. Changes in accounting policies shall be accounted for in accordance with IAS 8.
SIC INTERPRETATION 25
Income taxes — changes in the tax status of an entity or its shareholders
REFERENCES
—
IAS 8 
Accounting policies, changes in accounting estimates and errors
—
IAS 12 
Income taxes
ISSUE
1
A change in the tax status of an entity or of its shareholders may have consequences for an entity by increasing or decreasing its tax liabilities or assets. This may, for example, occur upon the public listing of an entity's equity instruments or upon the restructuring of an entity's equity. It may also occur upon a controlling shareholder's move to a foreign country. As a result of such an event, an entity may be taxed differently; it may for example gain or lose tax incentives or become subject to a different rate of tax in the future.
2
A change in the tax status of an entity or its shareholders may have an immediate effect on the entity's current tax liabilities or assets. The change may also increase or decrease the deferred tax liabilities and assets recognised by the entity, depending on the effect the change in tax status has on the tax consequences that will arise from recovering or settling the carrying amount of the entity's assets and liabilities.
3
The issue is how an entity should account for the tax consequences of a change in its tax status or that of its shareholders.
CONSENSUS
4
A change in the tax status of an entity or its shareholders does not give rise to increases or decreases in amounts recognised directly in equity. The current and deferred tax consequences of a change in tax status shall be included in profit or loss for the period, unless those consequences relate to transactions and events that result, in the same or a different period, in a direct credit or charge to the recognised amount of equity. Those tax consequences that relate to changes in the recognised amount of equity, in the same or a different period (not included in profit or loss), shall be charged or credited directly to equity.
DATE OF CONSENSUS
August 1999
EFFECTIVE DATE
This consensus becomes effective on 15 July 2000. Changes in accounting policies shall be accounted for in accordance with IAS 8.
SIC INTERPRETATION 27
Evaluating the substance of transactions involving the legal form of a lease
REFERENCES
—
IAS 8 
Accounting policies, changes in accounting estimates and errors
—
IAS 11 
Construction contracts
—
IAS 17 
Leases
 (as revised in 2003)
—
IAS 18 
Revenue
—
IAS 37 
Provisions, contingent liabilities and contingent assets
—
IAS 39 
Financial instruments: recognition and measurement
 (as revised in 2003)
—
IFRS 4 
Insurance contracts
ISSUE
1
An entity may enter into a transaction or a series of structured transactions (an arrangement) with an unrelated party or parties (an Investor) that involves the legal form of a lease. For example, an entity may lease assets to an Investor and lease the same assets back, or alternatively, legally sell assets and lease the same assets back. The form of each arrangement and its terms and conditions can vary significantly. In the lease and leaseback example, it may be that the arrangement is designed to achieve a tax advantage for the Investor that is shared with the entity in the form of a fee, and not to convey the right to use an asset.
2
When an arrangement with an Investor involves the legal form of a lease, the issues are:
(a)
how to determine whether a series of transactions is linked and should be accounted for as one transaction;
(b)
whether the arrangement meets the definition of a lease under IAS 17; and, if not,
(i)
whether a separate investment account and lease payment obligations that might exist represent assets and liabilities of the entity (e.g. consider the example described in paragraph A2(a) of Appendix A);
(ii)
how the entity should account for other obligations resulting from the arrangement; and
(iii)
how the entity should account for a fee it might receive from an Investor.
CONSENSUS
3
A series of transactions that involve the legal form of a lease is linked and shall be accounted for as one transaction when the overall economic effect cannot be understood without reference to the series of transactions as a whole. This is the case, for example, when the series of transactions are closely interrelated, negotiated as a single transaction, and takes place concurrently or in a continuous sequence. (Appendix A provides illustrations of application of this interpretation.)
4
The accounting shall reflect the substance of the arrangement. All aspects and implications of an arrangement shall be evaluated to determine its substance, with weight given to those aspects and implications that have an economic effect.
5
IAS 17 applies when the substance of an arrangement includes the conveyance of the right to use an asset for an agreed period of time. Indicators that individually demonstrate that an arrangement may not, in substance, involve a lease under IAS 17 include (Appendix B provides illustrations of application of this interpretation):
(a)
an entity retains all the risks and rewards incident to ownership of an underlying asset and enjoys substantially the same rights to its use as before the arrangement;
(b)
the primary reason for the arrangement is to achieve a particular tax result, and not to convey the right to use an asset; and
(c)
an option is included on terms that make its exercise almost certain (e.g. a put option that is exercisable at a price sufficiently higher than the expected fair value when it becomes exercisable).
6
The definitions and guidance in paragraphs 49-64 of the 
Framework
 shall be applied in determining whether, in substance, a separate investment account and lease payment obligations represent assets and liabilities of the entity. Indicators that collectively demonstrate that, in substance, a separate investment account and lease payment obligations do not meet the definitions of an asset and a liability and shall not be recognised by the entity include:
(a)
the entity is not able to control the investment account in pursuit of its own objectives and is not obligated to pay the lease payments. This occurs when, for example, a prepaid amount is placed in a separate investment account to protect the Investor and may only be used to pay the Investor, the Investor agrees that the lease payment obligations are to be paid from funds in the investment account, and the entity has no ability to withhold payments to the Investor from the investment account;
(b)
the entity has only a remote risk of reimbursing the entire amount of any fee received from an Investor and possibly paying some additional amount, or, when a fee has not been received, only a remote risk of paying an amount under other obligations (e.g. a guarantee). Only a remote risk of payment exists when, for example, the terms of the arrangement require that a prepaid amount is invested in risk-free assets that are expected to generate sufficient cash flows to satisfy the lease payment obligations; and
(c)
other than the initial cash flows at inception of the arrangement, the only cash flows expected under the arrangement are the lease payments that are satisfied solely from funds withdrawn from the separate investment account established with the initial cash flows.
7
Other obligations of an arrangement, including any guarantees provided and obligations incurred upon early termination, shall be accounted for under IAS 37, IAS 39 or IFRS 4, depending on the terms.
8
The criteria in paragraph 20 of IAS 18 shall be applied to the facts and circumstances of each arrangement in determining when to recognise a fee as income that an entity might receive. Factors such as whether there is continuing involvement in the form of significant future performance obligations necessary to earn the fee, whether there are retained risks, the terms of any guarantee arrangements, and the risk of repayment of the fee, shall be considered. Indicators that individually demonstrate that recognition of the entire fee as income when received, if received at the beginning of the arrangement, is inappropriate include:
(a)
obligations either to perform or to refrain from certain significant activities are conditions of earning the fee received, and therefore execution of a legally binding arrangement is not the most significant act required by the arrangement;
(b)
limitations are put on the use of the underlying asset that have the practical effect of restricting and significantly changing the entity's ability to use (e.g. deplete, sell or pledge as collateral) the asset;
(c)
the possibility of reimbursing any amount of the fee and possibly paying some additional amount is not remote. This occurs when, for example:
(i)
the underlying asset is not a specialised asset that is required by the entity to conduct its business, and therefore there is a possibility that the entity may pay an amount to terminate the arrangement early; or
(ii)
the entity is required by the terms of the arrangement, or has some or total discretion, to invest a prepaid amount in assets carrying more than an insignificant amount of risk (e.g. currency, interest rate or credit risk). In this circumstance, the risk of the investment's value being insufficient to satisfy the lease payment obligations is not remote, and therefore there is a possibility that the entity may be required to pay some amount.
9
The fee shall be presented in the income statement based on its economic substance and nature.
DISCLOSURE
10
All aspects of an arrangement that does not, in substance, involve a lease under IAS 17 shall be considered in determining the appropriate disclosures that are necessary to understand the arrangement and the accounting treatment adopted. An entity shall disclose the following in each period that an arrangement exists:
(a)
a description of the arrangement, including:
(i)
the underlying asset and any restrictions on its use;
(ii)
the life and other significant terms of the arrangement;
(iii)
the transactions that are linked together, including any options; and
(b)
the accounting treatment applied to any fee received, the amount recognised as income in the period, and the line item of the income statement in which it is included.
11
The disclosures required in accordance with paragraph 10 of this interpretation shall be provided individually for each arrangement or in aggregate for each class of arrangement. A class is a grouping of arrangements with underlying assets of a similar nature (e.g. power plants).
DATE OF CONSENSUS
February 2000
EFFECTIVE DATE
This interpretation becomes effective on 31 December 2001. Changes in accounting policies shall be accounted for in accordance with IAS 8.
SIC INTERPRETATION 29
Disclosure — service concession arrangements
REFERENCES
—
IAS 1 
Presentation of financial statements
 (as revised in 2003)
—
IAS 16 
Property, plant and equipment
 (as revised in 2003)
—
IAS 17 
Leases
 (as revised in 2003)
—
IAS 37 
Provisions, contingent liabilities and contingent assets
—
IAS 38 
Intangible assets
 (as revised in 2004)
ISSUE
1
An entity (the Concession Operator) may enter into an arrangement with another entity (the Concession Provider) to provide services that give the public access to major economic and social facilities. The concession provider may be a public or private sector entity, including a governmental body. Examples of service concession arrangements involve water treatment and supply facilities, motorways, car parks, tunnels, bridges, airports and telecommunication networks. Examples of arrangements that are not service concession arrangements include an entity outsourcing the operation of its internal services (e.g. employee cafeteria, building maintenance, and accounting or information technology functions).
2
A service concession arrangement generally involves the concession provider conveying for the period of the concession to the concession operator:
(a)
the right to provide services that give the public access to major economic and social facilities; and
(b)
in some cases, the right to use specified tangible assets, intangible assets, or financial assets;
in exchange for the concession operator:
(c)
committing to provide the services according to certain terms and conditions during the concession period; and
(d)
when applicable, committing to return at the end of the concession period the rights received at the beginning of the concession period and/or acquired during the concession period.
3
The common characteristic of all service concession arrangements is that the concession operator both receives a right and incurs an obligation to provide public services.
4
The issue is what information should be disclosed in the notes in the financial statements of a concession operator and a concession provider.
5
Certain aspects and disclosures relating to some service concession arrangements are already addressed by existing international financial reporting standards (e.g. IAS 16 applies to acquisitions of items of property, plant and equipment, IAS 17 applies to leases of assets, and IAS 38 applies to acquisitions of intangible assets). However, a service concession arrangement may involve executory contracts that are not addressed in international financial reporting standards, unless the contracts are onerous, in which case IAS 37 applies. Therefore, this interpretation addresses additional disclosures of service concession arrangements.
CONSENSUS
6
All aspects of a service concession arrangement shall be considered in determining the appropriate disclosures in the notes. A concession operator and a concession provider shall disclose the following in each period:
(a)
a description of the arrangement;
(b)
significant terms of the arrangement that may affect the amount, timing and certainty of future cash flows (e.g. the period of the concession, repricing dates and the basis upon which repricing or renegotiation is determined);
(c)
the nature and extent (e.g. quantity, time period or amount as appropriate) of:
(i)
rights to use specified assets;
(ii)
obligations to provide or rights to expect provision of services;
(iii)
obligations to acquire or build items of property, plant and equipment;
(iv)
obligations to deliver or rights to receive specified assets at the end of the concession period;
(v)
renewal and termination options; and
(vi)
other rights and obligations (e.g. major overhauls); and
(d)
changes in the arrangement occurring during the period.
7
The disclosures required in accordance with paragraph 6 of this interpretation shall be provided individually for each service concession arrangement or in aggregate for each class of service concession arrangements. A class is a grouping of service concession arrangements involving services of a similar nature (e.g. toll collections, telecommunications and water treatment services).
DATE OF CONSENSUS
May 2001
EFFECTIVE DATE
This interpretation becomes effective on 31 December 2001.
SIC INTERPRETATION 31
Revenue — barter transactions involving advertising services
REFERENCES
—
IAS 8 
Accounting policies, changes in accounting estimates and errors
—
IAS 18 
Revenue
ISSUE
1
An entity (Seller) may enter into a barter transaction to provide advertising services in exchange for receiving advertising services from its customer (Customer). Advertisements may be displayed on the Internet or poster sites, broadcast on the television or radio, published in magazines or journals, or presented in another medium.
2
In some cases, no cash or other consideration is exchanged between the entities. In some other cases, equal or approximately equal amounts of cash or other consideration are also exchanged.
3
A seller that provides advertising services in the course of its ordinary activities recognises revenue under IAS 18 from a barter transaction involving advertising when, amongst other criteria, the services exchanged are dissimilar (IAS 18.12) and the amount of revenue can be measured reliably (IAS 18.20(a)). This interpretation only applies to an exchange of dissimilar advertising services. An exchange of similar advertising services is not a transaction that generates revenue under IAS 18.
4
The issue is under what circumstances can a seller reliably measure revenue at the fair value of advertising services received or provided in a barter transaction.
CONSENSUS
5
Revenue from a barter transaction involving advertising cannot be measured reliably at the fair value of advertising services received. However, a seller can reliably measure revenue at the fair value of the advertising services it provides in a barter transaction, by reference only to non-barter transactions that:
(a)
involve advertising similar to the advertising in the barter transaction;
(b)
occur frequently;
(c)
represent a predominant number of transactions and amount when compared to all transactions to provide advertising that is similar to the advertising in the barter transaction;
(d)
involve cash and/or another form of consideration (e.g. marketable securities, non-monetary assets, and other services) that has a reliably measurable fair value; and
(e)
do not involve the same counterparty as in the barter transaction.
DATE OF CONSENSUS
May 2001
EFFECTIVE DATE
This interpretation becomes effective on 31 December 2001. Changes in accounting policies shall be accounted for in accordance with IAS 8.
SIC INTERPRETATION 32
Intangible assets — website costs
REFERENCES
—
IAS 1 
Presentation of financial statements
 (as revised in 2003)
—
IAS 2 
Inventories
 (as revised in 2003)
—
IAS 11 
Construction contracts
—
IAS 16 
Property, plant and equipment
 (as revised in 2003)
—
IAS 17 
Leases
 (as revised in 2003)
—
IAS 36 
Impairment of assets
 (as revised in 2004)
—
IAS 38 
Intangible assets
 (as revised in 2004)
—
IFRS 3 
Business combinations
ISSUE
1
An entity may incur internal expenditure on the development and operation of its own website for internal or external access. A website designed for external access may be used for various purposes such as to promote and advertise an entity's own products and services, provide electronic services, and sell products and services. A website designed for internal access may be used to store company policies and customer details, and search relevant information.
2
The stages of a website's development can be described as follows:
(a)
Planning — includes undertaking feasibility studies, defining objectives and specifications, evaluating alternatives and selecting preferences.
(b)
Application and infrastructure development — includes obtaining a domain name, purchasing and developing hardware and operating software, installing developed applications and stress testing.
(c)
Graphical design development — includes designing the appearance of web pages.
(d)
Content development — includes creating, purchasing, preparing and uploading information, either textual or graphical in nature, on the website before the completion of the website's development. This information may either be stored in separate databases that are integrated into (or accessed from) the website or coded directly into the web pages.
3
Once development of a website has been completed, the Operating stage begins. During this stage, an entity maintains and enhances the applications, infrastructure, graphical design and content of the website.
4
When accounting for internal expenditure on the development and operation of an entity's own website for internal or external access, the issues are:
(a)
whether the website is an internally generated intangible asset that is subject to the requirements of IAS 38; and
(b)
the appropriate accounting treatment of such expenditure.
5
This interpretation does not apply to expenditure on purchasing, developing, and operating hardware (e.g. web servers, staging servers, production servers and Internet connections) of a website. Such expenditure is accounted for under IAS 16. Additionally, when an entity incurs expenditure on an Internet service provider hosting the entity's website, the expenditure is recognised as an expense under IAS 1.78 and the 
Framework
 when the services are received.
6
IAS 38 does not apply to intangible assets held by an entity for sale in the ordinary course of business (see IAS 2 and IAS 11) or leases that fall within the scope of IAS 17. Accordingly, this interpretation does not apply to expenditure on the development or operation of a website (or website software) for sale to another entity. When a website is leased under an operating lease, the lessor applies this interpretation. When a website is leased under a finance lease, the lessee applies this interpretation after initial recognition of the leased asset.
CONSENSUS
7
An entity's own website that arises from development and is for internal or external access is an internally generated intangible asset that is subject to the requirements of IAS 38.
8
A website arising from development shall be recognised as an intangible asset if, and only if, in addition to complying with the general requirements described in IAS 38.21 for recognition and initial measurement, an entity can satisfy the requirements in IAS 38.57. In particular, an entity may be able to satisfy the requirement to demonstrate how its website will generate probable future economic benefits in accordance with IAS 38.57(d) when, for example, the website is capable of generating revenues, including direct revenues from enabling orders to be placed. An entity is not able to demonstrate how a website developed solely or primarily for promoting and advertising its own products and services will generate probable future economic benefits, and consequently all expenditure on developing such a website shall be recognised as an expense when incurred.
9
Any internal expenditure on the development and operation of an entity's own website shall be accounted for in accordance with IAS 38. The nature of each activity for which expenditure is incurred (e.g. training employees and maintaining the website) and the website's stage of development or post-development shall be evaluated to determine the appropriate accounting treatment (additional guidance is provided in the Appendix to this interpretation). For example:
(a)
the planning stage is similar in nature to the research phase in IAS 38.54-.56. Expenditure incurred in this stage shall be recognised as an expense when it is incurred;
(b)
the application and infrastructure development stage, the graphical design stage and the content development stage, to the extent that content is developed for purposes other than to advertise and promote an entity's own products and services, are similar in nature to the development phase in IAS 38.57-.64. Expenditure incurred in these stages shall be included in the cost of a website recognised as an intangible asset in accordance with paragraph 8 of this interpretation when the expenditure can be directly attributed and is necessary to creating, producing or preparing the website for it to be capable of operating in the manner intended by management. For example, expenditure on purchasing or creating content (other than content that advertises and promotes an entity's own products and services) specifically for a website, or expenditure to enable use of the content (e.g. a fee for acquiring a licence to reproduce) on the website, shall be included in the cost of development when this condition is met. However, in accordance with IAS 38.71, expenditure on an intangible item that was initially recognised as an expense in previous financial statements shall not be recognised as part of the cost of an intangible asset at a later date (e.g. if the costs of a copyright have been fully amortised, and the content is subsequently provided on a website);
(c)
expenditure incurred in the content development stage, to the extent that content is developed to advertise and promote an entity's own products and services (e.g. digital photographs of products), shall be recognised as an expense when incurred in accordance with IAS 38.69(c). For example, when accounting for expenditure on professional services for taking digital photographs of an entity's own products and for enhancing their display, expenditure shall be recognised as an expense as the professional services are received during the process, not when the digital photographs are displayed on the website;
(d)
the operating stage begins once development of a website is complete. Expenditure incurred in this stage shall be recognised as an expense when it is incurred unless it meets the recognition criteria in IAS 38.18.
10
A website that is recognised as an intangible asset under paragraph 8 of this interpretation shall be measured after initial recognition by applying the requirements of IAS 38.72-.87. The best estimate of a website's useful life should be short.
DATE OF CONSENSUS
May 2001
EFFECTIVE DATE
This interpretation becomes effective on 25 March 2002. The effects of adopting this interpretation shall be accounted for using the transition requirements in the version of IAS 38 that was issued in 1998. Therefore, when a website does not meet the criteria for recognition as an intangible asset, but was previously recognised as an asset, the item shall be derecognised at the date when this interpretation becomes effective. When a website exists and the expenditure to develop it meets the criteria for recognition as an intangible asset, but was not previously recognised as an asset, the intangible asset shall not be recognised at the date when this interpretation becomes effective. When a website exists and the expenditure to develop it meets the criteria for recognition as an intangible asset, was previously recognised as an asset and initially measured at cost, the amount initially recognised is deemed to have been properly determined.

Summary:
International accounting standards adopted within the European Union
SUMMARY OF:
Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002
WHAT IS THE AIM OF THE REGULATION?
It sets out the 
international accounting standards
 (IAS) which the EU has adopted. Under a parallel regulation (Regulation (EC) No 
1606/2002
 — 
International accounting standards
), all EU 
listed companies
*
, including banks and insurance companies, must prepare their consolidated accounts according to these requirements.
It replaces and repeals Regulation (EC) No 
1725/2003
 which had previously adopted certain international accounting standards.
KEY POINTS
The regulation and successive amendments include:
27 IAS ranging from presentation of financial statements to borrowing costs and intangible assets;
16 
international financial reporting standards
 on subjects such as business combinations and insurance contracts;
19 interpretations from the 
International Financial Reporting Interpretations Committee
 covering, among others, rights to interests from decommissioning, restoration and environmental rehabilitation funds;
8 interpretations by the Standard Interpretations Committee, including the introduction of the 
euro
 and government assistance.
The 
European Commission
:
decides on the applicability of international accounting standards within the European Union after consulting the 
Accounting Regulatory Committee
;
publishes an amending regulation whenever the EU endorses a new standard issued by the 
International Accounting Standards Board
.
FROM WHEN DOES THE REGULATION APPLY?
It has applied since 2 December 2008.
BACKGROUND
Listed companies must prepare their consolidated financial statements according to a single set of international financial reporting standards.
The standards aim to ensure the transparency and comparability of company accounts. This information contributes to the efficient and cost-effective functioning of the EU capital market.
For more information, see: 
Financial reporting
 (
European Commission
).
KEY TERMS
Listed companies:
 companies whose securities are traded on a regulated market.
MAIN DOCUMENT
Commission Regulation (EC) No 
1126/2008
 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, pp. 1-481)
Successive amendments to Regulation (EC) No 1126/2008 have been incorporated into the original version. This 
consolidated version
 is of documentary value only.
RELATED DOCUMENTS
Regulation (EC) No 
1606/2002
 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards (OJ L 243, 11.9.2002, pp. 1-4)
See 
consolidated version
.
Commission Regulation (EC) No 
1725/2003
 of 29 September 2003 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 261, 13.10.2003, pp. 1-420)
See 
consolidated version
.
last update 02.05.2019

--- DANISH ---

Document:
29.11.2008
DA
Den Europæiske Unions Tidende
L 320/1
KOMMISSIONENS FORORDNING (EF) Nr. 1126/2008
af 3. november 2008
om vedtagelse af visse internationale regnskabsstandarder i overensstemmelse med Europa-Parlamentets og Rådets forordning (EF) nr. 1606/2002
(EØS-relevant tekst)
KOMMISSIONEN FOR DE EUROPÆISKE FÆLLESSKABER HAR —
under henvisning til traktaten om oprettelse af Det Europæiske Fællesskab,
under henvisning til Europa-Parlamentets og Rådets forordning (EF) nr. 1606/2002 af 19. juli 2002 om anvendelse af internationale regnskabsstandarder 
(
1
)
, særlig artikel 3, stk. 1, og
ud fra følgende betragtninger:
(1)
Forordning (EF) nr. 1606/2002 fastsætter, at børsnoterede selskaber, der reguleres af en medlemsstats lovgivning, for hvert regnskabsår, der starter den 1. januar 2005 eller senere, på visse betingelser skal udarbejde deres koncernregnskaber i overensstemmelse med de internationale regnskabsstandarder som defineret i artikel 2 i nævnte forordning.
(2)
Ved Kommissionens forordning (EF) nr. 1725/2003 af 29. september 2003 om vedtagelse af visse internationale regnskabsstandarder i overensstemmelse med Europa-Parlamentets og Rådets forordning (EF) nr. 1606/2002 
(
2
)
 blev der vedtaget visse internationale standarder og fortolkningsbidrag, der eksisterede pr. 14. september 2002. Efter at have rådført sig med Den Tekniske Ekspertgruppe (TEG) under European Financial Reporting Advisory Group (EFRAG) har Kommissionen ændret den pågældende forordning med det formål at inkludere, med deres fulde ordlyd, alle de standarder, som International Accounting Standards Board (IASB) har udsendt, og alle de fortolkningsbidrag, som International Financial Reporting Interpretations Committee (IFRIC) har udsendt, og som er blevet vedtaget i Fællesskabet senest den 31. december 2007, dog med undtagelse af IAS 39 (vedrørende indregning og måling af finansielle instrumenter), hvoraf der er udeladt mindre dele.
(3)
De forskellige internationale standarder er blevet vedtaget ved en række ændringsforordninger. Dette skaber retsusikkerhed og vanskeliggør en korrekt anvendelse af internationale regnskabsstandarder i Fællesskabet. Med henblik på at forenkle fællesskabslovgivningen om regnskabsstandarder er det af klarheds- og gennemsigtighedshensyn hensigtsmæssigt at samle de standarder, der på nuværende tidspunkt er indeholdt i forordning (EF) nr. 1725/2003 og retsakterne til ændring heraf, i en enkelt tekst.
(4)
Forordning (EF) nr. 1725/2003 bør derfor erstattes af nærværende forordning.
(5)
Foranstaltningerne i denne forordning er i overensstemmelse med udtalelse fra Regnskabskontroludvalget —
UDSTEDT FØLGENDE FORORDNING:
Artikel 1
De internationale regnskabsstandarder som beskrevet i artikel 2 i forordning (EF) nr. 1606/2002 vedtages som angivet i bilaget til nærværende forordning.
Artikel 2
Forordning (EF) nr. 1725/2003 ophæves.
Henvisninger til den ophævede forordning gælder som henvisninger til nærværende forordning.
Artikel 3
Denne forordning træder i kraft på tredjedagen efter offentliggørelsen i 
Den Europæiske Unions Tidende
.
Denne forordning er bindende i alle enkeltheder og gælder umiddelbart i hver medlemsstat.
Udfærdiget i Bruxelles, den 3. november 2008.
På Kommissionens vegne
Charlie McCREEVY
Medlem af Kommissionen
(
1
)
  
            
EFT L 243 af 11.9.2002, s. 1
.
(
2
)
  
            
EFT L 261 af 13.10.2003, s. 1
.
BILAG
INTERNATIONALE REGNSKABSSTANDARDER
IAS 1
Præsentation af årsregnskaber
5
IAS 2
Varebeholdninger
22
IAS 7
Pengestrømsopgørelsen
27
IAS 8
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
34
IAS 10
Begivenheder efter balancedagen
42
IAS 11
Entreprisekontrakter
46
IAS 12
Indkomstskatter
53
IAS 16
Materielle anlægsaktiver
72
IAS 17
Leasingkontrakter
83
IAS 18
Omsætning
93
IAS 19
Personaleydelser
99
IAS 20
Regnskabsmæssig behandling af offentlige tilskud og oplysning om andre former for offentlig støtte
130
IAS 21
Valutaomregning
134
IAS 23
Låneomkostninger
142
IAS 24
Oplysning om nærtstående parter
146
IAS 26
Regnskabsmæssig behandling og præsentation af fratrædelsesordninger
150
IAS 27
Koncernregnskaber og separate årsregnskaber
156
IAS 28
Investeringer i associerede virksomheder
161
IAS 29
Regnskabsaflæggelse i hyperinflationsøkonomier
167
IAS 31
Kapitalandele i joint ventures
171
IAS 32
Finansielle instrumenter: Præsentation
179
IAS 33
Indtjening pr. aktie
195
IAS 34
Præsentation af delårsregnskaber
208
IAS 36
Værdiforringelse af aktiver
215
IAS 37
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
241
IAS 38
Immaterielle aktiver
252
IAS 39
Finansielle instrumenter: Indregning og måling
270
IAS 40
Investeringsejendomme
323
IAS 41
Landbrug
335
IFRS 1
Førstegangsanvendelse af IFRS
342
IFRS 2
Aktiebaseret vederlæggelse
356
IFRS 3
Virksomhedssammenslutninger
373
IFRS 4
Forsikringskontrakter
390
IFRS 5
Anlægsaktiver, som besiddes med henblik på salg og ophørte aktiviteter
405
IFRS 6
Efterforskning og vurdering af mineralressourcer
413
IFRS 7
Finansielle instrumenter: Oplysninger
417
IFRS 8
Driftssegmenter
432
IFRIC 1
Ændringer i eksisterende forpligtelser i forbindelse med at tage anlæg ud af drift, retablering og tilsvarende forpligtelser
439
IFRIC 2
Andele i andelsvirksomheder og lignende instrumenter
441
IFRIC 4
Vurdering af, om en aftale indeholder en leasingkontrakt
447
IFRIC 5
Rettigheder til kapitalandele hidrørende fra fonde til dækning af omkostninger forbundet med afvikling, retablering og miljøgenopretning
450
IFRIC 6
Forpligtelser vedrørende bortskaffelse af elektronisk udstyr
453
IFRIC 7
Anvendelse af omregningsmetoden i IAS 29 Regnskabsaflæggelse i hyperinflationsøkonomier
455
IFRIC 8
IFRS 2’s anvendelsesområde
457
IFRIC 9
Omvurdering af indbyggede afledte finansielle instrumenter
459
IFRIC 10
Præsentation af delårsregnskaber og værdiforringelse
461
IFRIC 11
IFRS 2 — Transaktioner med koncernaktier og egne aktier
462
SIC-7
Indførelse af euroen
464
SIC-10
Offentlig støtte — Ingen konkret forbindelse til driftsaktiviteter
465
SIC-12
Konsolidering — Særlige virksomheder
466
SIC-13
Fælles kontrollerede virksomheder — Ikke-monetære indskud fra venturedeltagere
468
SIC-15
Operationelle leasingkontrakter — Incitamenter
470
SIC-21
Indkomstskatter — Genindvinding af omvurderede ikke-afskrivningsberettigede aktiver
471
SIC-25
Indkomstskatter — Æændringer i virksomhedens eller dens aktionærers skattemæssige stilling
472
SIC-27
Vurdering af indholdet af transaktioner, som har juridisk form af en leasingkontrakt
473
SIC-29
Oplysning — Koncessionsaftaler
476
SIC-31
Omsætning — Byttehandler vedrørende reklameydelser
478
SIC-32
Immaterielle aktiver — Omkostninger ved udvikling af websider
479
Kopiering tilladt inden for Det Europæiske Økonomiske Samarbejdsområde. Alle eksisterende rettigheder forbeholdes uden for EØS, med undtagelse af retten til at kopiere til personlig brug eller anden form for &#x00BB;fair dealing&#x00AB;. Yderligere oplysninger fås hos IASB på adressen
 www.iasb.org
IAS 1
Præsentation af årsregnskaber
FORMÅL
1.
Formålet med denne standard er at foreskrive et grundlag for præsentation af årsregnskaber til brug for offentligheden for at opnå sammenlignelighed, både med virksomhedens egne årsregnskaber fra tidligere regnskabsår og med andre virksomheders årsregnskaber. Med henblik herpå fremsættes i denne standard generelle krav til præsentationen af årsregnskaber, retningslinjer for struktureringen af disse samt minimumskrav til deres indhold. Indregning, måling og oplysning om specifikke transaktioner og andre begivenheder behandles i andre standarder og i fortolkningsbidrag.
ANVENDELSESOMRÅDE
2.
Denne standard skal anvendes til alle årsregnskaber til brug for offentligheden, som udarbejdes og præsenteres i overensstemmelse med IFRS-standarderne.
3.
Årsregnskaber præsenteret til brug for offentligheden er årsregnskaber, der retter sig mod regnskabsbrugere, som ikke er i stand til at kræve årsregnskaber særligt tilrettet til deres særlige informationsbehov. Årsregnskaber præsenteret til brug for offentligheden omfatter separat præsenterede årsregnskaber eller årsregnskaber præsenteret i forbindelse med andre offentlige dokumenter, eksempelvis årsrapporter eller prospekter. Denne standard finder ikke anvendelse på struktureringen og indholdet af et sammendraget delårsregnskab udarbejdet i overensstemmelse med IAS 34 
Præsentation af delårsregnskaber
. Afsnit 13-41 finder dog anvendelse på sådanne regnskaber. Denne standard gælder i samme omfang for alle virksomheder, hvad enten de skal udarbejde koncernregnskab eller separat årsregnskab, som defineret i IAS 27 
Koncernregnskaber og separate årsregnskaber
.
4.
[Ophævet]
5.
Den i standarden anvendte terminologi er anvendelig for profit-orienterede virksomheder, herunder erhvervsdrivende virksomheder inden for den offentlige sektor. Virksomheder med not-for-profit-aktiviteter i den private og den offentlige sektor, som ønsker at benytte standarden, vil eventuelt skulle tilpasse de beskrivelser, der er brugt om bestemte poster i årsregnskabet samt om selve årsregnskabet.
6.
Tilsvarende kan det for virksomheder, der ikke har egenkapital som defineret i IAS 32 
Finansielle instrumenter: Præsentation
 (f.eks. visse investeringsselskaber) samt virksomheder, hvis aktiekapital ikke består af egenkapital (f.eks. visse andelsvirksomheder) være nødvendigt at tilpasse årsregnskabets præsentation af medlemmers eller andelshaveres andele.
ÅRSREGNSKABETS MÅLSÆTNING
7.
Årsregnskabet er en struktureret fremstilling af en virksomheds finansielle stilling og indtjening. Formålet med årsregnskaber præsenteret til brug for offentligheden er at give information om virksomhedens finansielle stilling, indtjening og pengestrømme, som er til nytte for en bred kreds af regnskabsbrugere ved deres økonomiske beslutningstagen. Årsregnskaber viser også resultaterne af ledelsens styring af de ressourcer, der er den betroet. Med henblik på dette formål giver årsregnskaber information om virksomhedens:
a)
aktiver,
b)
forpligtelser,
c)
egenkapital,
d)
indtægter og omkostninger, herunder gevinster og tab,
e)
andre egenkapitalbevægelser, og
f)
pengestrømme.
Disse informationer hjælper sammen med andre informationer i noterne regnskabsbrugerne til at forudsige virksomhedens fremtidige pengestrømme og frem for alt tidspunktet og sikkerheden for disse.
ÅRSREGNSKABETS BESTANDDELE
8.
Et fuldstændigt årsregnskab indeholder:
a)
en balance,
b)
en resultatopgørelse,
c)
en egenkapitalopgørelse, som viser enten:
i)
alle egenkapitalbevægelser, eller
ii)
egenkapitalbevægelser bortset fra dem, der opstår som følge af transaktioner med indehavere af egenkapital, når disse handler i deres egenskab af indehavere af egenkapital,
d)
en pengestrømsopgørelse og
e)
noter indeholdende en oversigt over væsentlig anvendt regnskabspraksis samt andre forklarende noter.
9.
Mange virksomheder præsenterer ud over årsregnskabet en ledelsesberetning, som beskriver og forklarer hovedfaktorerne i virksomhedens indtjening og finansielle stilling samt hvilke usikkerhedsfaktorer, der påvirker virksomheden. Ledelsesberetningen kan endvidere indeholde en redegørelse for:
a)
de vigtigste bestemmende faktorer for indtjening, herunder ændringer i de ydre rammer for virksomhedens aktiviteter, virksomhedens reaktion på disse ændringer og virkningen deraf samt virksomhedens investeringspolitik med henblik på at vedligeholde og øge indtjening, herunder dens udbyttepolitik,
b)
virksomhedens finansieringskilder og det tilstræbte forhold mellem forpligtelser og egenkapital, og
c)
de af virksomhedens ressourcer, der ikke er indregnet i balancen i overensstemmelse med IFRS-standarderne.
10.
Ud over årsregnskabet udarbejder mange virksomheder desuden rapporter og beretninger såsom miljøregnskaber og vækstregnskaber, især inden for brancher, hvor miljøfaktorer er væsentlige, og hvor de ansatte anses for at være en vigtig brugergruppe. Rapporter og beretninger, som præsenteres i tillæg til årsregnskabet, ligger uden for IFRS-standardernes anvendelsesområde.
DEFINITIONER
11.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Praktisk umuligt
: Overholdelsen af et krav er praktisk umulig, når virksomheden efter at have foretaget alt, hvad der med rimelighed kan forventes, stadig ikke kan overholde kravet.
Internationale regnskabsstandarder (IFRS)
 er standarder og fortolkningsbidrag tiltrådt af International Accounting Standards Board (IASB). Disse omfatter følgende:
a)
IFRS,
b)
IAS, og
c)
Fortolkningsbidrag, som kommer fra International Financial Reporting Interpretations Committee (IFRIC) eller den tidligere Standing Interpretations Committee (SIC).
Væsentlig
: Udeladelser eller fejlagtige oplysninger vedrørende poster anses for væsentlige, hvis disse hver for sig eller tilsammen kan have indflydelse på regnskabsbrugeres økonomiske beslutninger truffet på grundlag af årsregnskabet. Væsentlighed afhænger af udeladelsens eller den fejlagtige oplysnings størrelse og art vurderet ud fra de forhold, der gør sig gældende. Postens art eller størrelse eller en kombination af begge kan være den afgørende faktor.
Noter
: Indeholder oplysninger ud over dem, der præsenteres i balancen, resultatopgørelsen, egenkapitalopgørelsen og pengestrømsopgørelsen. Noterne indeholder beskrivende information eller udskilning af poster, som er oplyst i de nævnte opgørelser, samt information om disse poster, som ikke opfylder kriterierne for indregning i opgørelserne.
12.
Vurderingen af hvorvidt en udeladelse eller fejlagtig oplysning kunne have indflydelse på regnskabsbrugernes økonomiske beslutningstagen, og dermed skal anses for væsentlig, skal ske ud fra en vurdering af regnskabsbrugernes egenskaber. I 
Begrebsramme for udarbejdelse og præsentation af årsregnskaber
 forudsættes det i afsnit 25, at »regnskabsbrugere har et rimeligt kendskab til forretningsmæssige og økonomiske forhold og regnskabsvæsen samt vilje til at studere oplysningerne med rimelig omhu.« Der skal derfor i vurderingen tages hensyn til, hvordan regnskabsbrugere med disse egenskaber med rimelighed kan forventes at lade sig påvirke i deres økonomiske beslutningstagen.
OVERORDNEDE BETRAGTNINGER
Retvisende billede og overensstemmelse med IFRS
13.
Årsregnskabet skal give et retvisende billede af virksomhedens finansielle stilling, indtjening og pengestrømme. Et retvisende billede forudsætter en troværdig repræsentation af virkningerne af transaktioner og andre begivenheder og forhold i overensstemmelse med de i 
Begrebsrammen
 anførte definitioner og indregningskriterier for aktiver, forpligtelser, indtægter og omkostninger. Ved anvendelsen af IFRS-standarderne, herunder om nødvendigt supplerende oplysninger, forventes det, at der opnås årsregnskaber, der giver et retvisende billede.
14.
En virksomhed, hvis årsregnskab er i overensstemmelse med IFRS, skal afgive en udtrykkelig og uforbeholden erklæring herom i noterne. Det må ikke angives, at et årsregnskab er i overensstemmelse med IFRS, hvis det ikke er i overensstemmelse med alle kravene i IFRS-standarderne.
15.
I stort set alle tilfælde opnås et retvisende billede ved at overholde de relevante IFRS-standarder. Et retvisende billede kræver desuden, at en virksomhed:
a)
vælger og anvender regnskabspraksis i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
. IAS 8 giver officiel vejledning i en hierarkisk opstilling, som ledelsen skal tage i betragtning, hvor der ikke foreligger en standard eller et fortolkningsbidrag, som finder specifik anvendelse på en post.
b)
fremstiller oplysninger, herunder anvendt regnskabspraksis, på en måde som sikrer relevant, pålidelig, sammenlignelig og forståelig information.
c)
giver supplerende oplysninger, når overholdelsen af de specifikke krav i IFRS-standarderne ikke er tilstrækkeligt dækkende til at sikre, at regnskabsbrugerne forstår virkningen af bestemte transaktioner og andre begivenheder og forhold på virksomhedens finansielle stilling og indtjening.
16.
Uhensigtsmæssig regnskabspraksis kan ikke afhjælpes ved at oplyse om den anvendte regnskabspraksis eller ved noteoplysning eller forklaringer i øvrigt.
17.
I de ekstremt sjældne tilfælde hvor ledelsen konkluderer, at overholdelse af et krav i en standard eller et fortolkningsbidrag ville give et så misvisende resultat, at der ville opstå uoverensstemmelse med målsætningen med årsregnskaber som anført i 
Begrebsrammen
, skal virksomheden afvige fra dette krav som angivet i afsnit 18, hvis de relevante lovmæssige rammer kræver, eller på anden måde tillader, en sådan afvigelse.
18.
Når en virksomhed afviger fra et krav i en standard eller et fortolkningsbidrag i overensstemmelse med afsnit 17, skal virksomheden oplyse:
a)
at ledelsen har konkluderet, at årsregnskabet giver et retvisende billede af virksomhedens finansielle stilling, indtjening og pengestrømme,
b)
at årsregnskabet er i overensstemmelse med relevante standarder og fortolkningsbidrag, bortset fra at virksomheden er afveget fra et bestemt krav for at opnå et retvisende billede,
c)
navnet på den standard eller det fortolkningsbidrag, virksomheden er afveget fra, angivelse af hvori afvigelsen består, herunder hvilken regnskabsmæssig behandling standarden eller fortolkningsbidraget foreskriver, og hvorfor denne behandling under omstændighederne ville give et så misvisende resultat, at der ville opstå uoverensstemmelse med målsætningen med årsregnskaber som anført i 
Begrebsrammen
, samt hvilken behandling man i stedet har valgt, og
d)
den økonomiske virkning af afvigelsen på hver post i årsregnskabet, som ville have været regnskabsmæssigt behandlet, hvis kravet havde været overholdt for hvert regnskabsår, der præsenteres.
19.
Hvis en virksomhed i et tidligere regnskabsår er afveget fra et krav i en standard eller et fortolkningsbidrag, og denne afvigelse påvirker de beløb, der er indregnet i årsregnskabet for det aktuelle regnskabsår, skal virksomheden oplyse dette som angivet i afsnit 18c) og d).
20.
Afsnit 19 finder eksempelvis anvendelse, hvis en virksomhed i et tidligere regnskabsår er afveget fra et krav i en standard eller et fortolkningsbidrag vedrørende måling af aktiver og forpligtelser, og denne afvigelse påvirker målingen af ændringer i aktiver og forpligtelser, som er indregnet i årsregnskabet for det aktuelle regnskabsår.
21.
I de ekstremt sjældne tilfælde, hvor ledelsen konkluderer, at overholdelse af et krav i en standard eller et fortolkningsbidrag ville give et så misvisende resultat, at der ville opstå uoverensstemmelse med målsætningen med årsregnskaber som anført i 
Begrebsrammen
, men hvor de relevante lovmæssige rammer forbyder en afvigelse fra kravet, skal virksomheden så vidt muligt reducere de misvisende aspekter, der forventes at opstå som følge af overholdelse af kravet, ved at oplyse:
a)
navnet på standarden eller fortolkningsbidraget, kravets beskaffenhed og årsagen til, at ledelsen har konkluderet, at en overholdelse af dette krav under omstændighederne vil medføre et så misvisende resultat, at der vil opstå uoverensstemmelse med målsætningen med årsregnskaber som anført i 
Begrebsrammen,
 og
b)
ledelsens konklusioner, for så vidt angår hvilke reguleringer af årsregnskabets enkelte poster, der ville være nødvendige for at opnå et retvisende billede for hvert af de præsenterede regnskabsår.
22.
Ifølge afsnit 17-21 er en oplysning i uoverensstemmelse med målsætningen med årsregnskaber, såfremt den ikke på troværdig vis afspejler de transaktioner og andre begivenheder og forhold, som den enten angiver at indeholde eller med rimelighed kan forventes at indeholde, og således kan forventes at have indflydelse på regnskabsbrugeres økonomiske beslutningstagen. I sin vurdering af hvorvidt overholdelsen af et bestemt krav i en standard eller et fortolkningsbidrag ville give et så misvisende resultat, at der ville opstå uoverensstemmelse med målsætningen med årsregnskaber som anført i 
Begrebsrammen
, skal ledelsen tage hensyn til:
a)
hvorfor målsætningen med årsregnskaber ikke opfyldes under de givne omstændigheder, og
b)
hvordan virksomhedens forhold adskiller sig fra forholdene i andre virksomheder, som overholder kravet. Hvis andre virksomheder under lignende forhold overholder kravet, er der en afkræftelig formodning om, at virksomhedens overholdelse af kravet ikke ville medføre et så misvisende resultat, at der ville opstå uoverensstemmelse med målsætningen med årsregnskaber som anført i 
Begrebsrammen
.
Going concern
23.
Ved udarbejdelsen af årsregnskaber skal ledelsen foretage en vurdering af virksomhedens evne til at fortsætte som en going concern. Årsregnskabet skal udarbejdes på en going concern-basis, medmindre ledelsen har til hensigt enten at træde i likvidation eller bringe virksomhedens aktiviteter til ophør eller ikke har noget andet realistisk alternativ hertil. Når ledelsen i sin vurdering heraf er opmærksom på væsentlig usikkerhed tilknyttet begivenheder eller forhold, som kan tænkes at skabe væsentlig tvivl om virksomhedens evne til at forsætte som en going concern, skal der gives oplysninger om denne usikkerhed i årsregnskabet. Hvis årsregnskabet ikke udarbejdes på en going concern-basis, skal der gives oplysning om dette samt om, på hvilket grundlag årsregnskabet er udarbejdet og årsagen til, at virksomheden ikke anses for at være en going concern.
24.
Ved vurderingen af, hvorvidt det er relevant, at årsregnskabet udarbejdes på en going concern-basis, skal ledelsen tage hensyn til al given information om fremtiden, dvs. mindst 12 måneder efter balancedagen, og gerne mere. Hvor dybdegående vurderingen skal være, afhænger af den enkelte virksomheds forhold. Hvis virksomheden hidtil har haft en lønsom drift og let adgang til økonomiske ressourcer, kan det uden detaljeret analyse afgøres, at going concern-princippet er relevant. I andre tilfælde skal ledelsen vurdere en lang række faktorer i relation til aktuel og forventet lønsomhed, indfrielse af forpligtelser samt mulige alternative finansieringskilder, før det kan afgøres, om going concern-princippet er relevant.
Periodiseringsprincippet
25.
Virksomheder skal udarbejde årsregnskaber, bortset fra information om pengestrømme, på grundlag af periodiseringsprincippet.
26.
Ved anvendelse af periodiseringsprincippet indregnes poster som aktiver, forpligtelser, egenkapital, indtægter og omkostninger (årsregnskabets elementer), når de opfylder definitionerne og indregningskriterierne for de pågældende elementer i 
Begrebsrammen
.
Ensartethed
27.
Præsentation og klassifikation af poster i årsregnskabet skal foretages ensartet fra regnskabsår til regnskabsår, medmindre:
a)
det er tydeligt efter en væsentlig ændring i arten af virksomhedens aktiviteter eller en gennemgang af virksomhedens årsregnskab, at en anden præsentation eller klassifikation ville være mere hensigtsmæssig under hensyntagen til kriterierne for valg og anvendelse af regnskabspraksis i IAS 8, eller
b)
en standard eller et fortolkningsbidrag kræver en ændring i præsentationsformen.
28.
I visse tilfælde kan væsentlige anskaffelser eller afhændelser eller en gennemgang af præsentationen af årsregnskabet give anledning til overvejelser om ændring af årsregnskabets præsentationsform. En virksomhed skal kun ændre sin præsentation af årsregnskabet, såfremt den ændrede præsentationsform giver information, som er pålidelig, og som er mere relevant for regnskabsbrugerne, og den ændrede struktur forventes at være varig, således at sammenligneligheden ikke forringes. Hvis der foretages sådanne ændringer i præsentationsformen, skal virksomheden omklassificere sammenligningstallene i overensstemmelse med afsnit 38 og 39.
Væsentlighed og sammendrag af poster
29.
Alle væsentlige kategorier af ensartede poster skal præsenteres separat i årsregnskabet. Poster af en anden art eller med en anden funktion skal præsenteres separat, medmindre de er uvæsentlige.
30.
Årsregnskaber udarbejdes på grundlag af en lang række transaktioner eller andre begivenheder, som sammendrages i kategorier efter art eller funktion. Sidste trin i denne sammendrags- og klassifikationsproces er præsentationen af sammenfattet og klassificeret information, som udgør regnskabsposter i balancen, resultatopgørelsen, egenkapitalopgørelsen og pengestrømsopgørelsen eller i noterne. Hvis en regnskabspost ikke i sig selv er væsentlig, sammendrages den med andre poster enten i de relevante opstillinger eller i noterne. En regnskabspost, som ikke er tilstrækkeligt væsentlig til, at det berettiger til separat præsentation i opstillingerne, kan godt være tilstrækkeligt væsentligt til, at den skal præsenteres separat i noterne.
31.
Væsentlighedsbegrebet betyder, at et bestemt oplysningskrav i en standard eller et fortolkningsbidrag ikke nødvendigvis skal overholdes, hvis informationen ikke er væsentlig.
Modregning
32.
Aktiver og forpligtelser samt indtægter og omkostninger skal ikke modregnes, medmindre dette kræves eller tillades i en standard eller et fortolkningsbidrag.
33.
Det er vigtigt, at aktiver og forpligtelser samt indtægter og omkostninger præsenteres separat. Modregning i resultatopgørelsen eller balancen, bortset fra modregning, der afspejler indholdet af en transaktion eller en anden begivenhed, forringer regnskabsbrugerens mulighed både for at forstå de transaktioner og andre begivenheder og forhold, som har fundet sted, og for at vurdere fremtidige pengestrømme i virksomheden. Måling af aktiver efter fradrag af eksempelvis nedskrivning af ukurante varebeholdninger og dubiøse tilgodehavender er ikke modregning.
34.
IAS 18 
Omsætning
 definerer omsætning og kræver, at den måles til dagsværdien af det modtagne eller tilgodehavende vederlag under hensyntagen til eventuelle forhandlerrabatter og mængderabatter ydet af virksomheden. Gennem den ordinære drift foretager virksomheden andre transaktioner, som ikke i sig selv frembringer omsætning, men som er tilknyttet den primære omsætningsskabende aktivitet. Resultatet af sådanne transaktioner præsenteres, hvis en sådan præsentation afspejler indholdet af den pågældende transaktion eller anden begivenhed, ved at modregne indtægter i tilknyttede omkostninger, som opstår fra den samme transaktion. Eksempelvis:
a)
gevinster og tab ved salg af anlægsaktiver, herunder investeringer og driftsaktiver, præsenteres ved at trække aktivets regnskabsmæssige værdi og tilknyttede salgsomkostninger fra salgsprovenuet, og
b)
omkostninger, som vedrører en hensat forpligtelse, der er indregnet i overensstemmelse med IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
, og godtgjort i henhold til en kontrakt med tredjemand (eksempelvis en leverandørgaranti) kan fratrækkes den tilknyttede godtgørelse.
35.
Endvidere oplyses gevinster og tab på en gruppe af ens transaktioner som nettobeløb, eksempelvis valutakursgevinster og -tab eller gevinster og tab på finansielle instrumenter, som besiddes med handel for øje. Såfremt de er væsentlige, skal sådanne gevinster og tab imidlertid præsenteres separat.
Sammenligningstal
36.
Medmindre andet tillades eller kræves af en standard eller et fortolkningsbidrag, skal der oplyses sammenligningstal for det tidligere regnskabsår for alle beløb, der præsenteres i årsregnskabet. Sammenligningstal skal medtages for beskrivende oplysninger, hvis dette er relevant for forståelsen af årsregnskabet for det aktuelle regnskabsår.
37.
I nogle tilfælde er beskrivende information, som er inkluderet i årsregnskabet for et tidligere regnskabsår, stadig relevant for det aktuelle regnskabsår. Eksempelvis oplyses enkeltheder om en retssag i det aktuelle regnskabsår, hvis udfaldet var usikkert på sidste balancedag og stadig ikke er afgjort. Regnskabsbrugere drager fordel af information om, at usikkerheden var til stede på den foregående balancedag, og om de tiltag, som er blevet iværksat i løbet af regnskabsåret til afklaring af usikkerheden.
38.
Hvis præsentationen eller klassifikationen af poster i årsregnskabet ændres, skal sammenligningstallene omklassificeres, medmindre dette er praktisk umuligt. Ved omklassifikation af sammenligningstal, skal virksomheden oplyse:
a)
arten af omklassifikationen,
b)
beløbet for hver post eller kategori, der omklassificeres, og
c)
årsagen til omklassifikationen.
39.
Hvis det er praktisk umuligt at omklassificere sammenligningstal, skal virksomheden oplyse:
a)
årsagen til, at beløbene ikke omklassificeres, og
b)
arten af de reguleringer, som ville være foretaget, hvis beløbene var blevet omklassificeret.
40.
En øget sammenlignelighed af oplysninger på tværs af regnskabsår hjælper regnskabsbrugerne i deres økonomiske beslutningstagen, særligt ved at muliggøre vurderinger af tendenser i økonomiske informationer med henblik på prognoser. I nogle tilfælde er det praktisk umuligt at omklassificere sammenligningstal for et bestemt tidligere regnskabsår for at opnå sammenlignelighed med det aktuelle regnskabsår. Eksempelvis er informationer måske ikke blevet indsamlet i det tidligere regnskabsår på en måde, som muliggør omklassifikation, og det er måske ikke praktisk muligt at genskabe denne information.
41.
IAS 8 omhandler de reguleringer af sammenligningstal, der kræves, når en virksomhed foretager en ændring af anvendt regnskabspraksis eller korrigerer en fejl.
STRUKTUR OG INDHOLD
Introduktion
42.
Denne standard kræver særlige oplysninger i balancen, resultatopgørelsen og egenkapitalopgørelsen samt oplysninger om andre regnskabsposter enten i disse opgørelser eller i noterne. IAS 7 
Pengestrømsopgørelsen
 opstiller krav for præsentation af pengestrømsopgørelsen.
43.
Denne standard anvender nogle gange begrebet »oplysning« i en bred forstand omfattende poster præsenteret i balancen, resultatopgørelsen, egenkapitalopgørelsen og pengestrømsopgørelsen samt i noterne. Der stilles også krav om oplysninger i andre standarder og fortolkningsbidrag. Medmindre der andetsteds i denne standard eller i en anden standard eller et andet fortolkningsbidrag kræves andet, skal sådanne oplysninger gives enten i balancen, resultatopgørelsen, egenkapitalopgørelsen eller pengestrømsopgørelsen (alt efter hvad der er relevant) eller i noterne.
Identifikation af årsregnskabet
44.
Årsregnskabet skal kunne identificeres klart og adskilles fra anden information i det samme offentliggjorte dokument.
45.
IFRS finder kun anvendelse på årsregnskaber og ikke på anden information, som præsenteres i en årsrapport eller et andet dokument. Det er derfor vigtigt, at regnskabsbrugerne er i stand til at skelne information, som er udarbejdet i henhold til IFRS, fra anden information, som kan være nyttig for regnskabsbrugere, men som ikke er omfattet af disse krav.
46.
Hver bestanddel i årsregnskabet skal kunne identificeres klart. Endvidere skal følgende information gives på en klar og forståelig måde og skal gentages, hvis det er nødvendigt for at opnå den rette forståelse af den præsenterede information:
a)
navnet på den regnskabsaflæggende virksomhed eller anden form for identifikation, samt eventuelle ændringer i disse oplysninger fra den foregående balancedag,
b)
hvorvidt årsregnskabet dækker den enkelte virksomhed eller en gruppe af virksomheder,
c)
balancedagen eller det regnskabsår, årsregnskabet dækker, alt efter hvad der er hensigtsmæssigt for den pågældende bestanddel i årsregnskabet,
d)
præsentationsvalutaen som defineret i IAS 21 
Valutaomregning
 og
e)
graden af afrunding ved præsentationen af beløb i årsregnskabet.
47.
Kravene i afsnit 46 opfyldes normalt ved at anføre overskrifter og forkortede kolonneoverskrifter på hver side i årsregnskabet. Der kræves en vurdering af, på hvilken måde sådan information bedst præsenteres. Hvis årsregnskabet eksempelvis præsenteres elektronisk, anvendes ikke altid separate sider. De ovennævnte poster skal da præsenteres ofte nok til at sikre en korrekt forståelse af den information, der er omfattet af årsregnskabet.
48.
Årsregnskaber gøres ofte mere forståelige ved at præsentere informationer i hele tusinde eller millioner i præsentationsvalutaen. Dette er acceptabelt, så længe graden af afrunding i præsentationen oplyses, og væsentlige informationer ikke udelades.
Regnskabsår
49.
Årsregnskaber skal præsenteres mindst en gang om året. Hvis en virksomheds balancedag ændres, og årsregnskabet præsenteres for en periode, der er længere eller kortere end et år, skal virksomheden, ud over at præsentere det regnskabsår, som årsregnskabet dækker, oplyse:
a)
årsagen til at der anvendes en længere eller kortere periode, og
b)
at sammenligningstal for resultatopgørelsen, egenkapitalopgørelsen, pengestrømsopgørelsen og tilknyttede noter ikke er fuldt ud sammenlignelige.
50.
Normalt udarbejdes årsregnskaber kontinuerligt for en periode på et år. Af praktiske årsager foretrækker nogle virksomheder imidlertid at aflægge deres årsregnskab for en periode på eksempelvis 52 uger. Denne regnskabsstandard udelukker ikke denne praksis, da sådanne årsregnskaber næppe vil afvige væsentligt fra årsregnskaber præsenteret for et år.
Balancen
Sondring mellem omsætningsaktiver og anlægsaktiver og kortfristede forpligtelser og langfristede forpligtelser
51.
En virksomhed skal præsentere omsætningsaktiver og anlægsaktiver og kortfristede forpligtelser og langfristede forpligtelser som separate klassifikationer i balancen i overensstemmelse med afsnit 57-67, undtagen når en præsentation baseret på likviditet giver information, som er pålidelig og mere relevant. Når der foreligger en sådan undtagelse, skal alle aktiver og forpligtelser i al væsentlighed præsenteres efter likviditet.
52.
Uanset hvilken præsentationsform, der vælges, skal virksomheden for hvert aktiv og hver forpligtelse i årsregnskabet, som sammendrager beløb, der forventes genindvundet eller indfriet a) højst 12 måneder efter balancedagen og b) senere end 12 måneder efter balancedagen oplyse de beløb, som forventes genindvundet eller indfriet efter mere end 12 måneder.
53.
Hvis virksomheden leverer varer eller tjenesteydelser inden for en klart defineret driftscyklus, er separat klassifikation af omsætningsaktiver og anlægsaktiver og kortfristede forpligtelser og langfristede forpligtelser i balancen nyttig, idet nettoaktiver, som cirkulerer kontinuerligt som driftskapital, holdes adskilt fra de aktiver, som anvendes i virksomhedens langsigtede aktiviteter. Herved fremhæves tillige aktiver, som forventes at blive realiseret inden for den aktuelle driftscyklus, og forpligtelser, som forfalder inden for det samme regnskabsår.
54.
For nogle virksomheder, eksempelvis finansielle institutioner, vil en præsentation af aktiver og forpligtelser opstillet efter stigende eller faldende likviditet give oplysninger, som er pålidelige og mere relevante end en sondring mellem omsætningsaktiver og anlægsaktiver og kortfristede forpligtelser og langfristede forpligtelser, eftersom virksomheden ikke leverer varer eller tjenesteydelser inden for en klart defineret driftscyklus.
55.
Ved anvendelse af afsnit 51 er det tilladt for en virksomhed at præsentere nogle af sine aktiver og forpligtelser på grundlag af sondringen mellem omsætningsaktiver og anlægsaktiver og kortfristede og langfristede forpligtelser, mens andre opstilles efter likviditet, hvis dette giver information, som er pålidelig og mere relevant. Behovet for et blandet præsentationsgrundlag kan opstå, hvis en virksomhed har flere forskellige aktiviteter.
56.
Oplysninger om forventede realiseringsdatoer for aktiver og forpligtelser er nyttige ved vurderingen af virksomhedens likviditet og solvens. IAS 7 
Finansielle instrumenter: Oplysning
 kræver oplysning om udløbstidspunkter for finansielle aktiver og finansielle forpligtelser. Finansielle aktiver omfatter tilgodehavender fra salg og tjenesteydelser og andre tilgodehavender, og finansielle forpligtelser omfatter leverandørforpligtelser og andre forpligtelser. Oplysninger om forventet genindvindings- eller indfrielsestidspunkt for ikke-monetære aktiver og forpligtelser som varebeholdninger og hensatte forpligtelser er også nyttige, uanset om aktiverne opdeles i omsætningsaktiver og anlægsaktiver og om forpligtelserne opdeles i kortfristede forpligtelser og langfristede forpligtelser. Eksempelvis oplyser virksomheden om den beløbsmæssige størrelse af varebeholdninger, som forventes genindvundet mere end 12 måneder efter balancedagen.
Omsætningsaktiver
57.
Et aktiv skal klassificeres som et omsætningsaktiv, hvis det opfylder et af følgende kriterier:
a)
det forventes realiseret, eller det besiddes med salg eller forbrug for øje, som led i virksomhedens normale driftscyklus,
b)
det besiddes primært med handel for øje,
c)
det forventes realiseret inden for 12 måneder efter balancedagen, eller
d)
det er i form af likvider (som defineret i IAS 7), medmindre det er underlagt en begrænsning, som gør, at det ikke kan omsættes eller anvendes til at indfri en forpligtelse i mindst 12 måneder efter balancedagen.
Alle andre aktiver skal klassificeres som anlægsaktiver.
58.
Denne standard anvender begrebet »anlægsaktiver« om materielle aktiver, immaterielle aktiver og finansielle aktiver, som er langfristede. Den forbyder ikke brugen af alternative beskrivelser, så længe betydningen er klar.
59.
En virksomheds driftscyklus angiver tiden mellem anskaffelsen af aktiver, der skal bearbejdes, og indtil de realiseres i likvider. Hvis en virksomheds normale driftscyklus ikke er klart defineret, antages den at vare 12 måneder. Omsætningsaktiver omfatter aktiver (eksempelvis varebeholdninger og tilgodehavender fra salg og tjenesteydelser), som sælges, forbruges eller realiseres som led i den normale driftscyklus, selv når de ikke forventes realiseret inden for 12 måneder efter balancedagen. Omsætningsaktiver omfatter desuden aktiver, der primært besiddes med salg for øje (finansielle aktiver i denne kategori klassificeres som aktiver, der besiddes med handel for øje i overensstemmelse med IAS 39 
Finansielle instrumenter: Indregning og måling
) samt den kortfristede del af langfristede finansielle aktiver.
Kortfristede forpligtelser
60.
En forpligtelse skal klassificeres som kortfristet, hvis den opfylder et af følgende kriterier:
a)
den forventes indfriet som led i virksomhedens normale driftscyklus,
b)
det besiddes primært med handel for øje,
c)
den skal indfries inden for 12 måneder efter balancedagen, eller
d)
virksomheden har ingen ubetinget ret til at udskyde indfrielsen af forpligtelsen i mindst 12 måneder efter balancedagen.
Alle andre forpligtelser skal klassificeres som langfristede.
61.
Nogle former for kortfristede forpligtelser, eksempelvis leverandørforpligtelser og visse hensættelser til personale- og andre driftsomkostninger, indgår i driftskapitalen i virksomhedens normale driftscyklus. Sådanne driftsposter klassificeres som kortfristede forpligtelser, uanset om de forfalder til betaling mere end 12 måneder efter balancedagen. Den samme normale driftscyklus er gældende for klassifikationen af en virksomheds aktiver og forpligtelser. Hvis en virksomheds normale driftscyklus ikke er klart defineret, antages den at vare 12 måneder.
62.
Andre former for kortfristede forpligtelser indfries ikke som led i virksomhedens normale driftscyklus, men forfalder til betaling inden 12 måneder efter balancedagen eller besiddes primært med handel for øje. Eksempler herpå er finansielle forpligtelser, der er klassificeret som forpligtelser, der besiddes med handel for øje i overensstemmelse med IAS 39, kassekreditter, og den kortfristede del af langfristede finansielle forpligtelser, skyldigt udbytte, indkomstskatter og andre forpligtelser, som ikke er leverandørforpligtelser. Finansielle forpligtelser, som udgør langsigtet finansiering (dvs. som ikke indgår i driftskapitalen i virksomhedens normale driftscyklus), og som ikke skal indfries inden for 12 måneder efter balancedagen, er langfristede forpligtelser i henhold til afsnit 65 og 66.
63.
En virksomhed skal klassificere sine finansielle forpligtelser som kortfristede, når de skal indfries inden for 12 måneder efter balancedagen, uanset om:
a)
den oprindelige løbetid var en periode på mere end 12 måneder, og
b)
en aftale om refinansiering eller omlægning af betalingen på lang sigt er indgået efter balancedagen, og inden årsregnskabet godkendes til offentliggørelse.
64.
Hvis en virksomhed forventer, og har mulighed for, at refinansiere eller forlænge en forpligtelse i mindst 12 måneder efter balancedagen i henhold til en eksisterende lånefacilitet, skal virksomheden klassificere forpligtelsen som langfristet, selvom den ellers ville skulle indfries inden for en kortere periode. Hvis virksomheden derimod ikke har mulighed for refinansiering eller forlængelse (hvis der eksempelvis ikke foreligger nogen aftale om refinansiering), skal muligheden for at refinansiere ikke tages i betragtning, og forpligtelsen skal klassificeres som kortfristet.
65.
Hvis en virksomhed på balancedagen eller tidligere undlader at overholde et tilsagn i en langfristet låneaftale, og forpligtelsen af denne grund kræves indfriet på anfordring, skal forpligtelsen klassificeres som kortfristet, selvom långiver efter balancedagen og inden godkendelsen af årsregnskabets offentliggørelse har indvilliget i ikke at kræve betaling som følge af misligholdelsen. Forpligtelsen klassificeres som kortfristet, fordi virksomheden på balancedagen ikke har nogen ubetinget ret til at udskyde indfrielsen af forpligtelsen i mindst 12 måneder efter balancedagen.
66.
Forpligtelsen skal imidlertid klassificeres som langfristet, hvis långiver inden balancedagen indvilligede i at give fristforlængelse med udløb mindst 12 måneder efter balancedagen. Inden for denne periode kan virksomheden udbedre misligholdelsen, og långiver kan ikke kræve øjeblikkelig tilbagebetaling.
67.
For så vidt angår lån, der klassificeres som kortfristede forpligtelser, gælder det, at hvis følgende begivenheder opstår mellem balancedagen og det tidspunkt, hvor årsregnskabet godkendes til offentliggørelse, opfylder disse begivenheder kriteriet for oplysninger som ikke-regulerende begivenheder i overensstemmelse med IAS 10 
Begivenheder efter balancedagen
:
a)
langfristet refinansiering,
b)
udbedring af misligholdelse af en langfristet låneaftale og
c)
fristforlængelse fra långiver med udløb mindst 12 måneder efter balancedagen med henblik på udbedring af misligholdelsen af en langfristet låneaftale.
Oplysninger, der skal fremgå af balancen
68.
Balancen skal som minimum indeholde regnskabsposter, der præsenterer følgende beløb, i det omfang de ikke er præsenteret i overensstemmelse med afsnit 68A:
a)
materielle anlægsaktiver,
b)
investeringsejendomme,
c)
immaterielle aktiver,
d)
finansielle aktiver (med undtagelse af beløb vist under e), h) og i)),
e)
investeringer behandlet regnskabsmæssigt efter den indre værdis metode,
f)
biologiske aktiver,
g)
varebeholdninger,
h)
tilgodehavender fra salg og tjenesteydelser og andre tilgodehavender,
i)
likvider,
(j)
leverandørforpligtelser og andre forpligtelser,
(k)
hensatte forpligtelser,
(l)
finansielle forpligtelser (med undtagelse af beløb vist under i) og (k)),
(m)
aktuelle skatteaktiver og skatteforpligtelser som defineret i IAS 12 
Indkomstskatter
,
(n)
udskudte skatteaktiver og udskudte skatteforpligtelser som defineret i IAS 12,
(o)
minoritetsinteresser præsenteret inden for egenkapital og
(p)
udstedt selskabskapital og reserver, der kan henføres til indehavere af egenkapital i modervirksomheden.
68A
Balancen skal ligeledes indeholde regnskabsposter, der præsenterer følgende beløb:
a)
det samlede beløb for aktiver, der er klassificeret som besiddelse med henblik på salg, og aktiver, der er medtaget i afståelsesgrupper, der er klassificeret som besiddelse med henblik på salg i overensstemmelse med IFRS 5 
Anlægsaktiver, som besiddes med henblik på salg og ophørte aktiviteter
, og
b)
forpligtelser, der er medtaget i afståelsesgrupper, der er klassificeret som besiddelse med henblik på salg i overensstemmelse med IFRS 5.
69.
Yderligere regnskabsposter, overskrifter og subtotaler skal fremgå af balancen, hvis dette er relevant for forståelsen af virksomhedens finansielle stilling.
70.
Når virksomheden præsenterer omsætnings- og anlægsaktiver og kortfristede og langfristede forpligtelser som separate klassifikationer på balancen, skal den ikke klassificere udskudte skatteaktiver (forpligtelser) som omsætningsaktiver (kortfristede forpligtelser).
71.
Denne standard indeholder ikke bestemmelser om rækkefølgen eller præsentationsformen for præsentationen af regnskabsposter. I afsnit 68 gives blot en liste over poster, som af art eller funktion er tilstrækkeligt forskellige til, at det berettiger til separat præsentation i balancen. Tilsvarende gælder, at:
a)
regnskabsposter medtages, når størrelsen, arten eller funktionen af en post eller sammenlægningen af ensartede poster er af en sådan karakter, at separat præsentation er relevant for at opnå forståelse af en virksomheds finansielle stilling, og
b)
de anvendte beskrivelser og rækkefølgen af poster eller sammenlægningen af ensartede poster kan ændres i overensstemmelse med virksomhedens art og transaktioner, således at årsregnskabet giver de informationer, som er relevante for forståelsen af virksomhedens finansielle stilling. En finansiel institution kan eksempelvis tilpasse ovennævnte beskrivelser for at give informationer, der er relevante for en finansiel institutions aktiviteter.
72.
Beslutningen om, hvorvidt supplerende poster skal præsenteres separat, beror på en vurdering af følgende:
a)
aktivernes art og likviditet,
b)
aktivernes funktion inden for virksomheden og
c)
forpligtelsernes størrelse, art og afviklingstidspunkt.
73.
Anvendelsen af forskellige målingsgrundlag for forskellige kategorier af aktiver indikerer, at de er forskellige af art eller funktion og derfor skal præsenteres som separate regnskabsposter. Eksempelvis kan forskellige kategorier af materielle anlægsaktiver indregnes til kostpris eller til en omvurderet værdi i overensstemmelse med IAS 16 
Materielle anlægsaktiver
.
Oplysninger, der skal fremgå enten af balancen eller af noterne
74.
En virksomhed skal, enten i balancen eller i noterne, yderligere underklassificere regnskabsposter på en for virksomhedens aktiviteter hensigtsmæssig måde.
75.
Hvor detaljeret underklassifikationen skal være, afhænger af kravene i IFRS samt af beløbenes størrelse, art og funktion. De i afsnit 72 nævnte faktorer anvendes også til vurdering af graden af underklassifikation. Oplysningerne varierer for de forskellige poster. Eksempelvis:
a)
poster vedrørende materielle anlægsaktiver opdeles i kategorier i overensstemmelse med IAS 16,
b)
tilgodehavender opdeles i tilgodehavender hos kunder, tilgodehavender hos nærtstående parter samt forudbetalinger og andre beløb,
c)
varebeholdninger underklassificeres i overensstemmelse med IAS 2 
Varebeholdninger
 i klassifikationer som indkøbte handelsvarer, hjælpematerialer, materialer, varer under fremstilling og færdigvarer,
d)
hensatte forpligtelser opdeles i omkostninger vedrørende personaleydelser og andre poster, og
e)
kapitalindskud og reserver inddeles i forskellige kategorier såsom indskudskapital, overkurs ved emission og reserver.
76.
Virksomheder skal oplyse følgende, enten i balancen eller i noterne:
a)
for hver kapitalklasse:
i)
antallet af godkendte aktier,
ii)
antallet af udstedte, fuldt betalte aktier samt udstedte, ikke fuldt betalte aktier,
iii)
pålydende værdi pr. aktie. eller at aktierne ikke har en pålydende værdi,
iv)
afstemning af antallet af aktier i omløb ved regnskabsårets begyndelse og slutning,
v)
aktieklassens rettigheder, præferencer og begrænsninger, herunder begrænsninger med hensyn til udbetaling af udbytte og tilbagebetaling af kapital,
vi)
antallet af aktier i virksomheden, som besiddes af virksomheden, dens dattervirksomheder eller associerede virksomheder, og
(vii)
antallet af aktier forbeholdt udstedelse gennem optioner og aktiesalgsaftaler, med oplysning om betingelser og beløb, og
b)
en beskrivelse af arten af og formålet med hver reserve inden for egenkapitalen.
77.
Virksomheder uden selskabskapital, eksempelvis interessentskaber eller fonde, skal give oplysninger svarende til de krav, der er opstillet i afsnit 76a), om regnskabsårets bevægelser i hver kategori af egenkapitalinteresser og de til hver kategori af egenkapitalinteresser hørende rettigheder, præferencer og begrænsninger.
Resultatopgørelsen
Årets resultat
78.
Alle indregnede indtægts- og omkostningsposter skal medtages i årets resultat, medmindre andet kræves i henhold til en standard eller et fortolkningsbidrag.
79.
Normalt medtages alle indregnede indtægts- og omkostningsposter for et regnskabsår i årets resultat. Dette omfatter virkningerne af ændringer i regnskabsmæssige skøn. Der kan dog være tilfælde, hvor bestemte poster udelades fra det aktuelle regnskabsårs resultat. IAS 8 omhandler to sådanne tilfælde: korrektion af fejl og virkningen af ændringer i anvendt regnskabspraksis.
80.
Andre standarder omhandler poster, som opfylder 
Begrebsrammens
 definitioner på indtægter og omkostninger, men som normalt ikke indregnes i resultatet. Som eksempler herpå kan nævnes reserver for opskrivninger (jf. IAS 16), visse gevinster og tab opstået i forbindelse med omregning af udenlandske virksomheders årsregnskaber (jf. IAS 21) og gevinster og tab hidrørende fra efterfølgende måling af finansielle aktiver disponible for salg (jf. IAS 39).
Oplysninger, der skal fremgå af resultatopgørelsen
81.
Resultatopgørelsen skal som minimum indeholde regnskabsposter, der præsenterer følgende beløb for regnskabsåret:
a)
omsætning,
b)
finansieringsomkostninger,
c)
andel af resultatet i associerede virksomheder og joint ventures, som regnskabsmæssigt er behandlet efter den indre værdis metode,
d)
skatteomkostninger,
e)
et enkelt beløb, der omfatter det samlede beløb af i) resultatet efter skat af ophørte aktiviteter og ii) resultatet efter skat indregnet ved måling til dagsværdi med fradrag af salgsomkostninger eller ved afhændelse af de aktiver eller den eller de afståelsesgrupper, som udgør den ophørte aktivitet, og
f)
resultat.
82.
Følgende poster skal fremgå af resultatopgørelsen som allokeringer af årets resultat:
a)
resultat som kan henføres til minoritetsinteresser, og
b)
resultat som kan henføres til indehavere af egenkapital i modervirksomheden.
83.
Yderligere regnskabsposter, overskrifter og subtotaler skal fremgå af resultatopgørelsen, hvis dette er relevant for forståelsen af virksomhedens indtjening.
84.
Eftersom virkningerne af en virksomheds forskellige aktiviteter, transaktioner og andre begivenheder varierer med hensyn til hyppighed, mulighed for gevinst eller tab og forudsigelighed, er oplysninger om elementer af indtjening en hjælp til forståelsen af den opnåede indtjening og opstilling af prognoser for fremtidige resultater. Yderligere regnskabsposter kan indregnes i resultatopgørelsen, og beskrivelser og posternes rækkefølge ændres, når dette er nødvendigt for at forklare indtjeningselementerne. Der skal tages hensyn til faktorer som væsentlighed og indtægts- og omkostningselementernes art og funktion. En finansiel institution kan eksempelvis tilpasse beskrivelserne for at give informationer, der er relevante for en finansiel institutions aktiviteter. Indtægts- og omkostningsposter modregnes kun, når kriterierne i afsnit 32 er opfyldt.
85.
Virksomheder skal ikke præsentere nogen indkomst- og omkostningsposter som ekstraordinære poster hverken på resultatopgørelsen eller i noterne.
Oplysninger, der skal fremgå enten af resultatopgørelsen eller af noterne
86.
Hvis indtægts- eller omkostningsposter er væsentlige, skal deres art og størrelse oplyses separat.
87.
Forhold, som ville give anledning til separat oplysning om indtægts- eller omkostningsposter, omfatter blandt andet:
a)
nedskrivninger af varebeholdninger til nettorealisationsværdi eller af materielle anlægsaktiver til genindvindingsværdi samt tilbageførsler af sådanne nedskrivninger,
b)
omstruktureringer af virksomhedens aktiviteter samt tilbageførsler af hensættelser til omstruktureringsomkostninger,
c)
afhændelse af materielle anlægsaktiver,
d)
afhændelse af investeringer,
e)
ophørte aktiviteter,
f)
afgørelse af retssager og
g)
tilbageførsel af andre hensatte forpligtelser.
88.
Virksomheder skal præsentere en opgørelse af omkostninger klassificeret enten på grundlag af omkostningernes art eller funktion inden for virksomheden, alt efter hvad hvilken type information, der er pålidelig og mest relevant.
89.
Virksomheder tilskyndes til at præsentere den i afsnit 88 nævnte opgørelse i resultatopgørelsen.
90.
Omkostninger underklassificeres for at fremhæve en række elementer af indtjening, som kan variere med hensyn til hyppighed, mulighed for gevinst eller tab og forudsigelighed. Denne opgørelse kan gives på to forskellige måder.
91.
Den første opgørelsesmetode er artsopdeling af omkostninger. Omkostninger sammendrages i resultatopgørelsen på baggrund af art (eksempelvis afskrivninger, materialekøb, transportomkostninger, personaleydelser og reklameomkostninger) og allokeres ikke yderligere på funktioner i virksomheden. Denne metode kan være let anvendelig, fordi det ikke er nødvendigt at allokere omkostninger på basis af funktioner. Nedenfor gives et eksempel på artsopdeling af omkostninger:
Omsætning
X
Andre indtægter
X
Ændring i lagre af færdigvarer og varer under fremstilling
X
Forbrugte råvarer og hjælpematerialer
X
Omkostninger vedrørende personaleydelser
X
Afskrivninger
X
Andre omkostninger
X
Samlede omkostninger
(X)
Avance
X
92.
Den anden opgørelsesmetode er funktionsopdeling af omkostninger. Her klassificeres omkostninger i henhold til deres funktion som en del af vareforbrug eller eksempelvis distributions- eller administrationsomkostninger. Efter denne metode skal en virksomhed som minimum oplyse sit vareforbrug separat fra andre omkostninger. Denne metode kan give regnskabsbrugerne mere relevant information end artsopdeling af omkostninger, men allokeringen af omkostninger efter funktion kan være vilkårlig og beror i stor udstrækning på et skøn. Nedenfor gives et eksempel på funktionsopdeling af omkostninger:
Omsætning
X
Vareforbrug
(X)
Bruttoresultat
X
Andre indtægter
X
Distributionsomkostninger
(X)
Administrationsomkostninger
(X)
Andre omkostninger
(X)
Avance
X
93.
Virksomheder, som klassificerer omkostninger efter funktion, skal give supplerende oplysninger om omkostningernes art, herunder afskrivninger og omkostninger til personaleydelser.
94.
Virksomhedens valg af artsopdeling eller funktionsopdeling af omkostninger beror på historiske og branchemæssige faktorer såvel som på virksomhedens art. Begge metoder indikerer, hvilke omkostninger, der kan variere direkte eller indirekte i forhold til virksomhedens salg eller produktion. Idet begge metoder indebærer fordele for forskellige typer virksomheder, kræves det i denne standard, at ledelsen vælger den mest relevante og pålidelige præsentation. Da information om omkostningernes art er nyttig til at forudsige fremtidige pengestrømme, skal supplerende oplysninger dog gives, hvis der anvendes funktionsopdeling. I afsnit 93 har »personaleydelser« samme betydning som i IAS 19 
Personaleydelser
.
95.
Virksomheder skal, enten i resultatopgørelsen, i egenkapitalopgørelsen eller i noterne, oplyse den beløbsmæssige størrelse af udbytte indregnet som udlodninger til indehavere af egenkapital i løbet af regnskabsåret og det dermed forbundne beløb pr. aktie.
Egenkapitalopgørelse
96.
Virksomheder skal udarbejde en egenkapitalopgørelse, som viser:
a)
årets resultat,
b)
hver indtægts- og omkostningspost i regnskabsåret, som i overensstemmelse med andre standarder eller fortolkningsbidrag, er indregnet direkte på egenkapitalen, samt summen af disse,
c)
samlede indtægter og omkostninger for regnskabsåret (beregnet som summen af a) og b)) med separat præsentation af de samlede beløb, som kan henføres til moderselskabets indehavere af egenkapital og til minoritetsinteresser, og
d)
virkningerne for hvert egenkapitalelement af ændringer i anvendt regnskabspraksis og korrektion af fejl indregnet i overensstemmelse med IAS 8.
En egenkapitalopgørelse, som udelukkende omfatter disse poster, skal kaldes en opgørelse over indregnede indtægter og omkostninger.
97.
Virksomheder skal desuden præsentere følgende enten i egenkapitalopgørelsen eller i noterne:
a)
den beløbsmæssige størrelse af transaktioner med indehavere af egenkapital, når disse handler i deres egenskab af indehavere af egenkapital, med separat præsentation af udlodninger til indehavere af egenkapital,
b)
saldo for overført resultat ved regnskabsårets begyndelse og på balancedagen samt ændringer i løbet af regnskabsåret og
c)
afstemning mellem den regnskabsmæssige værdi af hver kategori af kapitalindskud og hver reserve ved regnskabsårets begyndelse og afslutning med separat oplysning om hver ændring.
98.
Ændringer i virksomhedens egenkapital mellem to balancedage afspejler stigninger eller fald i virksomhedens nettoaktiver i løbet af regnskabsåret. Bortset fra ændringer, der opstår som følge af transaktioner med indehavere af egenkapital, når disse handler i deres egenskab af indehavere af egenkapital (eksempelvis kapitalindskud, tilbagekøb af virksomhedens egne egenkapitalinstrumenter og udbytte) samt transaktionsomkostninger, som er direkte forbundet med sådanne transaktioner, er den samlede egenkapitalbevægelse i løbet af regnskabsåret udtryk for den samlede beløbsmæssige størrelse af indtægter og omkostninger, herunder gevinster og tab, frembragt af virksomhedens aktiviteter i løbet af regnskabsåret (uanset om disse indtægts- og omkostningsposter er indregnet i resultatet eller direkte som egenkapitalbevægelser).
99.
Denne standard kræver, at alle indregnede indtægts- og omkostningsposter medtages i resultatet, medmindre andet kræves i henhold til en anden standard eller et andet fortolkningsbidrag. I andre standarder kræves det, at visse gevinster og tab (såsom stigninger og fald hidrørende fra omvurderinger, visse valutakursforskelle, gevinster og tab hidrørende fra efterfølgende måling af finansielle aktiver disponible for salg samt relaterede beløb til aktuel og udskudt skat) indregnes direkte som egenkapitalbevægelser. Det er vigtigt, at alle indtægts- og omkostningsposter tages i betragtning ved beregningen af ændringer i virksomhedens finansielle stilling mellem to balancedage. Derfor kræver denne standard, at der udarbejdes en egenkapitalopgørelse, som fremhæver virksomhedens samlede indtægter og omkostninger, herunder indtægter og omkostninger, der indregnes direkte på egenkapitalen.
100.
IAS 8 kræver reguleringer med tilbagevirkende kraft ved gennemførelse af ændringer i anvendt regnskabspraksis i det omfang, dette er praktisk muligt, undtagen når der i overgangsbestemmelserne i en anden standard eller et andet fortolkningsbidrag stilles andre krav. IAS 8 kræver desuden, at tilpasninger, som har til formål at korrigere fejl, foretages med tilbagevirkende kraft i det omfang, det er praktisk muligt. Reguleringer og tilpasninger med tilbagevirkende kraft skal foretages i saldoen for overført resultat, undtagen når der i en standard eller et fortolkningsbidrag kræves regulering med tilbagevirkende kraft af et andet egenkapitalelement. Det kræves i afsnit 96d), at egenkapitalopgørelsen særskilt oplyser om den samlede regulering af hvert egenkapitalelement, der foretages som følge af ændringer i anvendt regnskabspraksis og korrektion af fejl. Disse reguleringer oplyses for hvert tidligere regnskabsår og regnskabsårets begyndelse.
101.
Kravene i afsnit 96 og 97 kan opfyldes på flere forskellige måder. En mulig fremgangsmåde er et kolonneformat, hvor der foretages afstemning af primo- og ultimosaldi for hvert element af egenkapitalen. En anden mulighed er, at kun de poster, der er angivet i afsnit 96, præsenteres i egenkapitalopgørelsen. Med denne fremgangsmåde vises de poster, der er beskrevet i afsnit 97, i noterne.
Pengestrømsopgørelsen
102.
Informationer om pengestrømme giver regnskabsbrugerne et grundlag for at vurdere virksomhedens evne til at frembringe likvider og virksomhedens behov for at anvende disse pengestrømme. I IAS 7 opstilles krav for præsentationen af pengestrømsopgørelsen samt de hertil knyttede oplysninger.
Noter
Struktur
103.
Noterne skal:
a)
oplyse om grundlaget for udarbejdelsen af årsregnskabet og den regnskabspraksis, der er anvendt i overensstemmelse med afsnit 108-115,
b)
indeholde de oplysninger, som kræves i IFRS-standarderne, og som ikke fremgår af balancen, resultatopgørelsen, egenkapitalopgørelsen eller pengestrømsopgørelsen, og
c)
indeholde supplerende oplysninger, som ikke fremgår af balancen, resultatopgørelsen, egenkapitalopgørelsen eller pengestrømsopgørelsen, men som er relevante for forståelsen af disse.
104.
Noterne skal, i det omfang det er praktisk muligt, opstilles systematisk. For hver post i balancen, resultatopgørelsen, egenkapitalopgørelsen og pengestrømsopgørelsen skal der gives krydshenvisning til tilknyttet information i noterne.
105.
Noterne præsenteres normalt i følgende orden, som hjælper regnskabsbrugerne til at forstå årsregnskabet og sammenligne det med andre virksomheders årsregnskaber:
a)
erklæring om overensstemmelse med IFRS (jf. afsnit 14),
b)
oversigt over væsentlig anvendt regnskabspraksis (jf. afsnit 108),
c)
supplerende information vedrørende poster, som præsenteres i balancen, resultatopgørelsen, egenkapitalopgørelse og pengestrømsopgørelsen i samme rækkefølge som opstillingerne og regnskabsposterne præsenteres, og
d)
andre oplysninger, herunder:
i)
eventualforpligtelser (jf. IAS 37) og ikke-indregnede kontraktlige forpligtelse og
ii)
ikke-økonomiske oplysninger, eksempelvis virksomhedens formål med og politikker for finansiel risikostyring (jf. IFRS 7).
106.
I visse tilfælde kan det være nødvendigt eller ønskeligt at ændre på rækkefølgen af visse poster i noterne. Eksempelvis kan information om ændringer i dagsværdi indregnet i resultatet kombineres med information om udløbstidspunkter for finansielle instrumenter, selv om førstnævnte oplysning vedrører resultatopgørelsen og sidstnævnte oplysning vedrører balancen. En systematisk opstilling af noterne skal dog tilstræbes.
107.
Noter, som giver information om grundlaget for udarbejdelsen af årsregnskabet og den anvendte regnskabspraksis, kan præsenteres som en separat del af årsregnskabet.
Oplysning om anvendt regnskabspraksis
108.
En virksomhed skal i oversigten over væsentlig anvendt regnskabspraksis oplyse:
a)
de(t) ved udarbejdelsen af årsregnskabet anvendte målingsgrundlag og
b)
anden anvendt regnskabspraksis, som er relevant for forståelsen af årsregnskabet.
109.
Det er vigtigt, at regnskabsbrugerne bliver informeret om de(t) ved udarbejdelsen af årsregnskabet anvendte målingsgrundlag (eksempelvis historisk kostpris, nettorealisationsværdi, dagsværdi eller genindvindingsværdi), eftersom grundlaget for udarbejdelsen af årsregnskabet er af væsentlig betydning for analysen af dette. Når der er brugt mere end ét målingsgrundlag i et årsregnskab, eksempelvis ved omvurdering af visse kategorier af aktiver, er det tilstrækkeligt at angive, for hvilke kategorier af aktiver og forpligtelser, de enkelte målingsgrundlag er anvendt.
110.
Ved beslutningen om, hvorvidt en bestemt regnskabspraksis skal oplyses, skal ledelsen tage stilling til, om dette ville hjælpe regnskabsbrugernes forståelse af, hvordan transaktioner og andre begivenheder og forhold afspejles i den oplyste indtjening og finansielle stilling. Oplysning om en bestemt anvendt regnskabspraksis er særligt nyttig for regnskabsbrugerne, når denne regnskabspraksis vælges blandt flere muligheder, som er tilladt i henhold til standarder og fortolkningsbidrag. Som eksempel herpå kan nævnes oplysning om, hvorvidt en venturedeltager indregner sin kapitalandel i en fælles kontrolleret virksomhed med brug af pro rata-konsolidering eller den indre værdis metode (jf. IAS 31 
Kapitalandele i joint ventures
). Nogle standarder kræver specifikt, at der oplyses om anvendelsen af en bestemt regnskabspraksis, herunder ledelsens valg af regnskabspraksis blandt flere forskellige tilladte muligheder. Eksempelvis kræves der i IAS 16 oplysning om, hvilket målingsgrundlag der er anvendt for kategorier af materielle anlægsaktiver. IAS 23 
Låneomkostninger
 kræver oplysning om, hvorvidt låneomkostninger indregnes straks som en omkostning eller aktiveres som en del af de kvalificerende aktivers kostpris.
111.
Hver enkelt virksomhed vurderer arten af sin drift og de oplysninger om regnskabspraksis, som brugerne af årsregnskabet ville forvente for den givne type virksomhed. En virksomhed, der er indkomstskattepligtig, ville eksempelvis forventes at skulle oplyse sin anvendte regnskabspraksis for indkomstskatter, herunder den regnskabspraksis, der anvendes for udskudte skatteforpligtelser og skatteaktiver. For virksomheder, som har væsentlige udenlandske virksomheder eller foretager væsentlige transaktioner i fremmed valuta, forventes oplysning om anvendt regnskabspraksis for indregning af kursgevinster og -tab. I forbindelse med virksomhedssammenslutninger skal det oplyses, hvilken regnskabspraksis, der er anvendt til måling af goodwill og minoritetsinteresser.
112.
En anvendt regnskabspraksis kan være væsentlig på grund af arten af virksomhedens aktiviteter, selv om beløbene for det aktuelle og de tidligere regnskabsår er uvæsentlige. Det er også hensigtsmæssigt at oplyse om alle væsentlige anvendelser af regnskabspraksis, som ikke specifikt kræves i IFRS-standarderne, men som er valgt og anvendt i overensstemmelse med bestemmelserne i IAS 8.
113.
Virksomheder skal i oversigten over væsentlig anvendt regnskabspraksis eller i en anden note oplyse om de vurderinger, ud over skønsmæssige vurderinger (jf. afsnit 116), ledelsen har foretaget som led i anvendelsen af virksomhedens regnskabspraksis, som har mest væsentlig indvirkning på de i årsregnskabet indregnede beløb.
114.
Som led i anvendelsen af virksomhedens regnskabspraksis foretager ledelsen forskellige vurderinger, ud over skønsmæssige vurderinger, som kan have væsentlig indvirkning på de i årsregnskabet indregnede beløb. Ledelsen foretager eksempelvis vurderinger i sin afgørelse af:
a)
hvorvidt finansielle aktiver er hold-til-udløb-investeringer,
b)
hvornår alle væsentlige risici og afkast tilknyttet ejendomsretten til finansielle aktiver og leasingaktiver overdrages til andre virksomheder,
c)
hvorvidt visse salg af varer i realiteten er finansieringsordninger og derfor ikke medfører omsætning, og
d)
hvorvidt forholdet mellem virksomheden og en særlig virksomhed (SPE) indikerer, at SPE’en er underlagt bestemmende indflydelse af virksomheden.
115.
Nogle af de oplysninger, der skal gives i overensstemmelse med afsnit 113, kræves i andre standarder. Eksempelvis kræver IAS 27, at en virksomhed oplyser om årsagerne til, at virksomhedens ejerandel ikke udgør bestemmende indflydelse, for så vidt angår en virksomhed, der er investeret i, men som ikke er en dattervirksomhed, selvom virksomheden ejer mere end halvdelen af stemmerettighederne eller de potentielle stemmerettigheder direkte eller indirekte gennem dattervirksomheder. I IAS 40 kræves oplysning om de kriterier, virksomheden har opstillet for at skelne investeringsejendomme fra domicilejendomme og ejendomme, som besiddes med videresalg for øje som led i det normale forretningsforløb, når klassifikation af ejendommen er vanskelig.
Primære kilder til skønsmæssig usikkerhed
116.
Virksomheder skal i noterne oplyse om primære forudsætninger for fremtiden samt andre primære kilder til skønsmæssig usikkerhed på balancedagen, som indebærer en betydelig risiko for at forårsage en væsentlig regulering af den regnskabsmæssige værdi af aktiver og forpligtelser inden for det næste regnskabsår. Noterne skal, for så vidt angår disse aktiver og forpligtelser, indeholde detaljerede oplysninger om:
a)
deres art og
b)
deres regnskabsmæssige værdi på balancedagen.
117.
Ved opgørelsen af den regnskabsmæssige værdi af visse aktiver og forpligtelser kræves et skøn over, hvordan usikre fremtidige begivenheder påvirker disse aktiver og forpligtelser på balancedagen. Hvor der eksempelvis ikke findes aktuelle oplysninger om markedspriser til måling af fremtidige aktiver og forpligtelser, er det nødvendigt at foretage fremtidsorienterede skøn for at måle genindvindingsværdien for kategorier af materielle anlægsaktiver, virkningen af teknologisk forældelse af varebeholdninger, hensatte forpligtelser som afhænger af det fremtidige resultat af en igangværende retssag, samt forpligtelser vedrørende langsigtede personaleydelser, såsom pensionsforpligtelser. Disse skøn indebærer forudsætninger vedrørende forhold såsom regulering for risiko i pengestrømme eller anvendte diskonteringssatser, fremtidige ændringer i lønninger og fremtidige ændringer i priser, som påvirker andre omkostninger.
118.
De primære forudsætninger og andre primære kilder til skønsmæssig usikkerhed, som skal oplyses i overensstemmelse med afsnit 116, knytter sig til de skøn, som kræver ledelsens sværeste og mest subjektive eller komplicerede vurderinger. I takt med at antallet af variabler og forudsætninger, som kan påvirke den mulige fremtidige afklaring af usikkerhedsfaktorerne, stiger, bliver ledelsens vurderinger stadigt mere subjektive og komplicerede, og risikoen for, at dette medfører en væsentlig regulering af den regnskabsmæssige værdi af aktiver og forpligtelser vil normalt stige tilsvarende.
119.
De oplysninger der kræves i henhold til afsnit 116, gælder ikke for aktiver og forpligtelser, som indebærer en væsentlig risiko for, at deres regnskabsmæssige værdi ændrer sig væsentligt inden for det næste regnskabsår, hvis de på balancedagen måles til dagsværdi på grundlag af aktuelle oplysninger om markedspriser (deres dagsværdi kan ændre sig væsentligt inden for det næste regnskabsår, men disse ændringer vil ikke opstå som følge af forudsætninger eller andre kilder til skønsmæssig usikkerhed på balancedagen).
120.
Oplysningerne i afsnit 116 skal præsenteres på en måde, som hjælper regnskabsbrugerne til en forståelse af ledelsens vurderinger vedrørende fremtiden samt andre primære kilder til skønsmæssig usikkerhed. Arten og omfanget af oplysningerne afhænger af arten af forudsætningerne og andre forhold. Som eksempler på oplysninger kan nævnes:
a)
arten af forudsætningen eller anden skønsmæssig usikkerhed,
b)
de regnskabsmæssige værdiers følsomhed over for de metoder, forudsætninger og skøn, der ligger til grund for beregningen af værdierne, herunder årsagerne til denne følsomhed,
c)
den forventede afklaring af en usikkerhed samt angivelse af, hvilke mulige resultater, der med rimelighed kan forventes inden for det næste regnskabsår, for så vidt angår de regnskabsmæssige værdier af berørte aktiver og forpligtelser, og
d)
en redegørelse for ændringer af tidligere forudsætninger i relation til disse aktiver og forpligtelser, hvis usikkerheden ikke er blevet afklaret.
121.
Der stilles ikke noget krav om information om budgetter eller fremskrivninger i forbindelse med de i afsnit 116 krævede oplysninger.
122.
Hvis det er praktisk umuligt at oplyse omfanget af de mulige virkninger af primære forudsætninger eller andre kilder til skønsmæssig usikkerhed på balancedagen, skal virksomheden oplyse, at det på grundlag af aktuel viden er rimeligt sandsynligt, at resultater inden for det næste regnskabsår, som er i uoverensstemmelse med forudsætningerne, kan nødvendiggøre en væsentlig regulering i den regnskabsmæssige værdi af det berørte aktiv eller den berørte forpligtelse. Under alle omstændigheder skal virksomheden oplyse arten og den regnskabsmæssige værdi af det specifikke aktiv eller den specifikke forpligtelse (eller kategori af aktiver eller forpligtelser), som påvirkes af forudsætningen.
123.
De i afsnit 113 anførte oplysninger om visse vurderinger foretaget af ledelsen som led i anvendelsen af virksomhedens regnskabspraksis vedrører ikke de oplysninger om primære kilder til skønsmæssig usikkerhed, der er anført i afsnit 116.
124.
Nogle af de primære forudsætninger, som ellers ville blive krævet oplyst i overensstemmelse med afsnit 116, kræves oplyst af andre standarder. IAS 37 kræver eksempelvis i visse tilfælde oplysning om væsentlige forudsætninger vedrørende fremtidige begivenheder, som påvirker kategorier af hensatte forpligtelser. IAS 7 kræver oplysning om væsentlige forudsætninger ved skøn over dagsværdien af finansielle aktiver og finansielle forpligtelser, som er indregnet til dagsværdien. IAS 16 kræver oplysning om væsentlige forudsætninger ved skøn over dagsværdien af omvurderede materielle anlægsaktiver.
Kapital
124A
En virksomhed skal give oplysninger, som gør det muligt for brugere af virksomhedens årsregnskab at vurdere virksomhedens mål med, politikker og procedurer for kapitalstyring.
124B
For at overholde afsnit 124A skal virksomheden oplyse følgende:
a)
kvalitative informationer om dens mål med, politikker og procedurer for kapitalstyring, herunder (men ikke begrænset til):
i)
en beskrivelse af, hvad den forvalter som kapital,
ii)
hvornår en virksomhed er underlagt eksterne kapitalkrav, arten af disse krav samt hvordan kravene er indarbejdet i kapitalstyringen, og
iii)
hvordan den opfylder sine mål for kapitalstyring.
b)
kvantitative data i oversigtsform om, hvad der omfattes af virksomhedens kapitalstyring. Nogle virksomheder anser visse finansielle forpligtelser (eksempelvis visse former for efterstillet gæld) som en del af kapitalen. Andre virksomheder udelukker visse egenkapitalelementer fra deres definition af kapital (eksempelvis elementer hidrørende fra sikring af pengestrømme).
c)
eventuelle ændringer i a) og b) i forhold til det foregående regnskabsår.
d)
om den har overholdt eventuelle eksterne kapitalkrav, som den er underlagt, i regnskabsåret.
e)
hvis virksomheden ikke har overholdt sådanne eksterne kapitalkrav, følgerne af denne manglende overholdelse.
Disse oplysninger baseres på de informationer, der gives internt til nøglepersoner i virksomhedens ledelse.
124C
En virksomhed kan foretage kapitalstyring på en række forskellige måder og være underlagt en række forskellige kapitalkrav. Et konglomerat kan eksempelvis omfatte virksomheder, der udøver forsikrings- og bankvirksomhed, og sådanne virksomheder kan også operere i mange forskellige jurisdiktioner. Hvis en samlet oplysning om kapitalkrav og forvaltningen af kapitalen ikke giver nyttig information eller forvansker en regnskabsbrugers forståelse af virksomhedens kapitalberedskab, skal virksomheden give særskilt oplysning om hvert enkelt kapitalkrav, der gælder for virksomheden.
Andre oplysninger
125.
Virksomheden skal i noterne oplyse:
a)
den beløbsmæssige størrelse af udbytte, som er foreslået eller uddelt, før årsregnskabet godkendes til offentliggørelse, men som ikke er indregnet som udlodning til indehavere af egenkapital i løbet af regnskabsåret, samt det dermed forbundne beløb pr. aktie, og
b)
den beløbsmæssige størrelse af eventuelt kumulativt præferenceudbytte, som ikke er indregnet.
126.
Virksomheder skal give oplysninger om følgende, hvis oplysning herom ikke er givet andetsteds i materiale offentliggjort sammen med årsregnskabet:
a)
virksomhedens domicil og juridiske form, indregistreringsland og hjemsted (eller primære hovedforretningssted, hvis dette ikke er hjemstedet),
b)
en beskrivelse af virksomhedens drift og primære aktiviteter og
c)
navnet på modervirksomheden og koncernens øverste modervirksomhed.
IKRAFTTRÆDELSESTIDSPUNKT
127.
Virksomheder skal anvende denne standard for årsregnskaber, der dækker regnskabsår, som begynder 1. januar 2005 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender denne standard for regnskabsår, som begynder før 1. januar 2005, skal den give oplysning om dette.
127A
Virksomheder skal anvende ændringen i afsnit 96 på regnskabsår, der begynder 1. januar 2006 eller derefter. Hvis en virksomhed anvender ændringerne til IAS 19 Personaleydelser 
— Aktuarmæssige gevinster og tab, koncernplaner og oplysninger
 på et tidligere regnskabsår, finder ændringerne anvendelse på det tidligere regnskabsår.
127B
Virksomhederne skal anvende ændringerne i afsnit 124A–124C på regnskabsår, som begynder 1. januar 2007 eller derefter. Det tilskyndes, at ændringerne anvendes før dette tidspunkt.
OPHÆVELSE AF IAS 1 (AJOURFØRT 1997)
128.
Denne standard erstatter IAS 1 
Præsentation af årsregnskaber
 ajourført i 1997.
IAS 2
Varebeholdninger
FORMÅL
1.
Formålet med denne standard er at foreskrive den regnskabsmæssige behandling af varebeholdninger. Et afgørende forhold i den regnskabsmæssige behandling af varebeholdninger er, hvilke omkostninger, der skal indregnes som et aktiv og fremføres indtil den tilknyttede omsætning indregnes. Denne standard giver vejledning om opgørelsen af kostpris og den efterfølgende indregning heraf som omkostning, herunder nedskrivning til nettorealisationsværdi. Standarden giver ligeledes vejledning i de metoder, som benyttes ved fordeling af omkostninger på varebeholdninger.
ANVENDELSESOMRÅDE
2.
Denne standard finder anvendelse på alle varebeholdninger, med undtagelse af:
a)
igangværende arbejder i forbindelse med entreprisekontrakter, herunder direkte tilknyttede servicekontrakter (jf. IAS 11 
Entreprisekontrakter
),
b)
finansielle instrumenter (jf. IAS 39 
Finansielle instrumenter: Præsentation
 og IAS 39 
Finansielle instrumenter: Indregning og måling
) og
c)
biologiske aktiver tilknyttet landbrugsaktiviteter og landbrugsprodukter på høsttidspunktet (jf. IAS 41 
Landbrug
).
3.
Denne standard finder ikke anvendelse på måling af varebeholdninger, der besiddes af:
a)
producenter af landbrugs- og skovbrugsprodukter, landbrugsprodukter efter høst samt mineraler og mineralprodukter, i det omfang disse måles til nettorealisationsværdi i overensstemmelse med fast praksis i branchen. Når sådanne varebeholdninger måles til nettorealisationsværdi, indregnes ændringer i denne værdi i resultatet for det regnskabsår, hvor ændringen er sket.
b)
varemæglere, der måler deres varebeholdninger til dagsværdi fratrukket salgsomkostninger. Når sådanne varebeholdninger måles til dagsværdi fratrukket salgsomkostninger, indregnes ændringer i dagsværdien fratrukket salgsomkostninger i resultatet for det regnskabsår, hvor ændringen er sket.
4.
De i afsnit 3a) omhandlede varebeholdninger måles til nettorealisationsværdi på forskellige produktionsstadier. Dette sker eksempelvis, når landbrugsafgrøder er høstet, eller mineraler udvundet og salg deraf er sikret ved terminskontrakt eller statsgaranti, eller i situationer med et aktivt marked, hvor risikoen for ikke at kunne sælge er ubetydelig. Sådanne varebeholdninger ligger kun uden for målingskravene i denne standard.
5.
Varemæglere køber eller sælger varer for egen eller andres regning. De i afsnit 3b) omhandlede varebeholdninger anskaffes hovedsageligt med henblik på salg inden for en overskuelig fremtid og for at skabe en gevinst gennem udsving i pris eller mæglerens margin. Når sådanne varebeholdninger måles til dagsværdi fratrukket salgsomkostninger, ligger de kun uden for målingskravene i denne standard.
DEFINITIONER
6.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Varebeholdninger
 er aktiver:
a)
som besiddes til videresalg som led i det normale forretningsforløb,
b)
under fremstilling med henblik på et sådant salg, eller
c)
i form af råvarer og hjælpematerialer til brug i produktionsprocessen eller levering af tjenesteydelser.
Nettorealisationsværdi
 er den i det normale forretningsforløb skønnede salgspris med fradrag af skønnede færdiggørelsesomkostninger samt de omkostninger, som skønnes at være nødvendige for at effektuere salget.
Dagsværdi
 er det beløb, et aktiv kan omsættes til, eller en forpligtelse kan indfris til, ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter.
7.
Nettorealisationsværdi vedrører det nettobeløb, som en virksomhed forventer at realisere ved salg af varebeholdninger som led i det normale forretningsforløb. Dagsværdi er det beløb, som den samme varebeholdning kan omsættes til ved en handel mellem kvalificerede og villige købere og sælgere på markedet. Førstnævnte er en virksomhedsspecifik værdi, mens dette ikke gælder for sidstnævnte. Nettorealisationsværdi for varebeholdninger svarer ikke nødvendigvis til dagsværdi fratrukket salgsomkostninger.
8.
Varebeholdninger omfatter varer købt og i behold med videresalg for øje, herunder eksempelvis varer, der er købt af en detailhandler med videresalg for øje eller grunde og anden fast ejendom til videresalg. Varebeholdninger omfatter ligeledes egenproducerede færdigvarer eller varer under fremstilling, herunder råvarer og hjælpematerialer, som endnu ikke er anvendt i produktionsprocessen. Serviceudbyderes varebeholdninger omfatter kostprisen af tjenesteydelser, som beskrevet i afsnit 19, for hvilke virksomheden endnu ikke har indregnet den tilknyttede omsætning (jf. IAS 18 
Omsætning
).
MÅLING AF VAREBEHOLDNINGER
9.
Varebeholdninger skal måles til den laveste værdi af kostpris og nettorealisationsværdi.
Varebeholdningers kostpris
10.
Varebeholdningers kostpris skal omfatte alle købsomkostninger, forarbejdningsomkostninger samt andre omkostninger, som er afholdt for at bringe varebeholdningerne til deres aktuelle lokalitet og tilstand.
Kostpris for købte varer
11.
Ved køb af varebeholdninger udgøres købsprisen af kostprisen, importafgifter og andre afgifter (eksklusive afgifter, som virksomheden siden kan genindvinde fra skattemyndighederne) samt transport, ekspedition og andre omkostninger, der direkte er forbundet med anskaffelsen af færdigvarer, råvarer og tjenesteydelser. Forhandlerrabatter, dekorter og lignende fratrækkes ved opgørelsen af købsomkostningerne.
Forarbejdningsomkostninger
12.
Varebeholdningernes forarbejdningsomkostninger omfatter omkostninger direkte forbundet med produktionen af de enkelte enheder, eksempelvis direkte løn. De omfatter ligeledes en systematisk allokering af faste og variable indirekte produktionsomkostninger, der afholdes for at forarbejde råvarer til færdigvarer. Faste indirekte produktionsomkostninger er indirekte produktionsomkostninger, der er relativt upåvirkede af ændringer i produktionsomfang, såsom afskrivninger på og vedligeholdelse af fabriksbygninger og driftsmidler og omkostninger til produktionsledelse og administration. Variable indirekte produktionsomkostninger er de indirekte produktionsomkostninger, der påvirkes direkte eller tilnærmelsesvis direkte af produktionsomfanget, såsom indirekte materialer og indirekte løn.
13.
Allokering af faste indirekte produktionsomkostninger til forarbejdningsomkostninger baseres på produktionsanlæggets normale kapacitet. Produktionsanlæggets normale kapacitet er den forventede gennemsnitsproduktion over flere regnskabsår eller sæsoner under normale omstændigheder, idet der tages hensyn til tabt kapacitet som følge af planlagt vedligeholdelse. Det faktiske produktionsniveau kan anvendes, hvis det tilnærmelsesvis er lig den normale kapacitet. Den beløbsmæssige størrelse af faste indirekte produktionsomkostninger, der allokeres til hver produktionsenhed, forøges ikke som følge af lav produktion eller uudnyttet produktionsanlæg. Ikke-allokerede produktionsomkostninger indregnes som omkostning i det regnskabsår, de er afholdt. I regnskabsår med unormal stor produktion reduceres det beløb for faste indirekte produktionsomkostninger, der allokeres til hver produktionsenhed, således at varebeholdningerne ikke måles til et beløb højere end kostprisen. Variable produktionsomkostninger allokeres til hver produktionsenhed baseret på den faktiske udnyttelse af produktionsanlægget.
14.
En produktionsproces kan resultere i produktion af mere end et produkt ad gangen. Dette er eksempelvis tilfældet ved produktion af sideordnede produkter, eller når der produceres et hovedprodukt og et biprodukt. Når de enkelte produkters forarbejdningsomkostninger ikke kan identificeres fra hinanden, allokeres disse til produkterne på en rationel og ensartet måde. Allokeringen kan eksempelvis baseres på de enkelte produkters relative salgsværdi enten på det tidspunkt i produktionsprocessen, hvor produkterne kan identificeres fra hinanden, eller ved produktionens afslutning. De fleste biprodukter er i sagens natur uvæsentlige. Hvis dette er tilfældet, måles de ofte til nettorealisationsværdi, og denne værdi fratrækkes hovedproduktets kostpris. Dermed kommer den regnskabsmæssige værdi af hovedproduktet ikke til at adskille sig væsentligt fra kostprisen.
Andre omkostninger
15.
Andre omkostninger indregnes kun i varebeholdningers kostpris, i det omfang omkostningerne er afholdt for at bringe varebeholdningerne til deres aktuelle lokalitet og tilstand. Eksempelvis kan det være rimeligt at indregne indirekte omkostninger uden tilknytning til produktionen eller kundespecifikke omkostninger til produktdesign i varebeholdningernes kostpris.
16.
Som eksempler på omkostninger, som skal udelades fra varebeholdningers kostpris og indregnes som omkostning i det regnskabsår, de er afholdt, kan nævnes:
a)
unormalt højt spild af materialer, lønomkostninger eller andre produktionsomkostninger,
b)
lageromkostninger, medmindre disse er en nødvendig del af produktionsprocessen forud for en yderligere produktionsproces,
c)
administrationsomkostninger, som ikke medvirker til at bringe varebeholdningerne til deres aktuelle lokalitet og tilstand, og
d)
salgsomkostninger.
17.
I IAS 23 
Låneomkostninger
 angives særlige tilfælde, hvor låneomkostninger indregnes i varebeholdningers kostpris.
18.
En virksomhed kan anskaffe varebeholdninger på udskudte afregningsvilkår. Når aftalen i realiteten indeholder et finansieringselement, skal dette element, eksempelvis en forskel mellem købspris på normale kreditbetingelser og det betalte beløb, indregnes som en renteomkostning over finansieringsperioden.
Serviceudbyderes kostpris for varebeholdninger
19.
Serviceudbydere skal, i det omfang de har varebeholdninger, måle disse til produktionsomkostningerne. Disse omkostninger består primært af lønomkostninger og andre personaleomkostninger, som indgår direkte i leveringen af tjenesteydelsen, herunder tilsynsførende personale, samt henførbare indirekte produktionsomkostninger. Lønomkostninger og andre omkostninger i forbindelse med salg og almindeligt administrativt personale indregnes ikke i varebeholdningerne, men indregnes som omkostning i det regnskabsår, de er afholdt. En serviceudbyders kostpris for varebeholdninger omfatter ikke overskudsmarginer eller ikke-henførbare indirekte produktionsomkostninger, der ofte indbygges i de priser, som serviceudbydere beregner.
Kostpris for landbrugsprodukter høstet af biologiske aktiver
20.
I henhold til IAS 41 
Landbrug
 skal varebeholdninger bestående af landbrugsprodukter, som en virksomhed har høstet af sine biologiske aktiver, på tidspunktet for første indregning måles til dagsværdi med fradrag af skønnede salgsomkostninger på høsttidspunktet. Dette er kostprisen for varebeholdningerne på tidspunktet, hvor standarden tages i anvendelse.
Metoder til måling af kostpris
21.
Metoder som eksempelvis standardomkostningsmetoden eller salgsprismetoden kan anvendes som hjælpemidler til måling af varebeholdningers kostpris, hvis resultatet heraf tilnærmelsesvis svarer til kostpriserne. I standardomkostninger tages hensyn til det normale niveau af råvarer og hjælpematerialer, lønomkostninger, effektivitet og kapacitetsudnyttelse. Disse kontrolleres jævnligt og ajourføres om nødvendigt i henhold til de aktuelle forhold.
22.
Salgsprismetoden anvendes ofte i detailhandlen til måling af varebeholdninger bestående af et stort antal hurtigt udskiftede enheder med omtrent samme bruttoavance, hvor det ville være praktisk umuligt at anvende andre beregningsmetoder. Varebeholdningens kostpris opgøres ved at reducere salgsværdien med den relevante bruttoavanceprocent. Ved fastsættelsen af denne procentsats tages højde for varebeholdninger, hvis salgspris er nedsat til under den oprindelige salgspris. Der bruges ofte en gennemsnitlig procentsats for hver detailafdeling.
Metoder til beregning af kostpris
23.
Kostprisen for enheder, der ikke almindeligvis har flere anvendelsesmuligheder, samt varer eller tjenesteydelser, der er fremstillet og bestemt til konkrete projekter, skal fordeles på grundlag af en specifik identifikation af deres individuelle kostpris.
24.
Specifik identifikation af kostprisen betyder, at specifikke omkostninger henføres til identificerede vareenheder. Dette er den hensigtsmæssige behandling af vareenheder, som er bestemt til konkrete projekter, uanset om de er indkøbt eller produceret. Specifik identifikation er dog uhensigtsmæssig, når der er tale om et stort antal vareenheder, som normalt har flere anvendelsesmuligheder. I sådanne tilfælde kan udvælgelsen af de enheder, der er tilbage i varebeholdningen, foretages på en sådan måde, at der opnås en forudbestemt påvirkning af resultatet.
25.
Varebeholdningers kostpris skal, med undtagelse af de i afsnit 23 nævnte varebeholdninger, opgøres på grundlag af først ind-først ud (FIFO)-metoden eller den vejede gennemsnitsmetode. Virksomheder skal anvende den samme metode til beregning af kostprisen for alle varebeholdninger, hvis art og anvendelse i virksomheden er af ensartet karakter. For varebeholdninger af forskellig art eller anvendelse kan anvendelse af forskellige metoder til beregning af kostprisen være begrundet.
26.
Eksempelvis kan varebeholdninger, der anvendes i ét driftssegment, have en anvendelse i virksomheden, der er forskellig fra samme type varebeholdning, når den anvendes i et andet driftssegment. Forskelle i varebeholdningers geografiske placering (eller i de pågældende skatteregler) udgør dog ikke i sig selv tilstrækkelig begrundelse for anvendelse af forskellige metoder til beregning af kostprisen.
27.
Efter FIFO-metoden forudsættes det, at de først købte eller producerede vareenheder sælges først, således at varebeholdningen ved regnskabsårets slutning består af de senest indkøbte eller producerede. Efter den vejede gennemsnitsmetode bestemmes hver vareenheds kostpris ud fra det vejede gennemsnit af ensartede varers kostpris ved begyndelsen af regnskabsåret og kostprisen for ensartede vareenheder, som er indkøbt eller produceret i løbet af regnskabsåret. Gennemsnittet kan beregnes periodisk eller ved modtagelsen af hver yderligere leverance, alt efter den enkelte virksomheds forhold.
Nettorealisationsværdi
28.
Varebeholdningers kostpris er ikke nødvendigvis genindvindelig, hvis varebeholdningerne er beskadigede, helt eller delvist ukurante, eller hvis salgspriserne er faldet. Ligeledes er varebeholdningernes kostpris ikke nødvendigvis genindvindelig, hvis de skønnede færdiggørelsesomkostninger eller de skønnede omkostninger, som skal afholdes for at effektuere salget, er steget. Nedskrivning af varebeholdninger fra kostpris til nettorealisationsværdi er i overensstemmelse med det synspunkt, at aktiver ikke må indregnes til en højere værdi, end de forventes at ville indbringe ved salg eller anvendelse.
29.
Varebeholdninger nedskrives normalt til nettorealisationsværdi for hver vareenhed for sig. I visse tilfælde kan det dog være hensigtsmæssigt at gruppere ensartede eller beslægtede vareenheder. Dette kan være tilfældet med vareenheder inden for den samme produktgruppe, som har samme formål eller anvendelse i sidste ende, som produceres og markedsføres i det samme geografiske, og som i praksis ikke kan vurderes separat fra andre vareenheder inden for samme produktgruppe. Det er uhensigtsmæssigt at nedskrive varebeholdninger på grundlag af klassifikationen af varebeholdninger, eksempelvis færdigvarer, eller alle varebeholdninger inden for samme driftssegment. Serviceudbydere akkumulerer normalt omkostninger for hver tjenesteydelse, for hvilken der opkræves en separat salgspris. Derfor behandles hver tjenesteydelse separat.
30.
Skøn over nettorealisationsværdien baseres på den mest pålidelige information om den forventede realisationsværdi, der foreligger på det tidspunkt, hvor skønnet udøves. Ved et sådant skøn tages højde for udsving i priser og omkostninger, der er direkte tilknyttet begivenheder indtruffet efter regnskabsårets slutning, i det omfang disse begivenheder bekræfter forhold, der var til stede ved regnskabsårets slutning.
31.
Ved skøn over nettorealisationsværdien tages ligeledes højde for formålet med besiddelse af varebeholdningen. Eksempelvis baseres nettorealisationsværdien for varer, der besiddes for at opfylde bindende salgs- eller servicekontrakter, på kontraktprisen. Hvis salgskontrakterne omfatter mindre end varebeholdningen, baseres nettorealisationsværdien for den overskydende varebeholdning på de almindelige salgspriser. Hensatte forpligtelser kan opstå i forbindelse med bindende salgskontrakter, som overstiger virksomhedens varebeholdninger eller bindende købskontrakter. Sådanne hensatte forpligtelser behandles i IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
.
32.
Råvarer og andre hjælpematerialer, der besiddes med henblik på anvendelse i produktionen af varebeholdninger, nedskrives ikke til en lavere værdi end kostprisen, hvis de færdigvarer, i hvilke de skal indgå, forventes solgt til kostpris eller derover. Hvis et fald i materialepriserne indikerer, at kostprisen for færdigvarerne overstiger nettorealisationsværdien, nedskrives råvarerne dog til nettorealisationsværdien. I disse tilfælde kan råvarernes genanskaffelsesværdi være det bedste udtryk for disses nettorealisationsværdi.
33.
Et nyt skøn over nettorealisationsværdien foretages for hvert nyt regnskabsår. Når forhold, som tidligere har medført nedskrivninger af varebeholdninger til under kostpris, ikke længere eksisterer, eller når der er en klar indikation af en stigning i nettorealisationsværdi på grund af en ændring i de økonomiske forhold, tilbageføres det nedskrevne beløb (dvs. at tilbageførslen er begrænset til den beløbsmæssige størrelse af den oprindelige nedskrivning), således at den nye regnskabsmæssige værdi udgør den laveste værdi af kostpris og den ajourførte nettorealisationsværdi. Dette er eksempelvis tilfældet, når en vareenhed, som er indregnet til nettorealisationsværdi, fordi salgsprisen er faldet, stadig besiddes i et efterfølgende regnskabsår, og dennes salgspris er steget.
INDREGNING SOM OMKOSTNING
34.
Når varebeholdninger sælges, skal disses regnskabsmæssige værdi indregnes som omkostning i det regnskabsår, den tilknyttede omsætning indregnes. Nedskrivninger af varebeholdninger til nettorealisationsværdi og alle tab af varebeholdninger skal indregnes som omkostning i det regnskabsår, hvori nedskrivningen eller tabet opstår. Tilbageførsler af nedskrivninger på varebeholdninger som følge af en stigning i nettorealisationsværdien skal indregnes som en reduktion af den som omkostning indregnede varebeholdning i det regnskabsår, hvori tilbageførslen foretages.
35.
Visse varebeholdninger kan allokeres til andre aktivkonti, eksempelvis varebeholdninger, som anvendes som komponent i egenproducerede materielle anlægsaktiver. Varebeholdninger, der således allokeres til andre aktiver, indregnes som omkostning over det pågældende aktivs brugstid.
OPLYSNINGER
36.
I årsregnskabet skal følgende oplyses:
a)
den ved målingen af varebeholdninger anvendte regnskabspraksis, herunder den anvendte metode til beregning af kostpris,
b)
den samlede regnskabsmæssige værdi af varebeholdningerne samt den regnskabsmæssige værdi opdelt på en for virksomheden passende måde,
c)
den regnskabsmæssige værdi af varebeholdninger indregnet til dagsværdi fratrukket salgsomkostninger,
d)
den beløbsmæssige størrelse af varebeholdninger, som er indregnet som omkostning i regnskabsåret,
e)
den beløbsmæssige størrelse af nedskrivninger af varebeholdninger, der er indregnet som omkostning i regnskabsåret i overensstemmelse med afsnit 34,
f)
den beløbsmæssige størrelse af tilbageførte nedskrivninger, der er indregnet som en reduktion af den som omkostning indregnede varebeholdning i regnskabsåret i overensstemmelse med afsnit 34,
g)
de forhold eller begivenheder, som har medført tilbageførsel af en nedskrivning af varebeholdninger i overensstemmelse med afsnit 34, og
h)
den regnskabsmæssige værdi af varebeholdninger, der er stillet som sikkerhed for forpligtelser.
37.
Oplysning om den regnskabsmæssige værdi af forskellige klassifikationer af varebeholdninger samt omfanget af ændringer i disse aktiver er nyttige for regnskabsbrugere. Sædvanlige klassifikationer af varebeholdninger er handelsvarer, hjælpematerialer, råvarer, varer under fremstilling og færdigvarer. En serviceudbyders varebeholdninger kan beskrives som igangværende arbejder.
38.
Den beløbsmæssige størrelse af varebeholdninger, der er indregnet som omkostning i regnskabsåret, hvilket ofte kaldes vareforbrug, består af omkostninger, der tidligere er indregnet ved målingen af de varer, som nu er solgt, samt af ikke-allokerede indirekte produktionsomkostninger og af unormalt høje produktionsomkostninger. Alt efter virksomhedens forhold kan det også være relevant at indregne andre beløb, eksempelvis distributionsomkostninger.
39.
Visse virksomheder anvender en opstillingsform for resultatet, som medfører, at der oplyses andre beløb end kostprisen for varebeholdninger, der er indregnet som omkostning i regnskabsåret. Med denne opstilling præsenterer virksomheden en opgørelse af omkostninger klassificeret på grundlag af omkostningernes art. Her oplyses om indregnede omkostninger til råvarer og hjælpematerialer, lønomkostninger og andre omkostninger samt den beløbsmæssige størrelse af regnskabsårets nettoforskydning i varebeholdninger.
IKRAFTTRÆDELSESTIDSPUNKT
40.
Virksomheder skal anvende denne standard for årsregnskaber, der dækker regnskabsår, som begynder 1. januar 2005 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender denne standard for regnskabsår, som begynder før 1. januar 2005, skal den give oplysning om dette.
OPHÆVELSE AF ANDRE UDTALELSER
41.
Denne standard erstatter IAS 2 
Varebeholdninger
 (ajourført i 1993).
42.
Denne standard erstatter SIC-1 
Ensartethed — Forskellige metoder til beregning af varebeholdningers kostpris
.
IAS 7
Pengestrømsopgørelsen
FORMÅL
Information om virksomhedens pengestrømme giver regnskabsbrugeren et grundlag for vurdering af virksomhedens evne til at frembringe likvider og virksomhedens behov for at udnytte disse pengestrømme. De økonomiske beslutninger, der træffes af regnskabsbrugere, kræver en vurdering af virksomhedens evne til at frembringe likvider samt tidspunktet og sikkerheden for deres frembringelse.
Formålet med denne standard er at opstille krav om information vedrørende historiske ændringer af en virksomheds likvider i form af en pengestrømsopgørelse, hvori virksomhedens pengestrømme for regnskabsåret opdeles i henholdsvis drifts-, investerings- og finansieringsaktivitet.
ANVENDELSESOMRÅDE
1.
Virksomheder skal udarbejde en pengestrømsopgørelse i henhold til de i denne standard stillede krav og præsentere denne som en integreret del af årsregnskabet for hvert regnskabsår, hvor årsregnskaber præsenteres.
2.
Denne standard erstatter international regnskabsstandard IAS 7 
Opgørelse af ændringer i den finansielle stilling
, der blev godkendt i juli 1977.
3.
Brugere af en virksomheds årsregnskab er interesserede i at vide, hvordan virksomheden frembringer og anvender likvider. Dette gælder uanset hvilke aktiviteter virksomheden har, og uanset om likvide beholdninger kan anses som virksomhedens produkt, eksempelvis i finansielle institutioner. Alle virksomheder har behov for likvide beholdninger til stort set de samme formål, uanset hvor forskellige deres primære omsætningsskabende aktiviteter er. En virksomhed har behov for likvide beholdninger til at drive virksomheden, indfri forpligtelser og forrente investorernes kapital. Derfor kræves det i denne standard, at alle virksomheder udarbejder en pengestrømsopgørelse.
FORDELE VED OPLYSNING OM PENGESTRØMME
4.
Set i sammenhæng med resten af årsregnskabet giver pengestrømsopgørelsen oplysninger til brug ved vurderingen af ændringer i virksomhedens nettoaktiver, dens økonomiske struktur (herunder dens likviditet og solvens) og dens evne til at påvirke pengestrømmenes størrelse og tidspunktet for deres frembringelse for at tilpasse sig ændrende omstændigheder og muligheder. Informationer om pengestrømme er nyttige ved vurderingen af virksomhedens evne til at frembringe likvider og giver regnskabsbrugere mulighed for at udarbejde modeller til at vurdere og sammenligne nutidsværdien af forskellige virksomheders fremtidige pengestrømme. De medvirker ligeledes til at øge sammenligneligheden af forskellige virksomheders indtjening fra drift ved at eliminere virkningerne af forskellige regnskabsmæssige behandlinger af de samme transaktioner og begivenheder.
5.
Historiske informationer om pengestrømme benyttes ofte som udtryk for størrelsen af samt for tidspunktet og sikkerheden for fremtidige pengestrømme. De er også et godt redskab til at kontrollere korrektheden af tidligere vurderinger af fremtidige pengestrømme samt til at undersøge sammenhængen mellem lønsomhed og nettopengestrømme og virkningerne af varierende priser.
DEFINITIONER
6.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Likvide beholdninger
 omfatter kontanter og anfordringsindskud i pengeinstitutter.
Likvide værdipapirer
 er kortfristede, meget likvide værdipapirer, som umiddelbart kan konverteres til kendte beløb i likvide beholdninger, og hvorpå der kun er en ubetydelig risiko for værdiændringer.
Pengestrømme
 er pengestrømme til og fra virksomheden.
Driftsaktivitet
 er virksomhedens primære omsætningsskabende aktiviteter samt andre aktiviteter, der ikke er investerings- eller finansieringsaktiviteter.
Investeringsaktivitet
 er anskaffelse og afhændelse af anlægsaktiver og andre investeringer, der ikke indgår i likvide værdipapirer.
Finansieringsaktivitet
 er aktiviteter, der medfører ændringer i størrelsen og sammensætningen af virksomhedens kapitalindskud og lån.
Likvider
7.
Formålet med at have likvide værdipapirer er at indfri kortfristede betalingsforpligtelser snarere end at foretage investeringer eller lignende. Hvis et værdipapir skal indregnes som et likvidt værdipapir, skal dette umiddelbart kunne omsættes til et kendt beløb i likvide beholdninger og have en ubetydelig risiko for værdiændring. Derfor vil et værdipapir normalt kun kunne indregnes som et likvidt værdipapir, hvis det har en kort restløbetid, eksempelvis 3 måneder eller mindre fra anskaffelsestidspunktet. Kapitalandele inkluderes ikke som likvide værdipapirer, medmindre de reelt er likvide værdipapirer, eksempelvis præferenceaktier med en kort restløbetid på overtagelsestidspunktet og en fast indløsningsdato.
8.
Banklån betragtes som udgangspunkt som værende finansieringsaktivitet. I visse lande indgår kassekreditter, der skal tilbagebetales på anfordring, dog som en integreret del af virksomhedens likviditetsstyring. I sådanne tilfælde indregnes kassekreditter som et element af likvider. Sådanne bankaftaler er kendetegnet ved, at kontoens saldo ofte svinger mellem at være positiv og negativ.
9.
Pengestrømme omfatter ikke bevægelser mellem poster som udgør likvide beholdninger eller likvide værdipapirer, idet disse elementer indgår i virksomhedens likviditetsstyring snarere end i dens drifts-, investerings- og finansieringsaktivitet. Likviditetsstyring omfatter investering af overskydende likvide beholdninger i likvide værdipapirer.
PRÆSENTATION AF PENGESTRØMSOPGØRELSEN
10.
Pengestrømsopgørelsen skal vise regnskabsårets pengestrømme opdelt i drifts-, investerings- og finansieringsaktivitet.
11.
Virksomheden præsenterer sine pengestrømme fra drifts-, investerings- og finansieringsaktivitet på den for virksomheden mest passende måde. Denne klassifikation i aktiviteter giver regnskabsbrugere mulighed for at vurdere aktiviteternes virkning på virksomhedens finansielle stilling og størrelsen af sine likvider. Disse oplysninger kan også bruges til at bedømme sammenhængen mellem aktiviteterne.
12.
En enkelt transaktion kan omfatte pengestrømme som klassificeres forskelligt. Når eksempelvis kontant indfrielse af et lån omfatter renter såvel som hovedstol, kan renteelementet betegnes som driftsaktivitet, mens hovedstolelementet kan betegnes som finansieringsaktivitet.
Driftsaktivitet
13.
Omfanget af pengestrømme fra driftsaktivitet er en vigtig indikator for, hvorvidt virksomhedens drift har frembragt tilstrækkelige pengestrømme til at tilbagebetale lån, vedligeholde virksomhedens drift, udbetale udbytte og foretage nye investeringer uden at skulle fremskaffe fremmedkapital. Oplysninger om de specifikke elementer af historiske pengestrømme fra driftsaktivitet kan sammen med andre oplysninger være nyttige ved fremskrivningen af fremtidige pengestrømme fra driftsaktivitet.
14.
Pengestrømme fra driftsaktivitet er hovedsagelig afledt af virksomhedens primære omsætningsskabende aktivitet. Således stammer de som hovedregel fra transaktioner og andre begivenheder, som indgår i opgørelsen af årets resultat. Pengestrømme fra driftsaktivitet kan eksempelvis omfatte:
a)
indbetalinger fra salg af varer og tjenesteydelser,
b)
indbetalinger fra royalties, honorarer, provisioner og anden omsætning,
c)
udbetalinger til leverandører af varer og tjenesteydelser,
d)
udbetalinger til og vedrørende ansatte,
e)
forsikringsselskabers ind- og udbetalinger vedrørende præmier, skadesanmeldelser, annuiteter og andre forsikringsydelser,
f)
udbetalinger eller tilbagebetalinger af indkomstskatter, medmindre disse kan henføres direkte til finansierings- eller investeringsaktivitet, og
g)
ind- og udbetalinger vedrørende kontrakter indgået med handel for øje.
Visse transaktioner, eksempelvis salg af produktionsudstyr, kan medføre en gevinst eller et tab, som indregnes ved opgørelsen af årets resultat. Dog indgår pengestrømme vedrørende sådanne transaktioner i pengestrømme fra investeringsaktivitet.
15.
Virksomheden kan have en beholdning af værdipapirer og lån med handel for øje, som i så fald kan sidestilles med varebeholdninger anskaffet med videresalg for øje. Derfor klassificeres pengestrømme fra køb og salg af sådanne værdipapirer som driftsaktivitet. Ligeledes klassificeres finansielle institutioners udlån normalt som driftsaktivitet, idet de vedrører virksomhedens primære omsætningsskabende aktivitet.
Investeringsaktivitet
16.
Separat oplysning om pengestrømme fra investeringsaktivitet er vigtig, fordi disse pengestrømme er et udtryk for, hvor mange omkostninger, virksomheden har haft til ressourcer beregnet til frembringelse af fremtidige indtægter og pengestrømme. Pengestrømme fra investeringsaktivitet kan eksempelvis omfatte:
a)
udbetalinger til anskaffelse af materielle anlægsaktiver, immaterielle aktiver og andre anlægsaktiver. Disse omfatter udbetalinger vedrørende aktiverede udviklingsomkostninger og egenproducerede materielle anlægsaktiver,
b)
indbetalinger fra salg af materielle anlægsaktiver, immaterielle aktiver og andre anlægsaktiver,
c)
udbetalinger til anskaffelse af andre virksomheders egenkapital- eller gældsinstrumenter og kapitalandele i joint ventures (bortset fra udbetalinger vedrørende instrumenter, der anses for at være likvide værdipapirer eller instrumenter, der besiddes med handel for øje),
d)
indbetalinger fra salg af andre virksomheders egenkapital- eller gældsinstrumenter og kapitalandele i joint ventures (bortset fra indbetalinger vedrørende instrumenter, der anses for at være likvide værdipapirer eller instrumenter, der besiddes med handel for øje),
e)
udlån til andre (bortset fra udlån foretaget af finansielle institutioner),
f)
indbetalinger fra tilbagebetaling af udlån til andre (bortset fra udlån foretaget af finansielle institutioner),
g)
betalinger til futures, terminskontrakter, optioner og swap-kontrakter, bortset fra tilfælde, hvor disse er anskaffet med handel for øje, eller hvis udbetalingerne klassificeres som finansieringsaktivitet, og
h)
betalinger fra futures, terminskontrakter, optioner og swap-kontrakter, bortset fra tilfælde, hvor disse er anskaffet med handel for øje, eller hvis indbetalingerne klassificeres som finansieringsaktivitet.
Hvis en kontrakt regnskabsmæssigt behandles som en sikring af en identificerbar position, klassificeres pengestrømme vedrørende kontrakten på samme måde som pengestrømme vedrørende den sikrede position.
Finansieringsaktivitet
17.
Separat oplysning om pengestrømme fra finansieringsaktivitet er vigtig, fordi dette er nyttigt ved forudsigelsen af fremtidige krav om pengestrømme fra indskydere af kapital i virksomheden. Pengestrømme fra finansieringsaktivitet kan eksempelvis omfatte:
a)
indbetalinger fra udstedelse af aktier eller andre egenkapitalinstrumenter,
b)
udbetalinger til aktionærer til anskaffelse eller indløsning af virksomhedens aktier,
c)
indbetalinger fra udstedelse af obligationer, lån, gældsbreve, prioritetsforpligtelser og anden kort- eller langfristet låntagning,
d)
tilbagebetaling af lån, og
e)
udbetalinger fra leasingtager til reduktion af den udestående forpligtelse vedrørende en finansiel leasingkontrakt.
VISNING AF PENGESTRØMME FRA DRIFTSAKTIVITET
18.
Virksomheden skal vise pengestrømme fra driftsaktivitet ved enten:
a)
direkte præsentation, som giver oplysning om væsentlige kategorier af bruttoind- og udbetalinger, eller
b)
indirekte præsentation, hvor årets resultat reguleres for virkningen af transaktioner, som ikke har medført ind- og udbetalinger, udskydelse eller periodisering af tidligere eller fremtidige ind- eller udbetalinger vedrørende driftsaktivitet samt indtægter og omkostninger forbundet med investerings- eller finansieringspengestrømme.
19.
Virksomheder tilskyndes til at benytte direkte præsentation af pengestrømme fra driftsaktivitet. Ved brug af direkte præsentation fremkommer oplysninger, der kan være nyttige ved vurderingen af fremtidige pengestrømme, som ikke fremkommer ved brug af indirekte præsentation. Ved direkte præsentation kan oplysninger om væsentlige bruttoind- og udbetalinger indhentes enten:
a)
fra virksomhedens registreringer, eller
b)
ved regulering af omsætning, vareforbrug (renter og lignende indtægter samt renteomkostninger og lignende omkostninger i en finansiel institution) og andre poster i resultatopgørelsen for:
i)
regnskabsårets ændringer i varebeholdninger samt tilgodehavender og forpligtelser vedrørende driften,
ii)
andre poster, der ikke har medført ind- eller udbetalinger, og
iii)
andre poster, hvis ind- og udbetalinger indgår under investerings- eller finansieringspengestrømme.
20.
Ved indirekte præsentation opgøres nettopengestrømme fra driftsaktivitet ved regulering af årets resultat for virkningen af:
a)
regnskabsårets ændringer i varebeholdninger samt tilgodehavender og forpligtelser vedrørende driften,
b)
poster, der ikke har medført ind- eller udbetalinger, eksempelvis afskrivninger, hensatte forpligtelser, udskudt skat, urealiserede valutakursgevinster og –tab, ikke-udloddet overskud fra associerede virksomheder og minoritetsinteresser, og
c)
alle andre poster, hvis ind- og udbetalinger indgår under investerings- eller finansieringspengestrømme.
Alternativt kan nettopengestrømme fra driftsaktivitet præsenteres indirekte ved at vise omsætning og omkostninger indregnet i årsregnskabet samt regnskabsårets ændringer i varebeholdninger og tilgodehavender og forpligtelser vedrørende driften.
PRÆSENTATION AF PENGESTRØMME FRA INVESTERINGS- OG FINANSIERINGSAKTIVITET
21.
Virksomheden skal separat præsentere væsentlige bruttoind- og udbetalinger som følge af investerings- og finansieringsaktivitet, undtagen i det omfang de i afsnit 22 og 24 beskrevne pengestrømme præsenteres som nettobeløb.
PRÆSENTATION AF PENGESTRØMME SOM NETTOBELØB
22.
Pengestrømme fra følgende drifts-, investerings- og finansieringsaktiviteter kan præsenteres som nettobeløb:
a)
ind- og udbetalinger vedrørende kunder, når pengestrømmene henhører under kundens aktiviteter og ikke virksomhedens, og
b)
ind- og udbetalinger vedrørende poster, der er let omsættelige, omfatter store beløb og har en kort løbetid.
23.
De i afsnit 22a) nævnte ind- og udbetalinger kan eksempelvis omfatte:
a)
pengeinstitutters modtagelse og tilbagebetaling af indlån på anfordringskonti,
b)
midler deponeret på vegne af kunder af investeringsvirksomheder, og
c)
opkrævning og overførsel af lejeindtægt til ejere af ejendomme.
De i afsnit 22b) nævnte ind- og udbetalinger kan eksempelvis omfatte udlån og tilbagebetaling vedrørende:
a)
hovedstolen på kreditkortlån,
b)
anskaffelse og afhændelse af investeringer, og
c)
andre kortfristede lån, eksempelvis lån med en restløbetid på tre måneder eller mindre.
24.
Pengestrømme fra følgende aktiviteter i finansielle institutioner kan præsenteres som nettobeløb:
a)
ind- og udbetalinger vedrørende modtagelse og tilbagebetaling af indlån med et fast udløbstidspunkt,
b)
indskud og hævninger hos andre finansielle institutioner, og
c)
udlån til kunder og tilbagebetaling af disse.
PENGESTRØMME I FREMMED VALUTA
25.
Pengestrømme fra transaktioner i fremmed valuta skal indregnes i virksomhedens funktionelle valuta ved omregning af beløb i fremmed valuta til den på betalingsdagen gældende valutakurs mellem den funktionelle valuta og den fremmede valuta.
26.
Pengestrømme i udenlandske dattervirksomheder skal omregnes til de på betalingsdagene gældende valutakurser mellem den funktionelle valuta og den fremmede valuta.
27.
Pengestrømme i fremmed valuta skal præsenteres i overensstemmelse med IAS 21 
Valutaomregning
. I henhold til bestemmelserne heri kan en tilnærmet valutakurs anvendes. Eksempelvis kan en vejet gennemsnitskurs for en periode anvendes til indregning af transaktioner i fremmed valuta eller omregning af pengestrømme i udenlandske dattervirksomheder. Det er dog ikke tilladt i henhold til IAS 21 at anvende balancedagens kurs til omregning af pengestrømme i udenlandske dattervirksomheder.
28.
Urealiserede kursgevinster og -tab vedrørende valutakursændringer er ikke pengestrømme. Virkningen af valutakursændringer på likvider, der besiddes eller er forfaldne i fremmed valuta, skal dog præsenteres i pengestrømsopgørelsen til brug ved afstemning af likvider ved regnskabsårets begyndelse og slutning. Beløbet skal præsenteres separat fra pengestrømme fra drifts-, investerings- og finansieringsaktivitet og inkluderer en eventuel forskel, hvis pengestrømmene var blevet præsenteret til balancedagens kurser.
29.
[Ophævet]
30.
[Ophævet]
RENTER OG UDBYTTE
31.
Pengestrømme fra modtagne og betalte renter og modtaget eller udbetalt udbytte skal præsenteres som separate poster. Disse skal klassificeres på en ensartet måde fra regnskabsår til regnskabsår som enten drifts-, investerings- eller finansieringsaktivitet.
32.
Det samlede beløb for rentebetalinger i et regnskabsår oplyses i pengestrømsopgørelsen, hvad enten det er indregnet som omkostning i resultatopgørelsen eller aktiveret i overensstemmelse med den tilladte alternative behandling i IAS 23 
Låneomkostninger
.
33.
Rentebetalinger og modtagne renter og udbytte klassificeres normalt som pengestrømme fra driftsaktivitet for finansielle institutioner. Der er dog ikke opnået enighed om klassifikation af disse pengestrømme for andre typer virksomheder. Rentebetalinger og modtagne renter og udbytte kan klassificeres som pengestrømme fra driftsaktivitet, fordi de indgår ved opgørelsen af årets resultat. Alternativt kan rentebetalinger og modtagne renter og udbytte klassificeres som pengestrømme fra henholdsvis finansieringsaktivitet og investeringsaktivitet, fordi de betragtes som omkostninger til fremskaffelse af økonomiske ressourcer eller afkast af investeringer.
34.
Udbetalt udbytte kan klassificeres som finansieringsaktivitet, fordi det betragtes som en omkostning til frembringelse af økonomiske ressourcer. Alternativt kan udbetalt udbytte klassificeres som en del af pengestrømme fra driftsaktivitet, for at hjælpe regnskabsbrugerne ved vurderingen af virksomhedens evne til at udbetale udbytte fra pengestrømme fra driftsaktivitet.
INDKOMSTSKATTER
35.
Pengestrømme vedrørende indkomstskatter skal præsenteres separat og klassificeres som pengestrømme fra driftsaktivitet, medmindre de specifikt kan henføres til finansierings- eller investeringsaktivitet.
36.
Indkomstskattebetalinger opstår i forbindelse med transaktioner, som medfører pengestrømme, der kan klassificeres som drifts-, investerings- eller finansieringsaktivitet i pengestrømsopgørelsen. Selv om en skatteomkostning let kan allokeres til investerings- eller finansieringsaktivitet, kan det ofte være praktisk umuligt at indregne de tilhørende skattemæssige pengestrømme, som kan opstå i et andet regnskabsår end pengestrømmene fra den underliggende transaktion. Derfor klassificeres skattebetalinger normalt som pengestrømme fra driftsaktivitet. Når det er muligt at henføre skattemæssige pengestrømme til en specifik transaktion, der medfører pengestrømme klassificeret som investerings- eller finansieringsaktivitet, klassificeres den skattemæssige pengestrøm dog som henholdsvis investerings- eller finansieringsaktivitet. Når skattemæssige pengestrømme allokeres til mere end én aktivitetstype, oplyses det samlede beløb af betalte skatter.
INVESTERINGER I DATTERVIRKSOMHEDER, ASSOCIEREDE VIRKSOMHEDER OG JOINT VENTURES
37.
Ved den regnskabsmæssige behandling af investeringer i associerede virksomheder eller dattervirksomheder efter den indre værdis metode eller kostprismetoden indregner investor i pengestrømsopgørelsen alene pengestrømme mellem investor og den virksomhed, der er investeret i, eksempelvis udbytte og udlån.
38.
Ved en virksomheds præsentation af kapitalandele i en fælles kontrolleret virksomhed (jf. IAS 31 
Kapitalandele i joint ventures
) ved anvendelse af pro rata-konsolidering indregnes den forholdsmæssige andel af den fælles kontrollerede virksomheds pengestrømme i koncernpengestrømsopgørelsen. Ved en virksomheds præsentation af sådanne kapitalandele efter den indre værdis metode indregnes pengestrømme vedrørende investeringen i den fælles kontrollerede virksomhed samt udlodninger og andre ud- og indbetalinger mellem virksomheden og den fælles kontrollerede virksomhed i virksomhedens pengestrømsopgørelse.
OVERTAGELSE OG AFHÆNDELSE AF DATTERVIRKSOMHEDER OG ANDRE FORRETNINGSENHEDER
39.
De samlede pengestrømme fra overtagelse og afhændelse af dattervirksomheder og andre forretningsenheder skal præsenteres separat og klassificeres som investeringsaktivitet.
40.
For henholdsvis regnskabsårets samlede overtagelser og afhændelser af dattervirksomheder og andre forretningsenheder skal virksomheden oplyse følgende:
a)
samlet købs- eller afhændelsespris,
b)
andelen af købs- eller afhændelsespris betalt i form af likvider,
c)
likvider i de overtagne eller afhændede dattervirksomheder eller forretningsenheder, og
d)
andre aktiver og forpligtelser end likvider i overtagne eller afhændede dattervirksomheder eller forretningsenheder, specificeret i hovedgrupper.
41.
Præsentation af virkningen af pengestrømme ved overtagelse og afhændelse af dattervirksomheder og andre forretningsenheder som en separat post, sammen med den separate præsentation af de samlede anskaffede eller afhændede aktiver og forpligtelser, medvirker til at gøre det muligt at adskille disse pengestrømme fra pengestrømme fra andre drifts-, investerings- og finansieringsaktiviteter. Virkningen af pengestrømme fra afhændelser fratrækkes ikke virkningen af pengestrømme fra anskaffelser.
42.
De samlede ind- og udbetalinger vedrørende købs- eller afhændelsespris præsenteres i pengestrømsopgørelsen med fradrag af anskaffede eller afhændede likvider.
IKKE-LIKVIDE TRANSAKTIONER
43.
Investerings- og finansieringstransaktioner, der ikke kræver anvendelse af likvider, må ikke indregnes i pengestrømsopgørelsen. Sådanne transaktioner skal oplyses andetsteds i årsregnskabet på en sådan måde, at alle relevante oplysninger om disse investerings- og finansieringsaktiviteter fremkommer.
44.
Mange investerings- og finansieringsaktiviteter har ikke en direkte virkning på de aktuelle pengestrømme, selv om de påvirker virksomhedens kapital- og aktivstruktur. Udeholdelse af ikke-likvide transaktioner fra pengestrømsopgørelsen er i overensstemmelse med formålet med pengestrømsopgørelsen, da sådanne poster ikke medfører pengestrømme i det aktuelle regnskabsår. Ikke-likvide transaktioner omfatter eksempelvis:
a)
anskaffelse af aktiver enten ved påtagelse af direkte forbundne forpligtelser eller ved en finansiel leasingkontrakt,
b)
overtagelse af en virksomhed ved kapitaludvidelse, og
c)
konvertering af gæld til egenkapital.
LIKVIDERS ELEMENTER
45.
Virksomheder skal give oplysning om likvidernes elementer og præsentere en afstemning af beløbene i pengestrømsopgørelsen til de tilsvarende balanceposter.
46.
På baggrund af forskelligartet praksis i likviditetsstyring og bankaftaler rundt om i verden og for at være i overensstemmelse med IAS 1 
Præsentation af årsregnskaber
 skal virksomheder give oplysning om den anvendte regnskabspraksis ved opgørelsen af likviders elementer.
47.
Virkningen af ændringer i anvendt regnskabspraksis ved opgørelsen af likviders elementer, eksempelvis ændring af klassifikationen af finansielle instrumenter, som før har været anset som en del af virksomhedens investeringsportefølje, præsenteres i henhold til IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
.
ANDRE OPLYSNINGER
48.
Virksomheden skal give oplysning om, samt ledelsens kommentarer til, eventuelle beløb for likvider, der besiddes af virksomheden, men ikke er til rådighed for koncernen.
49.
Under forskellige omstændigheder vil en virksomheds likvider ikke være til rådighed for koncernen. Eksempler herpå kan være likvider i en dattervirksomhed med aktiviteter i et land, hvor valutarestriktioner eller andre lovmæssige restriktioner er gældende, så likvider ikke er til fri disposition for modervirksomheden eller andre dattervirksomheder.
50.
Supplerende oplysninger kan være relevante for regnskabsbrugernes forståelse af virksomhedens finansielle stilling og likviditet. Standarden tilskynder virksomheder til at give sådanne oplysninger sammen med ledelsens kommentarer. Sådanne oplysninger kan eksempelvis omfatte:
a)
uudnyttede lånefaciliteter til rådighed for fremtidig driftsaktivitet samt til indfrielse af investeringsforpligtelser, med angivelse af restriktioner vedrørende disse faciliteters anvendelse,
b)
de samlede pengestrømme fra henholdsvis drifts-, investerings- og finansieringsaktivitet vedrørende kapitalandele i joint ventures, præsenteret ved anvendelse af pro rata-konsolidering,
c)
de samlede pengestrømme, som repræsenterer en forøgelse af driftskapaciteten, separat fra de pengestrømme, som er nødvendige for vedligeholdelse af driftskapaciteten, og
d)
pengestrømme fra drifts-, investerings- og finansieringsaktivitet i hvert præsentationspligtige segment (jf. IFRS 8 
Driftssegmenter
).
51.
Separat oplysning om pengestrømme, som repræsenterer en forøgelse af driftskapaciteten, og pengestrømme, som er nødvendige for vedligeholdelse af driftskapaciteten, er nyttig for regnskabsbrugeres vurdering af, hvorvidt virksomheden investerer tilstrækkeligt i vedligeholdelse af driftskapaciteten. En virksomhed, der ikke investerer tilstrækkeligt i vedligeholdelse af sin driftskapacitet, kan skade den fremtidige lønsomhed til fordel for den aktuelle likviditet og udlodning til aktionærer.
52.
Oplysning om pengestrømme i segmenter giver regnskabsbrugere en bedre forståelse af forholdet mellem pengestrømme i virksomheden som helhed og i dens enkelte dele samt tilgængeligheden af og udsving i pengestrømme i segmenter.
IKRAFTTRÆDELSESTIDSPUNKT
53.
Denne standard træder i kraft for årsregnskaber, der dækker regnskabsår, som begynder den 1. januar 1994 eller senere.
IAS 8
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
FORMÅL
1.
Formålet med denne standard er at foreskrive kriterier for valg og ændring af regnskabspraksis samt for den regnskabsmæssige behandling af og oplysning om ændringer i regnskabspraksis, ændringer i regnskabsmæssige skøn og korrektion af fejl. Standarden har til hensigt at forbedre relevansen af og pålideligheden i virksomheders årsregnskaber samt årsregnskabernes sammenlignelighed over en årrække og i forhold til andre virksomheders årsregnskaber.
2.
Oplysningskrav vedrørende regnskabspraksis, bortset fra oplysninger om ændringer i regnskabspraksis, er angivet i IAS 1 
Præsentation af årsregnskaber
.
ANVENDELSESOMRÅDE
3.
Denne standard finder anvendelse på valg og anvendelse af regnskabspraksis og på regnskabsmæssig behandling af ændringer i regnskabspraksis, ændringer i regnskabsmæssige skøn og korrektion af fejl vedrørende tidligere regnskabsår.
4.
De skattemæssige virkninger af korrektion af fejl vedrørende tidligere regnskabsår og af reguleringer med tilbagevirkende kraft med henblik på at gennemføre ændringer i anvendt regnskabspraksis behandles og oplyses i overensstemmelse med IAS 12 
Indkomstskatter
.
DEFINITIONER
5.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Anvendt regnskabspraksis
 er de specifikke principper, grundlag, konventioner, regler samt den praksis, der anvendes af en virksomhed ved udarbejdelsen og præsentationen af årsregnskabet.
En 
ændring i et regnskabsmæssigt skøn
 er en regulering i den regnskabsmæssige værdi af et aktiv eller en forpligtelse eller den beløbsmæssige størrelse af det periodiske forbrug af et aktiv, som hidrører fra en vurdering af den nuværende status samt de forventede fremtidige fordele og forpligtelser tilknyttet aktiver og forpligtelser. Ændringer i regnskabsmæssige skøn hidrører fra ny information eller en ny udvikling og skal derfor ikke anses for korrektion af fejl.
Internationale regnskabsstandarder (IFRS)
 er standarder og fortolkningsbidrag tiltrådt af International Accounting Standards Board (IASB). Disse omfatter følgende:
a)
IFRS,
b)
IAS, og
c)
fortolkningsbidrag, som kommer fra International Financial Reporting Interpretations Committee (IFRIC) eller den tidligere Standing Interpretations Committee (SIC).
Væsentlig
 Udeladelser eller fejlagtige oplysninger vedrørende poster anses for væsentlige, hvis disse hver for sig eller tilsammen kan have indflydelse på regnskabsbrugeres økonomiske beslutninger truffet på grundlag af årsregnskabet. Væsentlighed afhænger af udeladelsens eller den fejlagtige oplysnings størrelse og art vurderet ud fra de forhold, der gør sig gældende. Postens art eller størrelse eller en kombination af begge kan være den afgørende faktor.
Fejl vedrørende tidligere regnskabsår
 er udeladelser og fejlagtige oplysninger i virksomhedens årsregnskaber for et eller flere tidligere regnskabsår, som skyldes manglende eller forkert brug af pålidelige oplysninger, som:
a)
var tilgængelige, da årsregnskaberne for disse regnskabsår blev godkendt til offentliggørelse, og
b)
med rimelighed kunne forventes at være blevet indhentet og taget i betragtning ved udarbejdelsen og præsentationen af de pågældende årsregnskaber.
Sådanne fejl kan eksempelvis skyldes regnefejl, forkert anvendelse af regnskabspraksis, forglemmelser, misfortolkninger og besvigelser.
Anvendelse med tilbagevirkende kraft
 er anvendelse af en ny regnskabspraksis for transaktioner og andre begivenheder og forhold, som havde denne regnskabspraksis altid været anvendt.
Tilpasning med tilbagevirkende kraft
 er korrektion af indregning, måling og oplysning af den beløbsmæssige størrelse af elementer i årsregnskabets, som om fejl vedrørende tidligere regnskabsår aldrig havde eksisteret.
Praktisk umuligt
 Overholdelsen af et krav er praktisk umulig, når virksomheden efter at have foretaget alt, hvad der med rimelighed kan forventes, stadig ikke kan overholde kravet. Det er praktisk umuligt at anvende en ændring i anvendt regnskabspraksis med tilbagevirkende kraft for et bestemt regnskabsår eller at foretage en tilpasning med tilbagevirkende kraft for at korrigere en fejl, hvis:
a)
virkningerne af anvendelse eller tilpasning med tilbagevirkende kraft ikke kan opgøres,
b)
anvendelse eller tilpasning med tilbagevirkende kraft kræver et skøn over, hvad ledelsens hensigt ville have været i det pågældende regnskabsår, eller
c)
anvendelse eller tilpasning med tilbagevirkende kraft kræver væsentlige skøn over beløb, og det er umuligt at skelne objektivt mellem information om disse skøn, som
i)
dokumenterer omstændigheder, som eksisterede på det/de tidspunkt(er), hvor beløbene skal indregnes, måles eller oplyses, og
ii)
ville have været tilgængelig, da årsregnskabet for det tidligere regnskabsår blev godkendt til offentliggørelse,
og anden information.
Fremadrettet anvendelse
 af en ændring i anvendt regnskabspraksis og af indregningen af virkningen af en ændring i et regnskabsmæssigt skøn omfatter:
a)
anvendelse af den nye regnskabspraksis på transaktioner og andre begivenheder og forhold, som er opstået efter tidspunktet for ændringen af den anvendte regnskabspraksis, og
b)
indregning af virkningen af en ændring i det regnskabsmæssige skøn i det aktuelle og de fremtidige regnskabsår, som påvirkes af ændringen.
6.
Vurderingen af hvorvidt en udeladelse eller fejlagtig oplysning kunne have indflydelse på regnskabsbrugernes økonomiske beslutningstagen, og dermed skal anses for væsentlig, skal ske ud fra en vurdering af regnskabsbrugernes egenskaber. I 
Begrebsramme for udarbejdelse og præsentation af årsregnskaber
 forudsættes det i afsnit 25, at »regnskabsbrugere har et rimeligt kendskab til forretningsmæssige og økonomiske forhold og regnskabsvæsen samt vilje til at studere oplysningerne med rimelig omhu«. Der skal derfor i vurderingen tages hensyn til, hvordan regnskabsbrugere med disse egenskaber med rimelighed kan forventes at lade sig påvirke i deres økonomiske beslutningstagen.
REGNSKABSPRAKSIS
Valg og anvendelse af regnskabspraksis
7.
Når en standard eller et fortolkningsbidrag finder specifik anvendelse på bestemte transaktioner eller andre begivenheder eller forhold, skal det på baggrund af standarden eller fortolkningsbidraget og IASB s relevante implementeringsvejledninger for standarden eller fortolkningsbidraget afgøres, hvilken regnskabspraksis, der skal anvendes for den pågældende post.
8.
I IFRS-standarderne beskrives regnskabspraksis, som ifølge IASB medfører årsregnskaber, der indeholder relevant og pålidelig information om de transaktioner og andre begivenheder og forhold, de finder anvendelse på. Denne regnskabspraksis skal ikke nødvendigvis anvendes, når virkningen af anvendelsen vil være uvæsentlig. Det er imidlertid uhensigtsmæssigt at foretage eller undlade at korrigere uvæsentlige afvigelser fra IFRS-standarderne for at opnå en bestemt fremstilling af virksomhedens finansielle stilling, indtjening eller pengestrømme.
9.
IASB's implementeringsvejledninger for standarder er ikke en del af disse standarder og indeholder således ikke krav vedrørende årsregnskaber.
10.
Hvor der ikke findes en standard eller et fortolkningsbidrag, som finder specifik anvendelse på bestemte transaktioner eller andre begivenheder eller forhold, skal der på baggrund af ledelsens vurdering udvikles og anvendes en regnskabspraksis, som fører til oplysninger, der er:
a)
relevante for regnskabsbrugernes behov for økonomisk beslutningstagen, og
b)
pålidelige, dvs. årsregnskaberne:
i)
giver et troværdigt billede af virksomhedens finansielle stilling, indtjening og pengestrømme,
ii)
afspejler den økonomiske realitet bag transaktioner og andre begivenheder og forhold og ikke kun den juridiske form,
iii)
er neutrale, dvs. fri for tendentiøse påvirkninger,
iv)
er forsigtige, og
v)
i al væsentlighed er fuldstændige.
11.
Når ledelsen foretager de i afsnit 10 beskrevne vurderinger, skal den henvise til og overveje anvendeligheden af følgende kilder i prioriteret rækkefølge:
a)
krav og vejledning i standarder og fortolkningsbidrag, der omhandler lignende forhold, og
b)
definitioner, indregningskriterier og målingsbegreber for aktiver, forpligtelser, indtægter og omkostninger i 
Begrebsrammen.
12.
Når ledelsen foretager den i afsnit 10 beskrevne vurdering, kan den desuden tage højde for de seneste udtalelser fra andre standardudstedende organisationer, som anvender en lignende begrebsramme til udarbejdelse af regnskabsstandarder, samt anden regnskabsrelevant litteratur og anerkendt praksis for branchen, i det omfang dette ikke er i uoverensstemmelse med de i afsnit 11 anførte kilder.
Ensartethed i anvendt regnskabspraksis
13.
Virksomheder skal vælge og anvende regnskabspraksis ensartet for ensartede transaktioner og andre begivenheder og forhold, medmindre en standard eller et fortolkningsbidrag specifikt kræver eller tillader kategorisering af poster, hvor det kan være hensigtsmæssigt at anvende forskellig regnskabspraksis. Hvis en standard eller et fortolkningsbidrag kræver eller tillader en sådan kategorisering, skal der vælges en hensigtsmæssig regnskabspraksis, som anvendes ensartet for hver kategori.
Ændringer i anvendt regnskabspraksis
14.
Virksomheder skal kun ændre den anvendte regnskabspraksis, hvis ændringen:
a)
kræves i henhold til en standard eller et fortolkningsbidrag, eller
b)
medfører årsregnskaber, der giver pålidelige og mere relevante oplysninger om virkningerne af transaktioner eller andre begivenheder eller forhold på virksomhedens finansielle stilling, indtjening og pengestrømme.
15.
Regnskabsbrugerne skal kunne sammenligne en virksomheds årsregnskaber over en årrække for at kunne fastslå udviklingstendenser i virksomhedens finansielle stilling, indtjening og pengestrømme. Virksomheden skal derfor anvende samme regnskabspraksis inden for hvert regnskabsår og fra et regnskabsår til et andet, medmindre en ændring i regnskabspraksis opfylder et af kriterierne i afsnit 14.
16.
Følgende punkter udgør ikke ændringer i anvendt regnskabspraksis:
a)
anvendelse af en regnskabspraksis for transaktioner eller andre begivenheder eller forhold, hvis indhold afviger fra tidligere transaktioner, begivenheder eller forhold, og
b)
anvendelse af en ny regnskabspraksis for transaktioner eller andre begivenheder eller forhold, som ikke er forekommet før, eller som før har været uvæsentlige.
17.
Førstegangsanvendelse af en regnskabspraksis til omvurdering af aktiver i overensstemmelse med IAS 16 
Materielle anlægsaktiver
 eller IAS 38 
Immaterielle aktiver
 anses som en ændring i anvendt regnskabspraksis, der skal behandles som en omvurdering i overensstemmelse med IAS 16 eller IAS 38 og ikke i overensstemmelse med denne standard.
18.
Afsnit 19-31 finder ikke anvendelse på den i afsnit 17 anførte ændring i anvendt regnskabspraksis.
Anvendelse af ændringer i anvendt regnskabspraksis
19.
I henhold til afsnit 23:
a)
skal en virksomheds regnskabsmæssige behandling af en ændring i anvendt regnskabspraksis, som hidrører fra førstegangsanvendelse af en standard eller et fortolkningsbidrag, være i overensstemmelse med eventuelle specifikke overgangsbestemmelser i standarden eller fortolkningsbidraget, og
b)
skal en virksomhed, når den ændrer en anvendt regnskabspraksis efter førstegangsanvendelse af en standard eller et fortolkningsbidrag, som ikke indeholder specifikke overgangsbestemmelser for den pågældende ændring, eller når den frivilligt ændrer en regnskabspraksis, gennemføre ændringen med tilbagevirkende kraft.
20.
For så vidt angår denne standard, anses tidligere anvendelse af en standard eller et fortolkningsbidrag ikke for en frivillig ændring i anvendt regnskabspraksis.
21.
Hvor der ikke findes en standard eller et fortolkningsbidrag, som finder specifik anvendelse på bestemte transaktioner eller andre begivenheder eller forhold, kan ledelsen i overensstemmelse med afsnit 12 anvende en regnskabspraksis, som er angivet i de seneste udtalelser fra andre standardudstedende organisationer, som anvender en lignende begrebsramme ved udarbejdelse af regnskabsstandarder. Hvis virksomheden efter en ændring i en sådan udtalelse vælger at foretage en ændring af en regnskabspraksis, skal denne ændring oplyses og behandles regnskabsmæssigt som en frivillig ændring i anvendt regnskabspraksis.
Anvendelse med tilbagevirkende kraft
22.
I henhold til afsnit 23 skal en virksomhed, hvis en ændring i regnskabspraksis anvendes med tilbagevirkende kraft i overensstemmelse med afsnit 19a) eller b), regulere primo i hvert egenkapitalelement, der påvirkes af ændringen, for det første præsenterede tidligere regnskabsår samt for de andre sammenligningstal, der er oplyst for hvert præsenterede tidligere regnskabsår, som havde den nye regnskabspraksis altid været anvendt.
Begrænsninger af anvendelse med tilbagevirkende kraft
23.
Når der i afsnit 19a) eller b) kræves anvendelse med tilbagevirkende kraft, skal en ændring i anvendt regnskabspraksis gennemføres med tilbagevirkende kraft, undtagen når det er praktisk umuligt at afgøre enten virkningerne vedrørende et bestemt regnskabsår eller den samlede virkning af ændringen.
24.
Når det er praktisk umuligt at afgøre virkningerne vedrørende et bestemt regnskabsår af ændringer i anvendt regnskabspraksis på sammenligningstallene for et eller flere præsenterede tidligere regnskabsår, skal virksomheden anvende den nye regnskabspraksis for den regnskabsmæssige værdi af aktiver og forpligtelser ved begyndelsen af det første regnskabsår, hvor anvendelse med tilbagevirkende kraft er praktisk mulig, hvilket kan være det aktuelle regnskabsår, samt foretage en tilsvarende regulering primo i hvert egenkapitalelement, der påvirkes af ændringen, for det pågældende regnskabsår.
25.
Når det ved begyndelsen af det aktuelle regnskabsår er praktisk umuligt at afgøre den samlede virkning af anvendelsen af en ny regnskabspraksis på alle tidligere regnskabsår, skal virksomheden regulere sammenligningstallene for at anvende den nye regnskabspraksis fremadrettet fra den tidligste dato, hvor det er praktisk muligt.
26.
Når en virksomhed anvender en ny regnskabspraksis med tilbagevirkende kraft, skal virksomheden anvende den nye regnskabspraksis på sammenligningstal for tidligere regnskabsår så langt tilbage, som det er praktisk muligt. Anvendelse med tilbagevirkende kraft for et tidligere regnskabsår er ikke praktisk mulig, medmindre det er praktisk muligt at afgøre den samlede virkning på beløb både i åbningsbalancen og i ultimobalancen for det pågældende regnskabsår. Den beløbsmæssige størrelse af den deraf følgende regulering vedrørende regnskabsår, som ligger forud for de i årsregnskabet præsenterede regnskabsår, indregnes primo i hvert egenkapitalelement, der påvirkes af ændringen, i det første præsenterede tidligere regnskabsår. Reguleringen foretages normalt i overført resultat. Reguleringen kan imidlertid foretages i et andet egenkapitalelement (eksempelvis med henblik på overensstemmelse med en standard eller et fortolkningsbidrag). Andre oplysninger vedrørende tidligere regnskabsår, eksempelvis historiske sammendrag af økonomiske data, tilpasses ligeledes så langt tilbage, som det er praktisk muligt.
27.
Når det er praktisk umuligt for en virksomhed at anvende en ny regnskabspraksis med tilbagevirkende kraft, fordi virksomheden ikke kan afgøre den samlede virkning af at anvende denne regnskabspraksis på alle tidligere regnskabsår, skal virksomheden i overensstemmelse med afsnit 25 anvende den nye regnskabspraksis fremadrettet fra begyndelsen af det første regnskabsår, hvor dette er praktisk muligt. Virksomheden skal således se bort fra den del af den samlede regulering af aktiver, forpligtelser og egenkapital, som er opstået før denne dato. Det er tilladt at ændre regnskabspraksis, selvom det er praktisk umuligt at anvende denne regnskabspraksis fremadrettet for alle tidligere regnskabsår. Afsnit 50-53 indeholder vejledning i, hvornår det er praktisk umuligt at anvende en ny regnskabspraksis for et eller flere regnskabsår.
Oplysningspligt
28.
Når førstegangsanvendelse af en standard eller et fortolkningsbidrag enten påvirker det aktuelle regnskabsår eller et tidligere regnskabsår, eller ville påvirke et aktuelt eller tidligere regnskabsår, bortset fra, at det er praktisk umuligt at opgøre den beløbsmæssige størrelse af reguleringen eller kan påvirke fremtidige regnskabsår, skal virksomheden oplyse:
a)
navnet på standarden eller fortolkningsbidraget,
b)
at ændringen i anvendt regnskabspraksis er foretaget i overensstemmelse med overgangsbestemmelserne, hvor dette er relevant,
c)
arten af ændringen i anvendt regnskabspraksis,
d)
en beskrivelse af overgangsbestemmelserne, hvor dette er relevant,
e)
overgangsbestemmelser, som kan påvirke fremtidige regnskabsår, hvor dette er relevant,
f)
for det aktuelle regnskabsår og for hvert af de præsenterede tidligere regnskabsår, i det omfang det er praktisk muligt, den beløbsmæssige størrelse af reguleringen:
i)
for hver af årsregnskabets poster, som påvirkes af korrektionen, og
ii)
for indtjening og udvandet indtjening pr. aktie, hvis IAS 33 
Indtjening pr. aktie
 finder anvendelse på virksomheden,
g)
den beløbsmæssige størrelse af reguleringen for regnskabsår, som ligger forud for de præsenterede regnskabsår, i det omfang det er praktisk muligt, og
h)
såfremt anvendelse med tilbagevirkende kraft som krævet i afsnit 19a) eller b) er praktisk umulig for et bestemt tidligere regnskabsår eller for regnskabsår, som ligger forud for de præsenterede regnskabsår, skal virksomheden oplyse om de omstændigheder, der førte til dette forhold, samt give en beskrivelse af, hvordan og fra hvornår ændringen i regnskabspraksis er gennemført.
Årsregnskaber for efterfølgende regnskabsår skal ikke nødvendigvis gentage disse oplysninger.
29.
Når en frivillig ændring i en anvendt regnskabspraksis enten påvirker det aktuelle regnskabsår eller et tidligere regnskabsår, eller ville påvirke et aktuelt eller tidligere regnskabsår, bortset fra at det er praktisk umuligt at afgøre den beløbsmæssige størrelse af reguleringen eller kan påvirke fremtidige regnskabsår, skal virksomheden oplyse:
a)
arten af ændringen i anvendt regnskabspraksis,
b)
årsagen til, at den nye anvendte regnskabspraksis giver pålidelig og mere relevant information,
c)
for det aktuelle regnskabsår og for hvert af de præsenterede tidligere regnskabsår, i det omfang det er praktisk muligt, den beløbsmæssige størrelse af reguleringen:
i)
for hver af årsregnskabets poster, som påvirkes af korrektionen, og
ii)
for indtjening og udvandet indtjening pr. aktie, hvis IAS 33 finder anvendelse på virksomheden,
d)
den beløbsmæssige størrelse af reguleringen for regnskabsår, som ligger forud for de præsenterede regnskabsår, i det omfang det er praktisk muligt, og
e)
såfremt anvendelse med tilbagevirkende kraft er praktisk umulig for et bestemt tidligere regnskabsår eller for regnskabsår, som ligger forud for de præsenterede regnskabsår, skal virksomheden oplyse om de omstændigheder, der førte til dette forhold, samt give en beskrivelse af, hvordan og fra hvornår ændringen i regnskabspraksis er gennemført.
Årsregnskaber for efterfølgende regnskabsår skal ikke nødvendigvis gentage disse oplysninger.
30.
Når en virksomhed ikke har anvendt en ny standard eller et fortolkningsbidrag, som er udgivet, men endnu ikke er trådt i kraft, skal virksomheden oplyse:
a)
dette forhold, og
b)
information, som er kendt eller kan gøres til genstand for et rimeligt skøn, og som er relevant for en vurdering af den mulige virkning, anvendelsen af en ny standard eller et nyt fortolkningsbidrag vil have på virksomhedens årsregnskab i det regnskabsår, hvor anvendelsen finder sted for første gang.
31.
I overensstemmelse med afsnit 30 skal virksomheden oplyse:
a)
navnet på den nye standard eller det nye fortolkningsbidrag,
b)
arten af den eller de forestående ændring(er) i anvendt regnskabspraksis,
c)
den dato, hvor anvendelse af standarden eller fortolkningsbidraget kræves påbegyndt,
d)
den dato, hvor virksomheden planlægger at anvende standarden eller fortolkningsbidraget for første gang, og
e)
enten:
i)
en drøftelse af den virkning førstegangsanvendelse af standarden eller fortolkningsbidraget kan forventes at have på virksomhedens årsregnskab, eller
ii)
i det omfang denne virkning ikke kendes eller kan gøres til genstand for et rimeligt skøn, en angivelse heraf.
ÆNDRINGER I REGNSKABSMÆSSIGE SKØN
32.
Idet udøvelsen af forretningsaktiviteter er forbundet med usikkerhed, kan mange regnskabsposter ikke måles med sikkerhed, men kan kun skønnes. Sådanne skøn omfatter vurderinger på baggrund af de seneste pålidelige oplysninger, der er tilgængelige. Der kan eksempelvis stilles krav om skøn vedrørende:
a)
forventede tab på tilgodehavender,
b)
ukurante varebeholdninger,
c)
dagsværdien af finansielle aktiver eller finansielle forpligtelser,
d)
brugstid eller forventet forbrugsmønster for fremtidige økonomiske fordele tilknyttet afskrivningsberettigede aktiver, og
e)
garantiforpligtelser.
33.
Anvendelse af rimelige skøn er en vigtig del af udarbejdelsen af årsregnskaber og påvirker ikke disses pålidelighed.
34.
Det kan være nødvendigt at ændre tidligere foretagne skøn på grund af ændringer af de forhold, der lå til grund for skønnet, eller på grundlag af nye fremkomne oplysninger eller større erfaring. I kraft af deres natur vedrører ændringer af skøn ikke tidligere regnskabsår og anses ikke for korrektion af fejl.
35.
En ændring i det anvendte målingsgrundlag anses for en ændring i anvendt regnskabspraksis og ikke en ændring i et regnskabsmæssigt skøn. Når det er vanskeligt at skelne mellem en ændring i anvendt regnskabspraksis og en ændring i et regnskabsmæssigt skøn, skal ændringen behandles som en ændring i et regnskabsmæssigt skøn.
36.
Virkningen af en ændring i et regnskabsmæssigt skøn, bortset fra ændringer, som falder under afsnit 37, skal indregnes fremadrettet ved indregning i årets resultat i:
a)
det regnskabsår, hvor ændringen finder sted, når ændringen kun vedrører dette regnskabsår, eller
b)
det regnskabsår, hvor ændringen finder sted, samt fremtidige regnskabsår, når ændringen vedrører begge.
37.
I det omfang en ændring i et regnskabsmæssigt skøn giver anledning til ændringer i aktiver og forpligtelser, eller knytter sig til en egenkapitalpost, skal ændringen indregnes ved at regulere den regnskabsmæssige værdi af det aktiv eller den forpligtelse eller egenkapitalpost, hvortil den knytter sig, i det regnskabsår, hvor ændringen finder sted.
38.
Fremadrettet indregning af virkningen af en ændring i et regnskabsmæssigt skøn indebærer, at ændringen anvendes for transaktioner og andre begivenheder og forhold fra det tidspunkt, hvor ændringen i skønnet er foretaget. En ændring i et regnskabsmæssigt skøn kan påvirke resultatet for det aktuelle regnskabsår eller resultatet for både det aktuelle og fremtidige regnskabsår. Eksempelvis påvirker en ændring i skønnet over størrelsen af forventede tab på tilgodehavender kun resultatet for det aktuelle regnskabsår og indregnes derfor i det aktuelle regnskabsår. Derimod påvirker en ændring i den forventede brugstid eller det forventede forbrugsmønster for de fremtidige økonomiske fordele tilknyttet et afskrivningsberettiget aktiv afskrivninger for det aktuelle regnskabsår samt for alle fremtidige regnskabsår i aktivets resterende brugstid. I begge tilfælde indregnes virkningen af ændringen vedrørende det aktuelle regnskabsår som omkostning eller indtægt i dette regnskabsår. Den eventuelle virkning på fremtidige regnskabsår indregnes som omkostning eller indtægt i disse fremtidige regnskabsår.
Oplysningspligt
39.
Virksomheder skal oplyse om arten og størrelsen af en ændring i et regnskabsmæssigt skøn, som påvirker det aktuelle regnskabsår, eller som forventes at påvirke fremtidige regnskabsår, bortset fra oplysninger om virkningen på fremtidige regnskabsår, når det er praktisk umuligt at foretage et skøn over denne virkning.
40.
Hvis den beløbsmæssige størrelse af virkningen på fremtidige regnskabsår ikke oplyses, fordi det er praktisk umuligt at foretage et sådant skøn, skal virksomheden oplyse dette.
FEJL
41.
Der kan opstå fejl i forbindelse med indregning, måling, præsentation eller oplysning af årsregnskabets elementer. Årsregnskaber, som indeholder enten væsentlige fejl eller uvæsentlige fejl, som er foretaget bevidst for at opnå en bestemt fremstilling af virksomhedens finansielle stilling, indtjening eller pengestrømme, er ikke i overensstemmelse med IFRS-standarderne. Potentielle fejl vedrørende det aktuelle regnskabsår, som bliver opdaget i løbet regnskabsåret, skal korrigeres, inden årsregnskabet godkendes til offentliggørelse. Undertiden opdages væsentlige fejl imidlertid først i et efterfølgende regnskabsår. I så fald korrigeres disse fejl vedrørende tidligere regnskabsår i de i årsregnskabet for det efterfølgende regnskabsår præsenterede sammenligningstal (jf. afsnit 42-47).
42.
I henhold til afsnit 43 skal en virksomhed korrigere væsentlige fejl vedrørende tidligere regnskabsår med tilbagevirkende kraft i det første årsregnskab, der godkendes til offentliggørelse, efter fejlen er opdaget, ved at:
a)
tilpasse sammenligningstal for det eller de præsenterede tidligere regnskabsår, hvor fejlen forekommer, eller
b)
tilpasse primosaldi for aktiver, forpligtelser og egenkapital for det første præsenterede tidligere regnskabsår, hvis fejlen er opstået før det første præsenterede tidligere regnskabsår.
Begrænsninger af tilpasning med tilbagevirkende kraft
43.
En fejl vedrørende tidligere regnskabsår skal korrigeres ved tilpasning med tilbagevirkende kraft, undtagen når det er praktisk umuligt at opgøre enten virkningerne vedrørende et bestemt regnskabsår eller den samlede virkning af fejlen.
44.
Når det er praktisk umuligt at afgøre virkningerne vedrørende et bestemt regnskabsår af en fejl på sammenligningstallene for et eller flere præsenterede tidligere regnskabsår, skal virksomheden tilpasse primosaldi af aktiver, forpligtelser og egenkapital for det første regnskabsår, hvor det er praktisk muligt at foretage tilpasning (hvilket kan være det aktuelle regnskabsår).
45.
Når det ved begyndelsen af det aktuelle regnskabsår er praktisk umuligt at afgøre den samlede virkning af en fejl på alle tidligere regnskabsår, skal virksomheden tilpasse sammenligningstallene for at korrigere fejlen fremadrettet fra den tidligste dato, hvor det er praktisk muligt.
46.
Korrektionen af en fejl vedrørende et tidligere regnskabsår udelades fra resultatet for det regnskabsår, hvor fejlen blev opdaget. Andre præsenterede oplysninger vedrørende tidligere regnskabsår, herunder historiske sammendrag af økonomiske data, tilpasses så langt tilbage, som det er praktisk muligt.
47.
Når det er praktisk umuligt at afgøre den beløbsmæssige størrelse af en fejl (eksempelvis en fejl i anvendelse af regnskabspraksis) for alle tidligere regnskabsår, skal virksomheden i overensstemmelse med afsnit 45 tilpasse sammenligningstallene fremadrettet fra det tidligste tidspunkt, hvor dette er praktisk muligt. Virksomheden skal således se bort fra den del af den samlede tilpasning af aktiver, forpligtelser og egenkapital, som er opstået før denne dato. Afsnit 50-53 indeholder vejledning i, hvornår det er praktisk umuligt at korrigere en fejl for et eller flere regnskabsår.
48.
Der skelnes mellem korrektion af fejl og ændringer i regnskabsmæssige skøn. Regnskabsmæssige skøn er af art tilnærmede tal, som det kan være nødvendigt at ændre, når supplerende oplysninger fremkommer. Eksempelvis anses gevinst eller et tab på en eventualpost ikke som korrektion af en fejl.
Oplysning om fejl vedrørende tidligere regnskabsår
49.
I overensstemmelse med afsnit 42, skal virksomheder oplyse følgende:
a)
arten af fejl vedrørende tidligere regnskabsår,
b)
for hvert af de præsenterede tidligere regnskabsår, i det omfang det er praktisk muligt, den beløbsmæssige størrelse af korrektionen:
i)
for hver af årsregnskabets poster, som påvirkes af korrektionen, og
ii)
for indtjening og udvandet indtjening pr. aktie, hvis IAS 33 finder anvendelse på virksomheden,
c)
den beløbsmæssige størrelse af korrektionen ved begyndelsen af det første præsenterede tidligere regnskabsår, og
d)
såfremt tilpasning med tilbagevirkende kraft er praktisk umulig for et bestemt tidligere regnskabsår, de omstændigheder, der førte til dette forhold, samt give en beskrivelse af, hvordan og fra hvornår fejlen er korrigeret.
Årsregnskaber for efterfølgende regnskabsår skal ikke nødvendigvis gentage disse oplysninger.
PRAKTISK UMULIGHED VEDRØRENDE ANVENDELSE MED TILBAGEVIRKENDE KRAFT OG TILPASNING MED TILBAGEVIRKENDE KRAFT
50.
I nogle tilfælde er det praktisk umuligt at regulere sammenligningstal for et eller flere tidligere regnskabsår for at opnå sammenlignelighed med det aktuelle regnskabsår. Eksempelvis er informationer måske ikke blevet indsamlet i det eller de tidligere regnskabsår på en måde, som muliggør enten anvendelse af ny regnskabspraksis med tilbagevirkende kraft (herunder, for så vidt angår afsnit 51-53, fremadrettet anvendelse for tidligere regnskabsår) eller tilpasning med tilbagevirkende kraft for at korrigere en fejl vedrørende et tidligere regnskabsår, og det kan være praktisk umuligt at genskabe disse informationer.
51.
Det er ofte nødvendigt at foretage skøn ved anvendelse af regnskabspraksis på de af årsregnskabets elementer, der er indregnet eller oplyst som følge af transaktioner og andre begivenheder eller forhold. Skøn er pr. definition subjektive, og de kan udarbejdes efter balancedagen. Udarbejdelsen af et skøn kan være mere vanskelig, når der anvendes en regnskabspraksis med tilbagevirkende kraft eller en fejl vedrørende tidligere regnskabsår tilpasses med tilbagevirkende kraft, fordi der kan være gået længere tid, efter at de berørte transaktioner eller andre begivenheder eller forhold fandt sted. Formålet med de skøn, der knytter sig til tidligere regnskabsår, er imidlertid stadig det samme som formålet med de skøn, der foretages i det aktuelle regnskabsår, nemlig at afspejle de forhold, der gjorde sig gældende på tidspunktet for de pågældende transaktioner eller andre begivenheder eller forhold.
52.
Ved anvendelse af en ny regnskabspraksis med tilbagevirkende kraft eller korrektion af en fejl vedrørende tidligere regnskabsår, er det derfor nødvendigt at skelne mellem information, som:
a)
dokumenterer omstændigheder, som eksisterede på tidspunktet eller tidspunkterne for de pågældende transaktioner eller andre begivenheder eller forhold, og
b)
ville have været tilgængelig, da årsregnskabet for det tidligere regnskabsår blev godkendt til offentliggørelse,
og anden information. For nogle typer skøn (eksempelvis skøn over dagsværdien, som ikke er baseret på en observeret pris eller et observeret input) er det praktisk umuligt at skelne mellem disse typer af oplysninger. Når anvendelse eller tilpasning med tilbagevirkende kraft ville kræve væsentlige skøn, som ikke muliggør en skelnen mellem disse to typer oplysninger, er det praktisk umuligt at anvende den nye regnskabspraksis eller at korrigere fejl vedrørende tidligere regnskabsår med tilbagevirkende kraft.
53.
Efterrationaliseringer kan ikke lægges til grund ved anvendelse af en ny regnskabspraksis eller korrektion af beløb for et tidligere regnskabsår, hverken ved opstilling af forudsætninger om, hvad der ville have været ledelsens hensigt i et tidligere regnskabsår, eller ved udarbejdelse af skøn over beløb, som er indregnet, målt eller oplyst i et tidligere regnskabsår. Når en virksomhed eksempelvis korrigerer en fejl vedrørende et tidligere regnskabsår ved måling af finansielle aktiver, som tidligere er klassificeret som hold-til-udløb-investeringer i overensstemmelse med IAS 39 
Finansielle instrumenter: Indregning og måling
, skal virksomheden ikke ændre sit målingsgrundlag for det pågældende regnskabsår, hvis ledelsen senere har besluttet ikke at holde investeringerne til udløb. En virksomhed skal desuden, hvis den korrigerer en fejl vedrørende et tidligere regnskabsår i forbindelse med beregning af forpligtelser til ansattes akkumulerede sygefravær i overensstemmelse med IAS 19 
Personaleydelser
 se bort fra oplysninger om en særligt alvorlig influenzaepidemi i det kommende regnskabsår, som blev tilgængelige, efter at årsregnskabet for det tidligere regnskabsår var blevet godkendt til offentliggørelse. Selvom der ofte kræves væsentlige skøn i forbindelse med ændring af sammenligningstal for tidligere regnskabsår, er dette ingen hindring for pålidelig regulering eller korrektion af sammenligningstallene.
IKRAFTTRÆDELSESTIDSPUNKT
54.
Virksomheder skal anvende denne standard for årsregnskaber, der dækker regnskabsår, som begynder 1. januar 2005 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender denne standard for regnskabsår, som begynder før 1. januar 2005, skal den give oplysning om dette.
OPHÆVELSE AF ANDRE UDTALELSER
55.
Denne standard erstatter IAS 8 
Årets resultat, fundamentale fejl og ændringer i anvendt regnskabspraksis
, der blev ajourført i 1993.
56.
Denne standard erstatter følgende fortolkningsbidrag:
a)
SIC-2 
Ensartethed — Aktivering af låneomkostninger
, og
b)
SIC-18 
Ensartethed — Alternative metoder
.
IAS 10
Begivenheder efter balancedagen
FORMÅL
1.
Formålet med denne standard er at foreskrive:
a)
hvornår en virksomhed skal regulere sine årsregnskaber grundet begivenheder efter balancedagen, og
b)
hvilke oplysninger en virksomhed skal give om tidspunktet for årsregnskabets godkendelse til offentliggørelse og om begivenheder efter balancedagen.
Denne standard kræver også, at en virksomhed ikke udarbejder sine årsregnskaber på en going concern-basis, såfremt begivenheder efter balancedagen indikerer, at going concern-forudsætningen ikke er hensigtsmæssig.
ANVENDELSESOMRÅDE
2.
Denne standard finder anvendelse på den regnskabsmæssige behandling af og oplysning om begivenheder efter balancedagen.
DEFINITIONER
3.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Begivenheder efter balancedagen
 er sådanne begivenheder, gunstige og ugunstige, som opstår mellem balancedagen og det tidspunkt, hvor årsregnskabet godkendes til offentliggørelse. Disse begivenheder kan inddeles i to typer:
a)
begivenheder, der yderligere bekræfter forhold, der eksisterede på balancedagen (
regulerende begivenheder efter balancedagen
), og
b)
begivenheder, som begrunder sig i forhold, der opstod efter balancedagen (
ikke-regulerende begivenheder efter balancedagen
).
4.
Godkendelsesprocessen for offentliggørelse af årsregnskaber varierer afhængigt af ledelsesstruktur, lovmæssige krav og de procedurer, der følges ved udarbejdelsen og færdigbehandlingen af årsregnskaber.
5.
I nogle tilfælde er en virksomhed pålagt at søge årsregnskabet godkendt af aktionærerne, efter at årsregnskabet er offentliggjort. I sådanne tilfælde anses årsregnskaberne for offentliggjort pr. datoen for offentliggørelsen og ikke pr. den dato, hvor aktionærerne godkender årsregnskabet.
Eksempel
En virksomheds ledelse færdiggør udkast til årsregnskabet for regnskabsåret 20X1 den 28. februar 20X2. Den 18. marts 20X2 gennemgår bestyrelsen årsregnskabet og godkender det til offentliggørelse. Virksomheden offentliggør sit overskud samt udvalgt supplerende økonomisk information den 19. marts 20X2. Årsregnskabet udleveres til aktionærerne og andre den 1. april 20X2. Aktionærerne godkender årsregnskabet ved generalforsamlingen den 15. maj 20X2, og det godkendte årsregnskab indsendes til myndighederne den 17. maj 20X2.
Årsregnskabet godkendes til offentliggørelse den 18. marts 20X2 (datoen for bestyrelsens godkendelse af offentliggørelsen).
6.
I nogle tilfælde er en virksomheds ledelse pålagt at præsentere årsregnskabet for en bestyrelse (bestående udelukkende af eksterne bestyrelsesmedlemmer) til godkendelse. I sådanne tilfælde godkendes årsregnskabet til offentliggørelse, når ledelsen godkender årsregnskabet til præsentation for bestyrelsen.
Eksempel
Den 18. marts 20X2 godkender virksomhedens ledelse årsregnskabet til præsentation for bestyrelsen. Bestyrelsen består udelukkende af eksterne bestyrelsesmedlemmer og kan omfatte medarbejderrepræsentanter og andre eksterne interessegrupper. Bestyrelsen godkender årsregnskabet den 26. marts 20X2. Årsregnskabet udleveres til aktionærerne og andre den 1. april 20X2. Aktionærerne godkender årsregnskabet ved generalforsamlingen den 15. maj 20X2, og årsregnskabet indsendes til myndighederne den 17. maj 20X2.
Årsregnskabet godkendes til offentliggørelse den 18. marts 20X2 (datoen for ledelsens godkendelse af præsentation for bestyrelsen).
7.
Begivenheder efter balancedagen omfatter alle begivenheder frem til det tidspunkt, hvor årsregnskabet godkendes til offentliggørelse, selv om disse begivenheder opstår efter offentliggørelsen af overskud eller anden udvalgt økonomisk information.
INDREGNING OG MÅLING
Regulerende begivenheder efter balancedagen
8.
En virksomhed skal regulere de beløb, der er indregnet i årsregnskabet for at afspejle regulerende begivenheder efter balancedagen.
9.
Følgende er eksempler på regulerende begivenheder efter balancedagen, som kræver, at en virksomhed foretager regulering af beløb indregnet i årsregnskabet eller indregner poster, der ikke tidligere er indregnet:
a)
afgørelse af en retssag efter balancedagen, som bekræfter, at virksomheden havde en aktuel forpligtelse på balancedagen. Virksomheden regulerer en eventuel tidligere indregnet hensættelse relateret til denne retssag i henhold til IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
 eller indregner en ny hensættelse. Virksomheden skal ikke blot oplyse om en eventualforpligtelse, eftersom afgørelsen udgør supplerende oplysninger, der kan anses for at være i overensstemmelse med afsnit 16 i IAS 37
b)
modtagelsen af oplysninger efter balancedagen, der indikerer, at et aktivs værdi var blevet forringet på balancedagen, eller at beløbet for en tidligere indregnet værdiforringelse af dette aktiv skal reguleres. Eksempelvis:
i)
en kundes konkurs opstået efter balancedagen bekræfter sædvanligvis, at et tab på et tilgodehavende fra salg og tjenesteydelser eksisterede på balancedagen, og at virksomheden skal regulere den regnskabsmæssige værdi af dette tilgodehavende, og
ii)
salg af varebeholdninger efter balancedagen kan give en indikation af deres nettorealisationsværdi på balancedagen
c)
opgørelsen efter balancedagen af kostprisen for købte aktiver eller indtægter fra solgte aktiver før balancedagen
d)
opgørelsen efter balancedagen af den beløbsmæssige størrelse af overskudsdeling eller bonusudbetalinger, såfremt virksomheden havde en aktuel juridisk eller faktisk forpligtelse på balancedagen til at foretage betalinger som følge af begivenheder før balancedagen (jf. IAS 19 
Personaleydelser
)
e)
opdagelsen af bedrageri eller fejl, som afslører, at årsregnskabet ikke er korrekt.
Ikke-regulerende begivenheder efter balancedagen
10.
En virksomhed skal ikke regulere de beløb, der er indregnet i årsregnskabet for at afspejle ikke-regulerende begivenheder efter balancedagen.
11.
Som eksempel på en ikke-regulerende begivenhed efter balancedagen kan nævnes en investerings fald i markedsværdi mellem balancedagen og det tidspunkt, hvor årsregnskabet godkendes til offentliggørelse. Faldet i markedsværdi er normalt ikke knyttet til investeringens beskaffenhed på balancedagen, men afspejler omstændigheder, der er opstået efterfølgende. En virksomhed regulerer derfor ikke de beløb, som investeringerne er indregnet med i årsregnskabet. Tilsvarende ajourfører en virksomhed ikke de oplyste beløb for investeringerne pr. balancedagen. Der kan dog være behov for, at virksomheden giver supplerende oplysninger, jf. afsnit 21.
Udbytte
12.
Hvis en virksomhed uddeler udbytte til indehavere af egenkapitalinstrumenter (som defineret i IAS 32 
Finansielle instrumenter: Præsentation
) efter balancedagen, skal virksomheden ikke indregne et sådant udbytte som en forpligtelse på balancedagen.
13.
Hvis udbyttet er uddelt (dvs. behørigt godkendt og ikke længere underlagt virksomhedens skøn) efter balancedagen, men før årsregnskabet er godkendt til offentliggørelse, skal udbyttet ikke indregnes som en forpligtelse på balancedagen, eftersom det ikke opfylder kriterierne for en aktuel forpligtelse i IAS 37. Sådant udbytte oplyses i noterne i overensstemmelse med IAS 1 
Præsentation af årsregnskaber
.
GOING CONCERN
14.
En virksomhed skal ikke udarbejde årsregnskaber på en going concern basis, såfremt ledelsen efter balancedagen beslutter enten at afvikle virksomheden eller at indstille driften, eller at virksomheden ikke har noget andet realistisk alternativ.
15.
En nedgang i det driftsmæssige resultat og den finansielle stilling efter balancedagen kan indikere et behov for at vurdere, om going concern forudsætningen stadig er relevant for virksomheden. Såfremt going concern forudsætningen ikke længere er relevant, er virkningen så gennemgribende, at denne standard kræver en fundamental ændring i grundlaget for regnskabsaflæggelse, og ikke kun en regulering af de beløb, der er indregnet ved det oprindelige grundlag for regnskabsaflæggelse.
16.
I IAS 1 er der anført oplysningskrav, såfremt:
a)
årsregnskabet ikke er udarbejdet på en going concern basis, eller
b)
ledelsen er opmærksom på væsentlige usikkerheder, der er tilknyttet begivenheder eller forhold, som kan sætte alvorlige spørgsmålstegn ved virksomhedens evne til at fortsætte som en going concern. De begivenheder eller forhold, der kræver oplysning, kan opstå efter balancedagen.
OPLYSNINGER
Tidspunkt for godkendelse til offentliggørelse
17.
En virksomhed skal oplyse om tidspunktet for godkendelsen af årsregnskabets offentliggørelse samt hvilke(n) person(er), der godkendte offentliggørelsen. Såfremt virksomhedens ejere eller andre personer har bemyndigelse til at ændre årsregnskabet efter offentliggørelse, skal virksomheden oplyse dette.
18.
Det er vigtigt for brugere at have kendskab til tidspunktet for årsregnskabets offentliggørelse, idet årsregnskabet ikke afspejler begivenheder efter dette tidspunkt.
Ajourføring af oplysninger om forhold på balancedagen
19.
Modtager en virksomhed oplysninger efter balancedagen om forhold, der eksisterede på balancedagen, skal virksomheden ud fra de nye oplysninger ajourføre oplysninger, der er tilknyttet sådanne forhold.
20.
I nogle tilfælde kan en virksomhed have behov for at ajourføre oplysninger i årsregnskabet for at afspejle oplysninger modtaget efter balancedagen, selv når oplysningerne ikke påvirker de beløb, virksomheden indregner i årsregnskabet. Som eksempel herpå kan nævnes behovet for at ajourføre oplysninger, når informationer bliver tilgængelige efter balancedagen om en eventualforpligtelse, der eksisterede på balancedagen. Virksomheden skal overveje, om den skal indregne eller ændre en hensat forpligtelse, jf. IAS 37 ligesom den ud fra disse informationer skal ajourføre oplysningerne om eventualforpligtelsen.
Ikke-regulerende begivenheder efter balancedagen
21.
Hvis ikke-regulerende begivenheder efter balancedagen er væsentlige, kan udeladelse af oplysning herom have indflydelse på regnskabsbrugeres økonomiske beslutninger truffet på grundlag af årsregnskabet. Derfor skal en virksomhed give følgende oplysninger for hver væsentlig kategori af ikke-regulerende begivenheder efter balancedagen:
a)
arten af begivenheden, og
b)
et skøn over den økonomiske virkning af begivenheden eller en erklæring om, at et sådant skøn ikke kan foretages.
22.
Nedenstående er eksempler på ikke-regulerende begivenheder efter balancedagen, der som hovedregel skal oplyses:
a)
en større virksomhedssammenslutning foretaget efter balancedagen (IFRS 3 
Virksomhedssammenslutninger
 kræver konkrete oplysninger i sådanne tilfælde) eller afhændelsen af en større dattervirksomhed,
b)
bekendtgørelse af planer om en aktivitets ophør,
c)
væsentlige køb af aktiver, klassifikation af aktiver som besiddelse med henblik på salg i overensstemmelse med IFRS 5 
Anlægsaktiver, som besiddes med henblik på salg og ophørte aktiviteter
, anden afhændelse af aktiver eller en offentlig myndigheds ekspropriering af væsentlige aktiver,
d)
nedbrændingen af et større produktionsanlæg efter balancedagen,
e)
bekendtgørelse eller påbegyndelse af en større omstrukturering (jf. IAS 37),
f)
større ordinære aktietransaktioner og mulige ordinære aktietransaktioner efter balancedagen (i IAS 33 
Indtjening pr. aktie
 kræves det, at en virksomhed giver oplysning om sådanne transaktioner, bortset fra transaktioner, der involverer udstedelse af fondsaktier, et aktiesplit eller et omvendt aktiesplit, hvilket skal justeres i henhold til IAS 33),
g)
unormalt store ændringer i aktivers værdi eller valutakurser efter balancedagen,
h)
ændringer i skattesatser eller skattelovgivning vedtaget eller bekendtgjort efter balancedagen, som har en væsentlig indvirkning på aktuelle og udskudte skatteaktiver og skatteforpligtelser (jf. IAS 12 
Indkomstskatter
),
i)
påtagelse af væsentlige forpligtelser eller eventualforpligtelser, eksempelvis ved udstedelsen af væsentlige garantier, og
(j)
påbegyndelsen af større retssager udelukkende på baggrund af begivenheder efter balancedagen.
IKRAFTTRÆDELSESTIDSPUNKT
23.
Virksomheder skal anvende denne standard for årsregnskaber, der dækker regnskabsår, som begynder 1. januar 2005 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender denne standard for regnskabsår, som begynder før 1. januar 2005, skal den give oplysning om dette.
OPHÆVELSE AF IAS 10 (AJOURFØRT 1999)
24.
Denne standard erstatter IAS 10 
Begivenheder efter balancedagen
 (ajourført i 1999).
IAS 11
Entreprisekontrakter
FORMÅL
Formålet med denne standard er at foreskrive den regnskabsmæssige behandling af omsætning og omkostninger i forbindelse med entreprisekontrakter. Arten af de aktiviteter, som er forbundet med entreprisekontrakter, betyder, at det tidspunkt, hvor entrepriseaktiviteten påbegyndes, og det tidspunkt, hvor aktiviteten afsluttes, sædvanligvis falder i forskellige regnskabsår. Derfor er det primære i forbindelse med den regnskabsmæssige behandling af entreprisekontrakter allokeringen af entrepriseomsætning og omkostninger til de regnskabsår, i hvilke entreprisearbejdet udføres. I denne standard benyttes de indregningskriterier, som er fastsat i 
Begrebsramme for udarbejdelse og præsentation af årsregnskaber
 til opgørelse af, hvornår entrepriseomsætning og omkostninger skal indregnes som omsætning og omkostninger i resultatopgørelsen. Der gives ligeledes praktisk vejledning i anvendelsen af disse kriterier.
ANVENDELSESOMRÅDE
1.
Denne standard finder anvendelse på den regnskabsmæssige behandling af entreprisekontrakter i entreprenørers årsregnskaber.
2.
Denne standard erstatter international regnskabsstandard IAS 11 
Den regnskabsmæssige behandling af entreprisekontrakter
, der blev godkendt i 1978.
DEFINITIONER
3.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
En 
entreprisekontrakt
 er en individuelt forhandlet kontrakt om anlæg, opførelse eller bygning af et aktiv eller flere aktiver, som er nært forbundne eller indbyrdes afhængige med hensyn til deres design, teknologi og funktion eller deres endelige formål eller anvendelse.
En 
fastpriskontrakt
 er en kontrakt, hvor entreprenøren aftaler en fast kontraktpris eller en fast sats pr. produceret enhed, som i visse tilfælde er underlagt klausuler om omkostningsbaserede prisreguleringer.
En 
kostpris-plus-kontrakt
 er en entreprisekontrakt, hvor entreprenøren modtager betaling for godkendte eller på anden måde definerede omkostninger, med tillæg af en procentdel af disse omkostninger eller et fast honorar.
4.
En entreprisekontrakt kan indgås om opførelse, anlæg eller bygning af et enkelt aktiv, eksempelvis en bro, bygning, dæmning, rørledning, vej, et skib eller en tunnel. En entreprisekontrakt kan også være indgået om anlæg, opførelse eller bygning af et aktiv eller flere aktiver, som er nært forbundne eller indbyrdes afhængige med hensyn til design, teknologi og funktion eller endelige formål eller anvendelse. Som eksempler kan nævnes kontrakter om opførelse af raffinaderier og andet komplekst produktionsanlæg og driftsmidler.
5.
I denne standard omfatter entreprisekontrakter ligeledes:
a)
kontrakter om tjenesteydelser, som er direkte forbundet med opførelsen af et aktiv, eksempelvis ydelser leveret af projektledere og arkitekter, og
b)
kontrakter om nedtagning eller genoprettelse af aktiver samt genoprettelse af miljøet efter nedtagning af aktiver.
6.
Entreprisekontrakter kan være udformet på mange forskellige måder, men klassificeres i denne standard enten som fastpriskontrakter eller kostpris-plus-kontrakter. Nogle entreprisekontrakter indeholder elementer af både fastpriskontrakter og kostpris-plus-kontrakter, eksempelvis en kostpris-plus-kontrakt med en fastsat maksimumpris. I sådanne tilfælde må entreprenøren overveje alle de i afsnit 23 og 24 opstillede krav for at bestemme, hvornår entrepriseomsætning og omkostninger skal indregnes.
SAMMENLÆGNING OG OPSPLITNING AF ENTREPRISEKONTRAKTER
7.
Kravene i denne standard anvendes normalt kontrakt for kontrakt. I visse tilfælde kan det dog være nødvendigt at anvende standarden på enkelte elementer af en kontrakt separat eller en gruppe af kontrakter samlet for at udtrykke indholdet af en kontrakt eller en gruppe af kontrakter.
8.
Omhandler en kontrakt flere aktiver, skal opførelsen af hvert enkelt aktiv behandles som en separat entreprisekontrakt, når:
a)
der er afgivet tilbud for hvert enkelt aktiv,
b)
opførelsen af hvert aktiv er forhandlet enkeltvis, og såvel entreprenør som kunde har kunnet acceptere eller forkaste dele af kontrakten forbundet med hvert aktiv, og
c)
omkostningerne og omsætningen kan identificeres separat for hvert aktiv.
9.
En gruppe af kontrakter med en eller flere kunder skal behandles som en enkelt entreprisekontrakt, når:
a)
kontrakterne er forhandlet samlet,
b)
kontrakterne er så nært forbundne, at de reelt udgør ét projekt med en samlet overskudsmargin, og
c)
kontraktarbejder udføres samtidig eller i fortsættelse af hinanden.
10.
En kontrakt kan indeholde bestemmelser, der giver kunden mulighed for at få opført et yderligere aktiv, eller der kan laves en tilføjelse til kontrakten om opførelse af et yderligere aktiv. Anlæg, opførelse eller bygning af et yderligere aktiv skal behandles som en separat entreprisekontrakt, når:
a)
aktivets design, teknologi eller funktion adskiller sig væsentligt fra aktivet eller aktiverne i den oprindelige kontrakt, eller
b)
aktivets pris er forhandlet uden hensyntagen til den oprindelige kontraktpris.
ENTREPRISEOMSÆTNING
11.
Entrepriseomsætning skal omfatte:
a)
den oprindelige kontraktfastsatte omsætning, og
b)
ændringer i det kontraktfastsatte arbejde, krav samt bonusbetalinger:
i)
i det omfang det anses for sandsynligt, at disse vil medføre omsætning, og
ii)
hvis de kan måles pålideligt.
12.
Entrepriseomsætning måles til dagsværdien af det modtagne eller tilgodehavende vederlag. Måling af entreprisesomsætning er påvirket af usikkerhed om udfaldet af forskellige fremtidige begivenheder. Ofte må de udøvede skøn ændres i takt med nye begivenheders indtræden og afklaring af usikkerheder. Derfor kan entrepriseomsætning stige eller falde fra regnskabsår til regnskabsår. Eksempelvis:
a)
en entreprenør og en kunde kan aftale ændringer eller krav, som medfører stigende eller faldende entrepriseomsætning i et regnskabsår efter det regnskabsår, hvor kontrakten blev indgået,
b)
den i en fastpriskontrakt aftalte omsætning kan stige som følge af klausul om omkostningsbaseret prisregulering,
c)
entrepriseomsætningen kan falde som følge af bod udløst af forsinkelser fra entreprenørens side vedrørende entreprisens færdiggørelse, eller
d)
når en fastpriskontrakt omfatter en fast pris pr. produceret enhed, stiger omsætningen, i takt med at antallet af enheder øges.
13.
En ændring er en instruktion fra kunden om ændring i omfanget af det kontraktfastsatte arbejde og kan medføre en forøgelse eller en reduktion af entrepriseomsætningen. Sådanne ændringer kan eksempelvis omfatte ændringer i specifikationer eller design af aktiver og ændringer i kontraktens varighed. En ændring indregnes i entrepriseomsætning, når:
a)
det anses for sandsynligt, at kunden vil godkende ændringen og den deraf følgende ændring i omsætning, og
b)
omsætningen kan måles pålideligt.
14.
Et krav er en fordring på kunden eller tredjepart, som entreprenøren søger at inddrive til godtgørelse af meromkostninger, der ikke er indeholdt i kontraktprisen. Et krav kan eksempelvis opstå som følge af forsinkelser forårsaget af kunden, fejl i specifikationer eller design og omtvistede ændringer i kontraktarbejder. Måling af omsætning i forbindelse med sådanne krav er forbundet med stor usikkerhed og afhænger ofte af udfaldet af forhandlinger. Krav indregnes derfor kun i entrepriseomsætning, når:
a)
forhandlingerne er så fremskredne, at det er sandsynligt, at kunden vil acceptere kravet, og
b)
det beløb, som kunden forventes at ville acceptere, kan måles pålideligt.
15.
Bonusbetaling er en yderligere omsætning til entreprenøren ved opfyldelse eller overstigelse af fastsatte mål for arbejdet. Eksempelvis kan en entreprisekontrakt indeholde mulighed for bonusbetaling til entreprenøren, hvis kontraktarbejdet afsluttes før tid. Bonusbetalinger indregnes i entrepriseomsætning, når:
a)
entreprisearbejdet er så fremskredet, at det er sandsynligt, at de fastsatte mål vil blive opnået eller oversteget, og
b)
bonusbetalingen kan måles pålideligt.
ENTREPRISEOMKOSTNINGER
16.
Entrepriseomkostninger skal omfatte:
a)
omkostninger, der direkte vedrører den konkrete entreprisekontrakt,
b)
omkostninger, der er knyttet til entrepriseaktiviteten generelt og kan allokeres til entreprisekontrakten, og
c)
andre omkostninger, der i henhold til entreprisekontrakten skal dækkes af kunden.
17.
Omkostninger, der direkte vedrører den konkrete entreprisekontrakt, omfatter blandt andet:
a)
løn til ansatte på opførelsesstedet, herunder løn vedrørende tilsyn,
b)
omkostninger til materialer anvendt ved opførelsen af aktivet,
c)
afskrivninger på produktionsanlæg og driftsmidler anvendt på entreprisekontrakten,
d)
omkostninger til tilkørsel og fjernelse af produktionsanlæg, driftsmidler og materialer anvendt på byggepladsen,
e)
leje af produktionsanlæg og driftsmidler,
f)
omkostninger til design og teknisk assistance, som direkte vedrører entreprisekontrakten,
g)
skønnede omkostninger til afhjælpning af mangler og garantiarbejder, herunder omkostninger til forventede garantiforpligtelser, og
h)
krav fra tredjepart.
Disse omkostninger kan reduceres af diverse indtægter, som ikke er indregnet i entrepriseomsætningen, eksempelvis indtægt ved salg af overskydende materialer og afhændelse af produktionsanlæg og driftsmidler efter arbejdets afslutning.
18.
Omkostninger, der er tilknyttet entrepriseaktiviteten generelt og kan allokeres til konkrete kontrakter omfatter blandt andet:
a)
forsikring,
b)
design og teknisk assistance, der ikke direkte kan henføres til en konkret entreprisekontrakt, og
c)
indirekte produktionsomkostninger.
Sådanne omkostninger allokeres ved hjælp af systematiske og rationelle metoder, der anvendes ensartet for alle omkostninger med samme kendetegn. Allokering sker på basis af det normale produktionsniveau. Indirekte produktionsomkostninger omfatter eksempelvis omkostninger til behandling og udbetaling af lønninger til byggearbejdere. Omkostninger, der er tilknyttet entrepriseaktiviteten generelt og kan allokeres til konkrete kontrakter, omfatter ligeledes låneomkostninger, når entreprenøren anvender den tilladte alternative behandling i international regnskabsstandard IAS 23 
Låneomkostninger
.
19.
Omkostninger, der i henhold til kontrakten skal dækkes af kunden, kan omfatte visse generelle administrationsomkostninger og udviklingsomkostninger, som ifølge entreprisekontrakten skal godtgøres af kunden.
20.
Omkostninger, som ikke er tilknyttet en entrepriseaktivitet eller ikke kan allokeres til en konkret entreprisekontrakt, indgår ikke i entrepriseomkostninger. Sådanne omkostninger omfatter:
a)
generelle administrationsomkostninger, der ikke i henhold til entreprisekontrakten godtgøres af kunden,
b)
salgsomkostninger,
c)
omkostninger til forskning og udvikling, der i henhold til entreprisekontrakten ikke godtgøres af kunden, og
d)
afskrivninger på produktionsanlæg og driftsmidler, som ikke anvendes til en konkret entreprisekontrakt.
21.
Entrepriseomkostninger omfatter omkostninger tilknyttet en entreprisekontrakt fra det tidspunkt, kontrakten er indgået, til kontraktarbejderne er afsluttet. Omkostninger, som direkte kan allokeres til kontrakten og er afholdt for indgåelse af kontrakten, indregnes imidlertid også i entrepriseomkostninger, hvis disse kan identificeres og måles pålideligt, og det er sandsynligt, at entreprisekontrakten vil blive indgået. Når omkostninger afholdt for indgåelse af en kontrakt indregnes i det regnskabsår, de er afholdt, indregnes de ikke i entrepriseomkostninger, når kontrakten indgås i et efterfølgende regnskabsår.
INDREGNING AF ENTREPRISEOMSÆTNING OG OMKOSTNINGER
22.
Når udfaldet af en entreprisekontrakt kan skønnes pålideligt, skal entrepriseomsætning og omkostninger forbundet med entreprisekontrakten indregnes som henholdsvis omsætning og omkostninger, opgjort med udgangspunkt i færdiggørelsesgraden på balancedagen. Forventede tab på en entreprisekontrakt skal indregnes som omkostning straks i henhold til afsnit 36.
23.
For fastpriskontrakter kan udfaldet skønnes pålideligt, når følgende betingelser alle er opfyldt:
a)
den samlede entrepriseomsætning kan måles pålideligt,
b)
det er sandsynligt, at økonomiske fordele forbundet med entreprisekontrakten vil tilgå virksomheden,
c)
både entrepriseomkostninger til færdiggørelse af kontrakten og færdiggørelsesgraden på balancedagen kan måles pålideligt, og
d)
omkostningerne knyttet til kontrakten kan identificeres og måles pålideligt, således at faktisk afholdte omkostninger kan sammenholdes med tidligere skøn.
24.
For kostpris-plus-kontrakter kan udfaldet af en entreprisekontrakt skønnes pålideligt, når følgende betingelser alle er opfyldt:
a)
det er sandsynligt, at økonomiske fordele forbundet med entreprisekontrakten vil tilgå virksomheden, og
b)
omkostningerne knyttet til kontrakten klart kan identificeres og måles pålideligt, uanset om de specifikt skal godtgøres af kunden.
25.
Indregning af entrepriseomsætning og omkostninger med udgangspunkt i en entreprisekontrakts færdiggørelsesgrad betegnes sædvanligvis produktionskriteriet. I henhold til dette kriterium matches entrepriseomsætning med de entrepriseomkostninger, der er afholdt for at opnå den aktuelle færdiggørelsesgrad, hvilket medfører indregning af omsætning, omkostninger og overskud, som kan henføres til den afsluttede del af entreprisearbejdet. Ved brug af dette indtægtskriterium opnås nyttige oplysninger om entreprisearbejdets omfang og den hermed tilknyttede indtjening i et regnskabsår.
26.
Ifølge produktionskriteriet indregnes entrepriseomsætning som omsætning i resultatopgørelsen i de regnskabsår, i hvilke arbejdet er udført. Entrepriseomkostninger indregnes normalt i de regnskabsår, i hvilke de entreprisearbejder, de vedrører, er udført. Hvis det forventes, at de samlede entrepriseomkostninger vil overstige den samlede entrepriseomsætning, indregnes dette beløb dog straks som omkostning i henhold til afsnit 36.
27.
Når en entreprenør har afholdt omkostninger, som vedrører senere regnskabsår, indregnes disse omkostninger som et aktiv, hvis det anses for sandsynligt, at de vil blive genindvundet. Sådanne entrepriseomkostninger repræsenterer et tilgodehavende hos kunden, og klassificeres sædvanligvis som et igangværende arbejde for fremmed regning.
28.
Udfaldet af en entreprisekontrakt kan kun skønnes pålideligt, når det er sandsynligt, at de økonomiske fordele forbundet med entreprisekontrakten vil tilgå virksomheden. Ved usikkerhed om, hvorvidt et beløb, som allerede er medtaget i entrepriseomsætning i resultatopgørelsen, er erholdeligt, skal det beløb, der er uerholdeligt, eller hvis erholdelighed ikke længere er sandsynlig, indregnes som omkostning frem for at foretage en regulering af den indregnede entrepriseomsætning.
29.
En virksomhed kan normalt foretage pålidelige skøn, når den har indgået en entreprisekontrakt, hvori følgende er fastsat:
a)
parternes rettigheder i forbindelse med det aktiv, som skal anlægges, bygges eller opføres,
b)
det vederlag, som skal udveksles, og
c)
betalingsmetode og -betingelser.
Det er ligeledes normalt nødvendigt, at virksomheden har et effektivt internt budgetterings- og rapporteringssystem. Virksomheden gennemgår og om nødvendigt ajourfører sit skøn over entrepriseomsætning, i takt med at kontraktarbejdet udføres. Behovet for sådanne ajourførte skøn er ikke nødvendigvis ensbetydende med, at udfaldet af entreprisekontrakten ikke kan skønnes pålideligt.
30.
En entreprisekontrakts færdiggørelsesgrad kan opgøres på mange måder. Virksomheden anvender den metode, som pålideligt måler det udførte arbejde. De mulige metoder omfatter, afhængig af entreprisekontraktens art:
a)
forholdet mellem afholdte entrepriseomkostninger til dato og de samlede skønnede entrepriseomkostninger,
b)
undersøgelse af stadiet af udførte arbejder, eller
c)
den fysisk færdiggjorte del af entreprisen.
Ofte afspejler acontobetalinger og forskud fra kunder ikke det udførte arbejde.
31.
Når færdiggørelsesgraden opgøres med udgangspunkt i entrepriseomkostninger afholdt til dato, indregnes kun de omkostninger, som afspejler udførte arbejder, i de til dato afholdte omkostninger. Omkostninger, som ikke indregnes, omfatter eksempelvis:
a)
entrepriseomkostninger, som vedrører fremtidige entreprisearbejder, eksempelvis omkostninger til materialer, som er leveret til en byggeplads eller afsat til brug på en kontrakt, men endnu ikke er installeret eller brugt, medmindre materialerne er fremstillet konkret til entreprisen, og
b)
forudbetalinger til underentreprenører for arbejder under delentreprisen.
32.
Når udfaldet af en entreprisekontrakt ikke kan skønnes pålideligt gælder følgende:
a)
omsætning skal kun indregnes svarende til de entrepriseomkostninger, for hvilke det anses sandsynligt, at de vil kunne genindvindes, og
b)
entrepriseomkostninger skal indregnes som omkostning i det regnskabsår, de er afholdt.
Forventede tab på en entreprisekontrakt skal indregnes som omkostning straks i henhold til afsnit 36.
33.
I de indledende faser af en entreprisekontrakt kan entreprisekontraktens udfald ofte ikke skønnes pålideligt. Det kan dog være sandsynligt, at virksomheden vil genindvinde de afholdte entrepriseomkostninger. Derfor indregnes entrepriseomsætning kun svarende til de entrepriseomkostninger, det er sandsynligt, at entreprenøren vil kunne genindvinde. Da entreprisekontraktens udfald ikke kan skønnes pålideligt, indregnes intet overskud. Selv om entreprisekontraktens udfald ikke kan skønnes pålideligt, kan det dog være sandsynligt, at de samlede entrepriseomkostninger vil overstige den samlede entrepriseomsætning. I så fald indregnes det beløb, hvormed de samlede entrepriseomkostninger forventes at overstige den samlede entrepriseomsætning, som omkostning straks i henhold til afsnit 36.
34.
Entrepriseomkostninger, som det ikke anses for sandsynligt, at entreprenøren vil kunne genindvinde, indregnes som omkostning straks. Tilfælde, hvor det ikke er sandsynligt, at afholdte entrepriseomkostninger vil kunne genindvindes, og hvor det kan være nødvendigt straks at indregne entrepriseomkostninger, omfatter entreprisekontrakter:
a)
som ikke er retskraftige, dvs. hvis gyldighed kan drages i tvivl,
b)
hvor færdiggørelsen af entreprisearbejdet afhænger af verserende retssager eller lovgivning,
c)
som vedrører ejendomme, der sandsynligvis vil blive kondemneret eller eksproprieret,
d)
hvor kunden ikke er i stand til at indfri sine kontraktmæssige forpligtelser, eller
e)
hvor entreprenøren ikke er i stand at færdiggøre entreprisen eller på anden måde indfri sine kontraktlige forpligtelser.
35.
Når den usikkerhed, der har medført, at entreprisekontraktens udfald ikke har kunnet skønnes pålideligt, bortfalder, skal omsætning og omkostninger i forbindelse med entreprisekontrakten indregnes i henhold til afsnit 22 og ikke i henhold til afsnit 32.
INDREGNING AF HENSÆTTELSER TIL TAB
36.
Når det er sandsynligt, at de samlede entrepriseomkostninger vil overstige den samlede entrepriseomsætning, skal det forventede tab på entreprisekontrakten indregnes som omkostning straks.
37.
Beløbsstørrelsen af et sådant tab opgøres uden hensyn til:
a)
om entreprisearbejderne er påbegyndt,
b)
færdiggørelsesgraden, eller
c)
om der forventes overskud på andre entreprisekontrakter, som ikke behandles som en enkelt kontrakt i henhold til afsnit 9.
ÆNDRINGER I SKØN
38.
Produktionskriteriet anvendes på akkumuleret basis for hvert regnskabsår for aktuelle skøn over entrepriseomsætning og omkostninger. Derfor behandles virkningen af ændringer i skønnet entrepriseomsætning eller entrepriseomkostninger eller virkningen af ændringer i det skønnede udfald af en entreprisekontrakt som en ændring i regnskabsmæssigt skøn (jf. IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
). De ændrede skøn anvendes ved opgørelsen af omsætning og omkostninger, som indregnes i resultatopgørelsen i det regnskabsår, hvori ændringen har fundet sted, og i efterfølgende regnskabsår.
OPLYSNINGER
39.
En virksomhed skal give følgende oplysninger:
a)
beløbsstørrelsen af entrepriseomsætning indregnet som indtægt i regnskabsåret,
b)
de metoder, der er anvendt til at opgøre den indregnede entrepriseomsætning i regnskabsåret, og
c)
de metoder, der er anvendt til at opgøre færdiggørelsesgraden af igangværende arbejder for fremmed regning.
40.
For igangværende arbejder for fremmed regning på balancedagen skal virksomheder oplyse følgende:
a)
det samlede beløb for afholdte omkostninger og indregnet overskud (med fradrag af indregnede tab) til dato,
b)
modtagne forskud fra kunder, og
c)
tilbageholdte beløb.
41.
Tilbageholdte beløb er acontofakturerede beløb, som ikke betales før visse kontraktfastsatte betingelser er opfyldt, eller før visse fejl er udbedret. Acontofaktureringer er beløb faktureret for udførte kontraktarbejder, hvad enten de er blevet betalt af kunden eller ej. Forskud er betalinger til entreprenøren for kontraktarbejder, der endnu ikke er udført.
42.
En virksomhed skal præsentere:
a)
bruttotilgodehavender fra kunder for entreprisearbejder præsenteret som et aktiv, og
b)
bruttoforpligtelser til kunder for entreprisearbejder præsenteret som en forpligtelse.
43.
Bruttotilgodehavender fra kunder for entreprisearbejder er nettobeløbet for:
a)
afholdte omkostninger plus indregnet overskud, med fradrag af
b)
summen af indregnede tab og acontofaktureringer
for alle igangværende arbejder for fremmed regning, for hvilke afholdte omkostninger plus indregnet overskud (med fradrag af indregnede tab) overstiger acontofaktureringer.
44.
Bruttoforpligtelser til kunder for entreprisearbejder er nettobeløbet for:
a)
afholdte omkostninger plus indregnet overskud, med fradrag af
b)
summen af indregnede tab og acontofaktureringer
for alle igangværende arbejder for fremmed regning, for hvilke acontofaktureringer overstiger afholdte omkostninger plus indregnet overskud (med fradrag af indregnede tab).
45.
En virksomhed skal give oplysning om eventualforpligtelser og eventualaktiver i overensstemmelse med IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
. Eventualforpligtelser og eventualaktiver kan opstå i forbindelse med eksempelvis omkostninger vedrørende garantiforpligtelser, krav, bod eller mulige tab.
IKRAFTTRÆDELSESTIDSPUNKT
46.
Denne standard træder i kraft for årsregnskaber, der dækker regnskabsår, som begynder den 1. januar 1995 eller senere.
IAS 12
Indkomstskatter
FORMÅL
Formålet med denne standard er at foreskrive den regnskabsmæssige behandling af indkomstskatter. Det primære ved regnskabsmæssig behandling af indkomstskatter er, hvordan virksomheder foretager regnskabsmæssig behandling af de aktuelle og fremtidige skattemæssige konsekvenser af:
a)
den fremtidige genindvinding (afvikling) af den regnskabsmæssige værdi af aktiver (forpligtelser), der er indregnet i virksomhedens balance, og
b)
transaktioner og andre begivenheder i det indeværende regnskabsår, der er indregnet i virksomhedens årsregnskab.
Ved indregning af et aktiv eller en forpligtelse er det underforstået, at den regnskabsaflæggende virksomhed forventer at genindvinde eller afvikle den regnskabsmæssige værdi af dette aktiv eller denne forpligtelse. Hvis det er sandsynligt, at genindvinding eller afvikling af denne regnskabsmæssige værdi vil øge (eller mindske) fremtidige skattebetalinger i forhold til hvad de ville være, hvis en sådan genindvinding eller afvikling ikke ville have skattemæssige konsekvenser, kræver denne standard, at virksomheden indregner en udskudt skatteforpligtelse (et udskudt skatteaktiv), med visse begrænsede undtagelser.
Denne standard kræver, at virksomheden behandler de skattemæssige konsekvenser af transaktioner og andre begivenheder på samme måde, som selve disse transaktioner og andre begivenheder behandles. For transaktioner og andre begivenheder, der er indregnet i resultatet, skal en eventuel tilknyttet skattemæssig virkning således også indregnet i resultatet. For transaktioner og andre begivenheder, der er indregnet direkte på egenkapitalen, bliver den dermed forbundne skattemæssige virkning ligeledes også indregnet på egenkapitalen. Ligeledes påvirker indregningen af udskudte skatteaktiver og skatteforpligtelser i en virksomhedssammenslutning beløbet for goodwill, som opstår ved virksomhedssammenslutningen eller det eventuelle beløb, hvormed den overtagende virksomheds andel af nettodagsværdien af den overtagne virksomheds identificerbare aktiver, forpligtelser og eventualforpligtelser overstiger kostprisen for sammenslutningen.
Denne standard behandler tillige indregningen af udskudte skatteaktiver, der hidrører fra uudnyttede skattemæssige underskud eller uudnyttede skattemæssige fradrag, præsentationen af indkomstskatter i årsregnskabet samt oplysninger, der vedrører indkomstskatter.
ANVENDELSESOMRÅDE
1.
Denne standard finder anvendelse på den regnskabsmæssige behandling af indkomstskatter.
2.
I denne standard omfatter indkomstskatter alle inden- og udenlandske skatter, der følger af skattepligtig indkomst. Indkomstskatter omfatter endvidere skatter såsom skat, der skal betales af en dattervirksomhed, en associeret virksomhed eller et joint venture ved udlodning til den regnskabsaflæggende virksomhed.
3.
[Ophævet]
4.
Denne standard angiver ikke metoder til regnskabsmæssig behandling af statstilskud (jf. IAS 20 
Regnskabsmæssig behandling af offentlige tilskud og oplysning om andre former for offentlig støtte
) eller skattemæssige investeringsfradrag. Denne standard omhandler dog den regnskabsmæssige behandling af midlertidige forskelle, der hidrører fra sådanne tilskud eller skattemæssige investeringsfradrag.
DEFINITIONER
5.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Regnskabsmæssigt overskud
 er årets resultat før fradrag af skatteomkostning.
Skattepligtig indkomst (skattemæssigt underskud)
 er den indkomst (det underskud) for et regnskabsår, som er opgjort i overensstemmelse med de af skattemyndighederne fastlagte regler, og hvoraf indkomstskat er betalbar (genindvindelig).
Skatteomkostning (skatteindtægt)
 er det samlede beløb, der indgår i opgørelsen af årets resultat for aktuel skat og udskudt skat.
Aktuel skat
 er betalbare (genindvindelige) indkomstskatter vedrørende regnskabsårets skattepligtige indkomst (skattemæssige underskud).
Udskudte skatteforpligtelser
 er indkomstskatter, der i fremtidige regnskabsår vil blive betalbare som følge af skattepligtige midlertidige forskelle.
Udskudte skatteaktiver
 er indkomstskatter, der i fremtidige regnskabsår vil reducere skattebetalinger som følge af:
a)
fradragsberettigede midlertidige forskelle,
b)
fremførbare uudnyttede skattemæssige underskud, og
c)
fremførbare uudnyttede skattemæssige fradrag.
Midlertidige forskelle
 er forskellen mellem et aktivs eller en forpligtelses regnskabsmæssige værdi i balancen og dets skattemæssige værdi. Midlertidige forskelle kan være:
a)
skattepligtige midlertidige forskelle
, som er midlertidige forskelle, der resulterer i skattepligtige beløb ved opgørelsen af skattepligtig indkomst (skattemæssigt underskud) for fremtidige regnskabsår, når aktivets eller forpligtelsens regnskabsmæssige værdi genindvindes eller afvikles, eller
b)
fradragsberettigede midlertidige forskelle
, som er midlertidige forskelle, der resulterer i fradragsberettigede beløb ved opgørelsen af skattepligtig indkomst (skattemæssigt underskud) for fremtidige regnskabsår, når aktivets eller forpligtelsens regnskabsmæssige værdi genindvindes eller afvikles.
Den skattemæssige værdi
 af et aktiv eller en forpligtelse er den værdi, der er knyttet til aktivet eller forpligtelsen ved opgørelsen af den skattepligtige indkomst.
6.
Skatteomkostning (skatteindtægt) omfatter den aktuelle skatteomkostning (aktuelle skatteindtægt) og den udskudte skatteomkostning (udskudte skatteindtægt).
Skattemæssig værdi
7.
Den skattemæssige værdi af et aktiv er det beløb, som vil være skattemæssigt fradragsberettiget i de skattepligtige økonomiske fordele, der tilgår virksomheden, når den genindvinder aktivets regnskabsmæssige værdi. Hvis disse økonomiske fordele ikke er skattepligtige, svarer aktivets skattemæssige værdi til dets regnskabsmæssige værdi.
Eksempler
1.
En maskine koster 100. Den skattemæssige afskrivning på 30 er allerede fratrukket i det aktuelle og tidligere regnskabsår, og den resterende kostpris vil være fradragsberettiget i fremtidige regnskabsår enten i form af afskrivninger eller ved fradrag ved salg af aktivet. Indtægter, der frembringes ved brug af maskinen, er skattepligtige, en eventuel gevinst ved salg af maskinen er skattepligtig, og et eventuelt tab ved afhændelsen vil være skattemæssigt fradragsberettiget. 
Den skattemæssige værdi af maskinen er 70.
2.
Tilgodehavende renter har en regnskabsmæssig værdi på 100. Den tilhørende renteindtægt beskattes på kontantbasis. Den skattemæssige værdi af de tilgodehavende renter er nul.
3.
Tilgodehavender fra salg og tjenesteydelser har en regnskabsmæssig værdi på 100. Den tilhørende indtægt indgår allerede i skattepligtig indkomst (skattemæssigt underskud). 
Den skattemæssige værdi af tilgodehavenderne fra salg og tjenesteydelser er 100.
4.
Tilgodehavende udbytte fra en dattervirksomhed har en regnskabsmæssig værdi på 100. Udbyttet er ikke skattepligtigt. I realiteten er hele den regnskabsmæssige værdi af aktivet fradragsberettiget i de økonomiske fordele. Altså er den skattemæssige værdi af det tilgodehavende udbytte 100. 
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5.
Et tilgodehavende udlån har en regnskabsmæssig værdi på 100. Tilbagebetalingen af lånet vil ikke have skattemæssige konsekvenser. 
Den skattemæssige værdi af lånet er 100.
8.
Den skattemæssige værdi af en forpligtelse er dens regnskabsmæssige værdi med fradrag af eventuelle beløb, der i forbindelse med forpligtelsen vil være skattemæssigt fradragsberettiget i fremtidige regnskabsår. For indtægter modtaget på forskud er den skattemæssige værdi af den deraf følgende forpligtelse den regnskabsmæssige værdi med fradrag af eventuelle dele af indtægten, som ikke vil være skattepligtige i fremtidige regnskabsår.
Eksempler
1.
Kortfristede forpligtelser indeholder periodeafgrænsningsposter med en regnskabsmæssig værdi på 100. Den tilhørende omkostning vil blive fratrukket skattemæssigt på kontantbasis. 
Den skattemæssige værdi af periodeafgrænsningsposten er nul.
2.
Kortfristede forpligtelser omfatter renteindtægter modtaget på forskud med en regnskabsmæssig værdi på 100. Den tilhørende renteindtægt beskattes på kontantbasis. 
Den skattemæssige værdi af den på forskud modtagne renteindtægt er nul.
3.
Kortfristede forpligtelser omfatter periodeafgrænsningsposter med en regnskabsmæssig værdi på 100. Den tilhørende omkostning er allerede fratrukket skattemæssigt. 
Den skattemæssige værdi af periodeafgrænsningsposten er 100.
4.
Kortfristede forpligtelser omfatter periodiserede tvangsbøder med en regnskabsmæssig værdi på 100. Tvangsbøder er ikke skattemæssigt fradragsberettigede. 
Den skattemæssige værdi af de periodiserede tvangsbøder er 100.
 
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5.
Et lån har en regnskabsmæssig værdi på 100. Tilbagebetaling af lånet vil ikke have nogen skattemæssige konsekvenser. 
Den skattemæssige værdi af lånet er 100.
9.
Nogle poster har en skattemæssig værdi, men indregnes ikke som aktiver og forpligtelser i balancen. Eksempelvis indregnes forskningsomkostninger ved beregningen af regnskabsmæssigt overskud i det regnskabsår, de er afholdt, men kan ikke fratrækkes ved beregningen af skattepligtig indkomst (skattemæssigt underskud) før end i et senere regnskabsår. Forskellen mellem forskningsomkostningernes skattemæssige værdi, som er det beløb, skattemyndighederne vil tillade som fradrag i fremtidige regnskabsår, og den regnskabsmæssige værdi på nul er en fradragsberettiget midlertidig forskel, som resulterer i et udskudt skatteaktiv.
10.
Hvis den skattemæssige værdi af et aktiv eller en forpligtelse ikke umiddelbart kan opgøres, kan der henvises til det grundlæggende princip i denne standard: at en virksomhed, med visse begrænsede undtagelser, skal indregne en udskudt skatteforpligtelse (skatteaktiv), når genindvinding eller afvikling af den regnskabsmæssige værdi af et aktiv eller en forpligtelse ville gøre fremtidige betalbare skatter større (mindre), end de ville have været, hvis en sådan genindvinding eller afvikling ikke havde skattemæssige konsekvenser. Afsnit 52, eksempel C, illustrerer, hvor dette grundlæggende princip kan være en hjælp, eksempelvis når den skattemæssige værdi af et aktiv eller en forpligtelse afhænger af den forventede måde, hvorpå genindvinding eller afvikling finder sted.
11.
I koncernregnskaber opgøres midlertidige forskelle ved at sammenligne den regnskabsmæssige værdi af aktiver og forpligtelser i koncernregnskabet med den rette skattemæssige værdi. Den skattemæssige værdi opgøres med udgangspunkt i koncernens selvangivelse i de jurisdiktioner, hvor en sådan indgives. I andre jurisdiktioner opgøres den skattemæssige værdi med udgangspunkt i selvangivelserne for de enkelte virksomheder i koncernen.
INDREGNING AF AKTUELLE SKATTEFORPLIGTELSER OG AKTUELLE SKATTEAKTIVER
12.
Aktuel skat i indeværende og tidligere regnskabsår skal, i det omfang den ikke er betalt, indregnes som en forpligtelse. Hvis det beløb, der allerede er betalt vedrørende indeværende og tidligere regnskabsår, overstiger det skyldige beløb for disse regnskabsår, skal forskellen indregnes som et aktiv.
13.
Den fordel, der hidrører fra et skattemæssigt underskud, der kan tilbageføres til genindvinding af aktuel skat for et foregående regnskabsår, skal indregnes som et aktiv.
14.
Når et skattemæssigt underskud anvendes til at genindvinde aktuel skat for et foregående regnskabsår, indregner virksomheden fordelen som et aktiv i det regnskabsår, hvor det skattemæssige underskud opstår, eftersom det er sandsynligt, at fordelen vil tilgå virksomheden, og fordelen kan måles pålideligt.
INDREGNING AF UDSKUDTE SKATTEFORPLIGTELSER OG UDSKUDTE SKATTEAKTIVER
SKATTEPLIGTIGE MIDLERTIDIGE FORSKELLE
15.
En udskudt skatteforpligtelse skal indregnes for alle skattepligtige midlertidige forskelle, bortset fra i det omfang den udskudte skatteforpligtelse hidrører fra:
a)
første indregning af goodwill, eller
b)
den første indregning af et aktiv eller en forpligtelse i en transaktion som:
i)
ikke er en virksomhedssammenslutning, og
ii)
på transaktionstidspunktet hverken påvirker regnskabsmæssigt overskud eller skattepligtig indkomst (skattemæssigt underskud).
Hvad angår skattepligtige midlertidige forskelle, der relaterer til investeringer i dattervirksomheder, filialer eller associerede virksomheder samt kapitalandele i joint ventures, skal en udskudt skatteforpligtelse imidlertid indregnes i overensstemmelse med afsnit 39.
16.
Det er underforstået, at den regnskabsmæssige værdi ved indregningen af et aktiv vil blive genindvundet i form af økonomiske fordele, som vil tilgå virksomheden i fremtidige regnskabsår. Når den regnskabsmæssige værdi af aktivet overstiger dets skattemæssige værdi, vil størrelsen af den skattepligtige økonomiske fordel overstige det beløb, der kan tillades som skattemæssigt fradrag. Denne forskel er en skattepligtig midlertidig forskel, og forpligtelsen til at betale de deraf følgende indkomstskatter i fremtidige regnskabsår er en udskudt skatteforpligtelse. Når virksomheden genindvinder den regnskabsmæssige værdi af aktivet, vil den skattepligtige midlertidige forskel blive udlignet, og virksomheden vil få en skattepligtig indkomst. Dette gør det sandsynligt, at økonomiske fordele vil fragå virksomheden i form af skattebetalinger. Denne standard kræver således indregning af alle udskudte skatteforpligtelser, undtagen under de særlige omstændigheder, som er beskrevet i afsnit 15 og 39.
Eksempel
Et aktiv, som koster 150, har en regnskabsmæssig værdi på 100. Akkumulerede skattemæssige afskrivninger er 90 og skattesatsen er 25 %.
Aktivets skattemæssige værdi er 60 (kostpris på 150 med fradrag af akkumulerede skattemæssige afskrivninger på 90). For at genindvinde den regnskabsmæssige værdi på 100 skal virksomheden have en skattepligtig indkomst før skattemæssige afskrivninger på 100, men vil udelukkende kunne foretage en skattemæssig afskrivning på 60. Således skal virksomheden betale indkomstskat på 10 (40 til 25 %), når den genindvinder aktivets regnskabsmæssige værdi. Forskellen mellem den regnskabsmæssige værdi på 100 og den skattemæssige værdi på 60 er en skattepligtig midlertidig forskel på 40. Derfor indregner virksomheden en udskudt skatteforpligtelse på 10 (25 % skat af 40), som står for de indkomstskatter, den skal betale, når den genindvinder aktivets regnskabsmæssige værdi.
17.
Nogle midlertidige forskelle opstår, når indtægter eller omkostninger er indeholdt i regnskabsmæssigt overskud i et regnskabsår, men er indeholdt i skattepligtig indkomst for et andet regnskabsår. Sådanne midlertidige forskelle beskrives ofte som tidsbestemte afvigelser. Følgende er eksempler på denne type midlertidige forskelle, som er skattepligtige midlertidige forskelle, og som derfor resulterer i udskudte skatteforpligtelser:
a)
renteindtægt er indeholdt i regnskabsmæssigt overskud udregnet på tidsmæssig basis, men kan, i visse jurisdiktioner, indregnes i skattepligtig indkomst, når kontanter opkræves. Den skattemæssige værdi af et hvilket som helst tilgodehavende, der er indregnet i balancen i forbindelse med sådanne indtægter, er nul, eftersom indtægten ikke påvirker den skattepligtige indkomst før pengene inddrives,
b)
den afskrivning, der anvendes ved opgørelsen af skattepligtig indkomst (skattemæssigt underskud), kan afvige fra den, der anvendes ved opgørelsen af regnskabsmæssigt overskud. Den midlertidige forskel er forskellen mellem den regnskabsmæssige værdi af aktivet og dets skattemæssige værdi, som udgøres af den oprindelige kostpris med fradrag af de afskrivninger vedrørende aktivet, som skattemyndighederne tillader ved opgørelsen af skattepligtig indkomst for indeværende og tidligere regnskabsår. Ved skattemæssig merafskrivning opstår en skattepligtig midlertidig forskel, hvilket medfører en udskudt skatteforpligtelse (hvis skattemæssig afskrivning er langsommere end regnskabsmæssig afskrivning, opstår en fradragsberettiget midlertidig forskel, hvilket medfører et udskudt skatteaktiv), og
c)
udviklingsomkostninger kan aktiveres og afskrives over fremtidige regnskabsår ved opgørelsen af regnskabsmæssigt overskud, men kan fratrækkes ved opgørelsen af skattepligtig indkomst i det regnskabsår, hvor de er afholdt. Sådanne udviklingsomkostninger har en skattemæssig værdi på nul, eftersom de allerede er fratrukket i skattepligtig indkomst. Den midlertidige forskel er forskellen mellem den regnskabsmæssige værdi af udviklingsomkostningerne og deres skattemæssige værdi på nul.
18.
Midlertidige forskelle opstår endvidere, når:
a)
kostprisen for en virksomhedssammenslutning allokeres ved at indregne de overtagne identificerbare aktiver og forpligtelser til dagsværdi, uden at der sker en tilsvarende regulering af den skattemæssige værdi (jf. afsnit 19),
b)
aktiver omvurderes, og der ikke foretages tilsvarende skattemæssig regulering (jf. afsnit 20),
c)
goodwill opstår ved en virksomhedssammenslutning (jf. afsnit 21),
d)
den skattemæssige værdi af et aktiv eller en forpligtelse på tidspunktet for den første indregning afviger fra den oprindelige regnskabsmæssige værdi, eksempelvis når virksomheden drager fordel af skattefrie offentlige tilskud, der knytter sig til aktiver (jf. afsnit 22 og 33), eller
e)
den regnskabsmæssige værdi af investeringer i dattervirksomheder, filialer eller associerede virksomheder eller kapitalandele i joint ventures bliver forskellig fra den skattemæssige værdi af investeringen eller kapitalandelen (jf. afsnit 38-45).
Virksomhedssammenslutninger
19.
Kostprisen for en virksomhedssammenslutning allokeres ved at indregne de overtagne identificerbare aktiver og forpligtelser til dagsværdi på overtagelsestidspunktet. Midlertidige forskelle opstår, når den skattemæssige værdi af de overtagne identificerbare aktiver og forpligtelser ikke påvirkes af virksomhedssammenslutningen eller påvirkes på forskellig vis. Eksempelvis opstår en skattepligtig midlertidig forskel, som medfører en udskudt skatteforpligtelse, når den regnskabsmæssige værdi af et aktiv forøges til dagsværdi, mens den skattemæssige værdi af aktivet fortsat er den tidligere ejers kostpris. Den deraf følgende udskudte skatteforpligtelse påvirker goodwill (jf. afsnit 66).
Aktiver indregnet til dagsværdi
20.
IFRS tillader eller kræver, at visse aktiver indregnes til dagsværdi, eller at værdien omvurderes (jf. eksempelvis IAS 16 
Materielle anlægsaktiver
, IAS 38 
Immaterielle aktiver
, IAS 39 
Finansielle instrumenter: Indregning og måling
 og IAS 40 
Investeringsejendomme
). I visse jurisdiktioner påvirkes skattepligtig indkomst (skattemæssigt underskud) for det aktuelle regnskabsår af omvurderingen eller anden tilpasning af et aktiv til dagsværdi. Derfor reguleres aktivets skattemæssige værdi, og der opstår ingen midlertidig forskel. I andre jurisdiktioner bliver skattepligtig indkomst for regnskabsåret for omvurderingen eller tilpasningen ikke påvirket af omvurderingen eller tilpasningen af et aktiv, og derfor foretages der ingen regulering af aktivets skattemæssige værdi. Ikke desto mindre vil den fremtidige genindvinding af den regnskabsmæssige værdi resultere i en tilstrømning til virksomheden af skattepligtige økonomiske fordele, og det beløb, der er skattemæssigt fradragsberettiget, vil afvige fra beløbet for disse økonomiske fordele. Forskellen mellem den regnskabsmæssige værdi af et omvurderet aktiv og dets skattemæssige værdi er en midlertidig forskel og medfører en udskudt skatteforpligtelse eller et udskudt skatteaktiv. Dette er tilfældet, selv når:
a)
virksomheden ikke har til hensigt at sælge aktivet. I sådanne tilfælde bliver den omvurderede regnskabsmæssige værdi af aktivet genindvundet gennem brug, og dette vil frembringe en skattemæssig indkomst før skattemæssige afskrivninger, som overstiger den skattemæssige afskrivning, der vil kunne foretages i fremtidige regnskabsår, eller
b)
skat af kapitalgevinster udskydes, hvis overskuddet fra afhændelsen af et aktiv investeres i tilsvarende aktiver. I sådanne tilfælde vil skatten skulle betales ved salg eller anvendelse af de tilsvarende aktiver.
Goodwill
21.
Goodwill, som opstår ved en virksomhedssammenslutning, måles som det beløb, hvormed kostprisen for sammenslutningen overstiger den overtagende virksomheds andel af nettodagsværdien af den overtagne virksomheds identificerbare aktiver, forpligtelser og eventualforpligtelser. Mange skattemyndigheder tillader ikke reduktion af den regnskabsmæssige værdi af goodwill som en fradragsberettiget omkostning ved opgørelsen af skattepligtig indkomst. Desuden er kostprisen af goodwill i sådanne jurisdiktioner ofte ikke fradragsberettiget, når en dattervirksomhed sælger dets underliggende aktivitet. I sådanne jurisdiktioner har goodwill en skattemæssig værdi på nul. Enhver forskel mellem den regnskabsmæssige værdi af goodwill og dens skattemæssige værdi på nul er en skattepligtig midlertidig forskel. Denne standard tillader imidlertid ikke indregning af den deraf følgende udskudte skatteforpligtelse, eftersom goodwill måles som et restbeløb, og indregningen af den udskudte skatteforpligtelse ville øge den regnskabsmæssige værdi af goodwill.
21A
Efterfølgende reduktion af en udskudt skatteforpligtelse, som ikke indregnes, idet den hidrører fra den første indregning af goodwill, anses også som hidrørende fra den første indregning af goodwill og indregnes derfor ikke i henhold til afsnit 15a). Hvis goodwill, der er erhvervet ved en virksomhedssammenslutning, eksempelvis har en kostpris på 100, men en skattemæssig værdi på nul, forbyder afsnit 15a), at virksomheden indregner den deraf følgende udskudte skatteforpligtelse. Hvis virksomheden efterfølgende indregner et tab ved værdiforringelse på 20 for denne goodwill, reduceres den skattepligtige midlertidige forskel, som er knyttet til denne goodwill, fra 100 til 80, hvilket medfører et fald i værdien af den ikke-indregnede udskudte skatteforpligtelse. Dette fald i værdien af den ikke-indregnede udskudte skatteforpligtelser anses også for at være tilknyttet den første indregning af goodwillen og må derfor ikke indregnes i henhold til afsnit 15a).
21B
Udskudte skatteforpligtelser for skattepligtige midlertidige forskelle, der er tilknyttet goodwill, indregnes dog i det omfang, de ikke hidrører fra den første indregning af goodwill. Hvis goodwill, der er erhvervet ved en virksomhedssammenslutning, eksempelvis har en kostpris på 100, som er skattemæssigt fradragsberettiget til en sats på 20 procent pr. år fra det år, hvor goodwillen blev erhvervet, er den skattemæssige værdi af denne goodwill 100 ved den første indregning og 80 ved slutningen af det år, hvor den blev erhvervet. Hvis den regnskabsmæssige værdi af goodwill ved slutningen af det år, hvor den blev erhvervet, fortsat er 100, vil der opstå en skattepligtig midlertidig forskel på 20 ved slutningen af året. Eftersom denne skattepligtige midlertidige forskel ikke er tilknyttet den første indregning af goodwillen, indregnes den deraf følgende udskudte skatteforpligtelse.
Første indregning af et aktiv eller en forpligtelse
22.
En midlertidig forskel kan opstå på tidspunktet for første indregning af et aktiv eller en forpligtelse, eksempelvis hvis en del af eller den fulde kostpris for et aktiv ikke vil være skattemæssigt fradragsberettiget. Metoden for den regnskabsmæssige behandling af en sådan midlertidig forskel afhænger af arten af den transaktion, som medførte den første indregning af aktivet eller forpligtelsen:
a)
ved en virksomhedssammenslutning skal en virksomhed indregne eventuelle udskudte skatteforpligtelser eller skatteaktiver, og dette påvirker goodwillen eller det eventuelle beløb, hvormed kostprisen for sammenslutningen overstiger den overtagende virksomheds andel af nettodagsværdien af den overtagne virksomheds identificerbare aktiver, forpligtelser og eventualforpligtelser (jf. afsnit 19),
b)
hvis transaktionen påvirker enten regnskabsmæssigt overskud eller skattepligtig indkomst, indregner virksomheden enhver udskudt skatteforpligtelse eller ethvert udskudt aktiv, og indregner den deraf følgende udskudte skatteomkostning eller skatteindtægt i resultatopgørelsen (jf. afsnit 59),
c)
hvis transaktionen ikke er en virksomhedssammenslutning, og den hverken påvirker regnskabsmæssigt overskud eller skattepligtig indkomst, ville en virksomhed, hvis undtagelserne i afsnit 15 og 24 ikke finder anvendelse, indregne den deraf følgende udskudte skatteforpligtelse eller det udskudte aktiv og regulere aktivets eller forpligtelsens regnskabsmæssige værdi med det samme beløb. Sådanne reguleringer ville bevirke, at årsregnskabet blev mindre gennemsigtigt. Derfor tillader denne standard ikke, at virksomheden indregner den deraf følgende udskudte skatteforpligtelse eller det udskudte aktiv, hverken på tidspunktet for første indregning eller senere (jf. nedenstående eksempel). Derudover indregner virksomheden ikke efterfølgende ændringer i den ikke-indregnede udskudte skatteforpligtelse eller -aktiv, i takt med at aktivet afskrives.
Eksempel til illustration af afsnit 22c)
En virksomhed påtænker at anvende et aktiv, som koster 1 000, gennem dets brugstid på fem år og derefter sælge det til en restværdi på nul. Skattesatsen er 40 %. Afskrivninger på aktivet er ikke skattemæssigt fradragsberettiget. Ved afhændelsen vil eventuelle kapitalgevinster ikke være skattepligtige, og eventuelle kapitaltab ikke være fradragsberettigede.
Efterhånden som den regnskabsmæssige værdi af aktivet genindvindes, vil virksomheden have en skattepligtig indkomst på 1 000 og skulle betale en skat på 400. Virksomheden indregner ikke den deraf følgende udskudte skatteforpligtelse på 400, eftersom den opstår som følge af den første indregning af aktivet.
I det følgende år er aktivets regnskabsmæssige værdi 800. Med en skattepligtig indkomst på 800 vil virksomheden skulle betale en skat på 320. Virksomheden indregner ikke den udskudte skatteforpligtelse på 320, eftersom den opstår som følge af den første indregning af aktivet.
23.
I overensstemmelse med IAS 32 
Finansielle instrumenter: Præsentation
 klassificerer udstederen af et sammensat finansielt instrument (eksempelvis en konvertibel obligation) instrumentets forpligtelseselement som en forpligtelse og egenkapitalelementet som egenkapital. I visse jurisdiktioner svarer den skattemæssige værdi af forpligtelseselementet på tidspunktet for første indregning til den oprindelige regnskabsmæssige værdi af summen af forpligtelses- og egenkapitalelementer. Den deraf følgende skattepligtige midlertidige forskel opstår på tidspunktet for den første indregning af egenkapitalelementet adskilt fra forpligtelseselementet. Derfor finder undtagelsesbestemmelsen i afsnit 15b) ikke anvendelse, og derfor indregner virksomheden den deraf følgende udskudte skatteforpligtelse. I overensstemmelse med afsnit 61 indregnes den udskudte skat som indtægt eller omkostning direkte i den regnskabsmæssige værdi af egenkapitalelementet. I overensstemmelse med afsnit 58 indregnes efterfølgende ændringer i den udskudte skatteforpligtelse i resultatopgørelsen som udskudt skatteomkostning (skatteindtægt).
Fradragsberettigede midlertidige forskelle
24.
Et udskudt skatteaktiv skal indregnes for alle fradragsberettigede midlertidige forskelle, i det omfang det er sandsynligt, at der vil være en skattepligtig indkomst til rådighed, hvori den fradragsberettigede midlertidige forskel kan udnyttes, medmindre det udskudte skatteaktiv opstår som følge af den første indregning af et aktiv eller en forpligtelse i en transaktion, der:
a)
ikke er en virksomhedssammenslutning og
b)
på transaktionstidspunktet hverken påvirker regnskabsmæssigt overskud eller skattepligtig indkomst (skattemæssigt underskud).
Ved fradragsberettigede midlertidige forskelle, der vedrører investeringer i dattervirksomheder, filialer og associerede virksomheder samt kapitalandele i joint ventures, skal et udskudt skatteaktiv imidlertid indregnes i overensstemmelse med afsnit 44.
25.
Det er underforstået, at den regnskabsmæssige værdi ved indregning af en forpligtelse i fremtidige regnskabsår bliver genindvundet, ved at der vil ske et træk på virksomhedens økonomiske ressourcer. Når der sker et træk på virksomhedens ressourcer, kan dele heraf, eller de fulde beløb, være fradragsberettigede ved opgørelsen af skattepligtig indkomst for et senere regnskabsår, i hvilket forpligtelsen indregnes. I sådanne tilfælde vil der være en midlertidig forskel mellem den regnskabsmæssige værdi af forpligtelsen og dens skattemæssige værdi. Således vil der opstå et udskudt skatteaktiv med hensyn til de indkomstskatter, der vil kunne genindvindes i fremtidige regnskabsår, når denne del af forpligtelsen tillades fratrukket ved opgørelsen af skattepligtig indkomst. Ligeledes er det tilfældet, hvor den regnskabsmæssige værdi af et aktiv er lavere end dets skattemæssige værdi, at forskellen medfører et udskudt skatteaktiv med hensyn til de indkomstskatter, der vil kunne genindvindes i fremtidige regnskabsår.
Eksempel
En virksomhed indregner en forpligtelse på 100 for skyldige periodiserede omkostninger til produktgarantier. Skattemæssigt vil omkostninger til garantiforpligtelser ikke være fradragsberettigede, før end virksomheden udbetaler erstatning. Skattesatsen er 25 %.
Den skattemæssige værdi af forpligtelsen er nul (regnskabsmæssig værdi på 100, med fradrag af det beløb, der vil være skattemæssigt fradragsberettiget med hensyn til forpligtelsen i fremtidige regnskabsår). Når forpligtelsen indfries til den regnskabsmæssige værdi, vil virksomheden reducere sin fremtidige skattepligtige indkomst med et beløb på 100 og, således, reducere dens fremtidige skattebetalinger med 25 (100 til 25 %). Forskellen mellem den regnskabsmæssige værdi på 100 og den skattemæssige værdi på nul er en fradragsberettiget midlertidig forskel på 100. Virksomheden indregner derfor et udskudt skatteaktiv på 25 (100 til 25 %) under forudsætning af, at det er sandsynligt, at virksomheden i fremtidige regnskabsår vil have en skattepligtig indkomst, der er tilstrækkeligt til at udnytte de reducerede skattebetalinger.
26.
Følgende er eksempler på fradragsberettigede midlertidige forskelle, der medfører udskudte skatteaktiver:
a)
omkostninger til pensionsydelser kan fratrækkes ved opgørelsen af regnskabsmæssigt overskud, i takt med at den ansatte udfører en arbejdsydelse, men fratrækkes ved opgørelsen af skattepligtig indkomst enten når virksomheden indbetaler bidrag til en fond, eller når pensionsydelserne betales af virksomheden. Der opstår en midlertidig forskel mellem den regnskabsmæssige værdi af forpligtelsen og den skattemæssige værdi. Den skattemæssige værdi af forpligtelsen er sædvanligvis nul. En sådan fradragsberettiget midlertidig forskel medfører et udskudt skatteaktiv, eftersom økonomiske fordele vil tilgå virksomheden i form af et fradrag i den skattepligtige indkomst, når bidrag eller ydelser betales,
b)
forskningsomkostninger indregnes ved opgørelsen af regnskabsmæssigt overskud i det regnskabsår omkostningerne er afholdt, men kan ikke tillades som fradrag ved opgørelsen af skattepligtig indkomst (skattemæssigt underskud) før end i et senere regnskabsår. Forskellen mellem den skattemæssige værdi af forskningsomkostningerne, der består af de beløb, skattemyndighederne vil tillade som fradrag i fremtidige regnskabsår og den regnskabsmæssige værdi på nul, er en fradragsberettiget midlertidig forskel, der medfører et udskudt skatteaktiv,
c)
kostprisen for en virksomhedssammenslutning allokeres ved at indregne de overtagne identificerbare aktiver og forpligtelser til dagsværdi på overtagelsestidspunktet. Når en overtaget forpligtelse indregnes på overtagelsestidspunktet, men de dermed forbundne omkostninger først fratrækkes ved opgørelsen af den skattepligtige indkomst i et senere regnskabsår, opstår der en fradragsberettiget midlertidig forskel, som medfører et udskudt skatteaktiv. Et udskudt skatteaktiv opstår tillige, når dagsværdien af et overtaget identificerbart aktiv er mindre end dets skattemæssige værdi. I begge tilfælde påvirkes goodwill af det deraf følgende udskudte skatteaktiv (jf. afsnit 66), og
d)
visse aktiver kan indregnes til dagsværdi eller kan omvurderes, uden at der foretages tilsvarende skattemæssige reguleringer (jf. afsnit 20). En fradragsberettiget midlertidig forskel opstår, hvis den skattemæssige værdi af aktivet overstiger dets regnskabsmæssige værdi.
27.
Udligning af fradragsberettigede midlertidige forskelle medfører fradrag ved opgørelsen af skattepligtig indkomst for fremtidige regnskabsår. Økonomiske fordele i form af reduktioner i skattebetalinger vil imidlertid alene tilgå virksomheden, hvis den har en tilstrækkelig skattepligtig indkomst til, at fradragene kan modregnes heri. Derfor indregner virksomheden alene udskudte skatteaktiver, når det er sandsynligt, at der vil være skattepligtig indkomst til rådighed, hvori de fradragsberettigede midlertidige forskelle kan udnyttes.
28.
Det er sandsynligt, at der vil være skattepligtig indkomst til rådighed, hvori de fradragsberettigede midlertidige forskelle kan udnyttes, når der henhørende under samme skattejurisdiktion og samme skattepligtige enhed er tilstrækkelige skattepligtige midlertidige forskelle, der forventes udlignet:
a)
i det samme regnskabsår som den forventede udligning af den fradragsberettigede midlertidige forskel eller
b)
i regnskabsår, hvor et skattemæssigt underskud, der opstår fra det udskudte skatteaktiv, kan frem- eller tilbageføres.
Under sådanne omstændigheder indregnes det udskudte skatteaktiv i det regnskabsår, hvor de fradragsberettigede midlertidige forskelle opstår.
29.
Når der ikke er tilstrækkelige skattepligtige midlertidige forskelle henhørende under samme skattejurisdiktion og samme skattepligtige enhed, indregnes det udskudte skatteaktiv, i det omfang:
a)
det er sandsynligt, at virksomheden vil have tilstrækkelig skattepligtig indkomst henhørende under samme skattejurisdiktion og samme skattepligtige enhed i det samme regnskabsår, hvor udligningen af den fradragsberettigede midlertidige forskel finder sted (eller i de regnskabsår, hvor et skattemæssigt underskud, der opstår som følge af det udskudte skatteaktiv, kan frem- eller tilbageføres). Når virksomheden vurderer, hvorvidt der vil være tilstrækkelig skattepligtig indkomst i fremtidige regnskabsår, ser den bort fra skattepligtige beløb, der opstår som følge af fradragsberettigede midlertidige forskelle, som forventes at opstå i fremtidige regnskabsår, eftersom det udskudte skatteaktiv, der opstår som følge af disse fradragsberettigede midlertidige forskelle, selv vil kræve fremtidig skattepligtig indkomst, hvis det skal kunne udnyttes, eller
b)
virksomheden har mulighed for skatteplanlægning, der vil skabe skattepligtig indkomst i de relevante regnskabsår.
30.
Skatteplanlægningsmuligheder er handlinger, som virksomheden vil kunne foretage for at skabe eller forøge den skattepligtige indkomst i et bestemt regnskabsår, inden udløbet af fristen for udnyttelse af det fremførte skattemæssige underskud eller skattemæssige fradrag. Eksempelvis kan skattepligtig indkomst i visse jurisdiktioner skabes eller øges ved:
a)
at vælge at renteindtægter beskattes, enten på basis af modtagne eller tilgodehavende renter,
b)
at udskyde kravet om visse fradrag i skattepligtig indkomst,
c)
at sælge, og måske tilbagelease, aktiver der er steget i værdi, men hvor den skattemæssige værdi ikke er blevet tilsvarende reguleret for at afspejle en sådan værdistigning, og
d)
salg af et aktiv, der frembringer ikke-skattepligtig indkomst (såsom, i visse jurisdiktioner, en statsobligation), for at købe en anden investering, der frembringer skattepligtig indkomst.
Hvor mulighed for skatteplanlægning fremskynder skattepligtig indkomst fra et senere regnskabsår til et foregående regnskabsår, afhænger udnyttelsen af et skattemæssigt underskud eller fremførsel af skattemæssige fradrag stadig af tilstedeværelsen af skattepligtig indkomst fra andre kilder end midlertidige forskelle, der opstår i fremtiden.
31.
Når virksomheden for nylig har været tabsgivende, skal den overveje vejledningen i afsnit 35 og 36.
32.
[Ophævet]
Første indregning af et aktiv eller en forpligtelse
33.
Et udskudt skatteaktiv opstår eksempelvis på tidspunktet for den første indregning af et aktiv, når ikke-skattepligtige statstilskud vedrørende et aktiv fratrækkes ved beregningen af den regnskabsmæssige værdi af aktivet, men skattemæssigt ikke fratrækkes det afskrivningsberettigede beløb for aktivet (med andre ord dets skattemæssige værdi). Aktivets regnskabsmæssige værdi er mindre end dets skattemæssige værdi, og dette medfører en fradragsberettiget midlertidig forskel. Statstilskud kan tillige indregnes som udskudt indtægt, og i det tilfælde er forskellen mellem den udskudte indtægt og dets skattemæssige værdi på nul en fradragsberettiget midlertidig forskel. Uanset hvilken præsentationsmetode, virksomheden vælger, indregner den ikke det deraf følgende udskudte skatteaktiv, af den i afsnit 22 nævnte årsag.
Uudnyttede skattemæssige underskud og uudnyttede skattemæssige fradrag
34.
Et udskudt skatteaktiv hidrørende fra fremførsel af uudnyttede skattemæssige underskud og uudnyttede skattemæssige fradrag skal indregnes, i det omfang det er sandsynligt, at der vil være fremtidig skattepligtig indkomst til rådighed, hvori uudnyttede skattemæssige underskud og uudnyttede skattemæssige fradrag kan udnyttes.
35.
Kriterierne for at indregne udskudte skatteaktiver, der opstår ved fremførsel af uudnyttede skattemæssige underskud og skattemæssige fradrag, er de samme som kriterierne for at indregne udskudte skatteaktiver, der opstår som følge af fradragsberettigede midlertidige forskelle. Forekomsten af uudnyttede skattemæssige underskud er imidlertid et tydeligt tegn på, at der muligvis ikke vil være en fremtidig skattepligtig indkomst. Når virksomheden for nylig har været tabsgivende, indregner den derfor alene et udskudt skatteaktiv som følge af uudnyttede skattemæssige underskud og skattemæssige fradrag, i det omfang virksomheden har tilstrækkelige skattepligtige midlertidige forskelle, eller der foreligger anden overbevisende dokumentation for, at der vil være tilstrækkelig skattepligtig indkomst til rådighed til, at de uudnyttede skattemæssige underskud og uudnyttede skattemæssige fradrag vil kunne udnyttes af virksomheden. I sådanne tilfælde kræves i henhold til afsnit 82 oplysning af beløbet for det udskudte skatteaktiv og hvilke informationer, der indikerer, at det bør indregnes.
36.
Virksomheden anvender følgende kriterier ved vurderingen af sandsynligheden for, om der vil være skattepligtig indkomst til rådighed, hvori de uudnyttede skattemæssige underskud eller uudnyttede skattemæssige fradrag kan udnyttes:
a)
hvorvidt virksomheden har tilstrækkelige skattepligtige midlertidige forskelle, henhørende under samme skattejurisdiktion og samme skattepligtige enhed, som vil medføre skattepligtige beløb, hvori de uudnyttede skattemæssige underskud eller uudnyttede skattemæssige fradrag kan udnyttes, inden fristen herfor udløber,
b)
hvorvidt det er sandsynligt, at virksomheden vil have skattepligtig indkomst før udløbet af fristen for udnyttelse af de uudnyttede skattemæssige underskud eller uudnyttede skattemæssige fradrag,
c)
hvorvidt de uudnyttede skattemæssige underskud følger af identificerbare årsager, som sandsynligvis ikke vil gentage sig, og
d)
hvorvidt virksomheden har mulighed for at foretage skatteplanlægning (jf. afsnit 30), som vil skabe skattepligtig indkomst i det regnskabsår, hvor de uudnyttede skattemæssige underskud eller uudnyttede skattemæssige fradrag kan udnyttes.
I det omfang det ikke er sandsynligt, at der vil være skattepligtig indkomst til rådighed, hvori de uudnyttede skattemæssige underskud eller uudnyttede skattemæssige fradrag kan udnyttes, indregnes det udskudte skatteaktiv ikke.
Omvurdering af ikke-indregnede udskudte skatteaktiver
37.
På hver balancedag skal virksomheden omvurdere ikke-indregnede udskudte skatteaktiver. Virksomheden indregner et tidligere ikke indregnet udskudt skatteaktiv, i det omfang det er blevet sandsynligt, at fremtidig skattepligtig indkomst vil gøre det muligt at genindvinde et udskudt skatteaktiv. Eksempelvis kan forbedrede handelsvilkår øge sandsynligheden for, at virksomheden vil kunne frembringe tilstrækkelig skattepligtig indkomst i fremtiden til, at det udskudte skatteaktiv kan overholde de indregningskriterier, der er opstillet i afsnit 24 eller 34. Et andet eksempel er, når virksomheden omvurderer udskudte skatteaktiver på datoen for en virksomhedssammenslutning eller efterfølgende (jf. afsnit 67 og 68).
Investeringer i dattervirksomheder, filialer og associerede virksomheder og kapitalandele i joint ventures
38.
Midlertidige forskelle opstår, når den regnskabsmæssige værdi af investeringer i dattervirksomheder, filialer og associerede virksomheder eller kapitalandele i joint ventures (dvs. modervirksomhedens eller investors andel af nettoaktiverne i dattervirksomheden, filialen, den associerede virksomhed eller den virksomhed, der er investeret i, inklusive den regnskabsmæssige værdi af goodwill) afviger fra den skattemæssige værdi (ofte kostprisen) af investeringen eller kapitalandelen. Sådanne forskelle kan opstå under en række forskellige omstændigheder, eksempelvis:
a)
hvis der i dattervirksomheder, filialer og associerede virksomheder eller joint ventures er ikke-udloddet overskud,
b)
ændringer i valutakurser, når en modervirksomhed og dets dattervirksomhed er hjemmehørende i forskellige lande, og
c)
den regnskabsmæssige værdi af en investering i en associeret virksomhed reduceres til det beløb, hvormed den kan genindvindes.
I koncernregnskaber kan den midlertidige forskel afvige fra den midlertidige forskel, der indregnes for investeringen i modervirksomhedens årsregnskab, hvis modervirksomheden i sit årsregnskab indregner investeringen til kostpris eller omvurderet værdi.
39.
Virksomheden skal indregne en udskudt skatteforpligtelse for alle skattepligtige midlertidige forskelle i forbindelse med investeringer i dattervirksomheder, filialer og associerede virksomheder eller kapitalandele i joint ventures, medmindre begge de følgende betingelser er opfyldt:
a)
modervirksomheden, investor eller venturedeltager er i stand til at styre tidspunktet for udligningen af den midlertidige forskel, og
b)
det er sandsynligt, at den midlertidige forskel ikke vil blive udlignet inden for en overskuelig fremtid.
40.
Eftersom en modervirksomhed styrer sine dattervirksomheders udbyttepolitik, er den i stand til at styre tidspunktet for udligningen af de midlertidige forskelle vedrørende investeringen i disse virksomheder (inklusive de midlertidige forskelle, der opstår ikke alene af ikke-udloddet overskud, men tillige af valutakursforskelle). Desuden vil det ofte være umuligt at opgøre de indkomstskatter, der vil skulle betales, når den midlertidige forskel bliver udlignet. Når modervirksomheden har besluttet, at disse overskud ikke skal udloddes inden for en overskuelig fremtid, indregner modervirksomheden derfor ikke en udskudt skatteforpligtelse. De samme hensyn gælder investeringer i filialer.
41.
En virksomheds ikke-monetære aktiver og forpligtelser måles i virksomhedens funktionelle valuta (jf. IAS 21 
Valutaomregning
). Opgøres virksomhedens skattepligtige indkomst eller skattemæssige underskud (og således den skattemæssige værdi af virksomhedens ikke-monetære aktiver og forpligtelser) i en anden valuta, medfører ændringer i valutakursen midlertidige forskelle, som fører til indregning af en udskudt skatteforpligtelse eller (jf. afsnit 24) et udskudt skatteaktiv. Den deraf følgende udskudte skat indregnes som indtægt eller omkostning i resultatet (jf. afsnit 58).
42.
En investor i en associeret virksomhed styrer ikke denne virksomhed og har normalt ikke mulighed for at bestemme sin udbyttepolitik. Det følger heraf, at en investor, hvis der ikke eksisterer en aftale, hvor det bestemmes, at den associerede virksomheds overskud ikke skal udloddes inden for en overskuelig fremtid, indregner en udskudt skatteforpligtelse, der følger af skattepligtige midlertidige forskelle i forbindelse med investeringen i den associerede virksomhed. Der kan være tilfælde, hvor en investor ikke har mulighed for at opgøre, hvor meget skat, der vil skulle betales, hvis kostprisen ved investeringen i en associeret virksomhed genindvindes, men hvor det kan opgøres, at skatten vil svare til eller overstige et vist minimumsbeløb. I sådanne tilfælde måles den udskudte skatteforpligtelse til dette beløb.
43.
Aftalen mellem parterne i et joint venture omfatter sædvanligvis fordelingen af overskud og fastsætter, hvorvidt beslutninger i sådanne sager kræver tilslutning fra samtlige deltagere eller fra et nærmere angivet flertal af deltagerne. Når venturedeltageren har mulighed for at styre fordelingen af overskud, og når det er sandsynligt, at overskuddet ikke vil blive udloddet i en overskuelig fremtid, indregnes en udskudt skatteforpligtelse ikke.
44.
Virksomheden må udelukkende indregne et udskudt skatteaktiv for alle fradragsberettigede midlertidige forskelle, der opstår fra investeringer i dattervirksomheder, filialer og associerede virksomheder samt kapitalandele i joint ventures, i det omfang det er sandsynligt, at:
a)
den midlertidige forskel vil blive udlignet inden for en overskuelige fremtid, og
b)
der vil være en skattepligtig indkomst til rådighed, hvori den midlertidige forskel kan udnyttes.
45.
Ved vurderingen af, hvorvidt et udskudt skatteaktiv skal indregnes for fradragsberettigede midlertidige forskelle i forbindelse med investeringer i dattervirksomheder, filialer, og associerede virksomheder samt kapitalandele i joint ventures, skal virksomheden tage vejledningen i afsnit 28-31 i betragtning.
MÅLING
46.
Aktuelle skatteforpligtelser (aktiver) for indeværende og tidligere regnskabsår skal måles til det beløb, der forventes betalt til (genindvundet fra) skattemyndighederne, ved anvendelse af de skattesatser (og skattelove), som er vedtaget eller i al væsentlighed vedtaget på balancedagen.
47.
Udskudte skatteaktiver og skatteforpligtelser skal måles til den skattesats, der forventes at gælde for det regnskabsår, hvor aktivet realiseres eller forpligtelsen indfries, baseret på skattesatser (og skattelove), som er vedtaget eller i al væsentlighed vedtaget på balancedagen.
48.
Aktuelle og udskudte skatteaktiver og skatteforpligtelser måles sædvanligvis ved anvendelse af vedtagne skattesatser (og skattelove). I visse jurisdiktioner har regeringens bekendtgørelse af skattesatser (og skattelove) samme virkning som den lovmæssige vedtagelse, som kan følge adskillige måneder senere. Under disse omstændigheder måles skatteaktiver og skatteforpligtelser ved anvendelse af de bekendtgjorte skattesatser (og skattelove).
49.
Når der gælder forskellige skattesatser for forskellige skattepligtige indkomstniveauer, måles udskudte skatteaktiver og skatteforpligtelser ved anvendelse af de gennemsnitlige satser, som forventes at gælde for den skattepligtige indkomst (det skattemæssige underskud) for de regnskabsår, hvor de midlertidige forskelle forventes at blive udlignet.
50.
[Ophævet]
51.
Målingen af udskudte skatteforpligtelser og udskudte skatteaktiver skal afspejle de skattemæssige konsekvenser, der vil følge af den måde, hvorpå virksomheden på balancedagen forventer at genindvinde eller afvikle den regnskabsmæssige værdi af sine aktiver og forpligtelser.
52.
I visse jurisdiktioner kan den måde, hvorpå virksomheden genindvinder (afvikler) den regnskabsmæssige værdi af et aktiv (en forpligtelse), påvirke en af eller begge de følgende:
a)
den skattesats, der er gældende, når virksomheden genindvinder (afvikler) den regnskabsmæssige værdi af aktivet (forpligtelsen), og
b)
aktivets (forpligtelsens) skattemæssige værdi.
I sådanne tilfælde måler virksomheden udskudte skatteforpligtelser og udskudte skatteaktiver ved anvendelse af den skattesats og den skattemæssige værdi, der er i overensstemmelse med, hvordan genindvindingen eller afviklingen forventes at finde sted.
Eksempel A
Et aktiv har en regnskabsmæssig værdi på 100 og en skattemæssig værdi på 60. En skattesats på 20 % ville gælde, hvis aktivet blev solgt, og en skattesats på 30 % ville gælde for anden indtægt.
Virksomheden indregner en udskudt skatteforpligtelse på 8 (20 % skat af 40), hvis den forventer at sælge aktivet uden videre brug, og en udskudt skatteforpligtelse på 12 (30 % af 40), hvis den forventer at beholde aktivet og genindvinde dets regnskabsmæssige værdi ved brug.
Eksempel B
Et aktiv med en kostpris på 100 og en regnskabsmæssig værdi på 80 opskrives til 150. Der foretages ingen tilsvarende skattemæssig regulering. Akkumulerede skattemæssige afskrivninger er 30, og skattesatsen er 30 %. Hvis aktivet sælges til en pris, der overstiger kostprisen, vil de akkumulerede skattemæssige afskrivninger på 30 indgå i den skattepligtige indkomst, men salgsavancen ud over kostprisen vil ikke være skattepligtig.
Den skattemæssige værdi af aktivet er 70, og der er en skattepligtig midlertidig forskel på 80. Hvis virksomheden forventer at genindvinde den regnskabsmæssige værdi ved anvendelse af aktivet, må den frembringe en skattepligtig indkomst på 150, men den vil udelukkende være i stand til at foretage en afskrivning på 70. På dette grundlag er der en udskudt skatteforpligtelse på 24 (30 % af 80). Hvis virksomheden forventer at genindvinde den regnskabsmæssige værdi gennem salg af aktivet med det samme til en salgsavance på 150, opgøres den udskudte skatteforpligtelse som følger:
Skattepligtig midlertidig forskel
Skattesats
Udskudt skatteforpligtelse
Akkumulerede skattemæssige afskrivninger
30
30 %
9
Avance ud over kostpris
50
nil
—
I alt
80
9
(bemærk: I overensstemmelse med afsnit 61 indregnes den yderligere udskudte skat, der opstår ved omvurderingen, direkte på egenkapitalen.)
Eksempel C
Forholdene er de samme som i eksempel B, bortset fra at, hvis aktivet sælges til mere end kostpris, vil de akkumulerede skattemæssige afskrivninger indgå i den skattepligtige indkomst (beskattet med 30 %), og salgsavancen vil blive beskattet med 40 % efter fradrag af en inflationskorrigeret kostpris på 110.
Hvis virksomheden forventer at genindvinde den regnskabsmæssige værdi ved anvendelse af aktivet, må den frembringe en skattepligtig indkomst på 150, men den vil udelukkende være i stand til at foretage en afskrivning på 70. På dette grundlag er der en skattemæssige værdi på 70, en skattepligtig midlertidig forskel på 80 og en udskudt skatteforpligtelse på 24 (30 % af 80) som i eksempel B.
Hvis virksomheden forventer at genindvinde den regnskabsmæssige værdi ved straks at sælge aktivet til en salgsavance på 150, vil den kunne fratrække den indekserede kostpris på 110. Nettoavancen på 40 vil blive beskattet med 40 %. Derudover vil de akkumulerede skattemæssige afskrivninger på 30 blive indregnet i den skattepligtige indkomst og beskattet med 30 %. På dette grundlag er den skattemæssige værdi 80 (110 minus 30), der er en skattepligtig midlertidig forskel på 70, og der er en udskudt skatteforpligtelse på 25 (40 % af 40 plus 30 % af 30). Hvis den skattemæssige værdi ikke umiddelbart fremgår af dette eksempel, kan det være en hjælp at sammenligne med det grundlæggende princip beskrevet i afsnit 10.
(bemærk: I overensstemmelse med afsnit 61 indregnes den yderligere udskudte skat, der opstår ved omvurderingen, direkte på egenkapitalen.)
52A
I visse jurisdiktioner skal indkomstskatter betales til en højere eller lavere sats, hvis en del af eller hele overskuddet eller det overførte resultat udbetales som udbytte til virksomhedens aktionærer. I visse andre jurisdiktioner kan det udløse tilbagebetaling eller betaling af indkomstskatter, hvis en del af eller hele overskuddet eller det overførte overskud udbetales som udbytte til virksomhedens aktionærer. I disse tilfælde måles aktuelle og udskudte skatteaktiver og skatteforpligtelser til den gældende skattesats for ikke-udloddet overskud.
52B
I de i afsnit 52A omtalte tilfælde indregnes de skattemæssige konsekvenser af udbytte, når forpligtelsen til at udbetale udbytte indregnes. De skattemæssige konsekvenser af udbytte er mere direkte knyttet til tidligere transaktioner eller begivenheder end til udlodninger til ejere. Derfor indregnes de skattemæssige konsekvenser af udbytte i årets resultat i henhold til afsnit 58, undtagen når de skattemæssige konsekvenser af udbytte hidrører fra de i afsnit 58a) og b) beskrevne tilfælde.
Eksempel til illustration af afsnit 52A og 52B
Følgende eksempel omhandler målingen af aktuelle og udskudte skatteaktiver og skatteforpligtelser for virksomheden i en jurisdiktion, hvor indkomstskatter skal betales til en højere sats for ikke-udloddet overskud (50 %), hvor et beløb kan tilbagebetales, når overskud udloddes. Skattesatsen for udloddet overskud er 35 %. På balancedagen, 31. december 20X1 indregner virksomheden ikke en forpligtelse for udbytte, som foreslås eller uddeles efter balancedagen. Som følge heraf indregnes intet udbytte i år 20X1. Den skattepligtige indkomst for 20X1 er 100 000. Den skattepligtige midlertidige nettoforskel for år 20X1 er 40 000.
Virksomheden indregner en aktuel skatteforpligtelse og en aktuel skatteomkostning på 50 000. Der indregnes ikke noget aktiv for det beløb, der potentielt kan tilbagebetales ved en fremtidig udbyttebetaling. Virksomheden indregner ligeledes en udskudt skatteforpligtelse og en udskudt skatteomkostning på 20 000 (50 % af 40 000) for de indkomstskatter, virksomheden skal betale, når den genindvinder eller indfrier den regnskabsmæssige værdi af sine aktiver og forpligtelser, på grundlag af den gældende skattesats for ikke-udloddet overskud .
Efterfølgende indregner virksomheden den 15. marts 20X2 udbytte på 10 000 fra tidligere driftsresultat som en forpligtelse.
Den 15. marts 20X2 indregner virksomheden genindvundne indkomstskatter på 1 500 (15 % af udbyttet indregnet som en forpligtelse) som et aktuelt skatteaktiv og en reduktion i aktuelle skatteomkostninger for 20X2.
53.
Udskudte skatteaktiver og skatteforpligtelser må ikke diskonteres.
54.
En pålidelig opgørelse af udskudte skatteaktiver og skatteforpligtelser på diskonteringsbasis kræver en detaljeret plan over tidspunktet for udligning af hver enkelt midlertidig forskel. I mange tilfælde er udarbejdelsen af en sådan plan umulig eller yderst kompleks. Derfor er det uhensigtsmæssigt at kræve diskontering af udskudte skatteaktiver og skatteforpligtelser. At tillade, men ikke kræve, diskontering ville medføre, at udskudte skatteaktiver og skatteforpligtelser ikke være sammenlignelige virksomheder imellem. Derfor hverken kræver eller tillader denne standard diskontering af udskudte skatteaktiver og skatteforpligtelser.
55.
Midlertidige forskelle opgøres med udgangspunkt i den regnskabsmæssige værdi af et aktiv eller en forpligtelse. Dette gælder selv hvor den regnskabsmæssige værdi i sig selv er opgjort på diskonteringsbasis, eksempelvis i tilfældet med pensionsforpligtelser (jf. IAS 19 
Personaleydelser
).
56.
Den regnskabsmæssige værdi af et udskudt skatteaktiv skal gennemgås på hver balancedag. Virksomheden skal reducere den regnskabsmæssige værdi af et udskudt skatteaktiv, i det omfang det ikke længere er sandsynligt, at der vil være tilstrækkelig skattepligtig indkomst til, at fordelen ved en del af eller hele dette udskudte skatteaktiv kan udnyttes. Sådanne reduktioner skal tilbageføres, i det omfang det bliver sandsynligt, at der vil være tilstrækkelig skattepligtig indkomst.
INDREGNING AF AKTUEL OG UDSKUDT SKAT
57.
Den regnskabsmæssige behandling af en transaktion eller anden begivenheds indvirkning på den aktuelle og udskudte skat svarer til den regnskabsmæssige behandling af selve transaktionen eller begivenheden. Dette princip er implementeret i afsnit 58-68C.
Resultatopgørelsen
58.
Aktuel og udskudt skat skal indregnes som indtægt eller omkostning og medtages i årets resultat, undtagen i det omfang skatten opstår som følge af:
a)
en transaktion eller begivenhed, som i det samme eller et andet regnskabsår indregnes direkte på egenkapitalen (jf. afsnit 61-65), eller
b)
en virksomhedssammenslutning (jf. afsnit 66-68).
59.
De fleste udskudte skatteforpligtelser og udskudte skatteaktiver opstår, når indtægter eller omkostninger indgår i det regnskabsmæssige overskud for et regnskabsår, men i den skattepligtige indkomst (det skattemæssige underskud) i et andet regnskabsår. Den deraf følgende udskudte skat indregnes i resultatopgørelsen. Dette sker i følgende tilfælde:
a)
renter, royalty eller udbytte modtages bagud og indgår i regnskabsmæssigt overskud på en tidsmæssig basis i overensstemmelse med IAS 18 
Omsætning
, men indgår i skattepligtig indkomst (skattemæssigt underskud) på kontantbasis, og
b)
omkostninger til immaterielle aktiver er blevet aktiveret i overensstemmelse med IAS 38 og afskrives i resultatopgørelsen, men blev fratrukket skattemæssigt, da de blev afholdt.
60.
Den regnskabsmæssige værdi af udskudte skatteaktiver og skatteforpligtelser kan ændre sig, selv om der ikke sker nogen ændring i beløbet for de dermed forbundne midlertidige forskelle. Dette kan eksempelvis være en følge af:
a)
en ændring i skattesatserne eller skattelovgivningen,
b)
en revurdering af muligheden for at genindvinde udskudte skatteaktiver, eller
c)
en ændring i den måde, hvorpå et aktiv forventes genindvundet.
Den deraf følgende udskudte skat indregnes i resultatopgørelsen, undtagen i det omfang den kan henføres til poster, der tidligere er indregnet på egenkapitalen (jf. afsnit 63).
Poster indregnet direkte på egenkapitalen
61.
Aktuel og udskudt skat skal indregnes direkte på egenkapitalen, hvis skatten vedrører poster, som i det samme eller et andet regnskabsår er indregnet direkte på egenkapitalen.
62.
De internationale regnskabsstandarder (IFRS) kræver eller tillader, at visse poster indregnes direkte på egenkapitalen. Eksempler på sådanne poster er:
a)
en ændring i regnskabsmæssig værdi, der opstår som følge af omvurdering af materielle anlægsaktiver (jf. IAS 16),
b)
en regulering primo i overført resultat, der følger af enten en ændring i regnskabspraksis, som anvendes med tilbagevirkende kraft, eller korrektion af en fejl (jf. IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
),
c)
valutakursforskelle hidrørende fra omregningen af en selvstændig udenlandsk virksomheds årsregnskab (jf. IAS 21), og
d)
beløb, der opstår på tidspunktet for første indregning af et sammensat finansielt instruments egenkapitalelement (jf. afsnit 23).
63.
I særlige tilfælde kan det være vanskeligt at opgøre beløbet for aktuel og udskudt skat, der vedrører poster, som er indregnet på egenkapitalen. Dette kan eksempelvis være tilfældet, når:
a)
der er flere indkomstskatteniveauer, og det er umuligt at fastslå, til hvilken sats et givent element af skattepligtig indkomst (skattemæssigt underskud) er beskattet,
b)
en ændring i skattesatsen eller andre skatteregler påvirker et udskudt skatteaktiv eller en udskudt forpligtelse, der (helt eller delvist) er tilknyttet en post, som tidligere er indregnet på egenkapitalen, eller
c)
virksomheden beslutter, at et udskudt skatteaktiv skal indregnes, eller ikke længere skal indregnes fuldt ud, og det udskudte skatteaktiv (helt eller delvist) vedrører en post, som tidligere er indregnet direkte på egenkapitalen.
I sådanne tilfælde baseres den aktuelle og udskudte skat, der vedrører poster, som er indregnet på egenkapitalen, på en rimelig pro rata-allokering af den aktuelle og udskudte skat for enheden i den pågældende skattejurisdiktion, eller anden metode, hvorved der opnås en efter omstændighederne mere hensigtsmæssig allokering.
64.
IAS 16 angiver ikke, hvorvidt virksomheden hvert år fra reserver for opskrivninger skal overføre et beløb til overført resultat, der svarer til forskellen mellem afskrivningen af et opskrevet aktiv og afskrivningen baseret på dette aktivs kostpris. Hvis virksomheden foretager en sådan overførsel, overføres beløbet efter fradrag af enhver forbunden udskudt skat. Tilsvarende overvejelser gælder for overførsler, der foretages ved salg af et materielt anlægsaktiv.
65.
Når et aktiv omvurderes skattemæssigt, og omvurderingen knytter sig til en regnskabsmæssig omvurdering i et foregående regnskabsår, eller til en, som forventes foretaget i et fremtidigt regnskabsår, indregnes den skattemæssige virkning af såvel det omvurderede aktiv som reguleringen af den skattemæssige værdi på egenkapitalen i de regnskabsår, hvor de forekommer. Hvis den skattemæssige omvurdering derimod ikke knytter sig til en regnskabsmæssig omvurdering i et foregående regnskabsår, eller til en, som forventes foretaget i et fremtidigt regnskabsår, indregnes den skattemæssige virkning af reguleringen af den skattemæssige værdi i resultatopgørelsen.
65A
Når virksomheden udbetaler udbytte til sine aktionærer kan der være krav om, at den skal betale en del af udbyttet til skattemyndighederne på vegne af aktionærerne . Et sådant beløb, som er betalt eller skal betales til skattemyndighederne indregnes på egenkapitalen som en del af udbyttet.
Udskudt skat som følge af en virksomhedssammenslutning
66.
Som beskrevet i afsnit 19 og 26c) kan der opstå midlertidige forskelle ved en virksomhedssammenslutning. I overensstemmelse med IFRS 3 
Virksomhedssammenslutninger
 indregner virksomheden alle deraf følgende udskudte skatteaktiver (i det omfang de opfylder indregningskriterierne i afsnit 24) eller udskudte skatteforpligtelser som identificerbare aktiver og forpligtelser på overtagelsestidspunktet. Derfor påvirker disse udskudte skatteaktiver og skatteforpligtelser beløbet for goodwill eller det eventuelle beløb, hvormed den overtagende virksomheds andel af nettodagsværdien af den overtagne virksomheds identificerbare aktiver, forpligtelser og eventualforpligtelser overstiger kostprisen for sammenslutningen. I overensstemmelse med afsnit 15a) skal en virksomhed imidlertid ikke indregne udskudte skatteforpligtelser, som hidrører fra den første indregning af goodwill.
67.
Som følge af en virksomhedssammenslutning kan en overtagende virksomhed betragte det som sandsynligt, at denne vil genindvinde egne udskudte skatteaktiver, der ikke var indregnet forud for virksomhedssammenslutningen. Eksempelvis kan den overtagende virksomhed tænkes at være i stand til at udnytte fordelen ved modregning af sine uudnyttede skattemæssige underskud i den fremtidige skattepligtige indkomst hos den overtagne virksomhed. I sådanne tilfælde skal den overtagende virksomhed indregne et udskudt skatteaktiv, men ikke medtage det som en del af den regnskabsmæssige behandling af virksomhedssammenslutningen, og det skal derfor ikke tages i betragtning ved opgørelsen af goodwill eller af det eventuelle beløb, hvormed den overtagende virksomheds andel af nettodagsværdien af den overtagne virksomheds identificerbare aktiver, forpligtelser og eventualforpligtelser overstiger kostprisen for sammenslutningen.
68.
Hvis den potentielle fordel ved den overtagne virksomheds fremførte indkomstskattemæssige underskud eller andre udskudte skatteaktiver ikke opfyldte kriterierne for separat indregning i IFRS 3 ved den første regnskabsmæssige behandling af en virksomhedssammenslutning, men realiseres efterfølgende, skal den overtagende virksomhed indregne den deraf følgende udskudte skatteindtægt i resultatet. Derudover skal den overtagende virksomhed:
a)
reducere den regnskabsmæssige værdi af goodwill til det beløb, der ville have været indregnet, hvis det udskudte skatteaktiv var blevet indregnet som et identificerbart aktiv fra overtagelsestidspunktet, og
b)
indregne reduktionen i den regnskabsmæssige værdi af goodwill som omkostning.
Denne fremgangsmåde må dog ikke medføre, at den overtagende virksomheds andel af nettodagsværdien af den overtagne virksomheds identificerbare aktiver, forpligtelser og eventualforpligtelser overstiger kostprisen for virksomhedssammenslutningen, eller at der sker en stigning i det beløb, som tidligere er indregnet for et sådant overskydende beløb.
Eksempel
En virksomhed har overtaget en dattervirksomhed, der havde fradragsberettigede midlertidige forskelle på 300. Skattesatsen på overtagelsestidspunktet var 30 procent. Det deraf følgende udskudte skatteaktiv på 90 blev ikke indregnet som et identificerbart aktiv ved opgørelsen af den goodwill på 500, der hidrørte fra virksomhedssammenslutningen. To år efter sammenslutningen har virksomheden vurderet, at den fremtidige skattepligtige indkomst skulle være tilstrækkelig til at genindvinde fordelen af alle de fradragsberettigede midlertidige forskelle.
Virksomheden indregner et udskudt skatteaktiv på 90 og, i resultatet, en udskudt skatteindtægt på 90. Virksomheden reducerer også den regnskabsmæssige værdi af goodwill med 90 og indregner en omkostning for dette beløb i resultatet. Således reduceres kostprisen for goodwillen til 410, som er det beløb, der ville have været indregnet, hvis det udskudte skatteaktiv på 90 var blevet indregnet som et identificerbart aktiv på overtagelsestidspunktet.
Hvis skattesatsen var steget til 40 procent, ville virksomheden have indregnet et udskudt skatteaktiv på 120 (40 procent af 300) og, i resultatet, en udskudt skatteindtægt på 120. Hvis skattesatsen var faldet til 20 procent, ville virksomheden have indregnet et udskudt skatteaktiv på 60 (20 procent af 300) og en udskudt skatteindtægt på 60. I begge tilfælde ville virksomheden tillige reducere den regnskabsmæssige værdi af goodwill med 90 og indregne en omkostning for dette beløb i resultatet.
Aktuel og udskudt skat, som hidrører fra aktiebaseret vederlæggelse
68A
I visse skattejurisdiktioner får virksomheden et skattefradrag (dvs. et beløb, der kan fratrækkes ved opgørelsen af den skattepligtige indkomst), som er tilknyttet vederlag, som er betalt med aktier, aktieoptioner eller andre af virksomhedens egenkapitalinstrumenter. Størrelsen af skattefradraget kan afvige fra de tilknyttede akkumulerede omkostninger til vederlag og kan opstå i et senere regnskabsår. Eksempelvis kan en virksomhed i visse jurisdiktioner indregne omkostninger til forbrug af tjenesteydelser fra ansatte, som er modtaget som betaling for tildelte aktieoptioner i overensstemmelse med IFRS 2 
Aktiebaseret vederlæggelse
 og først få et skattefradrag, når disse aktieoptioner udnyttes. Målingen af skattefradraget baseres på kursen på virksomhedens aktier på tidspunktet for udnyttelsen.
68B
Som det er tilfældet med de i denne standards afsnit 9 og 26b) beskrevne forskningsomkostninger, er forskellen mellem den skattemæssige værdi af de modtagne tjenesteydelser fra ansatte til dato (som er det beløb, skattemyndighederne vil tillade som fradrag i fremtidige regnskabsår) og den regnskabsmæssige værdi på nul en fradragsberettiget midlertidig forskel, som resulterer i et udskudt skatteaktiv. Hvis det beløb, skattemyndighederne vil tillade som et fradrag i fremtidige regnskabsår, ikke kendes ved regnskabsårets afslutning, skal det skønnes på basis af de ved afslutningen af regnskabsåret til rådighed værende oplysninger. Hvis det beløb, skattemyndighederne vil tillade som et fradrag i fremtidige regnskabsår, eksempelvis afhænger af kursen på virksomheden aktier på et fremtidigt tidspunkt, skal målingen af den fradragsberettigede midlertidige forskel baseres på kursen på virksomhedens aktier ved regnskabsårets afslutning.
68C
Som anført i afsnit 68A kan skattefradraget (eller det skønnede fremtidige skattefradrag målt i overensstemmelse med afsnit 68B) afvige fra de tilknyttede akkumulerede omkostninger til vederlag. Standardens afsnit 58 kræver, at aktuel og udskudt skat skal indregnes som indtægt eller omkostning og medtages i årets resultat, undtagen i det omfang skatten opstår som følge af a) en transaktion eller begivenhed, som i det aktuelle regnskabsår eller et andet regnskabsår indregnes direkte på egenkapitalen, eller b) som følge af en virksomhedssammenslutning. Hvis skattefradraget (eller det skønnede fremtidige skattefradrag) overstiger de tilknyttede akkumulerede omkostninger til vederlag, indikerer dette, at skattefradraget ikke kun knytter sig til omkostninger til vederlag, men til også en egenkapitalpost. I denne situation skal den overstigende tilknyttede aktuelle eller udskudte skat indregnes direkte på egenkapitalen.
PRÆSENTATION
Skatteaktiver og skatteforpligtelser
69.
[Ophævet]
70.
[Ophævet]
Modregning
71.
Virksomheden skal udelukkende modregne aktuelle skatteaktiver og skatteforpligtelser, hvis virksomheden:
a)
har en juridisk ret til at modregne de indregnede beløb, og
b)
har til hensigt enten at nettoafregne eller at realisere aktivet og indfri forpligtelsen samtidigt.
72.
Selv om aktuelle skatteaktiver og -forpligtelser indregnes og måles separat, modregnes de i balancen i henhold til kriterier, svarende til kriterierne opstillet for finansielle instrumenter i IAS 32. Virksomheden vil normalt have en juridisk ret til at modregne et aktuelt skatteaktiv i en aktuel skatteforpligtelse, når de hidrører fra indkomstskatter, der pålignes af samme skattemyndighed, og denne skattemyndighed tillader virksomheden at foretage eller modtage en samlet nettobetaling.
73.
I koncernregnskaber modregnes et aktuelt skatteaktiv i en virksomhed i koncernen udelukkende i en aktuel skatteforpligtelse i en anden virksomhed i koncernen, hvis de pågældende virksomheder har juridisk ret til foretage eller modtage en samlet nettobetaling, og virksomheden har til hensigt at foretage eller modtage en sådan samlet nettobetaling eller at genindvinde aktivet og indfri forpligtelsen samtidig.
74.
Virksomheden må udelukkende modregne udskudte skatteaktiver og udskudte skatteforpligtelser, hvis:
a)
virksomheden har en juridisk ret til at modregne aktuelle skatteaktiver i aktuelle skatteforpligtelser, og
b)
de udskudte skatteaktiver og de udskudte skatteforpligtelser vedrører indkomstskatter, der af den samme skattemyndighed er pålignet enten for:
i)
den samme skattepligtige enhed, eller
ii)
forskellige skattepligtige enheder, der har til hensigt enten at indfri aktuelle skatteforpligtelser og skatteaktiver på nettobasis eller at realisere aktiverne og indfri forpligtelserne samtidig i hvert fremtidigt regnskabsår, hvor væsentlige beløb for udskudte skatteforpligtelser eller skatteaktiver forventes indfriet eller genindvundet.
75.
For at undgå at skulle udarbejde en detaljeret plan for tidspunktet for udligningen af hver midlertidig forskel kræver denne standard, at virksomheden udelukkende modregner et udskudt skatteaktiv i en udskudt skatteforpligtelse for samme skattepligtige enhed, hvis de hidrører fra indkomstskatter, der er pålignet af samme skattemyndighed, og virksomheden har en juridisk ret til at modregne aktuelle skatteaktiver i aktuelle skatteforpligtelser.
76.
I sjældne tilfælde kan virksomheden have en juridisk ret til at modregne, og til hensigt at nettoafregne for visse regnskabsår, men ikke for andre. I sådanne sjældne tilfælde kan det være nødvendigt med en detaljeret planlægning for at opnå sikkerhed for, at den udskudte skatteforpligtelse for en skattepligtig enhed vil resultere i øgede skattebetalinger i det samme regnskabsår, hvor et udskudt skatteaktiv i en anden skattepligtig enhed resulterer i reducerede skattebetalinger for denne anden skattepligtige enhed.
Skatteomkostning
Skatteomkostning (skatteindtægt), der hidrører fra resultatet af ordinær drift
77.
Skatteomkostningen (skatteindtægten), der hidrører fra resultat af ordinær drift, skal fremgå af resultatopgørelsen.
Valutakursforskelle ved udskudte udenlandske skatteforpligtelser eller skatteaktiver
78.
IAS 21 kræver at visse valutakursforskelle indregnes som indtægt eller omkostning, men angiver ikke, hvor sådanne forskelle skal indgå i resultatopgørelsen. Hvor valutakursforskelle ved omregning af udskudte udenlandske skatteforpligtelser eller skatteaktiver indregnes i resultatopgørelsen, kan sådanne forskelle således klassificeres som udskudt skatteomkostning (skatteindtægt), hvis denne præsentation betragtes som den mest nyttige for regnskabsbrugere.
OPLYSNINGER
79.
De væsentligste skatteomkostnings- (skatteindtægts-) elementer skal oplyses separat.
80.
Skatteomkostnings- (skatteindtægts-) elementer kan blandt andet omfatte:
a)
aktuel skatteomkostning (skatteindtægt),
b)
reguleringer indregnet i regnskabsåret vedrørende aktuel skat for tidligere regnskabsår,
c)
det beløb for udskudt skatteomkostning (skatteindtægt), der vedrører midlertidige forskelles opståen og udligning,
d)
det beløb for udskudt skatteomkostning (skatteindtægt), der vedrører ændringer i skattesatser eller indførelsen af nye skatter,
e)
beløbet for den fordel, der opstår som følge af ikke tidligere indregnet skattemæssigt underskud, skattemæssigt fradrag eller midlertidige forskelle for et foregående regnskabsår, som udnyttes til at reducere aktuel skatteomkostning,
f)
beløbet for fordelen af ikke tidligere indregnet skattemæssigt underskud, skattemæssigt fradrag eller midlertidige forskelle for et foregående regnskabsår, som udnyttes til at reducere udskudt skatteomkostning,
g)
udskudt skatteomkostning, der opstår som følge af nedskrivning, eller tilbageførsel af en tidligere nedskrivning af et udskudt skatteaktiv i overensstemmelse med afsnit 56, og
h)
beløbet for skatteomkostning (skatteindtægt), der vedrører de ændringer i regnskabspraksis og fejl, som er medtaget i årets resultat i overensstemmelse med IAS 8, fordi det ikke er muligt at behandle dem regnskabsmæssigt med tilbagevirkende kraft.
81.
Følgende skal tillige oplyses separat:
a)
den samlede aktuelle og udskudte skat, der vedrører poster, som er indregnet på egenkapitalen,
b)
[ophævet],
c)
en redegørelse for forholdet mellem skatteomkostning (skatteindtægt) og regnskabsmæssigt overskud på en af eller begge følgende måder:
i)
en talmæssig afstemning af skatteomkostning (skatteindtægt) og resultatet af regnskabsmæssigt overskud ganget med de(n) anvendte sats (er), hvor der tillige redegøres for, på hvilket grundlag den anvendte skattesats opgøres, eller
ii)
en talmæssig afstemning af den gennemsnitlige effektive skattesats og den gældende skattesats, der tillige viser det grundlag, hvorpå den gældende skattesats er opgjort,
d)
en redegørelse for ændringer i anvendte) skattesats(er) sammenholdt med det foregående regnskabsår,
e)
beløbet (og eventuel udløbsdato) for fradragsberettigede midlertidige forskelle, uudnyttede skattemæssige underskud og uudnyttede skattemæssige fradrag, for hvilke der ikke er indregnet noget udskudt skatteaktiv i balancen,
f)
det samlede beløb for midlertidige forskelle i forbindelse med investeringer i dattervirksomheder, filialer, og associerede virksomheder samt kapitalandele i joint ventures, for hvilke der ikke er indregnet udskudte skatteforpligtelser (jf. afsnit 39),
g)
for hver type af midlertidig forskel og hver type af uudnyttet skattemæssigt underskud og uudnyttet skattemæssigt fradrag:
i)
beløbet for de udskudte skatteaktiver og skatteforpligtelser, der er indregnet i balancen for hvert regnskabsår, der er præsenteret,
ii)
beløbet for den udskudte skatteindtægt eller skatteomkostning, der er indregnet i resultatopgørelsen, hvis dette ikke fremgår tydeligt af ændringerne i de beløb, der er indregnet i balancen,
h)
for ophørt aktivitet, den skatteomkostning, der vedrører:
i)
gevinst eller tab ved ophør, og
ii)
resultat af ordinær aktivitet i den ophørte aktivitet for regnskabsåret, samt de tilsvarende beløb for tidligere præsenterede regnskabsår, og
i)
den beløbsmæssige størrelse af de skattemæssige konsekvenser for virksomhedens aktionærer af udbytte, som er foreslået eller uddelt før årsregnskabets godkendelse til offentliggørelse, men som ikke indregnes som en forpligtelse i årsregnskabet.
82.
Virksomheden skal oplyse beløbet for et udskudt skatteaktiv og hvilke informationer, der indikerer, at det bør indregnes, når:
a)
udnyttelsen af det udskudte skatteaktiv er afhængig af fremtidig skattepligtig indkomst ud over den indkomst, der opstår som følge af udligning af eksisterende skattepligtige midlertidige forskelle, og
b)
virksomheden har lidt tab enten i det aktuelle eller forudgående regnskabsår i den skattejurisdiktion, hvorunder det udskudte skatteaktiv henhører.
82A
I de i afsnit 52A nævnte tilfælde skal virksomheden oplyse om arten af potentielle skattemæssige konsekvenser som følge af udbetaling af udbytte til virksomhedens aktionærer. Virksomheden skal endvidere oplyse om potentielle skattemæssige konsekvenser, som kan opgøres i praksis, samt hvorvidt der er potentielle skattemæssige konsekvenser, som ikke kan opgøres i praksis.
83.
[Ophævet]
84.
De oplysninger, der kræves i afsnit 81c), gør det muligt for brugere af årsregnskaber at forstå, hvorvidt forholdet mellem skatteomkostning (skatteindtægt) og regnskabsmæssigt overskud er usædvanligt, samt at forstå de væsentlige faktorer, der kunne påvirke dette forhold i fremtiden. Forholdet mellem skatteomkostning (skatteindtægt) og regnskabsmæssigt overskud kan påvirkes af faktorer såsom indtægt, der er fritaget for beskatning, omkostninger, som ikke er fradragsberettigede ved opgørelsen af skattepligtig indkomst (skattemæssigt underskud), virkningen af skattemæssigt underskud samt virkningen af udenlandske skattesatser.
85.
Ved redegørelsen for forholdet mellem skatteomkostning (skatteindtægt) og regnskabsmæssigt overskud anvender virksomheden den skattesats, som giver den mest meningsfyldte information til regnskabsbrugerne. Ofte er den mest nyttige skattesats den, der er gældende i virksomhedens hjemland ved sammenlægning af den skattesats, der anvendes nationalt, med eventuelle lokale indkomstskattesatser, som opgøres ud fra nogenlunde den samme skattepligtige indkomst (skattemæssige underskud). For en virksomhed, der opererer i mange forskellige jurisdiktioner, kan det imidlertid give bedre mening at sammenlægge separate afstemninger, der er udarbejdet ved anvendelse af den skattesats, der er gældende i hvert enkelt jurisdiktion. De følgende eksempler illustrerer, hvordan valget af anvendte skattesatser påvirker præsentationen af den talmæssige afstemning.
Eksempel til illustration af afsnit 85
I 19X2 har en virksomhed et regnskabsmæssigt overskud i dets egen jurisdiktion (land A) på 1 500 (19X1: 2 000) og i land B på 1 500 (19X1: 500). Skattesatsen er 30 % i land A og 20 % i land B. I land A er omkostninger på 100 (19X1: 200) ikke skattemæssigt fradragsberettigede.
Det følgende er et eksempel på afstemning til hjemlandets skattesats.
19X1
19X2
Regnskabsmæssigt overskud
2 500
3 000
Skat ved en skattesats i hjemlandet på 30 %
750
900
Skattemæssig virkning af omkostninger, der ikke er skattemæssigt fradragsberettigede
60
30
Virkning af lavere skattesatser i land B
(50)
(150)
Skatteomkostning
760
780
Det følgende er et eksempel på en afstemning, der er foretaget ved at sammenlægge separate afstemninger for hvert enkelt lands jurisdiktion. Efter denne metode fremgår virkningen af forskellene mellem skattesatsen i den regnskabsaflæggende virksomheds hjemland og skattesatsen i andre jurisdiktioner ikke som en separat post i afstemningen. En virksomhed kan have behov for at diskutere virkningen af en væsentlig ændring i en af skattesatserne, eller sammensætningen af den indkomst, der er indtjent i forskellige jurisdiktioner, for at forklare ændringer i de(n) anvendte skattesats(er), som krævet i afsnit 81d).
Regnskabsmæssigt overskud
2 500
3 000
Skat opgjort ud fra den skattesats, der anvendes for indkomst i det pågældende land
700
750
Skattemæssig virkning af omkostninger, der ikke er skattemæssigt fradragsberettigede
60
30
Skatteomkostning
760
780
86.
Den gennemsnitlige effektive skattesats er skatteomkostningen (skatteindtægten) divideret med det regnskabsmæssige overskud.
87.
Ofte er det ikke praktisk muligt at opgøre beløbet for ikke-indregnede udskudte skatteforpligtelser, der opstår af investeringer i dattervirksomheder, filialer, og associerede virksomheder samt kapitalandele i joint ventures (jf. afsnit 39). Derfor kræver denne standard, at virksomheden oplyser det samlede beløb for de underliggende midlertidige forskelle, men der kræves ikke oplysning om de udskudte skatteforpligtelser. Ikke desto mindre tilskyndes virksomheder til, hvor det er muligt, at oplyse beløb for ikke-indregnede udskudte skatteforpligtelser, eftersom regnskabsbrugere kan finde sådanne oplysninger nyttige.
87A
Afsnit 82A kræver, at virksomheden oplyser om arten af potentielle skattemæssige konsekvenser, som følge af udbetaling af udbytte til virksomhedens aktionærer. Virksomheden oplyser om indkomstskattesystemets hovedtræk og faktorer, som vil påvirke de potentielle skattemæssige konsekvenser af udbyttet.
87B
Det er nogle gange ikke praktisk muligt at beregne den fulde beløbsmæssige størrelse af de samlede skattemæssige konsekvenser af udbetaling af udbytte til aktionærer. Dette kan eksempelvis være tilfældet, når virksomheden har mange udenlandske dattervirksomheder. Men selv i disse tilfælde kan det være lige til at beregne en del af det samlede beløb. I en koncern kan modervirksomheden og nogle af dens dattervirksomheder eksempelvis have betalt en højere indkomstskattesats på ikke-udloddet overskud og kende det beløb, der vil blive tilbagebetalt ved udbetaling af fremtidigt udbytte til aktionærer fra det overførte koncernresultat. I dette tilfælde oplyses der om det beløb, der kan tilbagebetales. Ligeledes oplyser virksomheden om eventuelle yderligere skattemæssige konsekvenser, som det ikke er praktisk muligt at opgøre. Hvis modervirksomheden ud over koncernregnskabet udarbejder et årsregnskab vedrører oplysning om potentielle skattemæssige konsekvenser modervirksomhedens overførte resultat.
87C
Hvis en virksomhed skal give de i afsnit 82A krævede oplysninger, er det muligt, at den ligeledes skal give oplysninger vedrørende midlertidige forskelle forbundet med investeringer i dattervirksomheder, filialer og associerede virksomheder eller kapitalandele i joint ventures. I sådanne tilfælde tager virksomheden disse i betragtning, når den vurderer, hvilke oplysninger, der skal gives i henhold til afsnit 82A. Eksempelvis kan virksomheden skulle oplyse om det samlede beløb for midlertidige forskelle forbundet med investeringer i dattervirksomheder, hvor der ikke er indregnet nogen udskudt skatteforpligtelse (jf. afsnit 81f)). Hvis det ikke er praktisk muligt at beregne ikke-indregnede udskudte skatteforpligtelser (jf. afsnit 87), kan der være potentielle skattemæssige konsekvenser af udbytte tilknyttet disse dattervirksomheder, som det ikke er praktisk muligt at opgøre.
88.
Virksomheden skal oplyse om skatterelaterede eventualforpligtelser og eventualaktiver i overensstemmelse med IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
. Eventualforpligtelser og eventualaktiver kan eksempelvis opstå som følge af ikke afgjorte tvister med skattemyndighederne. Ligeledes oplyser virksomheden, hvor ændringer i skattesatser eller skattelovgivningen vedtages eller bekendtgøres efter balancedagen, hvilke væsentlige påvirkninger sådanne ændringer måtte få på dens aktuelle og udskudte skatteaktiver og skatteforpligtelser (jf. IAS 10 
Begivenheder efter balancedagen
).
IKRAFTTRÆDELSESTIDSPUNKT
89.
Denne standard træder i kraft for årsregnskaber, der dækker regnskabsår, som begynder den 1. januar 1998 eller senere, undtagen som specificeret i afsnit 91. Hvis virksomheden anvender denne standard for årsregnskaber, der dækker regnskabsår, som begynder før 1. januar 1998, skal virksomheden oplyse, at den har anvendt denne standard i stedet for IAS 12 
Regnskabsmæssig behandling af indkomstskatter
, godkendt i 1979.
90.
Denne standard erstatter IAS 12 
Regnskabsmæssig behandling af indkomstskatter
, godkendt i 1979.
91.
Afsnit 52A, 52B, 65A, 81i), 82A, 87A, 87B, 87C og sletningen af afsnit 3 og 50 træder i kraft for årsregnskaber, der dækker regnskabsår, som begynder 1. januar 2001 eller senere. Virksomheder tilskyndes til at anvende standarden før dette tidspunkt. Hvis tidligere anvendelse har en virkning på årsregnskabet, skal virksomheden oplyse dette.
(
1
)
  Ved denne metode er der ingen skattepligtig midlertidig forskel. En alternativ metode ville være at det tilgodehavende udbytte har en skattemæssig værdi af nul og anvende en skattesats på nul for den skattepligtige midlertidige forskel på 100. Ved begge metoder er der ingen udskudt skatteforpligtelse.
(
2
)
  Ved denne metode er der ingen fradragsberettiget midlertidig forskel. En alternativ metode ville være at indregne de samlede skyldige tvangsbøder til en skattemæssig værdi på nul og anvende en skattesats på nul for den fradragsberettigede midlertidige forskel på 100. Ved begge metoder er der intet udskudt skatteaktiv.
IAS 16
Materielle anlægsaktiver
FORMÅL
1.
Formålet med denne standard er at foreskrive den regnskabsmæssige behandling af materielle anlægsaktiver, således at regnskabsbrugere kan identificere oplysninger om en virksomheds investeringer i materielle anlægsaktiver og om ændringer i disse investeringer. De væsentligste problemstillinger i forbindelse med regnskabsmæssig behandling af materielle anlægsaktiver er indregning af aktiverne, opgørelsen af deres regnskabsmæssige værdi og de afskrivninger og tab ved værdiforringelse, der skal indregnes i forbindelse med aktiverne.
ANVENDELSESOMRÅDE
2.
Denne standard skal anvendes ved den regnskabsmæssige behandling af materielle anlægsaktiver, undtagen når en anden standard kræver eller tillader en anden regnskabsmæssig behandling.
3.
Denne standard finder ikke anvendelse på:
a)
materielle anlægsaktiver, som er klassificeret som besiddelse med henblik på salg i overensstemmelse med IFRS 5 
Anlægsaktiver, som besiddes med henblik på salg og ophørte aktiviteter
,
b)
biologiske aktiver tilknyttet landbrugsaktiviteter (jf. IAS 41 
Landbrug
),
c)
indregning og måling af efterforsknings- og vurderingsaktiver (jf. IFRS 6 
Efterforskning og vurdering af mineralressourcer
), eller
d)
mineralforekomster og rettigheder til mineralforekomster, såsom olie, naturgas og lignende ikke-regenererende ressourcer.
Dog finder denne standard anvendelse på materielle anlægsaktiver, der anvendes ved udvikling eller opretholdelse af de i b)–d) omhandlede aktiver.
4.
Andre standarder kan kræve, at et materielt anlægsaktiv indregnes på grundlag af en anden fremgangsmåde, end der er beskrevet i denne standard. Eksempelvis kræver IAS 17 
Leasingkontrakter
, at virksomheder vurderer indregningen af et materielt anlægsaktiv på grundlag af overførslen af risici og afkast. I sådanne tilfælde er øvrige aspekter af den regnskabsmæssige behandling af disse aktiver, herunder afskrivning, dog foreskrevet af denne standard.
5.
Virksomheder skal anvende denne standard på ejendomme, der er under opførelse eller om- eller tilbygning med henblik på fremtidig anvendelse som investeringsejendomme, men som endnu ikke opfylder definitionen på »investeringsejendomme« i IAS 40 
Investeringsejendomme
. Når opførelsen eller om- eller tilbygningen er tilendebragt, bliver ejendommen en investeringsejendom, og virksomheden skal anvende IAS 40. IAS 40 finder ligeledes anvendelse på investeringsejendomme, som er under om- eller tilbygning med henblik på fortsat anvendelse som investeringsejendomme. Virksomheder, som anvender kostprismodellen for investeringsejendomme i overensstemmelse med IAS 40, skal anvende kostprismodellen i denne standard.
DEFINITIONER
6.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Regnskabsmæssig værdi
 er det beløb, som et aktiv indregnes med efter fradrag af akkumulerede afskrivninger og akkumulerede tab ved værdiforringelse.
Kostpris
 er det beløb, der er betalt i likvider, eller dagsværdien af en anden form for vederlag, som erlægges for anskaffelsen af et aktiv på anskaffelses- eller opførelsestidspunktet, eller, hvor dette er relevant, det beløb, der henføres til det pågældende aktiv ved første indregning i overensstemmelse med de konkrete krav i andre IFRS’er, eksempelvis IFRS 2 
Aktiebaseret vederlæggelse
.
Afskrivningsberettiget beløb
 er et aktivs kostpris, eller et andet beløb i stedet for kostpris, fratrukket dets restværdi.
Afskrivning
 er den systematiske allokering af et aktivs afskrivningsberettigede beløb over dets brugstid.
Virksomhedsspecifik værdi
 er nutidsværdien af fremtidige pengestrømme, som virksomheden forventer vil hidrøre fra fortsat anvendelse af et aktiv samt ved afhændelsen deraf ved udgangen af dets brugstid, eller som virksomheden forventer vil hidrøre fra indfrielse af en forpligtelse.
Dagsværdi
 er det beløb, et aktiv kan omsættes til ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter.
Tab ved værdiforringelse
 er det beløb, hvormed et aktivs regnskabsmæssige værdi overstiger genindvindingsværdien.
Materielle anlægsaktiver
 er materielle aktiver, der:
a)
besiddes til brug i produktionen eller ved levering af varer og tjenesteydelser, til udlejning til tredjepart eller til administrative formål, og
b)
forventes at skulle benyttes i mere end ét regnskabsår.
Genindvindingsværdi
 er det højeste af et aktivs nettosalgspris og nytteværdi.
Restværdien
 af et aktiv er det beløb, en virksomhed skønner, den på det aktuelle tidspunkt ville kunne opnå ved afhændelse af aktivet med fradrag af skønnede afhændelsesomkostninger, hvis aktivet allerede havde den alder og var i den stand, som kan forventes ved udgangen af dets brugstid.
Brugstid
 er enten:
a)
den periode, i hvilken et aktiv forventes at være disponibelt til brug for virksomheden, eller
b)
antallet af producerede enheder eller tilsvarende enheder, som virksomheden forventer at opnå fra aktivet.
INDREGNING
7.
Kostprisen for et materielt anlægsaktiv skal udelukkende indregnes som et aktiv, hvis:
a)
det er sandsynligt, at de fremtidige økonomiske fordele tilknyttet aktivet vil tilgå virksomheden, og
b)
aktivets kostpris kan måles pålideligt.
8.
Reservedele og serviceudstyr indregnes normalt som varebeholdninger og indregnes i resultatet, efterhånden som de forbruges. Dog opfylder væsentlige reservedele og serviceudstyr betingelserne for et materielt anlægsaktiv, når virksomheden forventer at anvende disse i mere end ét regnskabsår. Reservedele og serviceudstyr, der udelukkende kan anvendes i forbindelse med et materielt anlægsaktiv, behandles ligeledes regnskabsmæssigt som materielle anlægsaktiver.
9.
Denne standard foreskriver ikke målingsenheden for indregning, dvs. hvad der udgør et materielt anlægsaktiv. Der skal således udarbejdes et skøn ved anvendelsen af indregningskriterierne for en virksomheds særlige forhold. Det kan være hensigtsmæssigt at sammendrage individuelt ubetydelige aktiver, eksempelvis støbeforme, værktøj og stempler, og anvende kriterierne på det samlede beløb.
10.
En virksomhed skal i henhold til dette indregningsprincip vurdere alle omkostninger vedrørende materielle anlægsaktiver på det tidspunkt, omkostningerne afholdes. Sådanne omkostninger omfatter startomkostninger i forbindelse med køb eller opførelse af et materielt anlægsaktiv og omkostninger, der er afholdt efterfølgende for at udvide, udskifte en del af eller vedligeholde aktivet.
Startomkostninger
11.
Materielle anlægsaktiver kan anskaffes af sikkerheds- eller miljømæssige årsager. Selv om anskaffelse af sådanne materielle anlægsaktiver ikke direkte øger de fremtidige økonomiske fordele tilknyttet et bestemt eksisterende materielt anlægsaktiv, kan det være nødvendigt, for at virksomheden kan opnå de fremtidige økonomiske fordele fra virksomhedens øvrige aktiver. Sådanne materielle anlægsaktiver opfylder kriterierne for indregning som aktiver, idet de gør det muligt for virksomheden at opnå fremtidige økonomiske fordele fra tilknyttede aktiver, der er større, end hvis disse aktiver ikke var blevet anskaffet. Eksempelvis kan en kemikalieproducent implementere nye processer til håndtering af kemikalier for at overholde miljøkrav til produktion og opbevaring af farlige kemikalier. Forbedringer af anlæg i denne forbindelse indregnes som et aktiv, idet virksomheden ikke er i stand til at fremstille og sælge kemikalier uden disse forbedringer. Den heraf følgende regnskabsmæssige værdi af et sådant aktiv og tilknyttede aktiver gennemgås for værdiforringelse i henhold til IAS 36 
Værdiforringelse af aktiver
.
Efterfølgende omkostninger
12.
I henhold til det i afsnit 7 opstillede indregningsprincip skal virksomheder ikke indregne omkostninger forbundet med den daglige vedligeholdelse af et materielt anlægsaktiv i aktivets regnskabsmæssige værdi. Disse omkostninger indregnes i stedet i resultatet, efterhånden som de afholdes. Omkostninger forbundet med daglig vedligeholdelse omfatter hovedsageligt lønomkostninger og omkostninger til hjælpematerialer, hvilket også kan dække kostprisen for mindre dele. Formålet med disse omkostninger beskrives ofte som »reparationer og vedligeholdelse« af det materielle anlægsaktiv.
13.
Det kan være nødvendigt at udskifte dele af visse materielle anlægsaktiver med jævne mellemrum. Eksempelvis kan en ovn kræve ny belægning efter et konkret antal timer i brug, eller flyinteriør, eksempelvis sæder og køkken, kan kræve udskiftning adskillige gange i løbet af flystellets brugstid. Materielle anlægsaktiver kan også anskaffes for at foretage en mindre hyppig udskiftning, såsom udskiftning af indervæggene i en bygning, eller for at foretage en enkeltstående udskiftning. I henhold til det i afsnit 7 opstillede indregningsprincip skal virksomheder indregne omkostninger forbundet med udskiftning af en del af et materielt anlægsaktiv i aktivets regnskabsmæssige værdi på tidspunktet for afholdelsen af omkostningen, hvis kriterierne for indregning er opfyldt. Virksomheden skal ophøre med at indregne den regnskabsmæssige værdi af de udskiftede dele i henhold til bestemmelserne vedrørende ophør af indregning i denne standard (jf. afsnit 67-72).
14.
Det kan være en forudsætning for den fortsatte drift af et materielt anlægsaktiv (eksempelvis et fly), at der regelmæssigt foretages større eftersyn for fejl, uanset om der foretages udskiftning af dele af aktivet. Hver gang der udføres større eftersyn, indregnes de dermed forbundne omkostninger i den regnskabsmæssige værdi af det materielle anlægsaktiv som en udskiftning, hvis kriterierne for indregning er opfyldt. Virksomheden skal ophøre med at indregne den eventuelt resterende regnskabsmæssige værdi af omkostningerne ved et tidligere eftersyn (til forskel fra fysiske reservedele). Dette gælder, uanset om omkostningerne til det tidligere eftersyn blev henført til den transaktion, hvorved aktivet blev anskaffet eller opført. Virksomheden kan om nødvendigt anvende de skønnede omkostninger til et tilsvarende fremtidigt eftersyn som en indikation af størrelsen af omkostningerne til det eksisterende eftersynselement, da aktivet blev anskaffet eller opført.
MÅLING PÅ INDREGNINGSTIDSPUNKTET
15.
Et materielt anlægsaktiv, som opfylder kriterierne for indregning som et aktiv, skal måles til kostpris.
Kostprisens elementer
16.
Kostprisen for et materielt anlægsaktiv omfatter:
a)
købsprisen, herunder importafgifter og ikke-refunderbare afgifter med fradrag af forhandlerrabatter og dekorter,
b)
omkostninger, der er direkte forbundet med at bringe aktivet til det sted og i den stand, der kræves for at sikre den af ledelsen planlagte anvendelse,
c)
det oprindelige skøn over omkostninger til nedtagning og bortskaffelse af aktivet og retablering af det sted, hvor det er placeret, som virksomheden har forpligtet sig til at afholde, enten ved anskaffelsen af aktivet eller som følge af brugen af aktivet i et bestemt regnskabsår til andre formål end produktion af varebeholdninger i det pågældende regnskabsår.
17.
Eksempler på direkte forbundne omkostninger er:
a)
omkostninger til personaleydelser (som defineret i IAS 19 
Personaleydelser
), som direkte hidrører fra opførelsen eller anskaffelsen af det materielle anlægsaktiv,
b)
omkostninger til klargøring af grunde,
c)
indledende leverings- og ekspeditionsomkostninger,
d)
installations- og monteringsomkostninger,
e)
omkostninger forbundet med afprøvning af, om aktivet fungerer korrekt med fradrag af nettoavancen fra salg af enheder, der er produceret, mens aktivet blev bragt til den aktuelle placering og i den aktuelle stand (såsom prøveproduktion i forbindelse med afprøvning af udstyr), og
f)
honorarer for faglig assistance.
18.
Virksomheder skal anvende IAS 2 
Varebeholdninger
 på omkostninger til nedtagning, bortskaffelse og retablering af det sted, hvor et aktiv er placeret, som virksomheden i et bestemt regnskabsår har forpligtet sig til at afholde som følge af brugen af aktivet til produktion af varebeholdninger i det pågældende regnskabsår. Forpligtelser forbundet med omkostninger som regnskabsmæssigt behandles i overensstemmelse med IAS 2 eller IAS 16, indregnes og måles i overensstemmelse med IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
.
19.
Nedenstående er eksempler på omkostninger, der ikke indgår i kostprisen for et materielt anlægsaktiv:
a)
omkostninger forbundet med start af et nyt anlæg,
b)
omkostninger forbundet med lancering af et nyt produkt eller en ny tjeneste (herunder markedsføringsomkostninger),
c)
omkostninger forbundet med at drive forretning et nyt sted eller med en ny kundegruppe (herunder omkostninger til uddannelse af personale), og
d)
administrationsomkostninger og andre generelle indirekte produktionsomkostninger.
20.
Indregningen af omkostninger i et materielt anlægsaktivs regnskabsmæssige værdi ophører, når aktivet er på den lokalitet og i den stand, der kræves for at sikre den af ledelsen planlagte anvendelse. Således skal omkostninger, der afholdes i forbindelse med brug eller flytning af et aktiv, ikke medtages i aktivets regnskabsmæssige værdi. Nedenstående omkostninger medtages eksempelvis ikke i den regnskabsmæssige værdi af et materielt anlægsaktiv:
a)
omkostninger, der er afholdt før påbegyndt brug af et aktiv, der er klar til den af ledelsen planlagte anvendelse, eller omkostninger, der er afholdt, før aktivet anvendes med fuld kapacitet,
b)
indledende driftstab, såsom tab, der er afholdt, mens efterspørgslen efter aktivets produktion stiger, og
c)
omkostninger i forbindelse med hel eller delvis flytning eller omstrukturering af virksomhedens drift.
21.
Der forekommer visse aktiviteter i forbindelse med opførelse eller om- eller tilbygning af et materielt anlægsaktiv, som ikke er nødvendige for at bringe aktivet til den lokalitet og i den stand, der kræves for at sikre den af ledelsen planlagte anvendelse. Disse tilknyttede aktiviteter kan forekomme før eller under opførelsen eller om- eller tilbygningen. Eksempelvis kan der genereres indtægt ved at bruge en byggeplads som parkeringsplads, indtil byggeriet påbegyndes. Eftersom tilknyttede aktiviteter ikke er nødvendige for at bringe et aktiv til den lokalitet og i den stand, der kræves for at sikre den af ledelsen planlagte anvendelse, indregnes indtægter og dermed forbundne omkostninger ved tilknyttede aktiviteter i resultatet og medtages i den respektive klassifikation af indtægter og omkostninger.
22.
Kostprisen for egenproducerede aktiver opgøres efter de samme principper som for anskaffede aktiver. Hvis en virksomhed fremstiller lignende aktiver til salg i det normale forretningsforløb, er aktivets kostpris normalt den samme som kostprisen for aktiver produceret med salg for øje (jf. IAS 2). Eventuelle interne avancer skal derfor elimineres ved beregningen af sådanne kostpriser. Omkostninger forbundet med unormalt højt spild af materialer, unormalt høje lønomkostninger og unormalt høje omkostninger til andre ressourcer i forbindelse med egenproduktionen af et aktiv medtages ligeledes ikke i aktivets kostpris. I IAS 23 
Låneomkostninger
 fastlægges indregningskriterier for renter som et element af den regnskabsmæssige værdi af et egenproduceret materielt anlægsaktiv.
Måling af kostpris
23.
Kostprisen for et materielt anlægsaktiv er lig kontantprisen på indregningstidspunktet. Når betaling udskydes længere end normale kreditvilkår, indregnes forskellen mellem kontantprisen og den samlede betaling som rente over kreditperioden, medmindre en sådan rente indregnes i aktivets regnskabsmæssige værdi i overensstemmelse med den tilladte alternative behandling i IAS 23.
24.
Et eller flere materielle anlægsaktiver kan anskaffes ved udveksling af et eller flere ikke-monetære materielle anlægsaktiver eller en kombination af monetære og ikke-monetære aktiver. Følgende gennemgang angår kun udveksling af et ikke-monetært aktiv med et andet ikke-monetært aktiv, men den gælder også for alle de øvrige udvekslinger, som er beskrevet i den foregående sætning. Kostprisen for et sådant materielt anlægsaktiv skal måles til dagsværdi, medmindre a) udvekslingen ikke har noget forretningsmæssigt indhold, eller b) hverken dagsværdien af det modtagne aktiv eller af det afgivne aktiv kan måles pålideligt. Det modtagne aktiv måles på denne måde, også selvom virksomheden ikke umiddelbart kan ophøre med indregningen af det afgivne aktiv. Hvis det modtagne aktiv ikke måles til dagsværdi, skal dets kostpris måles til den regnskabsmæssige værdi af det afgivne aktiv.
25.
Virksomheder skal afgøre, om en udveksling har forretningsmæssigt indhold ved at vurdere, i hvilket omfang virksomhedens fremtidige pengestrømme kan forventes at ændre sig som følge af udvekslingen. En udveksling har forretningsmæssigt indhold, hvis:
a)
sammensætningen (risiko, tidspunkter og beløb) af de pengestrømme, der hidrører fra det modtagne aktiv, er forskellig fra sammensætningen af de pengestrømme, der hidrørte fra det afgivne aktiv, eller
b)
den virksomhedsspecifikke værdi af den andel af virksomhedens aktiviteter, der påvirkes af udvekslingen, ændres som følge af udvekslingen, og
c)
forskellen i a) og b) er væsentlig, set i forhold til dagsværdien af de udvekslede aktiver.
Ved vurderingen af, hvorvidt en udveksling har forretningsmæssigt indhold, skal den virksomhedsspecifikke værdi af den andel af virksomhedens aktiviteter, der påvirkes af udvekslingen, afspejle pengestrømme efter skat. Resultatet af disse analyser kan tydeliggøres, uden at virksomheden behøver at udføre detaljerede beregninger.
26.
Hvis der ikke findes sammenlignelige markedstransaktioner, kan dagsværdien af et aktiv måles pålideligt, hvis a) størrelsen af intervallet af rimelige skøn over dagsværdien ikke er væsentlig for det pågældende aktiv, eller b) sandsynligheden for de forskellige skøn kan vurderes pålideligt og anvendes ved opgørelsen af dagsværdien. Hvis en virksomhed er i stand til at foretage en pålidelig vurdering af dagsværdien af enten det modtagne eller det afgivne aktiv, skal dagsværdien af det afgivne aktiv anvendes til at måle kostprisen for det modtagne aktiv, medmindre dagsværdien af det modtagne aktiv kan opgøres med større nøjagtighed.
27.
Kostprisen for et materielt anlægsaktiv, som besiddes af en leasingtager gennem en finansiel leasingkontrakt, opgøres i overensstemmelse med IAS 17.
28.
Den regnskabsmæssige værdi af et materielt anlægsaktiv kan reduceres af offentlige tilskud i overensstemmelse med IAS 20 
Regnskabsmæssig behandling af offentlige tilskud og oplysning om andre former for offentlig støtte
.
MÅLING EFTER INDREGNING
29.
Virksomheder skal vælge enten kostprismodellen, som er anført i afsnit 30, eller omvurderingsmodellen i afsnit 31 som anvendt regnskabspraksis og skal lægge denne praksis til grund for en hel kategori af materielle anlægsaktiver.
Kostprismodellen
30.
Efter indregning som et aktiv skal et materielt anlægsaktiv indregnes til kostpris med fradrag af akkumulerede afskrivninger og akkumulerede tab ved værdiforringelse.
Omvurderingsmodellen
31.
Efter indregning som et aktiv skal et materielt anlægsaktiv, hvis dagsværdi kan måles pålideligt, indregnes til en omvurderet værdi, som er dagsværdien på omvurderingstidspunktet med fradrag af eventuelle efterfølgende akkumulerede afskrivninger og efterfølgende tab ved værdiforringelse. Omvurderinger skal foretages tilstrækkeligt hyppigt til at sikre, at den regnskabsmæssige værdi ikke afviger væsentligt fra den værdi, der ville blive opgjort ved anvendelse af dagsværdien på balancedagen.
32.
Dagsværdien af grunde og bygninger opgøres som regel på baggrund af markedsbaserede skøn, som normalt foretages af fagligt kvalificerede skønsmænd. Dagsværdien af materielle anlægsaktiver er normalt den skønsmæssigt opgjorte markedsværdi.
33.
Når der ikke foreligger markedsbaseret dokumentation for dagsværdien grundet det materielle anlægsaktivs specielle art, og fordi aktivet sjældent sælges, undtagen som led i et fortsat forretningsforløb, kan det være nødvendigt for en virksomhed at vurdere dagsværdien på grundlag af indtægt eller genanskaffelsesværdien med fradrag af afskrivninger.
34.
Hyppigheden af omvurderinger afhænger af ændringerne i dagsværdien af de omvurderede materielle anlægsaktiver. Når dagsværdien af et omvurderet aktiv afviger væsentligt fra dets regnskabsmæssige værdi, er en ny omvurdering nødvendig. For nogle materielle anlægsaktiver forekommer der væsentlige og uforudsigelige ændringer i dagsværdien, som nødvendiggør en årlig omvurdering. Sådanne hyppige omvurderinger er unødvendige for materielle anlægsaktiver med ubetydelige ændringer i dagsværdien. I sådanne tilfælde kan omvurdering af aktivet hvert tredje eller femte år være tilstrækkeligt.
35.
Når et materielt anlægsaktiv omvurderes, skal akkumulerede afskrivninger på omvurderingstidspunktet enten:
a)
tilpasses proportionelt med ændringen i aktivets regnskabsmæssige bruttoværdi, således at aktivets regnskabsmæssige værdi efter omvurderingen svarer til den omvurderede værdi. Denne metode anvendes ofte, når et aktiv omvurderes til dets genanskaffelsesværdi med fradrag af afskrivninger ved anvendelse af et indeks, eller
b)
elimineres i aktivets regnskabsmæssige værdi, brutto, og nettobeløbet tilpasses til aktivets omvurderede værdi. Denne metode anvendes ofte for bygninger.
Reguleringsbeløbet hidrørende fra tilpasningen eller elimineringen af akkumulerede afskrivninger udgør en del af forøgelsen eller reduktionen af den regnskabsmæssige værdi, som behandles regnskabsmæssigt i overensstemmelse med afsnit 39 og 40.
36.
Hvis et materielt anlægsaktiv omvurderes, skal hele den kategori af materielle anlægsaktiver, som dette aktiv tilhører, omvurderes.
37.
En kategori af materielle anlægsaktiver er en gruppe af aktiver af sammenlignelig art og anvendelse i virksomhedens drift. Følgende er eksempler på separate kategorier:
a)
grunde,
b)
grunde og bygninger,
c)
maskiner,
d)
skibe,
e)
fly,
f)
motorkøretøjer,
g)
møbler og fast inventar, og
h)
kontorudstyr.
38.
Aktiver inden for en kategori af materielle anlægsaktiver omvurderes samtidig for at undgå selektiv omvurdering af aktiver og præsentation af beløb i årsregnskabet, som er en blanding af kostpriser og værdier på forskellige datoer. Dog kan de enkelte aktiver i en kategori omvurderes fortløbende, forudsat at omvurdering af kategorien af aktiver afsluttes inden for en kort periode, og forudsat, at omvurderingerne holdes ajour.
39.
Hvis et aktivs regnskabsmæssige værdi er forøget som følge af en omvurdering, skal forøgelsen indregnes direkte på egenkapitalen under reserver for opskrivninger. Dog skal forøgelsen indregnes i resultatet, i det omfang den udligner en reduktion, der tidligere er indregnet i resultatet som følge af omvurdering af det samme aktiv.
40.
Hvis et aktivs regnskabsmæssige værdi er reduceret som følge af en omvurdering, skal reduktionen indregnes i resultatet. Reduktionen skal dog indregnes direkte på egenkapitalen under reserver for opskrivninger, i det omfang der for det pågældende aktiv er en kreditbalance i reserverne for opskrivninger.
41.
En reserve for opskrivninger for et materielt anlægsaktiv, som er medtaget i egenkapitalen, kan overføres direkte til overført resultat, når virksomheden ophører med indregning af aktivet. Dette kan medføre en overførsel af hele reserven, når aktivet udrangeres eller afhændes. En del af reserven kan dog overføres, efterhånden som aktivet anvendes af virksomheden. I sådanne tilfælde opgøres størrelsen af den overførte reserve som forskellen mellem afskrivning på grundlag af aktivets omvurderede regnskabsmæssige værdi og afskrivning på grundlag af aktivets oprindelige kostpris. Overførsler fra reserver for opskrivninger til overført resultat foretages ikke over resultatet.
42.
Eventuelle virkninger af indkomstskatter hidrørende fra omvurderingen af materielle anlægsaktiver indregnes og oplyses i overensstemmelse med IAS 12 
Indkomstskatter
.
Afskrivning
43.
Der skal foretages separat afskrivning af hver del af et materielt anlægsaktiv, som har en kostpris, der er væsentlig i forhold til aktivets samlede kostpris.
44.
Virksomheder skal allokere det beløb, som oprindeligt blev indregnet for et materielt anlægsaktiv, til aktivets væsentlige dele og afskrive hver væsentlig del separat. Det kan eksempelvis være hensigtsmæssigt at foretage separat afskrivning af et flys stel og motorer, uanset om disse er ejet eller besiddes gennem en finansiel leasingkontrakt.
45.
En væsentlig del af et materielt anlægsaktiv kan have den samme brugstid og afskrivningsmetode som brugstiden og afskrivningsmetoden for en anden væsentlig del af samme aktiv. Sådanne dele kan grupperes ved fastlæggelse af afskrivningen.
46.
Hvis en virksomhed foretager separat afskrivning af visse dele af et materielt anlægsaktiv, skal den også foretage separat afskrivning af den resterende del af aktivet. Den resterende del af aktivet består af de dele af aktivet, som hver for sig ikke er væsentlige. Hvis en virksomhed har forskellige forventninger til disse dele, kan det være nødvendigt at foretage en tilnærmet vurdering for at afskrive den resterende del på en måde, der giver et retvisende billede af forbrugsmønstret og/eller brugstiden for delene.
47.
Virksomheder kan vælge at foretage separat afskrivning af de dele af et aktiv, som ikke har en væsentlig kostpris i forhold til den samlede kostpris for aktivet.
48.
Afskrivninger for hvert regnskabsår skal indregnes i resultatet, medmindre disse indgår i et andet aktivs regnskabsmæssige værdi.
49.
Et regnskabsårs afskrivninger indregnes normalt i resultatet. Dog kan fremtidige økonomiske fordele tilknyttet et aktiv i visse tilfælde indgå i produktionen af andre aktiver. I dette tilfælde skal afskrivninger indgå som en del af det andet aktivs kostpris og medtages i dettes regnskabsmæssige værdi. Eksempelvis medtages afskrivninger på materielle aktiver anvendt i en produktionsproces i varebeholdningernes forarbejdningsomkostninger (jf. IAS 2). Ligeledes kan afskrivninger på materielle anlægsaktiver anvendt til udviklingsaktiviteter medtages i kostprisen for et immaterielt aktiv indregnet i henhold til IAS 38 
Immaterielle aktiver
.
Afskrivningsberettiget beløb og afskrivningsperiode
50.
Et aktivs afskrivningsberettigede beløb skal allokeres systematisk over aktivets brugstid.
51.
Et aktivs restværdi og brugstid skal som minimum gennemgås ved slutningen af hvert regnskabsår, og hvis forventningerne afviger fra tidligere skøn, skal ændringen eller ændringerne behandles regnskabsmæssigt som en ændring i et regnskabsmæssigt skøn i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl.
52.
Afskrivning indregnes, selv hvor dagsværdien af aktivet overstiger den regnskabsmæssige værdi, såfremt aktivets restværdi ikke overstiger den regnskabsmæssige værdi. Reparation og vedligeholdelse af et aktiv fjerner ikke behovet for afskrivning.
53.
Et aktivs afskrivningsberettigede beløb opgøres efter fradrag af dets restværdi. I praksis er et aktivs restværdi ofte ubetydelig og derfor uvæsentlig for beregningen af det afskrivningsberettigede beløb.
54.
Et aktivs restværdi kan stige til et beløb, der er lig med eller større end aktivets regnskabsmæssige værdi. I så fald er afskrivningen på aktivet nul, medmindre og indtil dets restværdi efterfølgende falder til et beløb, der er lavere end aktivets regnskabsmæssige værdi.
55.
Afskrivning på et aktiv påbegyndes, når det er disponibelt til brug, dvs. når det er bragt til den lokalitet og i den stand, der kræves for at sikre den af ledelsen planlagte anvendelse. Afskrivning på et aktiv skal ophøre enten på det tidspunkt, hvor aktivet klassificeres som besiddelse med henblik på salg (eller medtages i en afståelsesgruppe, som er klassificeret som besiddelse med henblik på salg) i overensstemmelse med IFRS 5, eller det tidspunkt, hvor indregningen af aktivet ophører, alt efter hvad der måtte komme først. Således ophører afskrivning ikke, når aktivet er uudnyttet eller udrangeres, medmindre aktivet er fuldt afskrevet. Ved anvendelsesbaserede afskrivningsmetoder kan afskrivningen dog være nul, mens der ikke er nogen produktion.
56.
De fremtidige økonomiske fordele tilknyttet et aktiv forbruges hovedsagelig af virksomheden ved anvendelse af aktivet. Dog medfører andre faktorer, eksempelvis teknisk eller handelsmæssig forældelse og slitage, når et aktiv ikke udnyttes, ofte en formindskelse af de økonomiske fordele, som muligvis kunne have været tilknyttet aktivet. Derfor skal alle følgende forhold tages i betragtning ved opgørelsen af et aktivs brugstid:
a)
den forventede udnyttelse af aktivet. Udnyttelse bestemmes med udgangspunkt i aktivets forventede kapacitet eller fysiske produktion,
b)
den forventede fysiske slitage, som afhænger af driftsforhold såsom antallet af vagtskifter, hvor aktivet skal anvendes og reparations- og vedligeholdelsesprogrammer samt behandling og vedligeholdelse af aktivet, når det ikke udnyttes,
c)
teknisk eller handelsmæssig forældelse hidrørende fra ændringer eller forbedringer i produktionen eller fra ændringer i efterspørgslen efter produkter eller tjenesteydelser fra aktivet,
d)
juridiske og lignende begrænsninger af aktivets anvendelse, eksempelvis udløbsdatoen for tilknyttede leasingkontrakter.
57.
Aktivets brugstid defineres ud fra aktivets forventede anvendelighed for virksomheden. I en virksomheds praksis for forvaltning af aktiver kan indgå afhændelse af aktiver efter en specificeret tidsperiode eller efter forbrug af en specificeret del af de fremtidige økonomiske fordele tilknyttet aktivet. Derfor kan et aktivs brugstid være kortere end dets økonomiske levetid. Skønnet over aktivets brugstid beror på en vurdering baseret på virksomhedens erfaringer med tilsvarende aktiver.
58.
Grunde og bygninger er to forskellige aktiver og behandles regnskabsmæssigt separat, selv når de anskaffes samlet. Med visse undtagelser, såsom stenbrud og lossepladser, er brugstiden for grunde ubegrænset, og der foretages derfor ikke afskrivning. Bygninger har en begrænset brugstid og er derfor afskrivningsberettigede aktiver. En stigning i værdien af en grund, hvorpå en bygning er opført, påvirker ikke opgørelsen af det afskrivningsberettigede beløb for bygningen.
59.
Hvis kostprisen for en grund omfatter omkostninger til nedtagelse, bortskaffelse og retablering af grunden, skal de omkostninger, der vedrører dette, afskrives over den periode, hvor der opnås fordele hidrørende fra afholdelsen af disse omkostninger. Under visse omstændigheder kan selve grunden have en begrænset brugstid. I sådanne tilfælde skal grunden afskrives på en måde, der afspejler de fordele, den kan medføre.
Afskrivningsmetode
60.
Den anvendte afskrivningsmetode skal afspejle det mønster, hvorefter aktivets fremtidige økonomiske fordele forventes forbrugt af virksomheden.
61.
Den for et aktiv anvendte afskrivningsmetode skal som minimum gennemgås ved slutningen af hvert regnskabsår, og hvis der er sket en væsentlig ændring i det forventede forbrugsmønster for de fremtidige økonomiske fordele tilknyttet aktivet, skal afskrivningsmetoden ændres for at afspejle det ændrede mønster. En sådan ændring skal regnskabsmæssigt behandles som en ændring i et regnskabsmæssigt skøn i overensstemmelse med IAS 8.
62.
En række afskrivningsmetoder kan anvendes til systematisk at allokere aktivets afskrivningsberettigede beløb over dets brugstid. Disse metoder omfatter den lineære metode, saldometoden og afskrivning på basis af producerede enheder. Lineær afskrivning medfører en fast omkostning over aktivets brugstid, hvis aktivets restværdi ikke ændrer sig. Saldometoden medfører en faldende omkostning over brugstiden. Afskrivning på basis af producerede enheder medfører en omkostning baseret på forventet anvendelse eller forventet antal produkter. Virksomheden skal vælge den metode, der med størst nøjagtighed afspejler det forventede forbrugsmønster for de fremtidige økonomiske fordele tilknyttet aktivet. Denne metode anvendes ensartet fra regnskabsår til regnskabsår, medmindre der opstår en ændring i det forventede forbrugsmønster for disse fremtidige økonomiske fordele.
Værdiforringelse
63.
For at opgøre, hvorvidt værdien af et materielt anlægsaktiv er blevet forringet, skal virksomheder anvende IAS 36 
Værdiforringelse af aktiver
. Denne standard forklarer, hvordan en virksomhed gennemgår den regnskabsmæssige værdi af dets aktiver, hvordan den opgør et aktivs genindvindingsværdi, og hvornår den indregner eller tilbagefører indregningen af et tab ved værdiforringelse.
64.
[Ophævet]
Godtgørelse for værdiforringelse
65.
Godtgørelse fra en tredjepart for materielle anlægsaktiver, som er værdiforringet, tabt eller afgivet, skal medtages i resultatet på tidspunktet for godtgørelsen.
66.
Værdiforringelse eller tab af materielle anlægsaktiver, tilknyttede krav på eller betaling af godtgørelse fra en tredjepart og eventuelt efterfølgende køb eller opførelse af erstatningsaktiver er separate økonomiske begivenheder og skal regnskabsmæssigt behandles separat som følger:
a)
værdiforringelse af materielle anlægsaktiver indregnes i overensstemmelse med IAS 36,
b)
ophør af indregning af materielle anlægsaktiver, der er udrangeret eller afhændet, opgøres i overensstemmelse med denne standard,
c)
godtgørelse fra en tredjepart for materielle anlægsaktiver, som er værdiforringet, tabt eller afgivet, skal medtages i opgørelsen af resultatet på tidspunktet for modtagelsen af godtgørelsen, og
d)
kostprisen for materielle anlægsaktiver, der er genoprettet, købt eller opført som erstatning, opgøres i overensstemmelse med denne standard.
OPHØR AF INDREGNING
67.
Indregningen af den regnskabsmæssige værdi af et materielt anlægsaktiv skal ophøre:
a)
ved afhændelse, eller
b)
når der ikke forventes nogen fremtidige økonomiske fordele fra brugen eller afhændelsen af aktivet.
68.
Gevinster eller tab hidrørende fra ophør af indregning af et materielt anlægsaktiv skal medtages i resultatet på tidspunktet for ophør af indregning af aktivet (medmindre andet kræves i henhold til IAS 17 ved sale-and-leaseback). Gevinster skal ikke klassificeres som omsætning.
69.
Et materielt anlægsaktiv kan afhændes på en række forskellige måder (f.eks. ved salg, indgåelse af en finansiel leasingkontrakt eller som gave). Når tidspunktet for afhændelse af et aktiv skal fastsættes, skal virksomheden anvende kriterierne i IAS 18 
Omsætning
 for indregning af omsætning fra varesalg. IAS 17 finder anvendelse på afhændelse ved sale-and-leaseback.
70.
Hvis en virksomhed i henhold til indregningsprincippet i afsnit 7 indregner de omkostninger, der er forbundet med udskiftning af en del af et materielt anlægsaktiv i aktivets regnskabsmæssige værdi, skal virksomheden ophøre med indregning af den regnskabsmæssige værdi af den udskiftede del, uanset om den udskiftede del blev afskrevet separat. Hvis det ikke er praktisk muligt for en virksomhed at opgøre den regnskabsmæssige værdi af den udskiftede del, kan virksomheden anvende kostprisen for genanskaffelsen som en indikation af kostprisen for den udskiftede del på tidspunktet for anskaffelsen eller opførelsen.
71.
Gevinster eller tab hidrørende fra ophør af indregning af et materielt anlægsaktiv skal opgøres som forskellen mellem det eventuelle nettoprovenu ved afhændelse og aktivets regnskabsmæssige værdi.
72.
Det tilgodehavende vederlag ved afhændelsen af et materielt anlægsaktiv skal første gang indregnes til dagsværdien. Hvis betalingen for aktivet udskydes, skal det modtagne vederlag første gang indregnes til et beløb lig kontantprisen. Forskellen mellem den nominelle værdi af vederlaget og et beløb lig kontantprisen indregnes som renteindtægt i overensstemmelse med IAS 18 under hensyntagen til det effektive afkast af vederlaget.
OPLYSNINGER
73.
For hver kategori af materielle anlægsaktiver skal årsregnskabet indeholde følgende oplysninger:
a)
de ved opgørelsen af den regnskabsmæssige bruttoværdi anvendte målingsgrundlag,
b)
de anvendte afskrivningsmetoder,
c)
de anvendte brugstider eller afskrivningssatser,
d)
den regnskabsmæssige bruttoværdi og de akkumulerede afskrivninger (sammendraget med akkumulerede tab ved værdiforringelse) ved regnskabsårets begyndelse og slutning, og
e)
en afstemning af den regnskabsmæssige værdi ved regnskabsårets begyndelse og slutning, som viser:
i)
tilgange,
ii)
aktiver, som er klassificeret som besiddelse med henblik på salg eller er medtaget i en afståelsesgruppe, som er klassificeret som besiddelse med henblik på salg, i overensstemmelse med IFRS 5, samt andre afhændelser,
iii)
anskaffelser gennem virksomhedssammenslutninger,
iv)
forøgelser eller reduktioner hidrørende fra omvurderinger i henhold til afsnit 31, 39 og 40 og fra tab ved værdiforringelse, som enten er indregnet eller tilbageført direkte på egenkapitalen i overensstemmelse med IAS 36,
v)
tab ved værdiforringelse, som er indregnet i resultatet i overensstemmelse med IAS 36,
vi)
tab ved værdiforringelse, som er tilbageført i resultatet i overensstemmelse med IAS 36,
vii)
afskrivninger,
viii)
nettovalutakursforskelle hidrørende fra omregningen af årsregnskaber fra den funktionelle valuta til en anden præsentationsvaluta, herunder omregningen af en udenlandsk virksomheds regnskab til den regnskabsaflæggende virksomheds præsentationsvaluta, og
ix)
andre ændringer.
74.
Desuden skal der i årsregnskabet oplyses følgende:
a)
tilstedeværelsen og den beløbsmæssige størrelse af begrænsninger i ejendomsretten og materielle anlægsaktiver, der er stillet som sikkerhed for forpligtelser,
b)
den beløbsmæssige størrelse af omkostninger, som er indregnet i den regnskabsmæssige værdi af et materielt anlægsaktiv under opførelse,
c)
den beløbsmæssige størrelse af kontraktlige forpligtelser vedrørende anskaffelse af materielle anlægsaktiver, og
d)
såfremt dette ikke er oplyst særskilt i resultatopgørelsen, den beløbsmæssige størrelse af godtgørelse fra en tredjepart for materielle anlægsaktiver, som er værdiforringet, tabt eller afgivet, og som er medtaget i resultatet.
75.
Valg af afskrivningsmetode og bestemmelse af aktivers brugstid er skønsmæssige spørgsmål. Derfor giver oplysning om de valgte metoder og den skønnede brugstid eller afskrivningssats regnskabsbrugere information, som gør det muligt for dem at gennemgå den af ledelsen valgte praksis samt at foretage sammenligning med andre virksomheder. Af samme årsag er det nødvendigt at give oplysning om:
a)
afskrivninger, uanset om de er indregnet i resultatet eller som en del af kostprisen for andre aktiver, for et givet regnskabsår, og
b)
akkumulerede afskrivninger ved regnskabsårets afslutning.
76.
I overensstemmelse med IAS 8 skal virksomheder give oplysning om arten og virkningen af en ændring i et regnskabsmæssigt skøn, som enten har en virkning i det aktuelle regnskabsår, eller som forventes at ville have en virkning i efterfølgende regnskabsår. For så vidt angår materielle anlægsaktiver, kan en sådan oplysning hidrøre fra ændringer i skøn vedrørende:
a)
restværdier,
b)
de skønnede omkostninger til nedtagning, bortskaffelse eller retablering af materielle aktiver,
c)
brugstider, og
d)
afskrivningsmetoder.
77.
Hvis materielle anlægsaktiver opføres til omvurderet værdi, skal følgende oplyses:
a)
omvurderingens ikrafttrædelsestidspunkt,
b)
hvorvidt en uvildig vurderingsmand blev benyttet,
c)
de anvendte metoder og væsentlige forudsætninger ved den skønsmæssige vurdering af aktivernes dagsværdi,
d)
hvorvidt aktivernes dagsværdi blev opgjort direkte under henvisning til observerede priser på et aktivt marked eller nylige markedstransaktioner mellem kvalificerede, villige, indbyrdes uafhængige parter, eller om dagsværdien blev vurderet ved brug af andre værdiansættelsesmetoder,
e)
den regnskabsmæssige værdi af hver kategori af omvurderede materielle anlægsaktiver, som ville have været indregnet, hvis der var foretaget indregning af aktiverne i henhold til kostprismodellen, og
f)
reserver for opskrivninger, med indikation af ændringer i løbet af regnskabsåret og begrænsninger med hensyn til udlodning af resterende beløb til aktionærer.
78.
Virksomheder skal oplyse om værdiforringelse af materielle anlægsaktiver i overensstemmelse med IAS 36 samt de i afsnit 73e)iv)-vi) krævede informationer.
79.
For regnskabsbrugere kan følgende oplysninger ligeledes være relevante:
a)
den regnskabsmæssige værdi af midlertidigt uudnyttede materielle anlægsaktiver,
b)
den regnskabsmæssige bruttoværdi af eventuelle fuldt afskrevne materielle anlægsaktiver, der stadig anvendes,
c)
den regnskabsmæssige værdi af materielle anlægsaktiver, der er udrangeret og ikke er klassificeret som besiddelse med henblik på salg i overensstemmelse med IFRS 5, og
d)
ved anvendelse af kostprismodellen, dagsværdien af materielle anlægsaktiver, når denne adskiller sig væsentligt fra den regnskabsmæssige værdi.
Derfor tilskyndes virksomheder til at give oplysning om disse beløb.
OVERGANGSBESTEMMELSER
80.
Kravene i afsnit 24-26 vedrørende den første måling af et materielt anlægsaktiv, der er anskaffet ved udveksling af aktiver, skal kun anvendes fremadrettet på fremtidige udvekslinger.
IKRAFTTRÆDELSESTIDSPUNKT
81.
Virksomheder skal anvende denne standard for årsregnskaber, der dækker regnskabsår, som begynder 1. januar 2005 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender denne standard for regnskabsår, som begynder før 1. januar 2005, skal den give oplysning om dette.
81A
Virksomheder skal anvende ændringerne i afsnit 3 på regnskabsår, som begynder 1. januar 2006 eller derefter. Hvis en virksomhed anvender IFRS 6 i et tidligere regnskabsår, finder ændringerne anvendelse på det tidligere regnskabsår.
OPHÆVELSE AF ANDRE STANDARDER OG FORTOLKNINGSBIDRAG
82.
Denne standard erstatter IAS 16 
Materielle anlægsaktiver
 (ajourført i 1998).
83.
Denne standard erstatter følgende fortolkningsbidrag:
a)
SIC-6 
Omkostning ved modificering af eksisterende software
,
b)
SIC-14 
Materielle anlægsaktiver — Godtgørelse for værdiforringelse eller tab af aktiver
, og
c)
SIC-23 
Materielle anlægsaktiver — Omkostninger til større eftersyn eller hovedreparation
.
IAS 17
Leasingkontrakter
FORMÅL
1.
Formålet med denne standard er at foreskrive en hensigtsmæssig regnskabspraksis for leasingtager og leasinggiver samt angive de oplysninger, der skal gives i forbindelse med leasingkontrakter.
ANVENDELSESOMRÅDE
2.
Denne standard finder anvendelse på den regnskabsmæssige behandling af alle leasingkontrakter, bortset fra:
a)
leasingkontrakter for efterforskning eller anvendelse af mineraler, olie, naturgas og lignende ikke-regenererende ressourcer, og
b)
licensaftaler vedrørende eksempelvis spillefilm, videooptagelser, skuespil, manuskripter, patenter og copyrights.
Dog finder denne standard ikke anvendelse som målingsgrundlag for:
a)
ejendomme, som besiddes af leasingtager, og som regnskabsmæssigt behandles som investeringsejendomme (jf. IAS 40 
Investeringsejendomme
),
b)
investeringsejendomme, som udlejes af leasinggiver gennem en operationel leasingkontrakt (jf. IAS 40),
c)
biologiske aktiver, som besiddes af leasingtager gennem en finansiel leasingkontrakt (jf. IAS 41 
Landbrug
), eller
d)
biologiske aktiver, som udlejes af leasinggiver gennem en operationel leasingkontrakt (jf. IAS 41).
3.
Denne standard finder anvendelse på aftaler, som overdrager brugsretten til aktiver, selv om leasinggiver kan være forpligtet til at levere væsentlige tjenesteydelser i forbindelse med driften eller vedligeholdelsen af sådanne aktiver. Denne standard finder ikke anvendelse på aftaler, der er servicekontrakter, og som ikke overdrager brugsretten til aktiver fra den ene part til den anden.
DEFINITIONER
4.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
En 
leasingkontrakt
 er en aftale, ifølge hvilken leasinggiver for en aftalt periode overdrager brugsretten til et aktiv til leasingtager mod en eller flere betalinger.
En 
finansiel leasingkontrakt
 er en leasingkontrakt, hvorved alle væsentlige risici og afkast forbundet med ejendomsretten til et aktiv overdrages, uanset om ejendomsretten overdrages ved leasingperiodens slutning eller ej.
En 
operationel leasingkontrakt
 er enhver leasingkontrakt, der ikke er en finansiel leasingkontrakt.
En 
uopsigelig leasingkontrakt
 er en leasingkontrakt, som kun er opsigelig:
a)
hvis der indtræffer en usandsynlig hændelse,
b)
med leasinggivers tilladelse,
c)
hvis leasingtager indgår en ny leasingkontrakt om samme eller et tilsvarende aktiv med samme leasinggiver, eller
d)
ved leasingtagers betaling af et yderligere beløb, således at der ved leasingkontraktens indgåelse er en rimelig sikkerhed for, at leasingkontrakten fortsætter.
Indgåelse af leasingkontrakt
 er det førstkommende tidspunkt af henholdsvis datoen for leasingkontraktens indgåelse eller parternes forpligtelse til leasingkontraktens hovedpunkter. Pr. denne dato:
a)
klassificeres en leasingkontrakt enten som en operationel eller finansiel leasingkontrakt, og
b)
i tilfælde af en finansiel leasingkontrakt opgøres de beløb, der skal indregnes ved påbegyndelsen af leasingperioden.
Påbegyndelsen af leasingperioden
 er den dato, hvor leasingtager bliver berettiget til at udnytte sin brugsret til det leasede aktiv. Det er tidspunktet for den første indregning af leasingkontrakten (dvs. indregning af aktiver, forpligtelser, indtægter eller udgifter hidrørende fra leasingkontrakten).
Leasingperioden
 er den uopsigelige periode, i hvilken leasingtager har forpligtet sig til at lease aktivet, og eventuelle yderligere perioder med eller uden yderligere betaling, for hvilke leasingtager har ret til at fortsætte med at lease aktivet, når det blot ved leasingkontraktens indgåelse er rimeligt sikkert, at leasingtager vil udnytte retten.
Minimumsleasingydelser
 er de ydelser, som leasingtager er eller kan blive forpligtet til at erlægge i løbet af leasingperioden (med udeladelse af de betingede lejeydelser, serviceomkostninger og skatter, der skal afholdes af leasinggiver og refunderes til denne), samt:
a)
for leasingtagers vedkommende alle beløb, der er garanteret af leasingtager eller en nærstående part til leasingtager, eller
b)
for leasinggivers vedkommende eventuel restværdi, som er garanteret leasinggiver af:
i)
leasingtager,
ii)
en nærtstående part til leasingtager, eller
iii)
en tredjepart, som ikke er tilknyttet leasinggiver, som økonomisk er i stand til at indfri forpligtelserne i henhold til garantien.
Hvis leasingtager imidlertid har en købsret til aktivet til en pris, der forventes at være så meget lavere end dagsværdien på tidspunktet, hvor retten kan udnyttes, at det ved leasingkontraktens indgåelse er rimelig sikkert, at købsretten vil blive udnyttet, omfatter minimumsleasingydelserne den minimumslejeydelse, der skal betales over leasingperioden indtil den forventede dato for udnyttelse af denne købsret, samt den ydelse, der kræves for at udnytte købsretten.
Dagsværdi
 er det beløb, et aktiv kan omsættes til, eller en forpligtelse kan indfris til, ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter.
Økonomisk levetid
 er enten:
a)
den periode, i hvilken et aktiv forventes at være til økonomisk nytte for en eller flere brugere, eller
b)
det antal af producerede enheder eller lignende, som forventes af en eller flere brugere.
Brugstid
 er den skønnede resterende periode, fra leasingperiodens påbegyndelse og ikke begrænset af leasingperioden, hvori de økonomiske fordele tilknyttet aktivet forventes forbrugt af virksomheden.
Garanteret restværdi
 er:
a)
for leasingtagers vedkommende den del af restværdien, der er garanteret af enten leasingtager eller en tredjepart tilknyttet denne (garantibeløbet er det maksimale beløb, som kan komme til udbetaling), og
b)
for leasinggivers vedkommende den del af restværdien, der er garanteret af enten leasingtager eller en tredjepart, som ikke er tilknyttet leasinggiver, som økonomisk er i stand til at indfri forpligtelserne i henhold til garantien.
Ikke-garanteret restværdi
 er den del af det leasede aktivs restværdi, der ved realisation foretaget af leasinggiver ikke er sikret, eller som kun er garanteret af en part tilknyttet leasinggiver.
Direkte startomkostninger
 er omkostninger direkte tilknyttet forhandling og udarbejdelse af en leasingkontrakt, bortset fra omkostninger, som afholdes af en leasinggiver som producent eller forhandler.
Bruttoinvestering i en leasingkontrakt
 er det samlede beløb af:
a)
leasinggivers tilgodehavende minimumsleasingydelser ved en finansiel leasingkontrakt, og
b)
ikke-garanteret restværdi, der tilfalder leasinggiver.
Nettoinvestering i en leasingkontrakt
 er bruttoinvesteringen i leasingkontrakten diskonteret med leasingkontraktens interne rente.
Ikke-indtjent finansieringsindtægt
 er forskellen mellem:
a)
bruttoinvesteringen i leasingkontrakten, og
b)
nettoinvesteringen i leasingkontrakten.
Den 
interne rente i en leasingkontrakt
 er den diskonteringsfaktor, som ved leasingkontraktens indgåelse får den samlede nutidsværdi af a) minimumsleasingydelserne og b) den ikke-garanterede restværdi til at være lig med det samlede beløb af i) det leasede aktivs dagsværdi og ii) leasinggivers eventuelle direkte startomkostninger.
Leasingtagers opgjorte lånerente
 er den rente, som leasingtager skulle betale på en tilsvarende leasingkontrakt, eller, hvis denne ikke kan opgøres, den rente, som leasingtager ved leasingkontraktens indgåelse skulle betale ved over en tilsvarende periode og med tilsvarende sikkerhed at låne tilstrækkelige midler til at købe aktivet.
Betinget lejeydelse
 er den del af leasingydelsen, der ikke er et fast beløb, men som er baseret på en fremtidig faktor, der ikke blot ændres med tiden (eksempelvis en andel af den fremtidige omsætning, omfanget af den fremtidige anvendelse, fremtidige prisindeks eller fremtidig markedsrente).
5.
En leasingkontrakt eller en forpligtelse kan indeholde en bestemmelse om at regulere leasingydelserne i forhold til ændringer i de med opførelsen eller anskaffelsen af det leasede aktiv forbundne omkostninger eller i forhold til ændringer i en anden form for måling af omkostninger eller værdi, såsom det generelle prisniveau, eller i leasinggivers omkostninger ved finansiering af leasingkontrakten, i perioden mellem indgåelse af leasingkontrakten og påbegyndelse af leasingperioden. Hvis dette er tilfældet, skal virkningen af sådanne ændringer regnes for at være indtruffet ved indgåelsen af leasingkontrakten, for så vidt angår denne standard.
6.
Definitionen på en leasingkontrakt omfatter også kontrakter vedrørende leje af aktiver, som indeholder en klausul, der giver lejer mulighed for at overtage ejendomsretten til aktivet ved opfyldelse af de aftalte betingelser. Sådanne kontrakter kaldes undertiden leje-afbetalingskontrakter.
KLASSIFIKATION AF LEASINGKONTRAKTER
7.
Den i denne standard anvendte klassifikation af leasingkontrakter er baseret på det omfang, i hvilket risici og afkast forbundet med ejendomsretten til et leaset aktiv tilfalder leasinggiver eller leasingtager. Risici omfatter muligheden for tab fra uudnyttet kapacitet eller teknologisk forældelse og afkastudsving ved ændringer i økonomiske forhold. Afkast kan repræsenteres af forventningen om lønsom drift over aktivets økonomiske levetid samt om gevinst i form af værdiforøgelse eller realisation af restværdien.
8.
En leasingkontrakt klassificeres som en finansiel leasingkontrakt, hvis alle væsentlige risici og afkast forbundet med ejendomsretten til et aktiv overdrages. En leasingkontrakt klassificeres som en operationel leasingkontrakt, hvis alle væsentlige risici og afkast forbundet med ejendomsretten til et aktiv ikke overdrages.
9.
Eftersom en transaktion mellem leasinggiver og leasingtager er baseret på en leasingaftale mellem parterne, er det hensigtsmæssigt at anvende ensartede definitioner. Anvendelsen af disse definitioner på de forskellige forhold hos leasinggiver og leasingtager kan medføre, at de klassificerer den samme leasingkontrakt forskelligt. Dette kan eksempelvis være tilfældet, hvis leasinggiver har fordel af en restværdigaranti, der er ydet af en ikke-nærtstående part til leasingtager.
10.
Hvorvidt en leasingkontrakt er en finansiel eller en operationel leasingkontrakt afhænger af indholdet af transaktionen snarere end kontraktens form 
(
1
)
. Følgende er eksempler på situationer, som hver for sig eller kombineret normalt vil medføre klassifikation af en leasingkontrakt som en finansiel leasingkontrakt:
a)
i henhold til leasingkontrakten overdrages ejendomsretten til et aktiv til leasingtager ved slutningen af leasingperioden,
b)
leasingtager har en købsret til aktivet til en pris, der forventes at være så meget lavere end dagsværdien på tidspunktet, hvor købsretten kan udnyttes, at det ved leasingkontraktens indgåelse er rimeligt sikkert, at købsretten vil blive udnyttet,
c)
leasingperioden strækker sig over størstedelen af aktivets økonomiske levetid, selv om ejendomsretten ikke overgår,
d)
nutidsværdien af minimumsleasingydelserne ved leasingkontraktens indgåelse svarer til stort set hele det leasede aktivs dagsværdi, og
e)
de leasede aktiver er af en sådan specialiseret art, at de udelukkende kan anvendes af leasingtager uden at væsentlige modifikationer foretages.
11.
Følgende er eksempler på situationer, som separat eller kombineret ligeledes kan medføre klassifikation som en finansiel leasingkontrakt:
a)
hvis leasingtager kan ophæve leasingkontrakten, bæres leasinggivers tab i forbindelse med ophævelsen af leasingtager,
b)
gevinster eller tab fra udsving i dagsværdien af restbeløbet tilfalder leasingtager (eksempelvis i form af en nedsættelse af lejeydelsen svarende til størstedelen af salgsavancen ved slutningen af leasingperioden), og
c)
leasingtager har mulighed for at fortsætte leasingkontrakten i yderligere en periode til en lejeydelse, som er væsentligt lavere end markedslejen.
12.
Eksemplerne og indikatorerne i afsnit 10 og 11 er ikke altid afgørende. Hvis det på baggrund af andre faktorer tydeligt fremgår, at en leasingkontrakt ikke overdrager alle væsentlige risici og afkast forbundet med ejendomsretten, skal leasingkontrakten klassificeres som en operationel leasingkontrakt. Dette kan eksempelvis være tilfældet, hvis ejendomsretten til aktivet overdrages ved slutningen af leasingperioden mod en variabel ydelse, som svarer til dagsværdien på dette tidspunkt, eller hvis der er betingede lejeydelser, som medfører, at leasingtager ikke har alle sådanne væsentlige risici og afkast.
13.
Klassifikation af en leasingkontrakt foretages ved dennes indgåelse. Hvis leasingtager og leasinggiver på et tidspunkt aftaler at ændre leasingkontraktens bestemmelser, bortset fra fornyelse af leasingkontrakten, på en måde som ville have medført en anden klassifikation af leasingkontrakten i henhold til kriterierne i afsnit 7-12, hvis de ændrede vilkår havde været gældende ved indgåelsen af leasingkontrakten, anses den ajourførte leasingkontrakt som en ny kontrakt i hele leasingperioden. Ændringer i skøn (eksempelvis ændringer i skøn over den økonomiske levetid eller restværdien af det leasede aktiv) eller ændringer i forhold (eksempelvis leasingtagers misligholdelse af kontrakten) medfører dog ikke en ny regnskabsmæssig klassifikation af en leasingkontrakt.
14.
Leasingkontrakter vedrørende grunde og bygninger klassificeres som operationelle eller finansielle leasingkontrakter på samme måde som leasingkontrakter vedrørende andre aktiver. Et kendetegn for grunde er dog, at de normalt har en uendelig økonomisk levetid, og hvis ejendomsretten ikke forventes at overgå til leasingtager ved slutningen af leasingperioden, modtager leasingtager normalt ikke alle væsentlige risici og afkast forbundet med ejendomsretten, og leasingkontrakten vedrørende grunden vil i dette tilfælde være en operationel leasingkontrakt. En betaling foretaget ved indgåelse eller overtagelse af et lejemål, som regnskabsmæssigt behandles som en operationel leasingkontrakt, udgør en forudbetalt leasingydelse, som amortiseres over leasingperioden i overensstemmelse med det mønster, hvorefter fordelene opnås.
15.
For så vidt angår klassifikation af en leasingkontrakt vedrørende grunde og bygninger, skal grunde og bygninger vurderes som særskilte elementer. Hvis ejendomsretten til begge elementer forventes at overgå til leasingtager ved slutningen af leasingperioden, skal begge elementer klassificeres som en finansiel leasingkontrakt, uanset om de analyseres som en eller to leasingkontrakter, medmindre det på baggrund af andre faktorer tydeligt fremgår, at leasingkontrakten ikke overdrager alle væsentlige risici og afkast forbundet med ejendomsretten til det ene eller begge elementer. Når grunden har en uendelig økonomisk levetid, klassificeres grundelementet normalt som en operationel leasingkontrakt, medmindre ejendomsretten forventes at overgå til leasingtager ved slutningen af leasingperioden i overensstemmelse med afsnit 14. Bygningselementet klassificeres som en finansiel eller operationel leasingkontrakt i overensstemmelse med afsnit 7-13.
16.
Hvis det er nødvendigt for at foretage klassifikation og regnskabsmæssig behandling af en leasingkontrakt vedrørende grunde og bygninger, allokeres minimumsleasingydelserne (herunder eventuelle forudbetalte engangsydelser) til henholdsvis grund- og bygningselementerne i forhold til den relative dagsværdi af lejemålsandelene i leasingkontraktens grundelement og bygningselement ved leasingkontraktens indgåelse. Hvis leasingydelserne ikke kan allokeres pålideligt til disse to elementer, skal hele leasingkontrakten klassificeres som en finansiel leasingkontrakt, medmindre det tydeligt fremgår, at begge elementer er operationelle leasingkontrakter. I dette tilfælde klassificeres hele leasingkontrakten som en operationel leasingkontrakt.
17.
For så vidt angår en leasingkontrakt vedrørende grunde og bygninger, hvor det beløb, der første gang skal indregnes for grundelementet i overensstemmelse med afsnit 20, er uvæsentligt, kan grunde og bygninger behandles som en samlet enhed, for så vidt angår klassifikation af leasingkontrakten, og klassificeres som en finansiel eller operationel leasingkontrakt i overensstemmelse med afsnit 7-13. I dette tilfælde anses bygningernes økonomiske levetid for at være hele det leasede aktivs økonomiske levetid.
18.
Der kræves ikke separat måling af grund- og bygningselementerne, når leasingtagers andel i både grunde og bygninger klassificeres som en investeringsejendom i overensstemmelse med IAS 40, og dagsværdimodellen anvendes. Der kræves kun detaljeret beregning af denne vurdering, hvis klassifikationen af det ene eller begge elementer i øvrigt er usikker.
19.
Det er i overensstemmelse med IAS 40 muligt for en leasingtager at klassificere en ejendomsandel, som besiddes gennem en operationel leasingkontrakt, som en investeringsejendom. Hvis dette er tilfældet, skal andelen i ejendommen regnskabsmæssigt behandles, som om den var en finansiel leasingkontrakt, og derudover finder dagsværdimodellen anvendelse på det indregnede aktiv. Leasingtager skal fortsætte med regnskabsmæssigt at behandle leasingkontrakten som en finansiel leasingkontrakt, også selvom en efterfølgende begivenhed ændrer arten af leasingtagers ejendomsandel, således at den ikke længere klassificeres som en investeringsejendom. Dette er eksempelvis tilfældet, hvis leasingtager:
a)
anvender ejendommen, som derefter overgår til at være domicilejendom til en fastsat kostpris, som er lig med dagsværdien på det tidspunkt, hvor anvendelsen ændres, eller
b)
indgår en fremlejeaftale, der overdrager alle væsentlige risici og afkast forbundet med ejendomsretten til andelen til en ikke-nærtstående tredjepart. En sådan fremleje behandles regnskabsmæssigt af leasingtager som en finansiel leasingkontrakt til en tredjepart, selvom den af tredjeparten regnskabsmæssigt kan behandles som en operationel leasingkontrakt.
LEASINGKONTRAKTER I LEASINGTAGERS ÅRSREGNSKAB
Finansielle leasingkontrakter
Første indregning
20.
Ved påbegyndelsen af leasingperioden skal leasingtager indregne finansielle leasingkontrakter som aktiver og forpligtelser i balancen til et beløb som ved indgåelsen af leasingkontrakten svarer til dagsværdien af det leasede aktiv eller nutidsværdien af minimumsleasingydelserne, hvis denne er lavere. Den diskonteringsfaktor, der skal anvendes ved beregningen af nutidsværdien af minimumsleasingydelserne, er den interne rente i leasingkontrakten, hvis det er praktisk muligt at opgøre denne. Er dette ikke er muligt, skal leasingtagers opgjorte lånerente anvendes. Leasingtagers eventuelle direkte startomkostninger lægges til det beløb, der indregnes som et aktiv.
21.
Transaktioner og andre begivenheder behandles regnskabsmæssigt og præsenteres i overensstemmelse med deres indhold og økonomiske realitet og ikke blot deres juridiske form. Selv om den juridiske form af en leasingkontrakt er således, at ejendomsretten til det leasede aktiv ikke overdrages til leasingtager, er det med hensyn til finansielle leasingkontrakter dog således, at indholdet og den økonomiske realitet er, at leasingtager overtager de økonomiske fordele fra anvendelsen af det leasede aktiv for størstedelen af aktivets økonomiske levetid til gengæld for påtagelsen af en forpligtelse til at betale et beløb for denne rettighed, som ved indgåelsen af leasingkontrakten omtrent svarer til dagsværdien af aktivet og den tilknyttede finansieringsomkostning.
22.
Hvis en sådan leasingtransaktion ikke afspejles i leasingtagers balance, ansættes de økonomiske ressourcer og omfanget af en virksomheds forpligtelser for lavt, hvilket medfører en forvanskning af de regnskabsmæssige nøgletal. Derfor er det hensigtsmæssigt, at en finansiel leasingkontrakt indregnes i leasingtagers balance både som et aktiv og en forpligtelse til at betale fremtidige leasingydelser. Ved påbegyndelsen af leasingperioden indregnes aktivet og forpligtelsen til at betale fremtidige leasingydelser i balancen med det samme beløb, bortset fra leasingtagers eventuelle direkte startomkostninger, som lægges til det beløb, der indregnes som et aktiv.
23.
Det er ikke hensigtsmæssigt, at forpligtelser for leasede aktiver i årsregnskabet præsenteres som et fradrag i de leasede aktiver. Hvis der ved præsentationen af forpligtelser i balancen foretages en sondring mellem kortfristede og langfristede forpligtelser, skal den samme sondring foretages for leasingforpligtelser.
24.
Direkte startomkostninger afholdes ofte i forbindelse med specifikke leasingaktiviteter, som eksempelvis forhandling og indgåelse af leasingordninger. De omkostninger, der identificeres som værende direkte tilknyttet aktiviteter udført af leasingtager vedrørende en finansiel leasingkontrakt, lægges til det beløb, der indregnes som et aktiv.
Efterfølgende måling
25.
Minimumsleasingydelser skal fordeles mellem finansieringsomkostningen og reduktionen af den udestående forpligtelse. Finansieringsomkostningen skal allokeres til hvert regnskabsår i leasingperioden for at frembringe en konstant periodisk rente på de resterende forpligtelser. Betingede lejeydelser skal indregnes som omkostninger i de regnskabsår, de er afholdt.
26.
I praksis kan leasingtager anvende en tilnærmet metode for at forenkle beregningen ved allokeringen af finansieringsomkostningen til regnskabsårene i leasingperioden.
27.
En finansiel leasingkontrakt medfører afskrivninger på afskrivningsberettigede aktiver, såvel som finansieringsomkostninger i hvert regnskabsår. Afskrivningspraksis for afskrivningsberettigede leasede aktiver skal stemme overens med regnskabspraksis for afskrivningsberettigede aktiver, som ejes, og de indregnede afskrivninger skal beregnes i overensstemmelse med IAS 16 
Materielle anlægsaktiver
 og IAS 38 
Immaterielle aktiver
. Hvis der ikke er rimelig sikkerhed for, at leasingtager vil få ejendomsretten ved slutningen af leasingperioden, skal aktivet afskrives fuldt ud over den korteste periode af leasingperioden og dets brugstid.
28.
Et leaset aktivs afskrivningsberettigede beløb fordeles på hvert regnskabsår i løbet af perioden, hvor aktivet forventes anvendt, på et systematisk grundlag i overensstemmelse med den af leasingtager anvendte afskrivningspraksis for afskrivningsberettigede aktiver, som ejes. Hvis der er rimelig sikkerhed for, at leasingtager vil få ejendomsretten ved slutningen af leasingperioden, svarer perioden, hvor aktivet forventes anvendt, til aktivets brugstid. Hvis dette ikke er tilfældet, afskrives aktivet over den korteste periode af leasingperioden og dets brugstid.
29.
De samlede afskrivninger på aktivet og regnskabsårets finansieringsomkostninger er sjældent identiske med betalte leasingydelser for regnskabsåret. Derfor er det uhensigtsmæssigt blot at indregne betalte leasingydelser som omkostning. Derfor er det usandsynligt, at aktivets og den tilknyttede forpligtelses værdi er identiske efter påbegyndelsen af leasingperioden.
30.
For at afgøre om et leaset aktivs værdi er blevet forringet, anvender virksomheden IAS 36 
Værdiforringelse af aktiver
.
31.
Ud over de i IFRS 7 
Finansielle instrumenter: Oplysning
 krævede oplysninger skal leasingtager give følgende oplysninger om finansielle leasingkontrakter:
a)
den regnskabsmæssige nettoværdi på balancedagen for hver kategori af aktiver,
b)
en afstemning af de samlede fremtidige minimumsleasingydelser på balancedagen og deres nutidsværdi. Desuden skal virksomheden give oplysning om de samlede fremtidige minimumsleasingydelser på balancedagen og deres nutidsværdi for hver af følgende perioder:
i)
inden for 1 år,
ii)
mellem 1 og 5 år,
iii)
senere end 5 år,
c)
betingede lejeydelser indregnet som omkostning i regnskabsåret,
d)
de samlede fremtidige minimumsfremlejeydelser, som forventes modtaget i henhold til uopsigelige fremlejekontrakter på balancedagen,
e)
en generel beskrivelse af leasingtagers væsentlige leasingordninger, herunder blandt andet:
i)
grundlaget for opgørelsen af betingede lejeydelser,
ii)
tilstedeværelsen af og vilkårene for forlængelse eller købsret og prisstigningsklausuler, og
iii)
begrænsninger i leasingtagers dispositionsmuligheder som følge af indgåede leasingordninger, eksempelvis restriktioner vedrørende udbetaling af udbytte, påtagelse af yderligere forpligtelser eller leasingforpligtelser.
32.
Desuden finder oplysningskravene i IAS 16, IAS 36, IAS 38, IAS 40 og IAS 41 anvendelse på leasingtagers finansielt leasede aktiver.
Operationelle leasingkontrakter
33.
Leasingydelser i henhold til en operationel leasingkontrakt skal indregnes som omkostning på et lineært grundlag over leasingperioden, medmindre et andet systematisk grundlag bedre afspejler det tidsmæssige mønster af brugerens fordele. 
(
2
)
34.
Med hensyn til operationelle leasingkontrakter indregnes leasingydelser (med udeladelse af serviceomkostninger som eksempelvis forsikring og vedligeholdelse) som omkostning på et lineært grundlag, medmindre et andet systematisk grundlag afspejler det tidsmæssige mønster af brugerens fordele, selv om betalingerne ikke foretages på dette grundlag.
35.
Ud over de i IFRS 7 krævede oplysninger skal leasingtager give følgende oplysninger om operationelle leasingkontrakter:
a)
de samlede fremtidige minimumsleasingydelser i henhold til uopsigelige operationelle leasingkontrakter for hver af følgende perioder:
i)
inden for 1 år,
ii)
mellem 1 og 5 år,
iii)
senere end 5 år,
b)
de samlede fremtidige minimumsfremlejeydelser, som forventes modtaget i henhold til uopsigelige fremlejekontrakter på balancedagen,
c)
leasing- og fremlejeydelser indregnet som omkostning i regnskabsåret, med angivelse af separate beløb for minimumsleasingydelser, betingede lejeydelser og fremlejeydelser,
d)
en generel beskrivelse af leasingtagers væsentlige leasingordninger, herunder blandt andet:
i)
grundlaget for opgørelsen af betingede lejeydelser,
ii)
tilstedeværelsen af og vilkårene for forlængelse eller købsret og prisstigningsklausuler, og
iii)
begrænsninger i leasingtagers dispositionsmuligheder som følge af indgåede leasingordninger, eksempelvis restriktioner vedrørende udbetaling af udbytte, påtagelse af yderligere forpligtelser eller leasingforpligtelser.
LEASINGKONTRAKTER I LEASINGGIVERS ÅRSREGNSKAB
Finansielle leasingkontrakter
Første indregning
36.
Leasinggivere skal indregne finansielt leasede aktiver i balancen og præsentere disse som et tilgodehavende til et beløb, der svarer til nettoinvesteringen i leasingkontrakten.
37.
I henhold til en finansiel leasingkontrakt overdrager leasinggiver alle væsentlige risici og afkast forbundet med ejendomsretten, og derfor behandler leasinggiver tilgodehavende leasingydelser som tilbagebetaling af hovedstol og finansieringsindtægter for at tilbagebetale og belønne leasingtager for dennes investering og tjenesteydelser.
38.
Direkte startomkostninger afholdes ofte af leasinggiver og omfatter eksempelvis provisioner, honorarer for juridisk bistand og interne omkostninger, som er direkte tilknyttet forhandling og udarbejdelse af en leasingkontrakt. De omfatter ikke generelle indirekte produktionsomkostninger, som eksempelvis vedrører en salgs- og markedsføringsafdeling. De direkte startomkostninger vedrørende finansielle leasingkontrakter, ud over kontrakter med producenter eller forhandlere som leasinggivere, medtages i den første måling af tilgodehavender i forbindelse med den finansielle leasingkontrakt og reducerer den indtægt, som indregnes over leasingperioden. Den interne rente i leasingkontrakten er defineret således, at de direkte startomkostninger automatisk medtages i tilgodehavender i forbindelse med den finansielle leasingkontrakt. Der er således ingen grund til at lægge dem til særskilt. Omkostninger, som afholdes af producenter eller forhandlere som leasinggivere i forbindelse med forhandling og udarbejdelse af en leasingkontrakt, ligger uden for definitionen på direkte startomkostninger. Som følge heraf udelades disse omkostninger fra nettoinvesteringen i leasingkontrakten og indregnes som omkostning, når salgsavancen indregnes, hvilket for en finansiel leasingkontrakt normalt er ved påbegyndelsen af leasingperioden.
Efterfølgende måling
39.
Indregning af finansieringsindtægter skal baseres på et mønster, der afspejler et konstant periodisk afkast af leasinggivers nettoinvestering i en finansiel leasingkontrakt.
40.
Leasinggiver sigter efter at allokere finansieringsindtægter over leasingperioden på et systematisk og rationelt grundlag. Allokering af indtægter baseres på et mønster, der afspejler et konstant periodisk afkast af leasinggivers nettoinvestering i en finansiel leasingkontrakt. Leasingydelser tilknyttet regnskabsåret, bortset fra omkostninger til tjenesteydelser, modregnes i bruttoinvesteringen i leasingkontrakten for at reducere både hovedstol og ikke-indtjente finansieringsindtægter.
41.
Skøn over ikke-garanterede restværdier anvendt ved beregningen af leasinggivers bruttoinvestering i leasingkontrakten gennemgås regelmæssigt. Hvis der er sket en reduktion af den skønnede ikke-garanterede restværdi, skal allokeringen af indtægter over leasingperioden ajourføres, og en eventuel reduktion af indregnede beløb foretages straks.
41A
Et aktiv, som besiddes gennem en finansiel leasingkontrakt, der er klassificeret som besiddelse med henblik på salg (eller medtaget i en afståelsesgruppe, som er klassificeret som besiddelse med henblik på salg) i overensstemmelse med IFRS 5 
Anlægsaktiver, som besiddes med henblik på salg og ophørte aktiviteter
, skal regnskabsmæssigt behandles i overensstemmelse med IFRS 5.
42.
Er leasinggiver producent eller forhandler af de leasede aktiver, skal leasinggiver indregne årets salgsavance eller tab i overensstemmelse med virksomhedens praksis for direkte salg. Hvis kunstigt lave rentesatser anføres, skal salgsavancen begrænses til at omfatte den avance, der ville være gældende, hvis en markedsrente var blevet anvendt. Omkostninger, som afholdes af producenter eller forhandlere som leasinggivere i forbindelse med forhandling og udarbejdelse af en leasingkontrakt, skal indregnes som omkostning, når salgsavancen indregnes.
43.
Producenter eller forhandlere giver ofte kunder mulighed for at vælge mellem enten at købe eller lease et aktiv. Finansielle leasingkontrakter vedrørende et aktiv med producenter eller forhandlere som leasinggivere medfører to typer indtægter:
a)
avance svarende til avance fra direkte salg af det leasede aktiv til normale salgspriser, der afspejler eventuelle mængde- eller forhandlerrabatter, og
b)
finansieringsindtægter over leasingperioden.
44.
Salgsomsætning, som indregnes af producenter eller forhandlere som leasinggivere ved påbegyndelsen af en leasingperiode, er aktivets dagsværdi, eller hvis denne er lavere, nutidsværdien af de minimumsleasingydelser, der tilfalder leasinggiver, beregnet ved anvendelse af en markedsrente. Den salgsomkostning, der er indregnet ved påbegyndelsen af leasingperioden, er kostprisen eller den regnskabsmæssige værdi, hvis denne er forskellig herfra, af det leasede aktiv med fradrag af nutidsværdien af den ikke-garanterede restværdi. Forskellen mellem salgsomsætning og kostpris for solgte varer er salgsavancen, som indregnes i overensstemmelse med virksomhedens praksis for direkte salg.
45.
Producenter eller forhandlere som leasinggivere anfører undertiden kunstigt lave rentesatser for at tiltrække kunder. Anvendelsen af en sådan sats vil medføre indregning af en for stor del af de samlede indtægter fra transaktionen på salgstidspunktet. Hvis kunstigt lave rentesatser anføres, skal salgsavancen begrænses til at omfatte den avance, der ville være gældende, hvis en markedsrente var blevet anvendt.
46.
Omkostninger, som afholdes af en producent eller forhandler som leasinggiver i forbindelse med forhandling og udarbejdelse af en finansiel leasingkontrakt, indregnes som omkostning ved påbegyndelsen af leasingperioden, idet de hovedsagelig er tilknyttet frembringelsen af producentens eller forhandlerens salgsavance.
47.
Ud over de i IFRS 7 krævede oplysninger skal leasinggiver give følgende oplysninger om finansielle leasingkontrakter:
a)
en afstemning af bruttoinvesteringen i leasingkontrakten på balancedagen og nutidsværdien af tilgodehavende minimumsleasingydelser på balancedagen. Desuden skal virksomheden give oplysning om bruttoinvesteringen i leasingkontrakten og nutidsværdien af tilgodehavende minimumsleasingydelser på balancedagen for hver af følgende perioder:
i)
inden for 1 år,
ii)
mellem 1 og 5 år,
iii)
senere end 5 år,
b)
ikke-indtjente finansieringsindtægter,
c)
ikke-garanterede restværdier, der tilfalder leasinggiver,
d)
akkumulerede nedskrivninger på uerholdelige tilgodehavende minimumsleasingydelser,
e)
betingede lejeydelser indregnet som indtægt i regnskabsåret,
f)
en generel beskrivelse af leasinggivers væsentlige leasingordninger.
48.
Som en vækstindikator er det ofte nyttigt ligeledes at give oplysning om bruttoinvesteringen med fradrag af ikke-indtjente indtægter i nye forretninger indgået i regnskabsåret efter fradrag af de tilsvarende beløb for opsagte leasingkontrakter.
Operationelle leasingkontrakter
49.
Leasinggivere skal præsentere aktiver, som er tilknyttet operationelle leasingkontrakter, i balancen i overensstemmelse med aktivernes art.
50.
Leasingindtægter fra operationelle leasingkontrakter skal indregnes i resultatopgørelsen på et lineært grundlag over leasingperioden, medmindre et andet systematisk grundlag bedre afspejler det tidsmæssige mønster, hvorefter brugsfordelene fra det leasede aktiv mindskes. 
(
3
)
51.
Omkostninger afholdt ved frembringelsen af leasingindtægterne, herunder afskrivninger, indregnes. Leasingindtægter (bortset fra betalinger for ydelser som forsikring og vedligeholdelse) indregnes på et lineært grundlag over leasingperioden, selv om betalingerne ikke foretages på et sådant grundlag, medmindre et andet systematisk grundlag bedre afspejler det tidsmæssige mønster, hvorefter brugsfordelene fra det leasede aktiv mindskes.
52.
Direkte startomkostninger, som afholdes af leasinggivere i forbindelse med forhandling og udarbejdelse af en operationel leasingkontrakt, lægges til den regnskabsmæssige værdi af det leasede aktiv og indregnes som omkostning over leasingperioden på samme grundlag som leasingindtægterne.
53.
Afskrivningspraksis for afskrivningsberettigede leasede aktiver skal stemme overens med leasinggivers normale afskrivningspraksis for tilsvarende aktiver, og afskrivningerne skal beregnes i overensstemmelse med IAS 16 og IAS 38.
54.
For at vurdere om et leaset aktivs værdi er blevet forringet, skal virksomheder anvende IAS 36.
55.
En producent eller forhandler som leasinggiver indregner ikke eventuel salgsavance ved indgåelsen af en operationel leasingkontrakt, idet det ikke svarer til et salg.
56.
Ud over de i IFRS 7 krævede oplysninger skal leasinggiver give følgende oplysninger om operationelle leasingkontrakter:
a)
de fremtidige minimumsleasingydelser i henhold til uopsigelige operationelle leasingkontrakter som et samlet beløb og for hver af følgende perioder:
i)
inden for 1 år,
ii)
mellem 1 og 5 år,
iii)
senere end 5 år,
b)
de samlede betingede lejeydelser indregnet som indtægt i regnskabsåret,
c)
en generel beskrivelse af leasinggivers leasingordninger.
57.
Desuden finder oplysningskravene i IAS 16, IAS 36, IAS 38, IAS 40 og IAS 41 anvendelse på leasinggiver for aktiver, som udlejes gennem operationelle leasingkontrakter.
SALE-AND-LEASEBACK-TRANSAKTIONER
58.
Sale-and-leaseback-transaktioner medfører salg af et aktiv og tilbageleasing af samme aktiv. Leasingydelser og salgspris er normalt indbyrdes afhængige, idet de aftales under et. Den regnskabsmæssige behandling af en sale-and-leaseback-transaktion afhænger af typen af den pågældende leasingkontrakt.
59.
Hvis en sale-and-leaseback-transaktion medfører en finansiel leasingkontrakt, skal eventuelle beløb, hvormed salgsavancen overstiger den regnskabsmæssige værdi, ikke straks indregnes som indtægt af sælger/leasingtager. I stedet skal dette beløb udskydes og amortiseres over leasingperioden.
60.
Hvis tilbageleasing udgør en finansiel leasingkontrakt, er transaktionen en måde for leasinggiver til med aktivet som sikkerhed at yde leasingtager finansiering. Af denne grund er det ikke hensigtsmæssigt at behandle eventuelle beløb, hvormed salgsavancen overstiger den regnskabsmæssige værdi, som indtægt. Sådanne beløb udskydes og amortiseres over leasingperioden.
61.
Hvis en sale-and-leaseback-transaktion medfører en operationel leasingkontrakt, og det fremgår klart, at transaktionen er aftalt til dagsværdi, skal eventuel avance eller tab indregnes straks. Hvis salgsprisen er under dagsværdien, skal eventuel avance eller tab indregnes straks, undtagen hvis tabet godtgøres ved fremtidige leasingydelser under markedspris. I sådanne tilfælde skal tabet udskydes og amortiseres i forhold til leasingydelserne over den periode, hvor aktivet forventes anvendt. Hvis salgsprisen overstiger dagsværdien, skal det beløb, hvormed dagsværdien overstiges, udskydes og amortiseres over perioden, hvor aktivet forventes anvendt.
62.
Hvis tilbageleasing udgør en operationel leasingkontrakt, og leasingydelserne og salgsprisen er til dagsværdi, er der i realiteten foretaget en normal salgstransaktion, og eventuel avance eller tab indregnes straks.
63.
Med hensyn til operationelle leasingkontrakter skal tab, som svarer til forskellen mellem den regnskabsmæssige værdi og dagsværdien, indregnes straks, hvis dagsværdien på tidspunktet for en sale-and-lease-transaktion er lavere end aktivets regnskabsmæssige værdi.
64.
En sådan regulering er ikke nødvendig med hensyn til finansielle leasingkontrakter, medmindre værdien er blevet forringet. I så fald nedskrives den regnskabsmæssige værdi til genindvindingsværdien i overensstemmelse med IAS 36.
65.
Oplysningskravene til leasingtagere og leasinggivere finder ligeledes anvendelse på sale-and-leaseback-transaktioner. Kravet om beskrivelse af væsentlige leasingordninger medfører oplysning om særlige eller usædvanlige kontraktbestemmelser eller vilkår for sale-and-leaseback-transaktioner.
66.
Sale-and-leaseback-transaktioner kan udløse de separate oplysningskriterier i IAS 1 
Præsentation af årsregnskaber
.
OVERGANGSBESTEMMELSER
67.
Anvendelse af denne standard med tilbagevirkende kraft tilskyndes i henhold til afsnit 68, men kræves ikke. Hvis denne standard ikke anvendes med tilbagevirkende kraft, anses eventuelle restbeløb på allerede eksisterende finansielle leasingkontrakter for at være passende opgjort af leasinggiver og skal herefter regnskabsmæssigt behandles i overensstemmelse med denne standards bestemmelser.
68.
En virksomhed, som tidligere har anvendt IAS 17 (ajourført 1997), skal anvende de i medfør af denne standard udførte ændringer med tilbagevirkende kraft for alle leasingkontrakter, eller, hvis IAS 17 (ajourført 1997) ikke blev anvendt med tilbagevirkende kraft, for alle leasingkontrakter, der er indgået siden virksomheden anvendte standarden for første gang.
IKRAFTTRÆDELSESTIDSPUNKT
69.
Virksomheder skal anvende denne standard for årsregnskaber, der dækker regnskabsår, som begynder 1. januar 2005 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender denne standard for regnskabsår, som begynder før 1. januar 2005, skal den give oplysning om dette.
OPHÆVELSE AF IAS 17 (AJOURFØRT 1997)
70.
Denne standard erstatter IAS 17 
Leasingkontrakter
 (ajourført i 1997).
(
1
)
  Jf. også SIC-27 
Vurdering af indholdet af transaktioner, som har juridisk form af en leasingkontrakt
.
(
2
)
  Jf. også SIC-15 
Operationelle leasingkontrakter — Incitamenter
.
(
3
)
  Jf. også SIC-15 
Operationelle leasingkontrakter — Incitamenter
.
IAS 18
Omsætning
FORMÅL
Indtægter er defineret i 
Begrebsramme for udarbejdelse og præsentation af årsregnskaber
 som stigninger i økonomiske fordele i regnskabsåret i form af tilgang eller værdistigning af aktiver eller fald i forpligtelser, som medfører vækst i egenkapitalen, bortset fra stigninger ved indskud fra ejere. Indtægter omfatter både omsætning og gevinster. Omsætning er indtægter, der opstår i forbindelse med en virksomheds ordinære drift og har forskellige benævnelser, herunder varesalg, honorarer, renter, udbytte og royalties. Formålet med denne standard er at foreskrive den regnskabsmæssige behandling af omsætning hidrørende fra visse typer af transaktioner og begivenheder.
Den primære problemstilling ved den regnskabsmæssige behandling af omsætning er afgørelsen af, hvornår omsætning skal indregnes. Omsætning indregnes, når det er sandsynligt, at fremtidige økonomiske fordele vil tilgå virksomheden, og disse fordele kan måles pålideligt. Denne standard identificerer de omstændigheder, hvorunder disse kriterier vil blive opfyldt, og omsætning derfor vil blive indregnet. Der gives ligeledes praktisk vejledning i anvendelsen af disse kriterier.
ANVENDELSESOMRÅDE
1.
Denne standard skal anvendes ved den regnskabsmæssige behandling af omsætning hidrørende fra følgende transaktioner og begivenheder:
a)
salg af varer,
b)
levering af tjenesteydelser, og
c)
andres anvendelse af virksomhedens aktiver mod vederlag i form af renter, royalties og udbytte.
2.
Denne standard erstatter IAS 18 
Indtægtsførsel
, som blev godkendt i 1982.
3.
Varer omfatter varer produceret af virksomheden med henblik på salg og varer købt med videresalg for øje, eksempelvis varer, der er købt af en detailhandler, eller grunde og anden fast ejendom, der besiddes med videresalg for øje.
4.
Levering af tjenesteydelser omfatter normalt virksomhedens udførelse af en kontraktlig aftalt opgave over en aftalt periode. Tjenesteydelsen kan leveres over et eller flere regnskabsår. Nogle kontrakter om levering af tjenesteydelser er direkte tilknyttet entreprisekontrakter, eksempelvis tjenesteydelser fra projektledere og arkitekter. Omsætning hidrørende fra sådanne kontrakter er ikke omfattet af denne standard, men behandles i overensstemmelse med de i IAS 11 
Entreprisekontrakter
 specificerede krav til entreprisekontrakter.
5.
Andres anvendelse af virksomhedens aktiver medfører omsætning i form af:
a)
renter — vederlag for anvendelse af virksomhedens likvider eller tilgodehavender,
b)
royalties — vederlag for anvendelse af virksomhedens anlægsaktiver, eksempelvis patenter, varemærker, copyrights og computersoftware, og
c)
udbytte — udlodning af overskud til indehavere af kapitalandele i forhold til deres andel af en bestemt aktieklasse.
6.
Denne standard omhandler ikke omsætning hidrørende fra:
a)
leasingkontrakter (jf. IAS 17 
Leasingkontrakter
),
b)
udbytte hidrørende fra investeringer, som regnskabsmæssigt behandles efter den indre værdis metode (jf. IAS 28 
Investeringer i associerede virksomheder
),
c)
forsikringskontrakter som er omfattet af IFRS 4 
Forsikringskontrakter
,
d)
ændringer i dagsværdien af finansielle aktiver og finansielle forpligtelser eller afhændelse heraf (jf. IAS 39 
Finansielle instrumenter: Indregning og måling
),
e)
ændringer i værdien af andre omsætningsaktiver,
f)
første indregning og fra ændringer i dagsværdien af biologiske aktiver tilknyttet landbrugsaktiviteter (jf. IAS 41 
Landbrug
),
g)
første indregning af landbrugsprodukter (jf. IAS 41) og
h)
udvinding af mineraler.
DEFINITIONER
7.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Omsætning
 er bruttotilgangen af økonomiske fordele i regnskabsåret, der opstår som led i en virksomheds ordinære drift, når disse tilgange resulterer i vækst i egenkapitalen, bortset fra forøgelser som følge af indbetalinger fra ejere.
Dagsværdi
 er det beløb, et aktiv kan omsættes til, eller en forpligtelse kan indfris til, ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter.
8.
Omsætning omfatter udelukkende bruttotilgang af modtagne eller tilgodehavende økonomiske fordele til virksomheden for egen risiko og vinding. Beløb der opkræves på vegne af tredjepart, eksempelvis salgsafgifter, afgifter på varer og tjenesteydelser og merværdiafgifter, er ikke økonomiske fordele, som tilgår virksomheden, og medfører ikke vækst i egenkapitalen. Derfor udelades de fra omsætningen. Ligeledes omfatter bruttotilgangen af økonomiske fordele i et agenturforhold beløb inddrevet på vegne af agenturgiver, og medfører ikke vækst i virksomhedens egenkapital. Beløb inddrevet på vegne af agenturgiver er ikke omsætning. I stedet udgøres omsætningen af provisionsbeløbet.
MÅLING AF OMSÆTNING
9.
Omsætning skal måles til dagsværdien af det modtagne eller tilgodehavende vederlag. 
(
1
)
10.
Den beløbsmæssige størrelse af omsætning hidrørende fra en transaktion opgøres normalt efter aftale mellem virksomheden og aktivets køber eller bruger. Den måles til dagsværdien af det modtagne eller tilgodehavende vederlag under hensyntagen til eventuelle forhandlerrabatter og mængderabatter ydet af virksomheden.
11.
I de fleste tilfælde har vederlaget form af likvider, og den beløbsmæssige størrelse af omsætningen udgør modtagne eller tilgodehavende beløb i likvider. Når modtagelsen af likvider udskydes, kan dagsværdien af vederlaget dog være mindre end den nominelle værdi af de modtagne eller tilgodehavende beløb i likvider. En virksomhed kan eksempelvis yde rentefri kredit til køber eller som vederlag for salg af varer acceptere et gældsbevis fra køber forrentet til en rentesats, der er under markedsrenten. Når der i realiteten er tale om en finansieringstransaktion, beregnes dagsværdien af vederlaget ved diskontering af alle fremtidige indbetalinger til en opgjort rente. Den opgjorte rente er den af følgende satser, som med størst nøjagtighed kan fastsættes:
a)
den gældende rente for et tilsvarende instrument, hvis udsteder har en tilsvarende kreditværdighed, eller
b)
en rentesats, der diskonterer instrumentets nominelle værdi til den aktuelle kontante salgspris for de pågældende varer eller tjenesteydelser.
Forskellen mellem dagsværdien og den nominelle værdi af vederlaget indregnes som renteindtægt i overensstemmelse med afsnit 29 og 30 og i overensstemmelse med IAS 39.
12.
Når varer eller tjenesteydelser ombyttes eller udveksles med varer eller tjenesteydelser af samme art eller værdi, betragtes det ikke som en omsætningsskabende transaktion. Dette er ofte tilfældet med råvarer som olie og mælk, hvor leverandører udveksler varebeholdninger på forskellige steder for rettidigt at imødekomme efterspørgslen på et bestemt sted. Når varer sælges eller tjenesteydelser leveres til gengæld for ikke-tilsvarende varer eller tjenesteydelser, betragtes udvekslingen som en omsætningsskabende transaktion. Omsætningen måles til dagsværdien af modtagne varer eller tjenesteydelser, reguleret med eventuelle modtagne eller betalte likvider. Når dagsværdien af modtagne varer eller tjenesteydelser ikke kan måles pålideligt, måles omsætning til dagsværdien af afgivne varer eller tjenesteydelser, reguleret med eventuelle modtagne eller betalte likvider.
IDENTIFIKATION AF TRANSAKTIONEN
13.
Indregningskriterierne i denne standard anvendes normalt på hver enkelt transaktion. Dog er det i visse tilfælde nødvendigt at anvende indregningskriterierne på en enkelt transaktions separate identificerbare elementer for at afspejle indholdet af transaktionen. Når et produkts salgspris eksempelvis omfatter et identificerbart beløb for efterfølgende service, udskydes dette beløb og indregnes i omsætningen over den periode, hvor tjenesteydelserne leveres. Modsat anvendes indregningskriterierne på to eller flere transaktioner samlet, når de er forbundet på en sådan måde, at den økonomiske virkning ikke kan vurderes uden hensyntagen til transaktionerne som en helhed. Eksempelvis kan virksomheden sælge varer og samtidig indgå en separat aftale om tilbagekøb af varerne på et senere tidspunkt, hvorved transaktionens virkning ophæves. I sådanne tilfælde behandles de to transaktioner samlet.
SALG AF VARER
14.
Omsætning fra varesalg skal indregnes, når alle følgende betingelser er opfyldt:
a)
virksomheden har til køber overført væsentlige risici og afkast tilknyttet ejendomsretten til varerne,
b)
virksomheden bibeholder hverken sit fortsatte ledelsesmæssige engagement, i det omfang der normalt er forbundet med ejendomsret, eller kontrollen over de solgte varer,
c)
omsætningen kan måles pålideligt,
d)
det er sandsynligt, at de økonomiske fordele forbundet med transaktionen vil tilgå virksomheden, og
e)
omkostninger, som er afholdt eller vil blive afholdt i forbindelse med transaktionen, kan måles pålideligt.
15.
Vurderingen af, hvornår virksomheden har overført væsentlige risici og afkast tilknyttet ejendomsretten til køber kræver en undersøgelse af forholdene omkring transaktionen. I de fleste tilfælde sker overførslen af risici og afkast tilknyttet ejendomsretten samtidig med, at ejendomsretten eller besiddelsen overgår til køber. Dette er eksempelvis tilfældet ved de fleste detailsalg. I andre tilfælde sker overførslen af risici og afkast tilknyttet ejendomsretten på et andet tidspunkt, end hvor ejendomsretten eller besiddelsen overføres til køber.
16.
Hvis virksomheden fortsat har væsentlige risici tilknyttet ejendomsretten, udgør transaktionen ikke et salg, og omsætning indregnes ikke. Virksomheden kan bibeholde væsentlige risici tilknyttet ejendomsretten på flere måder. Virksomheden kan eksempelvis fortsat have væsentlige risici og afkast tilknyttet ejendomsretten i tilfælde, hvor:
a)
virksomheden har en forpligtelse for utilfredsstillende opfyldelse, som ikke er dækket af almindelige garantibestemmelser,
b)
modtagelsen af omsætning fra et bestemt salg er betinget af købers omsætning ved salg af varerne,
c)
varers levering omfatter installation, og installationen udgør en væsentlig, fra virksomhedens side uopfyldt del af kontrakten, og
d)
køber har ret til at ophæve købet af en i salgskontrakten specificeret grund, og virksomheden er usikker på sandsynligheden for tilbagelevering.
17.
Hvis virksomheden kun bibeholder uvæsentlige risici tilknyttet ejendomsretten, udgør transaktionen et salg, og omsætning indregnes. Eksempelvis kan en sælger bibeholde ejendomsretten til varerne udelukkende for at bevare muligheden for at inddrive et forfaldent beløb. Hvis virksomheden i sådanne tilfælde overfører væsentlige risici og afkast tilknyttet ejendomsretten, udgør transaktionen et salg, og omsætning indregnes. Et andet eksempel, hvor virksomheden kun bibeholder uvæsentlige risici tilknyttet ejendomsretten, kan være et detailsalg, hvor refundering tilbydes, hvis kunden ikke er tilfreds. I sådanne tilfælde indregnes omsætningen på salgstidspunktet, forudsat at sælger pålideligt kan skønne fremtidige tilbageleveringer og indregner en forpligtelse for tilbageleveringer baseret på tidligere erfaringer og andre relevante faktorer.
18.
Omsætning indregnes udelukkende, når det er sandsynligt, at de økonomiske fordele forbundet med transaktionen vil tilgå virksomheden. I nogle tilfælde er dette ikke sandsynligt, før vederlaget er modtaget eller en usikkerhed fjernet. Eksempelvis kan der foreligge usikkerhed om, hvorvidt en udenlandsk myndighed vil give tilladelse til at betale vederlaget fra et salg i det pågældende land. Når tilladelsen gives, er usikkerheden fjernet, og omsætningen indregnes. Men hvis der imidlertid opstår usikkerhed om, hvorvidt et beløb, som allerede er medtaget i omsætning, er erholdeligt, skal det beløb, der er uerholdeligt, eller hvis erholdelighed ikke længere er sandsynlig, indregnes som omkostning frem for at foretage en regulering af omsætningen på tidspunktet for første indregning.
19.
Omsætning og omkostninger, som er tilknyttet den samme transaktion eller andre begivenheder, indregnes samtidigt. Dette benævnes sædvanligvis matching af omsætning og omkostninger. Omkostninger som garantier og andre omkostninger, som afholdes efter levering af varerne, kan normalt måles pålideligt, når de andre betingelser for indregning af omsætning er blevet opfyldt. Dog kan omsætning ikke indregnes, når omkostningerne ikke kan måles pålideligt. I sådanne tilfælde indregnes eventuelt allerede modtaget vederlag for salget af varerne som en forpligtelse.
LEVERING AF TJENESTEYDELSER
20.
Når udfaldet af en transaktion, som vedrører levering af tjenesteydelser, kan skønnes pålideligt, skal omsætning forbundet med transaktionen indregnes med udgangspunkt i transaktionens færdiggørelsesgrad på balancedagen. Udfaldet af en transaktion kan skønnes pålideligt, når alle følgende betingelser er opfyldt:
a)
omsætningen kan måles pålideligt,
b)
det er sandsynligt, at de økonomiske fordele forbundet med transaktionen vil tilgå virksomheden,
c)
transaktionens færdiggørelsesgrad på balancedagen kan måles pålideligt, og
d)
omkostninger, som er afholdt i forbindelse med transaktionen og omkostninger forbundet med at fuldføre transaktionen, kan måles pålideligt. 
(
2
)
21.
Indregning af omsætning med udgangspunkt i en transaktions færdiggørelsesgrad betegnes sædvanligvis produktionskriteriet. I henhold til dette kriterium indregnes omsætning i de regnskabsår, hvor tjenesteydelserne leveres. Indregning af omsætning på dette grundlag giver nyttige oplysninger om omfanget af tjenesteydelser og virksomhedens indtjening i løbet af et regnskabsår. IAS 11 kræver ligeledes indregning af omsætning på dette grundlag. Kravene i IAS 11 finder generelt anvendelse på indregningen af omsætning og tilknyttede omkostninger for en transaktion, som vedrører levering af tjenesteydelser.
22.
Omsætning indregnes udelukkende, når det er sandsynligt, at de økonomiske fordele forbundet med transaktionen vil tilgå virksomheden. Ved usikkerhed om, hvorvidt et beløb, som allerede er medtaget i omsætning, er erholdeligt, skal det beløb, der er uerholdeligt, eller hvis erholdelighed ikke længere er sandsynlig, indregnes som omkostning frem for at foretage en regulering af omsætningen på tidspunktet for første indregning.
23.
Virksomheden kan normalt foretage pålidelige skøn, når den har aftalt følgende med transaktionens andre parter:
a)
parternes rettigheder i forbindelse med den tjenesteydelse, der skal leveres og modtages af parterne,
b)
det vederlag, som skal udveksles, og
c)
betalingsmetode og -betingelser.
Det er ligeledes normalt nødvendigt, at virksomheden har et effektivt internt budgetterings- og rapporteringssystem. Virksomheden gennemgår og om nødvendigt ajourfører sine skøn over omsætning, i takt med at tjenesteydelser leveres. Behovet for sådanne ajourførte skøn er ikke nødvendigvis ensbetydende med, at udfaldet af transaktionen ikke kan skønnes pålideligt.
24.
En transaktions færdiggørelsesgrad kan opgøres på mange måder. Virksomheden anvender den metode, som pålideligt måler den leverede tjenesteydelse. De mulige metoder kan afhængig af transaktionens art omfatte:
a)
undersøgelse af stadiet af udførte arbejder,
b)
tjenesteydelser leveret til dato, som en procentdel af samlede tjenesteydelser, der skal leveres, eller
c)
forholdet mellem afholdte omkostninger til dato og de samlede skønnede omkostninger ved transaktionen. Kun omkostninger, som afspejler tjenesteydelser leveret til dato, medtages i de til dato afholdte omkostninger. Kun omkostninger, som afspejler tjenesteydelser, som er leveret eller skal leveres, medtages i de samlede skønnede omkostninger ved transaktionen.
Ofte afspejler acontobetalinger og forskud fra kunder ikke de leverede tjenesteydelser.
25.
Når tjenesteydelser leveres i form af et udefinerbart antal handlinger over en specificeret tidsperiode, indregnes omsætning af praktiske grunde på et lineært grundlag over den specificerede periode, medmindre der er en indikation af, at en anden metode bedre viser færdiggørelsesgraden. Når én specifik handling er mere væsentlig end andre, udskydes indregningen af omsætning, indtil den væsentlige handling udføres.
26.
Når udfaldet af en transaktion, som omfatter levering af tjenesteydelser, ikke kan skønnes pålideligt, skal omsætning udelukkende indregnes svarende til de omkostninger, der vil kunne genindvindes.
27.
I de indledende faser af en transaktion kan transaktionens udfald ofte ikke skønnes pålideligt. Det kan dog være sandsynligt, at virksomheden vil genindvinde de afholdte transaktionsomkostninger. Derfor indregnes omsætning kun svarende til de indregnede omkostninger, der vil kunne genindvindes. Da transaktionens udfald ikke kan skønnes pålideligt, indregnes intet overskud.
28.
Når udfaldet af transaktionen ikke kan skønnes pålideligt, og det ikke er sandsynligt, at afholdte omkostninger vil blive genindvundet, indregnes omsætning ikke, og de afholdte omkostninger indregnes. Når den usikkerhed, der har medført, at kontraktens udfald ikke har kunnet skønnes pålideligt, bortfalder, indregnes omsætning i henhold til afsnit 20 og ikke i henhold til afsnit 26.
RENTER, ROYALTIES OG UDBYTTE
29.
Omsætning hidrørende fra andres anvendelse af virksomhedens aktiver mod vederlag i form af renter, royalties og udbytte skal indregnes på de i afsnit 30 nævnte grundlag, når:
a)
det er sandsynligt, at de økonomiske fordele forbundet med transaktionen vil tilgå virksomheden, og
b)
omsætningen kan måles pålideligt.
30.
Omsætning skal indregnes på følgende grundlag:
a)
rente skal indregnes ved anvendelse af den effektive rentemetode, som beskrevet i IAS 39, afsnit 9 og AG5-AG8,
b)
royalties skal indregnes efter periodiseringsprincippet i overensstemmelse med indholdet i den givne aftale, og
c)
udbytte skal indregnes, når aktionærens ret til at modtage udbytte fastlægges.
31.
[Ophævet]
32.
Når ubetalte renter er påløbet før anskaffelsen af en rentebærende investering, allokeres de efterfølgende modtagne renter til perioden før anskaffelsen og perioden efter anskaffelsen. Kun renter allokeret til perioden efter anskaffelsen indregnes som indtægt. Når udbytte af aktier uddeles af resultatet før anskaffelsen, trækkes dette udbytte fra værdipapirernes kostpris. Hvis det er forbundet med vanskeligheder at foretage en sådan allokering på andet end et vilkårligt grundlag, indregnes udbyttet som omsætning, medmindre det klart udgør en genindvinding af en del af aktiernes kostpris.
33.
Royalties påløber i overensstemmelse med vilkårene i den givne aftale og indregnes normalt på dette grundlag, medmindre aftalens indhold medfører, at det er mere hensigtsmæssigt at indregne omsætning på et andet systematisk og rationelt grundlag.
34.
Omsætning indregnes udelukkende, når det er sandsynligt, at de økonomiske fordele forbundet med transaktionen vil tilgå virksomheden. Ved usikkerhed om, hvorvidt et beløb, som allerede er medtaget i omsætning, er erholdeligt, skal det beløb, der er uerholdeligt, eller hvis erholdelighed ikke længere er sandsynlig, indregnes som omkostning frem for at foretage en regulering af omsætningen på tidspunktet for første indregning.
OPLYSNINGER
35.
En virksomhed skal give følgende oplysninger:
a)
anvendt regnskabspraksis for indregning af omsætning, herunder de metoder, der er anvendt til at opgøre færdiggørelsesgraden af transaktioner, som vedrører levering af tjenesteydelser,
b)
den beløbsmæssige størrelse af hver væsentlig kategori af omsætning indregnet i løbet af regnskabsåret, herunder omsætning hidrørende fra:
i)
salg af varer,
ii)
levering af tjenesteydelser,
iii)
renter,
iv)
royalties,
v)
udbytte, og
c)
den beløbsmæssige størrelse af omsætning hidrørende fra udveksling af varer eller tjenesteydelser inden for hver væsentlig kategori af omsætning.
36.
En virksomhed skal give oplysning om eventualforpligtelser og eventualaktiver i overensstemmelse med IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
. Eventualforpligtelser og eventualaktiver kan opstå i forbindelse med eksempelvis omkostninger vedrørende garantiforpligtelser, krav, bod eller mulige tab.
IKRAFTTRÆDELSESTIDSPUNKT
37.
Denne standard træder i kraft for årsregnskaber, der dækker regnskabsår, som begynder den 1. januar 1995 eller senere.
(
1
)
  Jf. også SIC-31 
Omsætning — Byttehandler vedrørende reklameydelser
.
(
2
)
  Jf. også SIC-27 
Vurdering af indholdet af transaktioner, som har juridisk form af en leasingkontrakt
 og SIC-31 
Omsætning — Byttehandler vedrørende reklameydelser
.
IAS 19
Personaleydelser
FORMÅL
Formålet med denne standard er at foreskrive den regnskabsmæssige behandling af og oplysning om personaleydelser. Denne standard kræver, at virksomheden indregner:
a)
en forpligtelse, når en ansat har udført en arbejdsydelse til gengæld for fremtidige personaleydelser, og
b)
en omkostning, når virksomheden forbruger de økonomiske fordele hidrørende fra en arbejdsydelse til gengæld for personaleydelser.
ANVENDELSESOMRÅDE
1.
Denne standard skal anvendes af arbejdsgiver ved den regnskabsmæssige behandling af alle personaleydelser, som ikke er omfattet af IFRS 2 
Aktiebaseret vederlæggelse
.
2.
Denne standard omhandler ikke præsentation af pensionsordninger (jf. IAS 26 
Regnskabsmæssig behandling og præsentation af fratrædelsesordninger
).
3.
De personaleydelser, som denne standard finder anvendelse på, omfatter personaleydelser:
a)
i henhold til formelle ordninger eller andre formelle aftaler mellem virksomheden og den enkelte ansatte, grupper af ansatte eller deres repræsentanter,
b)
i henhold til lovmæssige krav eller brancheaftaler, hvorigennem virksomheden er pålagt at bidrage til nationale, lovpligtige offentlige eller branchepensionsordninger eller pensionsordninger med flere virksomheder, eller
c)
i henhold til uformel praksis, som medfører en faktisk forpligtelse. Uformel praksis medfører en faktisk forpligtelse, hvor virksomheden ikke har andet realistisk alternativ end at betale personaleydelserne. Eksempelvis foreligger der en faktisk forpligtelse, hvor en ændring i virksomhedens uformelle praksis vil medføre uacceptabel skade på forholdet til de ansatte.
4.
Personaleydelser omfatter:
a)
kortsigtede personaleydelser, eksempelvis lønninger og bidrag til social sikring, betalt fravær og sygefravær, overskudsdeling og bonus (forfaldne inden for et år efter regnskabsårets slutning) og ikke-monetære ydelser (eksempelvis sygesikring, tjenestebolig, bil og varer eller tjenesteydelser, som er gratis eller støttede) til nuværende ansatte,
b)
pensionsydelser og andre fratrædelsesydelser, livsforsikring og sygesikring efter fratrædelse,
c)
andre langsigtede personaleydelser, herunder anciennitets- eller sabbatorlov, jubilæums- eller andre anciennitetsydelser, langsigtede invaliditetsydelser, og overskudsdeling, bonus og udskudte godtgørelser, hvis de ikke er fuldt ud forfaldne inden for et år eller mere fra regnskabsårets slutning, og
d)
fratrædelsesgodtgørelser.
Idet hver af de i a) til d) identificerede kategorier har forskellige egenskaber, fastsætter denne standard separate krav for hver kategori.
5.
Personaleydelser omfatter ydelser til enten ansatte eller deres pårørende og kan betales (eller erlægges i form af varer eller tjenesteydelser) enten direkte til de ansatte, deres samlevere, børn eller andre pårørende eller til andre, eksempelvis forsikringsselskaber.
6.
En ansat kan levere en arbejdsydelse til virksomheden på fuld tid, deltid eller på et fast, løst eller midlertidigt grundlag. I denne standard omfatter ansatte medlemmer af bestyrelsen, direktionen og andre i ledelsen.
DEFINITIONER
7.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Personaleydelser
 er alle former for vederlag, som virksomheden giver for ansattes arbejdsydelser.
Kortsigtede personaleydelser
 er personaleydelser (bortset fra fratrædelsesgodtgørelser), som forfalder helt inden for et år efter det regnskabsår, hvor de ansatte har udført den tilknyttede arbejdsydelse.
Pensionsydelser
 er personaleydelser (bortset fra fratrædelsesgodtgørelser), som forfalder efter ansættelsens ophør.
Pensionsordninger
 er formelle eller uformelle ordninger, hvor virksomheden sikrer en eller flere ansatte pensionsydelser.
Bidragsbaserede pensionsordninger
 er pensionsordninger, hvor virksomheden betaler faste bidrag til en selvstændig enhed (fond) og ikke har hverken en retlig eller faktisk forpligtelse til at betale yderligere bidrag, hvis fonden ikke har tilstrækkelige aktiver til at betale alle personaleydelser vedrørende arbejdsydelser i det aktuelle og tidligere regnskabsår.
Ydelsesbaserede pensionsordninger
 er pensionsordninger, der ikke er bidragsbaserede pensionsordninger.
Pensionsordninger med flere virksomheder
 er bidragsbaserede eller ydelsesbaserede (ikke-offentlige) pensionsordninger, der:
a)
samler aktiver fra forskellige virksomheder, som ikke er under samme bestemmende indflydelse, og
b)
benytter disse aktiver til personaleydelser til ansatte i mere end en virksomhed, således at størrelsen af bidrag og ydelser bestemmes uden hensyn til, hvilken virksomhed der beskæftiger de pågældende ansatte.
Andre langsigtede personaleydelser
 er personaleydelser (bortset fra pensionsydelser og fratrædelsesgodtgørelser), som ikke i deres helhed forfalder inden for et år efter det regnskabsår, hvor de ansatte har udført den tilknyttede arbejdsydelse.
Fratrædelsesgodtgørelser
 er personaleydelser, der forfalder som følge af enten:
a)
virksomhedens beslutning om at afskedige en ansat før den normale pensionsalder, eller
b)
en ansats beslutning om at acceptere frivillig fratrædelse til gengæld for en sådan godtgørelse.
Sikrede
personaleydelser
 er personaleydelser, som ikke er betingede af, om ansættelsen fortsætter.
Nutidsværdien af en ydelsesbaseret pensionsforpligtelse
 er nutidsværdien af de forventede fremtidige betalinger (uden fradrag af ordningens eventuelle aktiver), som er nødvendige for at indfri forpligtelsen hidrørende fra arbejdsydelser i det aktuelle og tidligere regnskabsår.
Pensionsomkostninger vedrørende det aktuelle regnskabsår
 er stigningen i nutidsværdien af en ydelsesbaseret pensionsforpligtelse hidrørende fra arbejdsydelser i det aktuelle regnskabsår.
Renteomkostninger
 er regnskabsårets stigning i nutidsværdien af en ydelsesbaseret pensionsforpligtelse, der fremkommer, fordi ydelserne er et regnskabsår nærmere forfald.
Aktiver tilknyttet en pensionsordning (ordningens aktiver)
 omfatter:
a)
aktiver, som besiddes af en fond for langsigtede personaleydelser, og
b)
anvendelige forsikringspolicer.
Aktiver, som besiddes af en fond for langsigtede personaleydelser,
 er aktiver (bortset fra ikke-overdragelige finansielle instrumenter udstedt af den regnskabsaflæggende virksomhed), som:
a)
besiddes af en enhed (en fond), som er juridisk uafhængig af den regnskabsaflæggende virksomhed, og udelukkende eksisterer med det formål at betale eller finansiere personaleydelser, og
b)
kun kan benyttes til at betale eller finansiere personaleydelser, dvs. at virksomhedens kreditorer ikke kan gøre krav gældende i dem (selv ved konkurs), og som ikke kan returneres til den regnskabsaflæggende virksomhed, medmindre:
i)
fondens øvrige aktiver er tilstrækkelige til at indfri alle forpligtelser tilknyttet ordningen eller den regnskabsaflæggende virksomhed, eller
ii)
aktiverne returneres til den regnskabsaflæggende virksomhed som godtgørelse af allerede betalte personaleydelser.
En anvendelig forsikringspolice
 er en forsikringspolice, 
(
1
)
 som er udstedt af en ikke-nærtstående part (som defineret i IAS 24 
Oplysning om nærtstående parter
), hvis:
a)
afkast fra policen kun kan anvendes til at betale eller finansiere personaleydelser i henhold til en ydelsesbaseret pensionsordning, og
b)
virksomhedens kreditorer ikke kan gøre krav gældende i afkastet (selv ved konkurs), og dette ikke kan udbetales til den regnskabsaflæggende virksomhed, medmindre:
i)
afkastet udgør overskydende aktiver, som ikke er nødvendige, for at policen kan indfri alle tilknyttede personaleforpligtelser, eller
ii)
afkastet returneres til den regnskabsaflæggende virksomhed som godtgørelse af allerede betalte personaleydelser.
Dagsværdi
 er det beløb, et aktiv kan omsættes til, eller en forpligtelse kan indfries til, ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter.
Afkast af ordningens aktiver
 er renter, udbytte og andre indtægter hidrørende fra ordningens aktiver, samt realiserede og urealiserede gevinster eller tab på ordningens aktiver efter fradrag af eventuelle administrationsomkostninger og skat vedrørende ordningen.
Aktuarmæssige gevinster og tab
 omfatter:
a)
erfaringsbaserede reguleringer (virkningen af forskelle mellem tidligere aktuarmæssige forudsætninger og de faktiske begivenheder), og
b)
virkningerne af ændringer i aktuarmæssige forudsætninger.
Pensionsomkostninger vedrørende tidligere regnskabsår
 er stigningen i det aktuelle regnskabsår af nutidsværdien af en ydelsesbaseret pensionsforpligtelse vedrørende arbejdsydelser udført i tidligere regnskabsår som følge af indførelse eller ændring af pensionsydelser eller andre langsigtede personaleydelser. Pensionsomkostninger vedrørende tidligere regnskabsår kan være enten positive (hvor ydelser indføres eller forøges) eller negative (hvor eksisterende ydelser reduceres).
KORTSIGTEDE PERSONALEYDELSER
8.
Kortsigtede personaleydelser omfatter poster som eksempelvis:
a)
lønninger og bidrag til social sikring,
b)
kortfristet betalt fravær (eksempelvis betalt fravær og sygefravær), hvor fraværet forventes at opstå inden for et år efter det regnskabsår, hvor de ansatte har udført den tilknyttede arbejdsydelse,
c)
overskudsdeling og bonuser, som forfalder inden for et år efter det regnskabsår, hvor de ansatte har udført den tilknyttede arbejdsydelse, og
d)
ikke-monetære ydelser (eksempelvis sygesikring, tjenestebolig, bil og varer eller tjenesteydelser, som er gratis eller støttede) for nuværende ansatte.
9.
Regnskabsmæssig behandling af kortsigtede personaleydelser er generelt ligetil, idet der ikke kræves aktuarmæssige forudsætninger for at måle forpligtelsen eller omkostningen, og der ikke er nogen mulighed for aktuarmæssige gevinster eller tab. Endvidere måles kortfristede forpligtelser vedrørende personaleydelser på et udiskonteret grundlag.
Indregning og måling
Alle kortsigtede personaleydelser
10.
Når en ansat har udført en arbejdsydelse for virksomheden i løbet af et regnskabsår, skal virksomheden indregne det udiskonterede beløb af kortsigtede personaleydelser, som forventes betalt til gengæld for denne ydelse:
a)
som en forpligtelse (periodiseret omkostning) efter fradrag af allerede betalte beløb. Hvis det allerede betalte beløb overstiger det udiskonterede beløb af ydelser, skal virksomheden indregne denne overdækning som et aktiv (forudbetalt omkostning), i det omfang forudbetalingen vil føre til eksempelvis en reduktion af fremtidige betalinger eller kontant tilbagebetaling, og
b)
som en omkostning, medmindre en anden international regnskabsstandard kræver eller tillader optagelse af ydelserne i et aktivs kostpris (jf. eksempelvis IAS 2 
Varebeholdninger
 og IAS 16 
Materielle anlægsaktiver
).
Afsnit 11, 14 og 17 forklarer, hvordan virksomheden skal anvende disse krav på kortsigtede personaleydelser i form af betalt fravær, overskudsdelings- og bonusordninger.
Kortfristet betalt fravær
11.
Virksomheden skal indregne de forventede omkostninger til kortsigtede personaleydelser i form af betalt fravær i henhold til afsnit 10 som følger:
a)
når de ansatte udfører arbejdsydelser, som øger deres ret til fremtidigt betalt fravær, med hensyn til akkumuleret ret til betalt fravær, og
b)
når fraværet opstår, med hensyn til ikke-akkumuleret ret til betalt fravær.
12.
Virksomheden kan betale forskellige former for fravær, herunder ferie, sygdom, kortvarigt tab af arbejdsevne, barselsorlov, indkaldelse som nævning og aftjening af værnepligt. Ret til betalt fravær kan inddeles i to kategorier:
a)
akkumuleret, og
b)
ikke-akkumuleret.
13.
Akkumuleret ret til betalt fravær er betalt fravær, som overføres og kan bruges i fremtidige regnskabsår, hvis det aktuelle regnskabsårs ret til betalt fravær ikke er fuldt udnyttet. Akkumuleret ret til betalt fravær kan være enten sikret (med andre ord, ansatte er sikret ret til en udbetaling for en uudnyttet ret, når virksomheden forlades) eller ikke-sikret (hvor ansatte ikke er sikret ret til en kontant betaling for en uudnyttet ret, når virksomheden forlades). En forpligtelse opstår, i takt med at ansatte udfører en arbejdsydelse, som øger deres ret til fremtidigt betalt fravær. En forpligtelse foreligger, og indregnes, selv når betalt fravær ikke er sikret, selv om muligheden for, at ansatte forlader virksomheden, før de benytter en akkumuleret ikke-sikret ret, påvirker målingen af denne forpligtelse.
14.
Virksomheden skal måle de forventede omkostninger for akkumuleret ret til betalt fravær som det yderligere beløb, virksomheden forventer at skulle betale som følge af den akkumulerede uudnyttede ret på balancedagen.
15.
Ved den i det foregående afsnit specificerede metode måles forpligtelsen til den beløbsmæssige størrelse af yderligere betalinger, som forventes at ville opstå udelukkende fra akkumuleringen af ydelserne. I mange tilfælde er det ikke nødvendigt for virksomheden at foretage detaljerede beregninger for at kunne skønne, at der ikke foreligger en væsentlig forpligtelse til uudnyttet betalt fravær. Eksempelvis vil betalt sygefravær sandsynligvis udelukkende være væsentlig, hvis der foreligger en formel eller uformel aftale om, at uudnyttet sygefravær kan anvendes som betalt ferie.
Eksempel til illustration af afsnit 14 og 15
Virksomheden har 100 ansatte, som alle er berettiget til 5 dages betalt sygefravær pr. år. Uudnyttet sygefravær kan overføres et kalenderår frem i tiden. Sygefravær fratrækkes først i det aktuelle års ret til betalt fravær og derefter i eventuelt uudnyttet fravær overført fra det foregående år (på et LIFO grundlag). Pr. 30. december 20X1 er den gennemsnitlige uudnyttede ret til betalt fravær 2 dage pr. ansat. Virksomheden forventer på basis af tidligere erfaringer, som forventes stadig at gælde, at 92 ansatte ikke vil have mere end 5 dages betalt sygefravær i 20X2, og at de resterende 8 ansatte i gennemsnit vil have 6,5 dage hver.
Virksomheden forventer at skulle betale yderligere 12 dages betalt sygefravær grundet akkumuleret uudnyttet ret til betalt fravær pr. 31. december 20X1 (1,5 dage for hver af de 8 ansatte). Derfor indregner virksomheden en forpligtelse, som svarer til betaling af 12 dages betalt sygefravær.
16.
Ikke-akkumuleret ret til betalt fravær overføres ikke: den udløber, hvis en ret i det aktuelle regnskabsår ikke anvendes fuldt ud, og berettiger ikke ansatte til en kontant udbetaling af uudnyttet ret, når virksomheden forlades. Dette er ofte tilfældet for betalt sygefravær (i det omfang uudnyttet tidligere ret ikke medfører en forøgelse af den fremtidige ret), barselsorlov og betalt fravær i forbindelse med indkaldelse som nævning eller aftjening af værnepligt. Virksomheden indregner ingen forpligtelse eller omkostning før fraværet finder sted, idet den ansattes arbejdsydelse ikke øger ydelsen.
Overskudsdelings- og bonusordninger
17.
Virksomheden skal udelukkende indregne den forventede omkostning til overskudsdeling og bonusbetaling i henhold til afsnit 10, når:
a)
virksomheden har en aktuel retlig eller faktisk forpligtelse til at foretage sådanne betalinger som følge af tidligere begivenheder, og
b)
et pålideligt skøn kan foretages over forpligtelsen.
En aktuel forpligtelse foreligger udelukkende, hvis virksomheden ikke har andet realistisk alternativ end at foretage betalingerne.
18.
I henhold til nogle overskudsdelingsordninger, modtager ansatte udelukkende en del af overskuddet, hvis de bliver i virksomheden i en specificeret periode. Sådanne pensionsordninger medfører en faktisk forpligtelse, i takt med at de ansatte udfører en arbejdsydelse, som øger det beløb, der skal betales, hvis de fortsat er ansat ved udløbet af den specificerede periode. Målingen af sådanne faktiske forpligtelser afspejler muligheden for, at nogle ansatte vil forlade virksomheden uden modtagelse af overskudsdeling.
Eksempel til illustration af afsnit 18
I henhold til en overskudsdelingsordning skal virksomheden betale en konkret del af årets resultat til de ansatte, der udfører en arbejdsydelse i løbet af året. Hvis ingen ansatte forlader virksomheden i løbet af året, vil den samlede udbetaling af overskud være 3 % af nettooverskuddet. Virksomheden skønner, at personaleudskiftningen vil reducere betalingerne til 2,5 % af overskuddet.
Virksomheden indregner en forpligtelse og en omkostning på 2,5 % af overskuddet.
19.
I nogle tilfælde har virksomheder ingen retlig forpligtelse til at betale bonus, men der er dog en praksis for at betale bonus. I sådanne tilfælde har virksomheden en faktisk forpligtelse, idet den ikke har andet realistisk alternativ end at betale bonusen. Målingen af den faktiske forpligtelse afspejler muligheden for, at nogle ansatte vil forlade virksomheden uden modtagelse af bonus.
20.
Virksomheden kan udelukkende foretage et pålideligt skøn over sin retlige eller faktiske forpligtelse i henhold til en overskudsdelings- eller bonusordning, når:
a)
ordningens formelle vilkår indeholder en formel til opgørelse af den beløbsmæssige størrelse af en ydelse,
b)
virksomheden opgør de beløb, som skal udbetales, før årsregnskabet godkendes til offentliggørelse, eller
c)
tidligere praksis klart dokumenterer den beløbsmæssige størrelse af virksomhedens faktiske forpligtelse.
21.
En forpligtelse i henhold til en overskudsdelings- eller bonusordning opstår i forbindelse med arbejdsydelser og ikke med en transaktion med virksomhedens ejere. Derfor indregner virksomheden ikke omkostninger til overskudsdelings- og bonusordninger som udlodning af overskud, men som en omkostning.
22.
Hvis overskudsdeling og bonusbetaling ikke forfalder fuldt ud inden for et år efter det regnskabsår, hvor de ansatte har udført den tilknyttede arbejdsydelse, udgør disse betalinger andre langsigtede personaleydelser (jf. afsnit 126-131).
Oplysninger
23.
Selv om denne standard ikke kræver specifikke oplysninger om kortsigtede personaleydelser, kan andre standarder kræve sådanne oplysninger. Eksempelvis kræver IAS 24 
Oplysning om nærtstående parter
 oplysning om personaleydelser til nøglepersoner i ledelsen. IAS 1 
Præsentation af årsregnskaber
 kræver oplysning om omkostninger til personaleydelser.
PENSIONSYDELSER: SONDRING MELLEM BIDRAGSBASEREDE PENSIONSORDNINGER OG YDELSESBASEREDE PENSIONSORDNINGER
24.
Pensionsydelser omfatter eksempelvis:
a)
fratrædelsesydelser, eksempelvis pensioner, og
b)
andre pensionsydelser, eksempelvis livsforsikring og sygesikring efter fratrædelse.
Ordninger, hvor virksomheden betaler pensionsydelser, er pensionsordninger. Virksomheden anvender denne standard på alle sådanne ordninger, uanset om de involverer etablering af en separat enhed, som modtager bidrag eller betaler ydelser.
25.
Pensionsordninger klassificeres enten som bidragsbaserede eller ydelsesbaserede pensionsordninger, afhængig af ordningens økonomiske indhold i henhold til dens hovedvilkår. I bidragsbaserede pensionsordninger:
a)
begrænses virksomhedens retlige eller faktiske forpligtelse til det beløb, den har aftalt at indskyde i fonden. Derfor bestemmes den beløbsmæssige størrelse af pensionsydelser, som den ansatte modtager, af den beløbsmæssige størrelse af bidragene fra virksomheden (og eventuelt fra den ansatte) til en pensionsordning eller et forsikringsselskab, med tillæg af investeringsafkastet fra bidragene, og
b)
bærer den ansatte derfor den aktuarmæssige risiko (for at ydelserne vil blive mindre end forventet) og investeringsrisikoen (for at aktiverne vil være utilstrækkelige til, at de forventede ydelser kan opnås).
26.
Eksempler på tilfælde, hvor virksomhedens forpligtelse ikke er begrænset til det beløb, den har aftalt at bidrage til en fond, er, hvor virksomheden har en retlig eller faktisk forpligtelse på grund af:
a)
en pensionsordnings ydelsessammensætning, som ikke udelukkende er tilknyttet bidragenes beløbsmæssige størrelse,
b)
en garanti, enten indirekte gennem en pensionsordning eller direkte, for et specifikt afkast af bidragene, eller
c)
uformel praksis, som medfører en faktisk forpligtelse. En faktisk forpligtelse kan eksempelvis opstå, hvor virksomheden hidtil har øget tidligere ansattes ydelser for at følge med inflationen, også selv om der ikke foreligger nogen retlig forpligtelse.
27.
I henhold til ydelsesbaserede pensionsordninger:
a)
er det virksomhedens forpligtelse at stille de aftalte ydelser til rådighed for nuværende og tidligere ansatte, og
b)
bæres den aktuarmæssige risiko (for at ydelserne vil koste mere end forventet) og investeringsrisikoen i realiteten af virksomheden. Hvis det aktuarmæssige eller investeringsmæssige forløb er værre end forventet, kan virksomhedens forpligtelse blive forøget.
28.
Afsnit 29-42 nedenfor forklarer sondringen mellem bidragsbaserede og ydelsesbaserede pensionsordninger i forbindelse med pensionsordninger med flere virksomheder, lovpligtige offentlige pensionsordninger og forsikrede ydelser.
Pensionsordninger med flere virksomheder
29.
Virksomheden skal klassificere en pensionsordning med flere virksomheder som en bidragsbaseret eller en ydelsesbaseret pensionsordning i henhold til pensionsordningens vilkår (herunder faktiske forpligtelser, som ligger uden for de formelle vilkår). Er en pensionsordning med flere virksomheder en ydelsesbaseret pensionsordning, skal virksomheden:
a)
regnskabsmæssigt behandle sin forholdsmæssige andel af den ydelsesbaserede pensionsforpligtelse, ordningens aktiver og omkostninger tilknyttet pensionsordningen på samme måde som for alle andre ydelsesbaserede pensionsordninger, og
b)
give de i afsnit 120A krævede oplysninger.
30.
Når der ikke er tilstrækkelige oplysninger til rådighed til regnskabsmæssigt at behandle en ydelsesbaseret pensionsordning med flere virksomheder som en ydelsesbaseret pensionsordning skal virksomheden:
a)
regnskabsmæssigt behandle pensionsordningen i henhold til afsnit 44-46, som om det var en bidragsbaseret pensionsordning,
b)
oplyse om:
i)
at pensionsordningen er en ydelsesbaseret pensionsordning, og
ii)
grunden til, at der ikke er tilstrækkelig information til rådighed til, at virksomheden er i stand til regnskabsmæssigt behandle pensionsordningen som en ydelsesbaseret pensionsordning, og
c)
i det omfang en over- eller underdækning af pensionsordningen kan have en virkning på den beløbsmæssige størrelse af fremtidige bidrag, yderligere give oplysning om:
i)
eventuelle oplysninger om over- eller underdækningen,
ii)
det til opgørelsen af over- eller underdækningen anvendte grundlag, og
iii)
eventuelle konsekvenser for virksomheden.
31.
Et eksempel på en ydelsesbaseret pensionsordning med flere virksomheder er tilfælde, hvor:
a)
pensionsordningen finansieres på et løbende grundlag, således at bidragene fastsættes på et niveau, som forventes at være tilstrækkeligt til at betale forfaldne ydelser i det samme regnskabsår, og fremtidige ydelser optjent i det aktuelle regnskabsår vil blive betalt af fremtidige bidrag, og
b)
personaleydelserne bestemmes af ansættelsens længde, og de deltagende virksomheder ikke har nogen realistisk mulighed for at udtrække af pensionsordningen uden at betale bidrag for de ydelser, de ansatte har optjent frem til tidspunktet for virksomhedens udtræden. En sådan pensionsordning medfører en aktuarmæssig risiko for virksomheden: Hvis den samlede omkostning til ydelser, som allerede er optjent på balancedagen, overstiger det forventede, skal virksomheden enten øge sit bidrag eller overtale de ansatte til at godkende en reduktion af ydelserne. Derfor er en sådan pensionsordning en ydelsesbaseret pensionsordning.
32.
Når der er tilstrækkelig information til rådighed om en pensionsordning med flere virksomheder, som er en ydelsesbaseret pensionsordning, skal virksomheden regnskabsmæssigt behandle sin forholdsmæssige andel af den ydelsesbaserede pensionsforpligtelse, ordningens aktiver og omkostninger til pensionsydelser på samme måde som for alle andre ydelsesbaserede pensionsordninger. I nogle tilfælde er virksomheden dog ikke i stand til at identificere sin andel af pensionsordningens underliggende finansielle stilling og indtjening tilstrækkelig pålideligt. Dette kan forekomme, hvis:
a)
virksomheden ikke har adgang til oplysninger om pensionsordningen, som opfylder de i denne standard stillede krav, eller
b)
pensionsordningen udsætter de deltagende virksomheder for aktuarmæssige risici vedrørende nuværende og tidligere ansatte i andre virksomheder, således at der ikke foreligger noget ensartet eller pålideligt grundlag for allokering af forpligtelsen, ordningens aktiver og omkostninger til de individuelle virksomheder, som deltager i pensionsordningen.
I disse tilfælde behandler virksomheden regnskabsmæssigt pensionsordningen, som om den var en bidragsbaseret pensionsordning, og giver de i afsnit 30 krævede supplerende oplysninger.
32A
Der kan være indgået en kontrakt mellem pensionsordningen med flere virksomheder og dens deltagere, som afgør, hvordan overdækning af pensionsordningen skal udloddes til deltagerne (eller underdækning skal finansieres). En deltager i en pensionsordning med flere virksomheder med en sådan kontrakt, som regnskabsmæssigt behandler ordningen som en bidragsbaseret pensionsordning i overensstemmelse med afsnit 30, skal indregne det aktiv eller den forpligtelse, der hidrører fra kontrakten og den deraf følgende indtægt eller omkostning i resultatet.
Eksempel til illustration af afsnit 32A
En virksomhed deltager i en ydelsesbaseret pensionsordning med flere virksomheder, som ikke udarbejder værdiansættelser af ordningen på baggrund af IAS 19. Den behandler således regnskabsmæssigt ordningen som en bidragsbaseret pensionsordning. En værdiansættelse af finansieringen, som ikke foretages på baggrund af IAS 19, viser en underdækning på 100 millioner i ordningen. Ordningen har i henhold til en kontrakt aftalt en plan for bidrag med de arbejdsgivere, der deltager i ordningen, som vil eliminere underdækningen i løbet af de næste fem år. Virksomhedens samlede bidrag i henhold til kontrakten er 8 millioner.
Virksomheden indregner en forpligtelse vedrørende bidragene reguleret for den tidsmæssige værdi af penge og en tilsvarende omkostning i resultatet.
32B
IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
 kræver, at virksomheden indregner, eller giver oplysning om, visse eventualforpligtelser. I forbindelse med en pensionsordning med flere virksomheder kan en eventualforpligtelse eksempelvis hidrøre fra:
a)
aktuarmæssige tab tilknyttet andre deltagende virksomheder, idet hver virksomhed, som deltager i en pensionsordning med flere virksomheder, påtager sig aktuarmæssige risici for de andre deltagende virksomheder, eller
b)
en forpligtelse i henhold til pensionsordningens vilkår til at finansiere en underdækning i pensionsordningen, hvis andre virksomheder udtræder af ordningen.
33.
Pensionsordninger med flere virksomheder kan klart adskilles fra fællesadministrerede pensionsordninger. En fællesadministreret pensionsordning er udelukkende en sammenlægning af flere arbejdsgiveres pensionsordninger, så disses investeringsaktiver samles for at reducere omkostningerne til kapitalforvaltning og administration, men de forskellige arbejdsgiveres fordringer holdes adskilt og kan udelukkende anvendes til fyldestgørelse af den enkelte arbejdsgivers ansatte. Fællesadministrerede pensionsordninger medfører ingen særlige regnskabsmæssige problemer, idet oplysninger er let tilgængelige, så de kan behandles på samme måde som andre enkeltstående arbejdsgiveres pensionsordninger, og idet sådanne pensionsordninger ikke udsætter de deltagende virksomheder for aktuarmæssige risici vedrørende andre virksomheders nuværende og tidligere ansatte. I henhold til definitionerne i denne standard skal virksomheden klassificere en fællesadministreret pensionsordning som en bidragsbaseret pensionsordning eller en ydelsesbaseret pensionsordning i henhold til pensionsordningens vilkår (herunder faktiske forpligtelser, som ligger uden for de formelle vilkår).
Ydelsesbaserede pensionsordninger, som deler risici mellem forskellige virksomheder under samme bestemmende indflydelse
34.
Ydelsesbaserede pensionsordninger, som deler risici mellem forskellige virksomheder, som er under samme bestemmende indflydelse, eksempelvis en modervirksomhed og dens dattervirksomheder, er ikke pensionsordninger med flere virksomheder.
34A
En virksomhed, som deltager i en sådan ordning, skal indhente oplysninger om ordningen som helhed målt i overensstemmelse med IAS 19 på baggrund af forudsætninger, som gælder for ordningen som helhed. Hvis der foreligger en kontrakt eller en konkret politik, ifølge hvilken enkelte virksomheder inden for koncernen pålægges den ydelsesbaserede nettopensionsomkostning for ordningen som helhed målt i overensstemmelse med IAS 19, skal virksomheden i det enkelte eller separate årsregnskab indregne den således pålagte ydelsesbaserede nettopensionsomkostning. Hvis der ikke foreligger en sådan kontrakt eller politik, skal den ydelsesbaserede nettopensionsomkostning indregnes i det enkelte eller separate årsregnskab for den koncernvirksomhed, som juridisk set er ordningens finansierende arbejdsgiver. De øvrige koncernvirksomheder skal i deres enkelte eller separate årsregnskaber indregne en omkostning svarende til deres forfaldne bidrag i regnskabsåret.
34B
Deltagelse i en sådan ordning er en transaktion mellem nærtstående parter for den enkelte koncernvirksomhed. Virksomhederne skal derfor i deres enkelte eller separate årsregnskaber give følgende oplysninger:
a)
oplysning om den kontrakt eller konkrete politik ifølge hvilken den ydelsesbaserede nettopensionsomkostning pålægges, eller oplysning om, at en sådan politik ikke foreligger,
b)
oplysning om den politik, som afgør størrelsen af det bidrag, virksomheden skal betale,
c)
hvis virksomheden regnskabsmæssigt behandler en allokering af den ydelsesbaserede nettopensionsomkostning i overensstemmelse med afsnit 34A, alle oplysninger vedrørende ordningen som helhed i overensstemmelse med afsnit 120-121,
d)
hvis virksomheden regnskabsmæssigt behandler det forfaldne bidrag for regnskabsåret i overensstemmelse med afsnit 34A, de oplysninger om ordningen som helhed, der kræves i overensstemmelse med afsnit 120A b)-e), j), n), o), q) og 121. De øvrige oplysninger, der kræves af afsnit 120A, finder ikke anvendelse.
35.
[Ophævet]
Lovpligtige offentlige pensionsordninger
36.
Virksomheden skal regnskabsmæssigt behandle en lovpligtig offentlig pensionsordning på samme måde som en pensionsordning med flere virksomheder (jf. afsnit 29 og 30).
37.
Lovpligtige offentlige pensionsordninger fastsættes ved lov til dækning af alle virksomheder (eller alle virksomheder inden for en bestemt kategori, eksempelvis en bestemt branche) og drives af offentlige eller lokale myndigheder eller et andet organ (eksempelvis en uafhængig myndighed oprettet til formålet), som ikke er underlagt den regnskabsaflæggende virksomheds bestemmende indflydelse eller indflydelse i øvrigt. Nogle virksomhedspensionsordninger omfatter både tvungne ydelser som udgør ydelser, der ellers ville blive betalt ved en lovpligtig offentlig pensionsordning, samt yderligere frivillige ydelser. Sådanne pensionsordninger er ikke lovpligtige offentlige pensionsordninger.
38.
Lovpligtige offentlige pensionsordninger karakteriseres i indhold som ydelsesbaserede eller bidragsbaserede pensionsordninger på grundlag af virksomhedens forpligtelser i henhold til pensionsordningen. Mange lovpligtige offentlige pensionsordninger afdækkes løbende, således at bidragene fastsættes på et niveau, som forventes at være tilstrækkeligt til at betale de krævede ydelser, som forfalder i det samme regnskabsår, og fremtidige ydelser optjent i det aktuelle regnskabsår vil blive betalt af fremtidige bidrag. Dog har virksomheder i de fleste lovpligtige offentlige pensionsordninger ingen retlig eller faktisk forpligtelse til at betale disse fremtidige ydelser. Virksomhedens eneste forpligtelse er at betale bidragene, i takt med at de forfalder, og hvis den ophører med at ansætte deltagere af en lovpligtig offentlig pensionsordning, vil virksomheden ikke have nogen forpligtelse til at udbetale ydelser optjent af dens egne ansatte i tidligere år. Af denne grund er lovpligtige offentlige pensionsordninger normalt bidragsbaserede. Dog anvender virksomheden den i afsnit 29 og 30 foreskrevne behandling i de sjældne tilfælde, hvor en lovpligtig offentlig pensionsordning er ydelsesbaseret.
Forsikrede ydelser
39.
Virksomheden kan betale forsikringspræmier til afdækning af en pensionsordning. Virksomheden skal behandle en sådan pensionsordning som en bidragsbaseret pensionsordning, medmindre virksomheden (enten direkte eller indirekte gennem pensionsordningen) har en retlig eller faktisk forpligtelse til:
a)
at betale personaleydelser direkte, når de forfalder, eller
b)
at betale yderligere beløb, hvis forsikringsgiveren ikke betaler alle fremtidige personaleydelser tilknyttet arbejdsydelser i det aktuelle eller tidligere regnskabsår.
Hvis virksomheden har en sådan retlig eller faktisk forpligtelse, skal virksomheden behandle pensionsordningen som en ydelsesbaseret pensionsordning.
40.
Ydelser forsikret gennem en forsikringskontrakt behøver ikke at have en direkte eller automatisk forbindelse med virksomhedens forpligtelse vedrørende personaleydelser. Pensionsordninger hvori indgår forsikringskontrakter er underlagt de samme principper for regnskabsmæssig behandling og afdækning som andre afdækkede pensionsordninger.
41.
Når virksomheden afdækker en pensionsforpligtelse ved at bidrage til en forsikringspolice, i henhold til hvilken virksomheden har en retlig eller faktisk forpligtelse (enten direkte eller indirekte gennem pensionsordningen, gennem metoden til fastsættelse af fremtidige præmier eller gennem et nærtstående forhold til forsikringsgiveren), udgør betalingen af præmier ikke en bidragsbaseret ordning. Heraf følger, at virksomheden:
a)
regnskabsmæssigt behandler en anvendelig forsikringspolice som en ordnings aktiv (jf. afsnit 7), og
b)
indregner andre forsikringspolicer som en godtgørelsesret (hvis policerne opfylder kriterierne i afsnit 104A).
42.
Når en forsikringspolice er udstedt i navnet af en bestemt deltager eller en gruppe af deltagere i en pensionsordning, og virksomheden ikke har nogen retlig eller faktisk forpligtelse til at dække eventuelle tab på forsikringspolicen, har virksomheden ingen forpligtelse til at betale ydelser til ansatte, og forsikringsgiveren alene er ansvarlig for betaling af ydelserne. Betaling af faste præmier i henhold til sådanne aftaler er i realiteten en indfrielse af forpligtelser vedrørende personaleydelser frem for en investering til indfrielse af forpligtelsen. Således har virksomheden ikke længere et aktiv eller en forpligtelse. Derfor behandler virksomheden sådanne betalinger som bidrag til en bidragsbaseret pensionsordning.
BIDRAGSBASEREDE PENSIONSORDNINGER
43.
Regnskabsmæssig behandling af bidragsbaserede pensionsordninger er ligetil, idet den regnskabsaflæggende virksomheds forpligtelse i hvert regnskabsår bestemmes af de beløb, der skal bidrages for det regnskabsår. Derfor kræves ingen aktuarmæssige forudsætninger til måling af forpligtelsen eller omkostningen, og der er ingen mulighed for aktuarmæssige gevinster eller tab. Endvidere måles forpligtelserne på et udiskonteret grundlag, bortset fra tilfælde, hvor de ikke forfalder fuldt ud inden for et år efter det regnskabsår, hvor de ansatte har udført den tilknyttede arbejdsydelse.
Indregning og måling
44.
Når en ansat har udført en arbejdsydelse for virksomheden i løbet af et regnskabsår, skal virksomheden indregne det forfaldne bidrag til en bidragsbaseret pensionsordning til gengæld for denne ydelse:
a)
som en forpligtelse (periodiseret omkostning) efter fradrag af allerede betalte bidrag. Hvis det allerede betalte bidrag overstiger det forfaldne bidrag for arbejdsydelser før balancedagen, skal virksomheden indregne denne overdækning som et aktiv (forudbetalt omkostning), i det omfang forudbetalingen vil føre til eksempelvis en reduktion af fremtidige betalinger eller en kontant tilbagebetaling, og
b)
som en omkostning, medmindre en anden standard kræver eller tillader optagelse af bidragene i et aktivs kostpris (jf. eksempelvis IAS 2 
Varebeholdninger
 og IAS 16 
Materielle anlægsaktiver
).
45.
Når bidrag til en bidragsbaseret pensionsordning ikke forfalder fuldt ud inden for et år efter det regnskabsår, hvor de ansatte har udført den tilknyttede arbejdsydelse, skal de diskonteres ved anvendelse af den i afsnit 78 specificerede diskonteringssats.
Oplysninger
46.
Virksomheden skal oplyse det beløb, som er indregnet som omkostning for bidragsbaserede pensionsordninger.
47.
Når det kræves af IAS 24 
Oplysning om nærtstående parter
 skal virksomheden give oplysninger om bidrag til bidragsbaserede pensionsordninger for nøglepersoner i ledelsen.
YDELSESBASEREDE PENSIONSORDNINGER
48.
Regnskabsmæssig behandling af ydelsesbaserede pensionsordninger er kompliceret, idet der kræves aktuarmæssige forudsætninger for at måle forpligtelsen og omkostningen, og der er en mulighed for aktuarmæssige gevinster eller tab. Endvidere måles forpligtelserne på et diskonteret grundlag, idet de kan indfries mange år efter, at de ansatte udfører de tilknyttede arbejdsydelser.
Indregning og måling
49.
Ydelsesbaserede pensionsordninger kan være uafdækkede eller helt eller delvis afdækket ved bidrag betalt af virksomheden samt i nogle tilfælde dens ansatte til en enhed, eller fond, som er juridisk adskilt fra den regnskabsaflæggende virksomhed, og hvorfra personaleydelserne udbetales. Betalingen af afdækkede ydelser, når de forfalder, afhænger ikke kun af fondens finansielle stilling eller investeringsmæssige indtjening, men også af virksomhedens evne (og vilje) til finansiere underdækning i fondens aktiver. Derfor yder virksomheden i realiteten garanti for de aktuarmæssige og investeringsmæssige risici tilknyttet pensionsordningen. Derfor er den indregnede omkostning for en ydelsesbaseret pensionsordning ikke nødvendigvis lig den beløbsmæssige størrelse af forfaldne bidrag for regnskabsåret.
50.
Virksomhedens regnskabsmæssige behandling af ydelsesbaserede pensionsordninger sker efter følgende procedurer:
a)
anvendelse af aktuarmæssige teknikker til at opnå et pålideligt skøn over den beløbsmæssige størrelse af ydelser, som ansatte har optjent til gengæld for arbejdsydelser i det aktuelle og tidligere regnskabsår. Dette kræver, at virksomheden opgør, hvor stor en ydelse, der kan henføres til det aktuelle og tidligere regnskabsår (jf. afsnit 67-71) og foretager skøn (aktuarmæssige forudsætninger) over demografiske variabler (eksempelvis personaleudskiftning og dødelighed) og økonomiske variabler (eksempelvis fremtidige stigninger i lønninger og sygesikringsomkostninger), som vil påvirke ydelsens kostpris (jf. afsnit 72-91),
b)
diskontering af ydelsen ved anvendelse af 
the Projected Unit Credit Method
 for at opgøre nutidsværdien af den ydelsesbaserede pensionsforpligtelse og pensionsomkostningerne vedrørende det aktuelle regnskabsår (jf. afsnit 64-66),
c)
opgørelse af dagsværdien af ordningens aktiver (jf. afsnit 102-104),
d)
opgørelse af den samlede beløbsmæssige størrelse af aktuarmæssige gevinster og tab og den beløbsmæssige størrelse af de aktuarmæssige gevinster og tab, som skal indregnes (jf. afsnit 92-95),
e)
opgørelse af pensionsomkostninger tilknyttet tidligere regnskabsår som følge af introduktion eller ændring af en pensionsordning (jf. afsnit 96-101), og
f)
opgørelse af gevinster eller tab som følge af nedskæring eller indfrielse af en pensionsordning (jf. afsnit 109-115).
Når virksomheden har mere end en ydelsesbaseret pensionsordning, skal den anvende disse procedurer separat for hver pensionsordning.
51.
I nogle tilfælde kan skøn, gennemsnit og forenklede beregninger give en pålidelig tilnærmelse af de detaljerede beregninger illustreret i denne standard.
Regnskabsmæssig behandling af en faktisk forpligtelse
52.
Virksomheden skal ikke kun indregne sin retlige forpligtelse i henhold til de formelle vilkår i en ydelsesbaserede pensionsordning, men også faktiske forpligtelser hidrørende fra virksomhedens uformelle praksis. Uformel praksis medfører en faktisk forpligtelse, hvor virksomheden ikke har andet realistisk alternativ end at betale personaleydelserne. Eksempelvis foreligger der en faktisk forpligtelse, hvor en ændring i virksomhedens uformelle praksis vil medføre uacceptabel skade på forholdet til de ansatte.
53.
En ydelsesbaseret pensionsordnings formelle vilkår kan tillade, at virksomheden bringer sine forpligtelser i henhold til pensionsordningen til ophør. Det er dog normalt vanskeligt for virksomheden at ophæve en pensionsordning, hvis de ansatte skal beholdes. Når der ikke er dokumentation for det modsatte, forudsættes det derfor ved den regnskabsmæssige behandling af pensionsydelser, at virksomheden, som aktuelt udlover sådanne ydelser, vil fortsætte hermed over de ansattes resterende arbejdsliv.
Balancen
54.
Det beløb, som indregnes for en ydelsesbaseret pensionsforpligtelse, skal være det samlede nettobeløb af følgende:
a)
nutidsværdien af den ydelsesbaserede forpligtelse på balancedagen (jf. afsnit 64),
b)
med tillæg af eventuelle aktuarmæssige gevinster (og fradrag af eventuelle aktuarmæssige tab), som ikke er indregnet som følge af den i afsnit 92 og 93 beskrevne behandling,
c)
med fradrag af eventuelle endnu ikke indregnede pensionsomkostninger vedrørende tidligere regnskabsår (jf. afsnit 96),
d)
med fradrag af dagsværdien på balancedagen af ordningens eventuelle aktiver, hvoraf forpligtelserne direkte skal indfries (jf. afsnit 102-104).
55.
Nutidsværdien af den ydelsesbaserede pensionsordning er bruttoforpligtelsen før fradrag af dagsværdien af ordningens aktiver.
56.
Virksomheden skal opgøre nutidsværdien af ydelsesbaserede pensionsforpligtelser og dagsværdien af ordningens aktiver med tilstrækkelig regelmæssighed til, at de i årsregnskabet indregnede beløb ikke afviger væsentligt fra de beløb, som vil blive opgjort på balancedagen.
57.
Denne standard tilskynder til, men kræver ikke, at virksomheden anvender en kvalificeret aktuar til målingen af alle væsentlige pensionsforpligtelser. Af praktiske årsager kan virksomheden anmode en kvalificeret aktuar om at foretage en detaljeret værdiansættelse af forpligtelsen før balancedagen. Dog ajourføres resultatet af denne værdiansættelse, hvis der opstår væsentlige transaktioner og andre væsentlige ændringer i forholdene (herunder ændringer i markedsværdi og rentesatser) mellem dette tidspunkt og balancedagen.
58.
Det opgjorte beløb i henhold til afsnit 54 kan være negativt (et aktiv). Virksomheden skal måle det heraf følgende aktiv til det laveste beløb af:
a)
det opgjorte beløb i henhold til afsnit 54, og
b)
beløbet af:
i)
eventuelle akkumulerede ikke-indregnede aktuarmæssige nettotab eller pensionsomkostninger vedrørende tidligere regnskabsår (jf. afsnit 92, 93 og 96) og
ii)
nutidsværdien af eventuelle økonomiske fordele i form af tilbagebetalinger fra pensionsordningen eller reduktioner i fremtidige bidrag til pensionsordningen. Nutidsværdien af disse økonomiske fordele skal opgøres ved anvendelse af den i afsnit 78 specificerede diskonteringssats.
58A
Anvendelsen af bestemmelserne i afsnit 58 må ikke medføre, at gevinster udelukkende indregnes i det aktuelle regnskabsår som følge af aktuarmæssige tab eller pensionsomkostninger vedrørende tidligere regnskabsår, eller at tab udelukkende indregnes i det aktuelle regnskabsår som følge af aktuarmæssige gevinster. Virksomheden skal derfor i henhold til afsnit 54 straks indregne følgende, i det omfang de opstår, når det ydelsesbaserede pensionsaktiv opfylder bestemmelserne i afsnit 58b):
a)
aktuarmæssige nettotab for det aktuelle regnskabsår og pensionsomkostninger vedrørende tidligere regnskabsår, i det omfang de overstiger en reduktion i nutidsværdien af de i afsnit 58b)ii) beskrevne økonomiske fordele. Såfremt der ikke er sket en ændring eller stigning i nutidsværdien af de økonomiske fordele, skal hele det aktuarmæssige nettotab for det aktuelle regnskabsår og pensionsomkostninger vedrørende tidligere regnskabsår indregnes straks i henhold til afsnit 54,
b)
aktuarmæssige nettogevinster for det aktuelle regnskabsår med fradrag af pensionsomkostninger vedrørende tidligere regnskabsår, i det omfang de overstiger en stigning i nutidsværdien af de i afsnit 58b)ii) beskrevne økonomiske fordele. Såfremt der ikke er sket en ændring eller et fald i nutidsværdien af de økonomiske fordele, skal hele den aktuarmæssige nettogevinst for det aktuelle regnskabsår med fradrag af pensionsomkostninger vedrørende tidligere regnskabsår indregnes straks i henhold til afsnit 54.
58B
Bestemmelserne i afsnit 58A finder udelukkende anvendelse, hvis virksomheden ved regnskabsårets begyndelse eller slutning har en overdækning 
(
2
)
 af en ydelsesbaseret pensionsordning, og virksomheden som følge af vilkårene i pensionsordningen ikke kan genindvinde dette overskud fuldt ud ved tilbagebetalinger fra pensionsordningen eller reduktioner i fremtidige bidrag til pensionsordningen. I sådanne tilfælde vil pensionsomkostninger vedrørende tidligere regnskabsår og aktuarmæssige tab, som opstår i det aktuelle regnskabsår og hvis indregning udskydes i henhold til afsnit 54, øge det i afsnit 58b)i) specificerede beløb. Hvis denne forøgelse ikke modsvares af et tilsvarende fald i nutidsværdien af de økonomiske fordele, som opfylder kriterierne for indregning i henhold til afsnit 58 b) ii), vil det i afsnit 58 b) specificerede beløb øges, og dermed vil en gevinst opstå. I henhold til afsnit 58A må virksomheden ikke indregne sådanne gevinster. Det modsatte er tilfældet med aktuarmæssige gevinster, som opstår i det aktuelle regnskabsår og hvis indregning udskydes i henhold til afsnit 54, i det omfang de aktuarmæssige gevinster reducerer de akkumulerede ikke-indregnede aktuarmæssige tab. I henhold til afsnit 58A må virksomheden ikke indregne sådanne tab. Appendiks C giver eksempler på anvendelsen af dette afsnit.
59.
Et aktiv kan opstå, når en ydelsesbaseret pensionsordning er blevet overdækket eller i visse tilfælde, hvor der indregnes aktuarmæssige gevinster. I sådanne tilfælde indregner virksomheden et aktiv, idet:
a)
virksomheden kontrollerer en ressource, som er dens evne til at anvende overdækningen til frembringelse af fremtidige ydelser,
b)
denne kontrol er et resultat af tidligere begivenheder (bidrag betalt af virksomheden og arbejdsydelser udført af den ansatte), og
c)
fremtidige økonomiske fordele er til rådighed for virksomheden i form af en reduktion i fremtidige bidrag eller en kontant tilbagebetaling, enten direkte til virksomheden eller indirekte til en anden pensionsordning, som er underdækket.
60.
Begrænsningen i afsnit 58b) tilsidesætter ikke den forsinkede indregning af visse aktuarmæssige tab (jf. afsnit 92 og 93) og visse pensionsomkostninger vedrørende tidligere regnskabsår (jf. afsnit 96), bortset fra som specificeret i afsnit 58A. Begrænsningen tilsidesætter dog den i afsnit 155 b) beskrevne overgangsmulighed. Afsnit 120A f) iii) kræver, at virksomheden oplyser om beløb, der ikke er indregnet som et aktiv grundet begrænsningen i afsnit 58 b).
Eksempel til illustration af afsnit 60
En ydelsesbaseret pensionsordning har følgende karakteristika:
Forpligtelsens nutidsværdi
1 100
Dagsværdien af ordningens aktiver
(1 190 )
(90)
Ikke-indregnede aktuarmæssige tab
(110)
Ikke-indregnede pensionsomkostninger vedrørende tidligere regnskabsår
(70)
Ikke-indregnet stigning i forpligtelsen ved førstegangsanvendelse af standarden i henhold til afsnit 155b)
(50)
Negativt beløb opgjort i henhold til afsnit 54
(320)
Nutidsværdien af fremtidige tilbagebetalinger og reduktioner i fremtidige bidrag
90
Begrænsningen i afsnit 58b) beregnes som følger:
Ikke-indregnede aktuarmæssige tab
110
Ikke-indregnede pensionsomkostninger vedrørende tidligere regnskabsår
70
Nutidsværdien af fremtidige tilbagebetalinger og reduktioner i fremtidige bidrag
90
Begrænsning
270
270 er mindre end 320. Derfor indregner virksomheden et aktiv på 270 og oplyser, at begrænsningen har reduceret aktivets regnskabsmæssige værdi med 50 (jf. afsnit 120A f) iii)).
Resultat
61.
Virksomheden skal indregne følgende nettobeløb i resultatet, medmindre en anden standard kræver eller tillader, at disse beløb optages i et aktivs kostpris:
a)
omkostninger vedrørende det aktuelle regnskabsår (jf. afsnit 63-91),
b)
renteomkostninger (jf. afsnit 82),
c)
det forventede afkast af ordningens aktiver (jf. afsnit 105-107) og af en eventuel godtgørelsesret (jf. afsnit 104A),
d)
aktuarmæssige gevinster og tab, som krævet i henhold til virksomhedens regnskabspraksis (jf. afsnit 92-93D),
e)
pensionsomkostninger vedrørende tidligere regnskabsår (jf. afsnit 96),
f)
virkningen af eventuelle nedskæringer eller indfrielser (jf. afsnit 109 og 110), og
g)
virkningen af begrænsningen i afsnit 58b), medmindre den indregnes uden for resultatet i overensstemmelse med afsnit 93C.
62.
Andre standarder kræver optagelse af visse omkostninger vedrørende personaleydelser i kostprisen af aktiver, eksempelvis varebeholdninger eller materielle anlægsaktiver (jf. IAS 2 
Varebeholdninger
 og IAS 16 
Materielle anlægsaktiver
). Omkostninger vedrørende pensionsydelser medtaget i sådanne aktivers kostpris omfatter den relevante andel af de i afsnit 61 nævnte elementer.
Indregning og måling: Nutidsværdien af ydelsesbaserede pensionsforpligtelser og pensionsomkostninger vedrørende det aktuelle regnskabsår
63.
De samlede omkostninger til en ydelsesbaseret pensionsordning kan påvirkes af mange variabler, eksempelvis slutløn, personaleudskiftning og dødelighed, udviklingstendenser i sygesikringsomkostninger samt, for afdækkede pensionsordninger, investeringsafkastet af ordningens aktiver. De samlede omkostninger til pensionsordningen er usikre, og denne usikkerhed vil sandsynligvis eksistere over en lang tidsperiode. For at måle nutidsværdien af pensionsforpligtelsen og den tilknyttede pensionsomkostning vedrørende det aktuelle regnskabsår, er det nødvendigt at:
a)
anvende en aktuarmæssig værdiansættelsesmetode (jf. afsnit 64-66),
b)
henføre ydelser til de regnskabsår, hvor de ansatte har udført arbejdsydelsen (jf. afsnit 67-71), og
c)
opstille aktuarmæssige forudsætninger (jf. afsnit 72-91).
Aktuarmæssig værdiansættelsesmetode
64.
Virksomheden skal anvende 
the Projected Unit Credit Method
 til at opgøre nutidsværdien af de ydelsesbaserede pensionsforpligtelser og den tilknyttede pensionsomkostning vedrørende det aktuelle regnskabsår samt, hvis det er relevant, pensionsomkostninger vedrørende tidligere regnskabsår.
65.
The Projected Unit Credit Method
 (undertiden benævnt »accrued benefit method pro-rated on service« eller »the benefit/years of service method«) antager, at hvert arbejdsår giver ret til en yderligere ydelsesenhed (jf. afsnit 67-71), og hver enhed måles separat med henblik på at opbygge den samlede forpligtelse (jf. afsnit 72-91).
Eksempel til illustration af afsnit 65
En engangsydelse betales ved ansættelsens ophør svarende til 1 % af slutlønnen for hvert arbejdsår. Løn i år 1 er 10 000 og antages at stige med 7 % (sammenlagt) hvert år. Diskonteringssatsen er 10 % pr. år. Følgende tabel viser, hvordan forpligtelsen stiger for en ansat, som forventes at forlade virksomheden ved udgangen af år 5, når det samtidig antages, at der ikke sker ændringer i de aktuarmæssige forudsætninger. For overskuelighedens skyld er der i dette eksempel ikke medtaget de yderligere reguleringer, som er nødvendige for at afspejle sandsynligheden for, at den ansatte forlader virksomheden på et tidligere eller senere tidspunkt.
År
1
2
3
4
5
Ydelse henført til:
—
tidligere regnskabsår
0
131
262
393
524
—
aktuelle regnskabsår (1 % af slutlønnen)
131
131
131
131
131
—
aktuelle og tidligere regnskabsår
131
262
393
524
655
Forpligtelse, primo
—
89
196
324
476
10 % rente
—
9
20
33
48
Pensionsomkostninger vedrørende det aktuelle regnskabsår
89
98
108
119
131
Forpligtelse, ultimo
89
196
324
476
655
Note:
1.
Forpligtelsen primo er nutidsværdien af den ydelse, der vedrører tidligere regnskabsår.
2.
Pensionsomkostninger vedrørende det aktuelle regnskabsår er nutidsværdien af den ydelse, der vedrører det aktuelle regnskabsår.
3.
Forpligtelsen, ultimo, er nutidsværdien af den ydelse, der vedrører det aktuelle og tidligere regnskabsår.
66.
Virksomheden diskonterer hele pensionsforpligtelsen, selv om dele af forpligtelsen forfalder inden for et år efter balancedagen.
Henføring af ydelser til arbejdsår
67.
Ved opgørelsen af nutidsværdien af virksomhedens ydelsesbaserede pensionsforpligtelser, de tilknyttede pensionsomkostninger vedrørende det aktuelle regnskabsår samt, hvis det er relevant, pensionsomkostninger tilknyttet tidligere regnskabsår, skal virksomheden henføre ydelserne til arbejdsår i henhold til pensionsordningens ydelsessammensætning. Hvis en arbejdsydelse i senere regnskabsår vil medføre et væsentligt højere ydelsesniveau end i tidligere regnskabsår, skal virksomheden dog henføre ydelserne lineært fra:
a)
det tidspunkt, hvor en arbejdsydelse først medfører ydelser i henhold til pensionsordningen (uanset om ydelserne er betinget af yderligere arbejdsydelser), indtil
b)
det tidspunkt, hvor yderligere arbejdsydelser ikke vil medføre væsentlige yderligere ydelser i henhold til pensionsordningen bortset fra ved yderligere lønstigninger.
68.
The Projected Unit Credit Method
 kræver, at virksomheden henfører ydelser til det aktuelle regnskabsår (for at opgøre pensionsomkostninger vedrørende det aktuelle regnskabsår) og det aktuelle og tidligere regnskabsår (for at opgøre nutidsværdien af ydelsesbaserede pensionsforpligtelser). Virksomheden henfører ydelser til de regnskabsår, hvor forpligtelsen vedrørende pensionsydelser opstår. En sådan forpligtelse opstår, i takt med at ansatte udfører arbejdsydelser til gengæld for pensionsydelser, som virksomheden forventer at betale i fremtidige regnskabsår. Aktuarmæssige teknikker gør det muligt for virksomheden at måle denne forpligtelse med tilstrækkelig pålidelighed til at indregning af en forpligtelse kan forsvares.
Eksempel til illustration af afsnit 68
1.
En ydelsesbaseret pensionsordning giver ved pension en engangsydelse på 100 for hvert arbejdsår.
En ydelse på 100 henføres til hvert år. Pensionsomkostninger vedrørende det aktuelle regnskabsår er nutidsværdien af 100. Nutidsværdien af den ydelsesbaserede pensionsforpligtelse er nutidsværdien af 100 ganget med antallet af arbejdsår på balancedagen.
Hvis ydelsen forfalder straks, når den ansatte forlader virksomheden, afspejler pensionsomkostningerne vedrørende det aktuelle regnskabsår og nutidsværdien af den ydelsesbaserede pensionsforpligtelse det tidspunkt, hvor den ansatte forventes at forlade virksomheden. På grund af effekten af diskonteringen er de derfor mindre end de beløb, der ville være opgjort, hvis den ansatte havde forladt virksomheden på balancedagen.
2.
En pensionsordning giver en månedlig pension på 0,2 % af slutlønnen for hvert arbejdsår. Pensionen forfalder fra det fyldte 65 år.
Ydelser, som svarer til nutidsværdien på den forventede pensionsalder af en månedlig pension på 0,2 % af den skønnede slutløn fra den forventede pensionsalder indtil den forventede dødsdag, henføres til hvert arbejdsår. Pensionsomkostninger vedrørende det aktuelle regnskabsår er nutidsværdien af denne ydelse. Nutidsværdien af den ydelsesbaserede pensionsforpligtelse er nutidsværdien af månedlige pensionsbetalinger på 0,2 % af slutlønnen ganget med antallet af arbejdsår på balancedagen. Pensionsomkostningerne vedrørende det aktuelle regnskabsår og nutidsværdien af den ydelsesbaserede pensionsforpligtelse diskonteres, idet pensionsudbetalingen begynder ved 65 år.
69.
Arbejdsydelser medfører en forpligtelse i en ydelsesbaseret pensionsordning, selv om ydelserne er betinget af fremtidig ansættelse (det vil med andre ord sige, at de ikke er sikrede). Arbejdsydelser før tidspunktet, hvor ydelserne er sikret, medfører en faktisk forpligtelse, idet omfanget af fremtidige arbejdsydelser, som de ansatte skal udføre, før de er berettiget til ydelser, reduceres på hver efterfølgende balancedag. Ved målingen af sin ydelsesbaserede pensionsforpligtelse, tager virksomheden sandsynligheden for, at nogle ansatte ikke opfylder kravene for sikring af ydelserne, i betragtning. Selv om visse pensionsydelser, eksempelvis sygesikringsydelser efter fratrædelse, kun forfalder, hvis en specificeret begivenhed opstår, når en ansat ikke længere er i virksomheden, opstår der tilsvarende en forpligtelse, når den ansatte udfører en arbejdsydelse, som vil skabe en ret til ydelsen, hvis den specificerede begivenhed opstår. Sandsynligheden for, at den specificerede begivenhed vil opstå, påvirker målingen af forpligtelsen, men afgør ikke, om forpligtelsen foreligger.
Eksempel til illustration af afsnit 69
1.
En pensionsordning betaler en ydelse på 100 for hvert arbejdsår. Ydelserne bliver sikret efter ti arbejdsår.
En ydelse på 100 henføres til hvert år. For hvert af de første ti år afspejler pensionsomkostningerne vedrørende det aktuelle regnskabsår og forpligtelsens nutidsværdi sandsynligheden for, at den ansatte ikke vil fuldføre ti arbejdsår.
2.
En pensionsordning betaler en ydelse på 100 for hvert arbejdsår, undtagen arbejdsydelse før en alder af 25. Ydelserne er sikret med det samme.
Der henføres ingen ydelse for arbejdsydelse før en alder af 25, idet arbejdsydelse før dette tidspunkt ikke medfører ydelser (betingede eller ikke). En ydelse på 100 henføres til hvert af de efterfølgende år.
70.
Forpligtelsen øges indtil det tidspunkt, hvor yderligere arbejdsydelser ikke vil medføre væsentlige yderligere ydelser. Derfor henføres alle ydelser til regnskabsår, der slutter på dette tidspunkt eller tidligere. Ydelser henføres til de enkelte regnskabsår i henhold til pensionsordningens ydelsessammensætning, men hvis arbejdsydelser i senere regnskabsår vil medføre et væsentligt højere ydelsesniveau end i tidligere regnskabsår, henfører virksomheden ydelserne lineært indtil det tidspunkt, hvor yderligere arbejdsydelser vil medføre væsentlige yderligere ydelser. Dette sker, fordi arbejdsydelsen i hele perioden i sidste ende vil føre til ydelser på et højere niveau.
Eksempel til illustration af afsnit 70
1.
En pensionsordning betaler en engangsydelse på 1 000, som bliver sikret efter ti års ansættelse. Pensionsordningen giver ingen yderligere ydelser for efterfølgende arbejdsydelser.
En ydelse på 100 (1 000 divideret med 10) henføres til hvert at de første ti år. Pensionsomkostningerne vedrørende det aktuelle regnskabsår i hvert af de første ti år afspejler sandsynligheden for, at den ansatte ikke vil fuldføre ti arbejdsår. Der henføres ingen ydelse til efterfølgende år.
2.
En pensionsordning betaler en engangsfratrædelsesydelse på 2 000 til alle ansatte, som stadig er ansat i en alder af 55, og har været det i 20 år, eller som stadig er ansat i en alder af 65, uanset hvor mange år, de har været ansat.
For ansatte, som bliver ansat i virksomheden før en alder af 35, medfører arbejdsydelser først ydelser i henhold til pensionsordningen ved en alder af 35 (en ansat kan forlade virksomheden i en alder af 30 og vende tilbage i en alder af 33 uden virkning på den beløbsmæssige størrelse eller tidspunktet for betaling af ydelser). Disse ydelser er betinget af yderligere arbejdsydelser. Ligeledes medfører arbejdsydelser efter en alder af 55 ikke væsentlige yderligere ydelser. For disse ansatte henfører virksomheden en ydelse på 100 (2 000 divideret med 20) til hvert år fra en alder af 35 til 55.
For ansatte, som ansættes mellem en alder af 35 og 45, vil arbejdsydelser efter 20 år ikke medføre væsentlige yderligere ydelser. For disse ansatte henfører virksomheden en ydelse på 100 (2 000 divideret med 20) til hvert af de første 20 år.
For ansatte, som ansættes i en alder af 55, vil arbejdsydelser efter 10 år ikke medføre væsentlige yderligere ydelser. For disse ansatte henfører virksomheden en ydelse på 200 (2 000 divideret med 10) til hvert af de første 10 år.
For alle ansatte afspejler pensionsomkostningerne vedrørende det aktuelle regnskabsår og nutidsværdien af pensionsforpligtelsen sandsynligheden for, at den ansatte ikke vil fuldføre de nødvendige arbejdsår.
3.
En sygesikringsordning efter fratrædelse godtgør 40 % af en ansats sygesikringsomkostninger, hvis den ansatte forlader virksomheden efter mere end 10 og mindre end 20 arbejdsår og 50 % af disse omkostninger, hvis den ansatte forlader virksomheden efter 20 arbejdsår eller mere.
I henhold til pensionsordningens ydelsessammensætning, henfører virksomheden 4 % af nutidsværdien af de forventede sygesikringsomkostninger (40 % divideret med 10) til hvert af de første 10 år og 1 % (10 % divideret med 10) til hvert af de næste 10 år. Pensionsomkostningerne vedrørende det aktuelle regnskabsår afspejler hvert regnskabsår sandsynligheden for, at den ansatte ikke vil fuldføre de nødvendige arbejdsår til at optjene dele af eller alle ydelserne. Der henføres ingen ydelser for ansatte, som forventes at forlade virksomheden inden for 10 arbejdsår.
4.
En sygesikringsordning efter fratrædelse godtgør 10 % af en ansats sygesikringsomkostninger, hvis den ansatte forlader virksomheden efter mere end 10 og mindre end 20 arbejdsår og 50 % af disse omkostninger, hvis den ansatte forlader virksomheden efter 20 arbejdsår eller mere.
Arbejdsydelser i senere arbejdsår vil medføre et væsentligt højere ydelsesniveau end i tidligere år. For ansatte, som forventes at forlade virksomheden efter 20 arbejdsår eller mere, henfører virksomheden derfor ydelser lineært i henhold til afsnit 68. Arbejdsydelser ud over 20 år vil ikke medføre væsentlige yderligere ydelser. Derfor er de henførte ydelser til hvert af de første 20 arbejdsår 2,5 % af nutidsværdien af de forventede sygesikringsomkostninger (50 % divideret med 20).
For ansatte, som forventes at forlade virksomheden efter mellem 10 og 20 arbejdsår, svarer den henførte ydelse til hvert af de første 10 år til 1 % af nutidsværdien af de forventede sygesikringsomkostninger. For disse ansatte henføres ingen modydelser for arbejdsydelser mellem slutningen af det tiende år og det tidspunkt, hvor den ansatte forventes at forlade virksomheden.
Der henføres ingen ydelser for ansatte, som forventes at forlade virksomheden inden for 10 arbejdsår.
71.
Når den beløbsmæssige størrelse af en ydelse er en konstant andel af slutlønnen for hvert arbejdsår, påvirker fremtidige lønstigninger det beløb, som er nødvendigt for at indfri den forpligtelse, som foreligger for arbejdsydelser før balancedagen, men medfører ingen yderligere forpligtelse. Derfor gælder det, at:
a)
lønstigninger ikke medfører yderligere ydelser for så vidt angår afsnit 67b), selv om den beløbsmæssige størrelse af ydelserne afhænger af slutlønnen, og
b)
den beløbsmæssige størrelse af ydelser henført til hvert regnskabsår er en konstant andel af den løn, som ydelsen er knyttet til.
Eksempel til illustration af afsnit 71
De ansatte er berettiget til en ydelse på 3 % af slutlønnen for hvert arbejdsår før en alder af 55.
Ydelser på 3 % af den skønnede slutløn henføres til hvert år indtil en alder af 55. Det er det tidspunkt, hvor yderligere arbejdsydelser ikke vil medføre væsentlige yderligere ydelser i henhold til pensionsordningen. Der henføres ingen ydelse til arbejdsydelser efter denne alder.
Aktuarmæssige forudsætninger
72.
Aktuarmæssige forudsætninger skal være objektive og indbyrdes forenelige.
73.
Aktuarmæssige forudsætninger er virksomhedens bedste skøn over de variabler, der bestemmer de endelige omkostninger tilknyttet pensionsydelser. Aktuarmæssige forudsætninger omfatter:
a)
demografiske forudsætninger om fremtidige karakteristika for nuværende og tidligere ansatte (samt pårørende) som er berettiget til ydelser. Demografiske forudsætninger omhandler eksempelvis:
i)
dødelighed, både under og efter ansættelsen,
ii)
niveauet af personaleudskiftningshastighed, invaliditet og førtidspension,
iii)
andelen af deltagere i pensionsordningen med pårørende, som vil være berettiget til ydelser, og
iv)
hyppigheden af krav i henhold til sygesikringsordninger, og
b)
økonomiske forudsætninger, som eksempelvis omhandler:
i)
diskonteringssatsen (jf. afsnit 78-82),
ii)
fremtidige løn- og ydelsesniveauer (jf. afsnit 83-87),
iii)
fremtidige sygesikringsomkostninger for så vidt angår sygesikringsydelser, herunder væsentlige omkostninger til behandling af udbetalinger i forbindelse med krav og ydelser (jf. afsnit 88-91), og
iv)
det forventede afkast af ordningens aktiver (jf. afsnit 105-107).
74.
Aktuarmæssige forudsætninger er objektive, hvis de hverken er uforsigtige eller overdrevent forsigtige.
75.
Aktuarmæssige forudsætninger er indbyrdes forenelige, hvis de afspejler det økonomiske forhold mellem faktorer som inflation, lønstigninger, afkast af ordningens aktiver og diskonteringssatser. Eksempelvis gælder det for alle forudsætninger, som afhænger af et bestemt inflationsniveau (eksempelvis forudsætninger om rentesatser og stigninger i lønninger og ydelser) i et givet fremtidigt regnskabsår, at det samme inflationsniveau anvendes for dette regnskabsår.
76.
Virksomheden opgør diskonteringssatsen og andre økonomiske forudsætninger i nominelle (angivne) beløb, medmindre skøn i reelle (inflationskorrigerede) beløb er mere pålidelige, eksempelvis i hyperinflationsøkonomier (jf. IAS 29 
Regnskabsaflæggelse i hyperinflationsøkonomier
) eller hvis ydelsen indeksreguleres, og der er et omfattende marked for indeksregulerede obligationer i samme valuta og med samme løbetid.
77.
Økonomiske forudsætninger skal baseres på markedsforventninger på balancedagen til den periode, som forpligtelserne skal indfries over.
Aktuarmæssige forudsætninger: Diskonteringssats
78.
Den sats, der anvendes til diskontering af pensionsforpligtelser (både afdækkede og uafdækkede), skal opgøres med udgangspunkt i markedsafkastet på balancedagen af erhvervsobligationer af høj kvalitet. I lande, hvor der ikke er noget omfattende marked for sådanne obligationer, skal markedsafkastet (på balancedagen) af statsobligationer anvendes. Valuta og løbetid for erhvervs- eller statsobligationer skal stemme overens med valutaen og den skønnede løbetid for pensionsforpligtelserne.
79.
Diskonteringssatsen er en aktuarmæssig forudsætning, som har en væsentlig virkning. Diskonteringssatsen afspejler den tidsmæssige værdi af penge, men ikke aktuarmæssig risiko eller investeringsrisiko. Yderligere afspejler diskonteringssatsen ikke kreditrisiko vedrørende den enkelte virksomhed, som bæres af virksomhedens kreditorer, ligesom den ikke afspejler risikoen for, at de faktiske forhold i fremtiden afviger fra de aktuarmæssige forudsætninger.
80.
Diskonteringssatsen afspejler det skønnede tidspunkt for betaling af ydelser. I praksis opnår virksomheden ofte dette ved anvendelse af en enkelt vejet gennemsnitlig diskonteringssats, som afspejler det skønnede tidspunkt og beløbsmæssige størrelse af ydelser til betaling samt den valuta, som ydelserne skal betales i.
81.
I nogle tilfælde er der ikke noget omfattende marked for obligationer med en tilstrækkelig lang løbetid til at matche den skønnede løbetid af alle ydelser til betaling. I sådanne tilfælde anvender virksomheden aktuelle markedssatser med passende løbetid til at diskontere de mere kortsigtede betalinger og skønner diskonteringssatsen for længere løbetider ved ekstrapolering af rentekurven på grundlag af gældende markedsrenter. Den samlede nutidsværdi af en ydelsesbaseret pensionsforpligtelse vil sandsynligvis ikke være nævneværdigt påvirket af den diskonteringssats, der anvendes på den del af ydelserne, som forfalder efter udløbet af de erhvervs- og statsobligationer, der findes på markedet.
82.
Renteomkostningerne beregnes ved at gange diskonteringssatsen ved begyndelsen af regnskabsåret, med nutidsværdien af den ydelsesbaserede pensionsforpligtelse i løbet af regnskabsåret, idet der tages hensyn til væsentlige ændringer i denne forpligtelse. Nutidsværdien af forpligtelsen vil afvige fra den i balancen indregnede forpligtelse, fordi forpligtelsen indregnes efter fradrag af dagsværdien af ordningens aktiver, og idet visse aktuarmæssige gevinster og tab og visse pensionsomkostninger vedrørende tidligere regnskabsår ikke indregnes straks. (Appendiks A illustrerer blandt andet beregningen af renteomkostninger).
Aktuarmæssige forudsætninger: Lønninger, ydelser og sygesikringsomkostninger
83.
Pensionsforpligtelser skal måles på et grundlag, der afspejler:
a)
skønnede fremtidige lønstigninger,
b)
ydelserne i henhold til pensionsordningens vilkår (eller hidrørende fra en faktisk forpligtelse, som ligger uden for disse vilkår) på balancedagen, og
c)
skønnede fremtidige ændringer i omfanget af offentlige ydelser, som udelukkende har en virkning på forfaldne ydelser i henhold til en ydelsesbaseret pensionsordning, hvis:
i)
disse ændringer er vedtaget før balancedagen, eller
ii)
tidligere erfaringer eller andre pålidelige informationer indikerer, at disse offentlige ydelser vil ændres efter et forudsigeligt mønster, eksempelvis i takt med fremtidige ændringer i det generelle pris- eller generelle lønniveau.
84.
Ved skøn over fremtidige lønstigninger tages inflation, anciennitet, forfremmelser og andre relevante forhold som udbud og efterspørgsel på arbejdsmarkedet i betragtning.
85.
Hvis en pensionsordnings formelle vilkår (eller en faktisk forpligtelse, som ligger uden for disse vilkår) kræver, at virksomheden ændrer ydelser i fremtidige regnskabsår, skal målingen af forpligtelsen afspejle disse ændringer. Dette er eksempelvis tilfældet, hvor:
a)
virksomheden hidtil har forøget sine ydelser, eksempelvis for at dæmpe virkningen af inflation, og der ikke er nogen indikation af, at denne praksis vil ændres i fremtiden, eller
b)
aktuarmæssige gevinster allerede er indregnet i årsregnskabet, og virksomheden allerede i henhold til enten pensionsordnings formelle vilkår (eller en faktisk forpligtelse, som ligger uden for disse vilkår) eller lovgivning er forpligtet til at anvende eventuelt overdækning af pensionsordningen til fordel for deltagerne i pensionsordningen (jf. afsnit 98c)).
86.
De aktuarmæssige forudsætninger afspejler ikke fremtidige ændringer i ydelser, som ikke er i henhold til pensionsordningens formelle vilkår (eller en faktisk forpligtelse) på balancedagen. Sådanne ændringer vil medføre:
a)
pensionsomkostninger vedrørende tidligere regnskabsår, i det omfang de ændrer modydelser for arbejdsydelser, som er udført før ændringen, og
b)
pensionsomkostninger vedrørende det aktuelle regnskabsår, i det omfang de ændrer modydelser for arbejdsydelser, som udføres efter ændringen.
87.
Visse pensionsydelser er knyttet til variabler som niveauet af offentlige fratrædelsesydelser eller offentlig sygesikring. Målingen af sådanne ydelser afspejler forventede ændringer i disse variabler baseret på tidligere begivenheder eller andre pålidelige informationer.
88.
Forudsætninger om sygesikringsomkostninger skal tage skønnede fremtidige ændringer i sygesikringsomkostninger hidrørende fra inflation eller specifikke ændringer i omkostninger til sygesikringsordninger, i betragtning.
89.
Måling af sygesikringsydelser efter fratrædelse kræver et skøn over omfanget og hyppigheden af fremtidige krav og omkostningen ved at imødekomme disse krav. Virksomheden skønner fremtidige sygesikringsomkostninger på grundlag af virksomhedens egne historiske erfaringer, om nødvendigt suppleret med historisk data fra andre virksomheder, forsikringsselskaber, udbydere af sundhedsydelser og andre kilder. Ved skøn over fremtidige sygesikringsomkostninger tages effekten af teknologiske fremskridt, ændringer i udnyttelsen eller ydelsen af sygesikring og ændringer i sundhedstilstanden for pensionsordningens deltagere, i betragtning.
90.
Omfanget og hyppigheden af krav påvirkes særligt af de ansattes (og de pårørendes) alder, sundhedstilstand og køn, og kan påvirkes af andre forhold som eksempelvis geografisk placering. Derfor reguleres de historiske data, i det omfang befolkningens demografiske sammensætning afviger fra den stikprøve af befolkningen, der er anvendt som grundlag for de historiske data. De historiske data reguleres også, hvis der er en pålidelig indikation af, at tidligere udviklingstendenser ikke vil fortsætte.
91.
Visse sundhedsordninger efter fratrædelse kræver, at de ansatte bidrager til de af ordningen dækkede sygesikringsomkostninger. Ved skøn over fremtidige sygesikringsomkostninger tages sådanne bidrag fra de ansatte i betragtning på grundlag af pensionsordningens vilkår på balancedagen (eller på grundlag af faktiske forpligtelser, som ligger uden for disse vilkår). Ændringer i disse bidrag fra de ansatte medfører pensionsomkostninger vedrørende tidligere regnskabsår eller i nogle tilfælde, nedskæring af ordningen. Omkostninger til imødekommelse af krav kan reduceres af ydelser fra offentlige eller andre udbydere af sundhedsydelser (jf. afsnit 83c) og 87).
Aktuarmæssige gevinster og tab
92.
Ved målingen af sin ydelsesbaserede pensionsforpligtelse i henhold til afsnit 54 skal virksomheden i overensstemmelse med afsnit 58A indregne en del af sine aktuarmæssige gevinster eller tab (som specificeret i afsnit 93) som indtægt eller omkostning, hvis de akkumulerede ikke-indregnede aktuarmæssige nettogevinster og nettotab ved slutningen af det foregående regnskabsår overstiger det største af følgende beløb:
a)
10 % af nutidsværdien af den ydelsesbaserede pensionsforpligtelse på dette tidspunkt (før fradrag af ordningens aktiver), og
b)
10 % af dagsværdien af ordningens aktiver på dette tidspunkt.
Disse begrænsninger skal beregnes og anvendes separat for hver ydelsesbaseret pensionsordning.
93.
Den andel af de aktuarmæssige gevinster og tab, som skal indregnes for hver ydelsesbaseret pensionsordning, er overdækningen opgjort efter afsnit 92 divideret med de forventede resterende gennemsnitlige antal arbejdsår for de ansatte, der deltager i ordningen. Dog kan virksomheden anvende enhver systematisk metode, som medfører en hurtigere indregning af aktuarmæssige gevinster og tab, forudsat at det samme grundlag anvendes for både aktuarmæssige gevinster og tab, og dette grundlag anvendes ensartet fra regnskabsår til regnskabsår. Virksomheden kan anvende disse systematiske metoder på aktuarmæssige gevinster og tab, selvom de ligger inden for de i afsnit 92 specificerede begrænsninger.
93A
Hvis virksomheden gør brug af tilladelsen i afsnit 93 til at vælge en praksis, hvor den indregner aktuarmæssige gevinster og tab i det regnskabsår, hvor de opstår, kan virksomheden i overensstemmelse med afsnit 93B-93D indregne dem uden for resultatet, forudsat at virksomheden anvender denne praksis for:
a)
alle sine ydelsesbaserede pensionsordninger, og
b)
alle sine aktuarmæssige gevinster og tab.
93B
Aktuarmæssige gevinster og tab, som i overensstemmelse med tilladelsen i afsnit 93A indregnes uden for resultatet, skal præsenteres i en egenkapitalopgørelse under navnet »opgørelse over indregnede indtægter og omkostninger«, som kun omfatter de poster, der er angivet i afsnit 96 i IAS 1 (ajourført 2003). Virksomheden skal ikke præsentere de aktuarmæssige gevinster og tab i en egenkapitalopgørelse i det kolonneformat, der omtales i afsnit 101 i IAS 1, eller et andet format, som omfatter de poster, der angives i afsnit 97 i IAS 1.
93C
En virksomhed, som indregner aktuarmæssige gevinster og tab i overensstemmelse med afsnit 93A, skal også indregne eventuelle reguleringer hidrørende fra begrænsningen i afsnit 58b) uden for resultatet i opgørelsen over indregnede indtægter og omkostninger.
93D
Aktuarmæssige gevinster og tab og reguleringer hidrørende fra begrænsningen i afsnit 58b), som er indregnet direkte i opgørelsen over indregnede indtægter og omkostninger, skal straks indregnes i det overførte resultat. De skal ikke indregnes i resultatet i et efterfølgende regnskabsår.
94.
Aktuarmæssige gevinster og tab kan opstå som følge af stigninger eller fald i enten nutidsværdien af en ydelsesbaseret pensionsforpligtelse eller dagsværdien af en tilknyttet ordnings aktiver. Årsagerne til aktuarmæssige gevinster og tab kan eksempelvis være:
a)
uventet høj eller lav personaleudskiftning, førtidspension eller dødelighed eller stigninger i lønninger, ydelser (hvis pensionsordningens formelle eller faktiske vilkår foreskriver inflationsdrevne stigninger i ydelser) eller sygesikringsomkostninger,
b)
virkningen af ændringer i den skønnede fremtidige personaleudskiftning, førtidspension, dødelighed eller stigninger i lønninger, ydelser (hvis pensionsordningens formelle eller faktiske vilkår foreskriver inflationsdrevne stigninger i ydelser) eller sygesikringsomkostninger,
c)
virkningen af ændringer på diskonteringssatsen, og
d)
forskelle mellem det faktiske og det forventede afkast af ordningens aktiver (jf. afsnit 105-107).
95.
På lang sigt kan aktuarmæssige gevinster og tab udligne hinanden. Derfor kan skøn over pensionsforpligtelser vurderes som et spænd (»korridor«) omkring det bedste skøn. Det tillades, men kræves ikke, at virksomheder indregner aktuarmæssige gevinster og tab, som ligger inden for dette spænd. Denne standard kræver, at virksomheden mindst indregner den del af de aktuarmæssige gevinster og tab, som ligger uden for en »korridor« på plus minus 10 %. [Appendiks A illustrerer blandt andet behandlingen af aktuarmæssige gevinster og tab]. Denne standard tillader ligeledes systematiske metoder til hurtigere indregning, forudsat at disse metoder opfylder de i afsnit 93 nævnte betingelser. Sådanne tilladte metoder omfatter eksempelvis straksindregning af alle aktuarmæssige gevinster og tab, både inden for og uden for »korridoren«. Afsnit 155b)iii) forklarer nødvendigheden af at tage ikke-indregnede dele af overgangsforpligtelser i betragtning ved den regnskabsmæssige behandling af efterfølgende aktuarmæssige gevinster.
Pensionsomkostning vedrørende tidligere regnskabsår
96.
Ved målingen af sin ydelsesbaserede pensionsforpligtelse i henhold til afsnit 54, skal virksomheden i overensstemmelse med afsnit 58A lineært indregne pensionsomkostninger vedrørende tidligere regnskabsår som omkostning over den gennemsnitlige periode indtil ydelserne bliver sikret. I det omfang ydelser allerede bliver sikrede straks efter introduktion eller ændring af en ydelsesbaseret pensionsordning, skal virksomheden straksindregne pensionsomkostninger vedrørende tidligere regnskabsår.
97.
Pensionsomkostninger vedrørende tidligere regnskabsår opstår, når virksomheden introducerer en ydelsesbaseret pensionsordning eller ændrer ydelserne i henhold til en eksisterende ydelsesbaseret pensionsordning. Sådanne ændringer sker til gengæld for arbejdsydelser i den periode, der går, indtil de pågældende ydelser bliver sikret. Derfor indregnes pensionsomkostninger vedrørende tidligere regnskabsår over denne periode, uanset om omkostningen vedrører arbejdsydelser i tidligere regnskabsår. Pensionsomkostninger vedrørende tidligere regnskabsår måles som ændringen i forpligtelsen hidrørende fra den foretagne ændring (jf. afsnit 64).
Eksempel til illustration af afsnit 97
Virksomheden har en pensionsordning, som giver en pension på 2 % af slutlønnen for hvert arbejdsår. Ydelserne bliver sikret efter fem arbejdsår. Den 1. januar 20X5 forhøjer virksomheden pensionen til 2,5 % af slutlønnen for hvert arbejdsår fra d. 1. januar 20X1. På det tidspunkt, hvor pensionsordningen bliver forhøjet, er nutidsværdien af de ekstra modydelser for arbejdsydelser fra 1. januar 20X1 til 1. januar 20X5 følgende:
Ansatte med mere end fem arbejdsår pr. 1. januar X5
150
Ansatte med mere end fem arbejdsår pr. 1. januar X5 (gennemsnitlig periode indtil sikring: tre år)
120
270
Virksomheden indregner straks 150, idet disse ydelser allerede er sikrede. Virksomheden indregner 120 lineært over tre år fra 1. januar 20X5.
98.
Pensionsomkostninger vedrørende tidligere regnskabsår omfatter ikke:
a)
virkningen af forskelle mellem faktiske og tidligere antagede lønstigninger på forpligtelsen til at betale modydelser for arbejdsydelser i tidligere regnskabsår (der foreligger ingen pensionsomkostninger vedrørende tidligere regnskabsår, idet aktuarmæssige forudsætninger tager højde for det forventede fremtidige lønniveau),
b)
over- eller undervurdering af skønsmæssigt fastsatte pensionsforøgelser, når virksomheden har en faktisk forpligtelse til at foretage sådanne forøgelser (der foreligger ingen pensionsomkostninger vedrørende tidligere regnskabsår, idet aktuarmæssige forudsætninger tager højde for sådanne stigninger),
c)
skøn over forhøjelser af ydelser, der hidrører fra aktuarmæssige gevinster, som allerede er indregnet i årsregnskabet, hvis virksomheden i henhold til enten pensionsordningens formelle vilkår (eller en faktisk forpligtelse, som ligger uden for disse vilkår) eller lovgivning er forpligtet til at anvende eventuel overdækning af pensionsordningen til fordel for pensionsordningens deltagere, selv om forøgelsen af ydelserne endnu ikke formelt er blevet tildelt (den deraf følgende stigning i forpligtelsen er et aktuarmæssigt tab og ikke en pensionsomkostning vedrørende tidligere regnskabsår, jf. afsnit 85 b)),
d)
stigningen i sikrede ydelser, når ansatte i mangel af nye eller forbedrede ydelser, opfylder kravene for sikring af ydelser (der foreligger ingen pensionsomkostninger vedrørende tidligere regnskabsår, idet de skønnede omkostninger til ydelser er indregnet som pensionsomkostninger vedrørende det aktuelle regnskabsår i takt med at arbejdsydelserne er udført), og
e)
virkningen af ændringer i pensionsordningen, som reducerer ydelserne for fremtidige arbejdsydelser (en nedskæring).
99.
Virksomheden fastlægger en afskrivningsplan for pensionsomkostninger vedrørende tidligere regnskabsår, når ydelserne introduceres eller ændres. Det ville ikke være praktisk muligt at opretholde den detaljerede dokumentation, der er nødvendig for at identificere og gennemføre efterfølgende ændringer i denne afskrivningsplan. Endvidere er virkningen sandsynligvis kun væsentlig, når der er tale om en nedskæring eller indfrielse. Derfor ændrer virksomheden udelukkende afskrivningsplanen for pensionsomkostninger vedrørende tidligere regnskabsår, hvis der sker en nedskæring eller indfrielse.
100.
Når virksomheden reducerer ydelser i henhold til en eksisterende ydelsesbaseret pensionsordning, indregnes den deraf følgende reduktion af den ydelsesbaserede pensionsforpligtelse som (negative) pensionsomkostninger vedrørende tidligere regnskabsår over den gennemsnitlige periode, indtil den reducerede del af ydelserne bliver sikret.
101.
Når virksomheden reducerer visse ydelser i henhold til en eksisterende ydelsesbaseret pensionsordning, og samtidig øger andre ydelser til de samme ansatte i henhold til pensionsordningen, behandler virksomheden ændringen som en samlet nettoændring.
Indregning og måling: Ordningens aktiver
Dagsværdien af ordningens aktiver
102.
Dagsværdien af ordningens aktiver fratrækkes ved opgørelsen af det i balancen indregnede beløb i henhold til afsnit 54. Når der ikke foreligger en markedsværdi, skønnes dagsværdien af ordningens aktiver. Dette kan eksempelvis ske ved diskontering af fremtidige pengestrømme med en diskonteringssats, som afspejler både risikoen forbundet med ordningens aktiver samt udløbstidspunktet eller det forventede afhændelsestidspunkt for disse aktiver (eller den forventede løbetid indtil indfrielsen af den tilknyttede forpligtelse, hvis de ikke har et udløbstidspunkt).
103.
Ordningens aktiver omfatter hverken forfaldne bidrag, som endnu ikke er betalt til fonden af den regnskabsaflæggende virksomhed eller ikke-overdragelige finansielle instrumenter, som er udstedt af virksomheden og besiddes af fonden. Ordningens aktiver reduceres med fondens eventuelle forpligtelser, som ikke er tilknyttet personaleydelser, såsom leverandørforpligtelser og lignende forpligtelser samt forpligtelser hidrørende fra afledte finansielle instrumenter.
104.
Når ordningens aktiver omfatter anvendelige forsikringspolicer, som præcis matcher den beløbsmæssige størrelse af og betalingstidspunktet for nogle eller alle ydelser i henhold til pensionsordningen, anses dagsværdien af disse forsikringskontrakter at være nutidsværdien af tilknyttede forpligtelser, som beskrevet i afsnit 54 (med eventuel reduktion, hvis de tilgodehavende beløb i henhold til forsikringspolicen ikke kan genindvindes fuldt ud).
Godtgørelser
104A
Kun når det er så godt som sikkert, at en anden part vil godtgøre nogle af eller alle de omkostninger, der er nødvendige for at indfri en ydelsesbaseret forpligtelse, skal virksomheden indregne sin godtgørelsesret som et separat aktiv. Virksomheden skal måle aktivet til dagsværdi. I alle andre henseender skal virksomheden behandle aktivet på samme måde som ordningens aktiver. I resultatopgørelsen kan omkostninger tilknyttet en ydelsesbaseret pensionsordning præsenteres med fradrag af beløbet for den indregnede godtgørelse.
104B
Undertiden kan virksomheden søge at få dækket nogle af eller alle de omkostninger, som er nødvendige for at indfri en ydelsesbaseret forpligtelse, af en anden part, eksempelvis en forsikringsgiver. Anvendelige forsikringspolicer, som defineret i afsnit 7, er ordningens aktiver. Virksomheden behandler anvendelige forsikringspolicer regnskabsmæssigt på samme måde som ordningens alle andre aktiver, og afsnit 104A finder ikke anvendelse herpå (jf. afsnit 39-42 og 104).
104C
Hvis en forsikringspolice ikke er en anvendelig forsikringspolice, er den ikke en ordnings aktiv. Virksomheden indregner sin godtgørelsesret i henhold til forsikringspolicen som et separat aktiv frem for som en reduktion, når den opgør den i henhold til afsnit 54 indregnede ydelsesbaserede pensionsforpligtelse. I alle andre tilfælde behandler virksomheden aktivet på samme måde som ordningens aktiver. Specielt øges (reduceres) den i henhold til afsnit 54 indregnede ydelsesbaserede pensionsforpligtelse, i det omfang akkumulerede aktuarmæssige nettogevinster (tab) på den ydelsesbaserede forpligtelse og den tilknyttede godtgørelsesret ikke indregnes i henhold til afsnit 92 og 93. Afsnit 120Af)iv) kræver, at virksomheden giver en kort beskrivelse af forholdet mellem godtgørelsesretten og den tilknyttede forpligtelse.
Eksempel til illustration af afsnit 104A-104C
Nutidsværdi af forpligtelse
1 241
Ikke-indregnede aktuarmæssige gevinster
17
Forpligtelse indregnet i balancen
1 258
Rettigheder i henhold til forsikringskontrakter, som præcis svarer til beløbet og betalingstidspunktet for visse ydelser i henhold til pensionsordningen. Disse ydelser har en nutidsværdi på 1 092 .
1 092
De ikke-indregnede aktuarmæssige gevinster på 17 er de akkumulerede aktuarmæssige nettogevinster på forpligtelsen og godtgørelsesretten.
104D
Hvis godtgørelsesretten hidrører fra en forsikringspolice, som præcis svarer til beløbet og betalingstidspunktet for visse af eller alle ydelserne i henhold til en ydelsesbaseret pensionsordning, anses dagsværdien af godtgørelsesretten for at være nutidsværdien af den tilknyttede forpligtelse, som beskrevet i afsnit 54 (med eventuel reduktion, hvis godtgørelsen ikke kan genindvindes fuldt ud).
Afkast af ordningens aktiver
105.
Det forventede afkast af ordningens aktiver er et element af de i resultatopgørelsen indregnede omkostninger. Forskellen mellem det forventede og det faktiske afkast af ordningens aktiver er en aktuarmæssig gevinst eller et aktuarmæssigt tab, som medtages i de aktuarmæssige gevinster og tab for den ydelsesbaserede forpligtelse ved opgørelsen af det nettobeløb, som sammenlignes med 10 %-»korridorens« begrænsninger, som specificeret i afsnit 92.
106.
Det forventede afkast af ordningens aktiver baseres på markedsforventningerne ved begyndelsen af regnskabsåret til afkastet over hele den tilknyttede forpligtelses levetid. Det forventede afkast af ordningens aktiver afspejler ændringer i dagsværdien af de af ordningens aktiver, der besiddes i regnskabsåret, som følge af faktiske bidrag indbetalt til fonden eller faktiske ydelser udbetalt af fonden.
Eksempel til illustration af afsnit 106
Pr. 1. januar 20X1 var dagsværdien af ordningens aktiver 10 000 og akkumulerede ikke-indregnede aktuarmæssige nettogevinster 760. Den 30. juni 20X1 udbetalte pensionsordningen ydelser på 1 900 og modtog bidrag på 4 900. Pr. 31. december 20X1 var dagsværdien af ordningens aktiver 15 000, og nutidsværdien af den ydelsesbaserede pensionsforpligtelse var 14 792. Det aktuarmæssige tab på forpligtelsen for 20X1 var 60.
Pr. 1. januar 20X1 foretog den regnskabsaflæggende virksomhed følgende skøn, baseret på markedsværdier på dette tidspunkt:
%
Rente- og udbytteindtægter efter fradrag af fondens skyldige skat
9,25
Realiserede og urealiserede gevinster på ordningens aktiver (efter skat)
2,00
Administrationsomkostninger
(1,00 )
Forventet afkast
10,25
For 20X1 er det forventede og faktiske afkast af ordningens aktiver følgende:
Afkast af 10 000 , som besiddes i et år til 10,25  %
1 025
Afkast af 3 000 , som besiddes i 6 måneder til 5 % (svarende til 10,25  % p.a., tilskrevet halvårligt)
150
Forventet afkast af ordningens aktiver for 20X1
1 175
Dagsværdien af ordningens aktiver pr. 31. december 20X1
15 000
Med fradrag af dagsværdien af ordningens aktiver pr. 1.januar 20X1
(10 000 )
Med fradrag af modtagne bidrag
(4 900 )
Med tillæg af betalte bidrag
1 900
Faktisk afkast af ordningens aktiver
2 000
Forskellen mellem det forventede afkast af ordningens aktiver (1 175) og det faktiske afkast af ordningens aktiver (2 000) er en aktuarmæssig gevinst på 825. Derfor er den akkumulerede ikke-indregnede aktuarmæssige nettogevinst 1 525 (760 plus 825 minus 60). I henhold til afsnit 92 fastsættes korridorens begrænsninger til .500 (det største beløb af følgende: i) 10 % af 15 000 og ii) 10 % af 14 792). I det følgende regnskabsår (20X2) indregner virksomheden i resultatopgørelsen en aktuarmæssig gevinst på 25 (1 525 minus 1 500) divideret med de forventede resterende gennemsnitlige arbejdsliv for de pågældende ansatte.
Det forventede afkast af ordningens aktiver for 20X2 baseres på markedsforventningerne pr. 1. januar 20X2 til afkast over hele forpligtelses levetid.
107.
Ved opgørelsen af det forventede og faktiske afkast af ordningens aktiver fratrækker virksomheden de forventede administrationsomkostninger, med undtagelse af omkostninger medtaget i de aktuarmæssige forudsætninger, der er anvendt til målingen af forpligtelsen.
Virksomhedssammenslutninger
108.
Ved en virksomhedssammenslutning skal virksomheden indregne aktiver og forpligtelser hidrørende fra pensionsydelser til forpligtelsens nutidsværdi med fradrag af dagsværdien af ordningens aktiver (jf. IFRS 3 
Virksomhedssammenslutninger
). Forpligtelsens nutidsværdi omfatter alle følgende elementer, selv hvis den overtagne virksomhed endnu ikke havde indregnet disse på overtagelsestidspunktet:
a)
aktuarmæssige gevinster og tab, som er opstået før overtagelsestidspunktet (uanset om de lå inden for 10 %-»korridoren«),
b)
pensionsomkostninger vedrørende tidligere regnskabsår, som er opstået som følge af ændringer i ydelser eller introduktionen af en pensionsordning før overtagelsestidspunktet, og
c)
beløb, som den overtagende virksomhed i henhold til overgangsbestemmelserne i afsnit 155b) ikke har indregnet.
Nedskæring og indfrielse
109.
Virksomheden skal indregne gevinster eller tab ved nedskæring eller indfrielse af en ydelsesbaseret pensionsordning, når nedskæringen eller indfrielsen finder sted. Gevinster eller tab ved en nedskæring eller indfrielse skal omfatte:
a)
ændringer i nutidsværdien af den ydelsesbaserede pensionsforpligtelse som følge heraf,
b)
ændringer i dagsværdien af ordningens aktiver som følge heraf,
c)
tilknyttede aktuarmæssige gevinster og tab samt pensionsomkostninger vedrørende tidligere regnskabsår, som i henhold til afsnit 92 og 96 ikke tidligere er blevet indregnet.
110.
Før opgørelsen af virkningen af en nedskæring eller indfrielse, skal virksomheden foretage en fornyet måling af forpligtelsen (og eventuelle tilknyttede ordningers aktiver) efter de aktuelle aktuarmæssige forudsætninger (herunder aktuelle markedsrenter og andre aktuelle markedsværdier).
111.
En nedskæring finder sted, når virksomheden enten:
a)
er påviseligt forpligtet til væsentligt at reducere antallet af ansatte, som er omfattet af en pensionsordning, eller
b)
ændrer vilkårene i en ydelsesbaseret pensionsordning, således at en væsentlig del af nuværende ansattes fremtidige arbejdsydelser ikke længere berettiger dem til ydelser, eller kun berettiger dem til reducerede ydelser.
En nedskæring kan ske som følge af en enkeltstående begivenhed, eksempelvis lukningen af et produktionsanlæg, ophøret af en aktivitet eller ophøret eller suspenderingen af en pensionsordning. En begivenhed er tilstrækkeligt væsentlig til at opfylde betingelserne for en nedskæring, hvis indregningen af gevinster eller tab fra nedskæringen vil have en væsentlig virkning på årsregnskabet. Nedskæringer sker ofte i forbindelse med omstruktureringer. Derfor behandler virksomheden regnskabsmæssigt en nedskæring på samme tidspunkt som en tilknyttet omstrukturering.
112.
En indfrielse finder sted, når virksomheden foretager en transaktion, der fjerner enhver yderligere retlig eller faktisk forpligtelse vedrørende en del af eller alle ydelser i en ydelsesbaseret pensionsordning, eksempelvis ved en engangsudbetaling til eller på vegne af deltagerne i pensionsordningen som modydelse for ret til at modtage bestemte pensionsydelser.
113.
I visse tilfælde tegner virksomheden en forsikringspolice for at finansiere nogle af eller alle personaleydelser tilknyttet arbejdsydelser i det aktuelle eller tidligere regnskabsår. Tegningen af en sådan forsikringspolice udgør ikke en indfrielse, hvis virksomheden har en retlig eller faktisk forpligtelse (jf. afsnit 39) til at betale yderligere beløb, hvis forsikringsgiveren ikke betaler de i forsikringspolicen specificerede personaleydelser. Afsnit 104A-104D omhandler indregning og måling af godtgørelsesrettigheder i henhold til forsikringspolicer, som ikke er ordningens aktiver.
114.
En samtidig indfrielse og nedskæring finder sted, hvis en pensionsordning bringes til ophør, således at forpligtelsen indfries og pensionsordningen ophører med at eksistere. Dog er ophøret af en pensionsordning ikke en nedskæring eller indfrielse, hvis pensionsordningen erstattes af en ny pensionsordning, hvis ydelser i realiteten er identiske.
115.
Når en nedskæring kun vedrører nogle af de ansatte, der er dækket af pensionsordningen, eller når kun en del af en forpligtelse indfries, omfatter gevinster eller tab en forholdsmæssig andel af de tidligere ikke-indregnede pensionsomkostninger vedrørende tidligere regnskabsår og aktuarmæssige gevinster og tab (samt overgangsbeløb, som i henhold til afsnit 155b) stadig ikke er indregnet). Den forholdsmæssige andel opgøres på grundlag af forpligtelsernes nutidsværdi før og efter nedskæringen eller indfrielsen, medmindre der under omstændighederne foreligger et mere fornuftigt grundlag. Eksempelvis kan det være passende at anvende gevinster hidrørende fra en nedskæring eller indfrielse af den samme pensionsordning til først at eliminere ikke-indregnede pensionsomkostninger vedrørende tidligere regnskabsår vedrørende den samme pensionsordning.
Eksempel til illustration af afsnit 115
Virksomheden bringer et driftssegment til ophør, og de ansatte i det ophørte segment vil ikke optjene yderligere ydelser. Dette udgør en nedskæring uden indfrielse. Efter de aktuelle aktuarmæssige forudsætninger (herunder aktuelle markedsrenter og andre aktuelle markedsværdier) umiddelbart før nedskæringen har virksomheden en ydelsesbaseret pensionsforpligtelse med en nettonutidsværdi på 1 000, en ordning med aktiver til dagsværdi af 820 og en akkumuleret ikke-indregnet aktuarmæssig nettogevinst på 50. Virksomheden tog denne standard i anvendelse første gang året før. Dette har forøget nettoforpligtelsen med 100, som virksomheden har valgt at indregne over fem år (jf. afsnit 155b)). Nedskæringen reducerer forpligtelsens nettonutidsværdi med 100 til 900.
Af de tidligere ikke-indregnede aktuarmæssige gevinster og overgangsbeløb vedrører 10 % (100/1 000) den del af forpligtelsen, som blev elimineret ved nedskæringen. Virkningen af nedskæringen er således følgende:
Før nedskæring
Gevinst ved nedskæring
Efter nedskæring
Nettonutidsværdi af forpligtelse
1 000
(100)
900
Dagsværdien af ordningens aktiver
(820)
—
(820)
180
(100)
80
Ikke-indregnede aktuarmæssige gevinster
50
(5)
45
Ikke-indregnet overgangsbeløb (100 × 4/5)
(80)
8
(72)
Nettoforpligtelse indregnet i balancen
150
(97)
53
Præsentation
Modregning
116.
Virksomheden må kun modregne en ordnings aktiv i en forpligtelse tilknyttet en anden pensionsordning, når virksomheden:
a)
har en juridisk ret til at anvende en overdækning af en pensionsordning til indfrielse af forpligtelser i en anden pensionsordning, og
b)
har til hensigt enten at indfri forpligtelserne netto eller at realisere overdækningen af en pensionsordning og samtidig indfri sin forpligtelse i en anden pensionsordning.
117.
Modregningskriterierne svarer til de kriterier, der er opstillet for finansielle instrumenter i IAS 32 
Finansielle instrumenter: Præsentation.
Sondring mellem omsætningsaktiver og anlægsaktiver og kortfristede forpligtelser og langfristede forpligtelser
118.
Nogle virksomheder adskiller omsætningsaktiver og kortfristede forpligtelser fra anlægsaktiver og langfristede forpligtelser. Denne standard indeholder ikke bestemmelser om, hvorvidt virksomheden skal sondre mellem omsætningsaktiver og anlægsaktiver og kortfristede forpligtelser og langfristede forpligtelser hidrørende fra pensionsydelser.
Økonomiske elementer af omkostninger vedrørende pensionsydelser
119.
Denne standard indeholder ikke bestemmelser om, hvorvidt virksomheden skal præsentere pensionsomkostninger vedrørende det aktuelle regnskabsår, renteomkostninger og det forventede afkast af ordningens aktiver som elementer af en samlet indtægts- eller omkostningspost i resultatopgørelsen.
Oplysninger
120.
Virksomheden skal give oplysninger, der gør det muligt for regnskabsbrugere at vurdere typen af virksomhedens ydelsesbaserede pensionsordninger og de økonomiske virkninger af ændringer i disse ordninger i løbet af regnskabsåret.
120A
Virksomheden skal give følgende oplysninger om ydelsesbaserede pensionsordninger:
a)
virksomhedens regnskabspraksis for indregning af aktuarmæssige gevinster og tab.
b)
en generel beskrivelse af typen af pensionsordning,
c)
en afstemning af primo- og ultimosaldo for nutidsværdien af den ydelsesbaserede pensionsforpligtelse med separat præsentation af eventuelle virkninger i løbet af regnskabsåret, som kan henføres til hver af følgende:
i)
pensionsomkostninger vedrørende det aktuelle regnskabsår,
ii)
renteomkostninger,
iii)
bidrag fra deltagerne i pensionsordningen,
iv)
aktuarmæssige gevinster og tab,
v)
valutakursændringer for ordninger, som måles i en anden valuta end virksomhedens præsentationsvaluta,
vi)
udbetalte ydelser,
(vii)
pensionsomkostninger vedrørende tidligere regnskabsår,
(viii)
virksomhedssammenslutninger,
(ix)
nedskæringer, og
(x)
indfrielser,
d)
en opdeling af den ydelsesbaserede pensionsforpligtelse i beløb, som hidrører fra ordninger, som er helt uafdækkede, og beløb, som hidrører fra ordninger, som er helt eller delvist afdækkede,
e)
en afstemning af primo- og ultimosaldo for dagsværdien af ordningens aktiver samt af primo- og ultimosaldo for en eventuel godtgørelsesret, som er indregnet som et aktiv i overensstemmelse med afsnit 104A, med separat præsentation af eventuelle virkninger i løbet af regnskabsåret, som kan henføres til hver af følgende:
i)
forventet afkast af ordningens aktiver,
ii)
aktuarmæssige gevinster og tab,
iii)
valutakursændringer for ordninger, som måles i en anden valuta end virksomhedens præsentationsvaluta,
iv)
bidrag fra arbejdsgiveren,
v)
bidrag fra deltagerne i pensionsordningen,
vi)
udbetalte ydelser,
vii)
virksomhedssammenslutninger, og
viii)
indfrielser.
f)
en afstemning af nutidsværdien af den ydelsesbaserede pensionsforpligtelse i c) og dagsværdien af ordningens aktiver i e) til de i balancen indregnede aktiver og forpligtelser, der som minimum giver oplysning om:
i)
aktuarmæssige nettogevinster eller nettotab, som ikke er indregnet i balancen (jf. afsnit 92),
ii)
pensionsomkostninger vedrørende tidligere regnskabsår, som ikke er indregnet i balancen (jf. afsnit 96),
iii)
beløb, som ikke er indregnet som et aktiv som følge af begrænsningen i afsnit 58b),
iv)
dagsværdien på balancedagen af en eventuel godtgørelsesret, som er indregnet som et aktiv i overensstemmelse med afsnit 104A (med en kort beskrivelse af forholdet mellem godtgørelsesretten og den tilknyttede forpligtelse), og
v)
andre beløb, som er indregnet i balancen,
g)
de samlede omkostninger indregnet i resultatet for hver af følgende samt de regnskabsposter, hvori de indgår:
i)
pensionsomkostninger vedrørende det aktuelle regnskabsår,
ii)
renteomkostninger,
iii)
forventet afkast af ordningens aktiver,
iv)
forventet afkast af en eventuel godtgørelsesret, som er indregnet som et aktiv i overensstemmelse med afsnit 104A,
v)
aktuarmæssige gevinster og tab,
vi)
pensionsomkostninger vedrørende tidligere regnskabsår,
vii)
virkningen af nedskæring eller indfrielse, og
viii)
virkningen af begrænsningen i afsnit 58b),
h)
det samlede beløb, som er indregnet i opgørelsen over indregnede indtægter og omkostninger for hver af følgende:
i)
aktuarmæssige gevinster og tab, og
ii)
virkningen af begrænsningen i afsnit 58b),
i)
for virksomheder, som indregner aktuarmæssige gevinster og tab i opgørelsen over indregnede indtægter og omkostninger i overensstemmelse med afsnit 93A, de akkumulerede aktuarmæssige gevinster og tab indregnet i opgørelsen over indregnede indtægter og omkostninger,
j)
for hver hovedgruppe af ordningens aktiver, der som minimum skal omfatte egenkapitalinstrumenter, gældsinstrumenter, ejendomme og alle andre aktiver, den procentdel eller det beløb, som hver hovedgruppe udgør af dagsværdien af ordningens samlede aktiver,
k)
beløb medtaget i dagsværdien af ordningens aktiver for:
i)
hver kategori af virksomhedens egne finansielle instrumenter, og
ii)
ejendomme eller andre aktiver anvendt af virksomheden,
l)
beskrivende information om det anvendte grundlag for opgørelsen af det samlede forventede afkast af aktiverne, herunder virkningen af hovedgrupperne af ordningens aktiver
m)
det faktiske afkast af ordningens aktiver, såvel som det faktiske afkast af en eventuel ret til godtgørelse, som er indregnet som et aktiv i overensstemmelse med afsnit 104A.
n)
de primære anvendte aktuarmæssige forudsætninger på balancedagen, herunder, hvis det er relevant:
i)
diskonteringssatser,
ii)
den forventede afkastningsgrad af ordningens aktiver for de i årsregnskabet præsenterede regnskabsår,
iii)
den forventede afkastningsgrad af en eventuel godtgørelsesret, som er indregnet som et aktiv i overensstemmelse med afsnit 104A, for de i årsregnskabsåret præsenterede regnskabsår,
iv)
de forventede lønstigninger (og ændringer i et indeks eller anden variabel specificeret i pensionsordningens formelle eller faktiske vilkår som grundlag for fremtidige stigninger i ydelser),
v)
udviklingstendenser i sygesikringsomkostninger, og
vi)
andre væsentlige anvendte aktuarmæssige forudsætninger.
Virksomheden skal give oplysning om hver aktuarmæssig forudsætning i absolutte tal (eksempelvis en absolut procentsats) og ikke kun som en margin mellem forskellige procentsatser eller andre variabler,
o)
virkningen af en stigning på et procentpoint og virkningen af et fald på et procentpoint i de antagne udviklingstendenser i sygesikringsomkostninger på:
i)
de samlede pensionsomkostninger vedrørende det aktuelle regnskabsår og renteomkostningselementerne af periodiske nettosygesikringsydelser efter fratrædelse, og
ii)
den akkumulerede pensionsforpligtelse vedrørende sygesikringsomkostninger.
For så vidt angår disse oplysninger, skal alle andre antagelser være uændrede. For ordninger i økonomier med høj inflation skal oplysningen angive virkningen af en procentvis stigning eller et procentvist fald i de antagne udviklingstendenser i sygesikringsomkostninger, som har samme betydning som en stigning eller et fald på et procentpoint i en økonomi med lav inflation,
p)
den beløbsmæssige størrelse i det aktuelle regnskabsår og fire foregående regnskabsår af:
i)
dagsværdien af den ydelsesbaserede pensionsforpligtelse, dagsværdien af ordningens aktiver samt over- eller underdækning af pensionsordningen, og
ii)
erfaringsbaserede reguleringer forbundet med:
A)
ordningens forpligtelser udtrykt som enten 1) et beløb eller 2) en procentdel af ordningens forpligtelser på balancedagen, og
B)
ordningens aktiver udtrykt som enten 1) et beløb eller 2) en procentdel af ordningens aktiver på balancedagen,
q)
så snart dette med rimelighed kan foretages, arbejdsgiverens bedste skøn over bidrag, som forventes indbetalt til ordningen i løbet af det regnskabsår, som begynder efter balancedagen.
121.
Afsnit 120Ab) kræver en generel beskrivelse af typen af pensionsordning. En sådan beskrivelse skal indeholde en sondring mellem eksempelvis pensionsordninger beregnet ud fra en fast løn og pensionsordninger beregnet ud fra slutlønnen og sygesikringsordninger efter fratrædelse. Beskrivelsen af ordningen skal omfatte uformel praksis, som giver anledning til faktiske forpligtelser indeholdt i målingen af den ydelsesbaserede pensionsforpligtelse i overensstemmelse med afsnit 52. Der kræves ikke yderligere beskrivelse.
122.
Når virksomheden har mere end en ydelsesbaseret pensionsordning, kan oplysninger gives samlet, separat for hver pensionsordning eller i de grupperinger, som anses for at være mest hensigtsmæssige. Det kan være nyttigt at foretage disse grupperinger efter følgende kriterier:
a)
den geografiske placering af pensionsordningerne, eksempelvis ved sondring mellem inden- og udenlandske pensionsordninger, eller
b)
hvorvidt pensionsordningerne er forbundet med væsentligt forskellige risici, eksempelvis ved sondring mellem pensionsordninger beregnet ud fra en fast løn og pensionsordninger beregnet ud fra slutlønnen og sygesikringsordninger efter fratrædelse.
Når virksomheden præsenterer oplysninger samlet for en gruppering af ordninger, præsenteres oplysningerne som vejede gennemsnit eller forholdsvist snævre spænd.
123.
Afsnit 30 kræver supplerende oplysninger om ydelsesbaserede pensionsordninger med flere virksomheder, som behandles som om de var bidragsbaserede pensionsordninger.
124.
Når det kræves af IAS 24 
Oplysning om nærtstående parter
, skal virksomheden oplyse følgende:
a)
transaktioner med nærtstående parter vedrørende pensionsordninger, og
b)
pensionsydelser til nøglepersoner i ledelsen.
125.
Når det kræves af IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
, skal virksomheden give oplysning om eventualforpligtelser hidrørende fra pensionsforpligtelser.
ANDRE LANGSIGTEDE PERSONALEYDELSER
126.
Andre langsigtede personaleydelser omfatter eksempelvis:
a)
langfristet betalt fravær, eksempelvis anciennitets- eller sabbatorlov,
b)
jubilæums- eller andre anciennitetsydelser,
c)
langsigtede invaliditetsydelser,
d)
overskudsdeling og bonuser til betaling et år eller mere efter det regnskabsår, hvor de ansatte har udført den tilknyttede arbejdsydelse, og
e)
udskudt godtgørelse, som er betalt et år eller mere efter det regnskabsår, hvor den er optjent.
127.
Målingen af andre langsigtede personaleydelser er normalt ikke forbundet med den samme grad af usikkerhed som målingen af pensionsydelser. Ligeledes medfører introduktion eller ændringer af andre langsigtede personaleydelser sjældent væsentlige omkostninger vedrørende tidligere regnskabsår. Denne standard kræver derfor en forenklet metode til den regnskabsmæssige behandling af andre langsigtede personaleydelser. Denne metode adskiller sig fra den krævede regnskabsmæssige behandling af pensionsydelser på følgende punkter:
a)
aktuarmæssige gevinster og tab indregnes straks, og der anvendes ingen »korridor«, og
b)
alle omkostninger vedrørende tidligere regnskabsår indregnes straks.
Indregning og måling
128.
Det indregnede beløb vedrørende en forpligtelse for andre langsigtede personaleydelser skal være det samlede nettobeløb af følgende:
a)
nutidsværdien af den ydelsesbaserede forpligtelse på balancedagen (jf. afsnit 64),
b)
med fradrag af dagsværdien på balancedagen af ordningens eventuelle aktiver, hvoraf forpligtelserne direkte skal indfries (jf. afsnit 102-104).
Ved målingen af forpligtelsen skal virksomheden anvende afsnit 49-91, med undtagelse af afsnit 54 og 61. Virksomheden skal anvende afsnit 104A ved indregning og måling af en eventuel godtgørelsesret.
129.
For andre langsigtede personaleydelser skal virksomheden indregne følgende nettobeløb som omkostning eller (i henhold til afsnit 58) som indtægt, medmindre en anden standard kræver eller tillader, at disse beløb optages i et aktivs kostpris:
a)
omkostninger vedrørende det aktuelle regnskabsår (jf. afsnit 63-91),
b)
renteomkostninger (jf. afsnit 82),
c)
det forventede afkast af ordningens aktiver (jf. afsnit 105-107) og en eventuel godtgørelsesret, som er indregnet som et aktiv (jf. afsnit 104A),
d)
aktuarmæssige gevinster og tab, som alle skal indregnes straks,
e)
omkostninger vedrørende tidligere regnskabsår, som alle skal indregnes straks, og
f)
virkningen af eventuelle nedskæringer eller indfrielser (jf. afsnit 109 og 110).
130.
Langsigtede invaliditetsydelser er et eksempel på andre langsigtede personaleydelser. Hvis ydelsesniveauet afhænger af antallet af arbejdsår, opstår der en forpligtelse, når arbejdsydelsen udføres. Målingen af denne forpligtelse afspejler sandsynligheden for, at der vil skulle ske udbetaling samt over hvor lang en tidsperiode, udbetalingen forventes at skulle bibeholdes. Hvis ydelsesniveauet er det samme for alle invaliderede ansatte, uanset hvor mange år, de har været ansat, indregnes de forventede omkostninger for sådanne ydelser, når begivenheden, som medfører langvarig invaliditet, opstår.
Oplysninger
131.
Selvom denne standard ikke kræver specifikke oplysninger om andre langsigtede personaleydelser, kan der i andre standarder være indeholdt krav om oplysninger, eksempelvis når sådanne ydelser er forbundet med en væsentlig omkostning, og oplysning således ville være påkrævet i overensstemmelse med IAS 1 
Præsentation af årsregnskaber
. Når det kræves af IAS 24 
Oplysning om nærtstående parter
, skal virksomheden give oplysninger om andre langsigtede personaleydelser til nøglepersoner i ledelsen.
FRATRÆDELSESGODTGØRELSER
132.
Denne standard omhandler fratrædelsesgodtgørelser separat fra andre personaleydelser, idet den begivenhed, der medfører en forpligtelse, er afskedigelse frem for arbejdsydelser.
Indregning
133.
Virksomheden skal udelukkende indregne fratrædelsesgodtgørelser som en forpligtelse og indregne disse som omkostning, hvis virksomheden er påviseligt forpligtet til at:
a)
afskedige en ansat eller en gruppe ansatte før den normale pensionsalder, eller
b)
yde fratrædelsesgodtgørelse som følge af et tilbud, som gives for at tilskynde ansatte til frivillig fratrædelse.
134.
Virksomheden er udelukkende påviseligt forpligtet til at betale fratrædelsesgodtgørelser, når virksomheden har en detaljeret, formel plan for afskedigelserne og ikke har nogen realistisk mulighed for at trække planen tilbage. Den detaljerede plan skal mindst indeholde følgende:
a)
sted, funktion og omtrentligt antal ansatte, som skal afskediges,
b)
fratrædelsesgodtgørelser for hver jobklassifikation eller funktion, og
c)
tidspunktet for planens gennemførelse. Denne skal påbegyndes hurtigst muligt, og skal færdiggøres inden for en periode, der sikrer, at risikoen for væsentlige ændringer af planen er usandsynlig.
135.
Virksomheden kan gennem lovgivning, kontraktlige eller andre aftaler med ansatte eller deres repræsentanter eller en faktisk forpligtelse baseret på forretningspraksis, kutyme eller et ønske om at udvise rimelig opførsel være forpligtet til at foretage udbetalinger (eller andre ydelser) til ansatte, når de afskediges. Sådanne betalinger er fratrædelsesgodtgørelser. Fratrædelsesgodtgørelser er typisk engangsudbetalinger, men kan nogle gange ligeledes omfatte:
a)
stigning i fratrædelsesydelser eller andre pensionsydelser, enten indirekte gennem en pensionsordning eller direkte, og
b)
løn indtil udgangen af en specificeret opsigelsesperiode, hvis den ansatte ikke udfører yderligere arbejdsydelse, som tilfører virksomheden økonomiske fordele.
136.
Visse personaleydelser forfalder uanset årsagen til, at den ansatte forlader virksomheden. Betaling af sådanne ydelser er sikker (under hensyntagen til eventuelle sikringskrav eller minimumskrav til arbejdsydelse), men tidspunktet for deres betaling er usikker. Selv om sådanne ydelser i nogle lande beskrives som fratrædelseserstatninger, er de pensionsydelser frem for fratrædelsesgodtgørelser, og virksomheden behandler dem regnskabsmæssigt som pensionsydelser. Nogle virksomheder giver et lavere ydelsesniveau ved frivillig fratrædelse efter den ansattes eget ønske (reelt en pensionsydelse) end ved ufrivillig fratrædelse efter virksomhedens ønske. De yderligere ydelser ved ufrivillig fratrædelse er en fratrædelsesgodtgørelse.
137.
Fratrædelsesgodtgørelser giver ikke virksomheden fremtidige økonomiske fordele, og indregnes straks som omkostning.
138.
Når virksomheden indregner fratrædelsesgodtgørelser, må virksomheden eventuelt også regnskabsmæssigt behandle en nedskæring af fratrædelsesydelser eller andre personaleydelser (jf. afsnit 109).
Måling
139.
Hvor fratrædelsesgodtgørelser forfalder til betaling mere end et år efter balancedagen, skal de diskonteres ved anvendelse af den i afsnit 78 specificerede diskonteringssats.
140.
Når virksomheden giver et tilbud for at tilskynde ansatte til frivillig fratrædelse, skal målingen af fratrædelsesgodtgørelserne baseres på det antal ansatte, som forventes at ville acceptere tilbuddet.
Oplysninger
141.
Hvor der er usikkerhed om, hvor mange ansatte, som vil acceptere tilbuddet om fratrædelsesgodtgørelser, foreligger der en eventualforpligtelse. Som krævet af IAS 37 skal virksomheden give oplysning om eventualforpligtelsen, medmindre der er ringe sandsynlighed for et træk på virksomhedens økonomiske ressourcer.
142.
Det kræves i IAS 1, at en virksomhed oplyser arten og den beløbsmæssige størrelse af en omkostning, hvis denne er væsentlig. Fratrædelsesgodtgørelser kan medføre en omkostning, der kræver oplysning, for at dette krav kan overholdes.
143.
Når det kræves af IAS 24, skal virksomheden give oplysning om fratrædelsesgodtgørelser til nøglepersoner i ledelsen.
144.-152.
[Ophævet]
OVERGANGSBESTEMMELSER
153.
Dette afsnit specificerer overgangsbestemmelserne for ydelsesbaserede pensionsordninger. Når virksomheden første gang anvender denne standard på andre personaleydelser, skal virksomheden ligeledes anvende IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
.
154.
Ved førstegangsanvendelse af denne standard skal virksomheden opgøre sin overgangsforpligtelse vedrørende ydelsesbaserede pensionsordninger på dette tidspunkt, som:
a)
nutidsværdien af forpligtelsen (jf. afsnit 64) på tidspunktet, hvor standarden tages i anvendelse,
b)
med fradrag af dagsværdien på tidspunktet, hvor standarden tages i anvendelse, af ordningens eventuelle aktiver, hvoraf forpligtelserne direkte skal indfries (jf. afsnit 102-104),
c)
med fradrag af eventuelle pensionsomkostninger vedrørende tidligere regnskabsår, som i henhold til afsnit 96 skal indregnes i senere regnskabsår.
155.
Hvis overgangsforpligtelsen overstiger den forpligtelse, som ville være blevet indregnet på det samme tidspunkt i henhold til virksomhedens tidligere regnskabspraksis, skal virksomheden foretage et uigenkaldeligt valg om at indregne denne stigning som en del af sin ydelsesbaserede pensionsforpligtelse i henhold til afsnit 54:
a)
straks i henhold til IAS 8, eller
b)
som omkostning lineært over op til fem år fra førstegangsanvendelsestidspunktet. Hvis virksomheden vælger b), skal den:
i)
anvende den i afsnit 58b) beskrevne begrænsning ved målingen af aktiver indregnet i balancen,
ii)
på hver balancedag oplyse: 1) den beløbsmæssige størrelse af den del af stigningen, som endnu ikke er indregnet, og 2) den beløbsmæssige størrelse af den del, som er indregnet i det aktuelle regnskabsår,
iii)
begrænse indregningen af efterfølgende aktuarmæssige gevinster (men ikke negative pensionsomkostninger vedrørende tidligere regnskabsår) som følger: Hvis en aktuarmæssig gevinst skal indregnes i henhold til afsnit 92 og 93, skal virksomheden kun indregne denne aktuarmæssige gevinst, i det omfang akkumulerede ikke-indregnede aktuarmæssige nettogevinster (før indregning af den aktuarmæssige gevinst) overstiger den ikke-indregnede del af overgangsforpligtelsen, og
iv)
medtage den tilknyttede del af den ikke-indregnede overgangsforpligtelse ved opgørelsen af eventuelle efterfølgende gevinster eller tab ved indfrielse eller nedskæring.
Hvis overgangsforpligtelsen er mindre end den forpligtelse, som ville være blevet indregnet på det samme tidspunkt i henhold til virksomhedens tidligere regnskabspraksis, skal virksomheden straksindregne denne reduktion i henhold til IAS 8.
156.
Ved førstegangsanvendelse af denne standard omfatter virkningen af ændringen i regnskabspraksis alle aktuarmæssige gevinster og tab hidrørende fra tidligere regnskabsår, selv om disse ligger inden for den i afsnit 92 specificerede 10 %-»korridor«.
Eksempel til illustration af afsnit 154 til 156
Pr. 31. december 1998 omfatter virksomhedens balance en pensionsforpligtelse på 100. Virksomheden tager denne standard i anvendelse pr. 1. januar 1999, hvor forpligtelsens nutidsværdi i henhold til standarden er 1 300, og dagsværdien af ordningens aktiver er 1 000. Den 1. januar 1993 forbedrede virksomheden pensionerne (omkostninger til ikke-sikrede ydelser: 160 og den gennemsnitlige resterende periode på dette tidspunkt indtil sikring: 10 år).
Overgangsvirkningen er som følger:
Forpligtelsens nutidsværdi
1 300
Dagsværdien af ordningens aktiver
(1 000 )
Med fradrag af pensionsomkostninger vedrørende tidligere regnskabsår, som skal indregnes i senere regnskabsår (160 x 4/10)
(64)
Overgangsforpligtelse
236
Allerede indregnet forpligtelse
100
Stigning i forpligtelse
136
Virksomheden kan vælge enten at indregne stigningen på 136 straks eller over op til 5 år. Valget er uigenkaldeligt.
Pr. 31. december 1999 er forpligtelsens nutidsværdi i henhold til standarden 1 400, og dagsværdien af ordningens aktiver er 1 050. Akkumulerede ikke-indregnede aktuarmæssige nettogevinster fra tidspunktet for standardens anvendelse er 120. Det forventede gennemsnitlige resterende antal arbejdsår for de ansatte, som deltager i pensionsordningen er otte år. Virksomheden har valgt den praksis at straksindregne alle aktuarmæssige gevinster og tab, som tilladt i henhold til afsnit 93.
Virkningen af begrænsningen i afsnit 155b)iii) er følgende:
Akkumulerede ikke-indregnede aktuarmæssige nettogevinster
120
Ikke-indregnet del af overgangsforpligtelse (136 x 4/5)
(109)
Maksimal gevinst, der skal indregnes (afsnit 155 b)iii))
11
IKRAFTTRÆDELSESTIDSPUNKT
157.
Denne standard træder i kraft for regnskaber, der dækker regnskabsår, som begynder den 1. januar 1999 eller senere, undtagen som specificeret i afsnit 159-159C. Virksomheder tilskyndes til at anvende standarden før dette tidspunkt. Hvis virksomheden anvender denne standard på omkostninger for fratrædelsesydelser i regnskaber, der dækker regnskabsår, som begynder før 1. januar 1999, skal virksomheden oplyse, at den har anvendt denne standard i stedet for IAS 19 
Retirement Benefit Costs
, som blev godkendt i 1993.
158.
Denne standard erstatter IAS 19 
Retirement Benefit Costs
, som blev godkendt i 1993.
159.
Følgende træder i kraft for årsregnskaber, der dækker regnskabsår, som begynder 1. januar 2001 eller senere:
a)
den ajourførte definition på ordningens aktiver i afsnit 7 samt den tilknyttede definition på aktiver, som besiddes af en fond for langsigtede personaleydelser og anvendelige forsikringspolicer, og
b)
indregnings- og målingskravene for godtgørelser i afsnit 104A, 128 og 129 og tilknyttede oplysningskrav i afsnit 120A f) iv), 120A g) iv), 120A m) og 120A n) iii).
Virksomheder tilskyndes til at anvende standarden før dette tidspunkt. Hvis tidligere anvendelse har en virkning på årsregnskabet, skal virksomheden oplyse dette.
159A
Ændringerne i 58A træder i kraft for årsregnskaber 
(
3
)
, der dækker regnskabsår, som afsluttes den 31. maj 2002 eller senere. Virksomheder tilskyndes til at anvende standarden før dette tidspunkt. Hvis tidligere anvendelse har en virkning på årsregnskabet, skal virksomheden oplyse dette.
159B
Virksomheder skal anvende ændringerne i afsnit 32A, 34-34B, 61 og 120-121 på regnskabsår, som begynder 1. januar 2006 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender disse ændringer på regnskabsår, som begynder før 1. januar 2006, skal den give oplysning om dette.
159C
Muligheden i afsnit 93A-93D kan anvendes for regnskabsår, som slutter 16. december 2004 eller senere. Virksomheder, som anvender muligheden for regnskabsår, som begynder før 1. januar 2006, skal ligeledes anvende ændringerne i afsnit 32A, 34-34B, 61 og 120-121.
160.
IAS 8 finder anvendelse, når en virksomhed ændrer sin regnskabspraksis for at indarbejde de i afsnit 159-159C anførte ændringer. Ved anvendelse af disse ændringer med tilbagevirkende kraft som krævet i IAS 8, behandler virksomheden disse ændringer, som om de var anvendt på samme tidspunkt som resten af denne standard, bortset fra at virksomheden kan oplyse de i afsnit 120A(p) krævede beløb, da beløbene opgøres fremadrettet for hvert regnskabsår fra det første regnskabsår, som præsenteres i det årsregnskab, hvor virksomheden anvender ændringerne i afsnit 120A for første gang.
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  En anvendelig forsikringspolice er ikke nødvendigvis en forsikringskontrakt som defineret i IFRS 4 
Forsikringskontrakter
.
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2
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  En pensionsordning er overdækket, når dagsværdien af ordningens aktiver overstiger nutidsværdien af den ydelsesbaserede pensionsforpligtelse.
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3
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  Afsnit 159 og 159A henviser til »årsregnskaber« i overensstemmelse med den mere eksplicitte sprogbrug for at skrive ikrafttrædelsestidspunkter, der blev vedtaget i 1998. Afsnit 157 henviser til »regnskaber«.
IAS 20
Regnskabsmæssig behandling af offentlige tilskud og oplysning om andre former for offentlig støtte
ANVENDELSESOMRÅDE
1.
Denne standard skal anvendes ved den regnskabsmæssige behandling af og oplysning om offentlige tilskud samt ved oplysning om andre former for offentlig støtte.
2.
Denne standard omhandler ikke:
a)
de specielle problemer, der opstår i forbindelse med den regnskabsmæssige behandling af offentlige tilskud i årsregnskaber, der afspejler virkningerne af varierende priser, eller i supplerende oplysninger af lignende art
b)
offentlig støtte, som ydes til en virksomhed i form af fordele, der ydes ved opgørelsen af den skattepligtige indkomst eller som opgøres eller begrænses på basis af skatteforpligtelser (eksempelvis midlertidige skattefrie perioder, skattemæssige investeringsfradrag, skattemæssige merafskrivninger og reducerede skattesatser)
c)
en offentlig myndigheds medejerskab af virksomheden
d)
offentlige tilskud omfattet af IAS 41 
Landbrug
.
DEFINITIONER
3.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Offentlige myndigheder
 omfatter offentlige myndigheder, offentlige institutioner og tilsvarende lokale, nationale eller internationale myndigheder.
Offentlig støtte
 er en foranstaltning, der træffes af de offentlige myndigheder, med det formål at yde en bestemt økonomisk fordel til én eller flere virksomheder, der opfylder visse kriterier. Offentlig støtte i denne standards betydning omfatter ikke fordele, der kun ydes indirekte gennem foranstaltninger, der berører de almindelige handelsbetingelser, eksempelvis etablering af infrastruktur i udviklingsområder eller indførelse af handelsrestriktioner over for konkurrenter.
Offentlige tilskud
 er støtte, der ydes af en offentlig myndighed i form af overførsel af ressourcer til en virksomhed til gengæld for tidligere eller fremtidig opfyldelse af visse betingelser tilknyttet virksomhedens driftsaktiviteter. Begrebet omfatter ikke de former for offentlig støtte, der ikke med rimelighed kan værdiansættes, samt transaktioner med offentlige myndigheder, som ikke kan adskilles fra virksomhedens normale handelstransaktioner. 
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Aktivrelaterede tilskud
 er offentlige tilskud, der ydes på den primære betingelse, at en virksomhed, der er berettiget til at få støtte, skal købe, fremstille eller på anden måde anskaffe anlægsaktiver. Der kan også være fastsat sekundære betingelser, der begrænser arten eller placeringen af aktiverne, eller i hvilke regnskabsår, de skal anskaffes eller besiddes.
Indtægtsrelaterede tilskud
 er offentlige tilskud, der ikke er aktivrelaterede.
Eftergivelseslån
 er lån, som långiveren påtager sig at eftergive på visse forud aftalte betingelser.
Dagsværdi
 er det beløb, et aktiv kan omsættes til, ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter.
4.
Offentlig støtte antager mange former og kan variere både i arten af den støtte, der gives, og i de betingelser, der normalt er knyttet hertil. Formålet med støtten kan være at tilskynde en virksomhed til at slå ind på en kurs, som den normalt ikke ville have valgt uden en sådan støtte.
5.
Modtagelsen af offentlig støtte kan være betydningsfuld for udarbejdelsen af en virksomheds årsregnskab af to grunde. For det første skal der, hvis der er blevet overført ressourcer, findes en passende regnskabsmetode til behandling af overførslen. For det andet er det ønskeligt at give en indikation af, i hvilket omfang virksomheden har draget fordel af en sådan støtte i løbet af regnskabsåret. Dette vil medvirke til sammenligneligheden af en virksomheds årsregnskab med årsregnskaber for tidligere regnskabsår samt med årsregnskaber for andre virksomheder.
6.
Offentlige tilskud benævnes også nogle gange statstilskud eller subvention.
OFFENTLIGE TILSKUD
7.
Offentlige tilskud, herunder ikke-monetære tilskud til dagsværdi, må ikke indregnes, før der er rimelig sikkerhed for:
a)
at virksomheden vil opfylde de betingelser, der er knyttet til tilskuddet, og
b)
at tilskuddet vil blive modtaget.
8.
Et offentligt tilskud indregnes ikke, før der er rimelig sikkerhed for, at virksomheden vil opfylde de betingelser, der er knyttet til tilskuddet, samt at tilskuddet vil blive modtaget. Modtagelse af et tilskud er ikke i sig selv et afgørende bevis for, at de til tilskuddet knyttede betingelser er blevet eller vil blive opfyldt.
9.
Den form, i hvilken et tilskud modtages, påvirker ikke valget af regnskabsmetode til behandling af tilskuddet. Den regnskabsmæssige behandling af et tilskud er derfor ens, hvad enten det modtages i form af likvide beholdninger eller som reduktion af forpligtelser til en offentlig myndighed.
10.
Et eftergivelseslån fra en offentlig myndighed behandles som offentligt tilskud, når der er rimelig sikkerhed for, at virksomheden vil opfylde betingelserne for eftergivelse af lånet.
11.
Når et offentligt tilskud er indregnet, skal enhver dertil knyttet eventualforpligtelse eller ethvert eventualaktiv behandles i overensstemmelse med IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
.
12.
Offentlige tilskud skal indregnes som indtægt på et systematisk grundlag over de regnskabsår, der er nødvendige for, at tilskuddene kan matches med de tilknyttede omkostninger, for hvilke de skal kompensere. De må ikke indregnes direkte på egenkapitalen.
13.
Der findes to fremgangsmåder for den regnskabsmæssige behandling af offentlige tilskud: kapitalmetoden, hvor tilskuddet indregnes direkte på egenkapitalen, og indtægtsmetoden, hvor tilskuddet indregnes som indtægt over en eller flere regnskabsår.
14.
Følgende argumenter anføres for anvendelse af kapitalmetoden:
a)
offentlige tilskud er en finansieringskilde og skal behandles som sådan i balancen i stedet for indregning i resultatopgørelsen til modregning af de omkostningsposter, som tilskuddene finansierer. Eftersom tilskuddene ikke forventes tilbagebetalt, skal de indregnes direkte på egenkapitalen, og
b)
det er uhensigtsmæssigt at indregne offentlige tilskud i resultatopgørelsen, eftersom de ikke er indtjent, men udgør et tilskud fra en offentlig myndighed uden tilknyttede omkostninger.
15.
Følgende argumenter anføres for anvendelse af indtægtsmetoden:
a)
da offentlige tilskud modtages fra en anden kilde end aktionærerne, skal de ikke indregnes direkte på egenkapitalen, men indregnes som indtægt i de passende regnskabsår
b)
offentlige tilskud er sjældent vederlagsfrie. Virksomheden opnår tilskuddene ved at imødekomme betingelserne forbundet med dem og indfri de forudsete forpligtelser. Derfor skal de indregnes som indtægt for at sammenholdes (matches) med de tilknyttede omkostninger, for hvilke tilskuddene skal kompensere, og
c)
da indkomstskat og andre skatter indregnes som omkostning i resultatopgørelsen, er det logisk også at indregne offentlige tilskud, der ydes i forlængelse af finanspolitik, i resultatopgørelsen.
16.
Det er et grundlæggende træk ved indtægtsmetoden, at offentlige tilskud indregnes som indtægt på en systematisk og rationel måde over de regnskabsår, der er nødvendige for at matche dem med de tilknyttede omkostninger. Indregning af offentlige tilskud som indtægt på basis af modtagne tilskud er ikke i overensstemmelse med periodiseringsprincippet (jf. IAS 1 
Præsentation af årsregnskaber
), og vil derfor kun kunne accepteres, hvis der ikke er andet grundlag for at allokere et tilskud til andre regnskabsår end det, hvori det er modtaget.
17.
I de fleste tilfælde kan man umiddelbart fastlægge de regnskabsår, i hvilke omkostninger i forbindelse med offentlige tilskud indregnes af virksomheden, og tilskud modtaget på grundlag af specifikke omkostninger indregnes derfor som indtægt i samme regnskabsår som de tilknyttede omkostninger. Ligeledes bliver tilskud, der vedrører afskrivningsberettigede aktiver, sædvanligvis indtægtsført i de regnskabsår og i det samme forhold, der afskrives på disse aktiver.
18.
Tilskud tilknyttet ikke-afskrivningsberettigede aktiver kan også kræve indfrielse af visse forpligtelser og vil derfor blive indregnet som indtægt i de regnskabsår, hvor der har været afholdt omkostninger til indfrielse af forpligtelserne. Eksempelvis kan overdragelsen af en grund betinges af opførelsen af en bygning på stedet, og det kan så være hensigtsmæssigt at indregne erhvervelsen som indtægt over bygningens brugstid.
19.
Undertiden modtages tilskud som del af en større støtte af finansiel eller finanspolitisk art, hvortil der knytter sig et antal betingelser. I sådanne tilfælde kræves der omhyggelighed ved fastlæggelsen af, hvilke betingelser der giver anledning til omkostninger og som bestemmer den periode, hvor tilskuddet opnås. Det kan her være hensigtsmæssigt at allokere dele af tilskuddet på ét grundlag og andre dele på et andet grundlag.
20.
Offentlige tilskud, der ydes som godtgørelse for allerede afholdte omkostninger eller tab eller med det formål at yde øjeblikkelig økonomisk støtte til virksomheden, uden at dette medfører yderligere tilknyttede fremtidige omkostninger, skal indregnes som indtægt i det regnskabsår, hvori tilskuddet tildeles.
21.
I stedet for at yde tilskud som tilskyndelse til at påtage sig konkrete omkostninger, gives tilskuddet i nogle tilfælde med det formål at yde øjeblikkelig økonomisk støtte til en virksomhed. Sådanne tilskud kan være begrænset til en enkelt virksomhed og vil dermed ikke være tilgængelige for en hel gruppe af tilskudsmodtagere. Det kan i sådanne tilfælde være påkrævet at indregne tilskuddet som indtægt i det regnskabsår, hvori virksomheden bliver berettiget til at modtage tilskuddet, ledsaget af oplysninger, der sikrer, at man klart kan vurdere den økonomiske virkning af tilskuddet.
22.
Offentlige tilskud kan tildeles en virksomhed som godtgørelse for omkostninger eller tab afholdt i et tidligere regnskabsår. Et sådant tilskud indregnes som indtægt i det regnskabsår, hvori det tildeles, ledsaget af oplysninger, der sikrer, at man klart kan vurdere den økonomiske virkning af tilskuddet.
Ikke-monetære offentlige tilskud
23.
Et offentligt tilskud kan ydes i form af overførsel af et ikke-monetært aktiv, eksempelvis grund eller andre ressourcer, til brug for virksomheden. I disse tilfælde er det almindeligt at vurdere det ikke-monetære aktivs dagsværdi og behandle både tilskuddet og aktivet regnskabsmæssigt til denne dagsværdi. En anden metode, der undertiden anvendes, består i at indregne både aktiv og tilskud til en nominel værdi.
Præsentation af tilskud tilknyttet aktiver
24.
Offentlige tilskud tilknyttet aktiver, herunder ikke-monetære tilskud til dagsværdi, skal præsenteres i balancen enten som en periodeafgrænsningspost eller ved at fratrække tilskuddet i aktivets regnskabsmæssige værdi.
25.
Der er to acceptable alternative metoder til præsentation af offentlige tilskud (eller relevante dele heraf) tilknyttet aktiver i årsregnskabet.
26.
Ifølge den ene metode behandles tilskuddet regnskabsmæssigt som en periodeafgrænsningspost, der indregnes som indtægt på en systematisk og rationel måde over aktivets brugstid.
27.
Ifølge den anden metode fratrækkes tilskuddet i aktivets regnskabsmæssige værdi. Tilskuddet indregnes herved som indtægt over et afskrivningsberettiget aktivs brugstid ved anvendelse af reduceret afskrivning.
28.
Anskaffelse af aktiver og modtagelse af dertil knyttede tilskud kan forårsage betydelige bevægelser i en virksomheds pengestrømme. Af denne grund samt for at vise bruttoinvesteringen i aktiver, gives ofte oplysning om sådanne bevægelser som separate poster i pengestrømsopgørelsen, uanset om tilskuddet fratrækkes det tilknyttede aktiv ved præsentationen i balancen.
Præsentation af tilskud tilknyttet indtægter
29.
Tilskud tilknyttet indkomst præsenteres sommetider som en indtægtspost i resultatopgørelsen, enten separat eller under en generel overskrift som eksempelvis »Anden indtægt«. Alternativt kan tilskuddene fratrækkes ved indregning af de dertil knyttede omkostninger.
30.
Tilhængere af førstnævnte metode hævder, at det er uhensigtsmæssigt at modregne indtægter og omkostninger samt at adskillelsen af tilskud fra omkostninger muliggør sammenligningen med andre omkostninger, der ikke berøres af et tilskud. Til støtte for den anden metode hævdes det, at virksomheden sandsynligvis ikke ville have afholdt omkostningerne, hvis tilskuddet ikke havde været tilgængeligt, og præsentationen af omkostningerne uden modregning af støtten derfor vil være vildledende.
31.
Begge metoder anses for acceptable ved præsentationen af tilskud tilknyttet indkomst. Det kan være nødvendigt at give oplysning om tilskuddet for at opnå en korrekt forståelse af årsregnskabet. Det er almindeligvis hensigtsmæssigt at give oplysning om tilskuddenes virkning på alle indtægts- og omkostningsposter, der kræves oplyst separat.
Tilbagebetaling af offentlige tilskud
32.
Tilbagebetaling af offentlige tilskud skal behandles regnskabsmæssigt som en regulering af et regnskabsmæssigt skøn (jf. IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
). Tilbagebetaling af et tilskud tilknyttet indkomst skal først modregnes i ikke-amortiserede periodeafgrænsningsposter, der er indregnet i forbindelse med tilskuddet. I den udstrækning, tilbagebetalingen overstiger en sådan periodeafgrænsningspost, eller der ikke er nogen periodeafgrænsningspost, indregnes tilbagebetalingen som omkostning straks. Tilbagebetalingen af et tilskud tilknyttet et aktiv skal indregnes ved forøgelse af aktivets regnskabsmæssige værdi eller ved reduktion af periodeafgrænsningsposten med det beløb, der skal tilbagebetales. De samlede yderligere afskrivninger, der ville være indregnet som omkostning til dato, hvis virksomheden ikke havde modtaget tilskuddet, indregnes som omkostning straks.
33.
Omstændigheder, der medfører tilbagebetaling af et tilskud tilknyttet et aktiv, kan kræve en overvejelse om mulig værdiforringelse af aktivets nye regnskabsmæssige værdi.
OFFENTLIG STØTTE
34.
Definitionen på offentlige tilskud i afsnit 3 omfatter ikke visse former for offentlig støtte, som ikke med rimelighed kan værdiansættes samt transaktioner med en offentlig myndighed, som ikke kan adskilles fra virksomhedens normale handelstransaktioner.
35.
Eksempler på støtte, som ikke med rimelighed kan værdiansættes, er vederlagsfri teknisk eller marketing-rådgivning samt garantistillelse. Et eksempel på støtte, som ikke kan adskilles fra virksomhedens normale handelstransaktioner, er en offentlig indkøbspolitik, der sikrer en del af virksomhedens salg. Tilstedeværelsen af fordelen kan være ubestridt, men et eventuelt forsøg på at adskille handelsaktiviteterne fra offentlig støtte kan meget vel være vilkårligt.
36.
De i ovenstående eksempler nævnte fordele kan være af en sådan betydning, at det er nødvendigt at give oplysning om støttens art, omfang og varighed for at sikre, at årsregnskabet ikke bliver vildledende.
37.
Lån til ingen eller lav rente er en form for offentlig støtte, men fordelen kvantificeres ikke ved beregning af rente.
38.
I denne standard omfatter offentlig støtte ikke etablering af infrastruktur ved forbedring af det almindelige transport- og kommunikationsnet og etablering af forbedrede faciliteter, eksempelvis overrisling eller vandforsyning, som vedvarende stilles til rådighed for hele lokalsamfundet.
OPLYSNINGER
39.
Der skal gives følgende oplysninger:
a)
den anvendte regnskabspraksis for offentlige tilskud, herunder hvilken præsentationsform, der anvendes i årsregnskabet
b)
arten og omfanget af de offentlige tilskud, der er indregnet i årsregnskabet, samt angivelse af andre former for offentlig støtte, som virksomheden har draget direkte fordel af, og
c)
uopfyldte forpligtelser og andre eventualposter tilknyttet den indregnede offentlige støtte.
OVERGANGSBESTEMMELSER
40.
En virksomhed, der anvender denne standard for første gang, skal:
a)
opfylde de relevante oplysningskrav, og
b)
enten:
i)
regulere for ændringen i anvendt regnskabspraksis i sit årsregnskab i overensstemmelse med IAS 8, eller
ii)
alene anvende standardens regnskabsmæssige bestemmelser på tilskud eller dele af tilskud, der tildeles eller skal tilbagebetales efter standardens ikrafttrædelsestidspunkt.
IKRAFTTRÆDELSESTIDSPUNKT
41.
Denne standard træder i kraft for årsregnskaber, der dækker regnskabsår, som begynder den 1. januar 1984 eller senere.
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  Jf. også SIC-10 
Offentlig støtte — Ingen konkret forbindelse til driftsaktiviteter
.
IAS 21
Valutaomregning
FORMÅL
1.
En virksomhed kan udøve sine aktiviteter i udlandet på to måder. Den kan foretage transaktioner i fremmed valuta, eller den kan have udenlandske virksomheder. Derudover kan en virksomhed præsentere sit årsregnskab i en fremmed valuta. Formålet med denne standard er at foreskrive, hvordan transaktioner i fremmed valuta samt udenlandske virksomheders årsregnskaber indregnes i en virksomheds årsregnskab, og hvordan årsregnskaber omregnes til en præsentationsvaluta.
2.
De væsentligste problemstillinger er, hvilken eller hvilke valutakurs(er) der skal anvendes, samt hvordan valutaomregningen præsenteres i årsregnskabet.
ANVENDELSESOMRÅDE
3.
Standarden finder anvendelse på 
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1
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:
a)
regnskabsmæssig behandling af transaktioner og mellemværender i fremmed valuta, bortset fra transaktioner og mellemværender vedrørende afledte finansielle instrumenter, som er omfattet af IAS 39 
Finansielle instrumenter: Indregning og måling
,
b)
omregning af resultater og finansiel stilling for udenlandske virksomheder, som er medtaget i virksomhedens årsregnskab ved konsolidering, pro-rata konsolidering eller efter den indre værdis metode, og
c)
omregning af en virksomheds resultater og finansielle stilling til en præsentationsvaluta.
4.
IAS 39 finder anvendelse på en række afledte instrumenter i fremmed valuta, og disse ligger således uden for denne standards anvendelsesområde. De afledte instrumenter i fremmed valuta, som ikke er omfattet af IAS 39 (eksempelvis visse afledte instrumenter i fremmed valuta, som er indbygget i andre kontrakter), ligger imidlertid inden for denne standards anvendelsesområde. Denne standard finder desuden anvendelse, når en virksomhed omregner beløb tilknyttet afledte finansielle instrumenter fra den funktionelle valuta til præsentationsvalutaen.
5.
Denne standard finder ikke anvendelse på regnskabsmæssig sikring af poster i fremmed valuta, herunder sikring af en nettoinvestering i en udenlandsk virksomhed. IAS 39 finder anvendelse på regnskabsmæssig sikring.
6.
Denne standard finder anvendelse på præsentation af virksomheders årsregnskaber i en fremmed valuta og opstiller krav om, at sådanne årsregnskaber skal angives som værende i overensstemmelse med de internationale regnskabsstandarder (IFRS). Hvad angår omregning af økonomiske informationer til en fremmed valuta, som ikke opfylder disse krav, angiver denne standard, hvilke oplysninger, der kræves.
7.
Denne standard finder ikke anvendelse på præsentation i en pengestrømsopgørelse af pengestrømme hidrørende fra transaktioner i en fremmed valuta eller på omregning af pengestrømme i en udenlandsk virksomhed (jf. IAS 7 
Pengestrømsopgørelsen
).
DEFINITIONER
8.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Balancedagens kurs
 er spotkursen mellem to valutaer på balancedagen.
Valutakursforskel
 er den forskel, der opstår som følge af omregning af et givent antal valutaenheder til en anden valuta til forskellige valutakurser.
Valutakurs
 er omvekslingsforholdet mellem to valutaer.
Dagsværdi
 er det beløb, et aktiv kan omsættes til, eller en forpligtelse kan indfris til, ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter.
Fremmed valuta
 er en anden valuta end virksomhedens funktionelle valuta.
En 
udenlandsk virksomhed
 er en virksomhed, som er tilknyttet den regnskabsaflæggende virksomhed som dattervirksomhed, associeret virksomhed, gennem et joint venture eller som filial, og hvis aktiviteter er beliggende eller udøves i et andet land eller en anden valuta end den regnskabsaflæggende virksomheds.
Funktionel valuta
 er valutaen inden for de primære økonomiske rammer, hvor virksomheden har sine aktiviteter.
En 
koncern
 er en modervirksomhed og alle dens dattervirksomheder.
Monetære poster
 er valutaenheder, der besiddes, og aktiver og forpligtelser, der modtages eller betales med et antal valutaenheder, der enten er fast eller kan opgøres.
Nettoinvestering i en udenlandsk virksomhed
 er den regnskabsaflæggende virksomheds kapitalandel i den pågældende virksomheds nettoaktiver.
Præsentationsvaluta
 er den valuta, årsregnskabet præsenteres i.
Spotkurs
 er valutakursen ved øjeblikkelig levering.
Uddybning af definitionerne
Funktionel valuta
9.
De primære økonomiske rammer, hvor virksomheden har sine aktiviteter, er normalt der, hvor virksomheden primært frembringer og anvender likvider. En virksomhed skal tage følgende faktorer i betragtning i sit valg af funktionel valuta:
a)
den valuta:
i)
der har den væsentligste indvirkning på salgspriser for varer og tjenesteydelser (hvilket ofte vil være den valuta, som salgspriser for varer og tjenesteydelser angives og betales i), og
ii)
som findes i det land, hvis markedskræfter og lovgivning har størst betydning for salgspriserne for varer og tjenesteydelser
b)
den valuta, der har den væsentligste indvirkning på løn, materialer og andre omkostninger forbundet med levering af varer og tjenesteydelser (hvilket ofte vil være den valuta, sådanne omkostninger angives og betales i).
10.
Følgende faktorer kan desuden være en indikation af en virksomheds funktionelle valuta:
a)
den valuta, som midler fra finansieringsaktiviteter (dvs. udstedelse af gælds- eller egenkapitalinstrumenter) frembringes i
b)
den valuta, som indbetalinger fra driftsaktiviteter normalt medtages i.
11.
Følgende yderligere faktorer skal tages i betragtning ved valget af den udenlandske virksomheds funktionelle valuta og beslutningen om hvorvidt den funktionelle valuta skal være den samme som den regnskabsaflæggende virksomheds funktionelle valuta (den regnskabsaflæggende virksomhed er i denne sammenhæng den virksomhed, som har den udenlandske virksomhed som dattervirksomhed, filial, associeret virksomhed eller joint venture):
a)
hvorvidt den udenlandske virksomheds aktiviteter udøves som en forlængelse af den regnskabsaflæggende virksomheds aktiviteter frem for at blive udøvet med en væsentlig grad af uafhængighed. Et eksempel på førstnævnte kan være en situation, hvor den udenlandske virksomhed udelukkende sælger varer importeret fra den regnskabsaflæggende virksomhed og betaler salgsavancen til den regnskabsaflæggende virksomhed. Et eksempel på sidstnævnte kan være en situation, hvor virksomheden i al væsentlighed akkumulerer likvider og andre monetære poster, afholder omkostninger, frembringer indtægter og optager lån i den lokale valuta
b)
hvorvidt transaktioner med den regnskabsaflæggende virksomhed udgør en stor eller lille del af den udenlandske virksomheds aktiviteter
c)
hvorvidt pengestrømme fra den udenlandske virksomheds aktiviteter direkte påvirker pengestrømmene i den regnskabsaflæggende virksomhed og er umiddelbart tilgængelige som betaling til den regnskabsaflæggende virksomhed
d)
hvorvidt pengestrømme fra den udenlandske virksomheds aktiviteter er tilstrækkelige til at afdrage eksisterende og forventelige gældsforpligtelser, uden at der skal stilles midler til rådighed fra den regnskabsaflæggende virksomhed.
12.
Når det på baggrund af en kombination af de ovenfor anførte indikatorer stadig ikke klart fremgår, hvilken funktionel valuta der skal vælges, skal der på baggrund af ledelsens vurdering vælges den funktionelle valuta, som giver det mest retvisende billede af den økonomiske virkning af underliggende transaktioner, begivenheder og forhold. Når denne fremgangsmåde anvendes, skal ledelsen lægge vægt på de væsentligste indikatorer i afsnit 9, inden den tager indikatorerne i afsnit 10 og 11 i betragtning, som har til formål yderligere at understøtte valget af virksomhedens funktionelle valuta.
13.
En virksomheds funktionelle valuta skal afspejle de underliggende transaktioner, begivenheder og forhold, som er relevante for virksomheden. Derfor skal der efter valg af funktionel valuta ikke foretages ændringer i denne, medmindre der sker en ændring i disse underliggende transaktioner, begivenheder eller forhold.
14.
Hvis den funktionelle valuta er en hyperinflationsøkonomis valuta, skal virksomhedens årsregnskab tilpasses i overensstemmelse med IAS 29 
Regnskabsaflæggelse i hyperinflationsøkonomier
. En virksomhed kan ikke undgå tilpasning i overensstemmelse med IAS 29 ved f.eks. at anvende en anden valuta end den funktionelle valuta, der er valgt i overensstemmelse med denne standard (eksempelvis modervirksomhedens funktionelle valuta) som sin funktionelle valuta.
Nettoinvestering i en udenlandsk virksomhed
15.
Virksomheder kan besidde monetære poster, som er tilgodehavende fra eller skyldige til en udenlandsk virksomhed. En post, der hverken er planlagt indfriet eller kan forventes indfriet inden for en overskuelig fremtid, udgør i realiteten en del af virksomhedens nettoinvestering i den udenlandske virksomhed og skal regnskabsmæssigt behandles i overensstemmelse med afsnit 32 og 33. Sådanne monetære poster kan omfatte langfristede tilgodehavender eller lån, men omfatter ikke tilgodehavender fra salg og tjenesteydelser eller leverandørforpligtelser.
15A
Den virksomhed, der besidder monetære poster, som er tilgodehavender hos eller skyldige til en udenlandsk virksomhed som beskrevet i afsnit 15, kan være en dattervirksomhed i koncernen. En virksomhed har for eksempel to dattervirksomheder, A og B. Dattervirksomhed B er en udenlandsk virksomhed. Dattervirksomhed A yder et lån til dattervirksomhed B. Dattervirksomhed A’s lån, der er et tilgodehavende hos dattervirksomhed B, ville udgøre en del af virksomhedens nettoinvestering i dattervirksomhed B, hvis lånet hverken er planlagt indfriet eller kan forventes indfriet inden for en overskuelig fremtid. Dette ville også gælde, hvis dattervirksomhed A selv var en udenlandsk virksomhed.
Monetære poster
16.
Et monetært aktivs afgørende kendetegn er retten til at modtage (eller en forpligtelse til at overdrage) et antal valutaenheder, der enten er fast eller kan opgøres. Pensioner og andre personaleydelser, som skal betales kontant, hensatte forpligtelser, som skal indfris kontant og kontant udbytte, som indregnes som en forpligtelse. Ligeledes skal en kontrakt vedrørende modtagelse (eller overdragelse) af et variabelt antal af virksomhedens egne egenkapitalinstrumenter eller et variabelt beløb af aktiver, hvor den dagsværdi, der modtages (eller overdrages) svarer til et antal valutaenheder, der enten er fast eller kan opgøres, anses for en monetær post. Modsat er et ikke-monetært aktivs afgørende kendetegn den manglende ret til at modtage (eller forpligtelse til at overdrage) et antal valutaenheder, der enten er fast eller kan opgøres. forudbetalte beløb for varer og tjenesteydelser (eksempelvis forudbetalt lejeydelse), goodwill, immaterielle aktiver, varebeholdninger, materielle anlægsaktiver, og hensatte forpligtelser, som skal indfris ved overdragelse af et ikke-monetært aktiv.
SAMMENFATNING AF DEN I DENNE STANDARD KRÆVEDE FREMGANGSMÅDE
17.
Ved udarbejdelsen af årsregnskaber skal hver virksomhed — hvad enten der er tale om en selvstændig virksomhed, en virksomhed med udenlandske aktiviteter (eksempelvis en modervirksomhed) eller en udenlandsk virksomhed (eksempelvis en dattervirksomhed eller en filial) — vælge en funktionel valuta i overensstemmelse med afsnit 9-14. Virksomheden skal omregne poster i fremmed valuta til den funktionelle valuta og fremlægge virkningen af en sådan omregning i overensstemmelse med afsnit 20-37 og 50.
18.
Mange regnskabsaflæggende virksomheder omfatter en række individuelle virksomheder (eksempelvis består en koncern af en modervirksomhed og en eller flere dattervirksomheder). Forskellige typer af virksomheder kan, uanset om de er del af en koncern, have investeringer i associerede virksomheder eller joint ventures. De kan også have filialer. Resultaterne og den finansielle stilling for hver enkelt virksomhed, der er omfattet af den regnskabsaflæggende virksomhed, skal omregnes til den valuta, den regnskabsaflæggende virksomhed præsenterer sit årsregnskab i. Denne standard tillader, at en regnskabsaflæggende virksomheds præsentationsvaluta kan være en hvilken som helst valuta (eller flere valutaer). Resultaterne og den finansielle stilling for en enkelt virksomhed, der er omfattet af den regnskabsaflæggende virksomhed, og hvis funktionelle valuta afviger fra præsentationsvalutaen, skal omregnes i overensstemmelse med afsnit 38-50.
19.
Denne standard tillader desuden, at en selvstændig virksomhed, som udarbejder årsregnskaber, eller en virksomhed, som udarbejder separate årsregnskaber i overensstemmelse med IAS 27 
Koncernregnskaber og separate årsregnskaber,
 præsenterer sit årsregnskab i en hvilken som helst valuta (eller flere valutaer). Hvis virksomhedens præsentationsvaluta afviger fra den funktionelle valuta, skal virksomhedens resultater og finansielle stilling også omregnes til præsentationsvalutaen i overensstemmelse med afsnit 38-50.
PRÆSENTATION AF TRANSAKTIONER I FREMMED VALUTA I DEN FUNKTIONELLE VALUTA
Første indregning
20.
En transaktion i fremmed valuta er en transaktion, som finder sted eller skal afregnes i en fremmed valuta, herunder transaktioner, der finder sted, når virksomheden:
a)
køber eller sælger varer eller tjenesteydelser i fremmed valuta,
b)
låner eller udlåner midler, hvor de skyldige eller tilgodehavende beløb er i fremmed valuta, eller
c)
på anden måde anskaffer eller afhænder aktiver eller påtager sig eller indfrier forpligtelser i fremmed valuta.
21.
En transaktion i fremmed valuta skal på tidspunktet for første indregning i den funktionelle valuta registreres ved omregning af beløbet i fremmed valuta til den på transaktionstidspunktet gældende spotkurs mellem den funktionelle valuta og den fremmede valuta.
22.
Transaktionsdagen er den dag, hvor transaktionen for første gang opfylder kriterierne for indregning i overensstemmelse med de internationale regnskabsstandarder (IFRS). Af praktiske grunde anvendes ofte en kurs, der er tilnærmet transaktionsdagens kurs. Eksempelvis kan en gennemsnitlig valutakurs for en uge eller en måned anvendes på alle transaktioner i den pågældende valuta i løbet af denne periode. Dog er anvendelsen af en gennemsnitlig valutakurs for en periode uhensigtsmæssig ved væsentlige valutakursudsving.
Omregning på efterfølgende balancedage
23.
På hver balancedag skal:
a)
monetære poster i fremmed valuta omregnes ved anvendelse af balancedagens kurs,
b)
ikke-monetære poster, som måles på grundlag af historisk kostpris i fremmed valuta, omregnes ved anvendelse af transaktionsdagens kurs, og
c)
ikke-monetære poster, som måles til dagsværdi i fremmed valuta, omregnes ved anvendelse af gældende valutakurser på det tidspunkt, hvor dagsværdien blev opgjort.
24.
Den regnskabsmæssige værdi af en post opgøres i sammenhæng med andre relevante standarder. Eksempelvis kan materielle anlægsaktiver måles i forhold til dagsværdien eller historisk kostpris i overensstemmelse med IAS 16 
Materielle anlægsaktiver
. Uanset om den regnskabsmæssige værdi opgøres på grundlag af historisk kostpris eller dagsværdi, skal beløb, som er opgjort i fremmed valuta efterfølgende omregnes til den funktionelle valuta i overensstemmelse med denne standard.
25.
Den regnskabsmæssige værdi af visse poster opgøres ved at sammenligne to eller flere beløb. Eksempelvis måles den regnskabsmæssige værdi af varebeholdninger til den laveste værdi af kostpris og nettorealiseringsværdi i overensstemmelse med IAS 2 
Varebeholdninger
. Tilsvarende måles den regnskabsmæssige værdi af et aktiv, hvor der er indikation af værdiforringelse, til den laveste værdi af den regnskabsmæssige værdi før mulige tab ved værdiforringelse og genindvindingsværdien i overensstemmelse med IAS 36 
Værdiforringelse af aktiver
. Hvis der er tale om et ikke-monetært aktiv, som måles i fremmed valuta, skal den regnskabsmæssige værdi opgøres ved at sammenligne:
a)
kostprisen eller den regnskabsmæssige værdi, alt efter hvad der er hensigtsmæssigt, omregnet til den på tidspunktet for opgørelsen af beløbet gældende valutakurs (dvs. transaktionsdagens kurs for en post målt på grundlag af historisk kostpris), og
b)
nettorealiseringsværdien eller genindvindingsværdien, alt efter hvad der er hensigtsmæssigt, omregnet til den på tidspunktet for opgørelsen af værdien gældende valutakurs (dvs. balancedagens kurs).
Virkningen af denne sammenligning kan være, at der i den funktionelle valuta bliver indregnet et tab ved værdiforringelse, som ikke ville blive indregnet i den fremmede valuta og omvendt.
26.
Når der er flere mulige valutakurser, anvendes den kurs, som de fremtidige pengestrømme, som transaktionen eller mellemværendet repræsenterer, kunne have været afviklet til, hvis disse pengestrømme havde fundet sted på målingstidspunktet. Hvis der midlertidigt ikke kan ske omveksling mellem to valutaer, anvendes den første kurs, som muliggør omveksling efter udløbet af denne midlertidige periode.
Indregning af valutakursforskelle
27.
Som beskrevet i afsnit 3, finder IAS 39 anvendelse på regnskabsmæssig sikring af poster i fremmed valuta. Anvendelse af regnskabsmæssig sikring kræver, at en virksomhed foretager en anden regnskabsmæssig behandling af visse valutakursforskelle, end der kræves i denne standard. Eksempelvis kræver IAS 39, at valutakursforskelle ved monetære poster, som kan betegnes som sikringsinstrumenter ved sikring af pengestrømme, ved første indregning medtages i egenkapitalen, i det omfang sikringen er effektiv.
28.
Valutakursforskelle hidrørende fra indfrielsen af monetære poster eller omregning af monetære poster til valutakurser, som afviger fra de valutakurser, der blev anvendt, da posterne første gang blev indregnet i regnskabsåret eller i tidligere årsregnskaber, skal indregnes i resultatet for det regnskabsår, hvor de opstår, med undtagelse af de i afsnit 32 angivne tilfælde.
29.
Når monetære poster hidrører fra en transaktion i fremmed valuta, og der er sket en ændring i valutakursen mellem transaktionstidspunktet og afregningstidspunktet, opstår der en valutakursforskel. Når transaktionen afregnes i det regnskabsår, hvor den opstod, indregnes alle valutakursforskelle i dette regnskabsår. Hvis transaktionen imidlertid afregnes i et efterfølgende regnskabsår, lægges ændringen i valutakursen i hvert regnskabsår til grund for opgørelsen af den valutakursforskel, der indregnes i hvert regnskabsår frem til afregningstidspunktet.
30.
Hvis en gevinst eller et tab på en ikke-monetær post indregnes direkte på egenkapitalen, skal hvert valutakurselement forbundet med denne gevinst eller dette tab indregnes direkte på egenkapitalen. Hvis en gevinst eller et tab på en ikke-monetær post derimod indregnes i resultatet, skal et valutakurselement forbundet med denne gevinst eller dette tab indregnes i resultatet.
31.
I andre standarder kræves det, at visse gevinster eller tab indregnes direkte på egenkapitalen. Eksempelvis kræver IAS 16, at visse gevinster eller tab hidrørende fra en omvurdering af materielle anlægsaktiver indregnes direkte på egenkapitalen. Når et sådant aktiv måles i en fremmed valuta, kræves det i henhold til afsnit 23c) i denne standard, at den omvurderede værdi omregnes til valutakursen på det tidspunkt, hvor værdien blev opgjort, hvorved der opstår en valutakursforskel, som ligeledes indregnes på egenkapitalen.
32.
Valutakursforskelle, som opstår i forbindelse med en monetær post, der udgør en del af en regnskabsaflæggende virksomheds nettoinvestering i en udenlandsk virksomhed (jf. afsnit 15), skal indregnes i resultatet i den regnskabsaflæggende virksomheds separate årsregnskab eller den enkelte udenlandske virksomheds årsregnskab. I årsregnskaber, som både omfatter den udenlandske virksomhed og den regnskabsaflæggende virksomhed (f.eks. et koncernregnskab, hvis den udenlandske virksomhed er en dattervirksomhed), skal sådanne valutakursforskelle første gang indregnes som et separat element af egenkapitalen, og ved afhændelse af nettoinvesteringen skal de indregnes i resultatet i overensstemmelse med afsnit 48.
33.
Hvis en monetær post udgør en del af en regnskabsaflæggende virksomheds nettoinvestering i en udenlandsk virksomhed og er angivet i den regnskabsaflæggende virksomheds funktionelle valuta, opstår der en valutakursforskel i den udenlandske virksomheds årsregnskab i overensstemmelse med afsnit 28. Hvis en sådan post angives i den udenlandske virksomheds funktionelle valuta, opstår der en valutakursforskel i den regnskabsaflæggende virksomheds separate årsregnskab i overensstemmelse med afsnit 28. Hvis en sådan post angives i en anden valuta end både den regnskabsaflæggende virksomheds og den udenlandske virksomheds funktionelle valuta, opstår der en valutakursforskel i den regnskabsaflæggende virksomheds separate årsregnskab og i den udenlandske virksomheds årsregnskab i overensstemmelse med afsnit 28. Sådanne valutakursforskelle omklassificeres til det separate element af egenkapitalen i det årsregnskab, som omfatter både den udenlandske virksomhed og den regnskabsaflæggende virksomhed (dvs. det årsregnskab, hvor den udenlandske virksomhed konsolideres, pro rata-konsolideres eller behandles regnskabsmæssigt ved brug af den indre værdis metode).
34.
Hvis en virksomhed foretager bogføring og registrering i en anden valuta end den funktionelle valuta, skal virksomheden på tidspunktet for udarbejdelsen af årsregnskabet omregne alle beløb til den funktionelle valuta i overensstemmelse med afsnit 20-26. Dette giver samme beløb i den funktionelle valuta, som ville være fremkommet, hvis posterne oprindeligt var blevet registreret i den funktionelle valuta. Eksempelvis omregnes monetære poster til den funktionelle valuta ved anvendelse af balancedagens kurs, og ikke-monetære poster, som måles på grundlag af historisk kostpris, omregnes ved anvendelse af kursen på tidspunktet for den transaktion, der gav anledning til indregningen.
Ændring i funktionel valuta
35.
Når den funktionelle valuta i en virksomhed ændres, skal virksomheden fremadrettet fra tidspunktet for ændringen anvende de omregningsprocedurer, der er gældende for den nye funktionelle valuta.
36.
Som nævnt i afsnit 13 skal en virksomheds funktionelle valuta afspejle de underliggende transaktioner, begivenheder og forhold, som er relevante for virksomheden. Derfor kan der, efter valget af funktionel valuta er truffet, kun foretages ændringer i den funktionelle valuta, hvis der sker en ændring i disse underliggende transaktioner, begivenheder og forhold. Eksempelvis kan en ændring i den valuta, der har den væsentligste indvirkning på salgspriser for varer og tjenesteydelser, føre til en ændring i virksomhedens funktionelle valuta.
37.
Der foretages fremadrettet regnskabsmæssig behandling af virkningen af en ændring i den funktionelle valuta. Det vil sige, at en virksomhed omregner alle poster til den nye funktionelle valuta ved anvendelse af den på tidspunktet for ændringen gældende valutakurs. De deraf følgende omregnede beløb for ikke-monetære poster behandles til historisk kostpris. Valutakursforskelle, der opstår som følge af omregning af en udenlandsk virksomhed, der tidligere blev klassificeret i egenkapitalen i overensstemmelse med afsnit 32 og 39c), indregnes ikke i resultatet, før virksomheden afhændes.
ANVENDELSE AF EN ANDEN PRÆSENTATIONSVALUTA END DEN FUNKTIONELLE VALUTA
Omregning til præsentationsvalutaen
38.
En virksomhed kan præsentere sit årsregnskab i en hvilken som helst valuta (eller flere valutaer). Hvis præsentationsvalutaen afviger fra virksomhedens funktionelle valuta, skal virksomheden omregne sine resultater og sin finansielle stilling til præsentationsvalutaen. Som eksempel kan nævnes, at hvis en koncern omfatter individuelle virksomheder med forskellige funktionelle valutaer, skal resultaterne og den finansielle stilling for hver virksomhed angives i en fælles valuta, så der kan udarbejdes et koncernregnskab.
39.
Resultaterne og den finansielle stilling for en virksomhed, hvis funktionelle valuta ikke er en hyperinflationsøkonomis valuta, skal omregnes til en anden præsentationsvaluta ved anvendelse af følgende procedurer:
a)
aktiver og forpligtelser i balancen for hvert præsenteret regnskabsår (herunder også sammenligningstal) skal omregnes til kursen på den pågældende balancedag,
b)
indtægter og omkostninger i resultatopgørelsen for hvert præsenteret regnskabsår (herunder også sammenligningstal) skal omregnes til kurserne på transaktionsdagene, og
c)
alle deraf følgende valutakursforskelle skal indregnes som et separat element af egenkapitalen.
40.
Af praktiske grunde anvendes der ofte ved omregning af indtægts- og omkostningsposter en tilnærmet valutakurs for transaktionsdagene, eksempelvis en gennemsnitlig valutakurs for perioden. Dog er anvendelsen af en gennemsnitlig valutakurs for en periode uhensigtsmæssig ved væsentlige valutakursudsving.
41.
De i afsnit 39c) omtalte valutakursforskelle hidrører fra:
a)
omregning af indtægter og omkostninger til transaktionsdagens kurser og aktiver og forpligtelser til kursen på datoen for opgørelsen af finansiel stilling. Sådanne valutakursforskelle opstår både i forbindelse med indtægts- og omkostningsposter, der indregnes i resultatet, og poster indregnet direkte på egenkapitalen
b)
omregning af nettoaktiver primo til en kurs på balancedagen, som afviger fra balancedagens kurs i tidligere regnskabsår.
Disse valutakursforskelle indregnes ikke i resultatet, idet valutakursændringerne har ingen eller ringe direkte virkning på aktuelle og fremtidige pengestrømme fra driften. Når valutakursforskellene vedrører en udenlandsk virksomhed, som er en del af koncernen, men ikke 100 % ejet, skal akkumulerede valutakursforskelle, som hidrører fra omregning og er tilknyttet minoritetsinteresser, allokeres til og præsenteres som en del af minoritetsinteressen i koncernbalancen.
42.
Resultaterne og den finansielle stilling for en virksomhed, hvis funktionelle valuta er en hyperinflationsøkonomis valuta, skal omregnes til en anden præsentationsvaluta ved anvendelse af følgende procedurer:
a)
alle beløb (dvs. aktiver, forpligtelser, egenkapitalposter, indtægter og omkostninger, herunder sammenligningstal) skal omregnes til kursen på den seneste balancedag bortset fra, at
b)
når beløb omregnes til en ikke-hyperinflationsøkonomis valuta, skal sammenligningstallene udgøres af de beløb, der blev præsenteret som regnskabsårets aktuelle beløb i årsregnskabet for relevante tidligere regnskabsår (dvs. uden regulering for efterfølgende ændringer i prisniveauet eller efterfølgende valutakursændringer)
43.
Når en virksomheds funktionelle valuta er en hyperinflationsøkonomis valuta, skal virksomheden tilpasse sit årsregnskab i overensstemmelse med IAS 29, før virksomheden anvender den omregningsmetode, der er beskrevet i afsnit 42, undtagen for sammenligningstal, som omregnes til en ikke-hyperinflationsøkonomis valuta (jf. afsnit 42b). Når en økonomi ikke længere er hyperinflationær, og virksomheden ophører med at tilpasse sit årsregnskab i overensstemmelse med IAS 29, skal virksomheden som historisk kostpris ved omregning til præsentationsvalutaen anvende beløb, der er tilpasset prisniveauet på tidspunktet for virksomhedens ophør med tilpasning af sit årsregnskab.
Omregning af en udenlandsk virksomhed
44.
Ud over afsnit 38-43 finder afsnit 45-47 anvendelse, når en udenlandsk virksomheds resultater og finansielle stilling skal omregnes til en præsentationsvaluta, således at den udenlandske virksomhed kan blive omfattet af den regnskabsaflæggende virksomheds årsregnskab ved konsolidering, pro rata-konsolidering eller efter den indre værdis metode.
45.
Indarbejdelsen af en udenlandsk virksomheds resultater og finansielle stilling i den regnskabsaflæggende virksomheds resultater og finansielle stilling foretages efter normale konsolideringsprocedurer, såsom eliminering af koncernmellemværender og en dattervirksomheds koncerninterne transaktioner (jf. IAS 27 og IAS 31 
Kapitalandele i joint ventures
). Et koncerninternt monetært aktiv (eller en forpligtelse) kan imidlertid ikke, hvad enten den er kortfristet eller langfristet, elimineres i den tilsvarende koncerninterne forpligtelse (eller aktiv), uden at der redegøres for resultaterne af kursudsving i koncernregnskabet. Det skyldes, at den monetære post udgør en forpligtelse til at konvertere en valuta til en anden valuta, og udsætter den regnskabsaflæggende virksomhed for en gevinst eller et tab som følge af kursudsving. I en regnskabsaflæggende virksomheds koncernregnskab skal sådanne valutakursforskelle derfor fortsat indregnes i resultatet eller, hvis de opstår som følge af de i afsnit 32 beskrevne omstændigheder, klassificeres som egenkapital indtil afhændelsen af den udenlandske virksomhed.
46.
Når en udenlandsk virksomheds årsregnskab er udarbejdet pr. en anden dato end den regnskabsaflæggende virksomheds årsregnskab, udarbejder den udenlandske virksomhed ofte supplerende beretninger pr. samme dato som den regnskabsaflæggende virksomheds årsregnskab. I modsat fald tillader IAS 27, at der anvendes en anden balancedag, forudsat at der ikke er en forskel på mere end tre måneder, og at der foretages reguleringer for virkningerne af eventuelle væsentlige transaktioner eller andre begivenheder, som opstår mellem de forskellige datoer. I sådanne tilfælde omregnes den udenlandske virksomheds aktiver og forpligtelser til den på balancedagen for den udenlandske virksomhed gældende kurs. Der foretages reguleringer for væsentlige ændringer i valutakurser frem til balancedagen i den regnskabsaflæggende virksomhed i overensstemmelse med IAS 27. Der benyttes samme fremgangsmåde ved anvendelsen af den indre værdis metode for associerede virksomheder og joint ventures og anvendelsen af pro rata-konsolidering for joint ventures i overensstemmelse med IAS 28 
Investeringer i associerede virksomheder
 og IAS 31.
47.
Eventuel goodwill hidrørende fra overtagelsen af en udenlandsk virksomhed og eventuelle reguleringer af aktivers og forpligtelsers regnskabsmæssige værdi til dagsværdi hidrørende fra overtagelsen af den udenlandske virksomhed behandles som aktiver og forpligtelser i den udenlandske virksomhed. De skal således angives i den udenlandske virksomheds funktionelle valuta og omregnes til balancedagens kurs i overensstemmelse med afsnit 39 og 42.
Afhændelse af en udenlandsk virksomhed
48.
Ved afhændelsen af en udenlandsk virksomhed skal akkumulerede valutakursforskelle, som er udskudt i det separate egenkapitalelement vedrørende den udenlandske virksomhed, indregnes i resultatet, når gevinsten eller tabet ved afhændelsen er indregnet.
49.
En virksomhed kan afhænde sin kapitalandel i en udenlandsk virksomhed gennem salg, likvidation, tilbagebetaling af selskabskapital eller nedlæggelse af hele eller dele af virksomheden. Udbetaling af udbytte er udelukkende en del af afhændelsen, når det udgør en tilbagebetaling af investeringen, eksempelvis når udbyttet udbetales af overskud før overtagelsen. Ved delvis afhændelse medtages udelukkende den forholdsmæssige andel af den tilknyttede akkumulerede valutakursforskel i gevinsten eller tabet. En nedskrivning af en udenlandsk virksomheds regnskabsmæssige værdi udgør ikke en delvis afhændelse. Derfor indregnes der ikke nogen del af den udskudte kursgevinst eller de udskudte kurstab i resultatet, når nedskrivningen foretages.
SKATTEMÆSSIGE VIRKNINGER AF ALLE VALUTAKURSFORSKELLE
50.
Gevinster og tab på transaktioner i fremmed valuta og valutakursforskelle hidrørende fra omregning af en virksomheds (herunder en udenlandsk virksomheds) resultater og finansielle stilling til en anden valuta kan have skattemæssige virkninger. IAS 12 
Indkomstskatter
 finder anvendelse på sådanne skattemæssige virkninger.
OPLYSNINGER
51.
I afsnit 53 og 55-57 gælder henvisninger til »funktionel valuta« for koncerners vedkommende modervirksomhedens funktionelle valuta.
52.
En virksomhed skal give følgende oplysninger:
a)
den beløbsmæssige størrelse af valutakursforskelle indregnet i resultatet, undtagen når disse opstår i forbindelse med finansielle instrumenter, som måles til dagsværdi over resultatet i overensstemmelse med IAS 39, og
b)
nettokursforskelle klassificeret som et separat element af egenkapitalen samt en afstemning af den beløbsmæssige størrelse af sådanne valutakursforskelle ved begyndelsen og slutningen af regnskabsåret.
53.
Når præsentationsvalutaen afviger fra den funktionelle valuta, skal dette angives, og den funktionelle valuta skal oplyses sammen med årsagen til, at der anvendes en anden præsentationsvaluta.
54.
Hvis der foretages en ændring i den funktionelle valuta enten i den regnskabsaflæggende virksomhed eller i en væsentlig udenlandsk virksomhed, skal dette oplyses sammen med årsagen til denne ændring i den funktionelle valuta.
55.
Hvis en virksomhed præsenterer sit årsregnskab i en anden valuta end den funktionelle valuta, skal virksomheden kun angive, at årsregnskabet er i overensstemmelse med de internationale regnskabsstandarder (IFRS), hvis det er i overensstemmelse med alle bestemmelser i de relevante standarder og relevante fortolkningsbidrag til disse standarder, herunder den omregningsmetode, der er angivet i afsnit 39 og 42.
56.
En virksomhed præsenterer undertiden sit årsregnskab eller anden økonomisk information i en anden valuta end den funktionelle valuta uden at opfylde kravene i afsnit 55. Som eksempel herpå kan nævnes en virksomhed, som kun omregner udvalgte poster fra sit årsregnskab til en anden valuta. Et andet eksempel er en virksomhed, hvis funktionelle valuta ikke er en hyperinflationsøkonomis valuta, som omregner sit årsregnskab til en anden valuta ved at omregne alle poster til kursen på den seneste balancedag. Sådanne omregninger er ikke i overensstemmelse med de internationale regnskabsstander (IFRS), og der kræves oplysninger som beskrevet i afsnit 57.
57.
Hvis en virksomhed præsenterer sit årsregnskab eller anden økonomisk information i en valuta, som afviger fra enten den funktionelle valuta eller præsentationsvalutaen, og kravene i afsnit 55 ikke er opfyldt, skal virksomheden:
a)
klart beskrive oplysningerne som supplerende for at adskille disse oplysninger fra oplysninger, som er i overensstemmelse med de internationale regnskabsstander (IFRS),
b)
oplyse om, hvilken valuta de supplerende oplysninger er præsenteret i, og
c)
oplyse om virksomhedens funktionelle valuta og den anvendte omregningsmetode ved opgørelsen af de supplerende oplysninger.
IKRAFTTRÆDELSESTIDSPUNKT OG OVERGANG
58.
Virksomheder skal anvende denne standard for årsregnskaber, der dækker regnskabsår, som begynder 1. januar 2005 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender denne standard for regnskabsår, som begynder før 1. januar 2005, skal den give oplysning om dette.
58A
Nettoinvestering i en udenlandsk virksomhed
 (Ændring til IAS 21), udgivet i december 2005, tilføjet afsnit 15A og ændret afsnit 33. Virksomhederne skal anvende ændringerne på regnskabsår, som begynder 1. januar 2006 eller derefter. Det tilskyndes, at ændringerne anvendes før dette tidspunkt.
59.
Virksomheder skal anvende afsnit 47 fremadrettet for alle overtagelser, der har fundet sted efter begyndelsen af det regnskabsår, hvor denne standard anvendes for første gang. Det er tilladt at anvende afsnit 47 med tilbagevirkende kraft for tidligere overtagelser. Ved overtagelse af en udenlandsk virksomhed, som behandles fremadrettet, men som fandt sted før det tidspunkt, hvor denne standard blev anvendt første gang, skal virksomheden ikke tilpasse tidligere regnskabsår og kan derfor, hvor det findes hensigtsmæssigt, behandle reguleringer af goodwill og dagsværdi hidrørende fra overtagelsen som aktiver og forpligtelser i virksomheden frem for aktiver og forpligtelser i den udenlandske virksomhed. Derfor er disse reguleringer af goodwill og dagsværdi enten allerede angivet i virksomhedens funktionelle valuta, eller de er ikke-monetære poster i fremmed valuta, som præsenteres ved anvendelse af valutakursen på overtagelsestidspunktet.
60.
Alle andre ændringer, som hidrører fra anvendelsen af denne standard, skal regnskabsmæssigt behandles i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
.
OPHÆVELSE AF ANDRE UDTALELSER
61.
Denne standard erstatter IAS 21 
Valutaomregning
 (ajourført 1993).
62.
Denne standard erstatter følgende fortolkningsbidrag:
a)
SIC-11 
Valutaomregning — Aktivering af tab som følge af kraftige devalueringer
,
b)
SIC-19 
Rapporteringsvaluta — Måling og præsentation af årsregnskaber i henhold til IAS 21 og IAS 29
, og
c)
SIC-30 
Rapporteringsvaluta — Omregning fra målingsvaluta til præsentationsvaluta
.
(
1
)
  Jf. også SIC-7 
Indførelse af euroen.
IAS 23
Låneomkostninger
FORMÅL
Formålet med denne standard er at foreskrive den regnskabsmæssige behandling af låneomkostninger. Denne standard kræver generelt, at låneomkostninger indregnes straks. Som tilladt alternativ behandling giver denne standard dog mulighed for aktivering af låneomkostninger, som er direkte knyttet til anskaffelsen, opførelsen eller produktionen af et kvalificerende aktiv.
ANVENDELSESOMRÅDE
1.
Denne standard finder anvendelse på den regnskabsmæssige behandling af låneomkostninger.
2.
Denne standard erstatter IAS 23 
Kapitalisering af låneomkostninger
, som blev godkendt i 1983.
3.
Denne standard omhandler ikke faktiske eller beregnede omkostninger vedrørende egenkapital, herunder præferencestillet egenkapital, der ikke er klassificeret som en forpligtelse.
DEFINITIONER
4.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Låneomkostninger
 er renter og andre omkostninger, som en virksomhed afholder i forbindelse med lån af finansielle midler.
Et 
kvalificerende aktiv
 er et aktiv, som kræver en væsentlig tidsperiode for at blive klar til dets planlagte anvendelse eller salg.
5.
Låneomkostninger kan omfatte:
a)
renter på kassekreditter og kort- og langfristede lån,
b)
amortisering af kurstab eller kursgevinst i forbindelse med låntagning,
c)
amortisering af ekstraomkostninger afholdt i forbindelse med optagelsen af lån,
d)
finansieringsomkostninger vedrørende finansielle leasingkontrakter indregnet i overensstemmelse med IAS 17 
Leasingkontrakter
, og
e)
valutakursforskelle hidrørende fra låntagning i fremmed valuta, i det omfang disse anses som en regulering af renteomkostninger.
6.
Som eksempel på kvalificerende aktiver kan nævnes varebeholdninger, som kræver en væsentlig tidsperiode for at blive bragt i salgbar stand, produktionsanlæg, elværker og investeringsejendomme. Andre investeringer samt varebeholdninger, som produceres rutinemæssigt eller på anden måde serieproduceres i store mængder over en kort tidsperiode, er ikke kvalificerende aktiver. Aktiver, som ved anskaffelsen er klar til deres planlagte anvendelse eller salg, er ligeledes ikke kvalificerende aktiver.
LÅNEOMKOSTNINGER — HOVEDREGEL
Indregning
7.
Låneomkostninger skal indregnes som omkostning i det regnskabsår, de er afholdt.
8.
I henhold til hovedreglen indregnes låneomkostninger i det regnskabsår, de er afholdt, uden hensyntagen til, hvordan lånet anvendes.
Oplysninger
9.
Årsregnskabet skal indeholde oplysning om anvendt regnskabspraksis for låneomkostninger.
LÅNEOMKOSTNINGER — TILLADT ALTERNATIV BEHANDLING
Indregning
10.
Låneomkostninger skal indregnes som omkostning i det regnskabsår, de er afholdt, undtagen i det omfang de aktiveres i overensstemmelse med afsnit 11.
11.
Låneomkostninger, som er direkte knyttet til anskaffelsen, opførelsen eller produktionen af et kvalificerende aktiv, skal aktiveres som en del af dette aktivs kostpris. Aktiveringsberettigede låneomkostninger skal opgøres i overensstemmelse med denne standard.
12.
I henhold til den tilladte alternative behandling medtages låneomkostninger, som er direkte knyttet til anskaffelsen, opførelsen eller produktionen af et aktiv, i aktivets kostpris. Sådanne låneomkostninger aktiveres som en del af aktivets kostpris, når det er sandsynligt, at de vil medføre fremtidige økonomiske fordele for virksomheden, og omkostningerne kan måles pålideligt. Andre låneomkostninger skal indregnes i det regnskabsår, de er afholdt.
Aktiveringsberettigede låneomkostninger
13.
Låneomkostninger, som er direkte knyttet til anskaffelsen, opførelsen eller produktionen af et kvalificerende aktiv er de låneomkostninger, som ville have været undgået, hvis omkostninger til det kvalificerende aktiv ikke var afholdt. Når virksomheden låner midler specielt med henblik på at anskaffe et bestemt kvalificerende aktiv, kan låneomkostninger direkte knyttet til dette kvalificerende aktiv let identificeres.
14.
Det kan være vanskeligt at identificere et direkte forhold mellem et bestemt lån og et kvalificerende aktiv samt bestemme hvilke lån, som kunne have været undgået på anden vis. Sådanne vanskeligheder opstår eksempelvis, når en virksomheds finansieringsaktiviteter koordineres centralt. Vanskeligheder kan ligeledes opstå, når en koncern anvender en række forskellige gældsinstrumenter til at låne midler til forskellige rentesatser og udlåner disse midler på forskellige betingelser til andre virksomheder inden for koncernen. Andre komplikationer kan opstå ved anvendelsen af lån i eller knyttet til fremmed valuta, når koncernen har aktiviteter i højinflationsøkonomier, samt i forbindelse med kursudsving. Som følge heraf er opgørelsen af låneomkostninger, der er direkte knyttet til anskaffelsen af et kvalificerende aktiv, vanskelig, og det er nødvendigt at udøve skøn.
15.
I det omfang midler lånes specielt med henblik på at anskaffe et kvalificerende aktiv, skal de aktiveringsberettigede låneomkostninger på dette aktiv opgøres som de faktisk afholdte låneomkostninger ved denne låntagning i regnskabsåret med fradrag af eventuelle investeringsafkast fra den midlertidige investering af disse lån.
16.
Ved finansieringen af et kvalificerende aktiv kan det ske, at en virksomhed låner midler og afholder tilknyttede låneomkostninger, før nogle af eller alle midlerne anvendes til dækning af det kvalificerende aktiv. I sådanne tilfælde investeres midlerne ofte midlertidigt, indtil de anvendes til betaling af det kvalificerende aktiv. Ved opgørelsen af de aktiveringsberettigede låneomkostninger i et regnskabsår trækkes eventuelle investeringsafkast fra sådanne midler fra de afholdte låneomkostninger.
17.
I det omfang midler lånes generelt og anvendes med henblik på at anskaffe et kvalificerende aktiv, skal de aktiveringsberettigede låneomkostninger opgøres ved anvendelse af en aktiveringssats på dette aktivs omkostninger. Aktiveringssatsen skal være det vejede gennemsnit af de låneomkostninger, som kan knyttes til virksomhedens udestående lån i regnskabsåret, bortset fra lån specielt optaget med henblik på at anskaffe et kvalificerende aktiv. Låneomkostninger aktiveret i et regnskabsår må ikke overstige låneomkostninger afholdt i det samme regnskabsår.
18.
I nogle tilfælde er det hensigtsmæssigt at medtage alle modervirksomhedens samt dens dattervirksomheders lån ved beregningen af et vejet gennemsnit af låneomkostninger. I andre tilfælde er det hensigtsmæssigt for hver dattervirksomhed at anvende et vejet gennemsnit af låneomkostninger knyttet til dens egne lån.
Beløb, hvormed det kvalificerende aktivs regnskabsmæssige værdi overstiger genindvindingsværdien
19.
Når den regnskabsmæssige værdi eller den forventede endelige kostpris for et kvalificerende aktiv overstiger genindvindingsværdien eller nettorealisationsværdien, nedskrives eller afskrives den regnskabsmæssige værdi i overensstemmelse med kravene i andre standarder. I visse tilfælde tilbageføres nedskrivningen eller afskrivningen i overensstemmelse med disse andre standarder.
Påbegyndelse af aktivering
20.
Aktiveringen af låneomkostninger som en del af det kvalificerende aktivs kostpris skal påbegyndes, når:
a)
omkostninger på aktivet afholdes,
b)
låneomkostninger afholdes, og
c)
aktiviteter, som er nødvendige for at forberede aktivet til dets planlagte anvendelse eller salg, er i gang.
21.
Omkostninger til et kvalificerende aktiv omfatter udelukkende de omkostninger, som har medført kontante betalinger, overførsel af andre aktiver eller påtagelsen af rentebærende forpligtelser. Omkostningerne reduceres med eventuelle acontobetalinger og tilskud modtaget (jf. IAS 20 
Regnskabsmæssig behandling af offentlige tilskud og oplysning om andre former for offentlig støtte
). Et aktivs gennemsnitlige regnskabsmæssige værdi i et regnskabsår, herunder tidligere aktiverede låneomkostninger, er normalt en rimelig tilnærmelse af de omkostninger, hvorpå aktiveringssatsen er anvendt i regnskabsåret.
22.
De aktiviteter, som er nødvendige for at forberede aktivet til dets planlagte anvendelse eller salg, omfatter mere end den fysiske opførelse af aktivet. De omfatter teknisk og administrativt arbejde før påbegyndelsen af den fysiske opførelse, eksempelvis aktiviteter i forbindelse med indhentning af tilladelser før påbegyndelsen af den fysiske opførelse. Dog omfatter sådanne aktiviteter ikke besiddelsen af et aktiv, når der ikke foretages en produktion eller udvikling, som vil ændre aktivets tilstand. Eksempelvis aktiveres låneomkostninger afholdt, mens en grund er under byggemodning, i løbet af det regnskabsår, hvor de til byggemodningen knyttede aktiviteter foretages. Låneomkostninger, som afholdes, mens grunde anskaffet til byggeformål besiddes, uden at der foretages tilknyttede aktiviteter, opfylder derimod ikke kriterierne for aktivering.
Midlertidigt ophør af aktivering
23.
Aktivering af låneomkostninger skal bringes til midlertidigt ophør i perioder af længere varighed, hvor den aktive udvikling er afbrudt.
24.
Låneomkostninger kan afholdes i løbet af en periode af længere varighed, hvor aktiviteter, som er nødvendige for at forberede aktivet til dets planlagte anvendelse eller salg, er afbrudt. Sådanne omkostninger vedrører besiddelsen af delvist færdiggjorte aktiver og opfylder ikke kriterierne for aktivering. Dog bringes aktivering af låneomkostninger normalt ikke til midlertidigt ophør i løbet af et regnskabsår, når væsentligt teknisk eller administrativt arbejde udføres. Aktivering af låneomkostninger bringes heller ikke til midlertidigt ophør, når en midlertidig forsinkelse er en nødvendig del af processen for at klargøre aktivet til dets planlagte anvendelse eller salg. Eksempelvis fortsættes aktivering i løbet af den periode af længere varighed, som er nødvendig for varebeholdningers modning eller en periode af længere varighed, hvor høje vandstande forsinker opførelsen af en bro, hvis sådanne høje vandstande er normalt forekommende i byggeperioden i det pågældende geografiske område.
Ophør af aktivering
25.
Aktivering af låneomkostninger skal bringes til ophør, når praktisk talt alle aktiviteter, som er nødvendige for at forberede aktivet til dets planlagte anvendelse eller salg, er færdiggjort.
26.
Aktiver er normalt klar til deres planlagte anvendelse eller salg, når den fysiske opførelse af aktiverne er færdiggjort, selv om rutinemæssigt administrativt arbejde stadig fortsætter. Hvis mindre tilretninger, eksempelvis indretningen af en ejendom efter købers eller brugers specifikationer, er det eneste, der udestår, indikerer dette, at praktisk talt alle aktiviteter er færdiggjort.
27.
Når opførelsen af et kvalificerende aktiv er færdiggjort i flere dele, og hver del kan anvendes, mens opførelsen fortsætter på andre dele, skal aktivering af låneomkostninger bringes til ophør, når alle væsentlige aktiviteter, som er nødvendige for at forberede den pågældende del til dens planlagte anvendelse eller salg, er færdiggjort.
28.
Erhvervskomplekser med adskillige lejemål, som hver kan anvendes separat, er et eksempel på et kvalificerende aktiv, hvor hver del kan anvendes, mens opførelsen fortsætter på andre dele. Et eksempel på et kvalificerende aktiv, som skal færdiggøres, før de enkelte dele kan anvendes, er et industrianlæg, hvor adskillige processer udføres i en bestemt rækkefølge i forskellige dele af anlægget inden for samme lokation, eksempelvis et stålvalseværk.
OPLYSNINGER
29.
I årsregnskabet skal følgende oplyses:
a)
anvendt regnskabspraksis for låneomkostninger,
b)
låneomkostninger aktiveret i løbet af regnskabsåret, og
c)
den aktiveringssats, der er anvendt ved opgørelsen af aktiveringsberettigede låneomkostninger.
OVERGANGSBESTEMMELSER
30.
Når førstegangsanvendelsen af denne standard udgør en ændring i anvendt regnskabspraksis, tilskyndes virksomheder til at regulere årsregnskabet i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
. Alternativt skal virksomheder udelukkende aktivere de låneomkostninger, som er afholdt efter ikrafttrædelsestidspunktet for standarden, og som opfylder kriteriet for aktivering.
IKRAFTTRÆDELSESTIDSPUNKT
31.
Denne standard træder i kraft for årsregnskaber, der dækker regnskabsår, som begynder den 1. januar 1995 eller senere.
IAS 24
Oplysning om nærtstående parter
FORMÅL
1.
Formålet med denne standard er at sikre, at en virksomheds årsregnskab indeholder de oplysninger, der er nødvendige for at gøre opmærksom på muligheden for, at den finansielle stilling og resultatet kan være påvirket af eksistensen af nærtstående parter og af transaktioner og mellemværender med disse.
ANVENDELSESOMRÅDE
2.
Standarden finder anvendelse på:
a)
identifikation af forhold og transaktioner mellem nærtstående parter,
b)
identifikation af mellemværender mellem en virksomhed og dens nærtstående parter,
c)
identifikation af de tilfælde, hvor der kræves oplysning om forholdene i a) og b), og
d)
beslutning om, hvilke oplysninger, der skal gives om disse forhold.
3.
Denne standard kræver oplysning om transaktioner og mellemværender mellem nærtstående parter i det separate årsregnskab for en modervirksomhed, venturedeltager eller investor, præsenteret i overensstemmelse med IAS 27 
Koncernregnskaber og separate årsregnskaber
.
4.
Transaktioner mellem nærtstående parter og mellemværender med andre virksomheder i samme koncern oplyses i virksomhedens årsregnskab. Transaktioner og mellemværender mellem nærtstående parter i samme koncern elimineres ved udarbejdelsen af koncernregnskabet.
FORMÅLET MED OPLYSNING OM NÆRTSTÅENDE PARTER
5.
Forbindelser mellem nærtstående parter er en normal del af erhvervslivet. Eksempelvis udfører virksomheder ofte en del af deres aktiviteter gennem dattervirksomheder, joint ventures og associerede virksomheder. I dette tilfælde kan virksomheden påvirke de økonomiske og driftsmæssige beslutninger i den virksomhed, der er investeret i, gennem bestemmende indflydelse, fælles bestemmende indflydelse eller betydelig indflydelse.
6.
En forbindelse mellem nærtstående parter kan påvirke en virksomheds resultat og finansielle stilling. Nærtstående parter kan indgå transaktioner, som ikke-nærtstående parter ikke ville indgå. Eksempelvis vil en virksomhed, der sælger varer til sin modervirksomhed til kostpris, muligvis ikke tilbyde andre kunder samme vilkår. Ligeledes afregnes transaktioner mellem nærtstående parter i nogle tilfælde ikke til samme beløb, som de afregnes til mellem ikke-nærtstående parter.
7.
En virksomheds resultatet og finansielle stilling kan påvirkes af en forbindelse mellem nærtstående parter, selv om der ikke forekommer transaktioner mellem de nærtstående parter. Selve eksistensen af forholdet kan være tilstrækkeligt til at påvirke virksomhedens transaktioner med andre parter. Eksempelvis kan en dattervirksomhed standse sin samhandel med en handelspartner efter modervirksomhedens overtagelse af en søstervirksomhed, der udfører samme aktivitet som den tidligere samhandelspartner. Alternativt kan en part afstå fra en aktivitet på grund af, at der udøves betydelig indflydelse fra en anden part — eksempelvis kan en dattervirksomhed blive pålagt af sin modervirksomhed at afstå fra at foretage forskning og udvikling.
8.
Af denne grund kan kendskab til transaktioner, mellemværender og forbindelser mellem nærtstående parter påvirke regnskabsbrugeres vurdering af en virksomheds aktiviteter, herunder vurdering af de risici og muligheder, virksomheden står over for.
DEFINITIONER
9.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Nærtstående part
 En part er nærtstående til en virksomhed, hvis:
a)
parten direkte eller indirekte gennem en eller flere mellemled:
i)
udøver bestemmende indflydelse på, er underlagt bestemmende indflydelse af eller er under samme bestemmende indflydelse som virksomheden (dette inkluderer modervirksomheder, dattervirksomheder og søstervirksomheder),
ii)
har en andel i virksomheden, som giver den betydelig indflydelse på virksomheden, eller
iii)
har fælles bestemmende indflydelse på virksomheden,
b)
parten er en associeret virksomhed (som defineret i IAS 28 
Investeringer i associerede virksomheder
),
c)
parten er et joint venture med virksomheden som venturedeltager (jf. IAS 31 
Kapitalandele i joint ventures
),
d)
parten er en nøgleperson i virksomhedens eller modervirksomhedens ledelse,
e)
parten er et nærtstående familiemedlem til en person, der henvises til i a) eller d),
f)
parten er en virksomhed, der er underlagt bestemmende indflydelse, fælles bestemmende indflydelse eller betydelig indflydelse af, eller for hvilken en væsentlig del af stemmerettighederne i en sådan virksomhed direkte eller indirekte besiddes af, en person, der henvises til i d) eller e), eller
g)
parten er en pensionsordning for virksomhedens ansatte eller ansatte i en virksomhed, der er en nærtstående part til virksomheden.
En 
transaktion mellem nærtstående parter
 er en overførsel af ressourcer eller forpligtelser mellem nærtstående parter, uanset om der er fastsat en pris herfor.
Nærtstående familiemedlemmer
 er familiemedlemmer, som må forventes at kunne påvirke eller blive påvirket af den pågældende person i deres transaktioner med virksomheden. Disse kan omfatte:
a)
personens partner og børn,
b)
personens partners børn, og
c)
pårørende til personen og dennes partner.
Godtgørelse
 omfatter alle personaleydelser (som defineret i IAS 19 
Personaleydelser
), herunder personaleydelser, som er omfattet af IFRS 2 
Aktiebaseret vederlæggelse
. Personaleydelser er alle former for godtgørelse, som er betalt, skal betales eller er tilvejebragt af eller på vegne af virksomheden til gengæld for tjenester, som er ydet til virksomheden. Dette omfatter også godtgørelse, som er betalt på vegne af virksomhedens modervirksomhed vedrørende virksomheden. Godtgørelse omfatter:
a)
kortsigtede personaleydelser, eksempelvis lønninger og bidrag til social sikring, betalt fravær og sygefravær, overskudsdeling og bonus (forfaldne inden for et år efter regnskabsårets slutning) og ikke-monetære ydelser (eksempelvis sygesikring, tjenestebolig, bil og varer eller tjenesteydelser, som er gratis eller støttede) til nuværende ansatte,
b)
pensionsydelser og andre fratrædelsesydelser, livsforsikring og sygesikring efter fratrædelse,
c)
andre langsigtede personaleydelser, herunder anciennitets- eller sabbatorlov, jubilæums- eller andre anciennitetsydelser, langsigtede invaliditetsydelser, og overskudsdeling, bonus og udskudte godtgørelser, hvis de ikke er fuldt ud forfaldne inden for et år eller mere fra regnskabsårets slutning,
d)
fratrædelsesgodtgørelser, og
e)
aktiebaseret vederlæggelse.
Bestemmende indflydelse
 er beføjelsen til at styre en virksomheds økonomiske og driftsmæssige beslutninger med henblik på at opnå fordele fra dens aktiviteter.
Fælles bestemmende indflydelse
 er en kontraktlig aftale om delt bestemmende indflydelse på en erhvervsmæssig aktivitet.
Nøglepersoner i ledelsen
 er de personer, der har direkte eller indirekte indflydelse på og ansvar for planlægning og gennemførelse af samt kontrol med aktiviteterne i virksomheden, herunder bestyrelsesmedlemmer (interne eller eksterne) i virksomheden.
Betydelig indflydelse
 er beføjelsen til at deltage i de økonomiske og driftsmæssige beslutninger i en virksomhed uden at have bestemmende indflydelse på disse. Betydelig indflydelse kan opnås gennem aktiebesiddelse, vedtægter eller aftale.
10.
Når man overvejer de mulige forbindelser mellem nærtstående parter, skal opmærksomheden rettes mod det reelle indhold af forbindelsen og ikke kun den juridiske form.
11.
I denne standard er følgende ikke nødvendigvis nærtstående parter:
a)
to virksomheder, som blot har et bestyrelsesmedlem eller en anden nøgleperson i ledelsen til fælles, uanset d) og f) i definitionen på »nærtstående part«
b)
to venturedeltagere, som blot har fælles bestemmende indflydelse på et joint venture
c)
i)
kapitalformidlere,
ii)
fagforeninger,
iii)
offentlige værker, og
iv)
offentlige myndigheder,
alene i medfør af deres normale transaktioner med en virksomhed (selv om de kan påvirke en virksomheds handlefrihed eller deltage i dens beslutningsproces)
d)
en kunde, leverandør, franchisegiver, distributør eller agent, med hvem virksomheden har en væsentlig handel alene på grund af den økonomiske afhængighed, der følger heraf.
OPLYSNINGER
12.
Forbindelser mellem modervirksomheder og dattervirksomheder skal oplyses, uanset om der har været transaktioner mellem disse nærtstående parter. En virksomhed skal oplyse navnet på sin modervirksomhed og den øverste part med bestemmende indflydelse, hvis denne er en anden end modervirksomheden. Hvis hverken virksomhedens modervirksomhed eller den øverste part med bestemmende indflydelse fremlægger årsregnskaber, der er tilgængelige for offentligheden, skal navnet på den næste overordnede modervirksomhed, der fremlægger offentlige årsregnskaber, også oplyses.
13.
For at regnskabsbrugere kan danne sig et billede af virkningen på en virksomhed af forbindelser mellem nærtstående parter, er det hensigtsmæssigt at give oplysning om eksistensen af forbindelsen mellem de nærtstående parter, når der er tale om bestemmende indflydelse, uanset om der har været transaktioner mellem de nærtstående parter.
14.
Identifikationen af forbindelser mellem nærtstående parter i form af modervirksomheder og dattervirksomheder ligger ud over oplysningskravene i IAS 27, IAS 28 og IAS 31, som kræver en hensigtsmæssig fortegnelse over og beskrivelse af væsentlige investeringer i dattervirksomheder, associerede virksomheder og fælles kontrollerede virksomheder.
15.
Hvis hverken virksomhedens modervirksomhed eller den øverste part med bestemmende indflydelse fremlægger årsregnskaber, der er tilgængelige for offentligheden, skal virksomheden oplyse navnet på den næste overordnede modervirksomhed, der fremlægger offentlige årsregnskaber. Den næste overordnede modervirksomhed er den første modervirksomhed i koncernen over den umiddelbare modervirksomhed, der fremlægger offentligt tilgængelige koncernregnskaber.
16.
Virksomheder skal give oplysning om vederlag til nøglepersoner i ledelsen samlet og for hver af nedenstående kategorier:
a)
kortsigtede personaleydelser,
b)
pensionsydelser,
c)
andre langsigtede ydelser,
d)
fratrædelsesgodtgørelser, og
e)
aktiebaseret vederlæggelse.
17.
Hvis transaktioner har fundet sted mellem nærtstående parter, skal virksomheden oplyse om arten af forholdet mellem de nærtstående parter og give de informationer om transaktioner og mellemværender, der er nødvendige for en forståelse af forholdets mulige påvirkning af årsregnskabet. Disse oplysningskrav ligger ud over kravene i afsnit 16 om oplysning om godtgørelse til nøglepersoner i ledelsen. Oplysningerne skal som minimum omfatte:
a)
transaktionernes beløbsmæssige størrelse,
b)
den beløbsmæssige størrelse af mellemværender og:
i)
betingelserne for disse, herunder om de er pantsikrede, samt arten af det vederlag, der skal ydes som indfrielse, og
ii)
beskrivelse af afgivne eller modtagne garantier,
c)
hensatte forpligtelser til dubiøse tilgodehavender i forhold til den beløbsmæssige størrelse af mellemværenderne, og
d)
den i regnskabsåret indregnede omkostning til forventede tab på tilgodehavender eller dubiøse tilgodehavender fra nærtstående parter.
18.
De oplysninger, der kræves i afsnit 17, skal gives separat for hver af følgende kategorier:
a)
modervirksomheden,
b)
virksomheder med fælles bestemmende indflydelse eller betydelig indflydelse på virksomheden,
c)
dattervirksomheder,
d)
associerede virksomheder,
e)
joint ventures med virksomheden som venturedeltager,
f)
nøglepersoner i virksomhedens eller modervirksomhedens ledelse og
g)
andre nærtstående parter.
19.
Klassifikationen af forpligtelser over for og tilgodehavender fra nærtstående parter i forskellige kategorier som krævet i afsnit 18 er en udvidelse af oplysningskravet i IAS 1 
Præsentation af årsregnskaber
 om, at informationer skal præsenteres enten i balancen eller i noterne. Kategorierne er udvidet for at give en mere omfattende analyse af mellemværender mellem nærtstående parter og for at finde anvendelse på transaktioner mellem nærtstående parter.
20.
Nedenstående er eksempler på transaktioner, der skal oplyses, hvis de involverer en nærtstående part:
a)
køb eller salg af varer (færdigvarer eller halvfabrikata),
b)
køb eller salg af fast ejendom og andre aktiver,
c)
levering eller modtagelse af tjenesteydelser,
d)
leasingkontrakter,
e)
overførsler af forskning og udvikling,
f)
overførsler i henhold til licensaftaler,
g)
overførsler i henhold til finansieringsaftaler (herunder lån og kapitalindskud i form af likvide beholdninger eller apportindskud),
h)
garanti- eller sikkerhedsstillelse og
i)
indfrielse af forpligtelser på vegne af virksomheden eller af virksomheden på vegne af en anden part.
En modervirksomheds eller en dattervirksomheds deltagelse i en ydelsesbaseret pensionsordning, hvor risikoen deles mellem koncernvirksomheder, er en transaktion mellem nærtstående parter (jf. afsnit 34B i IAS 19).
21.
Der skal udelukkende oplyses om, at betingelserne for transaktioner mellem nærtstående parter svarede til betingelserne for transaktioner mellem kvalificerede, villige, indbyrdes uafhængige parter, hvis sådanne betingelser kan dokumenteres.
22.
Ensartede poster sammenlægges normalt ved oplysning, medmindre separat oplysning er nødvendig for en forståelse af virkningen af transaktionerne mellem nærtstående parter på virksomhedens årsregnskab.
IKRAFTTRÆDELSESTIDSPUNKT
23.
Virksomheder skal anvende denne standard for årsregnskaber, der dækker regnskabsår, som begynder 1. januar 2005 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender denne standard for regnskabsår, som begynder før 1. januar 2005, skal den give oplysning om dette.
23A
Virksomheder skal anvende ændringerne i afsnit 20 på regnskabsår, der begynder 1. januar 2006 eller derefter. Hvis en virksomhed anvender ændringerne til IAS 19 
Personaleydelser — Aktuarmæssige gevinster og tab, koncernplaner og oplysninger
 på et tidligere regnskabsår, finder ændringerne anvendelse på det tidligere regnskabsår.
OPHÆVELSE AF IAS 24 (OPDATERET 1994)
24.
Denne standard erstatter IAS 24 
Oplysning om nærtstående parter
 (opdateret i 1994).
IAS 26
Regnskabsmæssig behandling og præsentation af fratrædelsesordninger
ANVENDELSESOMRÅDE
1.
Denne standard skal anvendes ved den regnskabsmæssige behandling af fratrædelsesordninger, hvor sådanne årsregnskaber udarbejdes.
2.
Denne standard anser en fratrædelsesordning som en selvstændig regnskabsaflæggende enhed, som er separat fra arbejdsgiverne for deltagerne i ordningen. Alle andre standarder finder anvendelse på årsregnskabet for fratrædelsesordninger, i det omfang de ikke er erstattet af denne standard.
3.
Denne standard omhandler regnskabsmæssig behandling og præsentation af ordninger over for alle deltagere under ét. Den omhandler ikke oplysning til enkelte deltagere vedrørende disses ret til ydelser.
4.
IAS 19 
Personaleydelser
 omhandler opgørelsen af omkostningerne til fratrædelsesydelser i årsregnskabet for arbejdsgivere, som har sådanne ordninger. Denne standard komplementerer således IAS 19.
5.
Fratrædelsesordninger kan være bidragsbaserede eller ydelsesbaserede pensionsordninger. Mange kræver etablering af separate fonde, som kan have en separat juridisk identitet, og som kan have en fondsbestyrer, til hvilken bidrag indbetales, og fra hvilken fratrædelsesydelser udbetales. Denne standard finder anvendelse, uanset om der etableres en sådan fond, eller fondsbestyrere udnævnes.
6.
Fratrædelsesordninger, der har aktiver investeret hos forsikringsselskaber, er omfattet af de samme regnskabsmæssige bestemmelser og bestemmelser for afdækning, som gælder for de ordninger, der investerer selv. Derfor er disse ordninger også omfattet af denne standard, medmindre aftalen med forsikringsselskabet er indgået i den enkelte deltagers navn eller i en gruppe deltageres navne, og forpligtelserne for fratrædelsesydelserne alene er forsikringsselskabets ansvar.
7.
Denne standard omhandler ikke andre former for personaleydelser såsom fratrædelsesgodtgørelse, aftale om udskudt godtgørelse, særydelse ved fratrædelse efter mangeårig ansættelse, specielle ordninger ved førtidspensionering eller ledighed, syge- og socialforsikring eller bonusordninger. Offentlige socialforsikringslignende ordninger er heller ikke omfattet af denne standard.
DEFINITIONER
8.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Fratrædelsesordninger
 er ordninger, ifølge hvilke en virksomhed sikrer de ansatte økonomiske ydelser i forbindelse med eller efter ansættelsens ophør (enten i form af en årlig indtægt eller som et engangsbeløb), når sådanne ydelser eller bidrag hertil kan opgøres eller skønsmæssigt vurderes forud for fratrædelsen på basis af en skriftlig aftales bestemmelser eller virksomhedens praksis.
Bidragsbaserede pensionsordninger
 er fratrædelsesordninger, ifølge hvilke beløbet af fratrædelsesydelserne opgøres ud fra indbetalinger til en fond sammen med fondens investeringsafkast.
Ydelsesbaserede pensionsordninger
 er fratrædelsesordninger, ifølge hvilke beløbet af fratrædelsesydelserne opgøres ud fra en formel, som normalt tager udgangspunkt i medarbejdernes indtjening og/eller anciennitet.
Afdækning ved betaling til en fond
 er en overførsel af aktiver til en enhed (fonden), som er uafhængig af arbejdsgiverens virksomhed, med henblik på at indfri fremtidige forpligtelser i forbindelse med udbetaling af fratrædelsesydelser.
I denne standard er også anvendt nedenstående udtryk:
Deltagere
 er medlemmerne i en fratrædelsesordning og andre, som er berettigede til ydelser fra ordningen.
Nettoaktiver disponible for pensioner m.v.
 er ordningens aktiver fratrukket forpligtelser bortset fra den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser.
Den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser
 er nutidsværdien af de forventede udbetalinger fra en fratrædelsesordning til nuværende eller tidligere ansatte, som er knyttet til den allerede udførte arbejdsydelse.
Sikrede ydelser
 er ydelser, som de ansattes ret til ifølge fratrædelsesordningers bestemmelser ikke er betingede af, om ansættelsen fortsætter.
9.
Nogle fratrædelsesordninger bliver finansieret af andre parter end arbejdsgiveren, og denne standard finder også anvendelse på årsregnskabet for sådanne ordninger.
10.
De fleste fratrædelsesordninger er baseret på formelle aftaler. Nogle ordninger er uformelle, men har opnået en grad af forpligtelse som resultat af arbejdsgiverens etablerede praksis. Selv om nogle ordninger tillader en arbejdsgiver at begrænse sine forpligtelser i forbindelse med ordningen, er det som regel vanskeligt for en arbejdsgiver at ophæve ordningen, hvis arbejdsgiveren vil beholde sine ansatte. Den samme regnskabsmæssige behandling finder anvendelse for såvel uformelle som formelle ordninger.
11.
Mange fratrædelsesordninger foreskriver oprettelse af en separat fond, til hvilken bidragene indbetales, og fra hvilken ydelserne udbetales. Disse fondes aktiver kan være forvaltet af en uafhængig part. I nogle lande kaldes disse uafhængige forvaltere for fondsbestyrere. Udtrykket fondsbestyrer anvendes i denne standard til at beskrive sådanne uafhængige parter, uanset om der er etableret en fond.
12.
Fratrædelsesordninger beskrives normalt enten som bidragsbaserede eller ydelsesbaserede pensionsordninger med hver deres specifikke kendetegn. I enkelte tilfælde kan en ordning have kendetegn fra begge slags ordninger. Sådanne blandede ordninger anses i denne standard for at være ydelsesbaserede pensionsordninger.
BIDRAGSBASEREDE PENSIONSORDNINGER
13.
Årsregnskabet for en bidragsbaseret pensionsordning skal indeholde en opgørelse over de nettoaktiver, som er disponible for ydelser, og en beskrivelse af politikkerne for afdækning.
14.
De fremtidige ydelser til en deltager i en bidragsbaseret pensionsordning opgøres ud fra arbejdsgiverens bidrag og/eller deltagerens bidrag samt fondens driftseffektivitet og investeringsafkast. Arbejdsgiverens forpligtelser er normalt indfriet gennem bidragene til fonden. Aktuarrådgivning er normalt ikke påkrævet, selv om en sådan rådgivning i visse tilfælde anvendes til at skønne de opnåelige fremtidige ydelser baseret på de nuværende bidrag og forskellige beløb for fremtidige bidrag og investeringsafkast.
15.
Deltagerne har interesse i ordningens aktiviteter, idet deres fremtidige ydelser direkte påvirkes af disse aktiviteter. Deltagerne er interesserede i at vide, om bidragene er modtaget, og om der udøves tilstrækkelig kontrol for at beskytte de begunstigedes interesser. En arbejdsgiver er interesseret i en effektiv og rimelig drift af ordningen.
16.
Formålet med præsentation af en bidragsbaseret pensionsordning er periodisk at give oplysning om ordningen og investeringsafkastet. Dette formål opnås normalt ved at præsentere et årsregnskab, som indeholder følgende:
a)
en beskrivelse af væsentlige aktiviteter i regnskabsåret og virkningen af ændringer til ordningen samt medlemskab og ordningens vilkår,
b)
opgørelser, der oplyser om regnskabsårets transaktioner og investeringsafkast og om ordningens finansielle stilling ved regnskabsårets afslutning, og
c)
en beskrivelse af investeringspolitikkerne.
YDELSESBASEREDE PENSIONSORDNINGER
17.
Årsregnskabet for en ydelsesbaseret pensionsordning skal indeholde enten:
a)
en opgørelse, som viser:
i)
de nettoaktiver, som er disponible for ydelser,
ii)
den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser, opdelt i sikrede og ikke-sikrede personaleydelser, og
iii)
den heraf følgende over- eller underdækning, eller
b)
en opgørelse over de nettoaktiver, som er disponible for ydelser, indeholdende enten:
i)
en note, som oplyser om den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser, opdelt i sikrede og ikke-sikrede personaleydelser eller
ii)
en henvisning til disse oplysninger i en tilhørende aktuarrapport.
Hvis der ikke er udarbejdet en aktuarmæssig vurdering på tidspunktet for årsregnskabet, skal den senest foreliggende vurdering anvendes som grundlag, og der gives oplysning om tidspunktet for vurderingen.
18.
Ved anvendelse af afsnit 17 skal den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser baseres på de ydelser, som er lovet i henhold til ordningens betingelser, vedrørende arbejdsydelser udført til dato, ved anvendelse af enten det nuværende lønniveau eller det forventede fremtidige lønniveau med oplysning om den anvendte metode. Virkningen af ændringer i de aktuarmæssige forudsætninger, som har haft en væsentlig virkning på den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser, skal også oplyses.
19.
Årsregnskabet skal indeholde oplysning om sammenhængen mellem den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser og de nettoaktiver, som er disponible for ydelser samt politikkerne for afdækning af lovede ydelser.
20.
Betalingen af lovede fratrædelsesydelser fra en ydelsesbaseret pensionsordning afhænger af ordningens finansielle stilling og deltageres evne til at yde fremtidige bidrag til ordningen såvel som ordningens investeringsafkast og driftseffektivitet.
21.
En ydelsesbaseret pensionsordning har periodisk behov for rådgivning fra en aktuar for at bestemme ordningens finansielle stilling, gennemgå forudsætningerne og anbefale beløbet for fremtidige bidrag.
22.
Formålet med præsentation af en ydelsesbaseret pensionsordning er periodisk at give oplysning om ordningens økonomiske ressourcer og aktiviteter, som er nyttige ved bestemmelsen af forholdet mellem de akkumulerede ressourcer og de fremtidige ydelser. Dette formål opnås normalt ved at præsentere et årsregnskab, som indeholder følgende:
a)
en beskrivelse af væsentlige aktiviteter i regnskabsåret og virkningen af ændringer til ordningen samt medlemskab og ordningens vilkår,
b)
opgørelser, der oplyser om regnskabsårets transaktioner og investeringsafkast og om ordningens finansielle stilling ved regnskabsårets afslutning,
c)
aktuarmæssige oplysninger enten som en del af opgørelserne eller som en separat rapport, og
d)
en beskrivelse af investeringspolitikkerne.
Den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser
23.
Nutidsværdien af de forventede udbetalinger fra en fratrædelsesordning kan beregnes og præsenteres på grundlag af det nuværende lønniveau eller det forventede lønniveau frem til det tidspunkt, hvor deltagerne fratræder.
24.
Begrundelser for at vælge det nuværende lønniveau:
a)
den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser, som er det beløb, der aktuelt kan henføres til hver enkelt deltager i ordningen, indeholder færre forudsætninger og kan dermed beregnes mere objektivt end ved at anvende det forventede fremtidige lønniveau,
b)
forøgelsen af ydelser, som kan henføres til lønstigninger, bliver en forpligtelse for ordningen på tidspunktet for lønstigningen, og
c)
den beløbsmæssige størrelse af den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser ved anvendelse af det nuværende lønniveau er normalt tættere på det beløb, som skal betales ved opsigelse eller ophævelse af ordningen.
25.
Begrundelser for at vælge det forventede fremtidige lønniveau:
a)
økonomisk information skal udarbejdes på en going concern-basis, uanset arten af de forudsætninger og skøn, som indgår heri,
b)
de endelige ydelser opgøres med udgangspunkt i lønniveauet på eller nær ved fratrædelsestidspunktet, hvorfor lønningerne, bidragsniveau og afkastningsgrad må skønnes, og
c)
hvis virksomheden undlader at indarbejde de forventede fremtidige lønninger, når afdækningen generelt er baseret på forventede fremtidige lønninger, kan dette resultere i oplysning om en tilsyneladende overdækning, selv om ordningen ikke er overdækket eller i oplysning om en tilstrækkelig dækning, når ordningen er underdækket.
26.
Den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser baseret på det nuværende lønniveau oplyses i årsregnskabet for ordningen for at indikere forpligtelsen for ydelser optjent på tidspunktet for årsregnskabet. Den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser baseret på det forventede fremtidige lønniveau oplyses for at indikere omfanget af de potentielle forpligtelser på en going concern-basis, idet disse normalt danner grundlag for afdækningen. Ud over at oplyse om den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser, kan det være nødvendigt med en uddybende forklaring for klart at indikere, i hvilken sammenhæng den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser skal læses. En sådan forklaring kan gives i form af oplysninger om tilstrækkeligheden af den planlagte fremtidige afdækning af ordningen, og politik for afdækning baseret på det forventede fremtidige lønniveau. Disse oplysninger kan inkluderes i årsregnskabet eller i aktuarens rapport.
Hyppighed af aktuarmæssige vurderinger
27.
I mange lande udarbejdes der ikke aktuarmæssige vurderinger hyppigere end hvert tredje år. Hvis der ikke er udarbejdet en aktuarmæssig vurdering på tidspunktet for årsregnskabet, anvendes den seneste vurdering som grundlag, og der gives oplysninger om tidspunktet for vurderingen.
Årsregnskabets indhold
28.
For ydelsesbaserede pensionsordninger præsenteres oplysninger i et af følgende formater, der afspejler forskellig praksis med hensyn til oplysning og præsentation af aktuarmæssige oplysninger:
a)
årsregnskabet indeholder en opgørelse, som viser de nettoaktiver, som er disponible for ydelser, den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser og den heraf følgende over- eller underdækning. Ordningens årsregnskab indeholder også en opgørelse over ændringerne i de nettoaktiver, som er disponible for ydelser, og ændringerne i den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser. Årsregnskabet kan ledsages af en separat rapport fra aktuaren, som bekræfter den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser,
b)
årsregnskabet indeholder en opgørelse af de nettoaktiver, som er disponible for ydelser og en opgørelse over ændringerne i disse nettoaktiver. Den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser oplyses i en note til regnskabet. Årsregnskabet kan også ledsages af en rapport fra en aktuar, som bekræfter den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser, og
c)
årsregnskabet indeholder en opgørelse af de nettoaktiver, som er disponible for ydelser, og en opgørelse over ændringerne i disse nettoaktiver, med den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser indeholdt i en separat aktuarrapport.
I hvert format kan årsregnskabet være ledsaget af en beretning fra fondsbestyreren i form af en ledelses- eller bestyrelsesberetning og en beretning om investeringerne.
29.
De, der foretrækker de formater, som er beskrevet i afsnit 28a) og b), mener, at kvantificeringen af lovede fratrædelsesydelser og de andre oplysninger, som gives ved disse formater, hjælper brugerne til at vurdere ordningens nuværende status og sandsynligheden for, at ordningens forpligtelser vil blive indfriet. De mener også, at årsregnskabet skal være komplet i sig selv og ikke være afhængigt af supplerende opgørelser. Nogle mener dog, at det format, som er beskrevet i afsnit 28 a), kunne give indtryk af, at der eksisterer en forpligtelse, skønt den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser ikke efter deres mening har alle kendetegnene for en forpligtelse.
30.
De, der foretrækker det format, som er beskrevet i afsnit 28c), mener, at den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser ikke skal inkluderes i en opgørelse over de nettoaktiver, som er disponible for ydelser, således som det sker i det format, der er beskrevet i afsnit 28a), eller oplyses i en note som i afsnit 28b), da nutidsværdien vil blive sammenlignet direkte med ordningens aktiver, og man ikke nødvendigvis kan foretage en sådan sammenligning. De hævder, at aktuarer ikke nødvendigvis sammenholder den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser med investeringens markedsværdi, men i stedet opgør nutidsværdien af forventede pengestrømme fra investeringerne. Derfor mener de, der foretrækker dette format, at en sådan sammenligning næppe reflekterer aktuarens overordnede vurdering af ordningen, og at den kan blive misforstået. Nogle mener endvidere, at oplysninger om lovede fratrædelsesydelser alene skal indeholdes i en separat aktuarrapport, hvor der kan gives behørig forklaring, uanset om de er kvantificerede eller ej.
31.
Denne standard accepterer synspunkterne for at tillade, at oplysningerne om lovede fratrædelsesydelser medtages i en separat aktuarrapport. Den afviser argumenterne mod en kvantificering af den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser. Formaterne, som er beskrevet i afsnit 28a) og 28b), er derfor acceptable efter denne standard, hvilket også er tilfældet for det i afsnit 28c) beskrevne format, så længe årsregnskabet indeholder henvisning til en vedlagt aktuarrapport, som indeholder den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser.
ALLE ORDNINGER
Værdiansættelse af ordningens aktiver
32.
Fratrædelsesordningers investeringer skal indregnes til dagsværdi. For let omsættelige værdipapirer er dagsværdien lig med markedsværdien. I tilfælde, hvor det ikke er muligt at skønne dagsværdien af ordningens investeringer, skal der gives oplysning om årsagen til, at dagsværdien ikke er anvendt.
33.
Dagsværdien for let omsættelige værdipapirer er normalt disses markedsværdi, da denne værdi anses for at være den bedste måling af værdipapirerne på regnskabstidspunktet og investeringsafkastet for regnskabsåret. De værdipapirer, som har en fast indløsningsværdi, og som er erhvervet for at matche ordningens forpligtelser, eller specifikke dele af disse, kan indregnes med et beløb, som, baseret på den endelige indløsningsværdi, giver et konstant afkast til udløb. I tilfælde, hvor det ikke er muligt at skønne dagsværdien af ordningens investeringer, eksempelvis fuld ejerskab af en virksomhed, skal der gives oplysning om årsagen til, at dagsværdien ikke er anvendt. I den udstrækning, investeringer indregnes til andet end markedsværdi eller dagsværdi, oplyses dagsværdien normalt også. Aktiver, som anvendes til driften af fonden, skal regnskabsmæssigt behandles i overensstemmelse med de relevante standarder.
Oplysninger
34.
Årsregnskabet for en fratrædelsesordning, hvad enten det er en ydelsesbaseret eller en bidragsbaseret pensionsordning, skal også indeholde følgende oplysninger:
a)
en opgørelse over ændringerne i de nettoaktiver, som er disponible for ydelser,
b)
en oversigt over væsentlige regnskabsprincipper og
c)
en beskrivelse af ordningen og virkningen af ændringer af ordningen i regnskabsåret.
35.
Årsregnskaber, som præsenteres for fratrædelsesordninger, kan indeholde følgende, hvor det er relevant:
a)
en opgørelse over de nettoaktiver, som er disponible for ydelser, med oplysning om:
i)
aktiver ved regnskabsårets afslutning, passende klassificeret,
ii)
værdiansættelsesprincipper for aktiverne,
iii)
oplysning om hver enkelt investering, som enten overstiger 5 % af de nettoaktiver, som er disponible for ydelser eller 5 % af hver gruppe eller type af værdipapirer,
iv)
detaljerede oplysninger om investeringer i arbejdsgiverens virksomhed, og
v)
forpligtelser ud over den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser,
b)
en opgørelse over ændringerne i de nettoaktiver, som er disponible for ydelser, med oplysning om følgende:
i)
bidrag fra arbejdsgiver,
ii)
bidrag fra ansatte,
iii)
investeringsafkast, såsom renteindtægter og udbytte,
iv)
andre indtægter,
v)
betalte eller skyldige ydelser (eksempelvis opdelt på fratrædelses-, døds- og invaliditetsydelser samt engangsudbetalinger),
vi)
administrationsomkostninger,
vii)
andre omkostninger,
viii)
indkomstskatter,
ix)
gevinster og tab ved afhændelse af investeringer samt ændringer i værdien af investeringer, og
x)
overførsel til eller fra andre ordninger,
c)
en beskrivelse af politikkerne for afdækning af ordningen,
d)
for ydelsesbaserede pensionsordninger, den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser (som kan opdeles i sikrede og ikke-sikrede personaleydelser) baseret på de lovede ydelser i henhold til ordningen for arbejdsydelser udført til dato ved anvendelse af enten det nuværende lønniveau eller det forventede fremtidige lønniveau. Disse oplysninger kan inkluderes i en supplerende aktuarrapport, som skal læses i forbindelse med de tilknyttede årsregnskaber, og
e)
for ydelsesbaserede pensionsordninger, en beskrivelse af de væsentlige aktuarmæssige forudsætninger og den metode, som er anvendt til at beregne den aktuarmæssige nutidsværdi af lovede fratrædelsesydelser.
36.
Regnskabet for en fratrædelsesordning indeholder en beskrivelse af ordningen, enten som en del af årsregnskabet eller i en separat rapport. Den kan indeholde følgende:
a)
navnene på arbejdsgiverne og de dækkede ansatte,
b)
antallet af deltagere, som modtager ydelser, og antallet af andre deltagere, passende klassificeret,
c)
ordningens art — bidragsbaseret eller ydelsesbaseret,
d)
oplysning om, i hvilket omfang deltagerne bidrager til ordningen,
e)
en beskrivelse af de til deltagerne lovede fratrædelsesydelser,
f)
en beskrivelse af bestemmelser for opløsning af ordningen og
g)
ændringer i punkt a) til f) i det regnskabsår, som dækkes af regnskabet.
Det er ikke usædvanligt at henvise til andre dokumenter, i hvilke ordningen er beskrevet, når disse umiddelbart er tilgængelige for brugerne, og således kun inkludere oplysninger om efterfølgende ændringer til ordningen.
IKRAFTTRÆDELSESTIDSPUNKT
37.
Denne standard træder i kraft for årsregnskaber, der dækker regnskabsår, som begynder den 1. januar 1988 eller senere.
IAS 27
Koncernregnskaber og separate årsregnskaber
ANVENDELSESOMRÅDE
1.
Denne standard skal anvendes ved udarbejdelse og præsentation af koncernregnskab for en gruppe af virksomheder, der er underlagt bestemmende indflydelse af en modervirksomhed.
2.
Denne standard omhandler ikke metoder til regnskabsmæssig behandling af virksomhedssammenslutninger og deres effekt på konsolideringen, herunder goodwill opstået ved en virksomhedssammenslutning (jf. IFRS 3 
Virksomhedssammenslutninger
).
3.
Denne standard finder også anvendelse på den regnskabsmæssige behandling af investeringer i dattervirksomheder, fælles kontrollerede virksomheder og associerede virksomheder, når en virksomhed vælger eller er underlagt lokale lovgivningsmæssige krav om at præsentere separate årsregnskaber.
DEFINITIONER
4.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Et koncernregnskab
 er et årsregnskab for en koncern præsenteret som et årsregnskab for en enkelt økonomisk enhed.
Bestemmende indflydelse
 er beføjelsen til at styre en virksomheds økonomiske og driftsmæssige beslutninger med henblik på at opnå fordele fra dens aktiviteter.
Kostprismetoden
 er en metode til regnskabsmæssig behandling af en investering, ifølge hvilken investeringen indregnes til kostpris. Investor indregner kun indtægter fra investeringen, i det omfang investor modtager udlodning af det akkumulerede overskud i den virksomhed, der er investeret i, som er indtjent i tiden efter overtagelsestidspunktet. Udlodninger modtaget ud over sådanne overskud betragtes som genindvinding af investeringen og indregnes som en reduktion af investeringens kostpris.
En 
koncern
 er en modervirksomhed og alle dens dattervirksomheder.
Minoritetsinteresse
 er den del af en dattervirksomheds resultat og nettoaktiver, der er knyttet til de egenkapitalinteresser, som modervirksomheden ikke ejer hverken direkte eller indirekte gennem andre dattervirksomheder.
En 
modervirksomhed
 er en virksomhed, som har en eller flere dattervirksomheder.
Separate årsregnskaber
 er regnskaber, som præsenteres af en modervirksomhed, en investor i en associeret virksomhed eller en venturedeltager i en fælles kontrolleret virksomhed, hvor investeringerne behandles regnskabsmæssigt på grundlag af den direkte egenkapitalinteresse og ikke på grundlag af resultater og nettoaktiver i de virksomheder, der er investeret i.
En 
dattervirksomhed
 er en virksomhed, herunder en ikke-registreret virksomhed, såsom et interessentskab, der er underlagt bestemmende indflydelse af en anden virksomhed (kaldet modervirksomheden).
5.
En modervirksomhed eller dennes dattervirksomhed kan være investor i en associeret virksomhed eller venturedeltager i en fælles kontrolleret virksomhed. I sådanne tilfælde udarbejdes koncernregnskaber, der er udarbejdet og præsenteret i overensstemmelse med denne standard, også således, at de er i overensstemmelse med IAS 28 
Investeringer i associerede virksomheder
 og IAS 31 
Kapitalandele i joint ventures
.
6.
For så vidt angår de i afsnit 5 beskrevne virksomheder, er separate årsregnskaber regnskaber, som er udarbejdet og præsenteret ud over de årsregnskaber, der henvises til i afsnit 5. Det er ikke nødvendigt at vedhæfte eller vedlægge separate årsregnskaber til disse regnskaber.
7.
Årsregnskaber for en virksomhed, der ikke omfatter en dattervirksomhed, associeret virksomhed eller venturedeltagers kapitalandel i en fælles kontrolleret virksomhed, udgør ikke separate årsregnskaber.
8.
En modervirksomhed, der i overensstemmelse med afsnit 10 er fritaget for at præsentere koncernregnskab, kan præsentere et separat årsregnskab som sit eneste årsregnskab.
PRÆSENTATION AF KONCERNREGNSKAB
9.
En modervirksomhed, bortset fra en modervirksomhed som omtalt i afsnit 10, skal præsentere et koncernregnskab, hvor investeringer i dattervirksomheder konsolideres i overensstemmelse med denne standard.
10.
En modervirksomhed er udelukkende fritaget for at præsentere koncernregnskab, hvis:
a)
modervirksomheden selv er en 100 % ejet dattervirksomhed, eller hvis modervirksomheden er en delvist ejet dattervirksomhed af en anden virksomhed, og dens øvrige ejere, herunder ejere, som ikke på anden vis har stemmeret, er blevet informeret om og ikke har gjort indsigelser imod, at modervirksomheden ikke udarbejder koncernregnskab,
b)
modervirksomhedens gælds- eller egenkapitalinstrumenter ikke handles på et offentligt marked (en inden- eller udenlandsk fondsbørs eller et OTC-marked, herunder lokale og regionale markeder),
c)
modervirksomheden hverken har indsendt eller er ved at indsende sit årsregnskab til et børstilsyn eller en anden myndighed med henblik på at notere instrumenter af en hvilken som helst kategori på et offentligt marked, og
d)
modervirksomhedens øverste modervirksomhed eller en mellemliggende modervirksomhed fremlægger koncernregnskaber, der er tilgængelige for offentligheden og i overensstemmelse med de internationale regnskabsstandarder (IFRS).
11.
En modervirksomhed, der i overensstemmelse med afsnit 10 vælger ikke at præsentere koncernregnskab, og udelukkende præsenterer et separat årsregnskab, opfylder kravene i afsnit 37-42.
VIRKSOMHEDER OMFATTET AF KONSOLIDERING
12.
Koncernregnskaber skal omfatte alle modervirksomhedens dattervirksomheder. 
(
1
)
13.
Bestemmende indflydelse formodes at foreligge, når modervirksomheden direkte eller indirekte gennem dattervirksomheder ejer mere end halvdelen af stemmerettighederne i en virksomhed, medmindre det i særlige tilfælde klart kan påvises, at et sådant ejerforhold ikke udgør bestemmende indflydelse. Bestemmende indflydelse foreligger også, når modervirksomheden ejer halvdelen eller mindre end halvdelen af stemmerettighederne i en virksomhed, hvis der er: 
(
2
)
a)
råderet over mere end halvdelen af stemmerettighederne i kraft af en aftale med andre investorer,
b)
beføjelse til at styre de finansielle og driftsmæssige forhold i en virksomhed i henhold til en vedtægt eller en aftale,
c)
beføjelse til at udpege eller afsætte flertallet af medlemmerne i bestyrelsen eller et tilsvarende ledelsesorgan, og denne bestyrelse eller dette organ besidder den bestemmende indflydelse på virksomheden, eller
d)
råderet over flertallet af stemmerne ved møder i bestyrelsen eller et tilsvarende ledelsesorgan, og denne bestyrelse eller dette organ besidder den bestemmende indflydelse på virksomheden.
14.
En virksomhed kan besidde aktie-warrants, call-optioner på aktier, gælds- eller egenkapitalinstrumenter, som kan konverteres til ordinære aktier, eller tilsvarende instrumenter, som ved udnyttelse eller konvertering kan give virksomheden stemmerettigheder eller reducere en anden parts stemmerettigheder vedrørende en anden virksomheds økonomiske og driftsmæssige beslutninger (potentielle stemmerettigheder). Eksistensen og virkningen af potentielle stemmerettigheder, som aktuelt kan udnyttes eller konverteres, herunder potentielle stemmerettigheder, som besiddes af en anden virksomhed, skal tages i betragtning ved vurderingen af, om en virksomhed har beføjelse til at styre en anden virksomheds økonomiske og driftsmæssige beslutninger. Potentielle stemmerettigheder kan ikke aktuelt udnyttes eller konverteres, når de eksempelvis først kan udnyttes eller konverteres på et fremtidigt tidspunkt eller ved en fremtidig begivenheds indtræffen.
15.
En virksomhed skal i forbindelse med vurderingen af, hvorvidt potentielle stemmerettigheder bidrager til bestemmende indflydelse, undersøge alle forhold og omstændigheder (herunder vilkårene for udnyttelsen af de potentielle stemmerettigheder og andre kontraktlige forpligtelser, samlet eller hver for sig), som påvirker de potentielle stemmerettigheder, bortset fra ledelsens hensigt og den økonomiske evne til at udnytte eller konvertere rettighederne.
16.
[Ophævet]
17.
[Ophævet]
18.
[Ophævet]
19.
En dattervirksomhed bliver ikke holdt ude fra konsolidering, alene fordi investor er en venturekapitalorganisation, et investeringsselskab, en investeringsforening eller lignende.
20.
En dattervirksomhed bliver ikke holdt ude fra konsolidering, fordi dens aktiviteter er forskellige fra de øvrige koncernvirksomheders. Der gives relevant information ved at konsolidere sådanne dattervirksomheder og i koncernregnskabet give supplerende oplysninger om dattervirksomhedernes forskellige aktiviteter. Eksempelvis medvirker de i IFRS 8 
Driftssegmenter
 krævede oplysninger til at forklare betydningen af de forskellige aktiviteter i koncernen.
21.
En modervirksomhed mister sin bestemmende indflydelse, når den mister beføjelsen til at styre de økonomiske og driftsmæssige beslutninger i en virksomhed, der er investeret i, med henblik på at opnå fordele fra dens aktiviteter. Tabet af bestemmende indflydelse kan ske med eller uden en ændring i forholdet mellem de absolutte eller forholdsmæssige ejerandele. Det kunne eksempelvis ske, når en dattervirksomhed bliver underlagt kontrol af offentlige myndigheder, en domstol, en administrator eller en tilsynsmyndighed. Det kunne også ske som en følge af en kontrakt.
KONSOLIDERINGSPROCEDURER
22.
Ved udarbejdelse af koncernregnskab sammendrager en virksomhed årsregnskaberne for modervirksomheden og dattervirksomhederne ved linje for linje at sammenlægge aktiver, forpligtelser, egenkapital, indtægter og omkostninger af ensartet karakter. For at koncernregnskabet giver økonomisk information om koncernen som en enkelt økonomisk enhed, foretages følgende handlinger:
a)
den regnskabsmæssige værdi af modervirksomhedens investering i hver dattervirksomhed og modervirksomhedens andel i egenkapitalen i hver dattervirksomhed elimineres (jf. IFRS 3, som beskriver behandlingen af opstået goodwill),
b)
minoritetsinteressers andel i resultatet opgøres for regnskabsåret for dattervirksomheder, som indgår i koncernregnskabet, og
c)
minoritetsinteressers andel i nettoaktiverne i dattervirksomheder, som indgår i koncernregnskabet, opgøres separat fra modervirksomhedens andel af egenkapitalen. Minoritetsinteresser i nettoaktiverne består af:
i)
den beløbsmæssige størrelse af disse minoritetsinteresser på tidspunktet for den oprindelige sammenslutning, beregnet i overensstemmelse med IFRS 3, og
ii)
minoritetens andel af egenkapitalbevægelser efter tidspunktet for sammenslutningen.
23.
Når der er potentielle stemmerettigheder, skal de andele af resultat og egenkapitalbevægelser, som allokeres til modervirksomheden og minoritetsinteresser, fastlægges på grundlag af de aktuelle ejerandele og ikke afspejle den mulige udnyttelse eller konvertering af potentielle stemmerettigheder.
24.
Koncerninterne mellemværender, transaktioner, indtægter og omkostninger skal elimineres fuldt ud.
25.
Koncerninterne mellemværender og transaktioner, herunder indtægter, omkostninger og udbytte, elimineres fuldt ud. Gevinster og tab hidrørende fra koncerninterne transaktioner, som er indregnet i aktiver som eksempelvis varebeholdninger og anlægsaktiver, elimineres fuldt ud. Koncerninterne tab kan være indikation af værdiforringelse, som kræver indregning i koncernregnskabet. IAS 12 
Indkomstskatter
 finder anvendelse på midlertidige afvigelser, der opstår ved eliminering af gevinster og tab hidrørende fra koncerninterne transaktioner.
26.
De årsregnskaber for modervirksomheden og dens dattervirksomheder, som lægges til grund for udarbejdelsen af koncernregnskabet, skal udarbejdes pr. samme balancedag. Når modervirksomhedens og dattervirksomhedens balancedage er forskellige, udarbejder dattervirksomheden, til brug for koncernregnskabet, et yderligere regnskab pr. samme balancedag som modervirksomhedens årsregnskab, medmindre dette er praktisk umuligt.
27.
Når en dattervirksomheds årsregnskab, som indgår i udarbejdelsen af et koncernregnskab, i overensstemmelse med afsnit 26 udarbejdes pr. en balancedag, der afviger fra modervirksomhedens, skal der reguleres for virkningen af væsentlige transaktioner eller begivenheder, som finder sted mellem denne dato og balancedagen for modervirksomhedens årsregnskab. Under alle omstændigheder må forskellen mellem balancedagen i dattervirksomheden og i modervirksomheden ikke være mere end tre måneder. Længden af regnskabsår og forskelle i balancedagene skal være ens fra regnskabsår til regnskabsår.
28.
Koncernregnskaber skal udarbejdes ved anvendelse af ensartet regnskabspraksis for ensartede transaktioner og andre begivenheder under samme omstændigheder.
29.
Hvis en virksomhed i koncernen anvender en anden regnskabspraksis end den, der anvendes i koncernregnskabet for ensartede transaktioner og begivenheder under samme omstændigheder, foretages der passende reguleringer af virksomhedens årsregnskab ved udarbejdelsen af koncernregnskabet.
30.
En dattervirksomheds indtægter og omkostninger medtages i koncernregnskabet fra tidspunktet for overtagelsen som defineret i IFRS 3. En dattervirksomheds indtægter og omkostninger medtages i koncernregnskabet frem til det tidspunkt, hvor modervirksomheden ophører med at have bestemmende indflydelse på dattervirksomheden. Forskellen mellem provenuet fra afhændelsen af dattervirksomheden og dens regnskabsmæssige værdi på afhændelsestidspunktet, herunder akkumulerede valutakursforskelle, som vedrører dattervirksomheden, og som er indregnet på egenkapitalen i overensstemmelse med IAS 21 
Valutaomregning
 indregnes i koncernresultatopgørelsen som gevinst eller tab ved afhændelsen af dattervirksomheden.
31.
En investering i en virksomhed skal regnskabsmæssigt behandles i overensstemmelse med IAS 39 
Finansielle instrumenter: Indregning og måling
 fra det tidspunkt, hvor den ophører med at være en dattervirksomhed, under forudsætning af, at den ikke bliver en associeret virksomhed som defineret i IAS 28 eller en fælles kontrolleret virksomhed, som beskrevet i IAS 31.
32.
Den regnskabsmæssige værdi af investeringen på det tidspunkt, hvor virksomheden ophører med at være en dattervirksomhed, skal betragtes som kostprisen ved første måling af et finansielt aktiv i overensstemmelse med IAS 39.
33.
Minoritetsinteresser skal i koncernbalancen præsenteres under egenkapitalen separat fra modervirksomhedens andel af egenkapitalen. Minoritetsinteresser i koncernresultatet skal også oplyses separat.
34.
Resultatet henføres til modervirksomhedens egenkapitalandel og minoritetsinteresser. Da begge dele er egenkapital, er det beløb, der henføres til minoritetsinteresser, hverken en indtægt eller en omkostning.
35.
Tab, som kan henføres til minoriteten i en dattervirksomhed, som indgår i koncernregnskabet, kan overstige minoritetsinteressens andel af dattervirksomhedens egenkapital. Det overskydende beløb samt yderligere tab, som kan henføres til minoriteten, allokeres til modervirksomhedens andel af egenkapitalen, undtagen i det omfang minoriteten har en bindende forpligtelse til, samt er i stand til, at foretage en yderligere investering for at dække tabene. Hvis dattervirksomheden efterfølgende viser overskud, henføres dette til modervirksomhedens andel af egenkapitalen, indtil minoritetens andel i tab, som tidligere er dækket af majoriteten, er genindvundet.
36.
Hvis en dattervirksomhed har kumulative præferenceaktier i omløb, som besiddes af minoritetsinteresser og klassificeres som egenkapital, beregner modervirksomheden sin andel af resultatet efter at have reguleret for udbyttet fra sådanne aktier, uanset om udbytte er uddelt.
REGNSKABSMÆSSIG BEHANDLING AF INVESTERINGER I DATTERVIRKSOMHEDER, FÆLLES KONTROLLEREDE VIRKSOMHEDER OG ASSOCIEREDE VIRKSOMHEDER I SEPARATE ÅRSREGNSKABER
37.
Når der udarbejdes separat årsregnskab, skal investeringer i dattervirksomheder, fælles kontrollerede virksomheder og associerede virksomheder, der ikke er klassificeret som besiddelse med henblik på salg (eller medtaget i en afståelsesgruppe, som er klassificeret som besiddelse med henblik på salg) i overensstemmelse med IFRS 5, regnskabsmæssigt behandles enten:
a)
til kostpris, eller
b)
i overensstemmelse med IAS 39.
Hver kategori af investeringer skal regnskabsmæssigt behandles på samme måde. Investeringer i dattervirksomheder, fælles kontrollerede virksomheder og associerede virksomheder, der er klassificeret som besiddelse med henblik på salg (eller medtaget i en afståelsesgruppe, som er klassificeret som besiddelse med henblik på salg) i overensstemmelse med IFRS 5, skal regnskabsmæssigt behandles i overensstemmelse med IFRS 5.
38.
Denne standard foreskriver ikke, hvilke virksomheder, der skal offentliggøre separate årsregnskaber. Afsnit 37 og 39-42 finder anvendelse, når en virksomhed udarbejder separate årsregnskaber, der er i overensstemmelse med de internationale regnskabsstandarder (IFRS). Virksomheden skal også offentliggøre koncernregnskaber, som krævet i afsnit 9, medmindre den i afsnit 10 anførte fritagelse finder anvendelse.
39.
Investeringer i fælles kontrollerede virksomheder og associerede virksomheder, der behandles regnskabsmæssigt i overensstemmelse med IAS 39 i koncernregnskabet, skal regnskabsmæssigt behandles på samme måde i investors separate årsregnskab.
OPLYSNINGER
40.
Der skal gives oplysning om følgende i koncernregnskaber:
a)
[Ophævet]
b)
[Ophævet]
c)
arten af forholdet mellem modervirksomheden og en dattervirksomhed, når modervirksomheden ikke, direkte eller indirekte gennem dattervirksomheder, ejer mere end halvdelen af stemmerettighederne,
d)
årsagerne til, at ejerandelen direkte eller indirekte gennem dattervirksomheder af mere end halvdelen af stemmerettighederne eller de potentielle stemmerettigheder i en virksomhed, der er investeret i, ikke udgør bestemmende indflydelse,
e)
balancedagen for en dattervirksomheds årsregnskab, når dette indgår i udarbejdelsen af et koncernregnskab og er udarbejdet pr. en anden balancedag end modervirksomhedens eller for et regnskabsår, der afviger fra modervirksomhedens, samt årsagen til, at der anvendes en anden balancedag eller et andet regnskabsår, og
f)
arten og omfanget af eventuelle væsentlige restriktioner (f.eks. hidrørende fra låneaftaler eller lovmæssige krav) på dattervirksomhedernes muligheder for at overføre midler til modervirksomheden i form af kontant udbytte eller til at tilbagebetale lån.
41.
Når der udarbejdes et separat årsregnskab for en modervirksomhed, der i overensstemmelse med afsnit 10 vælger ikke at udarbejde koncernregnskab, skal dette separate årsregnskab give oplysning om:
a)
at årsregnskabet er et separat årsregnskab, at fritagelsen for konsolidering er benyttet, navn og registreringsland eller hjemsted for den virksomhed, som har udarbejdet og offentliggjort koncernregnskab i overensstemmelse med de internationale regnskabsstandarder (IFRS), samt den adresse, hvorfra dette koncernregnskab kan rekvireres,
b)
en oversigt over væsentlige investeringer i dattervirksomheder, fælles kontrollerede virksomheder og associerede virksomheder, herunder navn, registreringsland eller hjemsted, ejerandel og andel i stemmerettighederne, hvis denne afviger fra ejerandelen, og
c)
en beskrivelse af den anvendte metode for regnskabsmæssig behandling af de under b) anførte investeringer.
42.
Når en modervirksomhed (ud over modervirksomheder, som er dækket af afsnit 41), en venturedeltager med en kapitalandel i en fælles kontrolleret enhed eller en investor i en associeret virksomhed udarbejder et separat årsregnskab, skal der i dette årsregnskab gives oplysning om:
a)
at regnskabet er et separat årsregnskab og årsagerne til, at dette regnskab er udarbejdet, hvis det ikke kræves af lovgivningen,
b)
en oversigt over væsentlige investeringer i dattervirksomheder, fælles kontrollerede virksomheder og associerede virksomheder, herunder navn, registreringsland eller hjemsted, ejerandel og andel i stemmerettighederne, hvis denne afviger fra ejerandelen, og
c)
en beskrivelse af den anvendte metode for regnskabsmæssig behandling af de under b) anførte investeringer,
samt en angivelse af det i overensstemmelse med afsnit 9 i denne standard, IAS 28 og IAS 31 udarbejdede årsregnskab, som det er tilknyttet.
IKRAFTTRÆDELSESTIDSPUNKT
43.
Virksomheder skal anvende denne standard for årsregnskaber, der dækker regnskabsår, som begynder 1. januar 2005 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender denne standard for regnskabsår, som begynder før 1. januar 2005, skal den give oplysning om dette.
OPHÆVELSE AF ANDRE UDTALELSER
44.
Denne standard erstatter IAS 27 
Koncernregnskaber og regnskabsmæssig behandling af investeringer i dattervirksomheder
 (ajourført i 2000).
45.
Denne standard erstatter SIC-33 
Konsolidering og den indre værdis metode — Potentielle stemmerettigheder og allokering af ejerandele
.
(
1
)
  Hvis en dattervirksomhed på overtagelsestidspunktet opfylder kriterierne for klassifikation som besiddelse med henblik på salg i overensstemmelse med IFRS 5 
Anlægsaktiver, som besiddes med henblik på salg og ophørte aktiviteter
, skal den regnskabsmæssigt behandles i overensstemmelse med IFRS 5.
(
2
)
  Jf. også SIC-12 
Konsolidering — Særlige virksomheder
.
IAS 28
Investeringer i associerede virksomheder
ANVENDELSESOMRÅDE
1.
Denne standard finder anvendelse på den regnskabsmæssige behandling af investeringer i associerede virksomheder. Den finder imidlertid ikke anvendelse på investeringer i associerede virksomheder, som besiddes af:
a)
venturekapitalorganisationer, eller
b)
investeringsselskaber, investeringsforeninger og lignende, herunder forsikringsfonde tilknyttet investeringer
og som efter første indregning klassificeres som investeringer til dagsværdi over resultatet eller som besiddelser med salg for øje, der regnskabsmæssigt behandles i overensstemmelse med IAS 39 
Finansielle instrumenter: Indregning og måling.
 Sådanne investeringer skal måles til dagsværdi i overensstemmelse med IAS 39, og ændringer i dagsværdi skal indregnes i resultatet for det regnskabsår, hvor ændringen er sket.
DEFINITIONER
2.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
En 
associeret virksomhed
 er en virksomhed, herunder en ikke-registreret virksomhed såsom et interessentskab, som investor har betydelig indflydelse på, og som hverken er en dattervirksomhed eller en kapitalandel i et joint venture.
Et 
koncernregnskab
 er et årsregnskab for en koncern præsenteret som et årsregnskab for en enkelt økonomisk enhed.
Bestemmende indflydelse
 er beføjelsen til at styre en virksomheds økonomiske og driftsmæssige beslutninger med henblik på at opnå fordele fra dens aktiviteter.
Den indre værdis metode eller equity-metoden
 er en regnskabsmetode, ifølge hvilken investeringen første gang indregnes til kostpris og efterfølgende reguleres for ændringer i investors andel af nettoaktiverne i den virksomhed, der er investeret i. Investors resultat omfatter investors andel af resultatet i den virksomhed, der er investeret i.
Fælles bestemmende indflydelse
 er en kontraktlig aftale om delt bestemmende indflydelse på en erhvervsmæssig aktivitet og eksisterer kun, når de strategiske økonomiske og driftsmæssige beslutninger, som er knyttet til aktiviteten, kræver enstemmighed mellem de parter, der deler den bestemmende indflydelse (venturedeltagerne).
Separate årsregnskaber
 er regnskaber, som præsenteres af en modervirksomhed, en investor i en associeret virksomhed eller en venturedeltager i en fælles kontrolleret virksomhed, hvor investeringerne behandles regnskabsmæssigt på grundlag af den direkte egenkapitalinteresse, og ikke på grundlag af resultater og nettoaktiver i de virksomheder, der er investeret i.
Betydelig indflydelse
 er beføjelsen til at deltage i de økonomiske og driftsmæssige beslutninger i den virksomhed, der er investeret i, uden at have bestemmende indflydelse eller fælles bestemmende indflydelse på disse.
En 
dattervirksomhed
 er en virksomhed, herunder en ikke-registreret virksomhed, såsom et interessentskab, der er underlagt bestemmende indflydelse af en anden virksomhed (kaldet modervirksomheden).
3.
Årsregnskaber udarbejdet på grundlag af den indre værdis metode udgør ikke separate årsregnskaber, og det samme gælder årsregnskaber for virksomheder, der ikke har dattervirksomheder, associerede virksomheder eller venturedeltageres kapitalandele i joint ventures.
4.
Separate årsregnskaber er regnskaber, der præsenteres ud over koncernregnskaber, årsregnskaber, hvor investeringer regnskabsmæssigt behandles efter den indre værdis metode og årsregnskaber, hvor venturedeltageres kapitalandele i joint ventures pro rata-konsolideres. Det er muligt, men ikke nødvendigt, at vedhæfte eller vedlægge separate årsregnskaber til disse regnskaber.
5.
Virksomheder, som i overensstemmelse med afsnit 10 i IAS 27 
Koncernregnskaber og separate årsregnskaber
 er fritaget for at aflægge koncernregnskab, i overensstemmelse med afsnit 2 i IAS 31 
Kapitalandele i joint ventures
 er fritaget for at anvende pro rata-konsolidering eller i overensstemmelse med afsnit 13c) i denne standard er fritaget for at anvende den indre værdis metode, kan præsentere et separat årsregnskab som sit eneste årsregnskab.
Betydelig indflydelse
6.
Hvis investor, direkte eller indirekte (f.eks. gennem dattervirksomheder), ejer 20 % eller mere af stemmerettighederne i den virksomhed, der er investeret i, formodes det, at investor har betydelig indflydelse, medmindre det klart kan påvises, at dette ikke er tilfældet. Modsat gælder, at hvis investor, direkte eller indirekte (f.eks. gennem dattervirksomheder), ejer mindre end 20 % af stemmerettighederne i den virksomhed, der er investeret i, har investor ikke betydelig indflydelse, medmindre en sådan indflydelse klart kan påvises. En anden investors ejerskab af majoriteten eller en væsentlig del af den virksomhed, der er investeret i, udelukker ikke nødvendigvis en investor fra at have betydelig indflydelse.
7.
En investors betydelige indflydelse kommer sædvanligvis til udtryk på en eller flere af følgende måder:
a)
repræsentation i bestyrelse eller tilsvarende ledelsesorgan i den virksomhed, der er investeret i,
b)
deltagelse i beslutningsprocessen, herunder deltagelse i beslutninger vedrørende udbytte eller andre udbetalinger,
c)
væsentlige transaktioner mellem investor og den virksomhed, der er investeret i,
d)
udveksling af ledende medarbejdere, eller
e)
nødvendig teknisk information stilles til rådighed.
8.
En virksomhed kan besidde aktie-warrants, call-optioner på aktier, gælds- eller egenkapitalinstrumenter, som kan konverteres til ordinære aktier, eller tilsvarende instrumenter, som ved udnyttelse eller konvertering kan give virksomheden yderligere stemmerettigheder eller reducere en anden parts stemmerettigheder vedrørende en anden virksomheds økonomiske og driftsmæssige beslutninger (dvs. potentielle stemmerettigheder). Eksistensen og virkningen af potentielle stemmerettigheder, som aktuelt kan udnyttes eller konverteres, herunder potentielle stemmerettigheder, som besiddes af andre virksomheder, skal tages i betragtning ved vurderingen af, om en virksomhed har betydelig indflydelse. Potentielle stemmerettigheder kan ikke aktuelt udnyttes eller konverteres, når de eksempelvis først kan udnyttes eller konverteres på et fremtidigt tidspunkt eller ved en fremtidig begivenheds indtræffen.
9.
En virksomhed skal i forbindelse med vurderingen af, hvorvidt potentielle stemmerettigheder bidrager til betydelig indflydelse, undersøge alle forhold og omstændigheder (herunder vilkårene for udnyttelse af de potentielle stemmerettigheder og andre kontraktlige forpligtelser, samlet eller hver for sig), som påvirker de potentielle rettigheder, bortset fra ledelsens hensigt og den økonomiske evne til at udnytte eller konvertere rettighederne.
10.
En virksomhed mister sin betydelige indflydelse på en virksomhed, der er investeret i, når den mister sin beføjelse til at deltage i de økonomiske og driftsmæssige beslutninger i den pågældende virksomhed. Tabet af betydelig indflydelse kan ske med eller uden en ændring i størrelsen af de absolutte eller forholdsmæssige ejerandele. Det kunne eksempelvis ske, når en associeret virksomhed bliver underlagt kontrol af myndigheder, en domstol, en administrator eller en tilsynsmyndighed. Det kunne også ske som en følge af en kontrakt.
Den indre værdis metode
11.
Efter den indre værdis metode indregnes investeringen i en associeret virksomhed første gang til kostpris, og den regnskabsmæssige værdi forøges eller reduceres herefter med investors andel af resultatet i den virksomhed, der er investeret i, efter overtagelsestidspunktet. Investors andel af resultatet i den virksomhed, der er investeret i, indregnes i investors resultat. Udlodninger modtaget fra den virksomhed, der er investeret i, reducerer investeringens regnskabsmæssige værdi. Det kan også være nødvendigt at regulere den regnskabsmæssige værdi for ændringer i investors forholdsmæssige ejerskab i den virksomhed, der er investeret i, som følge af ændringer i egenkapitalen, som ikke er indregnet i resultatet for den pågældende virksomhed. Sådanne ændringer omfatter ændringer hidrørende fra omvurderinger af materielle anlægsaktiver og valutakursforskelle ved omregning. Investors andel af disse ændringer indregnes direkte på investors egenkapital.
12.
Når der er potentielle stemmerettigheder, skal investors andel af resultatet i den virksomhed, der er investeret i, og af ændringer i egenkapitalen i den virksomhed, der er investeret i, opgøres på grundlag af de aktuelle ejerandele og ikke afspejle den mulige udnyttelse eller konvertering af potentielle stemmerettigheder.
ANVENDELSE AF DEN INDRE VÆRDIS METODE
13.
En investering i en associeret virksomhed skal regnskabsmæssigt behandles efter den indre værdis metode, undtagen når:
a)
investeringen er klassificeret som besiddelse med henblik på salg i overensstemmelse med IFRS 5 
Anlægsaktiver, som besiddes med henblik på salg og ophørte aktiviteter
,
b)
undtagelsen i afsnit 10 i IAS 27, som tillader, at en modervirksomhed, der også har en investering i en associeret virksomhed, ikke præsenterer koncernregnskab, finder anvendelse, eller
c)
samtlige nedenstående betingelser er opfyldt:
i)
investor er en 100 % ejet dattervirksomhed eller en delvist ejet dattervirksomhed af en anden virksomhed, og dens øvrige ejere, herunder ejere, som ikke på anden vis har stemmeret, er blevet informeret om og ikke har gjort indsigelser imod, at investor ikke anvender den indre værdis metode,
ii)
investors gælds- eller egenkapitalinstrumenter ikke handles på et aktivt marked (en inden- eller udenlandsk fondsbørs eller et OTC-marked, herunder lokale og regionale markeder),
iii)
modervirksomheden hverken har indsendt eller er ved at indsende sit årsregnskab til et børstilsyn eller en anden myndighed med henblik på at notere instrumenter af en hvilken som helst kategori på et offentligt marked, og
iv)
investors øverste modervirksomhed eller en mellemliggende modervirksomhed fremlægger koncernregnskaber, der er tilgængelige for offentligheden og i overensstemmelse med de internationale regnskabsstandarder (IFRS).
14.
De i afsnit 13a) beskrevne investeringer skal regnskabsmæssigt behandles i overensstemmelse med IFRS 5.
15.
Når en investering i en associeret virksomhed, der tidligere er klassificeret som besiddelse med henblik på salg, ikke længere opfylder kriterierne for denne klassifikation, skal investeringen regnskabsmæssigt behandles efter den indre værdis metode fra tidspunktet for klassifikationen som besiddelse med henblik på salg. Årsregnskaberne for de regnskabsår, der ligger efter klassifikationen som besiddelse med henblik på salg, skal ændres tilsvarende.
16.
[Ophævet]
17.
Indregning af indtægter på grundlag af modtagne udlodninger er ikke nødvendigvis en hensigtsmæssig metode til måling af investors afkast af en investering i en associeret virksomhed, idet de modtagne udlodninger ikke nødvendigvis har sammenhæng med indtjeningen i den associerede virksomhed. Eftersom investor har betydelig indflydelse på den associerede virksomhed, har investor en andel i den associerede virksomheds indtjening og hermed i afkastet af investeringen. Investor skal regnskabsmæssigt behandle denne andel ved i sit årsregnskab at indregne sin andel af resultatet i den associerede virksomhed. Således medfører anvendelse af den indre værdis metode en mere informativ regnskabsaflæggelse for investors nettoaktiver og resultat.
18.
Investor skal ophøre med at anvende den indre værdis metode fra det tidspunkt, hvor investor ikke længere har betydelig indflydelse på den associerede virksomhed, og skal foretage regnskabsmæssig behandling af investeringen i overensstemmelse med IAS 39 fra dette tidspunkt, forudsat at den associerede virksomhed ikke bliver en dattervirksomhed eller et joint venture, som defineret i IAS 31.
19.
Den regnskabsmæssige værdi af investeringen på det tidspunkt, hvor den ophører med at være en associeret virksomhed, skal betragtes som kostprisen ved første måling som et finansielt aktiv i overensstemmelse med IAS 39.
20.
Mange af de procedurer, der er relevante for anvendelsen af den indre værdis metode, svarer til de i IAS 27 beskrevne konsolideringsprocedurer. Desuden finder de begreber, der underbygger procedurerne for regnskabsmæssig behandling af overtagelsen af en dattervirksomhed, også anvendelse på den regnskabsmæssige behandling af erhvervelsen af en investering i en associeret virksomhed.
21.
En koncerns andel i en associeret virksomhed udgøres af modervirksomhedens og dens dattervirksomheders samlede besiddelse i den associerede virksomhed. Der ses i denne forbindelse bort fra besiddelser hos koncernens øvrige associerede virksomheder eller joint ventures. Når en associeret virksomhed har dattervirksomheder, associerede virksomheder eller joint ventures, er de resultater og nettoaktiver, der skal tages i betragtning ved anvendelse af den indre værdis metode dem, der indregnes i den associerede virksomheds årsregnskab (herunder den associerede virksomheds andel i resultatet og nettoaktiverne i de associerede virksomheder og joint ventures) efter eventuelle nødvendige reguleringer for at opnå ensartet regnskabspraksis (jf. afsnit 26 og 27).
22.
Gevinster og tab hidrørende fra transaktioner med højereliggende og lavereliggende virksomheder i forholdet mellem en investor (herunder dennes konsoliderede dattervirksomheder) og en associeret virksomhed indregnes udelukkende i investors årsregnskab med omfanget af ikke-nærtstående investorers kapitalandele i den associerede virksomhed. Transaktioner med en højereliggende virksomhed kan eksempelvis være salg af aktiver fra en associeret virksomhed til investor. Transaktioner med en lavereliggende virksomhed kan eksempelvis være salg af aktiver fra investor til en associeret virksomhed. Investors andel i den associerede virksomheds gevinster og tab hidrørende fra disse transaktioner skal elimineres.
23.
En investering i en associeret virksomhed behandles regnskabsmæssigt efter den indre værdis metode fra det tidspunkt, hvor den bliver en associeret virksomhed. Ved erhvervelsen af investeringen skal en eventuel forskel mellem kostprisen for investeringen og investors andel af nettodagsværdien af den associerede virksomheds identificerbare aktiver, forpligtelser og eventualforpligtelser regnskabsmæssigt behandles i overensstemmelse med IFRS 3 
Virksomhedssammenslutninger
. Derfor gælder det, at:
a)
goodwill tilknyttet en associeret virksomhed medtages i investeringens regnskabsmæssige værdi. Afskrivning på denne goodwill er imidlertid ikke tilladt og medtages derfor ikke ved opgørelsen af investorens andel af den associerede virksomheds resultat
b)
et eventuelt beløb, hvormed investors andel af nettodagsværdien af den associerede virksomheds identificerbare aktiver, forpligtelser og eventualforpligtelser overstiger kostprisen for investeringen, ikke medtages i den regnskabsmæssige værdi af investeringen, men i stedet medtages som indtægt ved opgørelsen af investorens andel af den associerede virksomheds resultat i det regnskabsår, hvor investeringen er erhvervet.
Relevante reguleringer af investors andel af den associerede virksomheds resultat efter erhvervelsen foretages også for at tage højde for eksempelvis afskrivninger på afskrivningsberettigede aktiver baseret på deres dagsværdi på overtagelsestidspunktet. Ligeledes foretages der relevante reguleringer af investors andel af den associerede virksomheds resultat efter erhvervelsen for tab ved værdiforringelse, som er indregnet af den associerede virksomhed, eksempelvis af goodwill eller materielle anlægsaktiver.
24.
Den associerede virksomheds senest tilgængelige årsregnskab benyttes af investor ved anvendelse af den indre værdis metode. Når investors og den associerede virksomheds balancedage er forskellige, udarbejder den associerede virksomhed, til brug for investor, årsregnskab pr. samme balancedag som investors årsregnskab, medmindre dette er praktisk umuligt.
25.
Når en associeret virksomheds årsregnskab, som indgår ved anvendelsen af den indre værdis metode, i overensstemmelse med afsnit 24 udarbejdes pr. en balancedag, der afviger fra investors balancedag, skal der foretages reguleringer for virkningen af væsentlige transaktioner eller begivenheder, som finder sted mellem denne dato og balancedagen for investors årsregnskab. Under alle omstændigheder må afvigelsen mellem balancedagen i den associerede virksomhed og hos investor ikke overstige tre måneder. Længden af regnskabsår og forskelle i balancedagene skal være ens fra regnskabsår til regnskabsår.
26.
Investors årsregnskab skal udarbejdes ved anvendelse af ensartede regnskabsprincipper for ensartede transaktioner og begivenheder under samme omstændigheder.
27.
Hvis en associeret virksomhed anvender andre regnskabsprincipper end dem, som anvendes af investor for ensartede transaktioner og begivenheder under samme omstændigheder, skal der foretages reguleringer for at bringe den associerede virksomheds regnskabspraksis i overensstemmelse med investors, når den associerede virksomheds årsregnskab benyttes af investor ved dennes anvendelse af den indre værdis metode.
28.
Hvis en associeret virksomhed har kumulative præferenceaktier i omløb, som besiddes af andre parter end investor og klassificeres som egenkapital, beregner investor sin andel af resultatet efter regulering for udbyttet fra sådanne aktier, uanset om udbyttet er uddelt.
29.
Hvis investors andel af tab i en associeret virksomhed er lig med eller overstiger kapitalandelen i den associerede virksomhed, ophører investor med at indregne sin andel af yderligere tab. Kapitalandelen i en associeret virksomhed er den regnskabsmæssige værdi af investeringen i den associerede virksomhed opgjort efter den indre værdis metode samt eventuelle langsigtede interesser, som i al væsentlighed udgør en del af investors nettoinvestering i virksomheden. Eksempelvis er en post, hvis afregning hverken er planlagt eller sandsynlig i en overskuelig fremtid, i realiteten en forlængelse af virksomhedens investering i den associerede virksomhed. Sådanne poster kan omfatte præferenceaktier og langfristede tilgodehavender eller lån, men ikke tilgodehavender fra salg og tjenesteydelser, leverandørforpligtelser eller langfristede tilgodehavender, som der er stillet tilstrækkelig sikkerhed for, såsom pantsikrede lån. Tab ud over investors investering i ordinære aktier, som indregnes efter den indre værdis metode, henføres til de andre elementer af investors kapitalandel i en associeret virksomhed i omvendt rækkefølge i forhold til deres prioritet (dvs. i forhold til konkursordenen).
30.
Efter at investors kapitalandel er reduceret til nul, hensættes forpligtelser til yderligere tab, og der indregnes kun en forpligtelse i det omfang, investor har påtaget sig retlige eller faktiske forpligtelser eller foretaget betalinger på vegne af den associerede virksomhed. Hvis den associerede virksomhed efterfølgende viser overskud, skal investor først genoptage indregning af sin overskudsandel, når andelen af overskuddene svarer til den ikke-indregnede andel af tabet.
Tab ved værdiforringelse
31.
Efter at have anvendt den indre værdis metode, herunder indregning af den associerede virksomheds tab i overensstemmelse med afsnit 29, skal investor anvende kravene i IAS 39 til at afgøre, hvorvidt det er nødvendigt at indregne eventuelle yderligere tab ved værdiforringelse vedrørende investors nettoinvestering i den associerede virksomhed.
32.
Investor anvender desuden kravene i IAS 39 til at afgøre, hvorvidt eventuelle yderligere tab ved værdiforringelse skal indregnes vedrørende den del af investors kapitalandel i den associerede virksomhed, som ikke udgør en del af nettoinvesteringen og tabet ved værdiforringelse.
33.
Eftersom goodwill, der er medtaget i den regnskabsmæssige værdi af en investering i en associeret virksomhed, ikke indregnes separat, bliver den ikke testet separat for værdiforringelse ved at anvende kravene for test for værdiforringelse af goodwill i IAS 36 
Værdiforringelse af aktiver
. I stedet bliver den samlede regnskabsmæssige værdi af investeringen testet for værdiforringelse i henhold til IAS 36 ved at sammenligne genindvindingsværdien (det højeste af nytteværdien og dagsværdien med fradrag af salgsomkostninger) med den regnskabsmæssige værdi, når der ved anvendelsen af kravene i IAS 39 er en indikation af, at investeringen kan være værdiforringet. Ved opgørelsen af investeringens nytteværdi, skal virksomheden foretage skøn over:
a)
sin andel af nutidsværdien af skønnede fremtidige pengestrømme, der forventes frembragt af den associerede virksomhed, herunder pengestrømme fra driften i den associerede virksomhed og provenuet for det endelige salg af investeringen, eller
b)
nutidsværdien af skønnede fremtidige pengestrømme, der forventes at opstå som følge af udbytte modtaget fra investeringen og fra det endelige salg.
Med de korrekte forudsætninger giver begge metoder samme resultat.
34.
Det genindvindelige beløb for en investering i en associeret virksomhed opgøres for hver associeret virksomhed, medmindre den associerede virksomhed ikke fra fortsat anvendelse frembringer pengestrømme til virksomheden, der stort set er uafhængige af pengestrømmene fra andre aktiver i virksomheden.
SEPARAT ÅRSREGNSKAB
35.
En investering i en associeret virksomhed skal regnskabsmæssigt behandles i investors separate årsregnskab i overensstemmelse med afsnit 37-42 i IAS 27.
36.
Denne standard foreskriver ikke, hvilke virksomheder, der skal offentliggøre separate årsregnskaber.
OPLYSNINGER
37.
Følgende oplysninger skal gives:
a)
dagsværdien af investeringer i associerede virksomheder, hvor der ikke er nogen officiel markedskurs,
b)
sammendragne økonomiske informationer for associerede virksomheder, herunder sammendragne beløb for aktiver, forpligtelser, omsætning og resultat,
c)
årsagerne til, at formodningen om, at investor ikke har betydelig indflydelse tilsidesættes, hvis investor direkte eller indirekte gennem dattervirksomheder ejer mindre end 20 % af stemmerettighederne eller de potentielle stemmerettigheder i den virksomhed, der er investeret i, men det konkluderes, at investor har betydelig indflydelse,
d)
årsagerne til, at formodningen om, at investor har betydelig indflydelse, tilsidesættes, hvis investor direkte eller indirekte gennem dattervirksomheder ejer 20 % eller mere af stemmerettighederne eller de potentielle stemmerettigheder i den virksomhed, der er investeret i, men det konkluderes, at investor ikke har betydelig indflydelse,
e)
balancedagen for en associeret virksomheds årsregnskab, når dette indgår ved anvendelsen af den indre værdis metode og er pr. en anden balancedag end investors eller for et regnskabsår, der afviger fra investors, samt årsagen til, at der anvendes en anden balancedag eller et andet regnskabsår,
f)
arten og omfanget af eventuelle væsentlige restriktioner (f.eks. hidrørende fra låneaftaler eller lovmæssige krav) på associerede virksomheders muligheder for at overføre midler til investor i form af kontant udbytte eller tilbagebetaling af lån,
g)
den ikke-indregnede andel af tab i en associeret virksomhed, både i regnskabsåret og kumulativt, hvis investor er ophørt med at indregne sin andel af tab i en associeret virksomhed,
h)
den kendsgerning, at en associeret virksomhed ikke er behandlet regnskabsmæssigt efter den indre værdis metode i overensstemmelse med afsnit 13, og
i)
sammendragne økonomiske informationer for associerede virksomheder, enten enkeltvis eller i grupper, der ikke regnskabsmæssigt er behandlet efter den indre værdis metode, herunder de samlede aktiver og samlede forpligtelser, omsætning og resultat.
38.
Investeringer i associerede virksomheder, som regnskabsmæssigt behandles efter den indre værdis metode, skal klassificeres som anlægsaktiver. Investors andel af resultatet i sådanne associerede virksomheder og den regnskabsmæssige værdi af disse investeringer skal oplyses separat. Investors andel af eventuelle ophørte aktiviteter i sådanne associerede virksomheder skal ligeledes oplyses separat.
39.
Investors andel af ændringer, som indregnes direkte på egenkapitalen i den associerede virksomhed, skal af investor indregnes direkte på egenkapitalen og skal oplyses i egenkapitalopgørelsen, som det kræves i IAS 1 
Præsentation af årsregnskaber
.
40.
I overensstemmelse med IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
 skal investor oplyse:
a)
sin andel af eventualforpligtelser i en associeret virksomhed, som er påtaget i fællesskab med andre investorer, og
b)
de eventualforpligtelser, der opstår ved, at investor hæfter solidarisk for alle eller dele af den associerede virksomheds forpligtelser.
IKRAFTTRÆDELSESTIDSPUNKT
41.
Virksomheder skal anvende denne standard for årsregnskaber, der dækker regnskabsår, som begynder 1. januar 2005 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender denne standard for regnskabsår, som begynder før 1. januar 2005, skal den give oplysning om dette.
OPHÆVELSE AF ANDRE UDTALELSER
42.
Denne standard erstatter IAS 28 
Regnskabsmæssig behandling af investeringer i associerede virksomheder
 (ajourført 2000).
43.
Denne standard erstatter følgende fortolkningsbidrag:
a)
SIC-3 
Eliminering af urealiserede gevinster og tab på transaktioner med associerede virksomheder
,
b)
SIC-20 
Regnskabsmæssig behandling efter den indre værdis metode — Indregning af tab
, og
c)
SIC-33 
Konsolidering og den indre værdis metode — Potentielle stemmerettigheder og allokering af ejerandele
.
IAS 29
Regnskabsaflæggelse i hyperinflationsøkonomier
ANVENDELSESOMRÅDE
1.
Denne standard skal anvendes på årsregnskaber, herunder koncernregnskaber, for virksomheder, hvis funktionelle valuta er en hyperinflationsøkonomis valuta.
2.
I en hyperinflationsøkonomi er præsentationen af driftsresultat og finansiel stilling i den lokale valuta uden inflationskorrektion ikke brugbar. Penge mister købekraft i en sådan takt, at sammenligning af beløb fra transaktioner og andre begivenheder, der har fundet sted på et tidligere tidspunkt, selv inden for samme regnskabsår, er misvisende.
3.
Denne standard fastlægger ikke en bestemt inflationsrate, hvor hyperinflation anses for at opstå. Det beror på et skøn, hvornår inflationskorrektion af årsregnskabet i overensstemmelse med denne standard er nødvendig. De kendetegn ved et lands økonomi, der indikerer, at der er hyperinflation, omfatter blandt andet:
a)
at befolkningen foretrækker at anbringe deres formue i ikke-monetære aktiver eller i en relativt stabil fremmed valuta. Beløb i lokal valuta investeres straks for at bevare købekraften,
b)
at befolkningen vurderer monetære beløb på basis af en relativt stabil fremmed valuta og ikke af deres egen lokale valuta. Priser kan være anført i den fremmede valuta,
c)
at køb og salg på kredit sker til priser, der kompenserer for det forventede fald i købekraften i løbet af kreditperioden, selv når denne er kort,
d)
at renter, lønninger og priser pristalsreguleres, og
e)
at den akkumulerede inflationsrate over en treårig periode nærmer sig eller overstiger 100 %.
4.
Det er at foretrække, at alle virksomheder, som aflægger årsregnskaber i den samme hyperinflationsøkonomis valuta, anvender denne standard fra det samme tidspunkt. Dog finder denne standard anvendelse på en virksomheds årsregnskab fra begyndelsen af det regnskabsår, hvor den identificerer tilstedeværelsen af hyperinflation i det land, i hvis valuta den aflægger sit årsregnskab.
INFLATIONSKORREKTION AF ÅRSREGNSKABER
5.
Priser ændrer sig fra tid til anden som følge af forskellige specifikke eller generelle politiske, økonomiske og sociale faktorer. Specifikke faktorer, såsom ændringer i udbud og efterspørgsel og teknologiske forandringer, kan bevirke, at de enkelte priser stiger eller falder betydeligt og uafhængigt af hinanden. Yderligere kan generelle faktorer resultere i ændringer af det generelle prisniveau og dermed i pengenes generelle købekraft.
6.
I de fleste lande udarbejdes årsregnskaber på basis af historiske kostpriser uden hensyn til hverken ændringer i det generelle prisniveau eller stigninger i specifikke værdier af aktiver, der besiddes, undtagen i det omfang de materielle anlægsaktiver og investeringer er blevet omvurderet. Dog aflægger nogle virksomheder årsregnskaber, som er baseret på dagsværdimetoden, der afspejler virkningen af ændringer i de specifikke værdier af aktiver, der besiddes.
7.
I hyperinflationsøkonomier er årsregnskaber, uanset om de er baseret på den historiske kostprismetode eller dagsværdimetoden, udelukkende brugbare, hvis de angives i den på balancedagen gældende måleenhed. Som følge heraf finder denne standard anvendelse på årsregnskaber for virksomheder, som aflægger årsregnskab i hyperinflationsøkonomiers valutaer. Præsentation af de i denne standard krævede oplysninger som supplement til årsregnskaber, der ikke er inflationskorrigeret, tillades ikke. Desuden tilskyndes virksomheder til ikke separat at præsentere årsregnskabet før inflationskorrektionen.
8.
Årsregnskabet for en virksomhed, hvis funktionelle valuta er en hyperinflationsøkonomis valuta, skal, uanset om det er baseret på den historiske kostprismetode eller dagsværdimetoden, angives i den på balancedagen gældende måleenhed. De af IAS 1 
Præsentation af årsregnskaber
 krævede sammenligningstal for det foregående regnskabsår og eventuelle oplysninger vedrørende tidligere regnskabsår skal ligeledes angives i den på balancedagen gældende måleenhed. Med hensyn til præsentation af sammenligningstal i en anden præsentationsvaluta finder afsnit 42b) og 43 i IAS 21 
Valutaomregning
 (ajourført i 2003) anvendelse.
9.
Gevinster eller tab på den nettomonetære stilling skal medtages i resultatet og oplyses separat.
10.
Inflationskorrektion af årsregnskaber i overensstemmelse med denne standard kræver anvendelse af visse procedurer såvel som skøn. Ensartet anvendelse af disse procedurer og skøn fra regnskabsår til regnskabsår er vigtigere end den fuldstændige korrekthed af de heraf følgende beløb medtaget i det inflationskorrigerede årsregnskab.
Årsregnskaber baseret på historisk kostpris
Balancen
11.
Balanceposter, som ikke allerede er angivet i den på balancedagen gældende måleenhed, inflationskorrigeres i henhold til et generelt prisindeks.
12.
Monetære poster inflationskorrigeres ikke, idet de allerede er angivet i den på balancedagen gældende måleenhed. Monetære poster er likvide beholdninger og aktiver, der modtages eller betales kontant.
13.
Aktiver og forpligtelser, som ved aftale er knyttet til ændringer i priser, eksempelvis indeksregulerede obligationer og lån, reguleres i overensstemmelse med aftalen af hensyn til opgørelsen af det på balancedagen udestående beløb. Disse poster indregnes med dette beløb i den inflationskorrigerede balance.
14.
Alle andre aktiver og forpligtelser er ikke-monetære. Nogle ikke-monetære poster indregnes til de på balancedagen gældende beløb, som eksempelvis nettorealisationsværdi og markedsværdi, og inflationskorrigeres derfor ikke. Alle andre ikke-monetære aktiver og forpligtelser inflationskorrigeres.
15.
De fleste ikke-monetære poster indregnes til kostpris eller kostpris med fradrag af afskrivninger. Derfor angives de i beløb, der er gældende på anskaffelsestidspunktet. Den inflationskorrigerede kostpris eller kostpris med fradrag af afskrivninger for hver post opgøres ved at regulere den historiske kostpris og akkumulerede afskrivninger i henhold til ændringen i et generelt prisindeks fra anskaffelsestidspunktet til balancedagen. Derfor inflationskorrigeres materielle anlægsaktiver, investeringer, varebeholdninger af råvarer og handelsvarer, goodwill, patenter, varemærker og tilsvarende aktiver fra deres købstidspunkt. Varebeholdninger af halvfabrikata og færdigvarer inflationskorrigeres fra det tidspunkt, hvor købsomkostningerne og forarbejdningsomkostningerne er afholdt.
16.
I nogle tilfælde er detaljeret dokumentation om materielle anlægsaktivers anskaffelsestidspunkt ikke tilgængelig, eller kan ikke skønnes. I disse sjældne tilfælde kan det i det første regnskabsår, hvor denne standard anvendes, være nødvendigt at anvende en uvildig professionel vurdering af posternes værdi som grundlag for inflationskorrektionen.
17.
I nogle tilfælde er et generelt prisindeks ikke tilgængeligt for de regnskabsår, hvor denne standard kræver inflationskorrektion af materielle anlægsaktiver. I disse tilfælde kan det være nødvendigt at anvende et skøn baseret på eksempelvis valutakursændringer mellem den funktionelle valuta og en forholdsvis stabil udenlandsk valuta.
18.
Nogle ikke-monetære poster indregnes til beløb gældende på et tidspunkt, som ikke er anskaffelsestidspunktet eller balancedagen, eksempelvis materielle anlægsaktiver, som tidligere er blevet omvurderet. I disse tilfælde inflationskorrigeres den regnskabsmæssige værdi fra omvurderingstidspunktet.
19.
Den inflationskorrigerede værdi af en ikke-monetær post reduceres i overensstemmelse med relevante standarder, når den overstiger det beløb, der kan genindvindes ved aktivets fremtidige anvendelse (herunder salg eller anden afhændelse). I sådanne tilfælde reduceres inflationskorrigerede materielle anlægsaktiver, goodwill og patenter og varemærker derfor til genindvindingsværdi, inflationskorrigerede varebeholdninger reduceres til nettorealisationsværdi og inflationskorrigerede kortfristede investeringer reduceres til markedsværdi.
20.
Der kan være tilfælde, hvor regnskabet for den virksomhed, der er investeret i, som regnskabsmæssigt behandles efter den indre værdis metode, aflægges i en hyperinflationsøkonomis valuta. Balancen og resultatopgørelsen for den virksomhed, der er investeret i, inflationskorrigeres i overensstemmelse med denne standard for at beregne investors andel af dennes nettoaktiver og driftsresultat. Når det inflationskorrigerede årsregnskab for den virksomhed, der er investeret i, angives i en udenlandsk valuta, omregnes det til ultimokurs.
21.
Virkningen af inflation indregnes normalt i låneomkostninger. Det er ikke hensigtsmæssigt både at inflationskorrigere anlægsinvesteringer finansieret ved låntagning og aktivere den del af låneomkostningerne, som kompenserer for inflation i det samme regnskabsår. Denne del af låneomkostningerne indregnes i det regnskabsår, de er afholdt.
22.
Virksomheder kan anskaffe aktiver i henhold til en aftale, som tillader udskydelse af betaling uden afholdelsen af en konkret renteomkostning. Når det ikke er praktisk muligt at beregne renten, skal sådanne aktiver inflationskorrigeres fra betalingstidspunktet og ikke købstidspunktet.
23.
[Ophævet]
24.
Fra begyndelsen af det første regnskabsår, hvor denne standard anvendes, inflationskorrigeres egenkapitalens elementer, undtagen overført resultat og eventuelle reserver for opskrivninger, i henhold til et generelt prisindeks fra det tidspunkt, hvor elementerne er indskudt eller på anden måde opstået. Eventuelle reserver for opskrivninger, som er opstået i tidligere regnskabsår, elimineres. Det inflationskorrigerede overførte resultat udledes af alle de andre beløb i den inflationskorrigerede balance.
25.
Ved slutningen af det første regnskabsår og efterfølgende regnskabsår inflationskorrigeres alle egenkapitalens elementer i henhold til et generelt prisindeks fra begyndelsen af regnskabsåret eller indskudstidspunktet, hvis dette er senere. Bevægelserne i egenkapitalen i løbet af regnskabsåret oplyses i overensstemmelse med international regnskabsstandard IAS 1 
Præsentation af årsregnskaber
.
Resultatopgørelsen
26.
Denne standard kræver, at alle poster i resultatopgørelsen angives i den på balancedagen gældende måleenhed. Derfor skal alle beløb inflationskorrigeres i henhold til ændringen i det generelle prisindeks fra det tidspunkt, hvor indtægts- og omkostningsposterne første gang blev registreret.
Gevinster eller tab på nettomonetær stilling
27.
I perioder med inflation mister virksomheder, hvis monetære aktiver overstiger monetære forpligtelser, købekraft, og virksomheder, hvis monetære forpligtelser overstiger monetære aktiver, vinder købekraft, i det omfang aktiver og forpligtelser ikke er tilknyttet et prisniveau. Denne gevinst eller dette tab på nettomonetær stilling kan udledes som differencen hidrørende fra inflationskorrektionen af ikke-monetære aktiver, egenkapital og poster i resultatopgørelsen samt reguleringen af indeksregulerede aktiver og forpligtelser. Gevinster eller tab kan skønnes ved at regulere det vejede gennemsnit for perioden af forskellen mellem de monetære aktiver og monetære forpligtelser i henhold til ændringen i et generelt prisindeks.
28.
Gevinster eller tab på den nettomonetære stilling medtages i nettoindtægter. Regulering af de aktiver og forpligtelser, der ved aftale er knyttet til prisændringer i overensstemmelse med afsnit 13, modregnes i gevinster eller tab på den nettomonetære stilling. Andre poster i resultatopgørelsen, eksempelvis renteindtægter og renteomkostninger, og valutakursforskelle tilknyttet investerede eller lånte midler, er ligeledes forbundet med den nettomonetære stilling. Selv om sådanne poster oplyses separat, kan det være en hjælp at præsentere disse sammen med gevinster eller tab på den nettomonetære stilling i resultatopgørelsen.
Årsregnskaber baseret på dagsværdi
Balancen
29.
Poster opført til dagsværdi inflationskorrigeres ikke, idet de allerede er angivet i den på balancedagen gældende måleenhed. Andre poster i balancen inflationskorrigeres i overensstemmelse med afsnit 11-25.
Resultatopgørelsen
30.
Resultatopgørelser baseret på dagsværdi før inflationskorrektion præsenterer normalt aktuelle omkostninger på det tidspunkt, hvor de underliggende transaktioner eller begivenheder finder sted. Vareforbrug og afskrivninger registreres til dagsværdi, når varerne forbruges. Varesalg og andre omkostninger registreres til deres kontante beløb, når de finder sted. Derfor skal alle beløb inflationskorrigeres til den på balancedagen gældende måleenhed i henhold til et generelt prisindeks.
Gevinster eller tab på nettomonetær stilling
31.
Gevinster eller tab på den monetære nettostilling skal regnskabsmæssigt behandles i overensstemmelse med afsnit 27 og 28.
Skatter
32.
Inflationskorrektion af årsregnskaber i overensstemmelse med denne standard kan medføre forskelle mellem den regnskabsmæssige værdi af enkelte aktiver og forpligtelser i balancen og den skattemæssige værdi. Disse forskelle behandles regnskabsmæssigt i overensstemmelse med IAS 12 
Indkomstskatter
.
Pengestrømsopgørelsen
33.
Denne standard kræver, at alle poster i pengestrømsopgørelsen angives i den på balancedagen gældende måleenhed.
Sammenligningstal
34.
Sammenligningstal for det foregående regnskabsår skal, uanset om de var baseret på den historiske kostprismetode eller dagsværdimetoden, inflationskorrigeres i henhold til et generelt prisindeks, således at de præsenteres i den ved slutningen af regnskabsåret gældende måleenhed. Oplysninger, som gives for tidligere regnskabsår, angives ligeledes i den ved slutningen af regnskabsåret gældende måleenhed. Med hensyn til præsentation af sammenligningstal i en anden præsentationsvaluta finder afsnit 42b) og 43 i IAS 21 (ajourført 2003) anvendelse.
Koncernregnskab
35.
En modervirksomhed, som aflægger årsregnskab i en hyperinflationsøkonomis valuta, kan have dattervirksomheder, som ligeledes aflægger årsregnskab i en hyperinflationsøkonomis valuta. Årsregnskabet for sådanne dattervirksomheder skal inflationskorrigeres i henhold til et generelt prisindeks i det land, hvis valuta anvendes ved aflæggelsen af årsregnskabet, før det medtages i modervirksomhedens koncernregnskab. Når en sådan dattervirksomhed er en udenlandsk dattervirksomhed, omregnes dens inflationskorrigerede årsregnskab til ultimokurs. Årsregnskaber for dattervirksomheder, som ikke aflægger regnskab i hyperinflationsøkonomiers valuta, behandles i overensstemmelse med IAS 21.
36.
Hvis årsregnskaber med forskellige balancedage konsolideres, skal alle poster, ikke-monetære såvel som monetære, inflationskorrigeres til den på datoen for koncernregnskabet gældende måleenhed.
Valg og anvendelse af det generelle prisindeks
37.
Inflationskorrektion af årsregnskaber i overensstemmelse med denne standard kræver anvendelse af et generelt prisindeks, som afspejler ændringerne i den generelle købekraft. Det er at foretrække, at alle virksomheder, som aflægger årsregnskaber i den samme økonomis valuta, anvender det samme indeks.
ØKONOMIER, DER OPHØRER MED AT VÆRE HYPERINFLATIONÆRE
38.
Når en økonomi ophører med at være hyperinflationær, og en virksomhed ophører med at udarbejde og præsentere årsregnskaber udarbejdet i overensstemmelse med denne standard, skal den anvende beløb angivet i den ved slutningen af det foregående regnskabsår gældende måleenhed som grundlaget for den regnskabsmæssige værdi i dens efterfølgende årsregnskaber.
OPLYSNINGER
39.
Følgende oplysninger skal gives:
a)
inflationskorrektion af årsregnskaber og sammenligningstal for tidligere regnskabsår grundet ændringer i den funktionelle valutas generelle købekraft, og at de som følge heraf angives i den på balancedagen gældende måleenhed,
b)
hvorvidt årsregnskabet et baseret på den historiske kostprismetode eller dagsværdimetoden, og
c)
arten og omfanget af prisindekset på balancedagen og bevægelsen i indekset i løbet af det aktuelle og det foregående regnskabsår.
40.
De i denne standard krævede oplysninger er nødvendige for at tydeliggøre grundlaget for, hvordan virkningen af inflation i årsregnskabet behandles. Oplysningerne har ligeledes til formål at give anden information, som er nødvendig for en forståelse af dette grundlag og de heraf følgende beløb.
IKRAFTTRÆDELSESTIDSPUNKT
41.
Denne standard træder i kraft for årsregnskaber, der dækker regnskabsår, som begynder den 1. januar 1990 eller senere.
IAS 31
Kapitalandele i joint ventures
ANVENDELSESOMRÅDE
1.
Denne standard finder anvendelse ved regnskabsmæssig behandling af kapitalandele i joint ventures og præsentationen af et joint ventures aktiver, forpligtelser, indtægter og omkostninger i venturedeltageres og investorers årsregnskab, uanset de strukturer eller forhold, hvorunder joint venture-aktiviteterne finder sted. Standarden finder imidlertid ikke anvendelse på venturedeltageres kapitalandele i fælles kontrollerede virksomheder, som besiddes af:
a)
venturekapitalorganisationer, eller
b)
investeringsselskaber, investeringsforeninger og lignende, herunder forsikringsfonde tilknyttet investeringer
og som efter første indregning måles til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi eller klassificeres som aktiver, der besiddes med handel for øje, der regnskabsmæssigt behandles i overensstemmelse med IAS 39 
Finansielle instrumenter: Indregning og måling.
 Sådanne investeringer skal måles til dagsværdi i overensstemmelse med IAS 39, og ændringer i dagsværdi skal indregnes i resultatet for det regnskabsår, hvor ændringen er sket.
2.
En venturedeltager med en kapitalandel i en fælles kontrolleret virksomhed er fritaget for afsnit 30 (pro rata-konsolidering) og afsnit 38 (den indre værdis metode), når venturedeltageren opfylder følgende betingelser:
a)
kapitalandelen er klassificeret som besiddelse med henblik på salg i overensstemmelse med IFRS 5 
Anlægsaktiver, som besiddes med henblik på salg og ophørte aktiviteter
,
b)
undtagelsen i afsnit 10 i IAS 27 
Koncernregnskaber og separate årsregnskaber
, som tillader, at en modervirksomhed, der også har en kapitalandel i en fælles kontrolleret virksomhed, ikke præsenterer koncernregnskab, finder anvendelse, eller
c)
samtlige nedenstående betingelser er opfyldt:
i)
venturedeltager er en 100 % ejet dattervirksomhed eller en delvist ejet dattervirksomhed af en anden virksomhed, og dens ejere, herunder ejere, som ikke på anden vis har stemmeret, er blevet informeret om og har ikke gjort indsigelser imod, at venturedeltager ikke anvender pro rata-konsolidering eller den indre værdis metode,
ii)
venturedeltagers gælds- eller egenkapitalinstrumenter handles ikke på et aktivt marked (en inden- eller udenlandsk fondsbørs eller et OTC-marked, herunder lokale og regionale markeder),
iii)
modervirksomheden hverken har indsendt eller er ved at indsende sit årsregnskab til et børstilsyn eller en anden myndighed med henblik på at notere instrumenter af en hvilken som helst kategori på et offentligt marked, og
iv)
venturedeltagers øverste modervirksomhed eller en mellemliggende modervirksomhed fremlægger koncernregnskaber, der er tilgængelige for offentligheden og i overensstemmelse med de internationale regnskabsstandarder (IFRS).
DEFINITIONER
3.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Bestemmende indflydelse
 er beføjelsen til at styre en erhvervsmæssig aktivitets økonomiske og driftsmæssige beslutninger med henblik på at opnå fordele fra denne.
Den indre værdis metode eller equity-metoden
 er en regnskabsmetode, ifølge hvilken en kapitalandel i en fælles kontrolleret virksomhed første gang registreres til kostpris og efterfølgende reguleres for ændringer i venturedeltagers andel af den fælles kontrollerede virksomheds nettoaktiver. Venturedeltager medtager i årets resultat sin andel af den fælles kontrollerede virksomheds resultat.
Investor i et joint venture
 er en part i et joint venture, som ikke har del i den fælles bestemmende indflydelse på det pågældende joint venture.
Fælles bestemmende indflydelse
 er en kontraktlig aftale om delt bestemmende indflydelse på en erhvervsmæssig aktivitet og eksisterer kun, når de strategiske økonomiske og driftsmæssige beslutninger, som er knyttet til aktiviteten, kræver enstemmighed mellem de parter, der deler den bestemmende indflydelse (venturedeltagerne).
Et 
joint venture
 er et kontraktforhold, hvorved to eller flere parter påtager sig en erhvervsmæssig aktivitet, som er under fælles bestemmende indflydelse.
Pro rata-konsolidering
 er en regnskabsmetode, hvor venturedeltagers andel af de enkelte aktiver, forpligtelser, indtægter og omkostninger i en fælles kontrolleret virksomhed sammendrages linje for linje med lignende poster i venturedeltagers årsregnskab eller præsenteres som separate poster i venturedeltagers årsregnskab.
Separate årsregnskaber
 er regnskaber, som præsenteres af en modervirksomhed, en investor i en associeret virksomhed eller en venturedeltager i en fælles kontrolleret virksomhed, hvor investeringerne behandles regnskabsmæssigt på grundlag af den direkte egenkapitalinteresse og ikke på grundlag af resultater og nettoaktiver i de virksomheder, der er investeret i.
Betydelig indflydelse
 er beføjelsen til at deltage i de økonomiske og driftsmæssige beslutninger i en erhvervsmæssig aktivitet uden at have bestemmende indflydelse eller fælles bestemmende indflydelse på disse.
En 
venturedeltager
 er en part i et joint venture, som har del i den fælles bestemmende indflydelse på det pågældende joint venture.
4.
Årsregnskaber udarbejdet på grundlag af pro rata-konsolidering eller den indre værdis metode udgør ikke separate årsregnskaber, og det samme gælder årsregnskaber for virksomheder, der ikke har dattervirksomheder, associerede virksomheder eller venturedeltageres kapitalandele i fælles kontrollerede virksomheder.
5.
Separate årsregnskaber er regnskaber, der præsenteres ud over koncernregnskaber, årsregnskaber, hvor investeringer regnskabsmæssigt behandles efter den indre værdis metode og årsregnskaber, hvor venturedeltageres kapitalandele i joint ventures pro rata-konsolideres. Det er ikke nødvendigt at vedhæfte eller vedlægge separate årsregnskaber til disse regnskaber.
6.
Virksomheder, som i overensstemmelse med afsnit 10 i IAS 27 er fritaget for at aflægge koncernregnskab, i overensstemmelse med afsnit 13c) i IAS 28 
Investeringer i associerede virksomheder
 er fritaget for at anvende den indre værdis metode eller i overensstemmelse med afsnit 2 i denne standard er fritaget for at anvende pro rata-konsolidering eller den indre værdis metode, kan præsentere et separat årsregnskab som sit eneste årsregnskab.
Typer af joint ventures
7.
Der er forskellige typer og former af joint ventures. Denne standard identificerer tre hovedtyper — fælles kontrollerede aktiviteter, fælles kontrollerede aktiver og fælles kontrollerede virksomheder — som sædvanligvis beskrives som og opfylder definitionen på joint ventures. Følgende kendetegn er fælles for alle joint ventures:
a)
to eller flere venturedeltagere er bundet af en kontrakt, og
b)
kontrakten fastlægger fælles bestemmende indflydelse.
Fælles bestemmende indflydelse
8.
Fælles bestemmende indflydelse kan være udelukket, når en virksomhed, der er investeret i, er under juridisk omstrukturering eller konkurs eller er underlagt strenge, langvarige restriktioner med hensyn til virksomhedens muligheder for at overføre midler til venturedeltager. Hvis der fortsat er fælles bestemmende indflydelse, er de nævnte begivenheder ikke i sig selv nok til at retfærdiggøre, at et joint venture ikke regnskabsmæssigt behandles i overensstemmelse med denne standard.
Kontrakt
9.
Tilstedeværelsen af en kontrakt medfører en sondring mellem kapitalandele, som indebærer fælles bestemmende indflydelse, og investeringer i associerede virksomheder, hvorpå investor har en betydelig indflydelse (jf. IAS 28). Aktiviteter, som ikke er omfattet af en kontrakt, som fastlægger fælles bestemmende indflydelse, anses ikke for joint ventures i denne standard.
10.
En kontrakt kan dokumenteres på forskellige måder, eksempelvis ved tilstedeværelsen af en kontrakt mellem venturedeltagere eller mødereferater af forhandlinger mellem venturedeltagerne. I nogle tilfælde er kontrakten en del af joint venturets vedtægter. Uanset formen er en kontrakt normalt skriftlig og omhandler eksempelvis følgende:
a)
joint venturets aktiviteter, varighed og rapporteringspligt,
b)
udpegelsen af en bestyrelse eller et tilsvarende ledelsesorgan i joint venturet og fastsættelse af venturedeltageres stemmerettigheder,
c)
venturedeltagernes kapitalindskud, og
d)
venturedeltagernes deling af joint venturets produktion, indtægter, omkostninger eller resultat.
11.
Kontrakten fastlægger fælles bestemmende indflydelse på joint venturet. En sådan betingelse sikrer, at en enkelt venturedeltager ikke ensidigt vil kunne kontrollere aktiviteten.
12.
Kontrakten kan udpege en venturedeltager som operatør eller driftsleder af joint venturet. Operatøren har ikke bestemmende indflydelse på joint venturet, men handler inden for de økonomiske og driftsmæssige beslutninger, som er aftalt af venturedeltagerne i overensstemmelse med kontrakten og uddelegeret til operatøren. Hvis operatøren har beføjelse til at styre de finansielle og driftsmæssige beslutninger i den erhvervsmæssige aktivitet, har denne bestemmende indflydelse på foretagendet, og foretagendet er en dattervirksomhed af operatøren og ikke et joint venture.
FÆLLES KONTROLLEREDE AKTIVITETER
13.
Aktiviteten i visse joint ventures indebærer anvendelsen af venturedeltagernes aktiver og andre ressourcer frem for, at der etableres et selskab, et interessentskab eller anden virksomhed eller en økonomisk struktur, som er uafhængig af selve venturedeltagerne. Hver venturedeltager anvender sine egne materielle anlægsaktiver og har sine egne varebeholdninger. Hver venturedeltager afholder ligeledes sine egne omkostninger og påtager sig sine egne forpligtelser samt skaffer selv finansiering, som udgør venturedeltagers egen forpligtelse. Joint venture-aktiviteterne kan udføres af venturedeltagers ansatte sideløbende med venturedeltagers egne lignende aktiviteter. Joint venture-aftalen indeholder normalt en metode til fordeling af omsætning fra salg af det fælles produkt og omkostninger afholdt mellem venturedeltagerne.
14.
Et eksempel på en fælles kontrolleret aktivitet er, hvor to eller flere venturedeltagere sammenlægger deres aktiviteter, ressourcer og ekspertise for i fællesskab at fremstille, markedsføre og distribuere et bestemt produkt, eksempelvis et fly. Hver venturedeltager udfører forskellige dele af fremstillingsprocessen. Hver venturedeltager bærer sine egne omkostninger og modtager den i overensstemmelse med kontrakten fastsatte andel af omsætningen fra salget af flyet.
15.
For så vidt angår kapitalandelen i fælles kontrollerede aktiviteter, skal venturedeltager i sit årsregnskab indregne:
a)
de aktiver, venturedeltager kontrollerer, og de forpligtelser, denne påtager sig, og
b)
de omkostninger, venturedeltager afholder, samt sin andel af indtægter fra joint venturets salg af varer og tjenesteydelser.
16.
Idet aktiver, forpligtelser, indtægter og omkostninger er indregnet i venturedeltagers årsregnskab, kræves ingen regulering eller andre konsolideringsprocedurer med hensyn til disse poster, når venturedeltager præsenterer sit koncernregnskab.
17.
I nogle tilfælde kræves der ikke separate registreringer og udarbejdelse af årsregnskab for joint venturet. Dog kan venturedeltagerne udarbejde interne regnskaber til hjælp ved vurderingen af joint venturets indtjening.
FÆLLES KONTROLLEREDE AKTIVER
18.
Visse joint ventures indebærer venturedeltagernes fælles bestemmende indflydelse på, og ofte fælles ejerskab af, et eller flere aktiver, som er indskudt eller anskaffet alene til anvendelse i joint venturet. Aktiverne anvendes for at opnå fordele til venturedeltagerne. Hver venturedeltager modtager en andel af aktivernes produktion, og hver venturedeltager bærer en aftalt andel af de afholdte omkostninger.
19.
Sådanne joint ventures indebærer ikke etableringen af et selskab, et interessentskab eller anden virksomhed eller en økonomisk struktur, som er uafhængig af selve venturedeltagerne. Hver venturedeltager har kontrol over sin andel af de fremtidige økonomiske fordele gennem sin andel af det fælles kontrollerede aktiv.
20.
Mange aktiviteter inden for udvinding af olie, gas og mineraler omfatter fælles kontrollerede aktiver. Eksempelvis kan en række olieproducenter have fælles kontrol over og drift af en olierørledning. Hver venturedeltager anvender rørledningen til transport af sit eget produkt til gengæld for at bære en aftalt andel af omkostningerne ved driften af olierørledningen. Et andet eksempel på et fælles kontrolleret aktiv er, når to virksomheder har fælles kontrol over fast ejendom, og hver modtager en andel af lejeindtægten og bærer en andel af omkostningerne.
21.
For så vidt angår kapitalandelen i fælles kontrollerede aktiviteter, skal venturedeltager i sit årsregnskab indregne:
a)
sin andel af de fælles kontrollerede aktiver, klassificeret efter aktivernes art,
b)
egne påtagne forpligtelser,
c)
sin andel af forpligtelser påtaget i fællesskab med de andre venturedeltagere i forbindelse med joint venturet,
d)
indtægter fra salget eller anvendelsen af andelen af joint venturets produktion sammen med sin andel af de omkostninger, som er afholdt af joint venturet, og
e)
omkostninger afholdt vedrørende kapitalandelen i joint venturet.
22.
For så vidt angår kapitalandelen i fælles kontrollerede aktiver, skal hver venturedeltager i sine registreringer medtage og i sit årsregnskab indregne:
a)
sin andel af de fælles kontrollerede aktiver, klassificeret efter aktivernes art frem for som en investering. Eksempelvis klassificeres en andel af en fælles kontrolleret olierørledning som et materielt anlægsaktiv,
b)
påtagne forpligtelser, eksempelvis forpligtelser påtaget i forbindelse med finansieringen af andelen af aktiverne,
c)
sin andel af forpligtelser påtaget i fællesskab med de andre venturedeltagere i forbindelse med joint venturet,
d)
indtægter fra salget eller anvendelsen af andelen af joint venturets produktion sammen med sin andel af de omkostninger, som er afholdt af joint venturet,
e)
omkostninger afholdt vedrørende kapitalandelen i joint venturet, eksempelvis omkostninger vedrørende finansieringen af venturedeltagers andel af aktiverne og salget af dennes andel af produktionen.
Idet aktiver, forpligtelser, indtægter og omkostninger er indregnet i venturedeltagers årsregnskab, kræves ingen regulering eller andre konsolideringsprocedurer med hensyn til disse poster, når venturedeltager præsenterer sit koncernregnskab.
23.
Behandlingen af fælles kontrollerede aktiver afspejler joint venturets indhold og økonomiske realiteter samt normalt den juridiske form. De separate registreringer for selve joint venturet kan være begrænset til de omkostninger, som er afholdt i fællesskab med de andre venturedeltagere og i sidste ende båret af venturedeltagerne i overensstemmelse med deres aftalte andele. I nogle tilfælde udarbejdes årsregnskaber ikke for joint venturet, selv om venturedeltagerne udarbejder interne regnskaber til hjælp ved vurderingen af joint venturets indtjening.
FÆLLES KONTROLLERET VIRKSOMHED
24.
En fælles kontrolleret virksomhed er et joint venture, som indebærer etablering af et selskab, et interessentskab eller en anden virksomhed, hvori hver venturedeltager har en kapitalandel. Virksomheden drives på samme måde som andre virksomheder, bortset fra at der er indgået en kontrakt mellem deltagerne, som fastlægger fælles bestemmende indflydelse på virksomhedens erhvervsmæssige aktivitet.
25.
En fælles kontrolleret virksomhed kontrollerer joint venturets aktiver, påtager sig forpligtelser, afholder omkostninger og har indtægter. Den kan indgå kontrakter i eget navn og skaffe finansiering til brug for joint venture-aktiviteterne. Hver venturedeltager er berettiget til en andel af overskuddet i en fælles kontrolleret virksomhed, selv om nogle fælles kontrollerede virksomheder ligeledes medfører en deling af joint venturets produktion.
26.
Et almindeligt eksempel på en fælles kontrolleret virksomhed er, når to virksomheder sammenlægger deres aktiviteter inden for et bestemt forretningsområde ved at overføre de tilknyttede aktiver og forpligtelser til en fælles kontrolleret virksomhed. Som et andet eksempel kan nævnes, når en virksomhed påbegynder aktiviteter i et fremmed land sammen med de offentlige myndigheder i dette land ved at etablere en separat enhed, som er underlagt virksomhedens og den offentlige myndigheds fælles kontrol.
27.
Mange fælles kontrollerede virksomheder ligner i realiteten de joint ventures, der betegnes fælles kontrollerede aktiviteter eller fælles kontrollerede aktiver. Eksempelvis kan venturedeltagere overføre et fælles kontrolleret aktiv, såsom en olierørledning, til en fælles kontrolleret virksomhed af skattemæssige eller andre årsager. Ligeledes kan venturedeltagerne indskyde aktiver i en fælles kontrolleret virksomhed, som skal drives i fællesskab. Nogle fælles kontrollerede aktiviteter indebærer ligeledes etableringen af en fælles kontrolleret virksomhed til at varetage bestemte aspekter af aktiviteten, eksempelvis design, markedsføring, distribution og service efter produktets salg.
28.
Fælles kontrollerede virksomheder foretager deres egne registreringer og udarbejder og præsenterer årsregnskab på samme måde som andre virksomheder i overensstemmelse med de internationale regnskabsstandarder (IFRS).
29.
Hver venturedeltager indskyder normalt likvide beholdninger eller andre ressourcer i den fælles kontrollerede virksomhed. Disse indskud medtages i venturedeltagers registreringer og indregnes i dennes årsregnskab som en investering i den fælles kontrollerede virksomhed.
Venturedeltagers årsregnskab
Pro rata-konsolidering
30.
Venturedeltager skal indregne sin kapitalandel i en fælles kontrolleret virksomhed ved anvendelse af pro rata-konsolidering eller efter den alternative metode beskrevet i afsnit 38. Hvis der anvendes pro rata-konsolidering, skal en af de to nedenfor beskrevne præsentationsformer anvendes.
31.
Venturedeltager skal indregne sin kapitalandel i en fælles kontrolleret virksomhed ved anvendelse af en af de to præsentationsformer for pro rata-konsolidering, uanset om investor også har investeringer i dattervirksomheder eller beskriver sit årsregnskab som et koncernregnskab.
32.
Ved indregning af en kapitalandel i en fælles kontrolleret virksomhed, er det afgørende, at venturedeltager afspejler kontraktens indhold og økonomiske realitet frem for joint venturets konkrete struktur eller form. I en fælles kontrolleret virksomhed har venturedeltager kontrol over sin andel af fremtidige økonomiske fordele gennem sin andel af joint venturets aktiver og forpligtelser. Indholdet og den økonomiske realitet afspejles i venturedeltagers koncernregnskab, når denne indregner sin andel af aktiver, forpligtelser, indtægter og omkostninger i den fælles kontrollerede virksomhed ved anvendelse af en af de to præsentationsformer for pro rata-konsolidering i afsnit 34.
33.
Anvendelse af pro rata-konsolidering indebærer, at venturedeltager i balancen medtager sin andel af de aktiver, som er underlagt fælles kontrol og af de forpligtelser, som venturedeltagerne fælles hæfter for. I resultatopgørelsen medtager venturedeltager sin andel af den fælles kontrollerede virksomheds indtægter og omkostninger. Mange af de procedurer, der anvendes ved pro rata-konsolidering, svarer til procedurerne for konsolidering af investeringer i dattervirksomheder, som er beskrevet i IAS 27.
34.
Forskellige præsentationsformer kan anvendes for pro rata-konsolidering. Venturedeltager kan linje for linje sammendrage sin andel af hver af den fælles kontrollerede virksomheds aktiver, forpligtelser, indtægter og omkostninger med lignende poster i årsregnskabet. Eksempelvis kan venturedeltager sammendrage sin andel af den fælles kontrollerede virksomheds varebeholdninger med sine varebeholdninger og sin andel af den fælles kontrollerede virksomheds materielle anlægsaktiver med sine materielle anlægsaktiver. Alternativt kan venturedeltager medtage sin andel af den fælles kontrollerede virksomheds aktiver, forpligtelser, indtægter og omkostninger som separate poster i sit årsregnskab. Eksempelvis kan venturedeltager præsentere sin andel af et omsætningsaktiv i den fælles kontrollerede virksomhed separat som en del af sine omsætningsaktiver, og den kan præsentere sin andel af den fælles kontrollerede virksomheds materielle anlægsaktiver separat som en del af sine materielle anlægsaktiver. Disse to præsentationsformer medfører præsentation af identiske beløb for resultat og for hver af hovedklassifikationerne aktiver, forpligtelser, indtægter og omkostninger. Begge præsentationsformer accepteres i denne standard.
35.
Uanset hvilken præsentationsform, der anvendes for pro rata-konsolidering, er det uhensigtsmæssigt at modregne aktiver eller forpligtelser ved fradrag af andre forpligtelser eller aktiver eller at modregne indtægter eller omkostninger ved fradrag af andre omkostninger eller indtægter, medmindre der foreligger en juridisk ret til modregning, og modregningen er udtryk for en forventning om realisation af aktivet eller indfrielse af forpligtelsen.
36.
Venturedeltager skal ophøre med at anvende pro rata-konsolidering fra det tidspunkt, hvor denne ophører med at have fælles bestemmende indflydelse på den fælles kontrollerede virksomhed.
37.
Venturedeltager ophører med at anvende pro rata-konsolidering fra det tidspunkt, hvor denne ophører med at have fælles bestemmende indflydelse på den fælles kontrollerede virksomhed. Dette kan eksempelvis ske, ved at venturedeltager afhænder sin kapitalandel, eller ved at eksterne restriktioner pålægges den fælles kontrollerede virksomhed, således at venturedeltager ikke længere har del i den fælles bestemmende indflydelse.
Den indre værdis metode
38.
Som alternativ til pro rata-konsolidering, jf. afsnit 30, skal venturedeltager indregne sin kapitalandel i en fælles kontrolleret virksomhed ved anvendelse af den indre værdis metode.
39.
Venturedeltager indregner sin kapitalandel i en fælles kontrolleret virksomhed efter den indre værdis metode, uanset om venturedeltager også har investeringer i dattervirksomheder eller beskriver sit årsregnskab som et koncernregnskab.
40.
Nogle venturedeltagere indregner deres kapitalandele i fælles kontrollerede virksomheder efter den indre værdis metode, som beskrevet i IAS 28. Blandt fortalerne for anvendelse af den indre værdis metode er de, som hævder, at det er uhensigtsmæssigt at sammendrage poster for virksomheder, som er underlagt bestemmende indflydelse, med poster for fælles kontrollerede virksomheder. Andre fortalere er de, som er af den opfattelse, at venturedeltagere har betydelig indflydelse på, frem for fælles bestemmende indflydelse på, fælles kontrollerede virksomheder. Denne standard anbefaler ikke at anvende den indre værdis metode, idet pro rata-konsolidering bedre afspejler indholdet og den økonomiske realitet af venturedeltagers kapitalandel i en fælles kontrolleret virksomhed, dvs. kontrollen over venturedeltagers andel af de fremtidige økonomiske fordele. Dog tillader denne standard anvendelsen af den indre værdis metode som alternativ behandling ved indregning af kapitalandele i fælles kontrollerede virksomheder.
41.
Venturedeltager skal ophøre med at anvende den indre værdis metode fra det tidspunkt, hvor denne ophører med at have fælles bestemmende indflydelse på eller betydelig indflydelse på den fælles kontrollerede virksomhed.
Undtagelser fra pro rata-konsolidering og den indre værdis metode
42.
Kapitalandele i fælles kontrollerede virksomheder, der er klassificeret som besiddelse med henblik på salg i overensstemmelse med IFRS 5, skal regnskabsmæssigt behandles i overensstemmelse med IFRS 5.
43.
Når en kapitalandel i en fælles kontrolleret virksomhed, der tidligere er klassificeret som besiddelse med henblik på salg, ikke længere opfylder kriterierne for denne klassifikation, skal kapitalandelen regnskabsmæssigt behandles ved brug af pro-rata-konsolidering eller efter den indre værdis metode fra tidspunktet for klassifikationen som besiddelse med henblik på salg. Årsregnskaberne for de regnskabsår, der ligger efter klassifikationen som besiddelse med henblik på salg, skal ændres tilsvarende.
44.
[Ophævet]
45.
Fra det tidspunkt, hvor en fælles kontrolleret virksomhed bliver en venturedeltagers dattervirksomhed, skal venturedeltager regnskabsmæssigt behandle sin kapitalandel i overensstemmelse med IAS 27. Fra det tidspunkt, hvor en fælles kontrolleret virksomhed bliver en venturedeltagers associerede virksomhed, skal venturedeltager regnskabsmæssigt behandle sin kapitalandel i overensstemmelse med IAS 28.
Venturedeltagers separate årsregnskab
46.
En kapitalandel i en fælles kontrolleret virksomhed skal regnskabsmæssigt behandles i venturedeltagers separate årsregnskab i overensstemmelse med afsnit 37-42 i IAS 27.
47.
Denne standard foreskriver ikke, hvilke virksomheder, der skal offentliggøre separate årsregnskaber.
TRANSAKTIONER MELLEM EN VENTUREDELTAGER OG ET JOINT VENTURE
48.
Når en venturedeltager indskyder aktiver i eller sælger aktiver til et joint venture, skal indregning af andelen af gevinst eller tab på transaktionen afspejle transaktionens indhold. Når aktiverne beholdes af joint venturet, og forudsat at venturedeltager har overført væsentlige risici og afkast tilknyttet ejendomsretten, skal venturedeltager udelukkende indregne den del af gevinsten eller tabet, som kan henføres til de andre venturedeltageres kapitalandele. 
(
1
)
 Venturedeltager skal indregne hele tabet, når indskuddet eller salget indikerer en reduktion af omsætningsaktivernes nettorealisationsværdi eller et tab ved værdiforringelse.
49.
Når en venturedeltager køber aktiver fra et joint venture, skal venturedeltageren ikke indregne sin andel af joint venturets avance ved transaktionen, før aktiverne videresælges til en uafhængig part. Venturedeltager skal indregne sin andel af et tab hidrørende fra en sådan transaktion på samme måde som en avance, bortset fra, at indregning af et tab skal ske straks, når det udgør en reduktion af omsætningsaktivernes nettorealisationsværdi eller et tab ved værdiforringelse.
50.
For at vurdere, hvorvidt en transaktion mellem en venturedeltager og et joint venture indikerer værdiforringelse af et aktiv, opgør venturedeltager aktivets genindvindingsværdi i overensstemmelse med IAS 36, Værdiforringelse af aktiver. Ved opgørelse af nytteværdien foretager venturedeltager et skøn over fremtidige pengestrømme fra aktivet på grundlag af joint venturets fortsatte anvendelse og endelige afhændelse af aktivet.
PRÆSENTATION AF KAPITALANDELE I JOINT VENTURES I INVESTORS ÅRSREGNSKAB
51.
En investor i et joint venture, som ikke har del i den fælles bestemmende indflydelse, skal regnskabsmæssigt behandle denne investering i overensstemmelse med IAS 39, eller, hvis investor har betydelig indflydelse på joint venturet, i overensstemmelse med IAS 28.
OPERATØRER AF JOINT VENTURES
52.
Operatører eller driftsledere af et joint venture skal regnskabsmæssigt behandle honorarer i overensstemmelse med IAS 18 
Omsætning
.
53.
En eller flere venturedeltagere kan fungere som operatør eller driftsleder af et joint venture. Operatører modtager normalt et honorar herfor. Regnskabsmæssigt behandler joint venturet honoraret som en omkostning.
OPLYSNINGER
54.
Medmindre tab er usandsynligt, skal venturedeltager oplyse det samlede beløb for følgende eventualforpligtelser, separat fra beløbet for andre eventualforpligtelser:
a)
eventualforpligtelser, som venturedeltager har påtaget sig i forbindelse med sine kapitalandele i joint ventures, og sin andel af hver af de eventualforpligtelser, som er påtaget i fællesskab med andre venturedeltagere,
b)
sin andel af de af joint venturets egne eventualforpligtelser, som venturedeltager har påtaget sig en eventualforpligtelse for, og
c)
eventualforpligtelser, som er opstået som følge af, at venturedeltager har en eventualforpligtelse for de andre venturedeltageres forpligtelser.
55.
Venturedeltager skal oplyse det samlede beløb for følgende forpligtelser vedrørende sine kapitalandele i joint ventures separat fra andre forpligtelser:
a)
sine investeringsforpligtelser i forbindelse med kapitalandele i joint ventures og sin andel af de investeringsforpligtelser, som er påtaget i fællesskab med andre venturedeltagere, og
b)
sin andel af joint venturets egne investeringsforpligtelser.
56.
Venturedeltager skal oplyse om og beskrive kapitalandele i væsentlige joint ventures og ejerandelen af fælles kontrollerede virksomheder. En venturedeltager, som indregner sine kapitalandele i en fælles kontrolleret virksomhed ved anvendelse af linje for linje-metoden for pro rata-konsolidering eller den indre værdis metode, skal oplyse de samlede beløb for omsætningsaktiver, anlægsaktiver, kortfristede forpligtelser, langfristede forpligtelser, indtægter og omkostninger, der er knyttet til dennes kapitalandele i joint ventures.
57.
Venturedeltager skal oplyse, hvilken metode, der anvendes til indregning af kapitalandele i fælles kontrollerede virksomheder.
IKRAFTTRÆDELSESTIDSPUNKT
58.
Virksomheder skal anvende denne standard for årsregnskaber, der dækker regnskabsår, som begynder 1. januar 2005 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender denne standard for regnskabsår, som begynder før 1. januar 2005, skal den give oplysning om dette.
OPHÆVELSE AF IAS 31 (AJOURFØRT 2000)
59.
Denne standard erstatter IAS 31 Regnskabsmæssig behandling af kapitalandele i joint ventures (ajourført 2000).
(
1
)
  Jf. også SIC-13 
Fælles kontrollerede virksomheder — Ikke-monetære indskud fra venturedeltagere
.
IAS 32
Finansielle instrumenter: Præsentation
FORMÅL
1.
[Ophævet]
2.
Formålet med denne standard er at fastlægge principperne for præsentation af finansielle instrumenter som forpligtelser eller egenkapital og for modregning af finansielle aktiver og finansielle forpligtelser. Standarden anvendes på udsteders klassifikation af finansielle instrumenter som finansielle aktiver, finansielle forpligtelser og egenkapitalinstrumenter, klassifikation af tilknyttet rente, udbytte, tab og gevinster, og de tilfælde, hvor finansielle aktiver og finansielle forpligtelser skal modregnes.
3.
Principperne i denne standard afspejler principperne for indregning og måling af finansielle aktiver og finansielle forpligtelser i IAS 39 
Finansielle instrumenter: Indregning og måling
 og principperne i IFRS 7 
Finansielle instrumenter: Oplysninger
 for fremlæggelse af oplysninger om de finansielle aktiver og finansielle forpligtelser.
ANVENDELSESOMRÅDE
4.
Denne standard skal anvendes af alle virksomheder på alle typer finansielle instrumenter, med undtagelse af:
a)
de kapitalandele i dattervirksomheder, associerede virksomheder og joint ventures, som regnskabsmæssigt behandles i henhold til IAS 27 
Koncernregnskaber og separate årsregnskaber
, IAS 28 
Investeringer i associerede virksomheder
 eller IAS 31 
Kapitalandele i joint ventures
. I visse tilfælde giver IAS 27, IAS 28 og IAS 31 imidlertid en virksomhed mulighed for at behandle en kapitalandel i en dattervirksomhed, associeret virksomhed eller et joint venture regnskabsmæssigt i henhold til IAS 39. Foruden kravene i denne standard finder de oplysningskrav, der er nævnt i IAS 27, IAS 28 og IAS 31, anvendelse i disse tilfælde. Virksomhederne skal desuden anvende denne standard på alle afledte finansielle instrumenter knyttet til kapitalandele i dattervirksomheder, associerede virksomheder eller joint ventures,
b)
arbejdsgiveres rettigheder og forpligtelser i forbindelse med pensionsordninger, hvor IAS 19 
Personaleydelser
 finder anvendelse,
c)
aftaler om betinget købspris ved en virksomhedssammenslutning (jf. IFRS 3 
Virksomhedssammenslutninger
). Denne undtagelse finder kun anvendelse på den overtagende virksomhed,
d)
forsikringskontrakter som defineret i IFRS 4 
Forsikringskontrakter
. Denne standard finder imidlertid anvendelse på afledte finansielle instrumenter, der er indbygget i forsikringskontrakter, hvis IAS 39 kræver, at virksomheden foretager separat regnskabsmæssig behandling af disse. Desuden skal en udsteder anvende denne standard på finansielle garantikontrakter, hvis udstederen anvender IAS 39 til indregning og måling af kontrakterne, men anvende IFRS 4, hvis udstederen, i overensstemmelse med afsnit 4d) i IFRS 4, vælger at anvende IFRS 4 på indregning og måling af kontrakterne,
e)
finansielle instrumenter, som ligger inden for anvendelsesområdet for IFRS 4, idet de omfatter skønsmæssig deltagelse. Udsteder af disse instrumenter er fritaget fra at anvende afsnit 15-32 og AG25-AG35 i denne standard vedrørende sondringen mellem finansielle forpligtelser og egenkapitalinstrumenter på denne skønsmæssige deltagelse. Disse instrumenter er imidlertid underlagt alle øvrige krav i denne standard. Denne standard finder desuden anvendelse på afledte finansielle instrumenter, som er indbygget i disse instrumenter (jf. IAS 39),
f)
finansielle instrumenter, kontrakter og forpligtelser i forbindelse med aktiebaseret vederlæggelse, som IFRS 2 
Aktiebaseret vederlæggelse
 finder anvendelse på, undtagen
i)
kontrakter, som er omfattet af denne standards afsnit 8-10, hvor denne standard finder anvendelse,
ii)
denne standards afsnit 33 og 34, som skal finde anvendelse på egne aktier, som er købt, solgt, udstedt eller annulleret i forbindelse med aktieoptionsordninger for ansatte, aktiekøbsordninger for ansatte og alle andre aktiebaserede vederlæggelsesordninger.
5.-7.
[Ophævet]
8.
Denne standard finder anvendelse på de kontrakter vedrørende køb eller salg af et ikke-finansielt aktiv, som kan nettoafregnes i likvide beholdninger eller andre finansielle instrumenter eller ved udveksling af finansielle instrumenter, som om kontrakterne var finansielle instrumenter, med undtagelse af kontrakter, som blev indgået og fortsat besiddes med henblik på modtagelse eller overdragelse af et ikke-finansielt aktiv i overensstemmelse med virksomhedens forventede behov for køb, salg eller forbrug.
9.
Der er forskellige måder, hvorpå en kontrakt vedrørende køb eller salg af et ikke-finansielt aktiv kan nettoafregnes i likvide beholdninger eller andre finansielle instrumenter eller ved udveksling af finansielle instrumenter. Disse omfatter:
a)
tilfælde, hvor kontraktens vilkår tillader, at hver af parterne nettoafregner i likvide beholdninger eller andre finansielle instrumenter eller ved udveksling af finansielle instrumenter,
b)
tilfælde, hvor muligheden for at nettoafregne i likvide beholdninger eller andre finansielle instrumenter eller ved udveksling af finansielle instrumenter ikke udtrykkeligt fremgår af kontraktvilkårene, men det er praksis i virksomheden at nettoafregne lignende kontrakter i likvide beholdninger eller andre finansielle instrumenter eller ved udveksling af finansielle instrumenter (hvad enten dette sker med modparten ved indgåelse af modgående kontrakter eller ved salg af kontrakten før udnyttelse eller udløb),
c)
tilfælde, hvor der for lignende kontrakter findes en praksis i virksomheden for at modtage det underliggende instrument og sælge det inden for en kort periode efter overdragelsen med henblik på at skabe en gevinst gennem kortsigtede udsving i kurser eller handelsmargin, og
d)
tilfælde, hvor det ikke-finansielle aktiv, som er genstand for kontrakten, umiddelbart kan konverteres til likvide beholdninger.
En kontrakt, som b) eller c) finder anvendelse på, indgås ikke med henblik på modtagelse eller overdragelse af det ikke-finansielle aktiv i overensstemmelse med virksomhedens forventede behov for køb, salg eller forbrug og ligger derfor inden for denne standards anvendelsesområde. Andre kontrakter, som afsnit 8 finder anvendelse på, vurderes for at afgøre, hvorvidt de indgås og fortsat besiddes med henblik på modtagelse eller overdragelse af det ikke-finansielle aktiv i overensstemmelse med virksomhedens forventede behov for køb, salg eller forbrug, og om de derfor ligger inden for denne standards anvendelsesområde.
10.
En solgt option på køb eller salg af et ikke-finansielt aktiv, som kan nettoafregnes i likvide beholdninger eller andre finansielle instrumenter eller ved udveksling af finansielle instrumenter i overensstemmelse med afsnit 9a) eller d), ligger inden for denne standards anvendelsesområde. En sådan kontrakt kan ikke indgås med henblik på modtagelse eller overdragelse af det ikke-finansielle aktiv i overensstemmelse med virksomhedens forventede behov for køb, salg eller forbrug.
DEFINITIONER (JF. DESUDEN AFSNIT AG3-AG23)
11.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Et 
finansielt instrument
 er enhver kontrakt, som medfører et finansielt aktiv i én virksomhed og en finansiel forpligtelse eller et egenkapitalinstrument i en anden virksomhed.
Et 
finansielt aktiv
 er ethvert aktiv, der består af:
a)
likvide beholdninger,
b)
en anden virksomheds egenkapitalinstrumenter,
c)
en kontraktlig ret til at:
i)
modtage likvide beholdninger eller andre finansielle aktiver fra en anden virksomhed, eller
ii)
udveksle finansielle aktiver eller finansielle forpligtelser med en anden virksomhed på potentielt gunstige betingelser for virksomheden, eller
d)
en kontrakt, som skal eller kan afregnes i virksomhedens egne egenkapitalinstrumenter, og som er:
i)
et ikke-afledt finansielt instrument, for hvilket virksomheden er eller kan blive forpligtet til at modtage et variabelt antal af virksomhedens egne egenkapitalinstrumenter, eller
ii)
et afledt finansielt instrument, som skal eller kan afregnes på anden måde end ved udveksling af et fast beløb i likvide beholdninger eller andre finansielle aktiver med et bestemt antal af virksomhedens egne egenkapitalinstrumenter. I denne forbindelse omfatter virksomhedens egne egenkapitalinstrumenter ikke instrumenter, som selv udgør kontrakter vedrørende fremtidig modtagelse eller overdragelse af virksomhedens egne egenkapitalinstrumenter.
En 
finansiel forpligtelse
 er enhver forpligtelse, der består af:
a)
en kontraktlig forpligtelse til at:
i)
overdrage likvide beholdninger eller andre finansielle aktiver til en anden virksomhed, eller
ii)
udveksle finansielle aktiver eller finansielle forpligtelser med en anden virksomhed på potentielt ugunstige betingelser for virksomheden, eller
b)
en kontrakt, som skal eller kan afregnes i virksomhedens egne egenkapitalinstrumenter, og som er:
i)
et ikke-afledt finansielt instrument, for hvilket virksomheden er eller kan blive forpligtet til at levere et variabelt antal af virksomhedens egne egenkapitalinstrumenter, eller
ii)
et afledt finansielt instrument, som skal eller kan afregnes på anden måde end ved udveksling af et fast beløb i likvide beholdninger eller andre finansielle aktiver med et bestemt antal af virksomhedens egne egenkapitalinstrumenter. I denne forbindelse omfatter virksomhedens egne egenkapitalinstrumenter ikke instrumenter, som selv udgør kontrakter vedrørende fremtidig modtagelse eller overdragelse af virksomhedens egne egenkapitalinstrumenter.
Et 
egenkapitalinstrument
 er enhver kontrakt, som repræsenterer en andel af den forskelsværdi, der fremkommer, når man fra alle virksomhedens aktiver trækker alle dens forpligtelser.
Dagsværdi
 er det beløb, et aktiv kan omsættes til, eller en forpligtelse kan indfris til, ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter.
12.
Nedenstående udtryk defineres i afsnit 9 i IAS 39 og anvendes i denne standard med den i IAS 39 anførte betydning.
—
et finansielt aktivs eller en finansiel forpligtelses amortiserede kostpris
—
finansielle aktiver disponible for salg
—
ophør af indregning
—
afledt finansielt instrument
—
den effektive rentemetode
—
finansielt aktiv eller finansiel forpligtelse til dagsværdi gennem resultatet
—
finansiel garantikontrakt
—
fast aftale
—
forventet transaktion
—
sikringseffektivitet
—
sikret post
—
sikringsinstrument
—
hold-til-udløb-investeringer
—
lån og tilgodehavender
—
almindeligt køb eller salg
—
transaktionsomkostninger.
13.
I denne standard henviser »kontrakt« og »kontraktlig« til en aftale mellem to eller flere parter, der har klare økonomiske konsekvenser, som parterne har ringe eller ingen mulighed for at undgå, normalt fordi aftalen er retskraftig. Kontrakter, og dermed finansielle instrumenter, kan have en række forskellige former og behøver ikke at være skriftlige.
14.
I denne standard omfatter »virksomhed« enkeltpersoner, interessentskaber, selskaber, fonde og offentlige institutioner.
PRÆSENTATION
Forpligtelser og egenkapital (jf. desuden afsnit AG25-AG29)
15.
Udstederen af et finansielt instrument skal på tidspunktet for den første indregning klassificere instrumentet eller dets enkelte dele som en finansiel forpligtelse, et finansielt aktiv eller et egenkapitalinstrument i overensstemmelse med kontraktens indhold og definitionen på en finansiel forpligtelse, et finansielt aktiv og et egenkapitalinstrument.
16.
Når udsteder anvender definitionerne i afsnit 11 for at afgøre, hvorvidt et finansielt instrument er et egenkapitalinstrument frem for en finansiel forpligtelse, skal instrumentet udelukkende anses for et egenkapitalinstrument, hvis både betingelse a) og b) nedenfor er opfyldt.
a)
Instrumentet indeholder ikke nogen kontraktlig forpligtelse til at:
i)
overdrage likvide beholdninger eller andre finansielle aktiver til en anden virksomhed, eller
ii)
udveksle finansielle aktiver eller finansielle forpligtelser med en anden virksomhed på potentielt ugunstige vilkår for udsteder.
b)
Hvis instrumentet skal eller kan afregnes i udsteders egne egenkapitalinstrumenter, er det:
i)
et ikke-afledt finansielt instrument, som ikke indeholder nogen kontraktlig forpligtelse for udsteder til at overdrage et variabelt antal af dennes egne egenkapitalinstrumenter, eller
ii)
et afledt finansielt instrument, som udelukkende kan afregnes ved, at udsteder udveksler et fast beløb i likvide beholdninger eller andre finansielle aktiver med et bestemt antal af virksomhedens egne egenkapitalinstrumenter. I denne forbindelse omfatter udsteders egne egenkapitalinstrumenter ikke instrumenter, som selv udgør kontrakter vedrørende fremtidig modtagelse eller overdragelse af udsteders egne egenkapitalinstrumenter.
En kontraktlig forpligtelse, herunder en forpligtelse hidrørende fra et afledt finansielt instrument, som vil eller kan medføre fremtidig modtagelse eller overdragelse af udsteders egne egenkapitalinstrumenter, men som ikke opfylder betingelserne i a) og b) ovenfor, er ikke et egenkapitalinstrument.
Ingen kontraktlig forpligtelse til at overdrage likvide beholdninger eller andre finansielle aktiver (afsnit 16a))
17.
Et afgørende træk ved sondringen mellem en finansiel forpligtelse og et egenkapitalinstrument er tilstedeværelsen af en kontraktlig forpligtelse for det finansielle instruments ene part (udsteder) til enten at overdrage likvide beholdninger eller andre finansielle aktiver til den anden part (indehaver) eller at udveksle finansielle aktiver eller finansielle forpligtelser med indehaveren på potentielt ugunstige vilkår for udsteder. Selvom indehaveren af et egenkapitalinstrument kan være berettiget til at modtage en pro rata-andel af udbytte eller andre udbetalinger af egenkapitalen, er udsteder ikke kontraktligt forpligtet til at foretage sådanne udbetalinger, eftersom det ikke kan kræves, at udsteder overdrager likvide beholdninger eller andre finansielle aktiver til en anden part.
18.
Et finansielt instruments klassifikation i virksomhedens balance bestemmes af instrumentets indhold og ikke af dets juridiske form. Indhold og juridisk form er ofte det samme, men dette er ikke altid tilfældet. Visse finansielle instrumenter har juridisk form af egenkapital, men er forpligtelser af indhold, og andre kan kombinere træk forbundet med egenkapitalinstrumenter og træk forbundet med finansielle forpligtelser. Eksempelvis:
a)
en præferenceaktie, som indeholder en bestemmelse om udsteders tvungne indløsning til et beløb, der enten er fast eller kan opgøres, på et fremtidigt tidspunkt, der enten er fast eller kan opgøres, eller giver indehaveren ret til at kræve, at udsteder indløser instrumentet på eller efter et bestemt tidspunkt til et beløb, der enten er fast eller kan opgøres, er en finansiel forpligtelse
b)
et finansielt instrument, som giver indehaveren ret til at indløse instrumentet hos udsteder mod likvide beholdninger eller andre finansielle aktiver (et »indløseligt instrument«), er en finansiel forpligtelse. Dette gælder, selvom den beløbsmæssige størrelse af likvide beholdninger eller andre finansielle aktiver opgøres på basis af et indeks eller en anden post, som potentielt kan stige eller falde, eller selvom det indløselige instruments juridiske form giver indehaveren ret til en andel af forskelsværdien af udsteders aktiver. Hvis indehaveren har en option på at indløse instrumentet hos udsteder mod likvide beholdninger eller andre finansielle aktiver, opfylder det indløselige instrument definitionen på en finansiel forpligtelse. Eksempelvis kan investeringsforeninger med tilbagekøbspligt for den udstedende forening, og andre investeringsforeninger og interessentskaber og visse andelsvirksomheder give deres andelshavere eller medlemmer ret til at indløse deres andel i udsteder på et hvilket som helst tidspunkt mod likvide beholdninger svarende til deres forholdsmæssige andel af værdien af udsteders aktiver. Klassifikation som en finansiel forpligtelse udelukker dog ikke brugen af beskrivelser som »indre værdi, der kan henføres til andelshavere« og »ændring i indre værdi, der kan henføres til andelshavere« i årsregnskabet for en virksomhed, der ikke har noget kapitalindskud (såsom visse investeringsselskaber og investeringsforeninger, jf. illustrativt eksempel 7), eller brugen af yderligere oplysninger, som viser, at medlemmernes samlede andele omfatter poster såsom reserver, der opfylder definitionen på egenkapital, og indløselige instrumenter, der ikke gør (jf. illustrativt eksempel 8).
19.
Hvis en virksomhed ikke har en ubetinget ret til at ikke at skulle overdrage likvide beholdninger eller andre finansielle aktiver som indfrielse af en kontraktlig forpligtelse, opfylder forpligtelsen definitionen på en finansiel forpligtelse. Eksempelvis:
a)
en begrænsning af virksomhedens mulighed for at indfri en kontraktlig forpligtelse, eksempelvis manglende adgang til fremmed valuta eller nødvendigheden af at opnå godkendelse for betaling fra myndighederne, ophæver ikke virksomhedens kontraktlige forpligtelse eller indehavers kontraktlige ret i henhold til instrumentet,
b)
en kontraktlig forpligtelse, som er betinget af, at modparten udnytter sin ret til at indløse, er en finansiel forpligtelse, idet virksomheden ikke har en ubetinget ret til ikke at skulle overdrage likvide beholdninger eller andre finansielle aktiver.
20.
Et finansielt instrument, som ikke udtrykkeligt indeholder en kontraktlig forpligtelse til at overdrage likvide beholdninger eller andre finansielle aktiver, kan i sine vilkår indeholde en indirekte forpligtelse. Eksempelvis:
a)
et finansielt instrument kan indeholde en ikke-finansiel forpligtelse, som udelukkende skal indfris, hvis virksomheden ikke foretager udbetalinger eller indløser instrumentet. Hvis virksomheden udelukkende kan undgå en overdragelse af likvide beholdninger eller andre finansielle aktiver ved at indfri den ikke-finansielle forpligtelse, er det finansielle instrument en finansiel forpligtelse,
b)
et finansielt instrument er en finansiel forpligtelse, hvis det indebærer, at virksomheden ved afregningen skal overdrage enten:
i)
likvide beholdninger eller andre finansielle aktiver, eller
ii)
sine egne aktier, hvis opgjorte værdi væsentligt overstiger værdien af de likvide beholdninger eller andre finansielle aktiver.
Selvom der ikke påhviler virksomheden nogen udtrykkelig kontraktlig forpligtelse til at overdrage likvide beholdninger eller andre finansielle aktiver, betyder værdien af den alternative mulighed for afregning med aktier, at virksomheden vil afregne i likvide beholdninger. Under alle omstændigheder er indehaveren i realiteten garanteret modtagelse af et beløb, som mindst modsvarer afregning i likvide beholdninger (jf. afsnit 21).
Afregning i virksomhedens egne egenkapitalinstrumenter (afsnit 16b))
21.
En kontrakt er ikke et egenkapitalinstrument, blot fordi det kan medføre modtagelse eller overdragelse af virksomhedens egne egenkapitalinstrumenter. En virksomhed kan have en kontraktlig ret eller forpligtelse til at modtage eller overdrage et antal af sine egne aktier eller en anden form for egenkapitalinstrumenter, som varierer, således at dagsværdien af virksomhedens egne egenkapitalinstrumenter, der skal modtages eller overdrages, svarer til den kontraktlige ret eller forpligtelse. En sådan kontraktlig ret eller forpligtelse kan udgøre et fast beløb eller et beløb, som helt eller delvist svinger som følge af ændringer i en anden variabel end markedskursen på virksomhedens egne egenkapitalinstrumenter (eksempelvis en rente, en råvarepris eller en kurs på et finansielt instrument). To eksempler herpå er a) en kontrakt vedrørende overdragelse af et antal af virksomhedens egenkapitalinstrumenter svarende til en værdi af 100CU 
(
1
)
 og b) en kontrakt vedrørende overdragelse af et antal af virksomhedens egne egenkapitalinstrumenter svarende til en værdi af 100 ounce guld. En sådan kontrakt udgør en finansiel forpligtelse for virksomheden, selvom virksomheden skal eller kan indfri den ved overdragelse af sine egne egenkapitalinstrumenter. Der er ikke tale om et egenkapitalinstrument, idet virksomheden bruger et variabelt antal af sine egne egenkapitalinstrumenter til afregning af kontrakten. Kontrakten repræsenterer således ikke en andel af den forskelsværdi, der fremkommer, når man fra alle virksomhedens aktiver trækker alle dens forpligtelser.
22.
En kontrakt, som afregnes af den virksomhed, der (modtager eller) overdrager et fast antal af virksomhedens egne egenkapitalinstrumenter til gengæld for et fast beløb i likvide beholdninger eller andre finansielle aktiver, er et egenkapitalinstrument. En udstedt aktieoption, som giver modparten ret til at købe et bestemt antal af virksomhedens aktier til en fast kurs eller til en fast hovedstol på en obligation, udgør eksempelvis et egenkapitalinstrument. Ændringer i dagsværdien af en kontrakt hidrørende fra variationer i markedsrenten, som ikke påvirker den beløbsmæssige størrelse af likvide beholdninger eller andre finansielle aktiver, som skal betales eller modtages, eller antallet af egenkapitalinstrumenter, som skal modtages eller overdrages, ved afregning af kontrakten, udelukker ikke kontrakten fra at være et egenkapitalinstrument. Et eventuelt modtaget vederlag (såsom modtaget overkurs for en solgt option eller warrant på virksomhedens egne aktier) indregnes direkte på egenkapitalen. Et eventuelt betalt vederlag (såsom betalt overkurs for en købt option) indregnes direkte på egenkapitalen. Ændringer i dagsværdien for et egenkapitalinstrument indregnes ikke i årsregnskabet.
23.
En kontrakt, som indeholder en forpligtelse, ifølge hvilken en virksomhed skal købe sine egne egenkapitalinstrumenter for likvide beholdninger eller andre finansielle aktiver, medfører en finansiel forpligtelse for nutidsværdien af indløsningsbeløbet (eksempelvis nutidsværdien af terminstilbagekøbsprisen, optionens udnyttelseskurs eller et andet indløsningsbeløb). Dette gælder også, selvom kontrakten selv er et egenkapitalinstrument. Som eksempel kan nævnes en virksomheds forpligtelse i henhold til en terminskontrakt til at købe sine egne egenkapitalinstrumenter mod likvide beholdninger. Når den finansielle forpligtelse første gang indregnes i henhold til IAS 39, omklassificeres forpligtelsens dagsværdi (nutidsværdien af indløsningsbeløbet) fra egenkapitalen. Derefter måles den finansielle forpligtelse i overensstemmelse med IAS 39. Hvis kontrakten udløber uden overdragelse, omklassificeres den regnskabsmæssige værdi af den finansielle forpligtelse til egenkapitalen. En virksomheds kontraktlige forpligtelse til at købe sine egne egenkapitalinstrumenter medfører en finansiel forpligtelse for nutidsværdien af indløsningsbeløbet, selvom forpligtelsen til at købe er betinget af, at modparten udnytter en ret til at indløse (eksempelvis en solgt put-option, som giver modparten ret til at sælge virksomhedens egne egenkapitalinstrumenter til virksomheden til en fast pris).
24.
En kontrakt, som skal afregnes af den virksomhed, der overdrager eller modtager et fast antal af virksomhedens egne egenkapitalinstrumenter til gengæld for et variabelt beløb i likvide beholdninger eller andre finansielle aktiver, er et finansielt aktiv eller en finansiel forpligtelse. Som eksempel kan nævnes en kontrakt, ifølge hvilken virksomheden skal overdrage 100 af sine egne egenkapitalinstrumenter til gengæld for et beløb i likvide beholdninger, som beregnes, så det modsvarer værdien af 100 ounce guld.
Betingede afregningsbestemmelser
25.
Et finansielt instrument kan indeholde krav om, at virksomheden overdrager likvide beholdninger eller andre finansielle aktiver eller på anden måde afregner instrumentet, således at det ville udgøre en finansiel forpligtelse i tilfælde af, at der indtræffer eller ikke indtræffer usikre fremtidige begivenheder (eller ved udfaldet af usikre omstændigheder), som ikke kan kontrolleres af hverken udsteder eller indehaver af instrumentet, såsom en ændring i et aktieindeks, forbrugerprisindeks, renter eller skattemæssige krav eller udsteders fremtidige omsætning, nettoindtægt eller gæld/egenkapital-forhold. Udsteder af et sådant instrument har ikke nogen ubetinget ret til at ikke at skulle overdrage likvide beholdninger eller andre finansielle aktiver (eller på anden måde afregne instrumentet, således at det ville udgøre en finansiel forpligtelse). Derfor udgør instrumentet en finansiel forpligtelse for udsteder, medmindre:
a)
den del af de betingede afregningsbetingelser, som kunne medføre afregning i likvide beholdninger eller andre finansielle aktiver (eller på anden måde, således at instrumentet ville udgøre en finansiel forpligtelse), ikke er reelle, eller
b)
det udelukkende kan kræves, at udsteder afregner forpligtelsen i likvide beholdninger eller andre finansielle aktiver (eller på anden måde, således at instrumentet ville udgøre en finansiel forpligtelse) i tilfælde af udsteders konkurs.
Muligheder for afregning
26.
Når et afledt finansielt instrument gør det muligt for den ene part at vælge, hvordan instrumentet skal afregnes (eksempelvis hvis udsteder eller indehaver kan vælge nettoafregning i likvide beholdninger eller ved udveksling af aktier med likvide beholdninger), udgør instrumentet et finansielt aktiv eller en finansiel forpligtelse, medmindre alle alternative afregningsmuligheder ville resultere i, at instrumentet var et egenkapitalinstrument.
27.
Som eksempel på et afledt finansielt instrument med alternative afregningsmuligheder, som er en finansiel forpligtelse, kan nævnes en aktieoption, som udsteder kan vælge at nettoafregne i likvide beholdninger eller ved udveksling af egne aktier med likvide beholdninger. Visse kontrakter vedrørende køb eller salg af et ikke-finansielt aktiv til gengæld for virksomhedens egne egenkapitalinstrumenter ligger ligeledes inden for denne standards anvendelsesområde, idet de enten kan afregnes ved overdragelse af det ikke-finansielle aktiv eller nettoafregnes i likvide beholdninger eller andre finansielle instrumenter (jf. afsnit 8-10). Sådanne kontrakter er finansielle aktiver eller finansielle forpligtelser og ikke egenkapitalinstrumenter.
Sammensatte finansielle instrumenter (jf. desuden afsnit AG30-AG35 og illustrativt eksempel 9-12)
28.
Udstederen af et ikke-afledt finansielt instrument skal vurdere vilkårene for det finansielle instrument for at afgøre, hvorvidt det både indeholder et forpligtelses- og et egenkapitalelement. Sådanne elementer skal klassificeres separat som finansielle forpligtelser, finansielle aktiver eller egenkapitalinstrumenter i overensstemmelse med afsnit 15.
29.
En virksomhed foretager separat indregning af de enkelte elementer af et finansielt instrument, som a) skaber en finansiel forpligtelse for virksomheden og b) giver indehaveren af instrumentet en option på at konvertere instrumentet til et egenkapitalinstrument i virksomheden. En obligation eller et lignende instrument, som indehaver kan konvertere til et bestemt antal ordinære aktier i virksomheden, er eksempelvis et sammensat finansielt instrument. For virksomheden består et sådant instrument af to elementer: en finansiel forpligtelse (en kontrakt om overdragelse af likvide beholdninger eller andre finansielle aktiver) og et egenkapitalinstrument (en call-option, som i en specificeret periode giver indehaveren ret til at konvertere instrumentet til et bestemt antal ordinære aktier i virksomheden). Den økonomiske virkning af udstedelse af et sådant instrument er stort set den samme som samtidig udstedelse af et gældsinstrument med klausul om førtidig indfrielse og warrants til tegning af ordinære aktier eller udstedelse af et gældsinstrument med separat aktietegningsret. Ligeledes gælder, at virksomheden i alle tilfælde præsenterer forpligtelser og egenkapitalelementer separat i sin balance.
30.
Klassifikationen af et konvertibelt instruments forpligtelses- og egenkapitalelementer revideres ikke som følge af en ændring i sandsynligheden for, at en konverteringsret vil blive udnyttet, selv når udøvelse af konverteringsretten synes at være blevet økonomisk gunstigt for visse indehavere. Indehavere handler ikke altid som forventet, idet eksempelvis de skattemæssige konsekvenser af konverteringen kan være forskellige for de enkelte indehavere. Desuden vil sandsynligheden for konvertering løbende ændres. Virksomhedens kontraktlige forpligtelse til at foretage fremtidige betalinger består, indtil den ophører som følge af konvertering, instrumentets udløb eller en anden transaktion.
31.
IAS 39 omhandler måling af finansielle aktiver og finansielle forpligtelser. Egenkapitalinstrumenter er instrumenter, som repræsenterer en andel af den forskelsværdi, der fremkommer, når man fra alle virksomhedens aktiver trækker alle dens forpligtelser. Når den oprindelige regnskabsmæssige værdi af et sammensat finansielt instrument allokeres til instrumentets egenkapital- og forpligtelseselementer, henføres restværdien til egenkapitalelementet, efter at det beløb, som er opgjort separat for forpligtelseselementet, er trukket fra dagsværdien af instrumentet som helhed. Værdien af eventuelle afledte egenskaber (såsom en call-option), der er indbygget i det sammensatte finansielle instrument ud over egenkapitalelementet (såsom en egenkapitalkonverteringsret), er indeholdt i forpligtelseselementet. Summen af de regnskabsmæssige værdier, som fastsættes for forpligtelses- og egenkapitalelementerne på tidspunktet for første indregning, svarer altid til den dagsværdi, som ville være fastsat for instrumentet som helhed. Der opstår ingen gevinster eller tab som følge af, at første indregning af instrumentets elementer sker separat.
32.
I henhold til den i afsnit 31 beskrevne fremgangsmåde opgør udsteder af en obligation, som kan konverteres til ordinære aktier, først forpligtelseselementets regnskabsmæssige værdi ved at måle dagsværdien af en tilsvarende forpligtelse (herunder eventuelle indbyggede afledte egenskaber, som ikke er egenkapital), som ikke har et tilknyttet egenkapitalelement. Den regnskabsmæssige værdi af egenkapitalinstrumentet, som er repræsenteret ved retten til at konvertere instrumentet til ordinære aktier, opgøres herefter ved at trække dagsværdien af den finansielle forpligtelse fra dagsværdien af det sammensatte instrument som helhed.
Egne aktier (jf. desuden afsnit AG36)
33.
Hvis en virksomhed tilbagekøber sine egne egenkapitalinstrumenter, skal disse instrumenter (»egne aktier«) trækkes fra egenkapitalen. Der skal ikke i resultatet indregnes nogen gevinster eller tab fra køb, salg, udstedelse eller annullering af en virksomheds egne egenkapitalinstrumenter. Sådanne egne aktier kan erhverves og besiddes af virksomheden eller andre virksomheder i koncernen. Betalt eller modtaget vederlag skal indregnes direkte på egenkapitalen.
34.
Den beløbsmæssige størrelse af besiddelser af egne aktier skal oplyses separat enten på balancen eller i noterne i overensstemmelse med IAS 1 
Præsentation af årsregnskaber
. En virksomhed skal give oplysning i overensstemmelse med IAS 24 
Oplysning om nærtstående parter
, såfremt virksomheden tilbagekøber sine egne egenkapitalinstrumenter fra nærtstående parter.
Renter, udbytter, tab og gevinster (jf. desuden afsnit AG37)
35.
Renter, udbytter, tab og gevinster vedrørende et finansielt instrument eller et element, som er klassificeret som en finansiel forpligtelse, skal indregnes som indtægt eller omkostning i resultatet. Virksomheden skal indregne udbetaling til indehavere af et egenkapitalinstrument direkte på egenkapitalen efter skat. Transaktionsomkostninger ved en egenkapitaltransaktion skal regnskabsmæssigt behandles som et fradrag efter skat i egenkapitalen.
36.
Et finansielt instruments klassifikation som en finansiel forpligtelse eller et egenkapitalinstrument bestemmer, hvorvidt renter, udbytter, tab og gevinster vedrørende dette instrument skal indregnes som indtægter eller omkostninger i resultatet. Således indregnes udbetaling af udbytte på aktier, der fuldt ud indregnes som forpligtelser, som omkostninger på samme måde som renter på en obligation. Tilsvarende indregnes gevinster og tab vedrørende indløsning eller refinansiering af finansielle forpligtelser i resultatet, hvorimod indløsning eller refinansiering af egenkapitalinstrumenter indregnes som egenkapitalbevægelser. Ændringer i dagsværdien for et egenkapitalinstrument indregnes ikke i årsregnskabet.
37.
En virksomhed afholder normalt forskellige omkostninger ved udstedelsen eller erhvervelsen af egne egenkapitalinstrumenter. Sådanne omkostninger kan omfatte registrerings- og andre afgifter, honorarer til advokater, revisorer og anden faglig assistance, omkostninger til trykning og stempelafgift. Transaktionsomkostninger ved en egenkapitaltransaktion skal regnskabsmæssigt behandles som et fradrag i egenkapitalen (efter skat), i det omfang disse udgør omkostninger direkte knyttet til egenkapitaltransaktionen, som ellers kunne være undgået. Omkostningerne ved en egenkapitaltransaktion, som opgives, indregnes som en omkostning.
38.
Transaktionsomkostninger vedrørende udstedelsen af et sammensat finansielt instrument skal allokeres til instrumentets forpligtelses- og egenkapitalelementer i forhold til allokeringen af provenuet. Transaktionsomkostninger vedrørende mere end én transaktion (eksempelvis omkostninger ved samtidig udbydelse af nogle aktier og børsnotering af andre) allokeres til disse transaktioner på et grundlag, som er rationelt og i overensstemmelse med tilsvarende transaktioner.
39.
Transaktionsomkostninger, der regnskabsmæssigt behandles som et fradrag i egenkapitalen i regnskabsåret, skal oplyses separat i henhold til IAS 1. Tilknyttede indkomstskatter, som er indregnet direkte på egenkapitalen, medtages i den samlede aktuelle og udskudte indkomstskat indregnet på egenkapitalen, som oplyses i henhold til IAS 12 
Indkomstskatter
.
40.
Udbytte, som er klassificeret som en omkostning, kan præsenteres i resultatopgørelsen enten sammen med renter på andre forpligtelser eller som en separat post. Foruden kravene i denne standard finder kravene i IAS 1 og IFRS 7 anvendelse ved oplysning af rente og udbytte. I nogle tilfælde er det, på grund af forskellene mellem renter og udbytter med hensyn til eksempelvis skattefradrag, ønskeligt at give separat oplysning om disse i resultatopgørelsen. Oplysning om den skattemæssige virkning skal foretages i overensstemmelse med IAS 12.
41.
Gevinster og tab vedrørende ændringer i den regnskabsmæssige værdi af en finansiel forpligtelse indregnes i resultatet som indtægt eller omkostning, selvom disse vedrører et instrument, som indeholder en ret til en andel af forskelsværdien i virksomhedens aktiver til gengæld for likvide beholdninger eller andre finansielle aktiver (jf. afsnit 18b)). I henhold til IAS 1 skal virksomheden præsentere eventuelle gevinster eller tab hidrørende fra efterfølgende måling af et sådant instrument separat i resultatopgørelsen, når dette er relevant for at redegøre for virksomhedens indtjening.
Modregning af et finansielt aktiv og en finansiel forpligtelse (jf. desuden afsnit AG38 og AG39)
42.
Et finansielt aktiv og en finansiel forpligtelse skal udelukkende modregnes og nettobeløb udelukkende præsenteres i balancen, når virksomheden:
a)
aktuelt har en juridisk ret til at modregne de indregnede beløb, og
b)
har til hensigt enten at nettoafregne eller at realisere aktivet og indfri forpligtelsen samtidigt.
Ved den regnskabsmæssige behandling af en overdragelse af et finansielt aktiv, som ikke opfylder kriterierne for ophør af indregning, skal virksomheden ikke modregne det overdragne aktiv og den tilknyttede forpligtelse (jf. IAS 39, afsnit 36).
43.
Denne standard kræver præsentation af finansielle aktiver og finansielle forpligtelser som nettobeløb, når dette afspejler virksomhedens forventede fremtidige pengestrømme fra indfrielse af to eller flere separate finansielle instrumenter. Når en virksomhed har ret til og til hensigt at modtage eller betale et samlet nettobeløb, har den i realiteten kun et enkelt finansielt aktiv eller en enkel finansiel forpligtelse. I andre tilfælde præsenteres finansielle aktiver og finansielle forpligtelser separat i overensstemmelse med deres egenskaber som ressourcer eller forpligtelser for virksomheden.
44.
Modregning af et indregnet finansielt aktiv og en indregnet finansiel forpligtelse og præsentation af nettobeløbet er ikke det samme som ophør af indregning af et finansielt aktiv eller en finansiel forpligtelse. Selvom modregning ikke medfører indregning af en gevinst eller et tab, medfører ophør af indregning af et finansielt instrument ikke kun ophør af indregning i balancen af en tidligere indregnet post, men kan ligeledes medføre indregning af en gevinst eller et tab.
45.
En ret til modregning er debitors kontraktlige eller anden juridiske ret til at afregne eller på anden måde eliminere hele eller dele af et skyldigt beløb til en kreditor ved at modregne et skyldigt beløb fra denne kreditor. I særlige tilfælde kan en debitor have en juridisk ret til at modregne et skyldigt beløb fra tredjepart i et skyldigt beløb til kreditor, forudsat at der foreligger en aftale mellem de tre parter, som klart fastslår debitors ret til modregning. Idet ret til modregning er en juridisk ret, kan der være forskellige bestemmelser herom i de enkelte jurisdiktioner, og det må fastlægges hvilke love, der finder anvendelse på forholdet mellem parterne.
46.
Når der foreligger en eksigibel ret til modregning af et finansielt aktiv og en finansiel forpligtelse, påvirker dette de rettigheder og forpligtelser, der er knyttet til et finansielt aktiv og en finansiel forpligtelse, hvilket kan påvirke en virksomheds kredit- og likviditetsrisici. Dog er eksistensen af retten ikke i sig selv tilstrækkeligt grundlag for modregning. Hvis virksomheden ikke har til hensigt at udnytte retten eller afregne samtidigt, påvirkes beløbet og tidspunktet for virksomhedens fremtidige pengestrømme ikke. Når virksomheden har til hensigt at udnytte retten eller afregne samtidigt, giver præsentation af aktivet og forpligtelsen som nettobeløb en mere hensigtsmæssig afspejling af beløb og tidspunkt for de forventede fremtidige pengestrømme samt af de risici, som er forbundet med pengestrømmene. En hensigt fra en af eller begge parternes side til at nettoafregne, uden at der foreligger en juridisk ret hertil, er ikke tilstrækkelig til at berettige modregning, idet de rettigheder og forpligtelser, som vedrører det enkelte finansielle aktiv og den enkelte finansielle forpligtelse, forbliver uændret.
47.
En virksomheds hensigter med hensyn til afregning eller indfrielse af bestemte aktiver og forpligtelser kan være afhængige af dens normale forretningspraksis, finansielle markedskrav eller andre forhold, som kan begrænse virksomhedens evne til at nettoafregne eller afregne samtidigt. Når en virksomhed har ret til modregning, men ikke har til hensigt at nettoafregne eller realisere aktiver og indfri forpligtelsen samtidigt, gives der oplysning om modregningens effekt på virksomhedens kreditrisici i overensstemmelse med afsnit 36 i IFRS 7.
48.
Samtidig afregning af to finansielle instrumenter kan eksempelvis foretages gennem en clearingcentral i et organiseret finansielt marked eller ved en direkte udveksling parterne imellem. I sådanne tilfælde svarer pengestrømmene i realiteten til et samlet nettobeløb, og virksomheden udsættes ikke for nogen kredit- eller likviditetsrisici. I andre tilfælde kan virksomheden afregne to instrumenter ved at modtage og betale separate beløb. Virksomheden udsættes hermed for kreditrisiko forbundet med hele aktivets beløb eller likviditetsrisiko forbundet med hele forpligtelsens beløb. Disse risici kan være væsentlige, selvom de er relativt kortvarige. Derfor behandles realisationen af et finansielt aktiv og indfrielsen af en finansiel forpligtelse udelukkende som værende samtidige, når transaktionerne foretages i samme øjeblik.
49.
De i afsnit 42 nævnte betingelser er normalt ikke opfyldt, og modregning er sædvanligvis ikke relevant, når:
a)
flere forskellige finansielle instrumenter anvendes for at opnå et enkelt finansielt instruments egenskaber (et »syntetisk instrument«),
b)
finansielle aktiver og finansielle forpligtelser hidrører fra finansielle instrumenter med den samme primære risiko (eksempelvis aktiver og forpligtelser i en portefølje af terminskontrakter eller andre afledte finansielle instrumenter), men med forskellige modparter,
c)
finansielle eller andre aktiver stilles som sikkerhed for finansielle forpligtelser uden regresret,
d)
finansielle aktiver henlægges af debitor i en fond til indfrielse af en forpligtelse, uden at kreditor har godkendt disse til indfrielse af forpligtelsen (eksempelvis en amortisationsfond), eller
e)
forpligtelser som følge af begivenheder, der medfører tab, forventes erstattet af tredjepart i kraft af et krav i henhold til en forsikringskontrakt.
50.
En virksomhed, som foretager en række transaktioner i finansielle instrumenter med en enkelt modpart, kan indgå en rammeaftale om modregning (en »nettingaftale«) med modparten. Sådanne aftaler giver mulighed for en samlet nettoafregning af alle finansielle instrumenter omfattet af aftalen i tilfælde af misligholdelse eller opsigelse af enhver af kontrakterne. Denne type aftaler anvendes ofte af finansielle institutioner som sikkerhed mod tab i tilfælde af konkurs eller andre omstændigheder, som medfører, at modparten ikke kan indfri sine forpligtelser. En nettingaftale skaber normalt en ret til modregning, som udelukkende bliver retskraftig og påvirker realisationen eller indfrielsen af individuelle finansielle aktiver og finansielle forpligtelser som følge af en specificeret misligholdelse eller andre forhold, som ikke forventes at opstå i et normalt forretningsforløb. En nettingaftale giver ikke mulighed for modregning, medmindre begge de i afsnit 42 nævnte kriterier er opfyldt. Når finansielle aktiver og finansielle forpligtelser, som indgår i en nettingaftale, ikke modregnes, gives der oplysning om aftalens effekt på virksomhedens kreditrisici i overensstemmelse med afsnit 36 i IFRS 7.
OPLYSNINGER
51.–95.
[Ophævet]
IKRAFTTRÆDELSESTIDSPUNKT
96.
Virksomheder skal anvende denne standard for regnskabsår, som begynder 1. januar 2005 eller derefter. Det er tilladt at anvende standarden før dette tidspunkt. En virksomhed skal ikke anvende denne standard for regnskabsår, som begynder før 1. januar 2005, medmindre virksomheden også anvender IAS 39 (udgivet december 2003), herunder de ændringer, der blev udgivet i marts 2004. Hvis en virksomhed anvender denne standard for regnskabsår, som begynder før 1. januar 2005, skal den give oplysning om dette.
97.
Standarden skal anvendes med tilbagevirkende kraft.
OPHÆVELSE AF ANDRE UDTALELSER
98.
Denne standard erstatter IAS 32 
Finansielle instrumenter: Oplysning og præsentation
 ajourført i oktober 2000. 
(
2
)
99.
Denne standard erstatter følgende fortolkningsbidrag:
a)
SIC-5 
Klassifikation af finansielle instrumenter — Betingede afregningsbestemmelser
,
b)
SIC-16 
Selskabskapital — Tilbagekøbte egne egenkapitalinstrumenter (egne aktier)
, og
c)
SIC-17 
Egenkapital — Omkostninger ved en egenkapitaltransaktion
.
100.
Denne standard ophæver udkast til SIC-fortolkningsbidrag D34 
Finansielle instrumenter — Instrumenter eller rettigheder, som kan indløses af indehaveren.
(
1
)
  I denne standard angives pengebeløb i valutaenheder (»currency units« (CU)).
(
2
)
  IASB overførte i august 2005 alle bestemmelser om oplysning om finansielle instrumenter til IFRS 7 
Finansielle instrumenter: Oplysninger
.
Appendiks
ANVENDELSESVEJLEDNING
IAS 32 Finansielle instrumenter: Præsentation
Dette appendiks er en integreret del af standarden.
AG1
Denne anvendelsesvejledning redegør for anvendelsen af specifikke aspekter af standarden.
AG2
Standarden omhandler ikke indregning eller måling af finansielle instrumenter. Krav om indregning og måling af finansielle aktiver og finansielle forpligtelser er angivet i IAS 39.
DEFINITIONER (AFSNIT 11-14)
Finansielle aktiver og finansielle forpligtelser
AG3
Valuta (likvide beholdninger) er et finansielt aktiv, idet den udgør et betalingsmiddel og dermed danner grundlag for måling og indregning af alle transaktioner i årsregnskabet. Et indlån i et pengeinstitut eller lignende finansiel institution er et finansielt aktiv, idet det udgør indlåners kontraktlige ret til at opnå likvide beholdninger fra pengeinstituttet eller til at udstede en check eller et lignende instrument mod indeståendet til en kreditor til betaling af en finansiel forpligtelse.
AG4
Som eksempel på finansielle aktiver, som udgør en kontraktlig ret til at modtage likvide beholdninger i fremtiden, og tilsvarende finansielle forpligtelser, som udgør en kontraktlig forpligtelse til at overdrage likvide beholdninger i fremtiden, kan nævnes:
a)
tilgodehavender og forpligtelser vedrørende handel,
b)
gældsbreve, der besiddes eller er udstedt,
c)
gældsbreve, der besiddes eller er udstedt, og
d)
obligationer, der besiddes eller er udstedt.
I hvert tilfælde modsvares den ene parts kontraktlige ret til at modtage (eller forpligtelse til at overdrage) likvide beholdninger af den anden parts tilsvarende forpligtelse til at overdrage (eller ret til at modtage disse).
AG5
Et finansielt instrument kan også være af en type, hvor den økonomiske fordel, der modtages eller overdrages, er et andet finansielt aktiv end likvide beholdninger. Eksempelvis giver en forpligtelse, der afregnes i statsobligationer, indehaver en kontraktlig ret til at modtage og udsteder en kontraktlig forpligtelse til at overdrage statsobligationer i stedet for likvide beholdninger. Obligationerne er finansielle aktiver, idet de repræsenterer den udstedende offentlige myndigheds forpligtelse til at overdrage likvide beholdninger. Aftalen udgør derfor et finansielt aktiv for indehaveren og en finansiel forpligtelse for udstederen.
AG6
Gældsinstrumenter uden udløbstidspunkt (eksempelvis obligationer eller konvertible obligationer) giver normalt indehaver en kontraktlig ret til at modtage acontobetalinger af renter på fastsatte tidspunkter i uendelighed, enten uden ret til at modtage afdrag på hovedstolen eller med ret til afdrag på hovedstolen på betingelser, som gør dette meget usandsynligt, eller hvor dette ligger meget langt ude i fremtiden. Eksempelvis kan en virksomhed udstede et finansielt instrument, i henhold til hvilket virksomheden skal foretage årlige betalinger i en ubegrænset årrække, svarende til en rente på 8 % på en angivet pålydende værdi eller hovedstol på 1 000 CU. 
(
1
)
 Hvis det antages, at markedsrenten for instrumentet er 8 %, når det udstedes, påtager udsteder sig en kontraktlig forpligtelse til at foretage fremtidige rentebetalinger med en dagsværdi (nutidsværdi) på 1 000 CU ved første indregning. Indehaveren og udstederen af instrumentet har henholdsvis et finansielt aktiv og en finansiel forpligtelse.
AG7
En kontraktlig ret eller en kontraktlig forpligtelse til at modtage, overdrage eller udveksle finansielle instrumenter udgør i sig selv et finansielt instrument. En kæde af kontraktlige rettigheder eller kontraktlige forpligtelser opfylder definitionen på et finansielt instrument, hvis den i sidste ende fører til modtagelse eller betaling af likvide beholdninger eller anskaffelse eller udstedelse af et egenkapitalinstrument.
AG8
Muligheden for at udnytte en kontraktlig ret eller kravet om at indfri en kontraktlig forpligtelse kan være ubetinget eller betinget af en fremtidig begivenheds indtræffen. Eksempelvis er en finansiel garanti långivers kontraktlige ret til at modtage likvide beholdninger fra garanten og garantens tilsvarende kontraktlige forpligtelse til at betale långiver ved låntagers misligholdelse af sin betalingsforpligtelse. Den kontraktlige ret og forpligtelse foreligger på grund af en tidligere transaktion eller begivenhed (udstedelse af garantien), selv om långivers evne til at udnytte sin ret og kravet om, at garanten skal opfylde sin forpligtelse, begge er betingede af låntagers fremtidige misligholdelse af sin betalingsforpligtelse. En betinget ret og forpligtelse opfylder definitionen på et finansielt aktiv og en finansiel forpligtelse, selvom sådanne aktiver og forpligtelser ikke altid indregnes i årsregnskabet. Visse af disse betingede rettigheder og forpligtelser kan være forsikringskontrakter, som er omfattet af IFRS 4.
AG9
I henhold til IAS 17 
Leasingkontrakter
 anses en finansiel leasingkontrakt primært for at være leasinggivers ret til at modtage og leasingtagers forpligtelse til at betale en pengestrøm, som stort set svarer til en blanding af afdrag på hovedstol og betaling af renter på et lån. Leasinggiver registrerer sin investering i sit tilgodehavende beløb i henhold til leasingkontrakten, frem for selve det leasede aktiv. En operationel leasingkontrakt anses derimod primært for at være en ikke-fuldbyrdet kontrakt, som forpligter leasinggiver til at stille et aktiv til rådighed i fremtiden mod et vederlag svarende til et honorar for en tjenesteydelse. Leasinggiver registrerer fortsat selve det leasede aktiv frem for beløb, som vil blive modtaget i fremtiden i henhold til kontrakten. Således anses en finansiel leasingkontrakt for at være et finansielt instrument, hvorimod en operationel leasingkontrakt ikke anses for at være et finansielt instrument (med undtagelse af konkrete aktuelle tilgodehavender eller skyldige betalinger).
AG10
Fysiske aktiver (såsom varebeholdninger og materielle anlægsaktiver), leasede aktiver samt immaterielle aktiver (såsom patenter og varemærker) er ikke finansielle aktiver. Kontrol over sådanne fysiske og immaterielle aktiver skaber en mulighed for at frembringe pengestrømme eller andre finansielle aktiver, men medfører ikke en aktuel ret til at modtage likvide beholdninger eller andre finansielle aktiver.
AG11
Aktiver (såsom forudbetalte omkostninger), hvor den fremtidige økonomiske fordel er modtagelse af varer eller tjenesteydelser frem for retten til at modtage likvide beholdninger eller andre finansielle aktiver, er ikke finansielle aktiver. Poster som udskudte indtægter og de fleste garantiforpligtelser er heller ikke finansielle forpligtelser, idet strømmen af økonomiske fordele fra virksomheden, der er forbundet med disse poster er levering af varer og tjenesteydelser frem for en kontraktlig forpligtelse til at overdrage likvide beholdninger eller andre finansielle aktiver.
AG12
Forpligtelser eller aktiver, der ikke er kontraktlige (eksempelvis indkomstskatter som følge af lovmæssige krav fra offentlige myndigheder), er ikke finansielle forpligtelser eller finansielle aktiver. Den regnskabsmæssige behandling af indkomstskatter beskrives i IAS 12. Tilsvarende hidrører faktiske forpligtelser som defineret i IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver ikke fra kontrakter og udgør ikke finansielle forpligtelser.
Egenkapitalinstrumenter
AG13
Som eksempler på egenkapitalinstrumenter kan nævnes ikke-indløselige ordinære aktier, visse typer af præferenceaktier (jf. afsnit AG25 og AG26) samt warrants eller solgte call-optioner, som giver indehaveren mulighed for at tegne eller købe et fast antal ikke-indløselige ordinære aktier i den udstedende virksomhed mod betaling af et fast beløb i likvide beholdninger eller andre finansielle aktiver. En virksomheds forpligtelse til at udstede eller købe et fast antal af virksomhedens egne egenkapitalinstrumenter mod betaling af et fast beløb i likvide beholdninger eller andre finansielle aktiver er et egenkapitalinstrument i virksomheden. Hvis en sådan kontrakt indeholder en forpligtelse for virksomheden til at overdrage likvide beholdninger eller andre finansielle aktiver, medfører dette imidlertid også en forpligtelse for så vidt angår nutidsværdien af indløsningsbeløbet (jf. afsnit AG27a)). En udsteder af ikke-indløselige ordinære aktier påtager sig en forpligtelse, hvis udstederen formelt giver indtryk af at ville foretage en udlodning og dermed har en retlig forpligtelse til dette over for aktionærerne. Dette kan være tilfældet efter udbetaling af udbytte, eller når virksomheden er under konkursbehandling, og eventuelt resterende aktiver kan udloddes til aktionærerne efter fyldestgørelse af kreditorerne.
AG14
En købt call-option eller en tilsvarende kontrakt, der er anskaffet af virksomheden, som giver virksomheden ret til at tilbagekøbe et nærmere bestemt antal af virksomhedens egne egenkapitalinstrumenter mod betaling af et fast beløb i likvide beholdninger eller andre finansielle aktiver, udgør ikke et finansielt aktiv i virksomheden. I stedet skal vederlag, som er betalt for en sådan kontrakt, fratrækkes egenkapitalen.
Afledte finansielle instrumenter
AG15
Finansielle instrumenter omfatter primære instrumenter (såsom tilgodehavender, gæld og egenkapitalinstrumenter) og afledte finansielle instrumenter (såsom finansielle optioner, futures og terminsforretninger, rente- og valutaswaps). Afledte finansielle instrumenter opfylder definitionen på et finansielt instrument og ligger derfor inden for denne standards anvendelsesområde.
AG16
Afledte finansielle instrumenter skaber rettigheder og forpligtelser, som bevirker, at en eller flere af de finansielle risici, der er forbundet med et underliggende primært finansielt instrument, overføres til den anden part. Ved oprettelsen af afledte finansielle instrumenter får den ene part en kontraktlig ret til at udveksle finansielle aktiver eller finansielle forpligtelser med en anden part på potentielt gunstige vilkår eller en kontraktlig forpligtelse til at udveksle finansielle aktiver eller finansielle forpligtelser med en anden part på potentielt ugunstige vilkår. Afledte finansielle instrumenter medfører dog normalt 
(
2
)
 ikke en overførsel af det underliggende primære finansielle instrument ved kontraktens indgåelse, og en sådan overførsel sker ligeledes ikke nødvendigvis ved kontraktens udløb. Visse instrumenter omfatter både en ret og en forpligtelse til at udveksle aktiver. Eftersom vilkårene for udvekslingen fastlægges ved stiftelsen af det afledte finansielle instrument, kan disse vilkår enten blive gunstige eller ugunstige afhængig af kursudviklingen på de finansielle markeder.
AG17
En put- eller call-option på udveksling af finansielle aktiver eller finansielle forpligtelser (dvs. finansielle instrumenter, som ikke er virksomhedens egne egenkapitalinstrumenter) giver indehaveren en ret til at opnå potentielle fremtidige økonomiske fordele forbundet med ændringer i dagsværdien af det underliggende finansielle instrument. Modsat påtager optionssælgeren sig en forpligtelse til at give afkald på potentielle fremtidige økonomiske fordele eller til at bære potentielle tab af økonomiske fordele forbundet med ændringer i dagsværdien af det underliggende finansielle instrument. Indehaverens kontraktlige ret og sælgerens kontraktlige forpligtelse opfylder definitionen på henholdsvis et finansielt aktiv og en finansiel forpligtelse. Det underliggende finansielle instrument kan være et hvilket som helst finansielt aktiv, herunder aktier i andre virksomheder og rentebærende instrumenter. En option kan indebære, at sælger skal udstede et gældsinstrument frem for at overdrage et finansielt aktiv, men det underliggende instrument vil udgøre et finansielt aktiv for indehaveren, hvis optionen udnyttes. Optionsindehaverens ret til at udveksle det finansielle aktiv på potentielt gunstige vilkår og sælgers forpligtelse til at udveksle det finansielle aktiv på potentielt ugunstige vilkår er klart adskilt fra de underliggende finansielle aktiver, som skal udveksles ved udnyttelsen af optionen. Indehavers ret og sælgers forpligtelse påvirkes ikke af sandsynligheden for optionens udnyttelse.
AG18
Et andet eksempel på et afledt finansielt instrument er en terminskontrakt til afregning 6 måneder ude i fremtiden, hvor den ene part (køber) påtager sig at overdrage et kontant beløb på 1 000 000 CU mod at modtage fastforrentede statsobligationer på nominelt 1 000 000 CU, og den anden part (sælger) påtager sig at overdrage fastforrentede statsobligationer på nominelt 1 000 000 CU mod at modtage et kontant beløb på 1 000 000 CU. I de 6 måneder har begge parter såvel en kontraktlig ret som en kontraktlig forpligtelse til at udveksle finansielle instrumenter. Hvis markedskursen på statsobligationerne stiger til over 1 000 000 CU, vil vilkårene være gunstige for køber, men ugunstige for sælger. Hvis markedskursen falder til under 1 000 000 CU, vil virkningen være den modsatte. Køber har en kontraktlig ret (et finansielt aktiv), som svarer til retten i henhold til en anskaffet call-option, og en kontraktlig forpligtelse (en finansiel forpligtelse), som svarer til forpligtelsen i henhold til en udstedt put-option. Sælger har en kontraktlig ret (et finansielt aktiv), som svarer til retten i henhold til en anskaffet put-option, og en kontraktlig forpligtelse (en finansiel forpligtelse), som svarer til forpligtelsen i henhold til en udstedt call-option. Disse kontraktlige rettigheder og forpligtelser udgør ligesom optioner finansielle aktiver og finansielle forpligtelser, som er klart adskilt fra de underliggende finansielle instrumenter (de obligationer og kontante beløb, som skal udveksles). Begge parter i en terminskontrakt er forpligtet til at opfylde kontrakten på det aftalte tidspunkt, hvorimod en forpligtelse i henhold til en option udelukkende skal opfyldes, hvis køberen af optionen beslutter at udnytte denne.
AG19
Mange andre typer afledte finansielle instrumenter omfatter en ret eller forpligtelse til at foretage en udveksling i fremtiden, herunder rente- og valutaswaps, rentecaps, -collars og -floors, lånetilsagn, 
note issuance facilities
 (NIF'er) og remburser. En renteswap kan anses som en form for terminskontrakt, hvor parterne aftaler at foretage en række kontante udvekslinger af beløb i fremtiden, hvor det ene beløb beregnes med udgangspunkt i en variabel rente og det andet med udgangspunkt i en fast rente. Futures er en anden form for terminskontrakt, som primært adskiller sig ved at være standardiseret og handlet på en børs.
Kontrakter vedrørende køb eller salg af ikke-finansielle aktiver (afsnit 8-10)
AG20
Kontrakter vedrørende køb eller salg af ikke-finansielle aktiver opfylder ikke definitionen på et finansielt instrument, idet den ene parts kontraktlige ret til at modtage ikke-finansielle aktiver eller tjenesteydelser og den anden parts tilsvarende forpligtelse ikke skaber en aktuel ret eller forpligtelse for nogen af parterne til at modtage, overdrage eller udveksle et finansielt aktiv. Eksempelvis er kontrakter, som udelukkende giver mulighed for afregning ved modtagelse eller overdragelse af et ikke-finansielt aktiv (eksempelvis optioner, futures eller terminskontrakter vedrørende sølv), ikke finansielle instrumenter. Mange råvarekontrakter er af denne type. Nogle er standardiserede i form og handles på organiserede markeder på stort set samme måde som visse afledte finansielle instrumenter. Eksempelvis kan råvarebaserede futures umiddelbart købes og sælges kontant, idet de er børsnoteret, og de kan skifte ejer adskillige gange. De parter, som køber og sælger kontrakten, handler dog i virkeligheden den underliggende råvare. Muligheden for at købe eller sælge en råvarekontrakt kontant, letheden hvormed denne kontrakt kan købes eller sælges samt muligheden for at forhandle en kontant indfrielse af forpligtelsen til at modtage eller levere råvaren ændrer ikke kontraktens fundamentale karakteristika, således at den bliver til et finansielt instrument. Visse kontrakter vedrørende køb eller salg af ikke-finansielle aktiver, som kan nettoafregnes eller afregnes ved udveksling af finansielle instrumenter, eller hvor det ikke-finansielle aktiv umiddelbart kan konverteres til likvide beholdninger, ligger ikke desto mindre inden for denne standards anvendelsesområde, som om de var finansielle instrumenter (jf. afsnit 8).
AG21
En kontrakt, som indebærer modtagelse eller overdragelse af fysiske aktiver, skaber ikke et finansielt aktiv for den ene part og en finansiel forpligtelse for den anden part, medmindre betaling i forbindelse hermed udskydes til efter overdragelsen af de fysiske aktiver. Dette er tilfældet med køb og salg af varer på kredit.
AG22
Visse kontrakter er knyttet til råvarer, men medfører ikke afregning ved den fysiske modtagelse eller levering af en råvare. Afregning sker ved kontant betaling, som fastlægges i henhold til en i kontrakten fastlagt formel, frem for ved betaling af faste beløb. En obligations hovedstol kan eksempelvis beregnes ved at anvende den gældende markedspris for olie ved obligationens udløb på en nærmere bestemt mængde olie. Hovedstolen indeksreguleres på basis af en råvarepris, men afregnes udelukkende kontant. En sådan kontrakt udgør et finansielt instrument.
AG23
Definitionen på et finansielt instrument omfatter tillige kontrakter, som foruden et finansielt aktiv eller en finansiel forpligtelse skaber et ikke-finansielt aktiv eller en ikke-finansiel forpligtelse. Ved sådanne finansielle instrumenter har den ene part ofte option på at udveksle et finansielt aktiv med et ikke-finansielt aktiv. Eksempelvis kan en oliebaseret obligation give indehaver ret til at modtage løbende, faste rentebetalinger samt et fast beløb ved udløb med option på at udveksle hovedstolen med en bestemt mængde olie. Udnyttelsen af denne option vil afhænge af dagsværdien for olie i forhold til det udvekslingsforhold mellem kontanter og olie (udvekslingsværdien), som er indbygget i obligationen. Hvorvidt obligationsindehaveren har til hensigt at udnytte optionen, påvirker ikke de enkelte aktiver. Indehavers finansielle aktiv og udsteders finansielle forpligtelse gør obligationen til et finansielt instrument, uanset hvilke andre typer af aktiver og forpligtelser som samtidig skabes.
AG24
[Ophævet]
PRÆSENTATION
Forpligtelser og egenkapital (afsnit 15-27)
Ingen kontraktlig forpligtelse til at overdrage likvide beholdninger eller andre finansielle aktiver (afsnit 17-20)
AG25
Præferenceaktier kan udstedes med forskellige rettigheder. Når det skal afgøres, hvorvidt en præferenceaktie er en finansiel forpligtelse eller et egenkapitalinstrument, vurderer udstederen de konkrete rettigheder, som er knyttet til aktien for at afgøre, hvorvidt den har de afgørende kendetegn for en finansiel forpligtelse. Eksempelvis indeholder en præferenceaktie med indløsning på et specifikt tidspunkt eller efter indehaverens valg en finansiel forpligtelse, idet udstederen er forpligtet til at overdrage finansielle aktiver til indehaveren af aktien. Udsteders potentielle manglende evne til at opfylde sin forpligtelse til at indløse en præferenceaktie, som udsteder er kontraktligt forpligtet til at indløse, hvad enten det skyldes mangel på midler, lovmæssige restriktioner eller utilstrækkelige overskud eller reserver, fjerner ikke forpligtelsen. Udsteders mulighed for at indløse aktierne mod kontant betaling opfylder ikke definitionen på en finansiel forpligtelse, idet udsteder ikke har en aktuel forpligtelse til at overdrage finansielle aktiver til aktionærerne. Indløsning af aktierne sker i dette tilfælde udelukkende efter udsteders valg. En forpligtelse kan dog opstå, når aktieudsteder udnytter sin mulighed, normalt ved formelt at meddele aktionærerne, at udsteder har til hensigt at indløse aktierne.
AG26
Når præferenceaktier ikke kan indløses, afhænger klassifikationen af de øvrige rettigheder, der er knyttet til aktierne. Klassifikationen er baseret på en vurdering af kontraktens indhold og definitionen på en finansiel forpligtelse og et egenkapitalinstrument. Når udsteder kan vælge, om der skal foretages udlodning til indehavere af præferenceaktier, hvad enten de er kumulative eller ikke-kumulative, er aktierne egenkapitalinstrumenter. Klassifikationen af en præferenceaktie som et egenkapitalinstrument eller en finansiel forpligtelse påvirkes ikke af eksempelvis:
a)
tidligere foretagne udlodninger,
b)
om udsteder har til hensigt at foretage udlodninger i fremtiden,
c)
en mulig negativ påvirkning af kursen på udsteders ordinære aktier, hvis der ikke foretages udlodninger (på grund af restriktioner på udbetalingen af udbytte på de ordinære aktier, hvis der ikke udbetales udbytte på præferenceaktierne),
d)
den beløbsmæssige størrelse af udsteders reserver,
e)
udsteders forventninger til resultatet for et regnskabsår eller
f)
udsteders mulighed eller manglende mulighed for at påvirke den beløbsmæssige størrelse af årets resultat.
Afregning i virksomhedens egne egenkapitalinstrumenter (afsnit 21-24)
AG27
Nedenstående eksempler viser, hvordan virksomheden skal klassificere forskellige typer af kontrakter på virksomhedens egne egenkapitalinstrumenter:
a)
En kontrakt, som skal afregnes af den virksomhed, der modtager eller overdrager et nærmere bestemt antal af virksomhedens egne aktier, uden at dette sker til gengæld for et fremtidigt vederlag, eller den virksomhed, der udveksler et nærmere bestemt antal af virksomhedens egne aktier mod et fast beløb i likvide beholdninger eller andre finansielle aktiver, udgør et egenkapitalinstrument. Derfor skal vederlag, som er modtaget eller betalt for en sådan kontrakt, lægges direkte til eller trækkes direkte fra egenkapitalen. Som eksempel kan nævnes en udstedt aktieoption, som giver modparten ret til at købe et bestemt antal af virksomhedens aktier til et fast beløb i likvide beholdninger. Hvis kontrakten indebærer, at virksomheden skal købe (indløse) sine egne aktier mod betaling i likvide beholdninger eller i form af andre finansielle aktiver på et tidspunkt, der enten ligger fast eller kan fastsættes, eller på anfordring, skal virksomheden imidlertid også indregne en finansiel forpligtelse for nutidsværdien af indløsningsbeløbet. Som eksempel kan nævnes en virksomheds forpligtelse i henhold til en terminskontrakt til at tilbagekøbe et bestemt antal af sine egne aktier mod betaling af et nærmere bestemt beløb i likvide beholdninger.
b)
En virksomheds forpligtelse til at købe sine egne aktier mod betaling i likvide beholdninger medfører en finansiel forpligtelse for nutidsværdien af indløsningsbeløbet, selvom antallet af aktier, som virksomheden er forpligtet til at tilbagekøbe, ikke ligger fast, og selvom forpligtelsen er betinget af modpartens udnyttelse af sin indløsningsret. Et eksempel på en betinget forpligtelse er en udstedt option, som kræver, at virksomheden tilbagekøber sine egne aktier mod betaling i likvide beholdninger, hvis modparten udnytter optionen.
c)
En kontrakt, som skal afregnes i likvide beholdninger eller med andre finansielle aktiver, er et finansielt aktiv eller en finansiel forpligtelse, selvom kontantbeløbet eller værdien af de andre finansielle aktiver, som skal modtages eller overdrages, er baseret på ændringer i markedskursen på virksomhedens egenkapital. Som eksempel kan nævnes en nettokontantafregnet aktieoption.
d)
En kontrakt, som skal afregnes med et variabelt antal af virksomhedens egne aktier til en værdi svarende til et fast beløb eller et beløb baseret på ændringer i en underliggende variabel (eksempelvis en råvarepris), er et finansielt aktiv eller en finansiel forpligtelse. Som eksempel kan nævnes en solgt option på køb af guld, som, hvis den udnyttes, skal nettoafregnes i virksomhedens egne instrumenter, ved at virksomheden overdrager et antal af disse instrumenter svarende til optionens værdi. En sådan kontrakt er et finansielt aktiv eller en finansiel forpligtelse, selvom den underliggende variabel er virksomhedens egen aktiekurs frem for guld. En kontrakt, som skal afregnes med et bestemt antal af virksomhedens egne aktier, men hvor de rettigheder, som er knyttet til disse aktier, vil blive tilpasset, således at afregningsværdien svarer til et fast beløb eller et beløb baseret på ændringer i en underliggende variabel, udgør ligeledes et finansielt aktiv eller en finansiel forpligtelse.
Betingede afregningsbestemmelser (afsnit 25)
AG28
Afsnit 25 kræver, at hvis en del af en betinget afregningsbestemmelse, som kunne indebære afregning med likvide beholdninger eller med andre finansielle aktiver (eller på anden måde medføre, at instrumentet er en finansiel forpligtelse), ikke er reel, skal afregningsbestemmelsen ikke påvirke klassifikationen af et finansielt instrument. En kontrakt, som udelukkende indebærer afregning i likvide beholdninger eller med et variabelt antal af virksomhedens egne aktier, hvis der indtræffer en begivenhed, som er ekstremt sjælden, meget unormal og højst usandsynlig, udgør således et egenkapitalinstrument. Tilsvarende gælder det, at afregning med et fast antal af virksomhedens egne aktier kan være kontraktligt udelukket af omstændigheder, som ligger uden for virksomhedens kontrol, men hvis det reelt ikke er sandsynligt, at disse omstændigheder vil indtræffe, er det hensigtsmæssigt at foretage klassifikation som et egenkapitalinstrument.
Behandling i koncernregnskaber
AG29
Virksomheder præsenterer i koncernregnskabet minoritetsinteresser — dvs. andre parters andel af egenkapitalen og indtægterne i dattervirksomheder — i overensstemmelse med IAS 1 og IAS 27. Ved klassifikationen af et finansielt instrument (eller en del heraf) i koncernregnskabet skal virksomheden tage alle vilkår, som er aftalt mellem virksomhederne i koncernen og indehaverne af instrumentet, i betragtning ved vurderingen af, hvorvidt koncernen som helhed har en forpligtelse til at overdrage likvide beholdninger eller andre finansielle aktiver vedrørende instrumentet eller til at afregne på en måde, som medfører klassifikation som en forpligtelse. Hvis en dattervirksomhed i en koncern udsteder et finansielt instrument, og en modervirksomhed eller en anden virksomhed i koncernen aftaler yderligere vilkår direkte med indehaverne af instrumentet (eksempelvis en garanti), kan koncernen muligvis ikke træffe beslutning om udlodninger eller indløsning. Selvom det kan være hensigtsmæssigt for dattervirksomheden at klassificere instrumentet uden at tage hensyn til disse yderligere vilkår i det separate årsregnskab, tages virkningen af andre aftaler mellem virksomheder i koncernen og indehaverne af instrumentet i betragtning for at sikre, at koncernregnskabet afspejler de af koncernen som helhed indgåede kontrakter og transaktioner. I det omfang der findes en sådan forpligtelse eller afregningsbestemmelse, klassificeres instrumentet (eller den del af instrumentet, som er omfattet af forpligtelsen) som en finansiel forpligtelse i koncernregnskabet.
Sammensatte finansielle instrumenter (afsnit 28-32)
AG30
Afsnit 28 finder kun anvendelse på udstedere af ikke-afledte sammensatte finansielle instrumenter. Afsnit 28 omhandler ikke sammensatte finansielle instrumenter set fra indehavernes side. IAS 39 omhandler adskillelsen af indbyggede afledte finansielle instrumenter set ud fra det perspektiv, som anlægges af indehaverne af sammensatte finansielle instrumenter, der indeholder elementer af gæld og egenkapital.
AG31
En almindelig type sammensat finansielt instrument er et gældsinstrument med indbygget konverteringsret, eksempelvis en obligation, som kan konverteres til udsteders ordinære aktier, uden andre egenskaber fra indbyggede afledte instrumenter. Afsnit 28 kræver, at udstederen af et sådant finansielt instrument præsenterer forpligtelses- og egenkapitalelementet separat i balancen som følger:
a)
Udsteders forpligtelse til at foretage faste rentebetalinger og afdrag er en finansiel forpligtelse, som eksisterer, så længe instrumentet ikke konverteres. Ved første indregning svarer dagsværdien af forpligtelseselementet til nutidsværdien af de kontraktligt fastlagte fremtidige pengestrømme diskonteret med markedsrenten på dette tidspunkt for instrumenter med samme kreditvurdering og med stort set de samme pengestrømme og samme betingelser, men uden konverteringsretten.
b)
Egenkapitalinstrumentet er en indbygget option på konvertering af forpligtelsen til udsteders egenkapital. Dagsværdien af optionen består af dens tidsmæssige og eventuelle indre værdi. Optionen har værdi ved første indregning, også selvom den er »out of the money«.
AG32
Ved konvertering af et konvertibelt instrument ved udløb skal virksomheden ophøre med at indregne forpligtelseselementet og indregne det som egenkapital. Det oprindelige egenkapitalelement indregnes fortsat som egenkapital (idet det dog kan overføres fra en egenkapitalpost til en anden). Der opstår ingen gevinster eller tab i tilfælde af konvertering ved udløb.
AG33
Hvis en virksomhed bringer et konvertibelt instrument til ophør før udløb gennem indløsning før tid eller tilbagekøb, hvor de oprindelige konverteringsrettigheder er uændrede, skal virksomheden allokere det betalte vederlag samt eventuelle transaktionsomkostninger i forbindelse med tilbagekøbet eller indløsningen til instrumentets forpligtelses- og egenkapitalelementer på transaktionstidspunktet. Den metode, der anvendes ved allokering af det betalte vederlag og transaktionsomkostningerne til separate elementer, skal være i overensstemmelse med den metode, der blev anvendt ved den oprindelige allokering til separate elementer af det provenu, virksomheden modtog ved udstedelsen af det konvertible instrument, i overensstemmelse med afsnit 28-32.
AG34
Når der er foretaget allokering af vederlaget, behandles eventuelle gevinster eller tab som følge heraf i overensstemmelse med de regnskabsprincipper, der anvendes på det tilknyttede element, som følger:
a)
gevinster eller tab, som knytter sig til forpligtelseselementet, indregnes i resultatet, og
b)
vederlag, som knytter sig til egenkapitalelementet, indregnes på egenkapitalen.
AG35
En virksomhed kan ændre vilkårene for et konvertibelt instrument for at tilskynde til konvertering før tid, eksempelvis ved at tilbyde et mere gunstigt konverteringsforhold eller ved at betale yderligere vederlag, hvis der sker konvertering før et bestemt tidspunkt. Forskellen — på tidspunktet for ændringen af vilkårene — mellem dagsværdien af det vederlag, indehaveren modtager ved konvertering af instrumentet på de ændrede vilkår, og dagsværdien af det vederlag, indehaveren ville have modtaget på de oprindelige vilkår, indregnes som et tab i resultatet.
Egne aktier (afsnit 33 og 34)
AG36
En virksomheds egne egenkapitalinstrumenter indregnes ikke som et finansielt aktiv uanset årsagen til, at de tilbagekøbes. Afsnit 33 kræver, at en virksomhed, som tilbagekøber sine egne egenkapitalinstrumenter, trækker disse egenkapitalinstrumenter fra egenkapitalen. Hvis en virksomhed besidder sin egen egenkapital på vegne af andre, eksempelvis en finansiel institution, som besidder sin egen egenkapital på vegne af en kunde, er der imidlertid tale om et agenturforhold, hvilket medfører, at disse besiddelser ikke medtages i virksomhedens balance.
Renter, udbytte, tab og gevinster (afsnit 35-41)
AG37
Nedenstående eksempel illustrerer anvendelsen af afsnit 35 på et sammensat finansielt instrument. Det antages, at en ikke-kumulativ præferenceaktie indebærer tvungen indløsning mod likvide beholdninger om fem år, men at virksomheden kan vælge at udbetale udbytte inden dette indløsningstidspunkt. Et sådant instrument er et sammensat finansielt instrument, hvor forpligtelseselementet udgør nutidsværdien af indløsningsbeløbet. Afvikling af effekten af diskontering på dette element indregnes i resultatet og klassificeres som en renteomkostning. Eventuelt udbetalt udbytte knytter sig til egenkapitalelementet og indregnes derfor som en udlodning af resultat. En tilsvarende behandling ville finde anvendelse, hvis der ikke var tale om tvungen indløsning, men indløsning efter indehavers ønske, eller ved aktier med tvungen konvertering til et variabelt antal ordinære aktier, som beregnes, så de svarer til et bestemt beløb eller et beløb baseret på ændringer i en underliggende variabel (eksempelvis en råvarepris). Hvis et eventuelt ikke-udbetalt udbytte lægges til indløsningsbeløbet, er hele instrumentet dog en forpligtelse. I så fald klassificeres et eventuelt udbytte som en renteomkostning.
Modregning af et finansielt aktiv og en finansiel forpligtelse (afsnit 42-50)
AG38
For at modregne et finansielt aktiv og en finansiel forpligtelse skal virksomheden have en aktuel og retskraftig juridisk ret til at modregne de indregnede beløb. Virksomheden kan have en betinget ret til at modregne indregnede beløb, eksempelvis i medfør af en nettingaftale eller ved visse typer gæld uden regresret, men sådanne rettigheder er kun retskraftige, hvis der indtræffer visse fremtidige begivenheder, sædvanligvis misligholdelse fra modpartens side. En sådan aftale opfylder således ikke betingelserne for modregning.
AG39
Standarden indeholder ikke bestemmelser om særlig behandling af såkaldte »syntetiske instrumenter«, der er grupper af separate finansielle instrumenter, som er anskaffet og besiddes med henblik på at opnå et andet instruments egenskaber. Eksempelvis opnås der med et variabelt forrentet langfristet lån kombineret med en renteswap, som medfører modtagelse af variable betalinger og foretagelse af faste betalinger, de samme egenskaber som med et fastforrentet langfristet lån. Hvert af de separate finansielle instrumenter, som tilsammen udgør et »syntetisk instrument«, repræsenterer en kontraktlig ret eller forpligtelse med separate vilkår, og hvert instrument kan overdrages eller indfries separat. Hvert enkelt finansielt instrument er forbundet med risici, som kan være forskellige fra de risici, som andre instrumenter er forbundet med. Når ét finansielt instrument i et »syntetisk instrument« er et aktiv, og et andet element er en forpligtelse, modregnes og præsenteres de således ikke i virksomhedens balance som nettobeløb, medmindre de opfylder modregningskriterierne i afsnit 42.
OPLYSNINGER
Finansielle aktiver og finansielle forpligtelser til dagsværdi gennem resultatet (afsnit 94f))
AG40
[Ophævet]
(
1
)
  I denne vejledning angives pengebeløb i valutaenheder (»currency units« (CU)).
(
2
)
  Dette gælder for de fleste, men ikke alle afledte finansielle instrumenter. I visse renteswaps med flere valutaer udveksles hovedstolen eksempelvis ved stiftelsen (og udveksles igen ved udløb).
IAS 33
Indtjening pr. aktie
FORMÅL
1.
Formålet med denne standard er at foreskrive principper for opgørelse og præsentation af indtjening pr. aktie med henblik på at opnå bedre sammenlignelighed af indtjeningen i forskellige virksomheder i samme regnskabsår og i forskellige regnskabsår for den samme virksomhed. Selvom oplysninger om indtjening pr. aktie har sine begrænsninger, fordi der kan have været anvendt forskellig regnskabspraksis ved opgørelsen af »indtjening«, forøger en ensartet opgjort nævner værdien af regnskabsaflæggelsen. Denne standard fokuserer på nævneren ved beregningen af indtjening pr. aktie.
ANVENDELSESOMRÅDE
2.
Denne standard skal anvendes for:
a)
det separate eller enkelte årsregnskab for en virksomhed:
i)
hvis ordinære aktier eller potentielle ordinære aktier handles på et offentligt marked (en national eller udenlandsk børs eller et sekundært børsmarked, herunder lokale og regionale markeder), eller
ii)
der indsender eller er ved at indsende sit årsregnskab til børstilsyn eller en anden myndighed med henblik på at notere ordinære aktier på et offentligt marked, og
b)
koncernregnskabet for en koncern med en modervirksomhed:
i)
hvis ordinære aktier eller potentielle ordinære aktier handles på et offentligt marked (en national eller udenlandsk børs eller et sekundært børsmarked, herunder lokale og regionale markeder), eller
ii)
der indsender eller er ved at indsende sit årsregnskab til børstilsyn eller en anden myndighed med henblik på at notere ordinære aktier på et offentligt marked.
3.
Virksomheder, der giver oplysning om indtjening pr. aktie, skal beregne og oplyse indtjening pr. aktie i overensstemmelse med denne standard.
4.
Når virksomheder præsenterer både koncernregnskab og separat årsregnskab, som er udarbejdet i overensstemmelse med IAS 27 
Koncernregnskaber og separate årsregnskaber
, er det kun nødvendigt at præsentere de i denne standard krævede oplysninger på grundlag af oplysningerne i koncernregnskabet. Virksomheder, der vælger at oplyse om indtjening pr. aktie på grundlag af virksomhedens separate årsregnskab, skal kun præsentere disse oplysninger om indtjening pr. aktie i den separate resultatopgørelse. Virksomheder skal ikke præsentere disse oplysninger om indtjening pr. aktie i koncernregnskabet.
DEFINITIONER
5.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Anti-udvanding
 er en forøgelse af indtjening pr. aktie eller en reduktion af underskud pr. aktie som følge af en forudsætning om, at konvertible instrumenter konverteres, at optioner eller warrants udnyttes, eller at ordinære aktier udstedes ved opfyldelsen af fastsatte betingelser.
En 
aftale om betinget udstedelse
 er en aftale om at udstede aktier, som er betinget af opfyldelsen af fastsatte betingelser.
Ordinære aktier med betinget udstedelse
 er ordinære aktier, som udstedes mod en begrænset eller ingen kontant betaling eller andet vederlag ved opfyldelsen af fastsatte betingelser i en aftale om betinget udstedelse.
Udvanding
 er en reduktion af indtjening pr. aktie eller en forøgelse af underskud pr. aktie som følge af en forudsætning om, at konvertible instrumenter konverteres, at optioner eller warrants udnyttes, eller at ordinære aktier udstedes ved opfyldelsen af fastsatte betingelser.
Optioner
, warrants og tilsvarende instrumenter er finansielle instrumenter, som giver indehaveren ret til at købe ordinære aktier.
En 
ordinær aktie
 er et egenkapitalinstrument, som er efterstillet alle andre grupper af egenkapitalinstrumenter.
En 
potentiel ordinær aktie
 er et finansielt instrument eller anden kontrakt, som kan give indehaveren ret til ordinære aktier.
Put-optioner
 på ordinære aktier er kontrakter, som giver indehaveren retten til at sælge ordinære aktier til en bestemt pris i en bestemt periode.
6.
Ved udbetaling af årets resultat er ordinære aktier efterstillet andre typer af aktier, eksempelvis præferenceaktier. Virksomheder kan have mere end én klasse af ordinære aktier. Ordinære aktier i den samme aktieklasse giver de samme rettigheder til at modtage udbytte.
7.
Som eksempel på potentielle ordinære aktier kan nævnes:
a)
finansielle forpligtelser eller egenkapitalinstrumenter, herunder præferenceaktier, som kan konverteres til ordinære aktier,
b)
optioner og warrants,
c)
aktier, som vil blive udstedt ved opfyldelsen af betingelser som følge af en kontrakt, eksempelvis en virksomhedsovertagelse eller køb af andre aktiver.
8.
Termer, der er defineret i IAS 32 
Finansielle instrumenter: Præsentation
, anvendes i denne standard med de betydninger, der er angivet i afsnit 11 i IAS 32, medmindre andet er angivet. IAS 32 definerer finansielle instrumenter, finansielle aktiver, finansielle forpligtelser, egenkapitalinstrumenter og dagsværdi og giver vejledning om anvendelsen af disse definitioner.
MÅLING
Indtjening pr. aktie
9.
Virksomheder skal beregne indtjening pr. aktie for den del af resultatet, som kan henføres til modervirksomhedens indehavere af ordinær egenkapital og, hvis dette præsenteres, den del af resultatet af fortsættende aktiviteter, som kan henføres til disse indehavere af egenkapital.
10.
Indtjening pr. aktie skal beregnes ved at dividere den del af resultatet, som kan henføres til modervirksomhedens indehavere af ordinær egenkapital (tælleren), med det vejede gennemsnitlige antal ordinære aktier i omløb (nævneren) i regnskabsåret.
11.
Formålet med oplysninger om indtjening pr. aktie er at give et målingsgrundlag for hver af modervirksomhedens ordinære aktiers andel i virksomhedens indtjening i regnskabsåret.
Indtjening
12.
Ved beregning af indtjening pr. aktie skal de beløb, som kan henføres til modervirksomhedens indehavere af ordinær egenkapital, med hensyn til:
a)
den del af resultatet af fortsættende aktiviteter, som kan henføres til modervirksomheden, og
b)
den del af resultatet, som kan henføres til modervirksomheden,
være beløbene i a) og b) reguleret for beløb efter skat for præferenceudbytte, forskelle hidrørende fra indfrielse af præferenceaktier og andre tilsvarende virkninger af præferenceaktier, som er klassificeret som egenkapital.
13.
Indtægts- og omkostningsposter, som kan henføres til modervirksomhedens indehavere af ordinær egenkapital, som indregnes i regnskabsåret, herunder skatteomkostning og udbytte på præferenceaktier, som er klassificeret som forpligtelser, medtages i opgørelsen af den del af årets resultat, som kan henføres til modervirksomhedens indehavere af ordinær egenkapital (jf. IAS 1 
Præsentation af årsregnskaber
).
14.
Præferenceudbytte efter skat, som fratrækkes resultatet, er:
a)
præferenceudbytte efter skat på ikke-kumulative præferenceaktier uddelt vedrørende regnskabsåret, og
b)
det krævede præferenceudbytte efter skat på kumulative præferenceaktier i regnskabsåret, uanset om der er uddelt udbytte. Regnskabsårets præferenceudbytte omfatter ikke præferenceudbytte til kumulative præferenceaktier, som er betalt eller uddelt i det aktuelle regnskabsår vedrørende tidligere regnskabsår.
15.
Præferenceaktier, som giver et lavt udbytte i starten som kompensation for, at en virksomhed sælger præferenceaktierne til underkurs, eller et udbytte over markedsniveauet i senere regnskabsår som kompensation for, at investorer køber præferenceaktier til overkurs, kaldes undertiden for præferenceaktier med stigende udbytte. Over- eller underkurs ved oprindelig udstedelse af præferenceaktier med stigende udbytte amortiseres i overført resultat ved anvendelse af den effektive rentemetode og behandles som præferenceudbytte ved beregning af indtjening pr. aktie.
16.
Præferenceaktier kan gøres til genstand for tilbagekøb i kraft af et licitationstilbud til indehaverne. Det beløb, hvormed dagsværdien af det erlagte vederlag til præferenceaktionærerne overstiger den regnskabsmæssige værdi af præferenceaktierne, udgør et afkast af præferenceaktierne for indehaverne og et fradrag i det overførte resultat for virksomheden. Dette beløb fratrækkes ved beregningen af den del af resultatet, som kan henføres til modervirksomhedens indehavere af ordinær egenkapital.
17.
En virksomhed kan udløse førtidig konvertering af konvertible præferenceaktier ved at foretage gunstige ændringer i de oprindelige konverteringsvilkår eller ved betaling af yderligere vederlag. Det beløb, hvormed dagsværdien af de ordinære aktier eller andet erlagt vederlag overstiger dagsværdien af de ordinære aktier til udstedelse efter de oprindelige konverteringsvilkår, udgør et afkast for præferenceaktionærerne og fratrækkes ved beregning af den del af resultatet, som kan henføres til modervirksomhedens indehavere af ordinær egenkapital.
18.
Det beløb, hvormed præferenceaktiernes regnskabsmæssige værdi overstiger dagsværdien af det vederlag, der er erlagt for at indfri dem, lægges til ved beregning af den del af resultatet, som kan henføres til modervirksomhedens indehavere af ordinær egenkapital.
Aktier
19.
Ved beregning af indtjening pr. aktie skal antallet af ordinære aktier svare til det vejede gennemsnitlige antal ordinære aktier i omløb i regnskabsåret.
20.
Ved brug af det vejede gennemsnitlige antal ordinære aktier i omløb i regnskabsåret afspejles muligheden for ændringer i egenkapitalen i løbet af regnskabsåret som følge af en reduktion eller forøgelse af antallet af aktier i omløb. Det vejede gennemsnitlige antal ordinære aktier i omløb i regnskabsåret svarer til antallet af ordinære aktier i omløb ved regnskabsårets begyndelse, reguleret med antallet af tilbagekøbte eller udstedte ordinære aktier i regnskabsåret ganget med en tidsvægtningsfaktor. Tidsvægtningsfaktoren er det antal dage, hvor aktierne er i omløb, i forhold til det samlede antal dage i regnskabsåret. En rimelig tilnærmelse af et vejet gennemsnit er i mange tilfælde tilstrækkeligt.
21.
Aktier medtages normalt i det vejede gennemsnitlige antal aktier fra det tidspunkt, hvor vederlaget forfalder til betaling (hvilket normalt er udstedelsestidspunktet), eksempelvis:
a)
ordinære aktier udstedt mod kontant betaling medtages, når de kontante betalinger forfalder,
b)
ordinære aktier udstedt ved frivillig reinvestering af udbytte på ordinære aktier eller præferenceaktier medtages, når udbyttet reinvesteres,
c)
ordinære aktier udstedt som følge af konverteringen af et gældsinstrument til ordinære aktier medtages fra det tidspunkt, hvor der ikke længere påløber renter,
d)
ordinære aktier udstedt i stedet for renter eller hovedstol på andre finansielle instrumenter medtages fra det tidspunkt, hvor der ikke længere påløber renter,
e)
ordinære aktier udstedt til gengæld for indfrielsen af en af virksomhedens forpligtelser medtages fra det tidspunkt, hvor forpligtelsen indfries,
f)
ordinære aktier udstedt som vederlag for anskaffelsen af andre aktiver end likvide beholdninger medtages på det tidspunkt, hvor anskaffelsen indregnes, og
g)
ordinære aktier udstedt mod levering af tjenesteydelser til virksomheden medtages, i takt med at tjenesteydelserne leveres.
Tidspunktet for medtagelse af ordinære aktier bestemmes af de vilkår, som er tilknyttet udstedelsen. Indholdet af alle kontrakter tilknyttet udstedelsen tages i betragtning.
22.
Ordinære aktier udstedt som en del af kostprisen for en virksomhedssammenslutning medtages i det vejede gennemsnitlige antal aktier fra overtagelsestidspunktet. Dette skyldes, at den overtagende virksomhed fra dette tidspunkt indarbejder den overtagne virksomheds resultat i sin resultatopgørelse.
23.
Ordinære aktier, som udstedes ved konvertering af et konvertibelt instrument med tvungen konvertering, medtages ved beregningen af indtjening pr. aktie fra det tidspunkt, hvor kontrakten indgås.
24.
Aktier med betinget udstedelse behandles som aktier i omløb og medtages først ved beregningen af indtjening pr. aktie fra det tidspunkt, hvor alle nødvendige betingelser er opfyldt (dvs. når begivenhederne er indtruffet). Aktier, som kun udstedes efter et tidsforløb, er ikke aktier med betinget udstedelse, idet tidsforløbet er en sikker faktor. Ordinære aktier i omløb med betinget returnering (dvs. aktier, der kan blive tilbagekaldt), behandles ikke som aktier i omløb, og medtages ikke ved beregningen af indtjening pr. aktie før det tidspunkt, hvor aktierne ikke længere kan blive tilbagekaldt.
25.
[Ophævet]
26.
Det vejede gennemsnitlige antal ordinære aktier i omløb i regnskabsåret og for alle præsenterede regnskabsår skal reguleres for begivenheder, bortset fra konvertering af potentielle ordinære aktier, som har ændret antallet af ordinære aktier i omløb uden en tilsvarende ændring af værdier.
27.
Ordinære aktier kan udstedes eller antallet af ordinære aktier i omløb reduceres uden en tilsvarende ændring af værdier. Som eksempler herpå kan nævnes:
a)
udstedelse af fondsaktier,
b)
et favørelement i andre former for udstedelse, eksempelvis ved udstedelse af tegningsretter til eksisterende aktionærer,
c)
et aktiesplit, og
d)
et omvendt aktiesplit (aktiekonsolidering).
28.
Ved udstedelse af fondsaktier eller ved aktiesplit udstedes ordinære aktier til eksisterende aktionærer uden yderligere vederlag. Derfor øges antallet af ordinære aktier i omløb uden en forøgelse af værdier. Antallet af ordinære aktier i omløb før denne begivenhed reguleres for den forholdsmæssige ændring i antallet af ordinære aktier i omløb, som om begivenheden var opstået ved begyndelsen af det tidligst præsenterede regnskabsår. Ved udstedelse af fondsaktier i forholdet to til en ganges antallet af ordinære aktier i omløb før udstedelsen eksempelvis med tre for at beregne det nye, samlede antal ordinære aktier eller med to for at beregne antallet af yderligere ordinære aktier.
29.
Ved konsolidering af ordinære aktier reduceres antallet af ordinære aktier i omløb sædvanligvis uden en tilsvarende reduktion af værdier. Hvis den overordnede virkning er et aktietilbagekøb til dagsværdi, er reduktionen i antallet af ordinære aktier i omløb imidlertid resultatet af en tilsvarende reduktion i værdi. Et eksempel herpå er en aktiekonsolidering kombineret med et særligt udbytte. Det vejede gennemsnitlige antal ordinære aktier i omløb i det regnskabsår, hvor den kombinerede transaktion finder sted, reguleres for reduktionen i antallet af ordinære aktier fra det tidspunkt, hvor det særlige udbytte indregnes.
Udvandet indtjening pr. aktie
30.
Virksomheder skal beregne udvandet indtjening pr. aktie for den del af resultatet, som kan henføres til modervirksomhedens indehavere af ordinær egenkapital og, hvis dette præsenteres, den del af resultatet af fortsættende aktiviteter, som kan henføres til disse indehavere af egenkapital.
31.
Ved beregningen af udvandet indtjening pr. aktie skal virksomheder regulere den del af resultatet, som kan henføres til modervirksomhedens indehavere af ordinær egenkapital, og det vejede gennemsnitlige antal aktier i omløb for virkningen af al udvandet potentiel aktiekapital.
32.
Formålet med udvandet indtjening pr. aktie er i overensstemmelse med formålet med indtjening pr. aktie — at give et målingsgrundlag for hver af modervirksomhedens ordinære aktiers andel i virksomhedens indtjening — idet virkningen af al udvandet potentiel aktiekapital i omløb i regnskabsåret dog medtages. Det betyder, at:
a)
den del af resultatet, som kan henføres til modervirksomhedens indehavere af ordinær egenkapital, forøges med udbytte og renter efter skat, som er indregnet i regnskabsåret vedrørende udvandet potentiel aktiekapital og reguleret for eventuelle andre ændringer i indtægter eller omkostninger, som ville opstå ved konverteringen af den udvandende potentielle aktiekapital, og
b)
det vejede gennemsnitlige antal ordinære aktier i omløb forøges med det vejede gennemsnitlige antal yderligere ordinære aktier, som ville være i omløb under forudsætning af konvertering af al udvandet potentiel aktiekapital.
Indtjening
33.
Ved beregningen af udvandet indtjening pr. aktie skal virksomheder regulere den del af resultatet, som kan henføres til modervirksomhedens indehavere af ordinær egenkapital, beregnet i overensstemmelse med afsnit 12, for virkningen efter skat af:
a)
udbytte eller andre poster vedrørende udvandet potentiel aktiekapital, som er fratrukket ved opgørelsen af den del af resultatet, som kan henføres til modervirksomhedens indehavere af ordinær egenkapital, beregnet i overensstemmelse med afsnit 12,
b)
eventuelle renter indregnet i regnskabsåret vedrørende den udvandende potentielle aktiekapital, og
c)
andre ændringer i indtægter eller omkostninger, som ville opstå ved konverteringen af den udvandende potentielle aktiekapital.
34.
Efter de potentielle ordinære aktier er konverteret til ordinære aktier, opstår de i afsnit 33a)-c) anførte poster ikke længere. De nye ordinære aktier er nu i stedet berettiget til medtagelse i den del af resultatet, som kan henføres til modervirksomhedens indehavere af ordinær egenkapital. Derfor reguleres den del af resultatet, som kan henføres til modervirksomhedens indehavere af ordinær aktiekapital beregnet i overensstemmelse med afsnit 12, for de i afsnit 33a)-c) anførte poster og eventuel tilknyttet skat. De omkostninger, der er forbundet med potentielle ordinære aktier, omfatter transaktionsomkostninger og diskontering, som regnskabsmæssigt behandles i overensstemmelse med den effektive rente-metode (se afsnit 9 i IAS 39 
Finansielle instrumenter: Indregning og måling
, ajourført i 2003).
35.
Konvertering af potentielle ordinære aktier kan medføre ændringer i indtægter eller omkostninger. Eksempelvis kan en reduktion af renteomkostninger tilknyttet potentielle ordinære aktier og den heraf følgende stigning i resultatet medføre stigende omkostninger til en overskudsdelingsordning for medarbejdere, hvor udbetalinger ikke fastlægges skønsmæssigt. Ved beregningen af udvandet indtjening pr. aktie reguleres den del af resultatet, som kan henføres til modervirksomhedens indehavere af ordinær egenkapital, for sådanne følgeændringer i indtægter eller omkostninger.
Aktier
36.
Ved beregningen af udvandet indtjening pr. aktie skal antallet af ordinære aktier være det vejede gennemsnitlige antal ordinære aktier beregnet i overensstemmelse med afsnit 19 og 26 med tillæg af det vejede gennemsnitlige antal ordinære aktier, som ville blive udstedt ved konverteringen af al udvandet potentiel aktiekapital til ordinære aktier. Udvandet potentiel aktiekapital skal anses for at være konverteret til ordinære aktier ved regnskabsårets begyndelse eller tidspunktet for udstedelsen af de potentielle ordinære aktier, hvis dette er senere.
37.
Udvandet potentiel aktiekapital skal opgøres uafhængigt for hvert præsenteret regnskabsår. Antallet af udvandende potentielle aktier, som medtages i år-til-dato-perioden, er ikke et vejet gennemsnit af de udvandende potentielle ordinære aktier, som medtages ved hver delårsberegning.
38.
Potentielle ordinære aktier vejes for det regnskabsår, de er i omløb. Potentielle ordinære aktier, som annulleres eller udløber i regnskabsåret, medtages udelukkende ved beregningen af udvandet indtjening pr. aktie for den del af regnskabsåret, hvor de er i omløb. Potentielle ordinære aktier, som er konverteret til ordinære aktier i regnskabsåret, medtages ved beregning af udvandet indtjening pr. aktie fra begyndelsen af regnskabsåret til konverteringstidspunktet. Fra konverteringstidspunktet medtages de heraf følgende ordinære aktier i både indtjening pr. aktie og udvandet indtjening pr. aktie.
39.
Antallet af ordinære aktier, som ville blive udstedt ved konverteringen af den udvandende potentielle aktiekapital, opgøres ud fra de gældende betingelser for de potentielle ordinære aktier. Når der er mere end et konverteringsgrundlag, foretages beregningen ud fra den for indehaveren af de potentielle ordinære aktier mest fordelagtige konverteringssats eller udnyttelseskurs.
40.
En dattervirksomhed, et joint venture eller en associeret virksomhed kan udstede potentielle ordinære aktier til andre end modervirksomheden, en venturedeltager eller en investor, som kan konverteres til enten ordinære aktier i en dattervirksomhed, et joint venture eller en associeret virksomhed eller ordinære aktier i modervirksomheden, venturedeltageren eller investoren (den regnskabsaflæggende virksomhed). Hvis de potentielle ordinære aktier i dattervirksomheden, joint venturet eller den associerede virksomhed har en udvandende virkning på den regnskabsaflæggende virksomheds indtjening pr. aktie, medtages de ved beregningen af udvandet indtjening pr. aktie.
Udvandet potentiel aktiekapital
41.
Potentielle ordinære aktier skal udelukkende behandles som udvandende, når konvertering heraf til ordinære aktier vil reducere indtjeningen pr. aktie fra fortsættende aktiviteter eller forøge underskud pr. aktie fra fortsættende aktiviteter.
42.
Virksomheder anvender den del af resultatet af fortsættende aktiviteter, som kan henføres til modervirksomheden, som kontrolbeløb for at vurdere, om potentielle ordinære aktier er udvandende eller anti-udvandende. Den del af resultatet af fortsættende aktiviteter, som kan henføres til modervirksomheden, reguleres i overensstemmelse med afsnit 12, og poster, der vedrører ophørte aktiviteter, medtages ikke.
43.
Potentielle ordinære aktier er anti-udvandende, når konverteringen heraf til ordinære aktier vil forøge indtjeningen pr. aktie fra fortsættende aktiviteter eller reducere underskud pr. aktie fra fortsættende aktiviteter. Beregningen af udvandet indtjening pr. aktie forudsætter ikke konvertering, udnyttelse eller anden udstedelse af potentielle ordinære aktier, som ville have en anti-udvandende virkning på indtjening pr. aktie.
44.
Ved vurderingen af, hvorvidt potentielle ordinære aktier er udvandende eller anti-udvandende, vurderes hver udstedelse eller serie af potentielle ordinære aktier separat frem for under et. Rækkefølgen hvori ordinære aktier tages i betragtning, kan have en virkning på, hvorvidt de er udvandende. For at maksimere udvandingen af indtjening pr. aktie betragtes hver udstedelse eller serie af potentielle ordinære aktier i rækkefølge fra den mest udvandende til den mindst udvandende. Det vil sige, at udvandende potentielle ordinære aktier med den laveste »indtjening pr. yderligere aktie« medtages ved beregningen af udvandet indtjening pr. aktie før aktier med højere indtjening pr. yderligere aktie. Optioner og warrants medtages normalt først, idet de ikke påvirker tælleren i beregningen.
Optioner, warrants og tilsvarende instrumenter
45.
Ved beregningen af udvandet indtjening pr. aktie skal virksomheder antage, at udvandende optioner og warrants i virksomheden bliver udnyttet. Det antagne provenu fra disse instrumenter skal anses for at være modtaget fra udstedelse af ordinære aktier til den gennemsnitlige markedskurs for ordinære aktier i regnskabsåret. Forskellen mellem det udstedte antal ordinære aktier og det antal ordinære aktier, som ville være blevet udstedt til den gennemsnitlige markedskurs for ordinære aktier i regnskabsåret, skal behandles som en vederlagsfri udstedelse af ordinære aktier.
46.
Optioner og warrants er udvandende, når de vil medføre udstedelse af ordinære aktier til en kurs under den gennemsnitlige markedskurs for ordinære aktier i regnskabsåret. Udvandingen er den gennemsnitlige markedskurs for ordinære aktier i regnskabsåret med fradrag af udstedelseskursen. For at beregne udvandet indtjening pr. aktie behandles potentielle ordinære aktier derfor som bestående af både:
a)
en aftale om udstedelse af et vist antal af de ordinære aktier til den gennemsnitlige markedskurs i regnskabsåret. Det antages, at kursen på sådanne ordinære aktier er rimelig, og at aktierne hverken er udvandende eller anti-udvandende. De medtages ikke ved beregning af udvandet indtjening pr. aktie
b)
en aftale om vederlagsfri udstedelse af de resterende ordinære aktier. Sådanne ordinære aktier frembringer intet provenu og har ingen virkning på den del af årets resultat, som kan henføres til ordinære aktier i omløb. Derfor er sådanne aktier udvandende, og de lægges til antallet af ordinære aktier i omløb ved beregning af udvandet indtjening pr. aktie.
47.
Optioner og warrants har udelukkende en udvandende virkning, når den gennemsnitlige markedskurs for ordinære aktier i regnskabsåret overstiger udnyttelseskursen for disse optioner eller warrants (dvs. de er »in-the-money«). Tidligere præsenteret indtjening pr. aktie reguleres ikke med tilbagevirkende kraft for at afspejle kursændringer for ordinære aktier.
47A
Ved aktieoptioner og andre aktiebaserede vederlæggelsesordninger, som IFRS 2 
Aktiebaseret vederlæggelse
 finder anvendelse på, skal udstedelseskursen, som nævnes i afsnit 46, og udnyttelseskursen, som nævnes i afsnit 47, omfatte dagsværdien af eventuelle varer eller tjenesteydelser, som skal leveres til virksomheden i fremtiden i henhold til aktieoptionsordningen eller en anden aktiebaseret vederlæggelsesordning.
48.
Aktieoptionsordninger for medarbejdere med vilkår, som ligger fast eller kan bestemmes, og ordinære aktier, hvor der ikke foreligger betingelser for endelig retserhvervelse, skal behandles som optioner ved beregning af udvandet indtjening pr. aktie, selv om der kan være betingelser for endelig retserhvervelse. De behandles som aktier i omløb på tidspunktet for tildelingen. Medarbejderes indtjeningsbaserede aktieoptioner behandles som aktier med betinget udstedelse, idet udstedelsen er betinget af opfyldelsen af visse betingelser ud over forløbet af tid.
Konvertible instrumenter
49.
Konvertible instrumenters udvandende virkning skal afspejles i udvandet indtjening pr. aktie i overensstemmelse med afsnit 33 og 36.
50.
Konvertible præferenceaktier er anti-udvandende, når udbyttet på sådanne aktier, som uddeles eller akkumuleres i det aktuelle regnskabsår pr. ordinære aktie, der kan opnås ved konvertering, overstiger indtjeningen pr. aktie. Konvertible gældsinstrumenter er ligeledes anti-udvandende, når renten (efter skat og andre ændringer i indtægter eller omkostninger) pr. ordinære aktie, som kan opnås ved konvertering, overstiger indtjeningen pr. aktie.
51.
Indløsning eller udløst konvertering af konvertible præferenceaktier påvirker muligvis kun en del af de tidligere konvertible præferenceaktier i omløb. I sådanne tilfælde henføres eventuelt yderligere vederlag, som beskrevet i afsnit 17, til de aktier, der indløses eller konverteres med henblik på at afgøre, om de tilbageværende præferenceaktier i omløb er udvandende. De indløste eller konverterede aktier vurderes separat fra de aktier, som ikke indløses eller konverteres.
Aktier med betinget udstedelse
52.
I lighed med beregningen af indtjening pr. aktie behandles aktier med betinget udstedelse som aktier i omløb og medtages ved beregningen af udvandet indtjening pr. aktie, hvis betingelserne er opfyldt (dvs. begivenhederne er indtruffet). Aktier med betinget udstedelse medtages fra begyndelsen af regnskabsåret (eller fra tidspunktet for indgåelsen af aftalen om den betingede udstedelse, hvis dette er senere). Hvis betingelserne ikke er opfyldt, baseres antallet af aktier med betinget udstedelse, som er medtaget ved beregningen af udvandet indtjening pr. aktie, på det antal aktier, som kan udstedes, hvis slutningen af regnskabsåret svarer til slutningen af den i aftalen angivne periode. Tilpasning er ikke tilladt, hvis betingelserne ikke er opfyldt ved denne periodes udløb.
53.
Hvis betingelsen for den betingede udstedelse er opnåelse eller opretholdelse af en specificeret indtjening i et regnskabsår, og hvis denne indtjening ikke er opnået ved slutningen af regnskabsåret, men skal opretholdes ud over regnskabsåret i et yderligere regnskabsår, behandles de yderligere ordinære aktier som aktier i omløb, hvis virkningen er udvandende, ved beregning af udvandet indtjening pr. aktie. I dette tilfælde baseres beregningen af udvandet indtjening pr. aktie på antallet af ordinære aktier, som kan udstedes, hvis indtjeningen ved slutningen af regnskabsåret svarer til indtjeningen ved slutningen af den i aftalen angivne periode. Indtjeningen pr. aktie kan ændres i fremtidige regnskabsår, og derfor medtages sådanne ordinære aktier med betinget udstedelse ikke ved beregningen af indtjening pr. aktie, før udløbet af den i aftalen angivne periode, idet alle nødvendige betingelser ikke er opfyldt.
54.
Antallet af ordinære aktier med betinget udstedelse kan afhænge af den fremtidige markedskurs på de ordinære aktier. I dette tilfælde, og hvis virkningen er udvandende, baseres beregningen af udvandet indtjening pr. aktie på antallet af ordinære aktier, som kan udstedes, hvis markedskursen ved slutningen af regnskabsåret svarer til markedskursen ved slutningen af den i aftalen angivne periode. Hvis betingelsen er baseret på en gennemsnitlig markedskurs i en periode, der strækker sig længere end regnskabsåret, anvendes gennemsnittet for den tidsperiode, der er gået. Markedskursen kan ændres i fremtidige regnskabsår, og derfor medtages sådanne ordinære aktier med betinget udstedelse ikke ved beregningen af indtjening pr. aktie, før udløbet af den i aftalen angivne periode, idet alle nødvendige betingelser ikke er opfyldt.
55.
Antallet af ordinære aktier med betinget udstedelse kan afhænge af den fremtidige indtjening og den fremtidige kurs på de ordinære aktier. I dette tilfælde baseres antallet af ordinære aktier, som medtages ved beregningen af udvandet indtjening pr. aktie, på begge betingelser (dvs. indtjening til dato og den aktuelle markedskurs ved slutningen af regnskabsåret). Ordinære aktier med betinget udstedelse medtages ikke ved beregningen af udvandet indtjening pr. aktie, medmindre begge betingelser er opfyldt.
56.
I andre tilfælde afhænger antallet af ordinære aktier med betinget udstedelse af en anden betingelse end indtjening eller markedskurs (eksempelvis åbning af et bestemt antal forretninger). I disse tilfælde, hvor det antages, at den nuværende status for betingelsen forbliver uændret frem til udløbet af den i aftalen angivne periode, medtages de ordinære aktier med betinget udstedelse ved beregningen af udvandet indtjening pr. aktie i overensstemmelse med status ved slutningen af regnskabsåret.
57.
Potentielle ordinære aktier med betinget udstedelse (ud over aktier, som er dækket af en aftale om betinget udstedelse, såsom konvertible instrumenter med betinget udstedelse) medtages i beregningen af udvandet indtjening pr. aktie som følger:
a)
virksomheden vurderer, om de potentielle ordinære aktier kan forventes at skulle udstedes på grundlag af de for udstedelsen angivne betingelser i overensstemmelse med bestemmelserne for ordinære aktier med betinget udstedelse i afsnit 52-56, og
b)
hvis disse potentielle ordinære aktier skal afspejles i udvandet indtjening pr. aktie, skal virksomheden vurdere deres virkning på beregningen af udvandet indtjening pr. aktie ved at anvende bestemmelserne for optioner og warrants i afsnit 45-48, bestemmelserne for konvertible instrumenter i afsnit 49-51, bestemmelserne for kontrakter, som kan afregnes med ordinære aktier eller kontant betaling i afsnit 58-61 eller andre relevante bestemmelser.
Udnyttelse eller konvertering antages imidlertid ikke ved beregning af udvandet indtjening pr. aktie, medmindre der er en antagelse om udnyttelse eller konvertering af tilsvarende potentielle ordinære aktier i omløb, som ikke er med betinget udstedelse.
Kontrakter, som kan afregnes med ordinære aktier eller kontant betaling
58.
Når en virksomhed har udstedt en kontrakt, som efter virksomhedens valg kan afregnes med ordinære aktier eller kontant betaling, skal virksomheden antage, at kontrakten afregnes med ordinære aktier, og de resulterende potentielle ordinære aktier skal medtages i udvandet indtjening pr. aktie, hvis virkningen er udvandende.
59.
Når en sådan kontrakt regnskabsmæssigt præsenteres som et aktiv eller en forpligtelse eller har et egenkapitalelement og et forpligtelseselement, skal virksomheden regulere tælleren for ændringer i resultatet, som ville være opstået i regnskabsåret, hvis kontrakten havde været klassificeret fuldt ud som et egenkapitalinstrument. Denne regulering svarer til de i afsnit 33 krævede reguleringer.
60.
Ved kontrakter, som efter indehaverens valg kan afregnes med ordinære aktier eller kontant betaling, skal der anvendes kontant afregning eller afregning med aktier, alt efter hvad der er mest udvandende, ved beregningen af udvandet indtjening pr. aktie.
61.
Et eksempel på en kontrakt, som kan afregnes med ordinære aktier eller kontant betaling, er et gældsinstrument som ved udløb giver virksomheden en ubegrænset ret til at indfri hovedstolen ved kontant betaling eller med virksomhedens egne ordinære aktier. Et andet eksempel er en solgt put-option, som giver indehaveren valget mellem afregning med ordinære aktier eller kontant betaling.
Købte optioner
62.
Kontrakter, såsom købte put-optioner og købte call-optioner (dvs. optioner, som en virksomhed besidder til sine egne ordinære aktier), medtages ikke i beregningen af udvandet indtjening pr. aktie, idet medtagelsen af disse ville være anti-udvandende. Put-optionen ville kun blive udnyttet, hvis udnyttelseskursen var højere end markedskursen, og call-optionen ville kun blive udnyttet, hvis udnyttelseskursen var lavere end markedskursen.
Solgte put-optioner
63.
Kontrakter, som kræver, at en virksomhed tilbagekøber sine egne aktier, såsom solgte put-optioner og terminskøb, medtages ved beregningen af udvandet indtjening pr. aktie, hvis virkningen er udvandende. Hvis disse kontrakter er »in-the-money« i regnskabsåret (dvs. udnyttelses- eller indfrielseskursen er over den gennemsnitlige markedskurs for det pågældende regnskabsår), skal den potentielle udvandende virkning på indtjening pr. aktie beregnes således:
a)
det skal antages, at der ved regnskabsårets begyndelse vil blive udstedt et tilstrækkeligt antal ordinære aktier (til den gennemsnitlige markedskurs i regnskabsåret) til at frembringe et provenu, der opfylder kontrakten,
b)
det skal antages, at udstedelsesprovenuet anvendes til at opfylde kontrakten (dvs. tilbagekøbe ordinære aktier), og
c)
de yderligere ordinære aktier (forskellen mellem det antagne antal udstedte ordinære aktier og antallet af ordinære aktier, der modtages ved opfyldelsen af kontrakten), skal medtages ved beregningen af udvandet indtjening pr. aktie.
REGULERINGER MED TILBAGEVIRKENDE KRAFT
64.
Hvis antallet af ordinære eller potentielle ordinære aktier i omløb stiger som følge af udstedelse af fondsaktier eller et aktiesplit eller falder som følge af et omvendt aktiesplit, skal beregningen af indtjening og udvandet indtjening pr. aktie for alle præsenterede regnskabsår reguleres med tilbagevirkende kraft. Hvis disse ændringer sker efter balancedagen, men før årsregnskabet godkendes til offentliggørelse, skal beregninger pr. aktie for dette og præsenterede tidligere regnskabsår baseres på det nye antal aktier. Når beregninger pr. aktie afspejler sådanne ændringer i antallet af aktier, skal der gives oplysning om dette. Ligeledes skal indtjening og udvandet indtjening pr. aktie for alle præsenterede regnskabsår reguleres for virkningen af fejl og reguleringer som følge af ændringer i anvendt regnskabspraksis, som regnskabsmæssigt behandles med tilbagevirkende kraft.
65.
Virksomheder tilpasser ikke udvandet indtjening pr. aktie for præsenterede tidligere regnskabsår ved ændringer i anvendte forudsætninger ved beregning af indtjening pr. aktie eller konvertering af potentielle ordinære aktier til ordinære aktier.
PRÆSENTATION
66.
Virksomheder skal i resultatopgørelsen præsentere indtjening og udvandet indtjening pr. aktie for den del af årets resultat af fortsættende aktiviteter, som kan henføres til modervirksomhedens indehavere af ordinær egenkapital, og for den del af årets resultat, som kan henføres til modervirksomhedens indehavere af ordinær egenkapital for alle ordinære aktieklasser, hvortil der er knyttet forskellige rettigheder til andel af årets resultat. Ved præsentation af indtjening og udvandet indtjening pr. aktie skal virksomheden give disse lige stor vægtning for alle præsenterede regnskabsår.
67.
Indtjening pr. aktie præsenteres for hvert regnskabsår, hvor der præsenteres en resultatopgørelse. Hvis der præsenteres udvandet indtjening pr. aktie for mindst ét regnskabsår, skal den præsenteres for alle viste regnskabsår, selv når den svarer til indtjening pr. aktie. Hvis indtjening pr. aktie svarer til udvandet indtjening pr. aktie, kan præsentation af begge poster foretages på én linie i resultatopgørelsen.
68.
Virksomheder, der præsenterer en ophørt aktivitet, skal oplyse beløbet pr. aktie og det udvandede beløb pr. aktie for den ophørte aktivitet, enten i resultatopgørelsen eller i noterne.
69.
Virksomheder skal præsentere indtjening og udvandet indtjening pr. aktie, selvom beløbene er negative (dvs. et tab pr. aktie).
OPLYSNINGER
70.
Virksomheder skal oplyse følgende:
a)
de beløb, som er anvendt som tæller ved beregning af indtjening og udvandet indtjening pr. aktie og en afstemning af disse beløb til den del af årets resultat, som kan henføres til modervirksomheden. Afstemningen skal omfatte den individuelle virkning af hver kategori af instrumenter, der påvirker indtjening pr. aktie,
b)
det vejede gennemsnitlige antal ordinære aktier anvendt som nævner ved beregning af indtjening og udvandet indtjening pr. aktie og en indbyrdes afstemning af disse nævnere. Afstemningen skal omfatte den individuelle virkning af hver kategori af instrumenter, der påvirker indtjening pr. aktie,
c)
instrumenter (herunder aktier med betinget udstedelse) som potentielt kunne udvande den fremtidige indtjening pr. aktie, men som ikke blev medtaget ved beregningen af udvandet indtjening pr. aktie, idet de var anti-udvandende i det eller de præsenterede regnskabsår,
d)
en beskrivelse af transaktioner med ordinære aktier eller potentielle aktier ud over de transaktioner, som er behandlet regnskabsmæssigt i overensstemmelse med afsnit 64, som finder sted efter balancedagen, og som ville have medført en væsentlig ændring i antallet af ordinære aktier eller potentielle ordinære aktier i omløb ved slutningen af regnskabsåret, hvis de havde fundet sted før regnskabsårets afslutning.
71.
Som eksempler på de i afsnit 70d) anførte transaktioner kan nævnes:
a)
udstedelse af aktier mod kontant betaling,
b)
udstedelse af aktier, når provenuet anvendes til at indfri forpligtelser eller tilbagekøbe præferenceaktier i omløb på balancedagen,
c)
indløsning af ordinære aktier i omløb,
d)
konvertering eller udnyttelse af potentielle ordinære aktier i omløb på balancedagen til ordinære aktier,
e)
udstedelse af optioner, warrants eller konvertible værdipapirer, og
f)
opfyldelse af forhold, som vil medføre udstedelse af aktier med betinget udstedelse.
Indtjening pr. aktie reguleres ikke for sådanne transaktioner efter balancedagen, idet disse transaktioner ikke påvirker størrelsen af den kapital, der er anvendt ved frembringelsen af årets resultat.
72.
Finansielle instrumenter og andre kontrakter, som medfører potentielle ordinære aktier, kan omfatte vilkår, som påvirker målingen af indtjening og udvandet indtjening pr. aktie. Sådanne vilkår kan afgøre, hvorvidt potentielle ordinære aktier er udvandende og, hvis dette er tilfældet, virkningen heraf på det vejede gennemsnitlige antal aktier i omløb og eventuelle reguleringer af den del af årets resultat, som kan henføres til indehavere af ordinær egenkapital som følge heraf. Oplysning om vilkårene for sådanne finansielle instrumenter og andre kontrakter tilskyndes, i det omfang dette ikke er krævet på anden vis (jf. IAS 7 
Finansielle instrumenter: Oplysning
).
73.
Hvis virksomheder ud over indtjening og udvandet indtjening pr. aktie giver oplysning om beløb pr. aktie ved anvendelse af et andet præsenteret element i resultatopgørelsen end et i denne standard krævet, skal sådanne beløb beregnes ved anvendelse af det vejede gennemsnitlige antal ordinære aktier, som er opgjort i overensstemmelse med denne standard. Ved oplysning om indtjening og udvandet indtjening pr. aktie vedrørende et sådant element skal disse gives lige stor vægtning og præsenteres i noterne. Virksomheder skal oplyse grundlaget for fastlæggelsen af tælleren eller tællerne, herunder hvorvidt beløb pr. aktie er før eller efter skat. Hvis der anvendes et element i resultatopgørelsen, som ikke præsenteres som en post i resultatopgørelsen, skal der foretages en afstemning af det anvendte element til en post, der er præsenteret i resultatopgørelsen.
IKRAFTTRÆDELSESTIDSPUNKT
74.
Virksomheder skal anvende denne standard for årsregnskaber, der dækker regnskabsår, som begynder 1. januar 2005 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender denne standard for regnskabsår, som begynder før 1. januar 2005, skal den give oplysning om dette.
OPHÆVELSE AF ANDRE UDTALELSER
75.
Denne standard erstatter IAS 33 
Indtjening pr. aktie
 (udgivet 1997)
76.
Denne standard erstatter SIC-24 
Indtjening pr. aktie — Finansielle instrumenter og andre kontrakter, som kan afregnes med aktier
.
Appendiks
ANVENDELSESVEJLEDNING
Dette appendiks er en integreret del af standarden.
RESULTAT, SOM KAN HENFØRES TIL MODERVIRKSOMHEDEN
A1
Ved beregningen af indtjening pr. aktie på basis af koncernregnskabet henviser den del af resultatet, som kan henføres til modervirksomheden, til koncernvirksomhedens resultat efter regulering for minoritetsinteresser.
TEGNINGSRETSUDSTEDELSER
A2
Udstedelse af ordinære aktier ved udnyttelse af en tegningsret eller konvertering af potentielle ordinære aktier medfører normalt ikke et favørelement. Dette skyldes, at de potentielle ordinære aktier normalt udstedes til fuld værdi, hvilket medfører en forholdsmæssig ændring i de værdier, der er til virksomhedens rådighed. Ved udstedelse af tegningsretter er udnyttelseskursen imidlertid ofte lavere end aktiernes dagsværdi. Derfor indeholder en sådan tegningsretsudstedelse et favørelement, som anført i afsnit 27b). Hvis en tegningsretsudstedelse tilbydes til alle eksisterende aktionærer, svarer det antal ordinære aktier, som skal anvendes ved beregningen af indtjening og udvandet indtjening pr. aktie for alle regnskabsår før tegningsretsudstedelsen, til antallet af ordinære aktier i omløb før udstedelsen ganget med følgende faktor:
Dagsværdi pr. aktie umiddelbart før udnyttelsen af tegningsret
Teoretisk dagsværdi pr. aktie efter udnyttelsen af tegningsret
Den teoretiske dagsværdi pr. aktie efter udnyttelsen af tegningsretter beregnes ved til aktiernes samlede markedsværdi umiddelbart før udnyttelsen af tegningsretterne at tillægge provenuet fra udnyttelsen af tegningsretterne og dividere med antallet af aktier i omløb efter udnyttelsen af tegningsretterne. Når tegningsretterne skal handles offentligt og separat fra aktierne før udnyttelsestidspunktet, fastlægges dagsværdien til brug for denne beregning til slutkursen på den sidste dag, hvor aktierne handles sammen med tegningsretterne.
KONTROLBELØB
A3
For at illustrere anvendelsen af begrebet kontrolbeløb, som beskrives i afsnit 42 og 43, antages det, at en virksomhed har et overskud på fortsættende aktiviteter, som kan henføres til modervirksomheden, på 4 800 CU, 
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 et tab på ophørte aktiviteter, som kan henføres til modervirksomheden, på (7 200 CU), et tab, som kan henføres til modervirksomheden, på (2 400 CU) og 2 000 ordinære aktier og 400 potentielle ordinære aktier i omløb. Virksomhedens indtjening pr. aktie er 2,40 CU for fortsættende aktiviteter, (3,60 CU) for ophørte aktiviteter og (1,20 CU) for tabet. De 400 potentielle ordinære aktier medtages ved beregningen af udvandet indtjening pr. aktie, idet den deraf følgende indtjening pr. aktie på 2,00 CU for fortsættende aktiviteter er udvandende, under forudsætning af, at disse 400 potentielle ordinære aktier ikke har nogen virkning på resultatet. Eftersom overskuddet fra fortsættende aktiviteter, som kan henføres til modervirksomheden, er kontrolbeløbet, skal virksomheden også medtage disse 400 potentielle ordinære aktier ved beregningen af den øvrige indtjening pr. aktie, selvom den deraf følgende indtjening pr. aktie er anti-udvandende i forhold til den sammenlignelige indtjening pr. aktie, dvs. at tabet pr. aktie bliver mindre [(3,00 CU) pr. aktie for tabet fra ophørte aktiviteter og (1,00 CU) pr. aktie for tabet].
GENNEMSNITLIG MARKEDSKURS FOR ORDINÆRE AKTIER
A4
Ved beregningen af udvandet indtjening pr. aktie beregnes den gennemsnitlige markedskurs for ordinære aktier, som forventes udstedt, på grundlag af den gennemsnitlige markedskurs for de ordinære aktier i regnskabsåret. Teoretisk set kunne hver markedstransaktion for en virksomheds ordinære aktier medtages ved opgørelsen af den gennemsnitlige markedskurs. I praksis er det imidlertid normalt tilstrækkeligt med et simpelt gennemsnit af ugentlige eller månedlige kurser.
A5
Generelt udgør slutkurser et tilstrækkeligt grundlag for at foretage en beregning af den gennemsnitlige markedskurs. Hvis der er væsentlige kursudsving, afspejles kursen dog normalt bedst ved et gennemsnit af de højeste og laveste kurser. Den anvendte metode til beregning af den gennemsnitlige markedskurs skal anvendes ensartet, medmindre den ikke længere er repræsentativ på grund af ændrede forhold. Eksempelvis kan en virksomhed, der anvender slutkurser ved beregningen af den gennemsnitlige markedskurs i flere år med forholdsvist stabile kurser, skifte til et gennemsnit af de højeste og laveste kurser, hvis der begynder at ske store kursudsving, og slutkurserne ikke længere udgør en repræsentativ gennemsnitskurs.
OPTIONER, WARRANTS OG TILSVARENDE INSTRUMENTER
A6
Optioner eller warrants på køb af konvertible instrumenter antages at blive udnyttet til at købe det konvertible instrument, når gennemsnitskursen af både det konvertible instrument og de ordinære aktier, som kan opnås ved konvertering, er over udnyttelseskursen for disse optioner eller warrants. Udnyttelse antages imidlertid ikke at finde sted, medmindre konvertering af eventuelle tilsvarende konvertible instrumenter i omløb også antages at finde sted.
A7
Optioner eller warrants kan tillade eller kræve, at virksomheden (eller dennes modervirksomhed eller en dattervirksomhed) tilbyder gældsinstrumenter eller andre instrumenter som betaling for hele udnyttelsesprisen eller en del heraf. Ved beregningen af udvandet indtjening pr. aktie har disse optioner eller warrants en udvandende virkning, hvis a) den gennemsnitlige markedskurs i regnskabsåret for de tilknyttede ordinære aktier overstiger udnyttelseskursen, eller b) salgskursen for det udbudte instrument er under den kurs, som instrumentet kunne udbydes til i henhold til options- eller warrantordningen, og denne forskel resulterer i en effektiv udnyttelseskurs, som er under markedskursen for de ordinære aktier, som kan opnås ved udnyttelse. Ved beregningen af udvandet indtjening pr. aktie antages det, at disse optioner eller warrants udnyttes, og at gældsinstrumenterne eller andre instrumenter udbydes. Hvis betaling i likvider er mere fordelagtig for indehaveren af en option eller warrant, og kontrakten tillader betaling i likvider, antages det, at der sker betaling i likvider. Rente (efter skat) på gældsinstrumenter, som antages udbudt, tilbageføres som en regulering af tælleren.
A8
Der foretages en tilsvarende behandling af præferenceaktier, som er underlagt tilsvarende bestemmelser, eller af andre instrumenter med konverteringsret, som tillader, at investor betaler i likvider mod en mere favorabel konverteringssats.
A9
De underliggende vilkår for visse optioner eller warrants kan kræve, at det modtagne provenu fra udnyttelsen af disse instrumenter anvendes til at indfri virksomhedens (eller dennes modervirksomheds eller en dattervirksomheds) gældsinstrumenter eller andre instrumenter. Ved beregningen af udvandet indtjening pr. aktie antages det, at disse optioner eller warrants udnyttes, og at provenuet anvendes til at købe gældsinstrumenterne til den gennemsnitlige markedskurs snarere end til at købe ordinære aktier. Det beløb, hvormed provenuet fra den antagede udnyttelse overstiger det beløb, der er anvendt til det antagede køb af gældsinstrumenter, tages imidlertid i betragtning (dvs. antages brugt til at tilbagekøbe ordinære aktier) ved beregningen af udvandet indtjening pr. aktie. Rente (efter skat) på gældsinstrumenter, som antages købt, tilbageføres som en regulering af tælleren.
SOLGTE PUT-OPTIONER
A10
For at illustrere anvendelsen af afsnit 63 antages det, at en virksomhed har 120 solgte put-optioner i omløb på sine ordinære aktier med en udnyttelseskurs på 35 CU. Den gennemsnitlige markedskurs for virksomhedens ordinære aktier i regnskabsåret er 28 CU. Ved beregningen af udvandet indtjening pr. aktie skal virksomheden antage, at den har udstedt 150 aktier til 28 CU pr. aktie i begyndelsen af regnskabsåret for at opfylde sin put-forpligtelse på 4 200 CU. Forskellen mellem de 150 udstedte ordinære aktier og de 120 ordinære aktier, som modtages ved opfyldelsen af put-forpligtelsen (30 yderligere ordinære aktier), lægges til nævneren ved beregningen af udvandet indtjening pr. aktie.
INSTRUMENTER I DATTERVIRKSOMHEDER, ASSOCIEREDE VIRKSOMHEDER OG JOINT VENTURES
A11
Potentielle ordinære aktier i en dattervirksomhed, et joint venture eller en associeret virksomhed, som kan konverteres til enten ordinære aktier i dattervirksomheden, joint venturet eller den associerede virksomhed eller ordinære aktier i modervirksomheden, en venturedeltager eller en investor (den regnskabsaflæggende virksomhed), medtages ved beregningen af udvandet indtjening pr. aktie som følger:
a)
instrumenter udstedt af en dattervirksomhed, et joint venture eller en associeret virksomhed, som giver indehaveren mulighed for at modtage ordinære aktier i dattervirksomheden, joint venturet eller den associerede virksomhed, medtages ved beregningen af udvandet indtjening pr. aktie i dattervirksomheden, joint venturet eller den associerede virksomhed. Denne indtjening pr. aktie medtages derefter ved beregningen af den regnskabsaflæggende virksomheds indtjening pr. aktie baseret på den regnskabsaflæggende virksomheds besiddelse af instrumenterne i dattervirksomheden, joint venturet eller den associerede virksomhed,
b)
instrumenter i en dattervirksomhed, et joint venture eller en associeret virksomhed, som kan konverteres til ordinære aktier i den regnskabsaflæggende virksomhed, anses for at udgøre en del af de potentielle ordinære aktier i den regnskabsaflæggende virksomhed ved beregningen af udvandet indtjening pr. aktie. Optioner eller warrants udstedt af en dattervirksomhed, et joint venture eller en associeret virksomhed på køb af ordinære aktier i den regnskabsaflæggende virksomhed anses ligeledes for at udgøre en del af de potentielle ordinære aktier i den regnskabsaflæggende virksomhed ved beregningen af konsolideret udvandet indtjening pr. aktie.
A12
Ved opgørelsen af virkningen på indtjening pr. aktie af instrumenter, som er udstedt af en regnskabsaflæggende virksomhed, og som kan konverteres til ordinære aktier i en dattervirksomhed, et joint venture eller en associeret virksomhed, antages instrumenterne at blive konverteret, og tælleren (den del af resultatet, som kan henføres til modervirksomhedens indehavere af ordinær egenkapital) antages reguleret efter behov i overensstemmelse med afsnit 33. Ud over disse reguleringer reguleres tælleren for eventuelle ændringer i den regnskabsaflæggende virksomheds registrerede resultat (eksempelvis modtaget udbytte eller indkomst efter den indre værdis metode), som kan henføres til forøgelsen af antallet af ordinære aktier i omløb i dattervirksomheden, joint venturet eller den associerede virksomhed som følge af den antagede konvertering. Nævneren i beregningen af udvandet indtjening pr. aktie påvirkes ikke, idet antallet af ordinære aktier i omløb i den regnskabsaflæggende virksomhed ikke ville blive ændret ved en antaget konvertering.
DELTAGENDE EGENKAPITALINSTRUMENTER OG ORDINÆRE AKTIER MED TO AKTIEKLASSER
A13
Visse virksomheders egenkapital omfatter:
a)
instrumenter, der berettiger til udbytte sammen med ordinære aktier i henhold til en forudbestemt formel (eksempelvis to for en), undertiden med en øvre begrænsning på retten til at modtage udbytte (eksempelvis op til, men ikke over, et specificeret beløb pr. aktie),
b)
en klasse af ordinære aktier, som har en anden udbyttesats end det er tilfældet for en anden klasse af ordinære aktier, men som ikke har forrang eller er efterstillet.
A14
Ved beregningen af udvandet indtjening pr. aktie antages konvertering at finde sted for de instrumenter, der er beskrevet i afsnit A13, som kan konverteres til ordinære aktier, hvis virkningen er udvandende. For instrumenter, der ikke kan konverteres til en klasse af ordinære aktier, allokeres årets resultat til de forskellige aktieklasser og deltagende egenkapitalinstrumenter i overensstemmelse med deres ret til udbytte eller andre rettigheder til at modtage ikke-udloddet resultat. For at beregne indtjening og udvandet indtjening pr. aktie:
a)
reguleres den del af resultatet, som kan henføres til modervirksomhedens indehavere af ordinær egenkapital (overskud reduceres og tab øges) med det udbytte, som uddeles i regnskabsåret for hver aktieklasse, og med det kontraktlige udbytte (eller rente på deltagende obligationer), som skal betales for regnskabsåret (eksempelvis ubetalt akkumuleret udbytte),
b)
den resterende del af resultatet allokeres til ordinære aktier og deltagende egenkapitalinstrumenter, i det omfang hvert instrument har en andel i resultatet, som om hele årets resultat var blevet uddelt. Det samlede resultat, som allokeres til hver kategori af egenkapitalinstrumenter, opgøres ved at sammenlægge det beløb, der er allokeret for udbytte, og det beløb, der er allokeret for deltagelse,
c)
den samlede værdi af resultatet, som allokeres til hver kategori af egenkapitalinstrumenter, divideres med antallet af instrumenter i omløb, hvortil resultatet allokeres, for at opgøre indtjening pr. aktie for instrumentet.
Ved beregningen af udvandet indtjening pr. aktie medtages alle potentielle ordinære aktier, som antages udstedt, i de ordinære aktier i omløb.
DEL VIST BETALTE AKTIER
A15
Når ordinære aktier udstedes, men kun delvist betales, behandles disse ved beregningen af indtjening pr. aktie som en del af en ordinær aktie, i det omfang de har været berettiget til udbytte i regnskabsåret i forhold til en fuldt betalt ordinær aktie.
A16
I det omfang delvist betalte aktier ikke berettiger til udbytte i regnskabsåret, behandles de som svarende til warrants eller optioner ved beregningen af udvandet indtjening pr. aktie. Det ubetalte restbeløb antages at udgøre provenu, som anvendes til at købe ordinære aktier. Det antal aktier, som medtages i udvandet indtjening pr. aktie, er forskellen mellem det antal aktier, der er tegnet, og det antal aktier, der antages købt.
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  I denne vejledning angives pengebeløb i valutaenheder (»currency units« (CU)).
IAS 34
Præsentation af delårsregnskaber
FORMÅL
Formålet med denne standard er at foreskrive minimumskrav til indholdet af et delårsregnskab samt at foreskrive indregnings- og målingsprincipperne for et fuldstændigt eller sammendraget regnskab for en delårsperiode. Rettidighed og pålidelig præsentation af delårsregnskaber gør det lettere for investorer, kreditorer og andre at forstå en virksomheds evne til at frembringe indtjening og pengestrømme samt dens finansielle stilling og likviditet.
ANVENDELSESOMRÅDE
1.
Standarden foreskriver ikke, hvilke virksomheder der skal offentliggøre delårsregnskaber, samt hvor ofte eller hvor hurtigt efter slutningen af en delårsperiode. Dog kræver offentlige myndigheder, tilsynsmyndigheder for værdipapirhandel, børser og revisororganisationer ofte, at virksomheder, hvis obligationer eller aktier handles offentligt, offentliggør delårsregnskaber. Denne standard finder anvendelse, hvis en virksomhed er pålagt eller vælger at offentliggøre et delårsregnskab i overensstemmelse med de internationale regnskabsstandarder (IFRS). IASC 
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 tilskynder virksomheder, hvis aktier handles offentligt, til at præsentere delårsregnskaber, som er i overensstemmelse med de i denne standard nævnte principper for indregning, måling og oplysning. Virksomheder, hvis aktier handles offentligt, tilskyndes specifikt til at:
a)
præsentere delårsregnskab som minimum pr. slutningen af den første halvdel af regnskabsåret, og
b)
offentliggøre delårsregnskabet senest 60 dage efter slutningen af delårsperioden.
2.
Hvert regnskab, hvad enten det er et årsregnskab eller delårsregnskab, vurderes selvstændigt med hensyn til dets overensstemmelse med IFRS. Hvis en virksomhed ikke aflægger delårsregnskab i et givet regnskabsår, eller delårsregnskabet ikke er aflagt i overensstemmelse med denne standard, forhindrer dette ikke virksomhedens årsregnskab i at være i overensstemmelse med IFRS, hvis dette i øvrigt er tilfældet.
3.
Hvis en virksomheds delårsregnskab angives at være i overensstemmelse med IFRS, skal det være i overensstemmelse med alle bestemmelserne i denne standard. I denne forbindelse kræver afsnit 19 visse oplysninger.
DEFINITIONER
4.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
En delårsperiode
 er en regnskabsperiode, som er kortere end et helt regnskabsår.
Et delårsregnskab
 er en regnskabsopgørelse, som omfatter enten et fuldstændigt regnskab (som beskrevet i IAS 1 
Præsentation af årsregnskaber
) eller et sammendraget regnskab (som beskrevet i denne standard) for en delårsperiode.
DELÅRSREGNSKABERS INDHOLD
5.
IAS 1 definerer et fuldstændigt regnskab som indeholdende følgende bestanddele:
a)
en balance
b)
en resultatopgørelse
c)
en egenkapitalopgørelse, som viser enten
i)
alle egenkapitalbevægelser, eller
ii)
egenkapitalbevægelser bortset fra dem, der opstår som følge af transaktioner med indehavere af egenkapital, når disse handler i deres egenskab af indehavere af egenkapital
d)
en pengestrømsopgørelse, og
e)
noter indeholdende en oversigt over væsentlig anvendt regnskabspraksis samt andre forklarende noter.
6.
Af hensyn til rettidighed og omkostninger og for at undgå gentagelse af tidligere præsenterede oplysninger kan virksomheden være nødt til eller vælge at give færre oplysninger på et delårsregnskabets balancedag end i dens årsregnskab. Standarden definerer minimumskrav til indholdet af et delårsregnskab som omfattende sammendraget regnskab og udvalgte noter. Hensigten med delårsregnskabet er at give en opdatering af det seneste fuldstændige årsregnskab. Således fokuseres der på nye aktiviteter, begivenheder og omstændigheder, og tidligere præsenterede oplysninger gentages ikke.
7.
Det er ikke hensigten med denne standard at forbyde eller fraråde, at virksomheder offentliggør et fuldstændigt regnskab (som beskrevet i IAS 1) i delårsregnskabet frem for et sammendraget regnskab og udvalgte noter. Denne standard forbyder eller fraråder heller ikke at virksomheder i et sammendraget regnskab medtager mere end det minimum af regnskabsposter eller udvalgte noter, som nævnes i denne standard. Indregnings- og målingsvejledningen i denne standard finder ligeledes anvendelse på fuldstændige regnskaber for en delårsperiode, og sådanne regnskaber skal omfatte alle de af denne standard krævede oplysninger (specielt de udvalgte noter i afsnit 16) såvel som de af andre standarder krævede oplysninger.
Minimumskrav til delårsregnskabers bestanddele
8.
Et delårsregnskab skal som minimum omfatte følgende bestanddele:
a)
sammendraget balance
b)
sammendraget resultatopgørelse
c)
sammendraget opgørelse over enten i) alle egenkapitalbevægelser eller ii) de egenkapitalbevægelser, der ikke hidrører fra kapitaltransaktioner med og udlodninger til ejere
d)
sammendraget pengestrømsopgørelse, og
e)
udvalgte noter.
Delårsregnskabers form og indhold
9.
Hvis en virksomhed offentliggør et fuldstændigt regnskab i sit delårsregnskab, skal formen og indholdet af dette regnskab være i overensstemmelse med de i IAS 1 nævnte krav til et fuldstændigt regnskab.
10.
Hvis en virksomhed offentliggør et sammendraget regnskab i sit delårsregnskab, skal dette sammendrag som minimum omfatte hver af de overskrifter og subtotaler, som er medtaget i det seneste årsregnskab og udvalgte noter, som kræves i denne standard. Yderligere regnskabsposter eller noter skal medtages, hvis udeladelse heraf ville gøre det sammendragne delårsregnskab misvisende.
11.
Indtjening og udvandet indtjening pr. aktie skal præsenteres i selve resultatopgørelsen for en delårsperiode, hvad enten denne er fuldstændig eller sammendraget.
12.
IAS 1 giver vejledning om årsregnskabets struktur. Implementeringsvejledningen for IAS 1 illustrerer forskellige måder, hvorpå balancen, resultatopgørelsen og egenkapitalopgørelsen kan præsenteres.
13.
IAS 1 kræver, at en egenkapitalopgørelse skal præsenteres som en separat bestanddel af virksomhedens årsregnskab og tillader, at oplysninger om egenkapitalbevægelser hidrørende fra transaktioner med indehavere af egenkapital, som handler i deres egenskab af indehavere af egenkapital (herunder udlodninger til indehavere af egenkapital), vises enten i opgørelsen eller i noterne. Virksomheder skal anvende samme opstillingsform for egenkapitalopgørelsen i delårsregnskaber som i det seneste årsregnskab.
14.
Delårsregnskabet udarbejdes som koncernregnskab, hvis virksomhedens seneste årsregnskab er et koncernregnskab. Modervirksomhedens årsregnskab er ikke i overensstemmelse eller sammenligneligt med koncernregnskabet i den seneste årsrapport. Hvis en virksomheds årsrapport ud over koncernregnskabet omfatter modervirksomhedens årsregnskab, hverken kræver eller forbyder denne standard medtagelse af modervirksomhedens årsregnskab i virksomhedens delårsregnskab.
Udvalgte noter
15.
Brugere af en virksomheds delårsregnskab vil ligeledes have adgang til virksomhedens seneste årsrapport. Derfor er det unødvendigt, at noterne til et delårsregnskab indeholder relativt uvæsentlig opdatering af oplysninger, som allerede er givet i noterne til den seneste årsrapport. På et delårsregnskabs balancedag er det mere nyttigt med en forklaring af begivenheder og transaktioner, som er væsentlige for forståelsen af ændringer i virksomhedens finansielle stilling og indtjening efter sidste årsregnskabs balancedag.
16.
Virksomheden skal som minimum medtage følgende oplysninger i noterne til delårsregnskabet, hvis disse er væsentlige og ikke er givet andre steder i delårsregnskabet. Oplysningerne skal normalt gives på et år-til-dato-grundlag. Dog skal virksomheden ligeledes give oplysning om begivenheder eller transaktioner, som er væsentlige for en forståelse af den aktuelle delårsperiode:
a)
erklæring om, at der i delårsregnskabet er anvendt samme regnskabspraksis og beregningsmetoder som i det seneste årsregnskab, eller, hvis regnskabspraksis eller beregningsmetoder er blevet ændret, en beskrivelse af arten og virkningen af ændringen
b)
kommentarer til delårsperiodens aktiviteters afhængighed af sæson eller konjunktur
c)
arten og den beløbsmæssige størrelse af poster, der påvirker aktiver, forpligtelser, egenkapitalen, nettoindtægter eller pengestrømme, som er usædvanlige på grund af deres størrelse, art eller beskaffenhed
d)
arten og den beløbsmæssige størrelse af ændringer i skønnede beløb, som allerede er præsenteret i tidligere delårsperioder i det aktuelle regnskabsår eller ændringer i skønnede beløb, som er præsenteret i tidligere regnskabsår, hvis disse ændringer har en væsentlig virkning på den aktuelle delårsperiode
e)
udstedelse, tilbagekøb og indløsning af obligationer og aktier
f)
separat udbetalt udbytte (samlet eller pr. aktie) for ordinære aktier og andre aktier
g)
følgende segmentoplysninger (der kræves kun segmentoplysninger i virksomhedens delårsregnskab, hvis IFRS 8 
Driftssegmenter
 kræver, at virksomhedens årsregnskab indeholder segmentoplysninger):
i)
omsætning fra salg til eksterne kunder, hvis den indgår i den måling af segmentresultatet, der gennemgås af den øverste beslutningstager eller på anden vis regelmæssigt indberettes til den øverste beslutningstager
ii)
omsætning fra salg mellem segmenter, hvis den indgår i den måling af segmentresultatet, der gennemgås af den øverste beslutningstager eller på anden vis regelmæssigt indberettes til den øverste beslutningstager
iii)
en måling af segmentets resultat,
iv)
samlede aktiver, hvor der er sket en væsentlig ændring fra det beløb, der blev oplyst i det sidste årsregnskab
v)
en beskrivelse af forskelle i forhold til det sidste årsregnskab i segmenteringsgrundlaget eller i grundlaget for målingen af segmentets resultat,
vi)
en afstemning af det præsentationspligtige segments samlede resultatmåling med virksomhedens resultat før skatteomkostninger (skatteindtægter) og ophørte aktiviteter. Hvis en virksomhed imidlertid allokerer poster, såsom skatteomkostninger (skatteindtægter), til præsentationspligtige segmenter, kan virksomheden afstemme segmenternes samlede resultatmålinger med virksomhedens resultat efter de poster. Væsentlige afstemningsposter skal identificeres og beskrives separat i den pågældende afstemning
h)
væsentlige begivenheder efter slutningen af delårsperioden, som ikke er afspejlet i delårsregnskabet
i)
virkningen af ændringer i virksomhedens sammensætning i delårsperioden, herunder virksomhedssammenslutninger, overtagelse af eller afhændelse af dattervirksomheder og langfristede investeringer, omstruktureringer samt ophørte aktiviteter. I tilfælde af virksomhedssammenslutninger skal virksomheden give de oplysninger, som kræves i henhold til afsnit 66-73 i IFRS 3 
Virksomhedssammenslutninger
, og
j)
ændringer i eventualforpligtelser eller eventualaktiver efter sidste årsregnskabs balancedag.
17.
Nedenstående er eksempler på de i afsnit 16 krævede typer af oplysninger. Individuelle standarder og fortolkningsbidrag giver vejledning om oplysning af mange af disse:
a)
nedskrivning af varebeholdninger til nettorealisationsværdi og tilbageførsel af en sådan nedskrivning
b)
indregning af tab ved værdiforringelse af materielle anlægsaktiver, immaterielle aktiver eller andre aktiver og tilbageførsel af et sådant tab ved værdiforringelse
c)
tilbageførsel af hensættelser til omstruktureringsomkostninger
d)
anskaffelse og afhændelse af materielle anlægsaktiver
e)
indgåede forpligtelser om køb af materielle anlægsaktiver
f)
afgørelse af retssager
g)
korrektion af fejl vedrørende tidligere regnskabsår
h)
[ophævet]
i)
misligholdelse af et lån eller en låneaftale, som ikke er udbedret på balancedagen eller tidligere, og
j)
transaktioner mellem nærtstående parter.
18.
Andre standarder specificerer oplysninger, som skal gives i regnskaber. I denne sammenhæng betyder regnskab et fuldstændigt regnskab af den type, som normalt medtages i en årsrapport og undertiden i andre opgørelser. Bortset fra som krævet i afsnit 16i) stilles der ikke krav om de i disse andre standarder krævede oplysninger, hvis virksomhedens delårsregnskab ikke omfatter et fuldstændigt regnskab, men kun et sammendraget regnskab og udvalgte noter.
Oplysning af overensstemmelse med IFRS
19.
Hvis en virksomheds delårsregnskab er i overensstemmelse med denne standard, skal dette oplyses. Et delårsregnskab må ikke angives at være i overensstemmelse med standarder, hvis det ikke er i overensstemmelse med alle bestemmelser i IFRS.
Perioder, for hvilke aflæggelse af delårsregnskaber er påkrævet
20.
Delårsrapporter (sammendragne eller fuldstændige) skal indeholde delårsregnskaber for følgende perioder:
a)
balance pr. slutningen af den aktuelle delårsperiode og en balance pr. slutningen af det foregående regnskabsår til sammenligning
b)
resultatopgørelse for den aktuelle delårsperiode og kumulativt for det aktuelle regnskabsår til dato med resultatopgørelser for de tilsvarende delårsperioder (aktuel og år-til-dato) for det foregående regnskabsår til sammenligning
c)
opgørelse over egenkapitalbevægelser kumulativt for det aktuelle regnskabsår til dato med sammenligningstal for den tilsvarende år-til-dato-periode i det foregående regnskabsår, og
d)
pengestrømsopgørelse kumulativt for det aktuelle regnskabsår til dato med sammenligningstal for den tilsvarende år-til-dato-periode i det foregående regnskabsår.
21.
For virksomheder, hvis aktiviteter er meget sæsonprægede, kan økonomiske informationer for de 12 måneder, som slutter på et delårsregnskabs balancedag, og sammenligningstal for det foregående kalenderår være nyttige. Derfor tilskynder standarden virksomheder, hvis aktiviteter er meget sæsonprægede, til at give sådanne informationer ud over de i foregående afsnit krævede informationer.
22.
Appendiks A illustrerer de perioder, som skal præsenteres af en virksomhed, der aflægger regnskaber halvårligt, og virksomheder, der aflægger regnskaber kvartalsvis.
Væsentlighed
23.
Ved beslutningen om, hvordan en post skal indregnes, måles, klassificeres eller oplyses i forbindelse med delårsregnskaber, skal væsentligheden vurderes på baggrund af de økonomiske data for delårsperioden. Ved vurderingen af væsentlighed skal der tages højde for, at måling i delårsperioder i højere grad kan afhænge af skøn end måling af økonomiske data i årsregnskabet.
24.
I IAS 1 og IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
 defineres en post som væsentlig, hvis udeladelse heraf eller fejl heri kan få indflydelse på regnskabsbrugernes økonomiske beslutningstagen. IAS 1 kræver separat oplysning om væsentlige poster, herunder (eksempelvis) ophørte aktiviteter, og IAS 8 kræver oplysning om ændringer i regnskabsmæssige skøn, fejl og ændringer i anvendt regnskabspraksis. De to standarder indeholder ikke vejledning om kvantitet ved bedømmelsen af væsentlighed.
25.
Mens vurderingen af væsentlighed altid kræver udøvelse af skøn, baseres beslutningen om indregning og oplysning i denne standard på data for selve delårsperioden af hensyn til forståelighed af delårstallene. Derfor indregnes og oplyses eksempelvis usædvanlige poster, ændringer i anvendt regnskabspraksis eller regnskabsmæssige skøn og fejl baseret på væsentlighed på grundlag af data for delårsperioden for at undgå, at der drages misvisende konklusioner, fordi oplysning er udeladt. Det altovervejende mål er at sikre, at delårsregnskabet omfatter alle de oplysninger, som er relevante for forståelsen af virksomhedens finansielle stilling og indtjening i delårsperioden.
OPLYSNING I ÅRSREGNSKABER
26.
Hvis et skøn over et beløb, som er præsenteret i delårsperioden, ændres væsentligt i regnskabsårets sidste delårsperiode, men et delårsregnskab ikke offentliggøres for denne sidste delårsperiode, skal arten og omfanget af ændringen af skønnet oplyses i en note til årsregnskabet.
27.
IAS 8 kræver oplysning om arten og (hvis det er praktisk muligt) den beløbsmæssige størrelse af en ændring af et skøn, som enten har en væsentlig virkning i den aktuelle regnskabsperiode, eller som forventes at ville have en væsentlig virkning i efterfølgende regnskabsperioder. Denne standards afsnit 16d) kræver lignende oplysning i et delårsregnskab. Som eksempel herpå kan nævnes ændringer i skøn i den sidste delårsperiode vedrørende nedskrivning af varebeholdninger, omstruktureringer eller tab ved værdiforringelse, som er præsenteret i en tidligere delårsperiode i regnskabsåret. De i foregående afsnit krævede oplysninger stemmer overens med kravet i IAS 8 og er tænkt snævert anvendt, dvs. kun på ændringer af skøn. Det kræves ikke, at virksomheder medtager yderligere økonomiske informationer for delårsperioderne i sit årsregnskab.
INDREGNING OG MÅLING
Samme anvendte regnskabspraksis som for årsregnskabet
28.
Virksomheder skal anvende den samme regnskabspraksis i deres delårsregnskab som i deres årsregnskab, med undtagelse af ændringer i anvendt regnskabspraksis, som er foretaget efter tidspunktet for det seneste årsregnskab og vil blive afspejlet i det følgende årsregnskab. Hyppigheden af en virksomheds regnskabsaflæggelse (årlig, halvårlig eller kvartalsvis) må dog ikke påvirke målingen af årets resultat. For at opnå dette skal målingen i forbindelse med delårsregnskaber foretages på et år-til-dato-grundlag.
29.
Ved at kræve, at en virksomhed skal anvende den samme regnskabspraksis i sit delårsregnskab som i sit årsregnskab, kan det virke, som om måling i delårsperioden foretages, som om hver delårsperiode er en uafhængig regnskabsperiode. Dog bekræftes det i afsnit 28, at en delårsperiode er en del af et større regnskabsår, idet hyppigheden af en virksomheds regnskabsaflæggelse ikke må påvirke målingen af årets resultat. Målinger på et år-til-dato-grundlag kan omfatte ændringer i skønnede beløb, som er præsenteret i det aktuelle regnskabsårs tidligere delårsperioder, men principperne for indregning af aktiver, forpligtelser, indtægter og omkostninger i delårsperioder er de samme som i årsregnskabet.
30.
Følgende eksempler illustrerer dette:
a)
principperne for indregning og måling af tab ved nedskrivning af varebeholdninger, omstruktureringer eller tab ved værdiforringelse i en delårsperiode er de samme som de principper en virksomhed følger, hvis den udelukkende udarbejder årsregnskaber. Hvis sådanne poster indregnes og måles i en delårsperiode og skønnet ændres i en efterfølgende delårsperiode i det samme regnskabsår, ændres det oprindelige skøn dog i den efterfølgende delårsperiode enten ved hensættelse af yderligere tab eller tilbageførsel af det tidligere indregnede beløb
b)
en omkostning, som ikke opfylder definitionen på et aktiv ved slutningen af en delårsperiode, udskydes ikke i balancen enten for at afvente fremtidig information om, hvorvidt den har opfyldt definitionen på et aktiv eller for at udjævne indtjeningen over flere delårsperioder i et regnskabsår, og
c)
skatteomkostninger indregnes i hver delårsperiode på grundlag af det bedste skøn over den vejede gennemsnitlige årlige skattesats, der forventes for hele regnskabsåret. Det kan være nødvendigt at regulere hensættelser af skatteomkostninger i en delårsperiode i en efterfølgende delårsperiode i det samme regnskabsår, hvis skønnet over den årlige skattesats ændres.
31.
I henhold til 
Begrebsramme for udarbejdelse og præsentation af årsregnskaber
 (
begrebsrammen
) er indregning det at »optage en post i balancen eller resultatopgørelsen, der opfylder definitionen på et element og opfylder indregningskriterierne«. Definitionen på aktiver, forpligtelser, indtægter og omkostninger er grundlæggende for indregning både på årsregnskabets og delårsregnskabernes balancedag.
32.
For aktiver gælder den samme test af økonomiske fordele på et delårsregnskabs balancedag som ved slutningen af virksomhedens regnskabsår. Omkostninger, som ved deres art ikke opfylder betingelserne for aktiver ved slutningen af regnskabsåret, vil heller ikke opfylde betingelserne på et delårsregnskabs balancedag. Ligeledes gælder, at en forpligtelse på et delårsregnskabs balancedag skal udgøre en eksisterende forpligtelse på dette tidspunkt, lige som den skal på årsregnskabets balancedag.
33.
Et afgørende kendetegn for indtægter (omsætning) og omkostninger er, at de tilknyttede indgående og udgående strømme af aktiver og forpligtelser allerede har fundet sted. Hvis sådanne indgående og udgående strømme har fundet sted, indregnes den tilknyttede omsætning eller omkostning. Ellers indregnes de ikke. 
Begrebsrammen
 nævner, at omkostninger indregnes i resultatopgørelsen, når der er sket et fald i fremtidige økonomiske fordele tilknyttet et fald i aktiver eller en stigning i forpligtelser, og faldet kan måles pålideligt... 
Begrebsrammen
 tillader ikke at poster, som ikke opfylder definitionen på aktiver eller forpligtelser, indregnes i balancen.
34.
Når en virksomhed, som kun aflægger årsregnskab, måler aktiver, forpligtelser, indtægter, omkostninger og pengestrømme, som er præsenteret i årsregnskabet, er den i stand til at tage informationer i betragtning, som bliver tilgængelige i løbet af regnskabsåret. Virksomhedens måling foretages i realiteten på et år-til-dato-grundlag.
35.
En virksomhed, som aflægger regnskab halvårligt, anvender de informationer, som er tilgængelige på halvårstidspunktet eller kort tid herefter, ved måling i halvårsregnskabet samt tilgængelige informationer ved årets slutning eller kort tid herefter i årsregnskabet. Måling for et regnskabsår afspejler ændringer i skønnede beløb, som er præsenteret i første halvår. Beløb, som er præsenteret i halvårsregnskabet, reguleres ikke med tilbagevirkende kraft. Afsnit 16d) og 26 kræver dog, at der gives oplysning om arten og den beløbsmæssige størrelse af væsentlige ændringer i skøn.
36.
En virksomhed, som aflægger regnskab hyppigere end halvårligt, måler indtægter og omkostninger på et år-til-dato-grundlag, ved anvendelse af de informationer, der er tilgængelige, når det enkelte regnskab udarbejdes. Indtægter og omkostninger, som er præsenteret i den aktuelle delårsperiode, afspejler ændringer i skøn over beløb, som er præsenteret i tidligere delårsperioder i regnskabsåret. Beløb, som er præsenteret i tidligere delårsperioder, reguleres ikke med tilbagevirkende kraft. Afsnit 16d) og 26 kræver dog, at der gives oplysning om arten og den beløbsmæssige størrelse af væsentlige ændringer i skøn.
Sæsonmæssig, konjunkturbestemt eller lejlighedsvis omsætning
37.
Omsætning, som sker sæsonmæssigt, konjunkturbestemt eller lejlighedsvis i et regnskabsår, må ikke medtages eller udskydes på et delårsregnskabs balancedag, hvis medtagelsen eller udskydelsen ikke vil være relevant ved slutningen af virksomhedens regnskabsår.
38.
Som eksempel herpå kan nævnes udbytte, royalties og offentlige tilskud. Endvidere har nogle virksomheder fast en større omsætning i nogle delårsperioder i regnskabsåret end i andre, eksempelvis detailhandelens sæsonmæssige omsætning. En sådan omsætning indregnes, når den sker.
Omkostninger afholdt ujævnt fordelt over regnskabsåret
39.
Omkostninger, som afholdes ujævnt fordelt over en virksomheds regnskabsår, skal udelukkende medtages eller udskydes ved aflæggelse af delårsregnskab, hvis det ligeledes er relevant at medtage eller udskyde denne type omkostning ved slutningen af regnskabsåret.
Anvendelse af indregnings- og målingsprincipperne
40.
Appendiks B indeholder eksempler på anvendelsen af de i afsnit 28-39 nævnte generelle indregnings- og målingsprincipper.
Anvendelse af skøn
41.
De målingsprocedurer, der følges i et delårsregnskab, skal sikre, at de deraf følgende informationer er pålidelige, og at alle væsentlige økonomiske informationer, som er relevante for forståelsen af virksomhedens finansielle stilling eller indtjening, oplyses på en hensigtsmæssig måde. Selv om måling i både årsregnskabet og delårsregnskabet ofte baseres på rimelige skøn, kræver udarbejdelsen af delårsregnskaber generelt i højere grad anvendelse af skøn end udarbejdelsen af årsrapporter.
42.
Appendiks C indeholder eksempler på anvendelsen af skøn i delårsperioder.
TILPASNING AF TIDLIGERE PRÆSENTEREDE DELÅRSPERIODER
43.
En ændring i anvendt regnskabspraksis, bortset fra de overgangsændringer, som er specificeret i en ny standard eller et nyt fortolkningsbidrag, skal indarbejdes ved:
a)
tilpasning af tidligere delårsregnskaber i det aktuelle regnskabsår og tilsvarende delårsperioder i tidligere regnskabsår, som tilpasses i årsregnskabet i overensstemmelse med IAS 8, eller
b)
når det ved begyndelsen af det aktuelle regnskabsår er praktisk umuligt at afgøre den samlede virkning af anvendelse af en ny regnskabspraksis for alle tidligere regnskabsår, tilpasning af tidligere delårsregnskaber i det aktuelle regnskabsår og tilsvarende delårsperioder i tidligere regnskabsår for at anvende den nye regnskabspraksis fremadrettet fra det tidligste tidspunkt, hvor det er praktisk muligt.
44.
Et af formålene med ovenstående princip er at sikre, at samme regnskabspraksis anvendes for en bestemt kategori af transaktioner i hele regnskabsåret. I henhold til IAS 8 skal en ændring i anvendt regnskabspraksis afspejles med tilbagevirkende kraft, dvs. ved tilpasning af økonomiske data for præsenterede tidligere regnskabsår så langt tilbage, som det er praktisk muligt. Hvis det imidlertid er praktisk umuligt at opgøre den samlede beløbsmæssige størrelse af reguleringen i forhold til tidligere regnskabsår, skal den nye regnskabspraksis i overensstemmelse med IAS 8 anvendes fremadrettet fra det tidligste tidspunkt, hvor det er praktisk muligt. Anvendelsen af princippet i afsnit 43 indebærer, at enhver ændring i anvendt regnskabspraksis i det aktuelle regnskabsår skal gennemføres enten med tilbagevirkende kraft eller, hvis dette er praktisk umuligt, fremadrettet senest fra begyndelsen af regnskabsåret.
45.
Hvis det i et regnskabsår var tilladt at afspejle ændringer i regnskabspraksis fra et delårsregnskabs balancedag, ville det betyde, at man tillod anvendelsen af forskellig regnskabspraksis for en bestemt kategori af transaktioner i det samme regnskabsår. Dette ville vanskeliggøre allokering til delårsperioder, utydeliggøre driftsresultatet og komplicere muligheden for at analysere og forstå informationer om delårsperioden.
IKRAFTTRÆDELSESTIDSPUNKT
46.
Denne standard træder i kraft for årsregnskaber, der dækker regnskabsår, som begynder den 1. januar 1999 eller senere. Virksomheder tilskyndes til at anvende standarden før dette tidspunkt.
(
1
)
  IASC (International Accounting Standards Committee) er blevet erstattet af IASB (International Accounting Standards Board), som påbegyndte sit arbejde i 2001.
IAS 36
Værdiforringelse af aktiver
FORMÅL
1.
Formålet med denne standard er at foreskrive de procedurer, som virksomheder skal anvende for at sikre, at aktiver ikke indregnes til mere end deres genindvindingsværdi. Et aktiv er indregnet til mere end genindvindingsværdi, hvis dets regnskabsmæssige værdi overstiger det beløb, der kan genindvindes ved anvendelse eller salg af aktivet. Hvis dette er tilfældet, betegnes aktivet som værdiforringet, og standarden kræver, at virksomheden indregner et tab ved værdiforringelse. Standarden specificerer ligeledes, hvornår virksomheden skal tilbageføre tab ved værdiforringelse, og den foreskriver, hvilke oplysninger der skal gives.
ANVENDELSESOMRÅDE
2.
Denne standard finder anvendelse på den regnskabsmæssige behandling af værdiforringelse af alle aktiver, bortset fra:
a)
varebeholdninger (jf. IAS 2 
Varebeholdninger
)
b)
aktiver hidrørende fra entreprisekontrakter (jf. IAS 11 
Entreprisekontrakter
)
c)
udskudte skatteaktiver (jf. IAS 12 
Indkomstskatter
)
d)
aktiver, som hidrører fra personaleydelser (jf. IAS 19 
Personaleydelser
)
e)
finansielle aktiver, som er omfattet af IAS 39 
Finansielle instrumenter: Indregning og måling
,
f)
investeringsejendomme, som måles til dagsværdi (jf. IAS 40 
Investeringsejendomme
)
g)
biologiske aktiver tilknyttet landbrugsaktiviteter, som måles til dagsværdi med fradrag af skønnede salgsomkostninger (jf. IAS 41 
Landbrug
)
h)
udskudte anskaffelsesomkostninger og immaterielle aktiver hidrørende fra en forsikringsgivers kontraktlige ret i henhold til forsikringskontrakter, som er omfattet af IFRS 4 
Forsikringskontrakter,
 og
i)
anlægsaktiver (eller afståelsesgrupper), som er klassificeret som besiddelse med henblik på salg i overensstemmelse med IFRS 5 
Anlægsaktiver, som besiddes med henblik på salg og ophørte aktiviteter
.
3.
Denne standard finder ikke anvendelse på varebeholdninger, aktiver hidrørende fra entreprisekontrakter, udskudte skatteaktiver, aktiver hidrørende fra personaleydelser eller aktiver, der er klassificeret som besiddelse med henblik på salg (eller medtaget i en afståelsesgruppe, der er klassificeret som besiddelse med henblik på salg), idet de eksisterende standarder, som finder anvendelse på disse aktiver, indeholder krav til indregning og måling af sådanne aktiver.
4.
Denne standard finder anvendelse på finansielle aktiver, som er klassificeret som:
a)
dattervirksomheder, som defineret i IAS 27 
Koncernregnskaber og separate årsregnskaber
b)
associerede virksomheder, som defineret i IAS 28 
Investeringer i associerede virksomheder
, og
c)
joint ventures, som defineret i IAS 31 
Kapitalandele i joint ventures
.
Der henvises til IAS 39 vedrørende værdiforringelse af andre finansielle aktiver.
5.
Denne standard finder ikke anvendelse på finansielle aktiver, der er omfattet af IAS 39, investeringsejendomme målt til dagsværdi i overensstemmelse med IAS 40 eller biologiske aktiver tilknyttet landbrugsaktiviteter målt til dagsværdi med fradrag af skønnede salgsomkostninger i overensstemmelse med IAS 41. Denne standard finder imidlertid anvendelse på aktiver, som indregnes til omvurderet værdi (dvs. dagsværdi) i overensstemmelse med andre standarder, som eksempelvis omvurderingsmodellen i IAS 16 
Materielle anlægsaktiver
. Identifikation af, hvorvidt et omvurderet aktiv er værdiforringet, afhænger af det anvendte grundlag for opgørelsen af dagsværdi:
a)
hvis aktivets dagsværdi er dets markedsværdi, er den eneste forskel mellem aktivets dagsværdi og dets dagsværdi med fradrag af salgsomkostninger de omkostninger, som direkte er tilknyttet afhændelsen af aktivet:
i)
hvis afhændelsesomkostningerne er ubetydelige, vil det omvurderede aktivs genindvindingsværdi være tæt på eller større end dets omvurderede værdi (dvs. dagsværdi). I så fald er det efter anvendelsen af omvurderingskravene ikke sandsynligt, at det omvurderede aktiv er værdiforringet, og det er ikke nødvendigt at skønne genindvindingsværdien
ii)
hvis afhændelsesomkostningerne ikke er ubetydelige, vil dagsværdien med fradrag af salgsomkostninger for det omvurderede aktiv nødvendigvis være mindre end dagsværdien. Derfor er det omvurderede aktiv værdiforringet, hvis dets nytteværdi er mindre end dets omvurderede værdi (dvs. dagsværdi). I så fald skal virksomheden efter anvendelsen af omvurderingskravene anvende denne standard til bestemmelse af, hvorvidt aktivet er værdiforringet
b)
hvis aktivets dagsværdi opgøres på et andet grundlag end markedsværdien, kan dets omvurderede værdi (dvs. dagsværdi) være større eller mindre end genindvindingsværdien. Efter anvendelsen af omvurderingskravene anvender virksomheden derfor denne standard til bestemmelse af, hvorvidt aktivet er værdiforringet.
DEFINITIONER
6.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Et 
aktivt marked
 er et marked, hvor alle følgende betingelser er opfyldt:
a)
de varer, som handles i det pågældende marked, er homogene
b)
villige købere og sælgere kan normalt findes til enhver tid, og
c)
priserne er tilgængelige for offentligheden.
Aftaletidspunktet
 for en virksomhedssammenslutning er det tidspunkt, hvor en principaftale indgås mellem de sammensluttende parter og, for så vidt angår børsnoterede virksomheder, meddeles offentligheden. I tilfælde af en fjendtlig overtagelse er det tidligste tidspunkt, hvor en principaftale mellem de sammensluttende parter kan indgås, det tidspunkt, hvor et tilstrækkeligt antal af den overtagne virksomheds ejere har accepteret den overtagende virksomheds tilbud, til at den overtagende virksomhed kan opnå bestemmende indflydelse på den overtagne virksomhed.
Regnskabsmæssig værdi
 er det beløb, som et aktiv indregnes med efter fradrag af akkumulerede afskrivninger og akkumulerede tab ved værdiforringelse.
En 
pengestrømsfrembringende enhed
 er den mindste identificerbare gruppe af aktiver, der frembringer pengestrømme til virksomheden, som i al væsentlighed er uafhængige af pengestrømme fra andre aktiver eller grupper af aktiver.
Virksomhedsaktiver
 er aktiver, bortset fra goodwill, som bidrager til fremtidige pengestrømme i den pågældende pengestrømsfrembringende enhed såvel som i andre pengestrømsfrembringende enheder.
Afhændelsesomkostninger
 er omkostninger direkte tilknyttet afhændelsen af et aktiv eller en pengestrømsfrembringende enhed, eksklusive finansieringsomkostninger og skatteomkostninger.
Afskrivningsberettiget beløb
 er et aktivs kostpris, eller et andet beløb anvendt i årsregnskabet i stedet for kostpris, med fradrag af dets restværdi.
Afskrivning
 (amortisering) 
(
1
)
 er den systematiske allokering af et aktivs afskrivningsberettigede beløb over dets brugstid.
Dagsværdi med fradag af salgsomkostninger
 er det beløb, som kan opnås ved salg af et aktiv eller en pengestrømsfrembringende enhed ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter, med fradrag af afhændelsesomkostninger.
Tab ved værdiforringelse
 er det beløb, hvormed et aktivs eller en pengestrømsfrembringende enheds regnskabsmæssige værdi overstiger genindvindingsværdien.
Genindvindingsværdien
 af et aktiv eller en pengestrømsfrembringende enhed er det højeste af dagsværdien med fradrag af salgsomkostninger og nytteværdien.
Brugstid
 er enten:
a)
den periode, hvori et aktiv forventes at blive brugt af virksomheden, eller
b)
antallet af producerede enheder eller tilsvarende enheder, som virksomheden forventer at opnå fra aktivet.
Nytteværdi
 er nutidsværdien af de fremtidige pengestrømme, som forventes at hidrøre fra et aktiv eller en pengestrømsfrembringende enhed.
IDENTIFIKATION AF MULIG VÆRDIFORRINGELSE AF ET AKTIV
7.
Afsnit 8-17 specificerer, hvornår genindvindingsværdien skal opgøres. I kravene anvendes udtrykket »et aktiv«, men de finder anvendelse på enkelte aktiver såvel som på pengestrømsfrembringende enheder. Den resterende del af denne standard er struktureret som følger:
a)
Afsnit 18-57 beskriver kravene for måling af genindvindingsværdi. I kravene anvendes desuden udtrykket »et aktiv«, men de finder anvendelse på enkelte aktiver såvel som på pengestrømsfrembringende enheder.
b)
Afsnit 58-108 beskriver kravene for indregning og måling af tab ved værdiforringelse. Indregning og måling af tab ved værdiforringelse af enkelte aktiver, bortset fra goodwill, behandles i afsnit 58-64. Afsnit 65-108 omhandler indregning og måling af tab ved værdiforringelse af pengestrømsfrembringende enheder og goodwill.
c)
Afsnit 109-116 beskriver kravene for tilbageførsel af tab ved værdiforringelse, som er indregnet i tidligere regnskabsår, af et aktiv eller en pengestrømsfrembringende enhed. Disse krav anvender ligeledes udtrykket »et aktiv«, men de finder anvendelse på enkelte aktiver såvel som på pengestrømsfrembringende enheder. Yderligere krav for et enkelt aktiv beskrives i afsnit 117-121, for en pengestrømsfrembringende enhed i afsnit 122 og 123 og for goodwill i afsnit 124 og 125.
d)
Afsnit 126-133 angiver, hvilke oplysninger der skal gives for tab ved værdiforringelse og tilbageførsel af tab ved værdiforringelse af aktiver og pengestrømsfrembringende enheder. Afsnit 134-137 angiver yderligere oplysningskrav for pengestrømsfrembringende enheder, hvortil der er allokeret goodwill eller immaterielle aktiver med uendelig brugstid med henblik på test for værdiforringelse.
8.
Et aktiv er værdiforringet, når aktivets regnskabsmæssige værdi overstiger genindvindingsværdien. Afsnit 12-14 beskriver visse indikationer af mulige tab ved værdiforringelse. Hvis sådanne indikationer er til stede, skal virksomheder foretage et formelt skøn over genindvindingsværdien. Bortset fra som angivet i afsnit 10 kræver denne standard ikke, at virksomheder foretager et formelt skøn over genindvindingsværdien, hvis der ikke er indikation af et tab ved værdiforringelse.
9.
Virksomheden skal på hver balancedag vurdere, hvorvidt der er indikation af, at et aktiv kan være værdiforringet. Hvis dette er tilfældet, skal virksomheden skønne aktivets genindvindingsværdi.
10.
Uanset om der er nogen indikation af værdiforringelse, skal virksomheden desuden:
a)
årligt teste et immaterielt aktiv med uendelig brugstid eller et immaterielt aktiv, som endnu ikke er disponibelt til brug, for værdiforringelse ved at sammenligne aktivets regnskabsmæssige værdi med genindvindingsværdien. Denne test for værdiforringelse kan udføres på et hvilket som helst tidspunkt i regnskabsåret, forudsat at testen udføres på samme tidspunkt hvert år. Forskellige immaterielle aktiver kan testes for værdiforringelse på forskellige tidspunkter. Hvis et immaterielt aktiv blev indregnet første gang i det aktuelle regnskabsår, skal det immaterielle aktiv imidlertid testes for værdiforringelse før slutningen af det aktuelle regnskabsår
b)
årligt teste goodwill, der er erhvervet ved en virksomhedssammenslutning, for værdiforringelse i overensstemmelse med afsnit 80-99.
11.
Et immaterielt aktivs evne til at frembringe tilstrækkelige fremtidige økonomiske fordele til at genindvinde aktivets regnskabsmæssige værdi er normalt forbundet med større usikkerhed, før aktivet bliver disponibelt til brug, end efter aktivet er disponibelt til brug. Derfor kræver denne standard, at en virksomhed mindst en gang om året tester for værdiforringelse af den regnskabsmæssige værdi af et immaterielt aktiv, som endnu ikke er disponibelt til brug.
12.
Når det vurderes, hvorvidt der er en indikation af, at et aktiv er værdiforringet, skal virksomheden som minimum tage følgende indikatorer i betragtning:
Eksterne informationer
a)
aktivets markedsværdi er i regnskabsåret faldet væsentligt mere end det fald, som må forventes med tiden eller som følge af normal anvendelse
b)
væsentlige ændringer, som har påvirket virksomheden negativt, er sket i regnskabsåret eller vil ske inden for en overskuelig fremtid i de teknologiske, markedsmæssige, økonomiske eller juridiske rammer for virksomhedens aktiviteter eller på det marked, hvor aktivet anvendes
c)
markedsrenter eller andre markedsbaserede afkastmål er steget i regnskabsåret, og det er sandsynligt, at disse stigninger vil påvirke den diskonteringssats, der er anvendt ved beregningen af aktivets nytteværdi, og reducere aktivets genindvindingsværdi væsentligt
d)
den regnskabsmæssige værdi af virksomhedens nettoaktiver er større end dens samlede kursværdi.
Interne informationer
e)
der foreligger dokumentation for ukurans eller fysisk skade på et aktiv
f)
væsentlige ændringer, som påvirker virksomheden negativt, er sket i regnskabsåret eller forventes at ske inden for en overskuelig fremtid, i det omfang eller i forhold til den måde, hvorpå aktivet anvendes eller forventes anvendt. Disse ændringer omfatter manglende udnyttelse af et aktiv, planer for ophør eller omstrukturering af den aktivitet, aktivet tilhører, eller planer om afhændelse af aktivet før det hidtidige forventede tidspunkt, og revurdering af et aktivs brugstid som begrænset i stedet for uendelig 
(
2
)
g)
der foreligger dokumentation fra den interne rapportering, som indikerer, at aktivets ydeevne er eller vil blive lavere end forventet.
13.
Listen i afsnit 12 er ikke udtømmende. En virksomhed kan identificere andre indikationer af, at et aktiv er værdiforringet, og disse kræver ligeledes, at virksomheden opgør aktivets genindvindingsværdi eller i tilfælde af goodwill foretager en test for værdiforringelse i overensstemmelse med afsnit 80-99.
14.
Dokumentation fra intern rapportering, som indikerer, at et aktiv er værdiforringet, omfatter tilstedeværelsen af:
a)
pengestrømme til aktivets anskaffelse eller efterfølgende likviditetsbehov til dets drift eller vedligeholdelse, som er væsentligt højere end oprindelig budgetteret
b)
faktiske nettopengestrømme eller driftsresultat fra aktivet, som er væsentligt lavere end budgetteret
c)
et væsentligt fald i budgetterede nettopengestrømme eller driftsresultat eller en væsentlig stigning i budgetterede tab fra aktivet, eller
d)
driftstab eller nettopengestrømme fra virksomheden vedrørende aktivet, når beløbene for det aktuelle regnskabsår sammendrages med budgetterede beløb for kommende regnskabsår.
15.
Som angivet i afsnit 10 kræver denne standard, at et immaterielt aktiv med uendelig brugstid, eller som endnu ikke er disponibelt til brug, samt goodwill skal testes for værdiforringelse mindst én gang om året. Bortset fra når kravene i afsnit 10 finder anvendelse, skal væsentlighedsbegrebet anvendes ved identifikationen af, hvorvidt et aktivs genindvindingsværdi skal skønnes. Hvis tidligere beregninger eksempelvis viser, at et aktivs genindvindingsværdi er væsentligt højere end dets regnskabsmæssige værdi, skal virksomheden ikke revurdere aktivets genindvindingsværdi, hvis der ikke er opstået en begivenhed, som udligner forskellen. Ligeledes kan tidligere analyser vise, at et aktivs genindvindingsværdi ikke er påvirkelig af en (eller flere) af de i afsnit 12 opstillede indikatorer.
16.
For at forklare afsnit 15 kan nævnes, at hvis markedsrenter eller andre markedsbaserede afkastmål er steget i regnskabsåret, kræves det ikke, at virksomheder foretager et formelt skøn over et aktivs genindvindingsværdi i følgende tilfælde:
a)
hvis det er usandsynligt, at den diskonteringssats, der anvendes ved beregningen af et aktivs nytteværdi, vil blive påvirket af stigningen i disse markedsrenter eller markedsbaserede afkastmål. Eksempelvis har stigninger i den korte rente i nogle tilfælde ingen væsentlig virkning på den anvendte diskonteringssats for et aktiv med en lang resterende brugstid
b)
hvis det er sandsynligt, at den diskonteringssats, der anvendes ved beregningen af et aktivs nytteværdi, vil blive påvirket af stigningen i disse markedsrenter eller markedsbaserede afkastmål, men tidligere sensitivitetsanalyser af den regnskabsmæssige værdis påvirkelighed viser, at:
i)
det er usandsynligt, at genindvindingsværdien vil falde væsentligt, idet fremtidige pengestrømme sandsynligvis ligeledes vil stige (eksempelvis vil en virksomhed i nogle tilfælde kunne dokumentere, at den regulerer sin omsætning for at kompensere for stigninger i markedsrenter), eller
ii)
det er usandsynligt, at faldet i genindvindingsværdi vil medføre et væsentligt tab ved værdiforringelse.
17.
Hvis der er indikation af, at et aktiv kan være værdiforringet, kan dette betyde, at den resterende brugstid, afskrivningsmetode eller restværdi skal gennemgås og reguleres i henhold til den standard, som finder anvendelse på aktivet, selvom der ikke er indregnet et tab ved værdiforringelse af aktivet.
MÅLING AF GENINDVINDINGSVÆRDI
18.
Denne standard definerer genindvindingsværdi som det højeste af et aktivs eller en pengestrømsfrembringende enheds dagsværdi med fradrag af salgsomkostninger og nytteværdien. Afsnit 19-57 beskriver kravene for måling af genindvindingsværdi. I kravene anvendes udtrykket »et aktiv«, men de finder anvendelse på enkelte aktiver såvel som på pengestrømsfrembringende enheder.
19.
Det er ikke altid nødvendigt at opgøre både et aktivs dagsværdi med fradrag af salgsomkostninger og dets nytteværdi. Hvis et af disse beløb overstiger aktivets regnskabsmæssige værdi, er aktivet ikke værdiforringet, og det er ikke nødvendigt at skønne det andet beløb.
20.
Det kan være muligt at opgøre et aktivs dagsværdi med fradrag af salgsomkostninger, selvom aktivet ikke handles på et aktivt marked. I nogle tilfælde vil det dog ikke være muligt at opgøre dagsværdi med fradrag af salgsomkostninger, idet der ikke er noget grundlag for et pålideligt skøn over det beløb, som kan opnås ved salg af aktivet ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter. I dette tilfælde kan virksomheden anvende aktivets nytteværdi som aktivets genindvindingsværdi.
21.
Hvis der ikke er nogen grund til at antage, at et aktivs nytteværdi i væsentligt omfang overstiger dets dagsværdi med fradrag af salgsomkostninger, kan aktivets dagsværdi med fradrag af salgsomkostninger anvendes som aktivets genindvindingsværdi. Dette vil ofte være tilfældet for aktiver, som besiddes med henblik på afhændelse. Dette skyldes, at nytteværdien af et aktiv, som besiddes med henblik på afhændelse, hovedsagelig består af nettoprovenuet ved afhændelsen, idet fremtidige pengestrømme fra aktivets fortsatte anvendelse indtil dets afhændelse sandsynligvis vil være ubetydelige.
22.
Genindvindingsværdien opgøres for et enkelt aktiv, medmindre aktivet ikke frembringer pengestrømme, som i al væsentlighed er uafhængige af pengestrømme fra andre aktiver eller grupper af aktiver. Hvis dette er tilfældet, opgøres genindvindingsværdien af den pengestrømsfrembringende enhed, som aktivet tilhører (jf. afsnit 65-103), medmindre enten:
a)
aktivets dagsværdi med fradrag af salgsomkostninger er højere end dets regnskabsmæssige værdi, eller
b)
aktivets nytteværdi kan skønnes at være tæt på dets dagsværdi med fradrag af salgsomkostninger, og dagsværdien med fradrag af salgsomkostninger kan opgøres.
23.
I nogle tilfælde kan man ved skøn, gennemsnit og forenklede beregninger opnå en rimelig tilnærmelse af de detaljerede beregninger, som er anført i denne standard til opgørelse af dagsværdi med fradrag af salgsomkostninger eller nytteværdi.
Måling af genindvindingsværdien af et immaterielt aktiv med uendelig brugstid
24.
Afsnit 10 kræver, at et immaterielt aktiv med uendelig brugstid skal testes for værdiforringelse årligt ved at sammenligne aktivets regnskabsmæssige værdi med genindvindingsværdien, uanset om der er nogen indikation af, at aktivet er værdiforringet. Den seneste detaljerede beregning af et sådant aktivs genindvindingsværdi, som er foretaget i et foregående regnskabsår, kan imidlertid anvendes til testen for værdiforringelse for det pågældende aktiv i det aktuelle regnskabsår under forudsætning af opfyldelsen af alle følgende kriterier:
a)
hvis det immaterielle aktiv ikke frembringer pengestrømme fra fortsat anvendelse, som i al væsentlighed er uafhængige af pengestrømme fra andre aktiver eller grupper af aktiver, og derfor testes for værdiforringelse som en del af den pengestrømsfrembringende enhed, som aktivet tilhører, må de aktiver og forpligtelser, som udgør denne enhed, ikke have ændret sig væsentligt siden den seneste beregning af genindvindingsværdi
b)
den seneste beregning af genindvindingsværdi resulterede i et beløb, som i væsentlig grad oversteg aktivets regnskabsmæssige værdi, og
c)
på grundlag af en analyse af begivenheder, som er indtruffet, og forhold, som har ændret sig, siden den seneste beregning af genindvindingsværdien er det meget usandsynligt, at den aktuelle opgjorte genindvindingsværdi ville være mindre end aktivets regnskabsmæssige værdi.
Dagsværdi med fradrag af salgsomkostninger
25.
Den bedste indikation af et aktivs dagsværdi med fradrag af salgsomkostninger er prisen i en bindende salgsaftale ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter reguleret for omkostninger direkte knyttet til afhændelsen af aktivet.
26.
Hvis der ikke foreligger nogen bindende salgsaftale, men aktivet handles på et aktivt marked, er dagsværdien med fradrag af salgsomkostninger aktivets markedsværdi med fradrag af afhændelsesomkostninger. Den relevante markedspris er normalt den aktuelle købspris. Når aktuelle købspriser ikke findes, kan prisen for den seneste transaktion danne grundlag for en skønnet dagsværdi med fradrag af salgsomkostninger, forudsat at der ikke er sket en væsentlig ændring i de økonomiske forhold mellem transaktionstidspunktet og tidspunktet, hvor skønnet foretages.
27.
Hvis der ikke foreligger nogen bindende salgsaftale eller et aktivt marked for et aktiv, baseres dagsværdien med fradrag af salgsomkostninger på den bedste til rådighed værende information for at afspejle det beløb, som virksomheden på balancedagen kan opnå ved afhændelse af aktivet ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter med fradrag af afhændelsesomkostninger. Ved opgørelsen af dette beløb skal virksomheden tage udfaldet af nylige transaktioner med tilsvarende aktiver i samme branche i betragtning. Dagsværdi med fradrag af salgsomkostninger afspejler ikke et tvungent salg, medmindre ledelsen er nødsaget til at sælge aktiverne straks.
28.
De afhændelsesomkostninger, som ikke er indregnet som forpligtelser, fratrækkes ved opgørelsen af dagsværdien med fradrag af salgsomkostninger. Som eksempel på sådanne omkostninger kan nævnes omkostninger til juridisk bistand, stempelafgift og tilsvarende afgifter forbundet med transaktionen, omkostninger til fjernelse af aktivet og omkostninger direkte knyttet til at bringe aktivet i salgsklar stand. Dog udgør fratrædelsesgodtgørelser (som defineret i IAS 19) og omkostninger tilknyttet nedskæring eller omstrukturering af en virksomhed efter afhændelsen af et aktiv ikke omkostninger direkte tilknyttet afhændelsen af aktivet.
29.
Undertiden kræver afhændelsen af et aktiv, at køber overtager en forpligtelse, og kun en samlet dagsværdi med fradrag af salgsomkostninger for både aktivet og forpligtelsen er til rådighed. Afsnit 78 forklarer, hvad virksomheder skal gøre i sådanne tilfælde.
Nytteværdi
30.
Følgende elementer skal medtages i beregningen af et aktivs nytteværdi:
a)
et skøn over de fremtidige pengestrømme, virksomheden forventer at opnå fra aktivet
b)
forventninger om mulige ændringer i beløb eller tidspunkt for disse fremtidige pengestrømme
c)
den tidsmæssige værdi af penge, opgjort som den aktuelle risikofri markedsrente
d)
prisen for den usikkerhed, der er forbundet med aktivet, og
e)
andre faktorer, såsom illikviditet, som markedsdeltagere ville lægge til grund ved prisfastsættelse af de fremtidige pengestrømme, virksomheden forventer at opnå fra aktivet.
31.
Skøn over et aktivs nytteværdi kræver følgende skridt:
a)
skøn over de fremtidige pengestrømme til og fra virksomheden, som hidrører fra aktivets fortsatte anvendelse og endelige afhændelse, og
b)
anvendelse af en passende diskonteringssats på disse fremtidige pengestrømme.
32.
De elementer, der er angivet i afsnit 30b), d) og e), kan afspejles som enten reguleringer af de fremtidige pengestrømme eller reguleringer af diskonteringssatsen. Uanset hvilken metode virksomheden vælger til at afspejle forventede mulige ændringer i beløb eller tidspunkt for fremtidige pengestrømme, skal resultatet være, at den forventede nutidsværdi af de fremtidige pengestrømme afspejles, dvs. det vejede gennemsnit af samtlige mulige udfald. Der gives yderligere vejledning om anvendelsen af nutidsværdimetoder ved måling af et aktivs nytteværdi i appendiks A.
Grundlag for skøn over fremtidige pengestrømme
33.
Ved måling af nytteværdi skal virksomheden:
a)
basere pengestrømsprognoser på rimelige og dokumenterbare forudsætninger, som repræsenterer ledelsens bedste skøn over de økonomiske forhold, som vil foreligge over aktivets resterende brugstid. Ekstern dokumentation tillægges mest vægt
b)
basere pengestrømsprognoser på de af ledelsen senest godkendte budgetter/fremskrivninger, men ikke på skønnede fremtidige pengestrømme til eller fra virksomheden, som forventes at hidrøre fra fremtidige omstruktureringer eller fra forbedring eller øgning af aktivets ydeevne. Prognoser baseret på disse budgetter/fremskrivninger skal højst dække en 5-årig periode, medmindre en længere periode kan begrundes
c)
foretage skøn over pengestrømsprognoser ud over den periode, som dækkes af de seneste budgetter/fremskrivninger, ved ekstrapolation af prognoserne baseret på budgetter/fremskrivninger ved anvendelse af en stabil eller faldende vækstrate for efterfølgende år, medmindre en stigende vækstrate kan begrundes. Denne vækstrate må ikke overstige den gennemsnitlige langsigtede vækstrate for de produkter, brancher eller lande), som virksomhedens aktiviteter dækker, eller for det marked, hvor aktivet anvendes, medmindre en højere rate kan begrundes.
34.
Ledelsen skal vurdere rimeligheden af de forudsætninger, som ligger til grund for de aktuelle pengestrømsprognoser, ved at undersøge årsagerne til forskelle mellem tidligere pengestrømsprognoser og faktiske pengestrømme. Ledelsen skal sikre, at de forudsætninger, som ligger til grund for de aktuelle pengestrømsprognoser, er i overensstemmelse med tidligere faktiske udfald, forudsat at virkningen af efterfølgende begivenheder eller forhold, som ikke var til stede, da disse faktiske pengestrømme blev frembragt, gør dette relevant.
35.
Detaljerede, konkrete og pålidelige budgetter/fremskrivninger for fremtidige pengestrømme ud over en 5-årig periode er normalt ikke tilgængelige. Af denne grund baseres ledelsens skøn over fremtidige pengestrømme på det seneste budget/seneste fremskrivning for højst fem år. Ledelsen kan anvende pengestrømsprognoser baseret på budgetter/fremskrivninger for en periode på mere end fem år, hvis ledelsen er sikker på, at disse skøn er pålidelige, og at den på baggrund af tidligere erfaringer kan dokumentere sin evne til at foretage korrekte fremskrivninger af pengestrømme over en sådan længere periode.
36.
Prognoser for pengestrømme indtil udgangen af aktivets brugstid foretages ved ekstrapolation af pengestrømsprognoser baseret på budgetter/fremskrivninger ved anvendelse af en vækstrate for efterfølgende år. Denne rate er stabil eller faldende, medmindre en stigning i raten afspejler objektive informationer om mønsteret for et produkts eller en branches livscyklus. Hvis det er relevant, kan vækstraten være nul eller negativ.
37.
Når betingelserne er gunstige, er det sandsynligt, at konkurrenter vil træde ind på markedet og begrænse væksten. Derfor vil virksomheder have svært ved at overstige den gennemsnitlige historiske vækstrate på lang sigt (eksempelvis 20 år) for de produkter, brancher eller lande), som virksomhedens aktiviteter dækker, eller for det marked, hvor aktivet anvendes.
38.
Ved anvendelsen af information fra budgetter/fremskrivninger skal en virksomhed vurdere, hvorvidt disse afspejler rimelige og dokumenterbare forudsætninger og repræsenterer ledelsens bedste skøn over de økonomiske forhold, som vil foreligge over aktivets resterende brugstid.
Sammensætning af skøn over fremtidige pengestrømme
39.
Skøn over fremtidige pengestrømme skal omfatte:
a)
prognoser for pengestrømme fra den fortsatte anvendelse af aktivet
b)
prognoser for pengestrømme fra virksomheden, som er nødvendige for at frembringe pengestrømme til virksomheden fra den fortsatte anvendelse af aktivet (herunder pengestrømme for at forberede aktivet til anvendelse), og som direkte kan henføres eller på en rimelig og ensartet måde allokeres til aktivet, og
c)
eventuelle nettopengestrømme, der vil blive modtaget (eller betalt), ved afhændelse af aktivet ved udgangen af dets brugstid.
40.
Skøn over fremtidige pengestrømme og diskonteringssatsen afspejler ensartede forudsætninger om prisstigninger hidrørende fra almindelig inflation. Hvis diskonteringssatsen omfatter virkningen af prisstigninger hidrørende fra almindelig inflation, skønnes fremtidige pengestrømme derfor i nominelle beløb. Hvis diskonteringssatsen ikke omfatter virkningen af prisstigninger hidrørende fra almindelig inflation, skønnes fremtidige pengestrømme i faste priser (men omfatter specifikke fremtidige prisstigninger eller -fald).
41.
Prognoser for pengestrømme fra virksomheden omfatter de pengestrømme, der er forbundet med den daglige vedligeholdelse af aktivet, samt fremtidige indirekte produktionsomkostninger, som direkte kan henføres eller på en rimelig og ensartet måde allokeres til anvendelsen af aktivet.
42.
Når den regnskabsmæssige værdi af et aktiv endnu ikke omfatter alle de nødvendige pengestrømme fra virksomheden, før aktivet er klar til anvendelse eller salg, omfatter skønnet over fremtidige pengestrømme fra virksomheden et skøn over forventede yderligere pengestrømme fra virksomheden, før aktivet er klar til anvendelse eller salg. Dette er eksempelvis tilfældet for en bygning, som er under opførelse, eller et udviklingsprojekt, som endnu ikke er afsluttet.
43.
For at undgå dobbelt indregning omfatter skøn over fremtidige pengestrømme ikke:
a)
pengestrømme til virksomheden fra aktiver, der frembringer pengestrømme, som i al væsentlighed er uafhængige af pengestrømmene til virksomheden fra det pågældende aktiv (eksempelvis finansielle aktiver, såsom tilgodehavender), og
b)
pengestrømme fra virksomheden tilknyttet forpligtelser, som er blevet indregnet som forpligtelser (eksempelvis gæld, pensioner eller hensatte forpligtelser).
44.
Fremtidige pengestrømme skal skønnes for aktivet i dets aktuelle stand. Skøn over fremtidige pengestrømme skal ikke omfatte skønnede fremtidige pengestrømme til eller fra virksomheden, som forventes at hidrøre fra:
a)
en fremtidig omstrukturering, som virksomheden endnu ikke har forpligtet sig til, eller
b)
forbedring eller øgning af aktivets ydeevne.
45.
Idet fremtidige pengestrømme skønnes for aktivet i dets aktuelle stand, afspejler nytteværdien ikke:
a)
fremtidige pengestrømme fra virksomheden eller tilknyttede omkostningsbesparelser (eksempelvis reduktioner af personaleomkostninger) eller fordele, som forventes at hidrøre fra en fremtidige omstrukturering, som virksomheden endnu ikke har forpligtet sig til, eller
b)
fremtidige pengestrømme fra virksomheden, som vil forbedre eller øge aktivets ydeevne, eller de tilknyttede pengestrømme til virksomheden, som forventes at hidrøre fra sådanne pengestrømme fra virksomheden.
46.
En omstrukturering er en af ledelsen planlagt og kontrolleret proces, som væsentligt ændrer enten omfanget af virksomhedens forretningsområde eller måden, hvorpå forretningen drives. IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
 indeholder vejledning, som kan anskueliggøre, hvornår en virksomhed har forpligtet sig til at foretage en omstrukturering.
47.
Når en virksomhed har forpligtet sig til at foretage en omstrukturering, vil nogle aktiver sandsynligvis blive påvirket af denne omstrukturering. Når først en virksomhed har forpligtet sig til at foretage en omstrukturering gælder det, at:
a)
virksomhedens skøn over fremtidige pengestrømme med henblik på opgørelsen af nytteværdi afspejler omkostningsbesparelser og andre fordele ved omstruktureringen (baseret på seneste budget/fremskrivning, som er godkendt af ledelsen), og
b)
virksomhedens skøn over fremtidige pengestrømme fra virksomheden vedrørende omstruktureringen er omfattet af en omstruktureringshensættelse i overensstemmelse med IAS 37.
Illustrativt eksempel 5 viser virkningen af en fremtidig omstrukturering på beregningen af nytteværdi.
48.
Så længe der ikke er pengestrømme fra virksomheden, som forbedrer og øger aktivets ydeevne, omfatter skøn over fremtidige pengestrømme ikke de skønnede fremtidige pengestrømme til virksomheden, som forventes at hidrøre fra stigningen i fremtidige økonomiske fordele forbundet med pengestrømmene fra virksomheden (jf. illustrativt eksempel 6).
49.
Skøn over fremtidige pengestrømme omfatter de fremtidige pengestrømme fra virksomheden, som er nødvendige for at opretholde det niveau af økonomiske fordele, som aktivet i dets aktuelle stand forventes at medføre. Når en pengestrømsfrembringende enhed består af aktiver med forskellig skønnet brugstid, som alle er afgørende for enhedens løbende drift, anses udskiftningen af aktiver med kortere brugstid for at være en del af den daglige vedligeholdelse af enheden, når der foretages skøn over de fremtidige pengestrømme, der er tilknyttet enheden. Når et enkelt aktiv består af dele med forskellig skønnet brugstid, anses udskiftningen af dele med kortere brugstid ligeledes for at være et led i den daglige vedligeholdelse af aktivet, når der foretages skøn over de fremtidige pengestrømme, der frembringes af aktivet.
50.
Skøn over fremtidige pengestrømme omfatter ikke:
a)
pengestrømme fra finansieringsaktiviteter, eller
b)
tilbagebetalinger eller betalinger af indkomstskatter.
51.
Skønnede fremtidige pengestrømme afspejler forudsætninger, som stemmer overens med den måde, hvorpå diskonteringssatsen opgøres. I modsat fald vil virkningen af nogle af forudsætningerne blive medtaget to gange eller slet ikke. Idet den tidsmæssige værdi af penge tages i betragtning ved, at de skønnede fremtidige pengestrømme diskonteres, omfatter disse pengestrømme ikke pengestrømme fra finansieringsaktiviteter. Ligeledes gælder det, at fordi diskonteringssatsen opgøres før skat, skønnes fremtidige pengestrømme ligeledes før skat.
52.
Skøn over de nettopengestrømme, der vil blive modtaget (eller betalt) ved afhændelsen af et aktiv ved udgangen af dets brugstid, skal svare til det beløb, med fradrag af skønnede afhændelsesomkostninger, som virksomheden forventer at opnå ved afhændelse af aktivet ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter.
53.
Skøn over de nettopengestrømme, der vil blive modtaget (eller betalt) ved afhændelsen af et aktiv ved udgangen af dets brugstid, opgøres på samme måde som et aktivs dagsværdi med fradrag af salgsomkostninger, bortset fra, at der ved skøn over disse nettopengestrømme gælder følgende:
a)
Virksomheder anvender de gældende priser på tidspunktet for skøn over tilsvarende aktiver, som er nået til udgangen af deres skønnede brugstid, og som er indgået i driften under forhold, som svarer til de forhold, hvorunder aktivet skal anvendes.
b)
Virksomheden regulerer disse priser for virkningen af både fremtidige prisstigninger på grund af almindelig inflation og specifikke fremtidige prisstigninger eller prisfald. Hvis skøn over fremtidige pengestrømme fra aktivets fortsatte anvendelse og diskonteringssatsen ikke omfatter virkningen af almindelig inflation, skal virksomheden dog heller ikke medtage denne virkning i skøn over nettopengestrømme ved afhændelsen.
Fremtidige pengestrømme i fremmed valuta
54.
Fremtidige pengestrømme skønnes i den valuta, de vil blive frembragt i, og diskonteres ved anvendelse af en for denne valuta relevant diskonteringssats. Virksomheder omregner nutidsværdien ved brug af spotkursen på tidspunktet for beregningen af nytteværdi.
Diskonteringssats
55.
Diskonteringssatsen (diskonteringssatserne) skal opgøres før skat og skal afspejle aktuelle markedsvurderinger af:
a)
den tidsmæssige værdi af penge, og
b)
de risici, som specifikt er forbundet med aktivet, og for hvilke der ikke er foretaget regulering i skøn over fremtidige pengestrømme.
56.
En sats, som afspejler aktuelle markedsvurderinger af penges tidsmæssige værdi og de risici, som specifikt er forbundet med aktivet, er det afkast, investorer ville kræve, hvis de vælger en investering, der vil frembringe pengestrømme, som med hensyn til beløb, tidspunkt og risici svarer til de pengestrømme, virksomheden forventer at opnå fra aktivet. Satsen skønnes ud fra den sats, som gælder for aktuelle markedstransaktioner med tilsvarende aktiver eller fra de vejede gennemsnitlige kapitalomkostninger for en børsnoteret virksomhed, som har et enkelt aktiv (eller en portefølje af aktiver), som med hensyn til potentiel ydeevne og risici svarer til det pågældende aktiv. Diskonteringssatsen (eller -satserne) som lægges til grund ved måling af et aktivs nytteværdi skal dog ikke afspejle risici, for hvilke der er foretaget regulering i skøn over fremtidige pengestrømme. I modsat fald vil virkningen af nogle af forudsætningerne blive indregnet to gange.
57.
Når der på markedet ikke direkte findes en sats, som er specifik for et bestemt aktiv, anvender virksomheden en erstatning til at skønne diskonteringssatsen. Appendiks A indeholder yderligere vejledning om skøn over diskonteringssatsen i sådanne tilfælde.
INDREGNING OG MÅLING AF TAB VED VÆRDIFORRINGELSE
58.
Afsnit 59-64 beskriver kravene for indregning og måling af tab ved værdiforringelse af et enkelt aktiv, bortset fra goodwill. Indregning og måling af tab ved værdiforringelse af pengestrømsfrembringende enheder og goodwill behandles i afsnit 65-108.
59.
Et aktivs regnskabsmæssige værdi skal udelukkende nedskrives til genindvindingsværdi, hvis genindvindingsværdien af aktivet er mindre end dets regnskabsmæssige værdi. Denne nedskrivning er et tab ved værdiforringelse.
60.
Tab ved værdiforringelse skal straks indregnes i resultatet, medmindre aktivet indregnes til omvurderet værdi i overensstemmelse med en anden standard (eksempelvis i overensstemmelse med omvurderingsmodellen i IAS 16). Tab ved værdiforringelse af et omvurderet aktiv skal behandles som en reduktion som følge af omvurdering i overensstemmelse med denne anden standard.
61.
Tab ved værdiforringelse af et aktiv, der ikke er omvurderet, indregnes i resultatet. Dog indregnes et tab ved værdiforringelse af et omvurderet aktiv direkte i eventuelle tilknyttede reserver for opskrivninger af aktivet, i det omfang tabet ved værdiforringelse ikke overstiger beløbet under reserver for opskrivninger for det samme aktiv.
62.
Når det skønnede tab ved værdiforringelse er større end den regnskabsmæssige værdi af det aktiv, det er tilknyttet, skal virksomheden udelukkende indregne en forpligtelse, hvis det er krævet af en anden standard.
63.
Efter indregning af tab ved værdiforringelse skal afskrivningerne af aktivet reguleres i fremtidige regnskabsår, således at aktivets ændrede regnskabsmæssige værdi med fradrag af eventuel restværdi systematisk allokeres over aktivets resterende brugstid.
64.
Hvis et tab ved værdiforringelse indregnes, opgøres tilknyttede udskudte skatteaktiver eller -forpligtelser i overensstemmelse med IAS 12 ved sammenligning af aktivets ændrede regnskabsmæssige værdi med dets skattemæssige værdi (jf. illustrativt eksempel 3).
PENGESTRØMSFREMBRINGENDE ENHEDER OG GOODWILL
65.
Afsnit 66-108 beskriver kravene til identifikation af den pengestrømsfrembringende enhed, et aktiv tilhører, og opgørelse af den regnskabsmæssige værdi af pengestrømsfrembringende enheder samt indregning af tab ved værdiforringelse af pengestrømsfrembringende enheder og goodwill.
Identifikation af den pengestrømsfrembringende enhed, et aktiv tilhører
66.
Hvis der er indikation af, at et aktiv er værdiforringet, skal genindvindingsværdien skønnes for det enkelte aktiv. Hvis det ikke er muligt at skønne genindvindingsværdien af det enkelte aktiv, skal virksomheden opgøre genindvindingsværdien af den pengestrømsfrembringende enhed, aktivet tilhører (aktivets pengestrømsfrembringende enhed).
67.
Genindvindingsværdien af et enkelt aktiv kan ikke opgøres, hvis:
a)
aktivets nytteværdi ikke kan skønnes at være tæt på dets dagsværdi med fradrag af salgsomkostninger (eksempelvis når fremtidige pengestrømme fra fortsat anvendelse af aktivet ikke kan skønnes at være ubetydelige), og
b)
aktivet ikke frembringer pengestrømme til virksomheden, som i al væsentlighed er uafhængige af pengestrømme fra andre aktiver.
I sådanne tilfælde kan nytteværdien, og dermed genindvindingsværdien, udelukkende opgøres for aktivets pengestrømsfrembringende enhed.
Eksempel
Et mineselskab ejer en privat jernbane til brug ved sine mineaktiviteter. Den private jernbane kan udelukkende sælges til scrapværdi, og den frembringer ikke pengestrømme, som i al væsentlighed er uafhængige af pengestrømme fra de andre aktiver i minen.
Det er ikke muligt at skønne den private jernbanes genindvindingsværdi, idet dens nytteværdi ikke kan opgøres, og nytteværdien sandsynligvis afviger fra scrapværdien. Derfor skønner virksomheden genindvindingsværdien af den pengestrømsfrembringende enhed, den private jernbane tilhører, dvs. minen som helhed.
68.
Som defineret i afsnit 6 er et aktivs pengestrømsfrembringende enhed den mindste identificerbare gruppe af aktiver, som aktivet indgår i, der frembringer pengestrømme, som i al væsentlighed er uafhængige af pengestrømme fra andre aktiver eller grupper af aktiver. Identifikation af et aktivs pengestrømsfrembringende enhed beror på en vurdering. Hvis genindvindingsværdien ikke kan opgøres for et enkelt aktiv, identificerer virksomheden den laveste samling af aktiver, der frembringer pengestrømme, som i al væsentlighed er uafhængige.
Eksempel
Et busselskab har en kontrakt med en kommune om driften af minimum fem forskellige busruter. Aktiver anvendt til hver rute og pengestrømme fra hver rute kan identificeres separat. En af ruterne drives med et væsentligt tab.
Idet virksomheden ikke har mulighed for at nedlægge en af busruterne, er det laveste niveau af identificerbare pengestrømme, som i al væsentlighed er uafhængige af pengestrømmene fra andre aktiver eller grupper af aktiver, de pengestrømme, der frembringes af de fem ruter tilsammen. Den pengestrømsfrembringende enhed for hver rute er busselskabet som helhed.
69.
Pengestrømme til virksomheden er pengestrømme og likvider, som modtages fra eksterne parter. Ved bedømmelsen af, hvorvidt pengestrømme fra et aktiv (eller gruppe af aktiver) i al væsentlighed er uafhængige af pengestrømme fra andre aktiver (eller grupper af aktiver), tager virksomheden forskellige faktorer i betragtning, herunder hvordan ledelsen kontrollerer virksomhedens drift (eksempelvis efter produktgruppe, forretningsområde, placering, distrikt eller region), eller hvordan ledelsen træffer beslutninger om fortsat anvendelse eller afhændelse af virksomhedens aktiver og aktiviteter. Illustrativt eksempel 1 indeholder eksempler på identifikation af pengestrømsfrembringende enheder.
70.
Hvis der findes et aktivt marked for et aktivs eller en gruppe af aktivers producerede enheder, skal aktivet eller gruppen af aktiver identificeres som en pengestrømsfrembringende enhed, selvom nogle af eller alle de producerede enheder anvendes internt. Hvis pengestrømme til virksomheden, der er frembragt af et hvilket som helst aktiv eller pengestrømsfrembringende enhed påvirkes af interne afregningspriser, skal virksomheden lægge ledelsens bedste skøn over fremtidige priser, som kan opnås ved transaktioner mellem kvalificerede, villige, indbyrdes uafhængige parter, til grund for skøn over:
a)
de fremtidige pengestrømme til virksomheden, som anvendes til at opgøre aktivets eller den pengestrømsfrembringende enheds nytteværdi, og
b)
de fremtidige pengestrømme fra virksomheden, som anvendes til at opgøre nytteværdien af andre aktiver eller pengestrømsfrembringende enheder, som påvirkes af interne afregningspriser.
71.
Selvom dele af eller alle de producerede enheder fra et aktiv eller en gruppe af aktiver anvendes af andre enheder i virksomheden (eksempelvis et produkt, der er på et foreløbigt stadie i produktionsprocessen), udgør aktivet eller gruppen af aktiver en separat pengestrømsfrembringende enhed, hvis virksomheden kan sælge de producerede enheder på et aktivt marked. Dette skyldes, at aktivet eller gruppen af aktiver kan frembringe pengestrømme, som i al væsentlighed er uafhængige af pengestrømmene fra andre aktiver eller grupper af aktiver. Når virksomheder anvender informationer baseret på budgetter/fremskrivninger vedrørende en sådan pengestrømsfrembringende enhed eller et andet aktiv eller en anden pengestrømsfrembringende enhed, som påvirkes af interne afregningspriser, reguleres disse informationer, hvis de interne afregningspriser ikke afspejler ledelsens bedste skøn over den fremtidige markedsværdi, som ville kunne opnås ved transaktioner mellem kvalificerede, villige, indbyrdes uafhængige parter.
72.
Pengestrømsfrembringende enheder skal identificeres på et ensartet grundlag fra regnskabsår til regnskabsår for det samme aktiv eller typer af aktiver, medmindre en ændring kan begrundes.
73.
Hvis en virksomhed vurderer, at et aktiv tilhører en anden pengestrømsfrembringende enhed end i tidligere regnskabsår, eller at de typer af aktiver, som er samlet i aktivets pengestrømsfrembringende enhed er ændret, kræves der i afsnit 130 oplysning om den pengestrømsfrembringende enhed, hvis et tab ved værdiforringelse indregnes eller tilbageføres for den pengestrømsfrembringende enhed.
Genindvindingsværdi og regnskabsmæssig værdi af en pengestrømsfrembringende enhed
74.
Genindvindingsværdien af en pengestrømsfrembringende enhed er det højeste af dagsværdien med fradrag af salgsomkostninger og nytteværdien. Ved opgørelse af en pengestrømsfrembringende enheds genindvindingsværdi, skal henvisningerne i afsnit 19-57 til »et aktiv« læses som henvisninger til »en pengestrømsfrembringende enhed«.
75.
Den regnskabsmæssige værdi af en pengestrømsfrembringende enhed skal opgøres på et grundlag, som svarer til det, der er anvendt ved opgørelsen af enhedens genindvindingsværdi.
76.
Den regnskabsmæssige værdi af en pengestrømsfrembringende enhed:
a)
omfatter udelukkende den regnskabsmæssige værdi af de aktiver, som direkte kan henføres eller på en rimelig og ensartet måde allokeres til den pengestrømsfrembringende enhed, og som vil frembringe de fremtidige pengestrømme til virksomheden, som anvendes ved opgørelsen af den pengestrømsfrembringende enheds nytteværdi, og
b)
omfatter ikke den regnskabsmæssige værdi af indregnede forpligtelser, medmindre genindvindingsværdien af den pengestrømsfrembringende enhed ikke kan opgøres, uden at sådanne forpligtelser tages i betragtning.
Grunden hertil er, at dagsværdien med fradrag af salgsomkostninger og nytteværdien af en pengestrømsfrembringende enhed opgøres uden de pengestrømme, som er tilknyttet aktiver, der ikke er en del af den pengestrømsfrembringende enhed, og forpligtelser, som er indregnet (jf. afsnit 28 og 43).
77.
Når aktiver grupperes for vurdering af deres genindvindelighed, er det vigtigt i den pengestrømsfrembringende enhed at medtage alle aktiver, som frembringer eller anvendes til at frembringe de relevante pengestrømme. Ellers kan den pengestrømsfrembringende enhed synes at være fuldt genindvindelig, selvom der i realiteten er opstået et tab ved værdiforringelse. Selv om nogle aktiver bidrager til den pengestrømsfrembringende enheds skønnede fremtidige pengestrømme, er der tilfælde, hvor de ikke kan allokeres til den pengestrømsfrembringende enhed på en rimelig og ensartet måde. Det kan være tilfældet for goodwill eller virksomhedsaktiver, som eksempelvis aktiver i tilknytning til hovedsædet. I afsnit 80-103 angives behandlingen af sådanne aktiver, når en pengestrømsfrembringende enhed testes for værdiforringelse.
78.
Det kan være nødvendigt at tage visse indregnede forpligtelser i betragtning for at kunne opgøre en pengestrømsfrembringende enheds genindvindingsværdi. Dette kan forekomme, hvis afhændelse af en pengestrømsfrembringende enhed medfører, at køber skal overtage forpligtelsen. I dette tilfælde er den pengestrømsfrembringende enheds dagsværdi med fradrag af salgsomkostninger (eller den skønnede pengestrøm fra den endelige afhændelse) den skønnede salgspris for den pengestrømsfrembringende enheds aktiver samt forpligtelsen, fratrukket afhændelsesomkostninger. For at kunne foretage en meningsfuld sammenligning af en pengestrømsfrembringende enheds regnskabsmæssige værdi og genindvindingsværdi, fratrækkes forpligtelsens regnskabsmæssige værdi både ved opgørelsen af den pengestrømsfrembringende enheds nytteværdi og dens regnskabsmæssige værdi.
Eksempel
En virksomhed driver en mine i et land, hvor lovgivningen kræver, at ejeren skal retablere grunden, når mineaktiviteterne er færdiggjort. Retableringsomkostninger omfatter tilbagelægning af overliggende jord, som skal fjernes, før mineaktiviteterne kan påbegyndes. En hensættelse til omkostninger til tilbagelægning af overliggende jord indregnes, så snart jorden fjernes. Beløbet indregnes som en del af minens kostpris og afskrives over minens brugstid. Den regnskabsmæssige værdi af hensættelsen til retableringsomkostninger er 500 CU 
(
1
)
, som svarer til nutidsværdien af retableringsomkostningerne.
Virksomheden tester minen for værdiforringelse. Den pengestrømsfrembringende enhed for minen er minen som helhed. Virksomheden modtager forskellige tilbud om køb af minen til en pris af ca. 800 CU. I prisen er der taget højde for, at køber overtager forpligtelsen til at tilbagelægge overliggende jord. Afhændelsesomkostningerne for minen er ubetydelige. Minens nytteværdi er ca. 1 200 CU, eksklusive retableringsomkostninger. Den regnskabsmæssige værdi af minen er 1 000 CU.
Den pengestrømsfrembringende enheds dagsværdi med fradrag af salgsomkostninger er 800 CU. I dette beløb er der taget højde for retableringsomkostninger, for hvilke der allerede er foretaget en hensættelse. Som følge heraf opgøres den pengestrømsfrembringende enheds nytteværdi, efter at retableringsomkostninger er taget i betragtning, og den skønnes at være 700 CU (1 200 CU med fradrag af 500 CU). Den regnskabsmæssige værdi af den pengestrømsfrembringende enhed er 500 CU, hvilket svarer til den regnskabsmæssige værdi af minen (1 000 CU) med fradrag af den regnskabsmæssige værdi af hensættelsen til retableringsomkostninger (500 CU). Den pengestrømsfrembringende enheds genindvindingsværdi overstiger derfor den regnskabsmæssige værdi.
NOTER
79.
Af praktiske grunde tages der ved opgørelsen af den pengestrømsfrembringende enheds genindvindingsværdi undertiden højde for aktiver, som ikke er en del af den pengestrømsfrembringende enhed (eksempelvis tilgodehavender eller andre finansielle aktiver) eller forpligtelser, som er indregnet (eksempelvis gæld, pensioner og andre hensatte forpligtelser). I sådanne tilfælde øges den pengestrømsfrembringende enheds regnskabsmæssige værdi med den regnskabsmæssige værdi af sådanne aktiver og reduceres med den regnskabsmæssige værdi af sådanne forpligtelser.
Goodwill
Allokering af goodwill til pengestrømsfrembringende enheder
80.
Ved test for værdiforringelse skal goodwill, som er erhvervet ved en virksomhedssammenslutning, fra overtagelsestidspunktet allokeres til hver af den overtagende virksomheds pengestrømsfrembringende enheder eller grupper af pengestrømsfrembringende enheder, som forventes at drage fordel af synergien ved virksomhedssammenslutningen, uanset om andre af den overtagne virksomheds aktiver eller forpligtelser er tilskrevet disse enheder eller grupper af enheder. Hver enhed eller gruppe af enheder, som goodwillen på denne måde er allokeret til, skal:
a)
repræsentere det laveste niveau i virksomheden, hvor goodwillen overvåges til interne ledelsesformål, og
b)
ikke være større end et driftssegment opgjort i overensstemmelse med IFRS 8 
Driftssegmenter
.
81.
Goodwill, som er erhvervet ved en virksomhedssammenslutning, udgør en betaling fra den overtagende virksomhed i forventning om fremtidige økonomiske fordele fra aktiver, som ikke kan identificeres individuelt og indregnes separat. Goodwill frembringer ikke pengestrømme uafhængigt af andre aktiver eller grupper af aktiver og bidrager ofte til pengestrømme fra flere pengestrømsfrembringende enheder. Goodwill kan i visse tilfælde ikke allokeres til de enkelte pengestrømsfrembringende enheder på et ikke-vilkårligt grundlag, men kun til grupper af pengestrømsfrembringende enheder. Som en følge heraf omfatter det laveste niveau i virksomheden, hvor goodwillen overvåges til interne ledelsesformål, nogle gange et antal pengestrømsfrembringende enheder, som goodwillen er tilknyttet, men som den ikke kan allokeres til. Henvisninger i afsnit 83-99 til en pengestrømsfrembringende enhed, hvortil der er allokeret goodwill, skal også læses som henvisninger til en gruppe af pengestrømsfrembringende enheder, hvortil der er allokeret goodwill.
82.
Anvendelse af kravene i afsnit 80 medfører, at goodwill bliver testet for værdiforringelse på et niveau, som afspejler den måde, hvorpå en virksomhed leder sine aktiviteter, og som naturligt ville være forbundet med goodwillen. Derfor er det normalt ikke nødvendigt at udvikle yderligere rapporteringssystemer.
83.
En pengestrømsfrembringende enhed, hvortil der er allokeret goodwill med henblik på test for værdiforringelse, må ikke være på samme niveau, som der er allokeret goodwill til i overensstemmelse med IAS 21 
Valutaomregning
 med henblik på måling af valutakursgevinster og –tab. Hvis IAS 21 eksempelvis kræver, at en virksomhed skal allokere goodwill til forholdsvis lave niveauer ved måling af valutakursgevinster og –tab, behøver virksomheden ikke at teste goodwillen for værdiforringelse på samme niveau, medmindre den også overvåger goodwillen på dette niveau til interne ledelsesformål.
84.
Hvis den første allokering af goodwill, som er erhvervet ved en virksomhedssammenslutning, ikke kan gennemføres før slutningen af det regnskabsår, hvor virksomhedssammenslutningen finder sted, skal denne første allokering gennemføres før slutningen af det førstkommende regnskabsår efter overtagelsestidspunktet.
85.
Hvis den første regnskabsmæssige behandling af en virksomhedssammenslutning kun kan opgøres foreløbigt ved slutningen af det regnskabsår, hvor sammenslutningen finder sted, skal den overtagende virksomhed i overensstemmelse med IFRS 3 
Virksomhedssammenslutninger
:
a)
foretage regnskabsmæssig behandling af sammenslutningen ved brug af disse foreløbige værdier, og
b)
indregne reguleringer af disse foreløbige værdier som et resultat af gennemførslen af den første regnskabsmæssige behandling inden for tolv måneder efter overtagelsestidspunktet.
I sådanne tilfælde vil det muligvis heller ikke være muligt at gennemføre den første allokering af goodwill, som er erhvervet ved sammenslutningen før slutningen af det regnskabsår, hvor sammenslutningen finder sted. Når dette er tilfældet, skal virksomheden give de oplysninger, som kræves i afsnit 133.
86.
Hvis der er allokeret goodwill til en pengestrømsfrembringende enhed, og virksomheden afhænder en aktivitet inden for denne enhed, skal den goodwill, som er tilknyttet den afhændede aktivitet:
a)
medtages i aktivitetens regnskabsmæssige værdi ved opgørelse af gevinst eller tab ved afhændelse, og
b)
måles på grundlag af den relative værdi af den afhændede aktivitet og den del af den pengestrømsfrembringende enhed, som bibeholdes, medmindre virksomheden kan dokumentere, at en anden metode bedre afspejler den goodwill, som er tilknyttet den afhændede aktivitet.
Eksempel
En virksomhed sælger for 100 CU en aktivitet, som var en del af en pengestrømsfrembringende enhed, hvortil der er allokeret goodwill. Den goodwill, der er allokeret til enheden, kan kun identificeres eller tilknyttes en gruppe af aktiver på et niveau, som er lavere end den pågældende enhed, på vilkårlig vis. Genindvindingsværdien af den del af den pengestrømsfrembringende enhed, som bibeholdes, er 300 CU.
Eftersom den goodwill, der er allokeret til den pengestrømsfrembringende enhed, ikke på en ikke-vilkårlig måde kan identificeres eller tilknyttes en gruppe af aktiver på et niveau, som er lavere end den pågældende enhed, skal den goodwill, der er tilknyttet den afhændede aktivitet, måles på grundlag af den relative værdi af den afhændede aktivitet og den del af enheden, som bibeholdes. Derfor medtages 25 procent af den goodwill, der er allokeret til den pengestrømsfrembringende enhed, i den regnskabsmæssige værdi af den aktivitet, der sælges.
87.
Hvis en virksomhed omstrukturerer sin præsentationsstruktur på en måde, som ændrer sammensætningen af en eller flere pengestrømsfrembringende enheder, hvortil der er allokeret goodwill, skal der ske en omallokering af goodwillen til de berørte enheder. Denne omallokering skal udføres ved brug af en relativ værdimetode, som svarer til den metode, der anvendes, når en virksomhed afhænder en aktivitet inden for en pengestrømsfrembringende enhed, medmindre virksomheden kan dokumentere, at en anden metode bedre afspejler den goodwill, som er tilknyttet de omstrukturerede enheder.
Eksempel
Goodwill blev tidligere allokeret til pengestrømsfrembringende enhed A. Den goodwill, der er allokeret til A, kan kun identificeres eller forbindes med en gruppe af aktiver på et niveau, som er lavere end A, på vilkårlig vis. A skal opdeles og integreres i tre andre pengestrømsfrembringende enheder, B, C og D.
Eftersom den goodwill, der er allokeret til A, ikke på en ikke-vilkårlig måde kan identificeres eller forbindes med en gruppe af aktiver på et niveau, som er lavere end A, skal den omallokeres til enhederne B, C og D på grundlag af den relative værdi af de tre dele af A, før disse dele integreres i B, C og D.
Test af pengestrømsfrembringende enheder med goodwill for værdiforringelse
88.
Når goodwill, som beskrevet i afsnit 81, er tilknyttet en pengestrømsfrembringende enhed, men ikke er blevet allokeret til denne enhed, skal enheden testes for værdiforringelse, når der er indikation af, at enheden kan være værdiforringet, ved at sammenligne enhedens regnskabsmæssige værdi med fradrag af goodwill med genindvindingsværdien. Tab ved værdiforringelse skal indregnes i overensstemmelse med afsnit 104.
89.
Hvis den regnskabsmæssige værdi af en i afsnit 88 beskrevet pengestrømsfrembringende enhed omfatter et immaterielt aktiv med uendelig brugstid, eller som endnu ikke er disponibelt til brug, og dette aktiv kun kan testes for værdiforringelse som en del af den pengestrømsfrembringende enhed, kræver afsnit 10, at enheden også skal testes for værdiforringelse årligt.
90.
En pengestrømsfrembringende enhed, hvortil der er allokeret goodwill, skal testes for værdiforringelse årligt, og når der er indikation af, at enheden kan være værdiforringet, ved at sammenligne enhedens regnskabsmæssige værdi, herunder goodwill, med enhedens genindvindingsværdi. Hvis enhedens genindvindingsværdi overstiger den regnskabsmæssige værdi, anses enheden og den dertil allokerede goodwill for ikke at være værdiforringet. Hvis enhedens regnskabsmæssige værdi overstiger enhedens genindvindingsværdi, skal virksomheden indregne tabet ved værdiforringelse i overensstemmelse med afsnit 104.
Minoritetsinteresse
91.
I overensstemmelse med IFRS 3 udgør goodwill, som er indregnet ved en virksomhedssammenslutning, den goodwill, som er overtaget af en modervirksomhed på grundlag af modervirksomhedens ejerandel, og ikke den goodwill, som er underlagt modervirksomhedens bestemmende indflydelse som en følge af virksomhedssammenslutningen. Derfor indregnes goodwill, som er tilknyttet en minoritetsinteresse, ikke i modervirksomhedens koncernregnskab. Hvis der er en minoritetsinteresse i en pengestrømsfrembringende enhed, hvortil der er allokeret goodwill, omfatter den pågældende enheds regnskabsmæssige værdi således:
a)
både modervirksomhedens og minoritetsinteressens andel i enhedens identificerbare nettoaktiver, og
b)
modervirksomhedens andel af goodwill.
En del af den pengestrømsfrembringende enheds genindvindingsværdi opgjort i overensstemmelse med denne standard kan dog henføres til minoritetsinteressens andel af goodwill.
92.
Ved test for værdiforringelse af en pengestrømsfrembringende enhed med goodwill, som ikke er 100 % ejet, skal enhedens regnskabsmæssige værdi derfor reguleres teoretisk før sammenligningen med genindvindingsværdien. Dette foretages ved at omregne den regnskabsmæssige værdi af den goodwill, der er allokeret til enheden, til bruttoværdien ved at medtage goodwill tilknyttet minoritetsinteressen. Denne teoretisk regulerede regnskabsmæssige værdi sammenlignes derefter med enhedens genindvindingsværdi for at vurdere, hvorvidt den pengestrømsfrembringende enhed er værdiforringet. Hvis dette er tilfældet, skal virksomheden allokere tabet ved værdiforringelse i overensstemmelse med afsnit 104 først for at reducere den regnskabsmæssige værdi af goodwill tilknyttet enheden.
93.
Eftersom goodwill kun indregnes i et omfang svarende til modervirksomhedens ejerandel, skal eventuelle tab ved værdiforringelse tilknyttet goodwillen fordeles mellem den del, der kan henføres til modervirksomheden, og den del, der kan henføres til minoritetsinteressen, og kun den første del skal indregnes som et tab ved værdiforringelse af goodwill.
94.
Hvis det samlede tab ved værdiforringelse tilknyttet goodwill er mindre end det beløb, hvormed den teoretisk regulerede regnskabsmæssige værdi af den pengestrømsfrembringende enhed overstiger genindvindingsværdien, kræver afsnit 104, at den resterende overskydende del allokeres på et pro rata-grundlag til de andre aktiver i enheden baseret på den regnskabsmæssige værdi af hvert aktiv i enheden.
95.
Illustrativt eksempel 7 illustrerer test for værdiforringelse af en pengestrømsfrembringende enhed med goodwill, som ikke ejes 100 %.
Tidspunkt for test for værdiforringelse
96.
Den årlige test for værdiforringelse af en pengestrømsfrembringende enhed, hvortil der er allokeret goodwill, kan udføres på et hvilket som helst tidspunkt i regnskabsåret, forudsat at testen udføres på samme tidspunkt hvert år. Forskellige pengestrømsfrembringende enheder kan testes for værdiforringelse på forskellige tidspunkter. Hvis en del af eller hele den goodwill, der er allokeret til en pengestrømsfrembringende enhed, blev erhvervet ved en virksomhedssammenslutning i det aktuelle regnskabsår, skal den pågældende enhed testes for værdiforringelse før slutningen af det aktuelle regnskabsår.
97.
Hvis de aktiver, der udgør den pengestrømsfrembringende enhed, hvortil der er allokeret goodwill, testes for værdiforringelse på samme tidspunkt som den enhed, der indeholder goodwillen, skal de testes for værdiforringelse før den enhed, der indeholder goodwillen. Tilsvarende gælder det, at hvis de pengestrømsfrembringende enheder, der udgør en gruppe af pengestrømsfrembringende enheder, hvortil der er allokeret goodwill, testes for værdiforringelse på samme tidspunkt som den gruppe af enheder, der indeholder goodwillen, skal de enkelte enheder testes for værdiforringelse før den gruppe af enheder, der indeholder goodwillen.
98.
På tidspunktet for test for værdiforringelse af en pengestrømsfrembringende enhed, hvortil der er allokeret goodwill, kan der være indikation af værdiforringelse af et aktiv inden for den enhed, der indeholder goodwillen. I dette tilfælde skal virksomheden først teste aktivet for værdiforringelse og indregne eventuelle tab ved værdiforringelse af aktivet, før den pengestrømsfrembringende enhed, som indeholder goodwillen, testes for værdiforringelse. Tilsvarende kan der være indikation af værdiforringelse af en pengestrømsfrembringende enhed inden for en gruppe af enheder, som indeholder goodwill. I dette tilfælde skal virksomheden først teste den pengestrømsfrembringende enhed for værdiforringelse og indregne eventuelle tab ved værdiforringelse af enheden, før den gruppe af enheder, hvortil der er allokeret goodwillen, testes for værdiforringelse.
99.
Den seneste detaljerede beregning, som er foretaget i et tidligere regnskabsår, af genindvindingsværdien af en pengestrømsfrembringende enhed, hvortil der er allokeret goodwill, kan anvendes til testen for værdiforringelse af den pågældende enhed i det aktuelle regnskabsår, under forudsætning af opfyldelsen af alle følgende kriterier:
a)
de aktiver og forpligtelser, der udgør enheden, har ikke ændret sig væsentligt siden den seneste beregning af genindvindingsværdi,
b)
den seneste beregning af genindvindingsværdi resulterede i et beløb, som i væsentlig grad oversteg enhedens regnskabsmæssige værdi, og
c)
på grundlag af en analyse af begivenheder, som er indtruffet, og forhold, som har ændret sig, siden den seneste beregning af genindvindingsværdien er det meget usandsynligt, at den aktuelle opgjorte genindvindingsværdi ville være mindre end enhedens aktuelle regnskabsmæssige værdi.
Virksomhedsaktiver
100.
Virksomhedsaktiver omfatter en koncerns eller divisions administrationsbygninger, edb-udstyr eller et forskningscenter. Hvorvidt et aktiv opfylder denne standards definition på virksomhedsaktiver for en bestemt pengestrømsfrembringende enhed afhænger af virksomhedens opbygning. Virksomhedsaktiver er kendetegnet ved, at de ikke frembringer pengestrømme uafhængigt af andre aktiver eller grupper af aktiver, og at deres regnskabsmæssige værdi ikke fuldt ud kan henføres til den pågældende pengestrømsfrembringende enhed.
101.
Idet virksomhedsaktiver ikke frembringer separate pengestrømme til virksomheden, kan genindvindingsværdien af et enkelt virksomhedsaktiv ikke opgøres, medmindre ledelsen beslutter at afhænde aktivet. Som følge heraf gælder, at hvis der er indikation af, at et virksomhedsaktiv er værdiforringet, opgøres genindvindingsværdien af den pengestrømsfrembringende enhed eller gruppen af pengestrømsfrembringende enheder, som virksomhedsaktivet tilhører. Genindvindingsværdien sammenlignes med den regnskabsmæssige værdi af denne pengestrømsfrembringende enhed eller gruppe af pengestrømsfrembringende enheder. Tab ved værdiforringelse indregnes i overensstemmelse med afsnit 104.
102.
Når en pengestrømsfrembringende enhed testes for værdiforringelse, skal virksomheden identificere alle de virksomhedsaktiver, som er tilknyttet den pågældende pengestrømsfrembringende enhed. Hvis en del af den regnskabsmæssige værdi af et virksomhedsaktiv:
a)
på en rimelig og ensartet måde kan allokeres til den pågældende enhed, skal virksomheden sammenligne enhedens regnskabsmæssige værdi, herunder den del af den regnskabsmæssige værdi af virksomhedsaktivet, som er allokeret til enheden, med genindvindingsværdien. Tab ved værdiforringelse skal indregnes i overensstemmelse med afsnit 104
b)
ikke på en rimelig og ensartet måde kan allokeres til den pågældende enhed, skal virksomheden:
i)
sammenligne enhedens regnskabsmæssige værdi, eksklusive virksomhedsaktivet, med genindvindingsværdien og indregne tab ved værdiforringelse i overensstemmelse med afsnit 104
ii)
identificere den mindste gruppe af pengestrømsfrembringende enheder, som omfatter den pågældende pengestrømsfrembringende enhed, og hvortil en del af den regnskabsmæssige værdi af virksomhedsaktivet kan allokeres på en rimelig og ensartet måde, og
iii)
sammenligne den regnskabsmæssige værdi af den gruppe af pengestrømsfrembringende enheder, herunder den del af den regnskabsmæssige værdi af virksomhedsaktivet, som er allokeret til den pågældende gruppe af enheder, med genindvindingsværdien af gruppen af enheder. Tab ved værdiforringelse skal indregnes i overensstemmelse med afsnit 104.
103.
Illustrativt eksempel 8 viser anvendelsen af disse krav på virksomhedsaktiver.
Tab ved værdiforringelse af en pengestrømsfrembringende enhed
104.
Tab ved værdiforringelse skal udelukkende indregnes for en pengestrømsfrembringende enhed (den mindste gruppe af pengestrømsfrembringende enheder, hvortil goodwill eller et virksomhedsaktiv er allokeret) hvis genindvindingsværdien af enheden (gruppen af enheder) er mindre end den regnskabsmæssige værdi af enheden (gruppen af enheder). Tabet ved værdiforringelse skal allokeres for at reducere den regnskabsmæssige værdi af aktiverne i enheden (gruppen af enheder) i nævnte rækkefølge:
a)
først for at reducere den regnskabsmæssige værdi af goodwill, som er allokeret til den pengestrømsfrembringende enhed (gruppe af enheder), og
b)
herefter på et pro rata-grundlag til de andre aktiver i enheden (gruppen af enheder) baseret på den regnskabsmæssige værdi af hvert aktiv i enheden (gruppen af enheder).
Disse reduktioner af den regnskabsmæssige værdi skal behandles som tab ved værdiforringelse af de enkelte aktiver og indregnes i overensstemmelse med afsnit 60.
105.
Ved allokering af et tab ved værdiforringelse i overensstemmelse med afsnit 104 skal virksomheden ikke reducere den regnskabsmæssige værdi af et aktiv til mindre end den højeste af følgende værdier:
a)
dets dagsværdi med fradrag af salgsomkostninger (hvis denne kan opgøres)
b)
dets nytteværdi (hvis denne kan opgøres), og
c)
nul.
Det tab ved værdiforringelse, som ellers skulle være allokeret til aktivet, skal allokeres til de andre aktiver i enheden (gruppen af enheder) på et pro-rata grundlag.
106.
Hvis det ikke er praktisk muligt at skønne genindvindingsværdien af hvert enkelt aktiv i en pengestrømsfrembringende enhed, kræver denne standard en vilkårlig allokering af et tab ved værdiforringelse mellem aktiverne i enheden, bortset fra goodwill, idet alle aktiverne i den pengestrømsfrembringende enhed fungerer i sammenhæng med hinanden.
107.
Hvis genindvindingsværdien af et enkelt aktiv ikke kan opgøres (jf. afsnit 67):
a)
indregnes der et tab ved værdiforringelse af aktivet, hvis dets regnskabsmæssige værdi er større end det højeste af dagsværdien med fradrag af salgsomkostninger og resultatet af de i afsnit 104 og 105 beskrevne allokeringsprocedurer, og
b)
indregnes der ikke et tab ved værdiforringelse af aktivet, hvis den tilknyttede pengestrømsfrembringende enhed ikke er værdiforringet. Dette gælder, selvom aktivets dagsværdi med fradrag af salgsomkostninger er lavere end dets regnskabsmæssige værdi.
Eksempel
En maskine er blevet beskadiget, men fungerer stadig, dog ikke længere på samme niveau som før den blev beskadiget. Maskinens dagsværdi med fradrag af salgsomkostninger er mindre end dens regnskabsmæssige værdi. Maskinen frembringer ikke pengestrømme, som er uafhængige. Den mindste identificerbare gruppe af aktiver, som omfatter maskinen og frembringer pengestrømme, som i al væsentlighed er uafhængige af pengestrømme fra andre aktiver, er det samlebånd, som maskinen tilhører. Genindvindingsværdien af samlebåndet viser, at samlebåndet som helhed ikke er værdiforringet.
Forudsætning 1: budgetter/fremskrivninger, som er godkendt af ledelsen, afspejler intet tilsagn fra ledelsens side om at udskifte maskinen.
Maskinens genindvindingsværdi kan ikke skønnes separat, idet maskinens nytteværdi:
a)
kan afvige fra dens dagsværdi med fradrag af salgsomkostninger, og
b)
udelukkende kan opgøres for den pengestrømsfrembringende enhed, som maskinen tilhører (samlebåndet).
Samlebåndet er ikke værdiforringet. Derfor indregnes der ikke noget tab ved værdiforringelse for maskinen. Dog kan virksomheden have behov for at revurdere afskrivningsperioden eller afskrivningsmetoden for maskinen. En kortere afskrivningsperiode eller en hurtigere afskrivningsmetode kan være nødvendig for at afspejle maskinens forventede resterende brugstid eller det mønster, hvorefter de økonomiske fordele forventes forbrugt af virksomheden.
Forudsætning 2: budgetter/fremskrivninger, som er godkendt af ledelsen, afspejler et tilsagn fra ledelsens side om at udskifte maskinen og sælge den inden for en overskuelig fremtid. Pengestrømme fra maskinens fortsatte anvendelse indtil dens afhændelse skønnes at være ubetydelige.
Maskinens nytteværdi skønnes at være tæt på dens dagsværdi med fradrag af salgsomkostninger. Derfor kan maskinens genindvindingsværdi opgøres, og den pengestrømsfrembringende enhed, som maskinen tilhører (dvs. samlebåndet), tages ikke i betragtning. Idet maskinens dagsværdi med fradrag af salgsomkostninger er mindre end dens regnskabsmæssige værdi, indregnes der et tab ved værdiforringelse af maskinen.
108.
Efter anvendelse af kravene i afsnit 104 og 105, skal en forpligtelse for resterende tab ved værdiforringelse af en pengestrømsfrembringende enhed udelukkende indregnes, hvis dette kræves af en anden standard.
TILBAGEFØRSEL AF TAB VED VÆRDIFORRINGELSE
109.
Afsnit 110-116 beskriver kravene for tilbageførsel af tab ved værdiforringelse af et aktiv eller en pengestrømsfrembringende enhed, som er indregnet i tidligere regnskabsår. I kravene anvendes udtrykket »et aktiv«, men de finder anvendelse på enkelte aktiver såvel som på pengestrømsfrembringende enheder. Yderligere krav for et enkelt aktiv beskrives i afsnit 117-121, for en pengestrømsfrembringende enhed i afsnit 122 og 123 og for goodwill i afsnit 124 og 125.
110.
Virksomheden skal på hver balancedag vurdere, hvorvidt der er indikation af, at tab ved værdiforringelse af et aktiv bortset fra goodwill, som er indregnet i tidligere regnskabsår, ikke længere eksisterer eller er reduceret. Hvis dette er tilfældet, skal virksomheden foretage et skøn over aktivets genindvindingsværdi.
111.
Ved vurderingen af, hvorvidt der er indikation af, at et tab ved værdiforringelse af et aktiv bortset fra goodwill, som er indregnet i tidligere regnskabsår, ikke længere eksisterer eller er reduceret, skal virksomheden som minimum tage følgende indikatorer i betragtning:
Eksterne informationer
a)
Aktivets markedsværdi er steget væsentligt i regnskabsåret.
b)
Væsentlige ændringer, som har en gunstig virkning på virksomheden, er sket i regnskabsåret eller vil ske inden for en overskuelig fremtid i de teknologiske, markedsmæssige, økonomiske eller juridiske rammer for virksomhedens aktiviteter eller på det marked, hvor aktivet anvendes.
c)
Markedsrenter eller andre markedsbaserede afkastmål er faldet i regnskabsåret, og det er sandsynligt, at dette fald vil påvirke den diskonteringssats, der er anvendt ved beregningen af aktivets nytteværdi, og øge aktivets genindvindingsværdi væsentligt.
Interne informationer
d)
Væsentlige ændringer, som har en gunstig virkning på virksomheden, er sket i regnskabsåret eller forventes at ske inden for en overskuelig fremtid, i det omfang eller måden, hvorpå aktivet anvendes eller forventes anvendt. Disse ændringer omfatter omkostninger, som er afholdt i regnskabsåret til at forbedre eller øge aktivets ydeevne eller omstrukturere den aktivitet, aktivet tilhører.
e)
Der foreligger dokumentation fra den interne rapportering, som indikerer, at aktivets ydeevne er eller vil blive større end forventet.
112.
De i afsnit 111 nævnte indikationer af en potentiel reduktion af et tab ved værdiforringelse modsvarer hovedsageligt de i afsnit 12 nævnte indikationer af et potentielt tab ved værdiforringelse.
113.
Hvis der er indikation af, at et tab ved værdiforringelse, som er indregnet for et aktiv bortset fra goodwill, ikke længere eksisterer eller er reduceret, kan dette betyde, at den resterende brugstid, afskrivningsmetoden eller restværdien skal gennemgås og reguleres i overensstemmelse med den standard, som finder anvendelse på aktivet, selvom der ikke tilbageføres et tab ved værdiforringelse af aktivet.
114.
Et tab ved værdiforringelse af et aktiv bortset fra goodwill, som er indregnet i tidligere regnskabsår, skal udelukkende tilbageføres, hvis der er sket en ændring i de skøn, som er anvendt ved opgørelsen af genindvindingsværdien efter indregningen af det sidste tab ved værdiforringelse. Hvis dette er tilfældet, skal aktivets regnskabsmæssige værdi øges til dets genindvindingsværdi, bortset fra som anført i afsnit 117. Denne forøgelse er en tilbageførsel af et tab ved værdiforringelse.
115.
Tilbageførsel af et tab ved værdiforringelse afspejler en stigning i aktivets skønnede potentielle ydeevne, enten fra anvendelse eller salg, efter det tidspunkt, hvor virksomheden sidst har indregnet et tab ved værdiforringelse af dette aktiv. Afsnit 130 kræver, at virksomheden skal identificere de ændringer i skøn, som forårsager stigningen i den skønnede potentielle ydeevne. Sådanne ændringer i skøn kan eksempelvis være:
a)
ændringer i grundlaget for genindvindingsværdien (dvs. hvorvidt genindvindingsværdien er baseret på dagsværdien med fradrag af salgsomkostninger eller nytteværdien)
b)
ændringer i beløbet eller tidspunktet for skønnede fremtidige pengestrømme eller ændringer i diskonteringssatsen, hvis genindvindingsværdien er baseret på nytteværdien, eller
c)
ændringer i skøn over elementerne af dagsværdien med fradrag af salgsomkostninger, hvis genindvindingsværdien er baseret på dagsværdi med fradrag af salgsomkostninger.
116.
Et aktivs nytteværdi kan blive større end dets regnskabsmæssige værdi af den simple grund, at nutidsværdien af fremtidige pengestrømme stiger, i takt med at de kommer tættere på. Aktivets potentielle ydeevne stiger dog ikke. Derfor tilbageføres et tab ved værdiforringelse ikke blot på grund af tid (afvikling af effekten af diskontering), selvom aktivets genindvindingsværdi bliver højere end dets regnskabsmæssige værdi.
Tilbageførsel af tab ved værdiforringelse af et enkelt aktiv
117.
Den øgede regnskabsmæssige værdi af et aktiv bortset fra goodwill, som er tilknyttet en tilbageførsel af tab ved værdiforringelse, må ikke overstige den regnskabsmæssige værdi, som ville være blevet opgjort (med fradrag af afskrivninger), hvis der ikke var indregnet et tab ved værdiforringelse af aktivet i tidligere regnskabsår.
118.
Stigninger i den regnskabsmæssige værdi af et aktiv bortset fra goodwill, som overstiger den regnskabsmæssige værdi, som ville være blevet opgjort (med fradrag af afskrivninger), hvis der ikke var indregnet et tab ved værdiforringelse i tidligere regnskabsår, er omvurderinger. Ved den regnskabsmæssige behandling af en omvurdering anvender virksomheden den standard, som finder anvendelse på aktivet.
119.
Tilbageførsel af et tab ved værdiforringelse af et aktiv bortset fra goodwill skal straks indregnes i resultatet, medmindre aktivet indregnes til omvurderet værdi i overensstemmelse med en anden standard (eksempelvis omvurderingsmodellen i IAS 16). Tilbageførsler af tab ved værdiforringelse af et omvurderet aktiv skal behandles som en forøgelse som følge af omvurdering i overensstemmelse med denne anden standard.
120.
Tilbageførsel af tab ved værdiforringelse af et omvurderet aktiv indregnes direkte på egenkapitalen under reserver for opskrivninger. I det omfang tab ved værdiforringelse af det samme omvurderede aktiv tidligere er indregnet i resultatet, indregnes en tilbageførsel af dette tab ved værdiforringelse dog også i resultatet.
121.
Efter indregning af en tilbageførsel af tab ved værdiforringelse skal afskrivninger på aktivet reguleres i fremtidige regnskabsår for systematisk at allokere aktivets ændrede regnskabsmæssige værdi med fradrag af eventuel restværdi over aktivets resterende brugstid.
Tilbageførsel af tab ved værdiforringelse af en pengestrømsfrembringende enhed
122.
Tilbageførsel af tab ved værdiforringelse af en pengestrømsfrembringende enhed skal allokeres til aktiverne i enheden, bortset fra goodwill, på et pro rata-grundlag i forhold til den regnskabsmæssige værdi af disse aktiver. Disse stigninger i den regnskabsmæssige værdi skal behandles som tilbageførsel af tab ved værdiforringelse af enkelte aktiver og indregnes i overensstemmelse med afsnit 119.
123.
Ved allokering af en tilbageførsel af et tab ved værdiforringelse af en pengestrømsfrembringende enhed i overensstemmelse med afsnit 122, må den regnskabsmæssige værdi af et aktiv ikke overstige den laveste af følgende værdier:
a)
dets genindvindingsværdi (hvis denne kan opgøres), og
b)
den regnskabsmæssige værdi, som ville være blevet opgjort (med fradrag af nedskrivning), hvis der ikke var indregnet et tab ved værdiforringelse af aktivet i tidligere regnskabsår.
Det tilbageførte tab ved værdiforringelse, som ellers skulle være allokeret til aktivet, skal allokeres til de andre aktiver i enheden, bortset fra goodwill, på et pro rata-grundlag.
Tilbageførsel af tab ved værdiforringelse af goodwill
124.
Tab ved værdiforringelse indregnet for goodwill skal ikke tilbageføres i et efterfølgende regnskabsår.
125.
IAS 38 
Immaterielle aktiver
 tillader ikke indregning af internt oparbejdet goodwill. Stigninger i genindvindingsværdien af goodwill i efterfølgende regnskabsår efter indregning af et tab ved værdiforringelse af den pågældende goodwill vil sandsynligvis være stigninger i internt oparbejdet goodwill og ikke en tilbageførsel af det for den anskaffede goodwill indregnede tab ved værdiforringelse.
OPLYSNINGER
126.
For hver kategori af aktiver skal virksomheder give oplysning om:
a)
den beløbsmæssige størrelse af tab ved værdiforringelse, som er indregnet i resultatet i regnskabsåret, og i hvilke regnskabsposter i resultatopgørelsen disse tab ved værdiforringelse er medtaget
b)
den beløbsmæssige størrelse af tilbageførte tab ved værdiforringelse, som er indregnet i resultatet i regnskabsåret, og i hvilke regnskabsposter i resultatopgørelsen disse tab ved værdiforringelse er tilbageført
c)
den beløbsmæssige størrelse af tab ved værdiforringelse af omvurderede aktiver, som er indregnet direkte på egenkapitalen i regnskabsåret
d)
den beløbsmæssige størrelse af tilbageførte tab ved værdiforringelse af omvurderede aktiver, som er indregnet direkte på egenkapitalen i regnskabsåret.
127.
En kategori af aktiver er en gruppe af aktiver af sammenlignelig art og anvendelse i virksomhedens drift.
128.
De i afsnit 126 krævede oplysninger kan præsenteres sammen med andre oplysninger, som gives for kategorien af aktiver. Eksempelvis kan disse oplysninger være indeholdt i en afstemning af den regnskabsmæssige værdi af materielle anlægsaktiver ved begyndelsen og slutningen af regnskabsåret, som krævet i henhold til IAS 16.
129.
En virksomhed, der præsenterer segmentoplysninger i overensstemmelse med IFRS 8, skal oplyse følgende for hvert præsentationspligtigt segment
a)
den beløbsmæssige størrelse af tab ved værdiforringelse, som er indregnet i resultatet og direkte på egenkapitalen i regnskabsåret
b)
den beløbsmæssige størrelse af tilbageførte tab ved værdiforringelse, som er indregnet i resultatet og direkte på egenkapitalen i regnskabsåret.
130.
Virksomheder skal give følgende oplysninger for hvert væsentligt tab ved værdiforringelse, som er indregnet eller tilbageført i regnskabsåret, for et enkelt aktiv, herunder goodwill, eller en pengestrømsfrembringende enhed:
a)
de begivenheder og omstændigheder, som medførte indregning eller tilbageførsel af tabet ved værdiforringelse
b)
det indregnede eller tilbageførte tab ved værdiforringelse
c)
for et enkelt aktiv:
i)
aktivets art, og
ii)
hvis virksomheden præsenterer segmentoplysninger i overensstemmelse med IFRS 8, det præsentationspligtige segment, aktivet tilhører
d)
for en pengestrømsfrembringende enhed:
i)
en beskrivelse af den pengestrømsfrembringende enhed (eksempelvis om den er en produktgruppe, et anlæg, et forretningsområde, et geografisk område eller et præsentationspligtigt segment, som defineret i IAS 8 
Driftssegmenter
)
ii)
den beløbsmæssige størrelse af tab ved værdiforringelse, som er indregnet eller tilbageført, opdelt efter kategori af aktiver og, hvis virksomheden præsenterer segmentoplysninger i overensstemmelse med IFRS 8, opdelt efter præsentationspligtigt segment, og
iii)
hvis sammenlægningen af aktiver ved identifikationen af den pengestrømsfrembringende enhed er ændret efter det seneste skøn over den pengestrømsfrembringende enheds genindvindingsværdi, en beskrivelse af den nuværende og tidligere måde at sammenlægge aktiver på og årsagen til ændringen af den måde, hvorpå den pengestrømsfrembringende enhed identificeres
e)
hvorvidt aktivets (den pengestrømsfrembringende enheds) genindvindingsværdi er dagsværdien med fradrag af salgsomkostninger eller nytteværdien
f)
hvis genindvindingsværdien er dagsværdien med fradrag af salgsomkostninger, det ved opgørelsen af dagsværdien med fradrag af salgsomkostninger anvendte grundlag (eksempelvis om dagsværdien blev opgjort under henvisning til et aktivt marked)
g)
den anvendte diskonteringssats for det aktuelle og tidligere skøn over nytteværdien, hvis genindvindingsværdien er nytteværdien.
131.
Virksomheder skal give følgende oplysninger for de samlede tab ved værdiforringelse og de samlede tilbageførte tab ved værdiforringelse, som er indregnet i regnskabsåret, og for hvilke der ikke gives oplysninger i overensstemmelse med afsnit 130:
a)
de primære kategorier af aktiver, der er påvirket af tab ved værdiforringelse, og de primære kategorier af aktiver, der er påvirket af tilbageførsler af tab ved værdiforringelse
b)
de primære begivenheder og omstændigheder, som medførte indregning af disse tab ved værdiforringelse og tilbageførsel af tab ved værdiforringelse.
132.
Virksomheder tilskyndes til at oplyse de forudsætninger, som er anvendt ved opgørelsen af aktivers (de pengestrømsfrembringende enheders) genindvindingsværdi i regnskabsåret. Afsnit 134 kræver imidlertid, at virksomheder skal give oplysninger om de skøn, som er anvendt ved måling af genindvindingsværdien af en pengestrømsfrembringende enhed, når goodwill eller et immaterielt aktiv med uendelig brugstid er medtaget i den regnskabsmæssige værdi af enheden.
133.
Hvis en del af den goodwill, der er erhvervet ved en virksomhedssammenslutning i regnskabsåret, i overensstemmelse med afsnit 84, ikke er blevet allokeret til en pengestrømsfrembringende enhed (gruppe af enheder) på balancedagen, skal virksomheden oplyse den beløbsmæssige størrelse af den ikke-allokerede goodwill samt årsagerne til, at dette beløb ikke er allokeret.
Anvendte skøn ved måling af genindvindingsværdi af pengestrømsfrembringende enheder, som indeholder goodwill eller immaterielle aktiver med uendelig brugstid
134.
Virksomheder skal give de i a)-f) krævede oplysninger om hver pengestrømsfrembringende enhed (gruppe af enheder), hvor den regnskabsmæssige værdi af goodwill eller immaterielle aktiver med uendelig brugstid, som er allokeret til den pågældende enhed (gruppe af enheder), er væsentlig sammenlignet med den samlede regnskabsmæssige værdi af virksomhedens goodwill eller immaterielle aktiver med uendelig brugstid:
a)
den regnskabsmæssige værdi af goodwill, som er allokeret til enheden (gruppen af enheder)
b)
den regnskabsmæssige værdi af immaterielle aktiver med uendelig brugstid, som er allokeret til enheden (gruppen af enheder)
c)
grundlaget for opgørelse af enhedens (gruppen af enheders) genindvindingsværdi (dvs. nytteværdi eller dagsværdi med fradrag af salgsomkostninger)
d)
hvis enhedens (gruppen af enheders) genindvindingsværdi er baseret på nytteværdien:
i)
en beskrivelse af hver primær forudsætning, som ledelsen har lagt til grund for pengestrømsprognoser for den periode, der er omfattet af de seneste budgetter/fremskrivninger. Primære forudsætninger er de forudsætninger, som enhedens (gruppen af enheders) genindvindingsværdi er mest følsom over for
ii)
en beskrivelse af ledelsens metode til opgørelse af den eller de værdier, som er tildelt hver primær forudsætning, uanset om denne eller disse værdier afspejler tidligere erfaringer eller, hvis dette er relevant, er i overensstemmelse med eksterne informationer og, hvis dette ikke er tilfældet, hvordan og hvorfor de afviger fra tidligere erfaringer eller eksterne informationer
iii)
den periode, for hvilken ledelsen har udarbejdet pengestrømsprognoser på grundlag af budgetter/fremskrivninger, som er godkendt af ledelsen og, når der er anvendt en periode på mere end fem år for en pengestrømsfrembringende enhed (gruppe af enheder), en forklaring på, hvorfor det er berettiget at anvende denne længere periode
iv)
den vækstrate, der er lagt til grund for ekstrapolation af pengestrømsprognoser ud over den periode, der er omfattet af de seneste budgetter/fremskrivninger, og begrundelsen for at anvende en vækstrate, der overstiger den gennemsnitlige langsigtede vækstrate for de produkter, brancher eller det eller de lande, som virksomhedens aktiviteter dækker, eller for det marked, som enheden (gruppen af enheden) er bestemt for
v)
den eller de diskonteringssatser, der er anvendt ved pengestrømsprognoserne
e)
den anvendte metode ved opgørelse af dagsværdien med fradrag af salgsomkostninger, hvis enhedens (gruppen af enheders) genindvindingsværdi er baseret på dagsværdi med fradrag af salgsomkostninger. Hvis dagsværdien med fradrag af salgsomkostninger ikke er opgjort ved brug af en observerbar markedspris for enheden (gruppen af enheder), skal virksomheden desuden oplyse følgende:
i)
en beskrivelse af hver primær forudsætning, som ledelsen har lagt til grund ved opgørelsen af dagsværdi med fradrag af salgsomkostninger. Primære forudsætninger er de forudsætninger, som enhedens (gruppen af enheders) genindvindingsværdi er mest følsom over for
ii)
en beskrivelse af ledelsens metode til opgørelse af den eller de værdier, som er tildelt hver primær forudsætning, uanset om denne eller disse værdier afspejler tidligere erfaringer eller, hvis dette er relevant, er i overensstemmelse med eksterne informationer og, hvis dette ikke er tilfældet, hvordan og hvorfor de afviger fra tidligere erfaringer eller eksterne informationer
f)
hvis en rimeligt sandsynlig ændring i en primær forudsætning, som ledelsen har lagt til grund ved opgørelsen af enhedens (gruppen af enheders) genindvindingsværdi, ville forårsage, at enhedens (gruppen af enheders) regnskabsmæssige værdi ville overstige genindvindingsværdien:
i)
det beløb, hvormed enhedens (gruppen af enheders) genindvindingsværdi overstiger den regnskabsmæssige værdi
ii)
den værdi, der er tildelt den primære forudsætning
iii)
det beløb, hvormed den værdi, der er tildelt den primære forudsætning, skal ændres efter indarbejdelse af eventuelle følgevirkninger af ændringen på de andre variabler, som anvendes til måling af genindvindingsværdi, for at enhedens (gruppen af enheders) genindvindingsværdi kommer til at svare til den regnskabsmæssige værdi.
135.
Hvis en del af eller hele den regnskabsmæssige værdi af goodwill eller immaterielle aktiver med uendelig brugstid allokeres til flere forskellige pengestrømsfrembringende enheder (grupper af enheder), og det beløb, som på den måde er allokeret til hver enhed (gruppe af enheder), ikke er væsentligt sammenlignet med den samlede regnskabsmæssige værdi af virksomhedens goodwill eller immaterielle aktiver med uendelig brugstid, skal dette oplyses, sammen med den samlede regnskabsmæssige værdi af goodwill eller immaterielle aktiver med uendelig brugstid, som er allokeret til disse enheder (grupper af enheder). Ligeledes gælder det, at hvis genindvindingsværdien af en af disse enheder (grupper af enheder) er baseret på den eller de samme primære forudsætninger, og den samlede regnskabsmæssige værdi af goodwill eller immaterielle aktiver med uendelig brugstid, som er allokeret til dem, er væsentlig sammenlignet med den samlede regnskabsmæssige værdi af virksomhedens goodwill og immaterielle aktiver med uendelig brugstid, skal virksomheden oplyse dette, samt:
a)
den samlede regnskabsmæssige værdi af goodwill, som er allokeret til disse enheder (grupper af enheder)
b)
den samlede regnskabsmæssige værdi af immaterielle aktiver med uendelig brugstid, som er allokeret til disse enheder (grupper af enheder)
c)
en beskrivelse af den eller de primære forudsætninger
d)
en beskrivelse af ledelsens metode til opgørelse af den eller de værdier, som er tildelt den eller de primære forudsætninger, uanset om denne eller disse værdier afspejler tidligere erfaringer eller, hvis dette er relevant, er i overensstemmelse med eksterne informationer og, hvis dette ikke er tilfældet, hvordan og hvorfor de afviger fra tidligere erfaringer eller eksterne informationer
e)
hvis en rimeligt sandsynlig ændring i den eller de primære forudsætninger ville få enhedernes (grupperne af enheders) samlede regnskabsmæssige værdi til at overstige den samlede genindvindingsværdi:
i)
det beløb, hvormed den samlede genindvindingsværdi af enheden (gruppen af enheder) overstiger den samlede regnskabsmæssige værdi
ii)
den eller de værdier, der er tildelt den eller de primære forudsætninger
iii)
det beløb, hvormed den eller de værdier, der er tildelt den eller de primære forudsætninger, skal ændres efter indarbejdelse af eventuelle følgevirkninger af ændringen på de andre variabler, som anvendes til måling af genindvindingsværdi, for at enhedens (gruppen af enheders) samlede genindvindingsværdi kommer til at svare til den samlede regnskabsmæssige værdi.
136.
Den seneste detaljerede beregning, som er foretaget i et tidligere regnskabsår, af genindvindingsværdien af en pengestrømsfrembringende enhed (gruppe af enheder), kan i overensstemmelse med afsnit 24 eller 99 fremføres og anvendes til testen for værdiforringelse af den pågældende enhed (gruppe af enheder) i det aktuelle regnskabsår, under forudsætning af opfyldelsen af specificerede kriterier. Når dette er tilfældet, vedrører de informationer for den pågældende enhed (gruppe af enheder), som er indarbejdet i de i afsnit 134 og 135 krævede oplysninger, den fremførte beregning af genindvindingsværdien.
137.
Illustrativt eksempel 9 viser de oplysninger, der kræves i afsnit 134 og 135.
Overgangsbestemmelser og ikrafttrædelsestidspunkt
138.
Hvis en virksomhed i overensstemmelse med afsnit 85 i IFRS 3 vælger at anvende IFRS 3 fra et tidspunkt, der ligger forud for de i afsnit 78-84 i IFRS 3 fastsatte ikrafttrædelsestidspunkter, skal virksomheden også anvende denne standard fremadrettet fra samme tidspunkt.
139.
I øvrigt skal virksomheder anvende denne standard:
a)
på goodwill og immaterielle aktiver, som er erhvervet ved virksomhedssammenslutninger, hvor aftaletidspunktet er 31. marts 2004 eller senere, og
b)
fremadrettet på alle andre aktiver fra begyndelsen af det førstkommende regnskabsår, som begynder 31. marts 2004 eller senere.
140.
Virksomheder, som afsnit 139 finder anvendelse på, tilskyndes til at anvende kravene i denne standard før de i afsnit 139 angivne ikrafttrædelsestidspunkter. Hvis en virksomhed anvender denne standard før disse ikrafttrædelsestidspunkter, skal den dog også anvende IFRS 3 og IAS 36 Værdiforringelse af aktiver (ajourført 2004) på samme tidspunkt.
Ophævelse af ias 36 (udgivet 1998)
141.
Denne standard erstatter IAS 36 
Værdiforringelse af aktiver
 (udgivet 1998).
(
1
)
  Når der er tale om et immaterielt aktiv, benyttes almindeligvis udtrykket »amortisering« i stedet for »afskrivning«. De to udtryk har samme betydning.
(
2
)
  Når et aktiv opfylder kriterierne for klassificering som besiddelse med henblik på videresalg (eller bliver medtaget i en afståelsesgruppe, der klassificeres som besiddelse med henblik på videresalg), er det ikke længere omfattet af denne standard og behandles regnskabsmæssigt i overensstemmelse med IFRS 5 
Anlægsaktiver, som besiddes med henblik på salg og ophørte aktiviteter
.
(
1
)
  I denne standard angives pengebeløb i valutaenheder (»currency units« (CU))
Appendiks A
ANVENDELSE AF NUTIDSVÆRDIMETODER TIL MÅLING AF NYTTEVÆRDI
Dette appendiks er en integreret del af standarden. Appendikset indeholder vejledning om anvendelsen af nutidsværdimetoder ved måling af nytteværdi. Vejledningen anvender udtrykket »aktiv«, men dette finder ligeledes anvendelse på en gruppe af aktiver, der udgør en pengestrømsfrembringende enhed.
Elementerne i en måling af nutidsværdi
A1
Følgende elementer afspejler tilsammen de økonomiske forskelle mellem aktiver:
a)
et skøn over den fremtidige pengestrøm eller, i mere komplicerede tilfælde, flere fremtidige pengestrømme, som virksomheden forventer at opnå fra aktivet
b)
forventninger til mulige ændringer i beløb eller tidspunkt for disse pengestrømme
c)
den tidsmæssige værdi af penge, opgjort som den aktuelle risikofri markedsrente
d)
prisen for den usikkerhed, der er forbundet med aktivet, og
e)
andre faktorer, der i visse tilfælde ikke kan identificeres (såsom illikviditet), som markedsdeltagere ville lægge til grund ved prisfastsættelse af de fremtidige pengestrømme, virksomheden forventer at opnå fra aktivet.
A2
Dette appendiks sammenligner to metoder til beregning af nutidsværdi, som begge kan anvendes til at skønne et aktivs nytteværdi afhængigt af forholdene. Ved den »traditionelle« metode indregnes reguleringer for faktor b)-e), som beskrevet i afsnit A1, i diskonteringssatsen. Ved »den forventede pengestrømsmetode« medfører faktor b), d) og e) reguleringer ved opgørelsen af de risikoregulerede forventede pengestrømme. Uanset hvilken metode, virksomheden vælger til at afspejle forventede mulige ændringer i beløb eller tidspunkt for fremtidige pengestrømme, bør resultatet være, at den forventede nutidsværdi af de fremtidige pengestrømme afspejles, dvs. det vejede gennemsnit af samtlige mulige udfald.
Generelle principper
A3
De teknikker, der anvendes til at skønne fremtidige pengestrømme og rentesatser, vil afhænge af situationen og af de forhold, der gælder for det pågældende aktiv. Nedenstående generelle principper gælder imidlertid altid ved anvendelse af nutidsværdimetoder til måling af aktiver:
a)
Den anvendte rentesats til diskontering af pengestrømme skal afspejle forudsætninger, der er i overensstemmelse med de forudsætninger, der gælder for de skønnede pengestrømme. I modsat fald vil virkningen af nogle af forudsætningerne blive medtaget to gange eller slet ikke. Der kan eksempelvis anvendes en diskonteringssats på 12 % for kontraktlige pengestrømme hidrørende fra et tilgodehavende udlån. Denne sats afspejler forventninger til fremtidig misligholdelse af lån med særlige egenskaber. Den samme sats på 12 % skal ikke anvendes til diskontering af forventede pengestrømme, idet disse pengestrømme allerede afspejler forudsætninger om fremtidig misligholdelse.
b)
Skønnede pengestrømme og diskonteringssatser må ikke være underlagt tendentiøse påvirkninger eller indflydelse fra faktorer, som ikke er relateret til det pågældende aktiv. Hvis de skønnede nettopengestrømme eksempelvis bevidst ansættes for lavt for derved at forbedre et aktivs tilsyneladende fremtidige lønsomhed, udgør dette en tendentiøs påvirkning af målingen.
c)
De skønnede pengestrømme eller diskonteringssatser skal afspejle intervallet af mulige udfald og ikke kun det mest sandsynlige beløb eller det minimale eller maksimale mulige beløb.
Den traditionelle metode og den forventede pengestrømsmetode til måling af nutidsværdi
Den traditionelle metode
A4
Regnskabsmæssige anvendelser af nutidsværdi har traditionelt taget udgangspunkt i et enkelt sæt skønnede pengestrømme og en enkelt diskonteringssats, som ofte er blevet beskrevet som »den sats, der svarer til risikoen«. Den traditionelle metode forudsætter i realiteten, at en enkelt diskonteringssats kan indarbejde alle forventninger til de fremtidige pengestrømme og den relevante risikopræmie. Den traditionelle metode lægger således mest vægt på valget af diskonteringssats.
A5
Under visse omstændigheder, eksempelvis når sammenlignelige aktiver kan observeres på et marked, er det forholdsvist nemt at anvende den traditionelle metode. For så vidt angår aktiver med kontraktlige pengestrømme, er den i overensstemmelse med den måde, hvorpå markedsdeltagere beskriver aktiver, som eksempelvis »en 12 % obligation«.
A6
Den traditionelle metode tager imidlertid ikke altid tilstrækkelig højde for visse komplicerede målingsproblemer, såsom målingen af ikke-finansielle aktiver, hvor der hverken foreligger et marked for aktivet eller for tilsvarende aktiver. For at nå frem til en korrekt »sats, der svarer til risikoen« kræves en analyse af mindst to aktiver — et aktiv, der eksisterer på markedet og har en observeret rente, samt det målte aktiv. Den relevante diskonteringssats for de pengestrømme, der måles, skal udledes af den observerede rente på det andet aktiv. For på denne måde at udlede diskonteringssatsen, skal egenskaberne for det andet aktivs pengestrømme svare til egenskaberne for det målte aktivs pengestrømme. Den, der foretager målingen, skal derfor:
a)
identificere det sæt pengestrømme, der vil blive diskonteret
b)
identificere et andet aktiv på markedspladsen, hvis pengestrømme ser ud til at have lignende egenskaber
c)
sammenligne de to sæt pengestrømme fra aktiverne for at sikre, at de ligner hinanden (er begge sæt eksempelvis kontraktlige pengestrømme, eller er det ene sæt kontraktlige og det andet skønnede pengestrømme?)
d)
vurdere, om det ene aktiv indeholder et element, der ikke er til stede i det andet aktiv (er det ene aktiv eksempelvis mindre likvidt end det andet?), og
e)
vurdere, hvorvidt det er sandsynligt, at begge sæt pengestrømme opfører sig (dvs. varierer) på samme måde under ændrede økonomiske forhold.
Den forventede pengestrømsmetode
A7
Den forventede pengestrømsmetode er i visse situationer et mere effektivt målingsredskab end den traditionelle metode. Ved udarbejdelse af en måling anvender den forventede pengestrømsmetode samtlige forventninger til mulige pengestrømme i stedet for kun den mest sandsynlige pengestrøm. En pengestrøm kan eksempelvis udgøre 100 CU, 200 CU eller 300 CU med en sandsynlighed på henholdsvis 10 %, 60 % og 30 %. Den forventede pengestrøm er 220 CU. Den forventede pengestrømsmetode adskiller sig således fra den traditionelle metode ved at fokusere på en direkte analyse af de pågældende pengestrømme og på en mere eksplicit fremstilling af de forudsætninger, der er lagt til grund ved målingen.
A8
Den forventede pengestrømsmetode gør det også muligt at anvende nutidsværdimetoder, når tidspunkterne for pengestrømmene er usikre. En pengestrøm på 1 000 CU kan eksempelvis modtages om ét år, to år eller tre år med en sandsynlighed på henholdsvis 10 %, 60 % og 30 %. Nedenstående eksempel viser beregningen af den forventede nutidsværdi i en sådan situation.
Nutidsværdi på  1 000  CU om 1 år til 5 %
952,38  CU
Sandsynlighed
10,00  %
95,24  CU
Nutidsværdi på 1 000  CU om 2 år til 5,25  %
902,73  CU
Sandsynlighed
60,00  %
541,64  CU
Nutidsværdi på  1 000  CU om 3 år til 5,50  %
851,61  CU
Sandsynlighed
30,00  %
255,48  CU
Forventet nutidsværdi
892,36  CU
A9
Den forventede nutidsværdi på 892,36 CU afviger fra den traditionelle opfattelse af bedste skøn på 902,73 CU (sandsynligheden på 60 %). En traditionel beregning af nutidsværdien i ovenstående eksempel kræver en beslutning om, hvilke af de mulige tidspunkter for pengestrømme, der skal lægges til grund, og afspejler således ikke sandsynligheden for de øvrige tidspunkter. Dette skyldes, at diskonteringssatsen ved en traditionel beregning af nutidsværdi ikke kan afspejle usikkerhed i tidspunkterne.
A10
Sandsynlighedselementet er et væsentligt træk ved den forventede pengestrømsmetode. Nogle stiller spørgsmålstegn ved, om en tildeling af sandsynligheder til meget subjektive skøn giver udtryk for større præcision, end der i virkeligheden er. Ved korrekt anvendelse af den traditionelle metode (som anført i afsnit A6) kræves imidlertid de samme skøn og den samme subjektivitet uden at tilvejebringe den beregningsmæssige gennemsigtighed, som er indbygget i den forventede pengestrømsmetode.
A11
Mange skøn, der er udviklet i den nuværende praksis, har allerede uformelt indarbejdet elementer af forventede pengestrømme. Derudover har revisorer ofte behov for at måle et aktiv, selvom der kun foreligger begrænset information om sandsynlighederne for mulige pengestrømme. En revisor kan eksempelvis komme ud for følgende situationer:
a)
Det skønnede beløb ligger et sted mellem 50 CU og 250 CU, men der er ikke noget beløb inden for dette interval, der er mere sandsynligt end noget andet beløb. På baggrund af disse begrænsede oplysninger er den skønnede, forventede pengestrøm 150 CU [(50 + 250)/2].
b)
Det skønnede beløb ligger et sted mellem 50 CU og 250 CU, og det mest sandsynlige beløb er 100 CU. Den sandsynlighed, der knytter sig til hvert beløb, kendes imidlertid ikke. På baggrund af disse begrænsede oplysninger er den skønnede, forventede pengestrøm 133,33 CU [(50 + 100 + 250)/3].
c)
Det skønnede beløb er 50 CU (10 % sandsynlighed), 250 CU (30 % sandsynlighed) eller 100 CU (60 % sandsynlighed). På baggrund af disse begrænsede oplysninger er den skønnede, forventede pengestrøm 140 CU [(50 × 0,10) + (250 × 0,30) + (100 × 0,60)].
I hvert af disse tilfælde giver den skønnede, forventede pengestrøm sandsynligvis et bedre skøn over nytteværdien end henholdsvis minimumsbeløbet, det mest sandsynlige beløb eller maksimumsbeløbet hver for sig.
A12
Anvendelsen af en forventet pengestrømsmetode er underlagt en cost-benefit-begrænsning. En virksomhed kan i visse tilfælde have adgang til udførlige data og være i stand til at opstille mange scenarier for pengestrømme. I andre tilfælde kan virksomheden kun give overordnede redegørelser om udsving i pengestrømme, hvis den skal undgå væsentlige omkostninger. Virksomheden skal foretage en afvejning af omkostningerne ved at indhente yderligere oplysninger og den yderligere pålidelighed, som disse oplysninger vil bidrage til målingen.
A13
Nogle fastholder, at metoder til måling af forventede pengestrømme ikke er et hensigtsmæssigt redskab til at måle et enkelt aktiv eller et aktiv med et begrænset antal mulige udfald. Denne holdning understøttes af et eksempel på et aktiv med to mulige udfald: en sandsynlighed på 90 % for at pengestrømmen vil være 10 CU, og en sandsynlighed på 10 % for at pengestrømmen vil være 1 000 CU. Det observeres, at den forventede pengestrøm i dette eksempel er 109 CU, og kritikken lyder, at dette resultat ikke repræsenterer nogen af de beløb, der i sidste ende skal betales.
A14
En sådan påstand er et udtryk for en fundamental uenighed om formålet med målingen. Hvis formålet er en akkumulering af omkostninger, der skal afholdes, giver forventede pengestrømme muligvis ikke et repræsentativt retvisende skøn over de forventede omkostninger. Denne standard har imidlertid til formål at måle et aktivs genindvindingsværdi. Det er ikke sandsynligt, at aktivets genindvindingsværdi i dette eksempel vil være 10 CU, selvom dette er den mest sandsynlige pengestrøm. Dette skyldes, at en måling på 10 CU ikke tager højde for pengestrømmens usikkerhed ved målingen af aktivet. Den usikre pengestrøm præsenteres i stedet som en sikker pengestrøm. Der er ikke nogen rationel virksomhed, der ville sælge et aktiv med disse egenskaber for 10 CU.
Diskonteringssats
A15
Uanset hvilken metode en virksomhed vælger til måling af et aktivs nytteværdi, skal de rentesatser, som lægges til grund ved diskontering af pengestrømme, ikke afspejle risici, for hvilke der er foretaget regulering i de skønnede pengestrømme. I modsat fald vil virkningen af nogle af forudsætningerne blive indregnet to gange.
A16
Når der på markedet ikke direkte findes en sats, som er specifik for et bestemt aktiv, anvender virksomheden en erstatning til at skønne diskonteringssatsen. Formålet er så vidt muligt at foretage en markedsvurdering af:
a)
den tidsmæssige værdi af penge for alle regnskabsår indtil udgangen af aktivets brugstid, og
b)
faktor b), d) og e) som beskrevet i afsnit A1, i det omfang disse faktorer ikke har medført reguleringer ved opgørelsen af de skønnede pengestrømme.
A17
Som udgangspunkt for udarbejdelsen af et sådant skøn kan virksomheden tage følgende satser i betragtning:
a)
virksomhedens vejede gennemsnitlige kapitalomkostning opgjort ved anvendelse af teknikker såsom
»Capital Asset Pricing Model«
b)
virksomhedens opgjorte lånerente, og
c)
andre lånerenter på markedet.
A18
Disse satser skal imidlertid reguleres:
a)
for at afspejle markedets vurdering af de specifikke risici forbundet med aktivets skønnede pengestrømme, og
b)
for at udelukke risici, der ikke er relevante for aktivets skønnede pengestrømme, eller som de skønnede pengestrømme er blevet reguleret for.
Der skal tages højde for eksempelvis risici forbundet med bestemte lande, valutaer og kurser.
A19
Diskonteringssatsen er uafhængig af virksomhedens kapitalstruktur og virksomhedens finansiering af købet af aktivet, idet de fremtidige pengestrømme, som forventes at hidrøre fra aktivet, ikke er afhængige af, hvordan virksomheden har finansieret købet af aktivet.
A20
Afsnit 55 kræver, at den anvendte diskonteringssats skal være satsen før skat. Når den sats, der lægges til grund ved skønnet over diskonteringssatsen, er beregnet efter skat, reguleres dette grundlag for at afspejle satsen før skat.
A21
Virksomheder anvender normalt en enkelt diskonteringssats ved skøn over et aktivs nytteværdi. Dog anvender virksomheder forskellige diskonteringssatser for de enkelte fremtidige regnskabsår, når nytteværdien er påvirkelig af forskellige risici i forskellige regnskabsår eller af rentestrukturen.
IAS 37
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
FORMÅL
Formålet med denne standard er at sikre, at de relevante indregningskriterier og målingsgrundlag anvendes på hensatte forpligtelser, eventualforpligtelser og eventualaktiver, samt at tilstrækkelig information gives i noterne for at gøre brugere i stand til at forstå deres art, tidspunkt og beløbsmæssige størrelse.
ANVENDELSESOMRÅDE
1.
Denne standard skal anvendes af alle virksomheder ved den regnskabsmæssige behandling af hensatte forpligtelser, eventualforpligtelser og eventualaktiver, undtagen når de:
a)
hidrører fra kontrakter til senere opfyldelse, medmindre kontrakten er tabsgivende, og
b)
[ophævet]
c)
er omfattet af en anden standard.
2.
Standarden finder ikke anvendelse på finansielle instrumenter (herunder garantier), som er omfattet af IAS 39 
Finansielle instrumenter: Indregning og måling
.
3.
Kontrakter til senere opfyldelse er kontrakter, hvor ingen af parterne har indfriet sine forpligtelser eller begge parter har indfriet en lige stor andel af deres forpligtelser. Denne standard finder ikke anvendelse på kontrakter til senere opfyldelse, medmindre de er tabsgivende.
4.
[Ophævet]
5.
Hvis en anden standard omhandler en konkret type hensatte forpligtelser, eventualforpligtelser eller eventualaktiver, skal virksomheden anvende den pågældende standard i stedet for denne standard. IFRS 3 
Virksomhedssammenslutninger
 omhandler eksempelvis en overtagende virksomheds behandling af eventualforpligtelser, der er overtaget ved en virksomhedssammenslutning. Ligeledes beskrives visse typer af hensatte forpligtelser i standarder om:
a)
entreprisekontrakter (jf. IAS 11 
Entreprisekontrakter
)
b)
indkomstskatter (jf. IAS 12 
Indkomstskatter
)
c)
leasingkontrakter (jf. IAS 17 
Leasingkontrakter
). Idet IAS 17 ikke indeholder specifikke krav til behandling af operationelle leasingkontrakter, som er blevet tabsgivende, finder IAS 37 dog anvendelse i sådanne tilfælde
d)
personaleydelser (jf. IAS 19 
Personaleydelser
), og
e)
forsikringskontrakter (jf. IFRS 4 
Forsikringskontrakter
). Denne standard finder imidlertid anvendelse på udsteders hensatte forpligtelser, eventualforpligtelser og eventualaktiver, bortset fra når disse hidrører fra udsteders kontraktlige forpligtelser og rettigheder i henhold til forsikringskontrakter, som er omfattet af IFRS 4.
6.
Visse beløb, som behandles som hensatte forpligtelser, kan være tilknyttet indregning af omsætning, eksempelvis i tilfælde, hvor virksomheden udsteder garantier mod et vederlag. Denne standard omhandler ikke indregning af omsætning. IAS 18 
Omsætning
 identificerer de tilfælde, hvor omsætning indregnes, og giver praktisk vejledning i anvendelsen af indregningskriterierne. Denne standard ændrer ikke ved kravene i IAS 18.
7.
Standarden definerer hensatte forpligtelser som forpligtelser, hvis indfrielsestidspunkt eller størrelse er usikker. I visse lande anvendes udtrykket »hensættelse« ligeledes i forbindelse med poster som afskrivninger, værdiforringelse af aktiver og nedskrivning af dubiøse tilgodehavender. Disse udgør reguleringer af aktivers regnskabsmæssige værdi og er ikke behandlet i denne standard.
8.
Andre standarder specificerer, hvorvidt omkostninger skal behandles som aktiver eller som omkostninger. Disse aspekter er ikke behandlet i denne standard. Således hverken forbyder eller kræver denne standard aktivering af indregnede omkostninger, når der foretages hensættelse.
9.
Denne standard finder anvendelse på omstruktureringshensættelser (herunder ophørte aktiviteter). Når en omstrukturering opfylder definitionen på en ophørt aktivitet, kan supplerende oplysninger være krævet i henhold til IFRS 5 
Anlægsaktiver, som besiddes med henblik på salg og ophørte aktiviteter
.
DEFINITIONER
10.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
En 
hensat forpligtelse
 er en forpligtelse, hvis indfrielsestidspunkt eller størrelse er usikker.
En 
forpligtelse
 er en aktuel forpligtelse, der hidrører fra tidligere begivenheder, hvis indfrielse forventes at medføre et træk på virksomhedens økonomiske ressourcer.
En 
forpligtende begivenhed
 er en begivenhed, der skaber en retlig eller faktisk forpligtelse, som medfører, at virksomheden ikke har andre realistiske alternativer end at indfri forpligtelsen.
En 
retlig forpligtelse
 er en forpligtelse, der opstår på baggrund af:
a)
en kontrakt (ved dennes eksplicitte eller implicitte vilkår)
b)
lovgivning, eller
c)
retspraksis i øvrigt.
En 
faktisk forpligtelse
 er en forpligtelse, der opstår ved en virksomheds handlinger, når:
a)
virksomheden gennem hidtidig praksis, offentliggjort politik eller en tilstrækkeligt specifik udtalelse har tilkendegivet over for tredjepart, at den påtager sig bestemte forpligtelser, og
b)
virksomheden herved har skabt en berettiget forventning hos tredjepart om, at den vil indfri disse forpligtelser.
En 
eventualforpligtelse
 er:
a)
en mulig forpligtelse, der hidrører fra tidligere begivenheder, hvis eksistens kun kan bekræftes ved, at der indtræffer eller ikke indtræffer en eller flere usikre fremtidige begivenheder, som ikke er under virksomhedens fulde kontrol, eller
b)
en aktuel forpligtelse, der hidrører fra tidligere begivenheder, men som ikke er indregnet, idet:
i)
det ikke er sandsynligt, at indfrielse af forpligtelsen vil kræve et træk på virksomhedens økonomiske ressourcer, eller
ii)
forpligtelsens størrelse ikke kan måles med tilstrækkelig pålidelighed.
Et 
eventualaktiv
 er et muligt aktiv, der hidrører fra tidligere begivenheder, hvis eksistens kun kan bekræftes ved, at der indtræffer eller ikke indtræffer en eller flere usikre fremtidige begivenheder, som ikke er under virksomhedens fulde kontrol.
En 
tabsgivende kontrakt
 er en kontrakt, hvor de uundgåelige omkostninger forbundet med indfrielsen af kontraktlige forpligtelser overstiger de økonomiske fordele, som virksomheden forventes at få gennem den.
En 
omstrukturering
 er en af ledelsen planlagt og kontrolleret proces, som væsentligt ændrer enten:
a)
omfanget af virksomhedens forretningsområde, eller
b)
måden, hvorpå forretningsområdet drives.
Hensatte forpligtelser og andre forpligtelser
11.
Hensatte forpligtelser adskiller sig fra andre forpligtelser, såsom leverandørforpligtelser og periodiseringer, idet der er usikkerhed om indfrielsestidspunktet eller størrelsen af den for indfrielsen nødvendige fremtidige omkostning. Modsat er:
a)
leverandørforpligtelser forpligtelser til at betale for varer eller tjenesteydelser, som er modtaget eller leveret og faktureret eller formelt aftalt med leverandøren, og
b)
periodiseringer forpligtelser til at betale for varer eller tjenesteydelser, som er modtaget eller leveret, men ikke er betalt, faktureret eller formelt aftalt med leverandøren, herunder skyldige beløb til ansatte (eksempelvis periodiserede feriepenge). Selv om det nogle gange er nødvendigt at skønne størrelsen eller tidspunktet for indfrielsen af periodiserede beløb, er usikkerheder generelt meget mindre end for hensatte forpligtelser.
Periodiseringer præsenteres ofte som en del af leverandørforpligtelser og andre forpligtelser, hvorimod hensatte forpligtelser præsenteres separat.
Forholdet mellem hensatte forpligtelser og eventualforpligtelser
12.
Overordnet set er alle hensatte forpligtelser eventualforpligtelser, idet deres indfrielsestidspunkt eller størrelse er usikker. Dog anvendes udtrykket »eventual« i denne standard om forpligtelser og aktiver, som ikke indregnes, idet deres eksistens kun kan bekræftes ved, at der indtræffer eller ikke indtræffer en eller flere usikre fremtidige begivenheder, som ikke er under virksomhedens fulde kontrol. Endvidere anvendes udtrykket »eventualforpligtelse« om forpligtelser, som ikke opfylder indregningskriterierne.
13.
Standarden skelner mellem:
a)
hensatte forpligtelser, som indregnes som forpligtelser (under forudsætning af, at et pålideligt skøn kan foretages), idet de er aktuelle forpligtelser, og det er sandsynligt at indfrielse af forpligtelserne vil medføre et træk på virksomhedens økonomiske ressourcer, og
b)
eventualforpligtelser, som ikke indregnes som forpligtelser, idet de enten er:
i)
mulige forpligtelser, da det endnu ikke er bekræftet, hvorvidt virksomheden har en aktuel forpligtelse, som vil kunne føre til et træk på virksomhedens økonomiske ressourcer, eller
ii)
aktuelle forpligtelser, som ikke opfylder indregningskriterierne i denne standard (idet det enten ikke er sandsynligt, at indfrielse af forpligtelsen vil medføre et træk på virksomhedens økonomiske ressourcer, eller forpligtelsens størrelse ikke kan skønnes tilstrækkeligt pålideligt).
INDREGNING
Hensatte forpligtelser
14.
En hensat forpligtelse skal indregnes, når:
a)
en virksomhed har en aktuel forpligtelse (retlig eller faktisk) som følge af en tidligere begivenhed
b)
det er sandsynligt, at indfrielse af forpligtelsen vil medføre et træk på virksomhedens økonomiske ressourcer, og
c)
forpligtelsens størrelse kan skønnes pålideligt.
Hvis disse betingelser ikke er opfyldt, skal ingen hensat forpligtelse indregnes.
Aktuel forpligtelse
15.
I sjældne tilfælde er det ikke tydeligt, om en aktuel forpligtelse foreligger. I disse tilfælde antages en tidligere begivenhed at medføre en aktuel forpligtelse, hvis det er sandsynligt, at en aktuel forpligtelse foreligger på balancedagen, alle tilgængelige oplysninger taget i betragtning.
16.
Det er i næsten alle tilfælde tydeligt, om en tidligere begivenhed har medført en aktuel forpligtelse. I sjældne tilfælde, eksempelvis en retssag, kan det være omtvistet, om visse begivenheder er indtruffet, eller om disse begivenheder medfører en aktuel forpligtelse. I sådanne tilfælde vurderer virksomheden, hvorvidt en aktuel forpligtelse foreligger på balancedagen ved at tage alle tilgængelige oplysninger i betragtning, herunder eksempelvis udtalelser fra sagkyndige. Supplerende oplysninger, der er fremkommet som følge af begivenheder efter balancedagen, tages med i betragtningen. På baggrund af sådan dokumentation:
a)
indregner virksomheden en hensat forpligtelse (hvis indregningskriterierne er opfyldt), når det er sandsynligt, at en aktuel forpligtelse foreligger på balancedagen, og
b)
giver virksomheden oplysning om en eventualforpligtelse, når det ikke er sandsynligt, at en aktuel forpligtelse foreligger på balancedagen, medmindre det er meget usandsynligt, at der vil ske et træk på virksomhedens økonomiske ressourcer (jf. afsnit 86).
Tidligere begivenhed
17.
En tidligere begivenhed, som medfører en aktuel forpligtelse, kaldes en forpligtende begivenhed. For at en begivenhed kan være en forpligtende begivenhed, er det et krav, at virksomheden ikke har andre realistiske alternativer end at indfri den forpligtelse, der er opstået som følge af begivenheden. Dette er udelukkende tilfældet, hvor:
a)
indfrielse af forpligtelsen kan gennemtvinges juridisk, eller
b)
begivenheden (som kan være en handling foretaget af virksomheden) skaber en berettiget forventning hos tredjepart om, at virksomheden vil indfri forpligtelsen, hvis der er tale om en faktisk forpligtelse.
18.
Årsregnskaber omhandler virksomhedens finansielle stilling ved slutningen af regnskabsåret og ikke dens mulige fremtidige finansielle stilling. Derfor foretages ikke hensættelse til omkostninger, som er nødvendige for at opretholde den fremtidige drift. De eneste forpligtelser, som indregnes i en virksomheds balance, er de på balancedagen foreliggende.
19.
Kun forpligtelser, der hidrører fra tidligere begivenheder, og som foreligger uafhængigt af virksomhedens fremtidige handlinger (dvs. den fremtidige drift), indregnes som hensatte forpligtelser. Som eksempel på sådanne forpligtelser kan nævnes bod eller oprensningsomkostninger på grund af ulovlige miljøskader. Uanset virksomhedens fremtidige handlinger vil begge tilfælde medføre et træk på virksomhedens ressourcer. Ligeledes indregner virksomheden en hensættelse til omkostninger, når en boreplatform eller et atomkraftværk tages ud af drift, det omfang virksomheden er forpligtet til at udbedre allerede forårsagede skader. Modsat kan virksomheden af forretningsmæssige hensyn eller i henhold til lovmæssige krav have til hensigt eller være nødt til at afholde omkostninger for at drive sin virksomhed på en bestemt måde i fremtiden (eksempelvis ved installation af røgfiltre i visse typer fabrikker). Idet virksomheden kan undgå den fremtidige omkostning gennem sine fremtidige handlinger, eksempelvis ved ændring af driften, har den ingen aktuel forpligtelse vedrørende denne fremtidige omkostning, og der indregnes ingen hensat forpligtelse.
20.
En forpligtelse er altid forbundet med en anden part, nemlig den part som virksomheden er forpligtet overfor. Dog er det ikke nødvendigt at kende denne parts identitet, der sågar kan være offentligheden som helhed. Idet en forpligtelse altid omfatter en anden part, medfører en beslutning, som er truffet af ledelsen eller bestyrelsen, ikke en faktisk forpligtelse på balancedagen, medmindre beslutningen før balancedagen er blevet meddelt til de personer, som er berørt af handlingen, på en tilstrækkelig specifik måde til at give disse personer en berettiget forventning om, at virksomheden vil indfri sine forpligtelser.
21.
En begivenhed, som ikke straks medfører en forpligtelse, kan gøre dette på et senere tidspunkt på grund af lovændringer, eller idet virksomhedens handlinger (eksempelvis en tilstrækkelig specifik offentlig udtalelse) medfører en faktisk forpligtelse. Eksempelvis kan der være tilfælde, hvor en miljøskade ikke medfører en forpligtelse til udbedring, men den handling, der medførte skaden, kan blive en forpligtende begivenhed, når ny lovgivning kræver, at eksisterende skader skal udbedres, eller når virksomheden offentligt erkender en forpligtelse til at udbedre skaderne på en måde, som medfører en faktisk forpligtelse.
22.
I tilfælde hvor et lovforslag endnu ikke er færdigbehandlet, opstår en forpligtelse først, når det er så godt som sikkert, at forslaget vil blive vedtaget i den foreliggende form. I denne standard behandles en sådan forpligtelse som en retlig forpligtelse. På grund af forskelle i de forhold, der gør sig gældende ved vedtagelsen af love, er det umuligt at specificere en bestemt begivenhed, som vil gøre vedtagelsen af en lov så godt som sikker. I mange tilfælde er det umuligt at opnå en sådan grad af sikkerhed for vedtagelsen af en lov, før den er vedtaget.
Sandsynligt træk på virksomhedens økonomiske ressourcer
23.
For at en forpligtelse kan opfylde kravene til indregning, skal der ikke kun foreligge en faktisk forpligtelse, men også være sandsynlighed for træk på virksomhedens økonomiske ressourcer ved indfrielse af forpligtelsen. I denne standard anses et træk på virksomhedens økonomiske ressourcer eller andre begivenheder som sandsynlig, hvis sandsynligheden for, at begivenheden vil indtræffe, er større end sandsynligheden for, at den ikke vil opstå. Hvis det ikke er sandsynligt, at en aktuel forpligtelse vil foreligge, giver virksomheden oplysning om en eventualforpligtelse, medmindre det er meget usandsynligt, at der vil ske et træk på virksomhedens økonomiske ressourcer (jf. afsnit 86).
24.
Når der foreligger en række ensartede forpligtelser (f.eks. produktgarantier eller lignende), vurderes sandsynligheden for, at indfrielse vil kræve et træk på virksomhedens ressourcer på grundlag af kategorien af forpligtelser som helhed. Selv om det kan være meget usandsynligt, at der vil ske et træk på virksomhedens ressourcer ved indfrielse af en enkelt forpligtelse, kan det godt være sandsynligt, at indfrielse af kategorien af forpligtelser som helhed vil kræve et vist træk på virksomhedens ressourcer. Er dette tilfældet, indregnes en hensat forpligtelse (hvis de øvrige indregningskriterier er opfyldt).
Pålideligt skøn over forpligtelser
25.
Anvendelse af skøn er en væsentlig del af udarbejdelsen af årsregnskaber og påvirker ikke årsregnskabers pålidelighed. Dette gælder specielt, hvad angår hensatte forpligtelser, som naturligt er forbundet med større usikkerhed end de fleste andre balanceposter. Med undtagelse af meget sjældne tilfælde vil virksomheden være i stand til at identificere en række mulige udfald og dermed foretage et skøn over forpligtelsen, der er tilstrækkelig pålideligt til indregning af en hensat forpligtelse.
26.
I de meget sjældne tilfælde, hvor et pålideligt skøn ikke kan foretages, foreligger en forpligtelse, som ikke kan indregnes. En sådan forpligtelse oplyses som en eventualforpligtelse (jf. afsnit 86).
Eventualforpligtelser
27.
Virksomheden må ikke indregne eventualforpligtelser.
28.
Der gives oplysning om eventualforpligtelser i henhold til afsnit 86, medmindre det er meget usandsynligt, at der vil ske et træk på virksomhedens økonomiske ressourcer.
29.
I tilfælde, hvor en virksomhed hæfter solidarisk for en forpligtelse, skal den del af forpligtelsen, som forventes indfriet af tredjepart, behandles som en eventualforpligtelse. Virksomheden indregner en hensat forpligtelse for den del af forpligtelsen, som sandsynligvis vil medføre et træk på virksomhedens økonomiske ressourcer, undtagen i de meget sjældne tilfælde, hvor et pålideligt skøn ikke kan foretages.
30.
Eventualforpligtelser kan udvikle sig på en anden måde end oprindelig forventet. Derfor vurderes de løbende for at fastslå, om det er blevet sandsynligt, at der vil ske et træk på virksomhedens økonomiske ressourcer. Hvis det bliver sandsynligt, at et træk på virksomhedens ressourcer vil være nødvendigt for at indfri en forpligtelse, som tidligere er blevet behandlet som en eventualforpligtelse, indregnes en hensat forpligtelse i årsregnskabet for det regnskabsår, hvor ændringer i sandsynligheden for et træk på ressourcerne opstår (undtagen i de meget sjældne tilfælde, hvor et pålideligt skøn ikke kan foretages).
Eventualaktiver
31.
Virksomheden må ikke indregne eventualaktiver.
32.
Eventualaktiver opstår normalt som følge af begivenheder, som ikke er planlagte eller forventede, og som medfører sandsynlighed for tilgang af økonomiske fordele til virksomheden. Som eksempel herpå kan nævnes et krav, som virksomheden forfølger gennem en retssag, hvis udfald er usikkert.
33.
Eventualaktiver indregnes ikke i årsregnskabet, idet dette kan medføre indregning af indtægter, som i nogle tilfælde aldrig vil blive realiseret. Når realisationen af indtægter er så godt som sikker, udgør det tilknyttede aktiv dog ikke et eventualaktiv, og indregning heraf er passende.
34.
Der gives oplysning om et eventualaktiv i henhold til afsnit 89, når det er sandsynligt, at økonomiske fordele vil tilgå virksomheden.
35.
Eventualaktiver vurderes løbende for at sikre, at udviklingen på hensigtsmæssig vis afspejles i årsregnskabet. Hvis det er så godt som sikkert, at økonomiske fordele vil tilgå virksomheden, indregnes aktivet og de tilknyttede indtægter i årsregnskabet for det regnskabsår, hvor ændringerne opstår. Hvis tilgangen af økonomiske fordele er blevet sandsynlig, giver virksomheden oplysning om eventualaktivet (jf. afsnit 89).
MÅLING
Bedste skøn
36.
Det beløb, der indregnes for en hensat forpligtelse, skal udgøre det bedste skøn over de omkostninger, der er nødvendige for at indfri den aktuelle forpligtelse på balancedagen.
37.
Det bedste skøn over de omkostninger, der er nødvendige for at indfri den aktuelle forpligtelse, er det beløb, som virksomheden ud fra en rationel betragtning ville skulle betale for at indfri forpligtelsen på balancedagen eller for at overdrage den til en tredjepart på dette tidspunkt. Det vil ofte være umuligt eller uoverkommeligt dyrt at indfri eller overdrage en forpligtelse på balancedagen. Et skøn over det beløb, som virksomheden ud fra en rationel betragtning ville skulle betale for at indfri eller overdrage forpligtelsen, repræsenterer dog det bedste skøn over de omkostninger, der er nødvendige for at indfri den aktuelle forpligtelse på balancedagen.
38.
Skøn over udfald og økonomisk virkning afhænger af ledelsens vurderinger, suppleret med erfaringer fra lignende transaktioner og i nogle tilfælde rapporter fra uvildige sagkyndige. Supplerende oplysninger, der er fremkommet som følge af begivenheder efter balancedagen, tages med i betragtningen.
39.
Usikkerhed om det beløb, der skal indregnes som en hensat forpligtelse, behandles på forskellige måder alt efter situationen. Når den hensatte forpligtelse, som måles, omfatter mange poster, skønnes forpligtelsen ved at vægte alle mulige udfald efter disses sandsynlighed. Denne statiske skønsmetode kaldes »forventet værdi«. Den hensatte forpligtelses størrelse vil derfor afhænge af, hvorvidt sandsynligheden for et givent tab eksempelvis er 60 eller 90 procent. Hvis der er flere mulige udfald inden for et interval, og alle beløb i intervallet er lige sandsynlige, anvendes intervalmedianen.
Eksempel
En virksomhed sælger varer under garanti, som dækker kundernes reparationsomkostninger for alle produktionsfejl der opdages inden for et halvt år efter købet af varen. Hvis der bliver opdaget mindre fejl ved alle solgte produkter, vil reparationsomkostningerne beløbe sig til 1 million. Hvis der bliver opdaget væsentlige fejl ved alle solgte produkter, vil reparationsomkostningerne beløbe sig til 4 millioner. Ud fra virksomhedens tidligere erfaringer og fremtidige forventninger vil 75 % af de solgte varer i det kommende år ikke være behæftet med fejl, 20 % vil være behæftet med mindre fejl og 5 % vil være behæftet med væsentlige fejl. I henhold til afsnit 24 vurderer virksomheden sandsynligheden for et træk på virksomhedens ressourcer for garantiforpligtelserne som helhed.
Den forventede værdi af reparationsomkostningerne er:
(75 % af nul) + (20 % af 1 million) + (5 % af 4 millioner) = 400 000
40.
Når en enkelt forpligtelse måles, kan det mest sandsynlige udfald være det bedste skøn over forpligtelsen. Selv i sådanne tilfælde tager virksomheden dog andre mulige udfald i betragtning. Hvis disse andre mulige udfald er enten overvejende højere eller lavere end det mest sandsynlige udfald, vil det bedste skøn være et højere eller lavere beløb. Hvis virksomheden eksempelvis skal udbedre en væsentlig fejl ved et stort anlæg, som den har opført for en kunde, kan det mest sandsynlige udfald være, at anlægget vil kunne repareres i første forsøg til en omkostning på 1 000. Men en større hensættelse foretages, hvis der er stor risiko for, at det vil være nødvendigt at foretage flere forsøg.
41.
Den hensatte forpligtelse måles før skat, idet de skattemæssige konsekvenser af den hensatte forpligtelse og ændringer heri behandles i IAS 12.
Risici og usikkerheder
42.
Ved opgørelsen af det bedste skøn over en hensat forpligtelse skal der tages højde for de risici og usikkerheder, hvormed mange begivenheder og omstændigheder nødvendigvis er forbundet.
43.
Risiko afspejler muligheden for forskellige udfald. En regulering for risiko kan forøge det beløb, som en forpligtelse måles til. Der må udvises omhu, når der foretages vurderinger under usikre forhold, således at aktiver eller indtægter ikke ansættes for højt, og omkostninger eller forpligtelser ikke ansættes for lavt. Dog berettiger usikkerhed ikke til, at der foretages for store hensættelser eller en bevidst for høj ansættelse af forpligtelser. Hvis de forventede omkostninger vedrørende et specielt ugunstigt udfald eksempelvis skønnes forsigtigt, behandles udfaldet ikke bevidst som mere sandsynligt, end hvad der er realistisk. Det er vigtigt at undgå en dobbelt regulering for risici og usikkerhed med for høj ansættelse af den hensatte forpligtelse til følge.
44.
Der gives oplysning om usikkerhed tilknyttet omkostningers størrelse i henhold til afsnit 85b).
Nutidsværdi
45.
Når virkningen af penges tidsmæssige værdi er væsentlig, skal den beløbsmæssige størrelse af en hensat forpligtelse være nutidsværdien af de omkostninger, som forventes at være nødvendige for at indfri forpligtelsen.
46.
På grund af penges tidsmæssige værdi er hensatte forpligtelser, som er tilknyttet pengestrømme fra virksomheden kort efter balancedagen, mere tabsgivende end hensatte forpligtelser tilknyttet tilsvarende pengestrømme fra virksomheden på et senere tidspunkt. Hensatte forpligtelser diskonteres derfor, når virkningen heraf er væsentlig.
47.
Diskonteringssatsen (eller -satserne) skal opgøres før skat og skal afspejle aktuelle markedsvurderinger af penges tidsmæssige værdi og de risici, som specifikt er forbundet med forpligtelsen. Diskonteringssatsen (eller -satserne) skal ikke afspejle risici, der er foretaget regulering for i skøn over fremtidige pengestrømme.
Fremtidige begivenheder
48.
Fremtidige begivenheder, som kan have en virkning på det beløb, der er nødvendigt for at indfri en forpligtelse, skal afspejles i den hensatte forpligtelse, når der foreligger tilstrækkelig klar indikation af, at de vil indtræffe.
49.
Forventede fremtidige begivenheder kan være specielt vigtige ved målingen af hensatte forpligtelser. Eksempelvis kan virksomheden antage, at omkostninger til oprensning af en grund ved slutningen af dens brugstid vil blive reduceret på grund af den fremtidige teknologiske udvikling. Det indregnede beløb afspejler en berettiget forventning hos teknisk kvalificerede og objektive sagkyndige på grundlag af alle tilgængelige oplysninger om den teknologi, der vil være tilgængelig på oprydningstidspunktet. Derfor er det relevant at medtage eksempelvis en forventet reduktion af omkostninger som følge af øget erfaring med anvendelsen af eksisterende teknologi eller forventede omkostninger vedrørende anvendelsen af eksisterende teknologi til en større eller mere kompliceret oprensning end tidligere. Dog imødeser virksomheden ikke udviklingen af en helt ny teknologi til oprensning, medmindre denne understøttes af tilstrækkelig klar indikation.
50.
Virkningen af forventet ny lovgivning tages i betragtning ved målingen af en eksisterende forpligtelse, når der foreligger tilstrækkelig klar indikation af, at det er så godt som sikkert, at lovgivningen vil blive vedtaget. De mange forskellige omstændigheder, der gør sig gældende i praksis, gør det umuligt at specificere en enkelt begivenhed, som vil udgøre tilstrækkelig klar indikation i alle tilfælde. Der kræves dokumentation for, hvilke bestemmelser lovgivningen vil indeholde, og hvorvidt det er så godt som sikkert, at den vil blive vedtaget og gennemført rettidigt. I mange tilfælde vil tilstrækkelig klar indikation ikke foreligge, før den nye lovgivning er vedtaget.
Forventet afhændelse af aktiver
51.
Gevinster fra en forventet afhændelse af aktiver må ikke tages i betragtning ved målingen af en hensat forpligtelse.
52.
Gevinster fra en forventet afhændelse af aktiver må ikke tages i betragtning ved målingen af en hensat forpligtelse, selv når den forventede afhændelse er tæt knyttet til den begivenhed, der medfører den hensatte forpligtelse. I stedet indregner virksomheden gevinster fra den forventede afhændelse af aktivet på det tidspunkt, som er specificeret af den standard, der omhandler de pågældende aktiver.
GODTGØRELSER
53.
Når en del af eller alle de omkostninger, der er nødvendige for at indfri en hensat forpligtelse, forventes godtgjort af tredjepart, skal godtgørelsen udelukkende indregnes, når det er så godt som sikkert, at godtgørelsen vil tilfalde virksomheden, hvis denne indfrier forpligtelsen. Godtgørelsen skal behandles som et separat aktiv. Den indregnede godtgørelse må ikke overstige den hensatte forpligtelse.
54.
Den omkostning, der er knyttet til en hensat forpligtelse, kan i resultatopgørelsen vises som nettobeløb efter fradrag af den indregnede godtgørelse.
55.
Virksomheder kan i visse tilfælde få tredjepart til at dække nogle af eller alle de omkostninger, der er nødvendige for at indfri en hensat forpligtelse (eksempelvis forsikringsafdækning, skadesløsholdelsesklausuler eller leverandørgarantier). Tredjepart enten godtgør beløb, som er betalt af virksomheden, eller betaler beløbene direkte.
56.
I de fleste tilfælde hæfter virksomheden stadig for hele det pågældende beløb, således at virksomheden vil skulle betale det fulde beløb, hvis tredjepart af en eller anden årsag ikke betaler. I denne situation indregnes en hensat forpligtelse med det fulde beløb, og et separat aktiv for den forventede godtgørelse indregnes, når det er så godt som sikkert, at godtgørelsen vil tilfalde virksomheden, hvis den indfrier forpligtelsen.
57.
I nogle tilfælde hæfter virksomheden ikke for de pågældende omkostninger, hvis tredjepart ikke betaler. I sådanne tilfælde har virksomheden ingen forpligtelse for disse omkostninger, og de medtages ikke i den hensatte forpligtelse.
58.
Som nævnt i afsnit 29 er en forpligtelse, som virksomheden hæfter solidarisk for, en eventualforpligtelse, i det omfang det forventes, at forpligtelsen vil blive indfriet af de øvrige parter.
ÆNDRINGER I HENSATTE FORPLIGTELSER
59.
Hensatte forpligtelser skal gennemgås på hver balancedag og reguleres således, at de afspejler det aktuelle bedste skøn. Hvis det ikke længere er sandsynligt, at indfrielse af forpligtelsen vil kræve et træk på virksomhedens økonomiske ressourcer, skal den hensatte forpligtelse tilbageføres.
60.
Når diskontering anvendes, øges den regnskabsmæssige værdi af den hensatte forpligtelse i hvert regnskabsår for at afspejle tidsforløbet. Stigningen indregnes som en låneomkostning.
FORBRUG AF HENSATTE FORPLIGTELSER
61.
En hensat forpligtelse må udelukkende anvendes til de omkostninger, som den hensatte forpligtelse første gang blev indregnet til dækning af.
62.
Kun omkostninger, som er tilknyttet den oprindelige hensatte forpligtelse, modregnes i denne. Modregning af omkostninger i en hensat forpligtelse, som er indregnet til et andet formål på tidspunktet for første indregning, vil tilsløre virkningen af de forskellige begivenheder.
ANVENDELSE AF INDREGNINGS- OG MÅLINGSREGLERNE
Fremtidige driftstab
63.
Der må ikke indregnes hensatte forpligtelser til dækning af fremtidige driftstab.
64.
Fremtidige driftstab opfylder ikke definitionen på en forpligtelse i afsnit 10 og de i afsnit 14 nævnte generelle indregningskriterier for hensatte forpligtelser.
65.
En forventning om fremtidige driftstab er en indikation af, at visse af aktivitetens aktiver kan være værdiforringede. Virksomheden tester disse aktiver for værdiforringelse i henhold til IAS 36 
Værdiforringelse af aktiver
.
Tabsgivende kontrakter
66.
Hvis en virksomhed har en tabsgivende kontrakt, skal de aktuelle dermed tilknyttede kontraktlige forpligtelser indregnes og måles som en hensat forpligtelse.
67.
Mange kontrakter (eksempelvis almindelige indkøbsordrer) kan annulleres uden godtgørelse til den anden part, og derfor foreligger der ingen forpligtelse. Andre kontrakter fastlægger både rettigheder og forpligtelser for begge parter. Når begivenhederne gør, at sådanne kontrakter bliver tabsgivende, er kontrakten omfattet af denne standard, og en forpligtelse indregnes. Kontrakter til senere opfyldelse, som ikke er tabsgivende, ligger uden for denne standards anvendelsesområde.
68.
Denne standard definerer en tabsgivende kontrakt som en kontrakt, hvor de uundgåelige omkostninger forbundet med indfrielse af den kontraktlige forpligtelse overstiger de økonomiske fordele, som virksomheden forventer at få gennem den. De uundgåelige omkostninger forbundet med en kontrakt afspejler minimumsomkostningerne til at afslutte kontrakten, som er det mindste beløb af omkostningerne forbundet med kontraktens opfyldelse og eventuel godtgørelse eller bod som følge af, at kontrakten ikke opfyldes.
69.
Før en separat hensættelse til en tabsgivende kontrakt foretages, indregner virksomheden tab ved værdiforringelse af aktiver, der alene anvendes til denne kontrakt (jf. IAS 36).
Omstrukturering
70.
Følgende er eksempler på begivenheder, som kan falde inden for definitionen på en omstrukturering:
a)
salg eller nedlæggelse af et forretningsområde
b)
nedlukning af forretningssteder eller flytning af aktiviteter fra et land eller en region til et andet sted
c)
ændringer i ledelsesstruktur, eksempelvis ved at fjerne et helt ledelsesniveau, og
d)
gennemgribende omstruktureringer, som har en væsentlig virkning på arten af virksomhedens aktiviteter eller dens fokusområder.
71.
En hensættelse til omstruktureringsomkostninger indregnes udelukkende, når de i afsnit 14 nævnte generelle indregningskriterier for hensatte forpligtelser er opfyldt. Afsnit 72-83 beskriver, hvordan de generelle indregningskriterier finder anvendelse på omstruktureringer.
72.
En faktisk forpligtelse for omstrukturering opstår udelukkende, når virksomheden:
a)
har en detaljeret, formel plan for omstruktureringen, der som minimum identificerer:
i)
den berørte virksomhed eller del deraf
ii)
de væsentligste berørte lokaliteter
iii)
lokalitet, funktion og omtrentligt antal ansatte, som vil modtage fratrædelsesgodtgørelser
iv)
de omkostninger, der vil blive afholdt, og
v)
tidspunktet for planens gennemførelse, og
b)
har givet de personer, som er berørt af planen, en berettiget forventning om, at den vil udføre omstruktureringen ved at påbegynde gennemførelsen af planen eller oplyse de berørte personer om den overordnede plan.
73.
Dokumentation for, at virksomheden har påbegyndt gennemførelsen af en omstruktureringsplan, kan eksempelvis være nedtagning af anlæg, salg af aktiver eller offentliggørelse af en overordnet plan. Offentliggørelse af en detaljeret plan for en omstrukturering udgør udelukkende en faktisk forpligtelse til omstrukturering, hvis den foretages på en sådan måde og er tilstrækkelig detaljeret til (dvs. beskriver en overordnet plan), at den skaber en berettiget forventning hos andre parter, eksempelvis kunder, leverandører og ansatte (eller deres repræsentanter) om, at virksomheden vil foretage omstruktureringen.
74.
For at en plan er tilstrækkelig til at medføre en faktisk forpligtelse, når den meddeles til de personer, som er berørt af den, skal gennemførelse af planen begyndes så hurtigt som muligt og færdiggøres inden for en tidsramme, som usandsynliggør væsentlige ændringer af planen. Hvis det forventes, at omstruktureringen vil blive påbegyndt med stor forsinkelse eller at omstruktureringen vil tage urimelig lang tid, er det usandsynligt, at planen vil skabe en berettiget forventning hos andre personer om, at virksomheden aktuelt er forpligtet til at omstrukturere, idet tidsrammen giver virksomheden mulighed for at ændre sine planer.
75.
En beslutning, som er truffet af ledelsen eller bestyrelsen før balancedagen, om at gennemføre en omstrukturering, medfører ikke en faktisk forpligtelse på balancedagen, medmindre virksomheden før balancedagen har:
a)
påbegyndt gennemførelsen af omstruktureringen, eller
b)
oplyst de personer, som er berørt af planen, om den overordnede omstruktureringsplan på en tilstrækkelig specifik måde til at give disse personer en berettiget forventning om, at virksomheden vil gennemføre omstruktureringen.
Såfremt en virksomhed først efter balancedagen påbegynder gennemførelsen af en omstruktureringsplan eller oplyser de personer, som er berørt af planen, om planens hovedtræk, kræves oplysning i henhold til IAS 10, 
Begivenheder efter balancedagen
, hvis omstruktureringen er væsentlig, og såfremt udeladelse af oplysning herom ville kunne påvirke regnskabsbrugeres økonomiske beslutninger truffet på grundlag af årsregnskabet.
76.
Selv om en faktisk forpligtelse ikke udelukkende skabes på basis af en beslutning, som er truffet af ledelsen, kan en forpligtelse hidrøre fra andre tidligere begivenheder i sammenhæng med en sådan beslutning. Eksempelvis kan forhandlinger med medarbejderrepræsentanter om fratrædelsesgodtgørelse eller med købere om salg af en aktivitet i nogle tilfælde være betinget af bestyrelsens godkendelse. Når først godkendelsen er indhentet og meddelt de øvrige parter, har virksomheden en faktisk forpligtelse til at omstrukturere, hvis betingelserne i afsnit 72 er opfyldt.
77.
I nogle lande træffes den endelige beslutning af en bestyrelse, som blandt andet består af repræsentanter for andre interessegrupper end ledelsen (eksempelvis ansatte), eller oplysning til sådanne repræsentanter kan være påkrævet, før bestyrelsen træffer sin beslutning. Idet en beslutning, som er truffet af en sådan bestyrelse, omfatter besked herom til disse repræsentanter, kan den medføre en faktisk forpligtelse til at omstrukturere.
78.
Der opstår ingen forpligtelse for salget af en aktivitet, før virksomheden er forpligtet til salget, dvs. før en bindende salgsaftale foreligger.
79.
Selv når en virksomhed beslutter at sælge en aktivitet og offentliggør beslutningen, er den ikke forpligtet til salget før en køber er identificeret, og der foreligger en bindende salgsaftale. Før en bindende salgsaftale foreligger, vil virksomheden kunne ændre sin beslutning eller vil skulle træffe et andet valg, hvis en acceptabel salgsaftale ikke kan indgås med køber. Når salget af en aktivitet forudses som del af en omstrukturering, gennemgås aktivitetens aktiver for værdiforringelse i henhold til IAS 36. Når et salg alene udgør en del af en omstrukturering, kan en faktisk forpligtelse opstå vedrørende andre dele af omstruktureringen, før en bindende salgsaftale foreligger.
80.
Omstruktureringshensættelser må udelukkende omfatte de omkostninger, der er direkte hidrører fra omstruktureringen, hvilket vil sige de omkostninger, som både:
a)
er en uundgåelig konsekvens af omstruktureringen, og
b)
ikke er tilknyttet virksomhedens løbende drift.
81.
Omstruktureringshensættelser omfatter ikke omkostninger som eksempelvis:
a)
efteruddannelse eller omplacering af personale, der forbliver i virksomheden
b)
markedsføring, eller
c)
investering i nye systemer og distributionskanaler.
Disse omkostninger knytter sig til virksomhedens fremtidige drift og udgør ikke omstruktureringsforpligtelser på balancedagen. Sådanne omkostninger indregnes på samme grundlag, som hvis de opstod uafhængigt af en omstrukturering.
82.
Identificerbare fremtidige driftstab op til omstruktureringstidspunktet medtages ikke i en hensat forpligtelse, medmindre de er tilknyttet en tabsgivende kontrakt, som defineret i afsnit 10.
83.
Som krævet i afsnit 51 tages gevinster fra en forventet afhændelse af aktiver ikke i betragtning ved målingen af en omstruktureringshensættelse, selv om salget af aktiver er forudset som en del af omstruktureringen.
OPLYSNINGER
84.
For hver kategori af hensatte forpligtelser skal virksomheden give oplysning om:
a)
den regnskabsmæssige værdi ved regnskabsårets begyndelse og slutning
b)
yderligere hensættelser foretaget i regnskabsåret, herunder forøgelser af eksisterende hensatte forpligtelser
c)
forbrug af hensatte forpligtelser (dvs. beløb, som er afholdt og modregnet i den hensatte forpligtelse) i regnskabsåret
d)
ikke-forbrugte hensatte forpligtelser, som er tilbageført i regnskabsåret, og
e)
regnskabsårets stigning i det diskonterede beløb som følge af tidsforløbet og virkningen af eventuelle ændringer i diskonteringssatsen.
Sammenligningstal kræves ikke.
85.
For hver kategori af hensatte forpligtelser skal virksomheder give oplysning om:
a)
en kort beskrivelse af forpligtelsens art og det forventede tidspunkt for eventuelle træk på virksomhedens økonomiske ressourcer
b)
indikation af usikkerhed om den beløbsmæssige størrelse af eller tidspunktet for sådanne træk. Når det er nødvendigt for at give tilstrækkelig information, skal der, som omtalt i afsnit 48, gives oplysning om de væsentlige forudsætninger, der er opstillet for fremtidige begivenheder, og
c)
den beløbsmæssige størrelse af eventuel forventet godtgørelse med angivelse af aktiver, som er indregnet vedrørende den forventede godtgørelse.
86.
Medmindre det er meget usandsynligt, at der vil ske et træk på virksomhedens økonomiske ressourcer, skal virksomheden for hver kategori af eventualforpligtelser på balancedagen give en kort beskrivelse af arten af eventualforpligtelsen og, hvis det er praktisk muligt:
a)
et skøn over dens økonomiske virkning, målt i henhold til afsnit 36-52
b)
indikation af usikkerhed om den beløbsmæssige størrelse af eller tidspunkt for træk, og
c)
sandsynligheden for eventuel godtgørelse.
87.
Ved vurderingen af, hvilke hensatte forpligtelser eller eventualforpligtelser, som kan samles i en kategori, er det nødvendigt at vurdere, om posternes art er tilstrækkelig ens til, at en samlet beskrivelse opfylder de i afsnit 85a) og b) og 86a) og b) nævnte krav. Det kan således være hensigtsmæssigt at behandle beløb tilknyttet produktgarantier for forskellige produkter som en samlet kategori af hensatte forpligtelser, hvorimod det ikke vil være hensigtsmæssigt at behandle beløb tilknyttet normale produktgarantier og beløb, hvorom der pågår retssager, som en samlet kategori.
88.
Når en hensat forpligtelse og en eventualforpligtelse udspringer af samme begivenhed, skal virksomheden give de i afsnit 84-86 krævede oplysninger på en måde, som viser forbindelsen mellem den hensatte forpligtelse og eventualforpligtelsen.
89.
Når det er sandsynligt, at økonomiske fordele vil tilgå virksomheden, skal virksomheden give en kort beskrivelse af arten af eventualaktiver på balancedagen og, hvis det er praktisk muligt, et skøn over deres økonomiske virkning målt ved anvendelse af de i afsnit 36-52 nævnte principper for hensatte forpligtelser.
90.
Det er vigtigt, at oplysning om eventualaktiver ikke er misvisende med hensyn til sandsynligheden for at opnå indtægter.
91.
Når de i afsnit 86 og 89 krævede oplysninger ikke gives, idet dette ikke er praktisk muligt, skal der gives oplysning om dette.
92.
I meget sjældne tilfælde kan nogle af eller alle de i afsnit 84-89 krævede oplysninger forventes i væsentlig grad at svække virksomhedens position i en tvist med andre parter om grundlaget for en hensat forpligtelse, eventualforpligtelse eller et eventualaktiv. I sådanne tilfælde kan virksomheden undlade at give disse oplysninger, men i stedet give generelle oplysninger om tvistens art samt oplyse at oplysningerne er udeladt og årsagen hertil.
OVERGANGSBESTEMMELSER
93.
Virkningen af at tage standarden i anvendelse på ikrafttrædelsestidspunktet (eller tidligere) skal præsenteres som en regulering primo i overført resultat for det regnskabsår, hvor standarden anvendes første gang. Standarden tilskynder til, men kræver ikke, at virksomheder regulerer primo i overført resultat for det tidligst præsenterede regnskabsår og tilpasser sammenligningstal. Hvis sammenligningstal ikke tilpasses, skal der gives oplysning om dette.
94.
[Ophævet]
IKRAFTTRÆDELSESTIDSPUNKT
95.
Denne standard træder i kraft for årsregnskaber, der dækker regnskabsår, som begynder 1. juli 1999 eller senere. Virksomheder tilskyndes til at anvende standarden før dette tidspunkt. Hvis en virksomhed anvender denne standard for regnskabsår, som begynder før 1. juli 1999, skal den give oplysning om dette.
96.
[Ophævet]
IAS 38
Immaterielle aktiver
FORMÅL
1.
Formålet med denne standard er at foreskrive den regnskabsmæssige behandling af immaterielle aktiver, som ikke konkret er omfattet af andre standarder. Denne standard kræver, at en virksomhed udelukkende skal indregne et immaterielt aktiv, hvis bestemte kriterier er opfyldt. Standarden angiver ligeledes, hvordan den regnskabsmæssige værdi af immaterielle aktiver måles, og kræver konkrete oplysninger om immaterielle aktiver.
ANVENDELSESOMRÅDE
2.
Denne standard finder anvendelse på den regnskabsmæssige behandling af immaterielle aktiver, bortset fra:
a)
immaterielle aktiver, som falder inden for en anden standards anvendelsesområde
b)
finansielle aktiver, som defineret i IAS 39 
Finansielle instrumenter: Præsentation
c)
indregning og måling af efterforsknings- og vurderingsaktiver (jf. IFRS 6 
Efterforskning og vurdering af mineralressourcer
), og
d)
udgifter til udvikling og udvinding af mineraler, olie, naturgas og lignende ikke-regenererende ressourcer.
3.
Hvis en anden standard foreskriver den regnskabsmæssige behandling af en konkret type immaterielle aktiver, skal virksomheden anvende den pågældende standard i stedet for IAS 38. Denne standard finder eksempelvis ikke anvendelse på:
a)
immaterielle aktiver, som besiddes af virksomheden med henblik på salg som led i det normale forretningsforløb (jf. IAS 2 
Varebeholdninger
 og IAS 11 
Entreprisekontrakter
)
b)
udskudte skatteaktiver (jf. IAS 12 
Indkomstskatter
)
c)
leasingkontrakter, som er omfattet af IAS 17 
Leasingkontrakter
d)
aktiver, som hidrører fra personaleydelser (jf. IAS 19 
Personaleydelser
)
e)
finansielle aktiver, som defineret i IAS 32. Indregning og måling af visse finansielle aktiver er omfattet af IAS 27 
Koncernregnskaber og separate årsregnskaber
, IAS 28 
Investeringer i associerede virksomheder
 og IAS 31 
Kapitalandele i joint ventures
f)
goodwill, der er erhvervet ved en virksomhedssammenslutning (jf. IFRS 3 
Virksomhedssammenslutninger
)
g)
udskudte anskaffelsesomkostninger og immaterielle aktiver hidrørende fra en forsikringsgivers kontraktlige ret i henhold til forsikringskontrakter, som er omfattet af IFRS 4 
Forsikringskontrakter.
 IFRS 4 angiver konkrete oplysningskrav for sådanne udskudte anskaffelsesomkostninger, men ikke for sådanne immaterielle aktiver. Oplysningskravene i denne standard finder derfor anvendelse på disse immaterielle aktiver
h)
immaterielle anlægsaktiver, som er klassificeret som besiddelse med henblik på salg (eller medtaget i en afståelsesgruppe, som er klassificeret som besiddelse med henblik på salg) i overensstemmelse med IFRS 5 
Anlægsaktiver, som besiddes med henblik på salg og ophørte aktiviteter
.
4.
Visse immaterielle aktiver kan være indeholdt i eller på en fysisk substans som eksempelvis en cd (som det er tilfældet med computersoftware), juridiske dokumenter (som det er tilfældet med licenser eller patenter) eller film. Ved afgørelsen af, hvorvidt et aktiv, som indeholder både immaterielle og materielle elementer, regnskabsmæssigt skal behandles i henhold til IAS 16 
Materielle anlægsaktiver
 eller som et immaterielt aktiv i henhold til denne standard, skal virksomheden foretage en skønsmæssig vurdering af, hvilket element der er mest væsentligt. Eksempelvis er computersoftware til en computerstyret maskine, som ikke kan fungere uden denne konkrete software, en integreret del af den tilknyttede hardware og behandles regnskabsmæssigt som et materielt anlægsaktiv. Dette gælder ligeledes for en computers styresystem. Når software ikke er en integreret del af den tilknyttede hardware, behandles computersoftware regnskabsmæssigt som et immaterielt aktiv.
5.
Denne standard finder blandt andet anvendelse på omkostninger til reklame, uddannelse, opstart og forsknings- og udviklingsaktiviteter. Forsknings- og udviklingsaktiviteter sigter mod udvikling af viden. Selvom disse aktiviteter kan resultere i et aktiv med en fysisk substans (eksempelvis en prototype), vil aktivets fysiske element derfor være sekundært i forhold til aktivets immaterielle element, dvs. den viden, der er knyttet til det.
6.
Med hensyn til finansielle leasingkontrakter kan det underliggende aktiv enten være materielt eller immaterielt. Efter første indregning skal leasingtager regnskabsmæssigt behandle et immaterielt aktiv, som besiddes gennem en finansiel leasingkontrakt, i overensstemmelse med denne standard. Rettigheder tilknyttet licensaftaler vedrørende immaterielle goder som eksempelvis spillefilm, videooptagelser, skuespil, manuskripter, patenter og copyrights ligger uden for anvendelsesområdet for IAS 17 og er omfattet af denne standard.
7.
Undtagelser fra en standards anvendelsesområde kan forekomme, hvis aktiviteter eller transaktioner er så branchespecifikke, at de medfører regnskabsmæssige forhold, som kan kræve anderledes regnskabsmæssig behandling. Sådanne forhold kan opstå i forbindelse med regnskabsmæssig behandling af omkostninger til efterforskning eller udvikling og udvinding af olie, gas og mineralforekomster i råstofindustrier og i tilfælde af forsikringskontrakter. Derfor finder denne standard ikke anvendelse på omkostninger til sådanne aktiviteter og kontrakter. Denne standard finder dog anvendelse på råstofindustriers og forsikringsgiveres anvendelse af andre immaterielle aktiver (eksempelvis computersoftware) og afholdelse af andre omkostninger (eksempelvis opstartsomkostninger).
DEFINITIONER
8.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Et 
aktivt marked
 er et marked, hvor alle følgende betingelser er opfyldt:
a)
de varer, som handles på det pågældende marked, er homogene
b)
villige købere og sælgere kan normalt findes til enhver tid, og
c)
priserne er tilgængelige for offentligheden.
Aftaletidspunktet
 for en virksomhedssammenslutning er det tidspunkt, hvor en principaftale indgås mellem de sammensluttende parter og, for så vidt angår børsnoterede virksomheder, meddeles offentligheden. I tilfælde af en fjendtlig overtagelse er det tidligste tidspunkt, hvor en principaftale mellem de sammensluttende parter kan indgås, det tidspunkt, hvor et tilstrækkeligt antal af den overtagne virksomheds ejere har accepteret den overtagende virksomheds tilbud, således at den overtagende virksomhed kan opnå bestemmende indflydelse på den overtagne virksomhed.
Afskrivning
 er den systematiske allokering af et immaterielt aktivs afskrivningsberettigede beløb over dets brugstid.
Et 
aktiv
 er en ressource, som:
a)
kontrolleres af virksomheden som følge af tidligere begivenheder, og
b)
hvorfra fremtidige økonomiske fordele forventes at tilgå virksomheden.
Regnskabsmæssig værdi
 er det beløb, som et aktiv indregnes med i balancen efter fradrag af akkumulerede afskrivninger og akkumulerede tab ved værdiforringelse.
Kostpris
 er det beløb, der er betalt i likvider, eller dagsværdien af en anden form for vederlag, som erlægges for anskaffelsen af et aktiv på anskaffelses- eller opførelsestidspunktet eller, hvor dette er relevant, det beløb, der kan henføres til det pågældende aktiv ved første indregning i overensstemmelse med de konkrete krav i andre IFRS’er, eksempelvis IFRS 2 
Aktiebaseret vederlæggelse
.
Afskrivningsberettiget beløb
 er et aktivs kostpris, eller et andet beløb i stedet for kostpris, fratrukket dets restværdi.
Udvikling
 er anvendelsen af forskningsresultater eller anden viden i en plan eller skitse til fremstilling af nye eller væsentligt forbedrede materialer, anordninger, produkter, processer, systemer eller tjenesteydelser forud for påbegyndelsen af en erhvervsmæssig produktion eller brug.
Virksomhedsspecifik værdi
 er nutidsværdien af fremtidige pengestrømme, som virksomheden forventer vil hidrøre fra fortsat anvendelse af et aktiv samt ved afhændelsen deraf ved udgangen af dets brugstid, eller som virksomheden forventer vil hidrøre fra indfrielse af en forpligtelse.
Dagsværdi
 er det beløb, et aktiv kan omsættes til ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter.
Tab ved værdiforringelse
 er det beløb, hvormed et aktivs regnskabsmæssige værdi overstiger genindvindingsværdien.
Et 
immaterielt aktiv
 er et identificerbart, ikke-monetært aktiv uden fysisk substans.
Monetære aktiver
 er likvide beholdninger og aktiver, der modtages med et kontant beløb, der enten er fast, eller kan opgøres.
Forskning
 er grundlæggende og planlagte undersøgelser foretaget for at opnå ny videnskabelig eller teknisk viden og indsigt.
Restværdien
 af et immaterielt aktiv er det beløb, en virksomhed skønner, den på det aktuelle tidspunkt ville kunne opnå ved afhændelse af aktivet med fradrag af skønnede afhændelsesomkostninger, hvis aktivet allerede havde den alder og var i den stand, som kan forventes ved udgangen af dets brugstid.
Brugstid
 er enten:
a)
den periode, i hvilken et aktiv forventes at være disponibelt til brug for virksomheden, eller
b)
antallet af producerede enheder eller tilsvarende enheder, som virksomheden forventer at opnå fra aktivet.
Immaterielle aktiver
9.
Virksomheder anvender hyppigt ressourcer eller påtager sig forpligtelser til anskaffelse, udvikling, vedligeholdelse eller forøgelse af immaterielle ressourcer som eksempelvis videnskabelig eller teknisk viden, design og implementering af nye processer eller systemer, licenser, intellektuel kapital, markedskendskab og varemærker (herunder mærkenavne og udgivelsestitler). Typiske eksempler på ovenstående overbegreber er computersoftware, patenter, copyrights, film, kundelister, rettigheder i forbindelse med indfrielse af pant i fast ejendom, fiskerettigheder, importkvoter, franchiseaftaler, kunde- og leverandørforbindelser, kundeloyalitet, markedsandel og markedsføringsrettigheder.
10.
Det er ikke alle de i afsnit 9 beskrevne begreber, som opfylder definitionen på et immaterielt aktiv, dvs. identificerbarhed, kontrol over en ressource og eksistensen af fremtidige økonomiske fordele. Hvis et immaterielt gode, som ligger inden for denne standards anvendelsesområde, ikke opfylder definitionen på et immaterielt aktiv, skal omkostninger tilknyttet dets anskaffelse eller interne oparbejdelse indregnes, når de afholdes. Hvis et immaterielt gode er erhvervet ved en virksomhedssammenslutning, skal det imidlertid indgå som en del af den på overtagelsestidspunktet indregnede goodwill (jf. afsnit 68).
Identificerbarhed
11.
Definitionen på et immaterielt aktiv kræver, at et immaterielt aktiv er identificerbart, for at der kan skelnes mellem dette og goodwill. Goodwill, som er erhvervet ved en virksomhedssammenslutning, udgør en betaling fra den overtagende virksomhed i forventning om fremtidige økonomiske fordele fra aktiver, som ikke kan identificeres individuelt og indregnes separat. Fremtidige økonomiske fordele kan opstå som følge af synergien mellem anskaffede identificerbare aktiver eller som følge af aktiver, som hver for sig ikke opfylder kriterierne for indregning i årsregnskabet, men som den overtagende virksomhed er villig til at betale for ved virksomhedssammenslutningen.
12.
Et aktiv opfylder kriteriet om identificerbarhed i definitionen på et immaterielt aktiv, når det:
a)
kan udskilles, dvs. at det kan udskilles eller adskilles fra virksomheden og sælges, overdrages, gives i licens, udlejes eller udveksles, enten separat eller sammen med en tilknyttet kontrakt, et tilknyttet aktiv eller en tilknyttet forpligtelse, eller
b)
hidrører fra kontraktlige eller andre juridiske rettigheder, uanset om disse rettigheder kan overdrages eller udskilles fra virksomheden eller fra andre rettigheder og forpligtelser.
Kontrol
13.
En virksomhed kontrollerer et aktiv, hvis virksomheden har beføjelse til at tilegne sig de fremtidige økonomiske fordele fra den underliggende ressource og til at begrænse andres adgang til disse fordele. En virksomheds mulighed for at kontrollere fremtidige økonomiske fordele fra et immaterielt aktiv vil normalt stamme fra juridiske rettigheder, som er retskraftige. Ved mangel på juridiske rettigheder er det sværere at udøve kontrol. Dog er en rettigheds retskraft ikke nødvendigvis en forudsætning for kontrol, idet en virksomhed kan være i stand til at kontrollere fremtidige økonomiske fordele på anden måde.
14.
Markedskendskab og teknisk viden kan medføre fremtidige økonomiske fordele. En virksomhed kontrollerer eksempelvis disse fordele, hvis viden er beskyttet af juridiske rettigheder, eksempelvis copyrights, begrænsning af en handelsaftale (hvor dette er tilladt) eller hvor ansatte pålægges tavshedspligt.
15.
En virksomhed kan have en kvalificeret medarbejderstab og være i stand til at identificere potentielle kvalifikationer, som kan medføre fremtidige økonomiske fordele fra uddannelse. En virksomhed kan også forvente, at de ansatte vil fortsætte med at stille deres kvalifikationer til rådighed for virksomheden. Dog har en virksomhed normalt utilstrækkelig kontrol over de forventede fremtidige fordele hidrørende fra en kvalificeret medarbejderstab og uddannelse til, at sådanne kvalifikationer opfylder definitionen på et immaterielt aktiv. Af samme grund vil konkrete ledelsesmæssige og tekniske evner normalt ikke opfylde definitionen på et immaterielt aktiv, medmindre de er beskyttet af juridiske rettigheder til deres brug og til at opnå de forventede fremtidige økonomiske fordele fra dem, og disse evner også opfylder resten af definitionen.
16.
En virksomhed kan have en kundeportefølje eller en markedsandel og en forventning om, at dens bestræbelser på at opbygge kundeforhold og loyalitet vil medføre, at kunderne vil fortsætte med at handle med virksomheden. Hvor der ikke findes juridiske rettigheder til at beskytte eller på anden måde kontrollere forholdet til kunder eller deres loyalitet over for virksomheden, har en virksomhed dog normalt utilstrækkelig kontrol over forventede økonomiske fordele fra kundeforhold og loyalitet til at disse (eksempelvis kundeporteføljer, markedsandele, kundeforhold og kundeloyalitet) opfylder definitionen på immaterielle aktiver. Hvor der ikke findes juridiske rettigheder til at beskytte kundeforhold, giver udvekslingstransaktioner for dette eller tilsvarende ikke-kontraktlige kundeforhold (bortset fra som led i en virksomhedssammenslutning) dokumentation for, at virksomheden alligevel er i stand til at kontrollere de forventede fremtidige økonomiske fordele fra kundeforholdene. Eftersom sådanne udvekslingstransaktioner også giver dokumentation for, at kundeforholdene kan udskilles, opfylder disse kundeforhold definitionen på et immaterielt aktiv.
Fremtidig økonomisk fordel
17.
De fremtidige økonomiske fordele fra et immaterielt aktiv kan omfatte omsætning fra salg af produkter eller tjenesteydelser, omkostningsbesparelse eller andre fordele hidrørende fra virksomhedens anvendelse af aktivet. Eksempelvis kan anvendelsen af intellektuel kapital i en produktionsproces reducere fremtidige produktionsomkostninger frem for at øge den fremtidige omsætning.
INDREGNING OG MÅLING
18.
Indregningen af et aktiv som et immaterielt aktiv kræver, at en virksomhed kan dokumentere, at aktivet opfylder:
a)
definitionen på et immaterielt aktiv (jf. afsnit 8-17), og
b)
indregningskriterierne (jf. afsnit 21-23).
Dette krav finder anvendelse på startomkostninger i forbindelse med køb eller intern oparbejdelse af et immaterielt aktiv og omkostninger, der efterfølgende er afholdt for at udvide, udskifte en del af eller vedligeholde aktivet.
19.
Afsnit 25-32 omhandler anvendelsen af indregningskriterierne på separat anskaffede immaterielle aktiver, og afsnit 33-43 omhandler kriteriernes anvendelse på immaterielle aktiver, som er erhvervet ved en virksomhedssammenslutning. Afsnit 44 omhandler den første indregning af immaterielle aktiver, som er anskaffet ved offentlige tilskud, afsnit 45-47 omhandler udvekslinger af immaterielle aktiver, og afsnit 48-50 omhandler behandlingen af internt oparbejdet goodwill. Afsnit 51-67 omhandler den første indregning og måling af internt oparbejdede immaterielle aktiver.
20.
Immaterielle aktiver er i mange tilfælde af en art, som gør, at der ikke foretages udvidelse af et sådant aktiv eller udskiftning af en del af det. Således vil de fleste efterfølgende omkostninger sandsynligvis opretholde de forventede fremtidige økonomiske fordele tilknyttet et eksisterende immaterielt aktiv, snarere end opfylde definitionen på et immaterielt aktiv og indregningskriterierne i denne standard. Yderligere er det ofte forbundet med vanskeligheder at henføre efterfølgende omkostninger direkte til et bestemt immaterielt aktiv frem for til virksomheden som helhed. Derfor vil efterfølgende omkostninger — omkostninger afholdt efter første indregning af et anskaffet immaterielt aktiv eller efter færdiggørelsen af et internt oparbejdet immaterielt aktiv — kun sjældent blive indregnet i aktivets regnskabsmæssige værdi. I overensstemmelse med afsnit 63 skal efterfølgende omkostninger til mærkenavne, avisnavne, udgivelsestitler, kundelister og lignende (enten eksternt anskaffet eller internt oparbejdet) altid indregnes i resultatet, efterhånden som de afholdes. Dette skyldes, at sådanne omkostninger ikke kan skelnes fra omkostninger til udvikling af virksomheden som helhed.
21.
Et immaterielt aktiv skal udelukkende indregnes, hvis:
a)
det er sandsynligt, at de forventede fremtidige økonomiske fordele, som kan henføres til aktivet, vil tilgå virksomheden, og
b)
aktivets kostpris kan måles pålideligt.
22.
En virksomhed skal vurdere sandsynligheden for forventede fremtidige økonomiske fordele ved anvendelse af rimelige og dokumenterbare forudsætninger, som repræsenterer ledelsens bedste skøn over de økonomiske forhold, som vil foreligge over aktivets brugstid.
23.
En virksomhed udøver skøn ved vurderingen af graden af sikkerhed forbundet med den fremtidige strøm af økonomiske fordele, som kan henføres til anvendelsen af aktivet på grundlag af de oplysninger, der er tilgængelige på tidspunktet for første indregning. Ekstern dokumentation tillægges mest vægt.
24.
Et immaterielt aktiv skal første gang måles til kostpris.
Separat anskaffelse
25.
Normalt afspejler den pris, en virksomhed betaler for separat anskaffelse af et immaterielt aktiv, virksomhedens forventninger om sandsynligheden for, at de forventede fremtidige økonomiske fordele tilknyttet aktivet vil tilgå virksomheden. Det vil sige, at virkningen af sandsynligheden afspejles i aktivets kostpris. Sandsynlighedskriteriet for indregning i afsnit 21a) anses derfor altid for at være opfyldt for immaterielle aktiver, som er anskaffet separat.
26.
Derudover kan kostprisen for et separat anskaffet immaterielt aktiv normalt måles pålideligt. Dette gælder i særdeleshed for vederlag i form af likvide beholdninger eller andre monetære aktiver.
27.
Kostprisen for et separat anskaffet immaterielt aktiv omfatter:
a)
købsprisen, herunder importafgifter og ikke-refunderbare afgifter med fradrag af forhandlerrabatter og dekorter, og
b)
omkostninger, der er direkte forbundet med forberedelsen af aktivet til dets planlagte anvendelse.
28.
Eksempler på direkte forbundne omkostninger er:
a)
omkostninger til personaleydelser (som defineret i IAS 19), som er direkte forbundet med at bringe aktivet i produktionsklar stand,
b)
honorarer for faglig assistance, som er direkte forbundet med at bringe aktivet i produktionsklar stand, og
c)
omkostninger forbundet med afprøvning af, om aktivet fungerer korrekt.
29.
Nedenstående er eksempler på omkostninger, der ikke indgår i kostprisen for et immaterielt aktiv:
a)
omkostninger forbundet med lancering af et nyt produkt eller en ny tjeneste (herunder markedsføringsomkostninger)
b)
omkostninger forbundet med at drive forretning et nyt sted eller med en ny kundegruppe (herunder omkostninger til uddannelse af personale), og
c)
administrationsomkostninger og andre generelle indirekte produktionsomkostninger.
30.
Indregningen af omkostninger i et immaterielt aktivs regnskabsmæssige værdi ophører, når aktivet er i den stand, der kræves for at sikre den af ledelsen planlagte anvendelse. Således skal omkostninger, der afholdes i forbindelse med brug eller overflytning af et immaterielt aktiv, ikke medtages i det pågældende aktivs regnskabsmæssige værdi. Nedenstående omkostninger indgår eksempelvis ikke i den regnskabsmæssige værdi af et immaterielt aktiv:
a)
omkostninger, der er afholdt før påbegyndt brug af et aktiv, der er klar til den af ledelsen planlagte anvendelse, og
b)
indledende driftstab, såsom tab afholdt mens efterspørgslen efter aktivets produktion stiger.
31.
Der forekommer visse aktiviteter i forbindelse med udvikling af et immaterielt aktiv, som ikke er nødvendige for at bringe aktivet i den stand, der kræves for at sikre den af ledelsen planlagte anvendelse. Disse tilknyttede aktiviteter kan forekomme før eller under udviklingsaktiviteterne. Eftersom tilknyttede aktiviteter ikke er nødvendige for at bringe et aktiv i den stand, der kræves for at sikre den af ledelsen planlagte anvendelse, indregnes indtægter og dermed forbundne omkostninger ved tilknyttede aktiviteter straks i resultatet og medtages i den respektive klassifikation af indtægter og omkostninger.
32.
Hvis betaling for et immaterielt aktiv udskydes længere end normale kreditvilkår, er aktivets kostpris lig kontantprisen. Forskellen mellem dette beløb og den samlede betaling indregnes som en renteomkostning over kreditperioden, medmindre den aktiveres i overensstemmelse med den tilladte aktiveringsbehandling i IAS 23 
Låneomkostninger
.
Anskaffelse som del af en virksomhedssammenslutning
33.
I overensstemmelse med IFRS 3 er kostprisen for et immaterielt aktiv, som er erhvervet ved en virksomhedssammenslutning, aktivets dagsværdi på overtagelsestidspunktet. Dagsværdien af et immaterielt aktiv afspejler markedets forventninger om sandsynligheden for, at de fremtidige økonomiske fordele tilknyttet aktivet vil tilgå virksomheden. Det vil sige, at virkningen af sandsynligheden afspejles i målingen af det immaterielle aktivs dagsværdi. Sandsynlighedskriteriet for indregning i afsnit 21a) anses derfor altid for at være opfyldt for immaterielle aktiver, som er erhvervet ved en virksomhedssammenslutning.
34.
Derfor skal en overtagende virksomhed i overensstemmelse med denne standard og IFRS 3 på overtagelsestidspunktet indregne den overtagne virksomheds immaterielle aktiver separat fra goodwill, hvis aktivernes dagsværdi kan måles pålideligt, uanset om aktiverne blev indregnet af den overtagne virksomhed før virksomhedssammenslutningen. Dette betyder, at den overtagende virksomhed skal indregne igangværende forsknings- og udviklingsprojekter i den overtagne virksomhed som et aktiv separat fra goodwill, hvis projektet opfylder definitionen på et immaterielt aktiv, og dagsværdien kan måles pålideligt. Et igangværende forsknings- og udviklingsprojekt i en overtaget virksomhed opfylder definitionen på et immaterielt aktiv, når det:
a)
opfylder definitionen på et aktiv, og
b)
er identificerbart, dvs. når det kan udskilles eller hidrører fra kontraktlige eller andre juridiske rettigheder.
Måling af dagsværdien af et immaterielt aktiv, som er erhvervet ved en virksomhedssammenslutning
35.
Målingen af dagsværdien af immaterielle aktiver, som er erhvervet ved en virksomhedssammenslutning, er normalt tilstrækkeligt pålidelig til, at aktiverne kan indregnes separat fra goodwill. Når de ved måling af et immaterielt aktivs dagsværdi anvendte skøn indebærer en række mulige udfald med forskellig sandsynlighed, skal denne usikkerhed afspejles ved målingen af aktivets dagsværdi snarere end regnes for et tilfælde, hvor dagsværdien ikke kan måles pålideligt. Hvis et immaterielt aktiv, som er erhvervet ved en virksomhedssammenslutning, har begrænset brugstid, er der en afkræftelig formodning om, at dagsværdien kan måles pålideligt.
36.
Et immaterielt aktiv, som er erhvervet ved en virksomhedssammenslutning, kan muligvis udskilles, men kun sammen med et tilknyttet materielt eller immaterielt aktiv. Som eksempel kan nævnes et blads udgivelsestitel, som muligvis ikke kan sælges separat fra en tilknyttet abonnentdatabase, eller et varemærke for naturligt kildevand, som kan være tilknyttet en særlig kilde og ikke kan sælges separat fra kilden. I sådanne tilfælde indregner den overtagende virksomhed gruppen af aktiver som et enkelt aktiv separat fra goodwill, hvis dagsværdien af de enkelte aktiver i gruppen ikke kan måles pålideligt.
37.
Tilsvarende anvendes udtrykket »mærkenavn« ofte synonymt med varemærker og andre mærker. Der er imidlertid tale om et generelt markedsføringsudtryk, som normalt anvendes om en gruppe af komplementære aktiver, eksempelvis et varemærke (eller et servicemærke) og dettes tilknyttede handelsnavn, formler, opskrifter og teknologiske ekspertise. Den overtagende virksomhed skal indregne en gruppe af komplementære immaterielle aktiver, som omfatter et mærkenavn, som et enkelt aktiv, hvis dagsværdien af de enkelte komplementære aktiver ikke kan måles pålideligt. Hvis dagsværdien af de enkelte komplementære aktive kan måles pålideligt, kan den overtagende virksomhed indregne dem som et enkelt aktiv under forudsætning af, at de enkelte aktiver har ensartet brugstid.
38.
De eneste tilfælde, hvor det sandsynligvis ikke er muligt at foretage en pålidelig måling af dagsværdien af et immaterielt aktiv, som er erhvervet ved en virksomhedssammenslutning, er, når det immaterielle aktiv hidrører fra juridiske eller andre kontraktlige rettigheder og enten:
a)
ikke kan udskilles, eller
b)
kan udskilles, men der findes ikke tidligere udvekslingstransaktioner eller dokumentation for sådanne transaktioner for dette aktiv eller tilsvarende aktiver, og et skøn over dagsværdien på anden vis ville være afhængigt af variabler, der ikke kan måles.
39.
Anførte priser på et aktivt marked giver det mest pålidelige skøn over et immaterielt aktivs dagsværdi (jf. også afsnit 78). Den relevante markedspris er normalt den aktuelle købspris. Hvis aktuelle købspriser ikke er til rådighed, kan prisen for den seneste lignende transaktion danne grundlag for den skønnede dagsværdi, forudsat der ikke er opstået en væsentlig ændring i de økonomiske forhold mellem transaktionstidspunktet og tidspunktet, hvor aktivets dagsværdi skønnes.
40.
Hvis der ikke findes noget aktivt marked for et immaterielt aktiv, er dagsværdien det beløb, virksomheden skulle have betalt for aktivet på overtagelsestidspunktet i en handel mellem kvalificerede, villige, indbyrdes uafhængige parter baseret på den bedste til rådighed værende information. Ved opgørelsen af dette beløb skal virksomheden tage udfaldet af nylige transaktioner for tilsvarende aktiver i betragtning.
41.
Virksomheder, som regelmæssigt er involveret i køb og salg af unikke immaterielle aktiver, kan have udviklet metoder til indirekte at skønne aktivernes dagsværdi. Disse metoder kan anvendes på tidspunktet for første måling af et immaterielt aktiv, som er erhvervet ved en virksomhedssammenslutning, hvis formålet med metoderne er at skønne dagsværdien, og hvis disse metoder afspejler aktuelle transaktioner og praksis i den branche, aktivet tilhører. Disse metoder omfatter, når dette er relevant:
a)
anvendelse af multiplikatorer, som afspejler aktuelle markedstransaktioner, på indikatorer for aktivets lønsomhed (eksempelvis omsætning, markedsandele og driftsresultat) eller på den royaltybetalingsstrøm, som ville kunne opnås ved at give det immaterielle aktiv i licens til en anden part ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter (som ved »fritagelse for royalty«-metoden), eller
b)
diskontering af skønnede fremtidige nettopengestrømme fra aktivet.
Efterfølgende omkostninger i forbindelse med et anskaffet igangværende forsknings- og udviklingsprojekt
42.
Forsknings- eller udviklingsomkostninger, der:
a)
er tilknyttet et igangværende forsknings- eller udviklingsprojekt, som er anskaffet separat eller ved en virksomhedssammenslutning og indregnet som et immaterielt aktiv, og
b)
er afholdt efter anskaffelsen af projektet,
skal behandles regnskabsmæssigt i overensstemmelse med afsnit 54-62.
43.
Anvendelsen af kravene i afsnit 54-62 betyder, at efterfølgende omkostninger til et igangværende forsknings- eller udviklingsprojekt, som er anskaffet separat eller ved en virksomhedssammenslutning og indregnet som et immaterielt aktiv:
a)
indregnes som omkostning, når de afholdes, hvis der er tale om forskningsomkostninger
b)
indregnes som omkostning, når de afholdes, hvis der er tale om udviklingsomkostninger, som ikke opfylder kriterierne for indregning som et immaterielt aktiv i afsnit 57, og
c)
lægges til den regnskabsmæssige værdi af det anskaffede igangværende forsknings- eller udviklingsprojekt, hvis der er tale om udviklingsomkostninger, som opfylder kriterierne for indregning i afsnit 57.
Anskaffelse ved et offentligt tilskud
44.
I nogle tilfælde kan et immaterielt aktiv anskaffes vederlagsfrit eller til et symbolsk vederlag ved et offentligt tilskud. Dette kan forekomme, når en offentlig myndighed overfører eller allokerer et immaterielt aktiv til en virksomhed, som eksempelvis ret til at lande i en lufthavn, radio- eller tv-licenser, importlicenser eller kvoter eller adgang til andre beskyttede ressourcer. I overensstemmelse med IAS 20 
Regnskabsmæssig behandling af offentlige tilskud og oplysning om andre former for offentlig støtte
 kan en virksomhed på tidspunktet for første indregning vælge at indregne både det immaterielle aktiv og det offentlige tilskud til dagsværdi. Hvis en virksomhed på tidspunktet for første indregning vælger ikke at indregne aktivet til dagsværdi, skal virksomheden på tidspunktet for første indregning indregne aktivet til et symbolsk beløb (den anden tilladte behandling i IAS 20) med tillæg af omkostninger, som direkte kan henføres til forberedelsen af aktivet til dets planlagte anvendelse.
Udveksling af aktiver
45.
Et eller flere immaterielle aktiver kan anskaffes ved udveksling af et eller flere ikke-monetære aktiver eller en kombination af monetære og ikke-monetære aktiver. Følgende gennemgang angår kun udveksling af et ikke-monetært aktiv med et andet ikke-monetært aktiv, men den gælder også for alle de øvrige udvekslinger, som er beskrevet i den foregående sætning. Kostprisen for et sådant immaterielt aktiv skal måles til dagsværdi, medmindre a) udvekslingen ikke har noget forretningsmæssigt indhold, eller b) hverken dagsværdien af det modtagne aktiv eller af det afgivne aktiv kan måles pålideligt. Det modtagne aktiv måles på denne måde, også selvom virksomheden ikke umiddelbart kan ophøre med indregningen af det afgivne aktiv. Hvis det modtagne aktiv ikke måles til dagsværdi, skal dets kostpris måles til den regnskabsmæssige værdi af det afgivne aktiv.
46.
Virksomheder skal afgøre, om en udveksling har forretningsmæssigt indhold ved at vurdere, i hvilket omfang virksomhedens fremtidige pengestrømme kan forventes at ændre sig som følge af udvekslingen. En udveksling har forretningsmæssigt indhold, hvis:
a)
sammensætningen (dvs. risiko, tidspunkter og beløb) af de pengestrømme, der hidrører fra det modtagne aktiv, er forskellig fra sammensætningen af de pengestrømme, der hidrørte fra det afgivne aktiv, eller
b)
den virksomhedsspecifikke værdi af den andel af virksomhedens aktiviteter, der påvirkes af udvekslingen, ændres som følge af udvekslingen, og
c)
forskellen i a) og b) er væsentlig set i forhold til dagsværdien af de udvekslede aktiver.
Ved vurderingen af, hvorvidt en udveksling har forretningsmæssigt indhold, skal den virksomhedsspecifikke værdi af den andel af virksomhedens aktiviteter, der påvirkes af udvekslingen, afspejle pengestrømme efter skat. Resultatet af disse analyser kan tydeliggøres, uden at virksomheden behøver at udføre detaljerede beregninger.
47.
Afsnit 21b) angiver, at det er en betingelse for indregning af et immaterielt aktiv, at aktivets kostpris kan måles pålideligt. Hvis der ikke findes sammenlignelige markedstransaktioner, kan dagsværdien af et immaterielt aktiv måles pålideligt, hvis a) størrelsen af intervallet af rimelige skøn over dagsværdien ikke er væsentlig for det pågældende aktiv eller b) sandsynligheden for de forskellige skøn kan vurderes pålideligt og anvendes ved opgørelsen af dagsværdien. Hvis en virksomhed er i stand til at foretage en pålidelig vurdering af dagsværdien af enten det modtagne eller det afgivne aktiv, skal dagsværdien af det afgivne aktiv anvendes til at måle kostprisen, medmindre dagsværdien af det modtagne aktiv kan opgøres med større nøjagtighed.
Internt oparbejdet goodwill
48.
Internt oparbejdet goodwill skal ikke indregnes som et aktiv.
49.
I visse tilfælde afholdes omkostninger til frembringelse af fremtidige økonomiske fordele, uden at dette resulterer i oparbejdelsen af immaterielle aktiver, som opfylder indregningskriterierne i denne standard. Sådanne omkostninger beskrives ofte som bidragende til internt oparbejdet goodwill. Internt oparbejdet goodwill indregnes ikke som et aktiv, idet det ikke er en identificerbar ressource (dvs. at det hverken kan udskilles eller hidrører fra kontraktlige eller andre juridiske rettigheder) kontrolleret af virksomheden, som kan måles pålideligt til kostpris.
50.
Forskellen mellem en virksomheds markedsværdi og den regnskabsmæssige værdi af dens identificerbare nettoaktiver på et givent tidspunkt skyldes en række forhold, som påvirker virksomhedens værdi. Dog afspejler sådanne forskelle ikke kostprisen for de af virksomheden kontrollerede immaterielle aktiver.
Internt oparbejdede immaterielle aktiver
51.
Det er undertiden forbundet med vanskeligheder at vurdere, hvorvidt et internt oparbejdet immaterielt aktiv opfylder indregningskriterierne, på grund af problemer forbundet med at:
a)
identificere om og hvornår der foreligger et identificerbart aktiv, som vil frembringe forventede fremtidige økonomiske fordele, og
b)
opgøre aktivets kostpris pålideligt. I nogle tilfælde kan omkostningerne til intern oparbejdelse af et immaterielt aktiv ikke adskilles fra omkostningerne til at vedligeholde eller øge virksomhedens internt oparbejdede goodwill eller den daglige drift.
Derfor skal en virksomhed foruden at være i overensstemmelse med de generelle bestemmelser for indregning og første måling af et immaterielt aktiv anvende de i afsnit 52-67 nævnte krav og vejledninger på alle internt oparbejdede immaterielle aktiver.
52.
For at kunne vurdere om et internt oparbejdet immaterielt aktiv opfylder indregningskriterierne, klassificerer virksomheden oparbejdelsen af aktivet i:
a)
en forskningsfase, og
b)
en udviklingsfase.
Selvom udtrykkene »forskning« og »udvikling« er defineret, har udtrykkene »forskningsfase« og »udviklingsfase« en bredere betydning i denne standard.
53.
Hvis en virksomhed ikke kan adskille forskningsfasen og udviklingsfasen i et internt projekt, der skal oparbejde et immaterielt aktiv, skal virksomheden behandle omkostninger til dette projekt, som om de er afholdt udelukkende i forskningsfasen.
Forskningsfasen
54.
Ingen immaterielle aktiver hidrørende fra forskning (eller fra et internt projekts forskningsfase) må indregnes. Forskningsomkostninger (eller omkostninger til et internt projekts forskningsfase) skal indregnes, når de afholdes.
55.
I et internt projekts forskningsfase kan virksomheden ikke dokumentere, at der foreligger et immaterielt aktiv, som vil frembringe sandsynlige fremtidige økonomiske fordele. Disse omkostninger indregnes derfor, når de afholdes.
56.
Forskningsaktiviteter omfatter eksempelvis:
a)
aktiviteter, som har til formål at indhente ny viden
b)
søgen efter og evaluering og endelig udvælgelse af forskningsresultaters anvendelsesmuligheder og anden viden
c)
søgen efter alternative materialer, anordninger, produkter, processer, systemer eller tjenesteydelser, og
d)
udformning, design, evaluering og endelig udvælgelse af mulige alternativer til nye eller forbedrede materialer, anordninger, produkter, processer, systemer eller tjenesteydelser.
Udviklingsfasen
57.
Et immaterielt aktiv hidrørende fra udvikling (eller fra et internt projekts udviklingsfase) skal udelukkende indregnes, hvis virksomheden kan dokumentere alle følgende:
a)
den tekniske mulighed for at færdiggøre det immaterielle aktiv, således at det kan anvendes eller sælges
b)
dens hensigt at færdiggøre det immaterielle aktiv og anvende eller sælge det
c)
dens evner til at anvende eller sælge det immaterielle aktiv
d)
hvordan det immaterielle aktiv vil frembringe sandsynlige fremtidige økonomiske fordele. Virksomheden kan blandt andet dokumentere eksistensen af et marked for producerede enheder fra det immaterielle aktiv eller selve det immaterielle aktiv eller, hvis det skal anvendes internt, nytteværdien af det immaterielle aktiv
e)
tilgængeligheden af tilstrækkelige tekniske, økonomiske og andre ressourcer til at færdiggøre udviklingen og til at anvende eller sælge det immaterielle aktiv
f)
dens evne til pålideligt at måle de omkostninger, der kan henføres til det immaterielle aktiv i løbet af dets udvikling.
58.
I nogle tilfælde kan en virksomhed i et internt projekts udviklingsfase identificere et immaterielt aktiv og dokumentere, at aktivet vil frembringe sandsynlige fremtidige økonomiske fordele. Dette kan lade sig gøre, idet et projekts udviklingsfase er mere fremskredent end forskningsfasen.
59.
Udviklingsaktiviteter omfatter eksempelvis:
a)
design, opførelse og testning af prototyper og modeller før produktion og anvendelse
b)
design af værktøj, opspændingsværktøj, støbeforme og stempler, der indebærer ny teknologi
c)
design, opførelse og drift af et forsøgsproduktionsanlæg, hvis størrelsesorden ikke er økonomisk rentabel for erhvervsmæssig produktion, og
d)
design, opførelse og testning af et valgt alternativ til nye eller forbedrede materialer, anordninger, produkter, processer, systemer eller tjenesteydelser.
60.
For at dokumentere, hvordan et immaterielt aktiv vil frembringe sandsynlige fremtidige økonomiske fordele, vurderer en virksomhed de fremtidige økonomiske fordele, den vil modtage fra aktivet ved anvendelse af bestemmelserne i IAS 36 
Værdiforringelse af aktiver
. Hvis et aktiv udelukkende vil frembringe økonomiske fordele i forbindelse med andre aktiver, anvender virksomheden begrebet pengestrømsfrembringende enheder fra IAS 36.
61.
Tilgængeligheden af ressourcer til færdiggørelse og anvendelse af og opnåelse af fordelene fra et immaterielt aktiv kan eksempelvis dokumenteres ved en plan over de tekniske, økonomiske og andre ressourcer, som vil være nødvendige, og virksomhedens evne til at sikre disse ressourcer. I nogle tilfælde kan en virksomhed dokumentere tilgængeligheden af ekstern finansiering ved at indhente en tilkendegivelse fra långiver om dennes villighed til at finansiere planen.
62.
En virksomheds kalkulationssystemer til beregning af omkostninger kan ofte pålideligt måle omkostninger til at oparbejde et immaterielt aktiv internt, eksempelvis lønninger og andre omkostninger afholdt ved sikring af copyrights eller licenser eller udvikling af computersoftware.
63.
Internt oparbejdede mærkenavne, avisnavne, udgivelsestitler, kundelister og lignende immaterielle goder skal ikke indregnes som immaterielle aktiver.
64.
Omkostninger til internt oparbejdede mærkenavne, avisnavne, udgivelsestitler, kundelister og lignende immaterielle goder kan ikke adskilles fra omkostninger til udvikling af virksomheden som helhed. Derfor indregnes sådanne immaterielle goder ikke som immaterielle aktiver.
Kostpris for et internt oparbejdet immaterielt aktiv
65.
Kostprisen for et internt oparbejdet immaterielt aktiv, som nævnt i afsnit 24, er de samlede omkostninger afholdt fra tidspunktet, hvor det immaterielle aktiv først opfylder de i afsnit 21, 22 og 57 nævnte indregningskriterier. Afsnit 71 tillader ikke tilbageførsel og indregning i balancen af omkostninger, der tidligere har været indregnet som omkostning.
66.
Kostprisen for et internt oparbejdet immaterielt aktiv omfatter alle nødvendige omkostninger, der er direkte forbundet med at oprette, fremstille og forberede aktivet til den af ledelsen planlagte anvendelse. Eksempler på direkte forbundne omkostninger er:
a)
omkostninger til materialer og tjenesteydelser anvendt eller forbrugt ved oparbejdelsen af det immaterielle aktiv
b)
omkostninger til personaleydelser (som defineret i IAS 19), som er direkte forbundet med oparbejdelsen af det immaterielle aktiv
c)
registreringsgebyrer for juridiske rettigheder, og
d)
afskrivning på patenter og licenser, der anvendes til at oparbejde det immaterielle aktiv.
I IAS 23 angives indregningskriterier for renter som et element af kostprisen for et internt oparbejdet immaterielt aktiv.
67.
Følgende er ikke elementer af kostprisen for et internt oparbejdet immaterielt aktiv:
a)
salgs-, administrations- og andre generelle indirekte produktionsomkostninger, medmindre denne omkostning direkte kan henføres til forberedelsen af aktivet til brug
b)
identificerede tab grundet ineffektivitet og indledende driftstab afholdt før aktivet opnår den planlagte indtjening, og
c)
omkostninger til uddannelse af personale til aktivets drift.
Eksempel til illustration af afsnit 65
En virksomhed udvikler en ny produktionsproces. I løbet af 20X5 afholdt virksomheden omkostninger på 1 000 CU 
(
1
)
, hvoraf 900 CU blev afholdt før 1. december 20X5, og 100 CU blev afholdt mellem 1. december 20X5 og 31. december 20X5. Virksomheden er i stand til at dokumentere, at produktionsprocessen opfylder indregningskriterierne for et immaterielt aktiv den 1. december 20X5. Genindvindingsværdien af den til processen knyttede knowhow (herunder fremtidige pengestrømme til processens færdiggørelse før den er disponibel til brug) skønnes at være 500 CU.
Ved slutningen af 20X5 indregnes produktionsprocessen som et immaterielt aktiv med en kostpris på 100 CU (omkostninger afholdt efter tidspunktet, hvor indregningskriterierne blev opfyldt, dvs. 1. december 20X5). Omkostningen på 900 CU afholdt før 1. december 20X5 indregnes, idet indregningskriterierne ikke blev opfyldt før 1. december 20X5. Disse omkostninger indgår ikke som en del af den i balancen indregnede kostpris for produktionsprocessen.
I løbet af 20X6 afholdes omkostninger på 2 000 CU. Ved udløbet af 20X6 skønnes genindvindingsværdien af den til processen knyttede knowhow (herunder fremtidige pengestrømme til processens færdiggørelse før den er disponibel til brug) at være 1 900 CU.
Ved udgangen af 20X6 er kostprisen for produktionsprocessen 2 100 CU (indregning af 100 CU som omkostning ved udløbet af 20X5 med tillæg af indregning af 2 000 CU som omkostning i 20X6). Virksomheden indregner et tab ved værdiforringelse på 200 CU for regulering af den regnskabsmæssige værdi af processen før tabet ved værdiforringelse (2 100 CU) til genindvindingsværdien (1 900 CU). Dette tab ved værdiforringelse vil blive tilbageført i et efterfølgende regnskabsår, hvis de i IAS 36 nævnte krav til tilbageførsel af et tab ved værdiforringelse opfyldes.&#x00AB;).
INDREGNING SOM OMKOSTNING
68.
Omkostninger til et immaterielt gode skal indregnes, når de afholdes, medmindre:
a)
de er en del af kostprisen for et immaterielt aktiv, som opfylder indregningskriterierne (jf. afsnit 18-67), eller
b)
det immaterielle gode anskaffes ved en virksomhedssammenslutning og ikke kan indregnes som et immaterielt aktiv. Hvis dette er tilfældet, skal omkostningerne (medtaget i kostprisen for virksomhedssammenslutningen) indgå som en del af det beløb, der henføres til goodwill på overtagelsestidspunktet (jf. IFRS 3).
69.
I visse tilfælde afholdes omkostninger for at frembringe fremtidige økonomiske fordele til en virksomhed, uden at der anskaffes eller oparbejdes et immaterielt aktiv eller andet aktiv, som vil kunne indregnes. I sådanne tilfælde indregnes omkostningerne, når de afholdes. Forskningsomkostninger indregnes eksempelvis, når de afholdes (jf. afsnit 54), bortset fra når de indgår som en del af kostprisen for en virksomhedssammenslutning. Andre eksempler på omkostninger, som indregnes, når de afholdes, er:
a)
omkostninger til opstartsaktiviteter (opstartsomkostninger), medmindre disse omkostninger er medtaget i et materielt anlægsaktivs kostpris i henhold til IAS 16. Opstartsomkostninger kan omfatte omkostninger til juridisk og sekretærmæssig bistand afholdt ved etableringen af en juridisk enhed, omkostninger til at starte nye faciliteter eller virksomhed (før startomkostninger) eller omkostninger til påbegyndelsen af nye aktiviteter eller lanceringen af nye produkter eller processer (før aktivitetsomkostninger)
b)
uddannelsesomkostninger
c)
markedsføringsomkostninger
d)
omkostninger til flytning eller omstrukturering af en hel virksomhed eller dele heraf.
70.
Afsnit 68 udelukker ikke indregning af en forudbetaling som et aktiv, når betaling for leveringen af varer eller tjenesteydelser er foretaget forud for leveringen af varer eller tjenesteydelser.
Omkostninger afholdt i tidligere regnskabsår, som ikke må indregnes som et aktiv
71.
Omkostninger til et immaterielt gode, som første gang er indregnet som omkostning, må ikke indregnes som en del af et immaterielt aktivs kostpris på et senere tidspunkt.
MÅLING EFTER INDREGNING
72.
Virksomheder skal vælge enten kostprismodellen, som er anført i afsnit 74, eller omvurderingsmodellen i afsnit 75 som anvendt regnskabspraksis. Hvis et immaterielt aktiv regnskabsmæssigt behandles ved brug af omvurderingsmodellen, skal alle andre aktiver i samme kategori også behandles regnskabsmæssigt ved brug af samme model, medmindre der ikke foreligger noget aktivt marked for disse aktiver.
73.
En kategori af immaterielle aktiver er en gruppe af aktiver af sammenlignelig art og anvendelse i virksomhedens drift. Immaterielle goder inden for en kategori af immaterielle aktiver omvurderes samtidigt for at undgå selektiv omvurdering af aktiver og præsentationen af beløb i årsregnskabet, som repræsenterer en blanding af kostpriser og værdier på forskellige datoer.
Kostprismodellen
74.
Efter første indregning skal et immaterielt aktiv indregnes til kostpris med fradrag af akkumulerede afskrivninger og akkumulerede tab ved værdiforringelse.
Omvurderingsmodellen
75.
Efter første indregning skal et immaterielt aktiv indregnes til en omvurderet værdi, som er dagsværdien på omvurderingstidspunktet med fradrag af efterfølgende akkumulerede afskrivninger og efterfølgende tab ved værdiforringelse. I forbindelse med omvurderinger i denne standard skal dagsværdien opgøres under henvisning til et aktivt marked. Omvurderinger skal foretages med tilstrækkelig hyppighed til, at aktivets regnskabsmæssige værdi på balancedagen ikke afviger væsentligt fra dagsværdien.
76.
Omvurderingsmodellen tillader ikke:
a)
omvurdering af immaterielle aktiver, som ikke tidligere er indregnet som aktiver, eller
b)
første indregning af immaterielle aktiver til andet end kostpris.
77.
Omvurderingsmodellen anvendes efter et aktiv første gang er indregnet til kostpris. Hvis kun en del af et immaterielt aktivs kostpris indregnes som et aktiv, idet aktivet ikke har opfyldt indregningskriterierne, før det var delvist gennem processen (jf. afsnit 65), kan omvurderingsmodellen anvendes for hele aktivet. Ligeledes kan omvurderingsmodellen anvendes for et immaterielt aktiv, som er modtaget ved anvendelse af et offentligt tilskud og indregnet til et symbolsk beløb (jf. afsnit 44).
78.
Det er usædvanligt, at der findes et aktivt marked med de i afsnit 8 nævnte kendetegn for et immaterielt aktiv, selvom dette kan forekomme. I nogle jurisdiktioner kan et aktivt marked eksempelvis foreligge for frit overdragelige tilladelser til at drive hyrevognsvirksomhed, fiskerirettigheder eller produktionskvoter. Dog kan et aktivt marked ikke foreligge for mærkenavne, avisnavne, rettigheder til musik og film, patenter eller varemærker, idet sådanne aktiver er unikke hver især. Selvom immaterielle aktiver anskaffes og sælges, forhandles kontrakterne mellem individuelle købere og sælgere, og transaktioner foretages ikke særlig hyppigt. Af disse årsager er et aktivs anskaffelsespris ikke altid tilstrækkelig dokumentation for et andet aktivs dagsværdi. Desuden er priser ofte ikke tilgængelige for offentligheden.
79.
Hyppigheden af omvurderinger afhænger af ustabiliteten af de omvurderede immaterielle aktivers dagsværdi. Hvis et omvurderet aktivs dagsværdi afviger væsentligt fra den regnskabsmæssige værdi, er en yderligere omvurdering nødvendig. For visse immaterielle aktiver kan der forekomme væsentlige og uforudsigelige udsving i dagsværdien, som nødvendiggør årlig omvurdering. Sådanne hyppige omvurderinger er ikke nødvendige for immaterielle aktiver, hvor kun ubetydelige udsving i dagsværdien forekommer.
80.
Hvis et immaterielt aktiv omvurderes, skal akkumulerede afskrivninger på omvurderingstidspunktet, enten:
a)
tilpasses proportionelt med ændringen i aktivets regnskabsmæssige bruttoværdi, således at aktivets regnskabsmæssige værdi efter omvurderingen svarer til den omvurderede værdi, eller
b)
elimineres i aktivets regnskabsmæssige værdi, brutto, og nettobeløbet tilpasses til aktivets omvurderede værdi.
81.
Hvis et immaterielt aktiv i en kategori af omvurderede immaterielle aktiver ikke kan omvurderes, idet der ikke foreligger noget aktivt marked for dette aktiv, skal aktivet indregnes til kostprisen med fradrag af akkumulerede afskrivninger og tab ved værdiforringelse.
82.
Hvis dagsværdien af et omvurderet immaterielt aktiv ikke længere kan opgøres under henvisning til et aktivt marked, skal aktivets regnskabsmæssige værdi være den omvurderede værdi på datoen for den sidste omvurdering under henvisning til det aktive marked med fradrag af efterfølgende akkumulerede afskrivninger og efterfølgende akkumulerede tab ved værdiforringelse.
83.
Hvis der ikke længere findes et aktivt marked for et omvurderet immaterielt aktiv, kan dette være en indikation af, at aktivet er værdiforringet og skal testes i overensstemmelse med IAS 36.
84.
Hvis aktivets dagsværdi kan opgøres under henvisning til et aktivt marked på et efterfølgende målingstidspunkt, skal omvurderingsmodellen anvendes fra dette tidspunkt.
85.
Hvis et immaterielt aktivs regnskabsmæssige værdi er forøget som følge af en omvurdering, skal forøgelsen indregnes direkte på egenkapitalen under reserver for opskrivninger. Dog skal forøgelsen indregnes i resultatet, i det omfang den udligner en reduktion, der tidligere er indregnet i resultatet som følge af omvurdering af det samme aktiv.
86.
Hvis et immaterielt aktivs regnskabsmæssige værdi er reduceret som følge af en omvurdering, skal reduktionen indregnes i resultatet. Reduktionen skal dog indregnes direkte på egenkapitalen under reserver for opskrivninger, i det omfang der for det pågældende aktiv er en kreditbalance i reserverne for opskrivninger.
87.
Den akkumulerede reserve for opskrivninger, som er medtaget i egenkapitalen, kan overføres direkte til overført resultat, når reserven realiseres. Hele reserven kan realiseres, hvis aktivet udrangeres eller afhændes. Dog kan dele af reserven kan realiseres, i takt med at virksomheden anvender aktivet. I et sådant tilfælde er beløbet for den realiserede reserve forskellen mellem afskrivninger baseret på aktivets omvurderede regnskabsmæssige værdi og afskrivninger, som ville være blevet indregnet baseret på aktivets historiske kostpris. Overførslen fra reserver for opskrivninger til overført resultat foretages ikke over resultatopgørelsen.
BRUGSTID
88.
Virksomheder skal vurdere, om et immaterielt aktivs brugstid er begrænset eller uendelig og, hvis den er begrænset, hvor lang brugstiden er, eller hvor mange producerede enheder eller tilsvarende enheder, der udgør brugstiden. Virksomheder skal anse et immaterielt aktivs brugstid for uendelig, hvis der på grundlag af en analyse af alle relevante faktorer ikke er nogen umiddelbar begrænsning på den periode, hvor aktivet forventes at frembringe nettopengestrømme til virksomheden.
89.
Den regnskabsmæssige behandling af et immaterielt aktiv er baseret på brugstiden. Et immaterielt aktiv med begrænset brugstid afskrives (jf. afsnit 97-106), og et immaterielt aktiv med uendelig brugstid afskrives ikke (jf. afsnit 107-110). De illustrative eksempler i denne standard illustrerer opgørelsen af brugstid for forskellige immaterielle aktiver og den efterfølgende regnskabsmæssige behandling af disse aktiver baseret på opgørelserne af brugstid.
90.
Ved opgørelsen af et immaterielt aktivs brugstid skal mange forhold tages i betragtning, herunder:
a)
virksomhedens forventede anvendelse af aktivet og hvorvidt aktivet kan anvendes effektivt af en anden ledelse
b)
aktivets typiske produktlivscyklus og offentligt tilgængelige oplysninger om skøn over brugstiden for tilsvarende typer aktiver, der anvendes på tilsvarende måde
c)
teknisk, teknologisk, handelsmæssig eller anden form for forældelse
d)
stabiliteten i den branche, hvor aktivet anvendes og ændringer i efterspørgslen efter producerede enheder eller tjenesteydelser fra aktivet
e)
konkurrenters eller potentielle konkurrenters forventede handlinger
f)
niveauet af vedligeholdelsesomkostninger, der er nødvendigt, for at opnå de forventede fremtidige økonomiske fordele fra aktivet, og virksomhedens evne og hensigt til at nå et sådant niveau
g)
perioden, hvor virksomheden har kontrol over aktivet, og juridiske og lignende begrænsninger af aktivets anvendelse, eksempelvis udløbsdatoen af tilknyttede leasingkontrakter, og
h)
hvorvidt aktivets brugstid er afhængig af brugstiden for andre aktiver i virksomheden.
91.
Udtrykket »uendelig« skal ikke tages bogstaveligt. Et immaterielt aktivs brugstid afspejler kun det niveau af fremtidige vedligeholdelsesomkostninger, som kræves for at opretholde aktivets ydeevne, der blev skønnet på tidspunktet for vurderingen af aktivets brugstid, og virksomhedens evne og hensigt til at nå et sådant niveau. En vurdering af et immaterielt aktivs brugstid som uendelig må ikke afhænge af planlagte fremtidige omkostninger, som overstiger de omkostninger, der kræves for at opretholde aktivets ydeevne.
92.
Når man tager de hurtige ændringer, der sker i teknologien i betragtning, er computersoftware og mange andre immaterielle aktiver særlig udsat for teknologisk forældelse. Derfor er det sandsynligt, at disses brugstid er kort.
93.
Et immaterielt aktivs brugstid kan være meget lang eller endda uendelig. Usikkerhed begrunder et forsigtigt skøn over immaterielle aktivs brugstid, men det begrunder ikke at der vælges en urealistisk kort brugstid.
94.
Brugstiden for et immaterielt aktiv, som hidrører fra kontraktlige eller andre juridiske rettigheder, må ikke overstige perioden for de kontraktlige eller juridiske rettigheder, men kan være kortere afhængigt af den periode, hvor aktivet forventes anvendt af virksomheden. Hvis de kontraktlige eller andre juridiske rettigheder er overdraget for en begrænset periode, som kan fornys, skal det immaterielle aktivs brugstid udelukkende omfatte denne eller disse fornyelsesperioder, hvis der foreligger dokumentation til støtte for, at virksomheden kan opnå fornyelse uden væsentlige omkostninger.
95.
Både økonomiske og juridiske forhold kan påvirke et immaterielt aktivs brugstid. Økonomiske faktorer bestemmer den periode, hvor virksomheden vil modtage fremtidige økonomiske fordele. Juridiske forhold kan begrænse den periode, hvor virksomheden kontrollerer adgangen til disse fordele. Brugstiden er den korteste periode bestemt på grundlag af disse forhold.
96.
Blandt andet følgende forhold indikerer, at en virksomhed ville være i stand til at forny de kontraktlige eller andre juridiske rettigheder uden væsentlige omkostninger:
a)
der foreligger dokumentation, eventuelt baseret på tidligere erfaringer, for, at de kontraktlige eller andre juridiske rettigheder vil blive fornyet. Hvis fornyelse er betinget af accept fra tredjepart, omfatter dette dokumentation for, at tredjepart vil give sin accept
b)
der foreligger dokumentation for opfyldelsen af de betingelser, der er nødvendige for at opnå fornyelse, og
c)
virksomhedens omkostninger til fornyelsen er ikke væsentlige sammenlignet med de fremtidige økonomiske fordele, der forventes at tilgå virksomheden ved fornyelsen.
Hvis omkostningerne til fornyelsen er væsentlige sammenlignet med de fremtidige økonomiske fordele, der forventes at tilgå virksomheden ved fornyelse, udgør »fornyelsesomkostningerne« i realiteten kostprisen for et nyt immaterielt aktiv på fornyelsestidspunktet.
IMMATERIELLE AKTIVER MED BEGRÆNSET BRUGSTID
Afskrivningsperiode og afskrivningsmetode
97.
Det afskrivningsberettigede beløb for et immaterielt aktiv med begrænset brugstid skal allokeres systematisk over aktivets brugstid. Afskrivning skal påbegyndes, når aktivet er disponibelt til brug, dvs. når det er bragt til den lokalitet og i den stand, der kræves for at sikre den af ledelsen planlagte anvendelse. Afskrivningen skal ophøre enten på det tidspunkt, hvor aktivet klassificeres som besiddelse med henblik på salg (eller medtages i en afståelsesgruppe, som er klassificeret som besiddelse med henblik på salg) i overensstemmelse med IFRS 5 eller det tidspunkt, hvor indregningen af aktivet ophører, alt efter hvad der måtte komme først. Den anvendte afskrivningsmetode skal afspejle det mønster, hvorefter aktivets fremtidige økonomiske fordele forventes forbrugt af virksomheden. Hvis dette mønster ikke kan fastlægges pålideligt, skal den lineære metode anvendes. Afskrivninger for hvert regnskabsår skal indregnes i resultatet, medmindre denne eller en anden standard tillader eller kræver afskrivningerne medtaget i et andet aktivs regnskabsmæssige værdi.
98.
En række afskrivningsmetoder kan anvendes til at allokere aktivets afskrivningsberettigede beløb systematisk over aktivets brugstid. Disse metoder omfatter den lineære metode, saldometoden og afskrivning på basis af producerede enheder. Den metode, der anvendes, vælges på grundlag af det forventede forbrugsmønster for de forventede fremtidige økonomiske fordele tilknyttet aktivet, og metoden anvendes ensartet fra regnskabsår til regnskabsår, medmindre der opstår en ændring i det forventede forbrugsmønster for disse fremtidige økonomiske fordele. Der foreligger sjældent, om nogensinde, overbevisende dokumentation til støtte for en afskrivningsmetode for immaterielle aktiver med begrænset brugstid, som medfører et lavere beløb af akkumulerede afskrivninger end ved anvendelse af den lineære metode.
99.
Afskrivninger indregnes normalt i resultatet. Dog kan fremtidige økonomiske fordele tilknyttet et aktiv i visse tilfælde indgå i produktionen af andre aktiver. I dette tilfælde skal afskrivningen indgå som en del af det andet aktivs kostpris og medtages i dettes regnskabsmæssige værdi. Eksempelvis medtages afskrivninger på immaterielle aktiver anvendt i en produktionsproces i varebeholdningers regnskabsmæssige værdi (jf. IAS 2 
Varebeholdninger
).
Restværdi
100.
Restværdien af et immaterielt aktiv med begrænset brugstid antages at være nul, medmindre:
a)
der foreligger en forpligtelse fra tredjepart om køb af aktivet ved udgangen af aktivets brugstid, eller
b)
der foreligger et aktivt marked for aktivet, og:
i)
restværdien kan opgøres under henvisning til dette marked, og
ii)
det er sandsynligt, at et sådant marked vil foreligge ved udgangen af aktivets brugstid.
101.
Det afskrivningsberettigede beløb for et aktiv med begrænset brugstid opgøres efter fradrag af dets restværdi. En anden restværdi end nul betyder, at virksomheden forventer at afhænde det immaterielle aktiv før udløbet af dets økonomiske levetid.
102.
Skøn over et aktivs restværdi skal baseres på det beløb, der kan genindvindes ved afhændelse af aktivet med de på tidspunktet for skønnet gældende priser for salg af et tilsvarende aktiv, som har nået udgangen af dets brugstid, og som er indgået i driften under forhold, som svarer til de forhold, hvorunder aktivet skal anvendes. Restværdien gennemgås som minimum ved slutningen af hvert regnskabsår. En ændring i aktivets restværdi behandles regnskabsmæssigt som en ændring i et regnskabsmæssigt skøn i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
.
103.
Et immaterielt aktivs restværdi kan stige til et beløb, der er lig med eller større end aktivets regnskabsmæssige værdi. I så fald er afskrivningen på aktivet nul, medmindre og indtil dets restværdi efterfølgende falder til et beløb, der er lavere end aktivets regnskabsmæssige værdi.
Gennemgang af afskrivningsperiode og afskrivningsmetode
104.
Afskrivningsperiode og afskrivningsmetode for et immaterielt aktiv med begrænset brugstid skal som minimum gennemgås ved slutningen af hvert regnskabsår. Hvis aktivets forventede brugstid afviger fra hidtidige skøn, skal afskrivningsperioden ændres tilsvarende. Hvis der er opstået en ændring i det forventede forbrugsmønster for de fremtidige økonomiske fordele tilknyttet aktivet, skal afskrivningsmetoden ændres for at afspejle det ændrede mønster. Sådanne ændringer skal regnskabsmæssigt behandles som ændringer i regnskabsmæssige skøn i overensstemmelse med IAS 8.
105.
I løbet af et immaterielt aktivs brugstid kan det vise sig, at den skønnede brugstid er uhensigtsmæssig. Eksempelvis kan indregningen af et tab ved værdiforringelse indikere, at afskrivningsperioden skal ændres.
106.
Med tiden kan mønsteret for fremtidige økonomiske fordele, som forventes at tilgå virksomheden fra et immaterielt aktiv, ændre sig. Eksempelvis kan det vise sig, at saldometoden er mere hensigtsmæssig end den lineære metode. Et andet eksempel kan være, at anvendelsen af en rettighed i form af en licens udskydes, indtil virksomheden foretager tiltag i henhold til andre dele af virksomhedsplanen. I disse tilfælde vil økonomiske fordele, som fragår aktivet, eventuelt ikke blive modtaget før i senere regnskabsår.
IMMATERIELLE AKTIVER MED UENDEL IG BRUGSTID
107.
Der skal ikke foretages afskrivning på et immaterielt aktiv med uendelig brugstid.
108.
Virksomheder skal i overensstemmelse med IAS 36 teste et immaterielt aktiv med uendelig brugstid for værdiforringelse ved at sammenligne aktivets genindvindingsværdi med aktivets regnskabsmæssige værdi
a)
årligt, og
b)
når der er indikation af, at det immaterielle aktiv kan være værdiforringet.
Gennemgang af vurdering af brugstid
109.
Brugstiden for et immaterielt aktiv, der ikke afskrives, skal gennemgås hvert regnskabsår for at afgøre, om begivenheder og forhold fortsat understøtter en vurdering af det pågældende aktivs brugstid som uendelig. Hvis dette ikke er tilfældet, skal ændringen i vurderingen af brugstiden fra uendelig til begrænset regnskabsmæssigt behandles som en ændring i et regnskabsmæssigt skøn i overensstemmelse med IAS 8.
110.
I overensstemmelse med IAS 36 er en omvurdering af et immaterielt aktivs brugstid til begrænset i stedet for uendelig en indikation af, at aktivet kan være værdiforringet. Som et resultat heraf skal virksomheden teste aktivet for værdiforringelse ved at sammenligne genindvindingsværdien, opgjort i overensstemmelse med IAS 36, med den regnskabsmæssige værdi og ved at indregne det eventuelle beløb, hvormed den regnskabsmæssige værdi overstiger genindvindingsværdien, som et tab ved værdiforringelse.
GENINDVINDEL IGHED AF REGNSKABSMÆSSIG VÆRDI — TAB VED VÆRDIFORRINGELSE
111.
For at vurdere om et immaterielt aktivs værdi er forringet skal en virksomhed anvende IAS 36. Denne standard forklarer, hvornår og hvordan en virksomhed gennemgår den regnskabsmæssige værdi af dets aktiver, hvordan den opgør et aktivs genindvindingsværdi og hvornår den indregner eller tilbagefører et tab ved værdiforringelse.
UDRANGERING OG AFHÆNDELSE
112.
Der skal ske ophør af indregning af et immaterielt aktiv:
a)
ved afhændelse, eller
b)
når der ikke forventes nogen fremtidige økonomiske fordele fra brugen eller afhændelsen af aktivet.
113.
Gevinster eller tab hidrørende fra ophør af indregning af et immaterielt aktiv skal opgøres som forskellen mellem det eventuelle nettoprovenu ved afhændelse og aktivets regnskabsmæssige værdi. Det skal indregnes i resultatet på tidspunktet for ophør med indregning af aktivet (medmindre andet kræves i henhold til IAS 17 ved sale-and-leaseback). Gevinster skal ikke klassificeres som omsætning.
114.
Et immaterielt aktiv kan afhændes på en række forskellige måder (f.eks. ved salg, indgåelse af en finansiel leasingkontrakt eller som gave). Når tidspunktet for afhændelse af et sådant aktiv skal fastsættes, skal virksomheden anvende kriterierne i IAS 18 
Omsætning
 for indregning af omsætning fra varesalg. IAS 17 finder anvendelse på afhændelse ved sale-and-leaseback.
115.
Hvis en virksomhed i overensstemmelse med det i afsnit 21 opstillede indregningsprincip indregner de omkostninger, der er forbundet med udskiftning af en del af et immaterielt aktiv i aktivets regnskabsmæssige værdi, skal virksomheden ophøre med indregning af den regnskabsmæssige værdi af den udskiftede del. Hvis det ikke er praktisk muligt for en virksomhed at opgøre den regnskabsmæssige værdi af den udskiftede del, kan virksomheden anvende kostprisen for genanskaffelsen som en indikation af kostprisen for den udskiftede del på tidspunktet for anskaffelsen eller den interne oparbejdelse af aktivet.
116.
Det tilgodehavende vederlag ved afhændelsen af et immaterielt aktiv skal første gang indregnes til dagsværdien. Hvis betaling for det immaterielle aktiv udskydes, skal det modtagne vederlag første gang indregnes til et beløb lig kontantprisen. Forskellen mellem den nominelle værdi af vederlaget og et beløb lig kontantprisen indregnes som renteindtægt i overensstemmelse med IAS 18 under hensyntagen til det effektive afkast af vederlaget.
117.
Afskrivning på et immaterielt aktiv med begrænset brugstid ophører ikke, når det immaterielle aktiv ikke længere anvendes, medmindre aktivet er fuldt afskrevet eller er klassificeret som besiddelse med henblik på salg (eller medtaget i en afståelsesgruppe, som er klassificeret som besiddelse med henblik på salg) i overensstemmelse med IFRS 5.
OPLYSNINGER
Generelle oplysninger
118.
Virksomheder skal give følgende oplysninger for hver kategori af immaterielle aktiver, idet der skelnes mellem internt oparbejdede immaterielle aktiver og andre immaterielle aktiver:
a)
hvorvidt brugstiden er uendelig eller begrænset og, hvis den er begrænset, den anvendte brugstid eller afskrivningssats
b)
de anvendte afskrivningsmetoder for immaterielle aktiver med begrænset brugstid
c)
den regnskabsmæssige bruttoværdi og akkumulerede afskrivninger (sammendraget med akkumulerede tab ved værdiforringelse) ved regnskabsårets begyndelse og slutning,
d)
de poster i resultatopgørelsen, hvori afskrivninger på immaterielle aktiver er medtaget
e)
en afstemning af den regnskabsmæssige værdi ved regnskabsårets begyndelse og slutning, som viser:
i)
tilgange, med separat indikation af tilgange fra intern oparbejdelse, tilgange som er anskaffet separat og tilgange erhvervet ved virksomhedssammenslutninger
ii)
aktiver, som er klassificeret som besiddelse med henblik på salg eller er medtaget i en afståelsesgruppe, som er klassificeret som besiddelse med henblik på salg, i overensstemmelse med IFRS 5 samt andre afhændelser
iii)
eventuelle stigninger eller fald i løbet af regnskabsåret hidrørende fra omvurderinger i henhold til afsnit 75, 85 og 86 og fra tilbageførte tab ved værdiforringelse, som enten er indregnet eller udlignet direkte på egenkapitalen i overensstemmelse med IAS 36
iv)
eventuelle tab ved værdiforringelse, som er indregnet i resultatet i løbet af regnskabsåret i overensstemmelse med IAS 36
v)
eventuelle tab ved værdiforringelse, som er tilbageført i resultatet i løbet af regnskabsåret i overensstemmelse med IAS 36
vi)
eventuelle afskrivninger, som er indregnet i løbet af regnskabsåret
vii)
nettovalutakursforskelle hidrørende fra omregningen af årsregnskabet til præsentationsvalutaen og fra omregningen af en udenlandsk virksomheds årsregnskab til virksomhedens præsentationsvaluta, og
viii)
andre ændringer i den regnskabsmæssige værdi i løbet af regnskabsåret.
119.
En kategori af immaterielle aktiver er en gruppe af aktiver af sammenlignelig art og anvendelse i virksomhedens drift. Separate kategorier af aktiver kan eksempelvis indeholde:
a)
mærkenavne
b)
avisnavne og udgivelsestitler
c)
computersoftware
d)
licenser og franchiseaftaler
e)
copyrights, patenter, andre industrielle enerettigheder og rettigheder vedrørende tjenesteydelser og driftsrettigheder,
f)
opskrifter, formler, modeller, design og prototyper, og
g)
immaterielle aktiver under udvikling.
Ovennævnte kategorier skal opdeles (eller sammendrages) i mindre (større) kategorier, hvis dette medfører en mere relevant information for årsregnskabets brugere.
120.
Virksomheder skal oplyse om værdiforringede immaterielle aktiver i overensstemmelse med IAS 36 ud over de i afsnit 118e)iii)-v) krævede oplysninger.
121.
IAS 8 kræver, at virksomheder oplyser om arten og den beløbsmæssige størrelse af en ændring i et regnskabsmæssigt skøn, som har en væsentlig virkning i det aktuelle regnskabsår, eller som forventes at ville have en væsentlig virkning i efterfølgende regnskabsår. Sådanne oplysninger kan hidrøre fra ændringer i:
a)
vurderingen af et immaterielt aktivs brugstid
b)
afskrivningsmetode, eller
c)
restværdier.
122.
Virksomheder skal ligeledes oplyse:
a)
for et immaterielt aktiv, hvis brugstid vurderes som uendelig, det pågældende aktivs regnskabsmæssige værdi samt begrundelsen for vurderingen af brugstiden som uendelig. Virksomheden skal ved en sådan begrundelse beskrive de forhold, der har spillet en væsentlig rolle ved vurderingen af aktivets brugstid som uendelig
b)
en beskrivelse samt den regnskabsmæssige værdi af og resterende afskrivningsperiode for ethvert individuelt immaterielt aktiv, som er af væsentlighed for virksomhedens årsregnskab
c)
for immaterielle aktiver erhvervet ved anvendelse af et offentligt tilskud og første gang indregnet til dagsværdi (jf. afsnit 44):
i)
den indregnede dagsværdi for disse aktiver på tidspunktet for første indregning
ii)
deres regnskabsmæssige værdi, og
iii)
hvorvidt aktiverne måles efter indregning i henhold til kostprismodellen eller omvurderingsmodellen
d)
tilstedeværelsen og den regnskabsmæssige værdi af immaterielle aktiver, hvis ejendomsret er begrænset, og den regnskabsmæssige værdi af immaterielle aktiver, der er stillet som sikkerhed for forpligtelser
e)
den beløbsmæssige størrelse af kontraktlige forpligtelser til anskaffelse af immaterielle aktiver.
123.
Når en virksomhed beskriver de forhold, som har spillet en væsentlig rolle ved bestemmelsen af et immaterielt aktivs brugstid som uendelig, skal virksomheden tage de i afsnit 90 opstillede faktorer i betragtning.
Immaterielle aktiver målt efter indregning ved brug af omvurderingsmodellen
124.
Hvis immaterielle aktiver regnskabsmæssigt behandles til omvurderet værdi, skal virksomheden give følgende oplysninger:
a)
inddelt efter kategori af immaterielle aktiver:
i)
omvurderingens ikrafttrædelsestidspunkt
ii)
den regnskabsmæssige værdi af omvurderede immaterielle aktiver, og
iii)
den regnskabsmæssige værdi, som ville have været indregnet, hvis den omvurderede kategori af immaterielle aktiver var målt efter indregning ved brug af kostprismodellen i afsnit 74
b)
den beløbsmæssige størrelse af reserver for opskrivninger, som er tilknyttet immaterielle aktiver ved årsregnskabets begyndelse og slutning, med indikation af ændringer i løbet af regnskabsåret og begrænsninger med hensyn til udbetaling af resterende beløb til aktionærer, og
c)
de anvendte metoder og væsentlige forudsætninger ved vurderingen af aktivernes dagsværdi.
125.
Af oplysningsmæssige hensyn kan det være nødvendigt at sammendrage kategorier af omvurderede aktiver i større kategorier. Dog skal kategorier ikke sammendrages, hvis dette vil medføre en kombination af kategorier af immaterielle aktiver som indeholder beløb målt i henhold til både kostprismodellen og omvurderingsmodellen.
Forsknings- og udviklingsomkostninger
126.
Virksomheder skal oplyse det samlede beløb af forsknings- og udviklingsomkostninger, som er indregnet i regnskabsåret.
127.
Forsknings- og udviklingsomkostninger omfatter alle omkostninger, som direkte kan henføres til forsknings- og udviklingsaktiviteter (jf. afsnit 66 og 67 for vejledning om de typer af omkostninger, som skal medtages med henblik på oplysningskravene i afsnit 126).
Andre oplysninger
128.
Det tilskyndes, men kræves ikke, at virksomheder giver følgende oplysninger:
a)
en beskrivelse af eventuelle fuldt ud afskrevne immaterielle aktiver, der stadig anvendes, og
b)
en kort beskrivelse af væsentlige immaterielle aktiver, som kontrolleres af virksomheden, men ikke indregnes som aktiver, idet de ikke opfylder indregningskriterierne i denne standard eller idet de er anskaffet eller oparbejdet før ikrafttrædelsestidspunktet for den udgave af IAS 38 
Immaterielle aktiver
, der blev udgivet i 1998.
OVERGANGSBESTEMMELSER OG IKRAFTTRÆDELSESTIDSPUNKT
129.
Hvis en virksomhed i overensstemmelse med afsnit 85 i IFRS 3 vælger at anvende IFRS 3 fra et tidspunkt, der ligger forud for de i afsnit 78-84 i IFRS 3 fastsatte ikrafttrædelsestidspunkter, skal virksomheden også anvende denne standard fremadrettet fra samme tidspunkt. Virksomheden skal således ikke regulere den regnskabsmæssige værdi af immaterielle aktiver, som er indregnet på det tidspunkt. Virksomheden skal imidlertid på det tidspunkt anvende denne standard til at omvurdere brugstiden for sine indregnede immaterielle aktiver. Hvis virksomheden som et resultat af denne omvurdering ændrer sin vurdering af et aktivs brugstid, skal denne ændring regnskabsmæssigt behandles som en ændring i et regnskabsmæssigt skøn i overensstemmelse med IAS 8.
130.
I øvrigt skal virksomheder anvende denne standard:
a)
på den regnskabsmæssige behandling af immaterielle aktiver, som er erhvervet ved virksomhedssammenslutninger, hvor aftaletidspunktet er 31. marts 2004 eller senere, og
b)
fremadrettet på den regnskabsmæssige behandling af alle andre immaterielle aktiver fra begyndelsen af det førstkommende regnskabsår, som begynder 31. marts 2004 eller senere. Virksomheden skal således ikke regulere den regnskabsmæssige værdi af immaterielle aktiver, som er indregnet på det tidspunkt. Virksomheden skal imidlertid på det tidspunkt anvende denne standard til at omvurdere brugstiden for sådanne immaterielle aktiver. Hvis virksomheden som et resultat af denne omvurdering ændrer sin vurdering af et aktivs brugstid, skal denne ændring regnskabsmæssigt behandles som en ændring i et regnskabsmæssigt skøn i overensstemmelse med IAS 8.
130A
Virksomheder skal anvende ændringerne i afsnit 2 på regnskabsår, som begynder 1. januar 2006 eller derefter. Hvis en virksomhed anvender IFRS 6 i et tidligere regnskabsår, finder ændringerne anvendelse på det tidligere regnskabsår.
Udveksling af tilsvarende aktiver
131.
Kravet i afsnit 129 og 130b) om fremadrettet anvendelse af denne standard betyder, at hvis en udveksling af aktiver blev målt før denne standards ikrafttrædelsestidspunkt på grundlag af det afgivne aktivs regnskabsmæssige værdi, skal virksomheden ikke tilpasse det modtagne aktivs regnskabsmæssige værdi for at afspejle dagsværdien af dette på overtagelsestidspunktet.
Tidligere anvendelse
132.
Virksomheder, som afsnit 130 finder anvendelse på, tilskyndes til at anvende kravene i denne standard før de i afsnit 130 angivne ikrafttrædelsestidspunkter. Hvis en virksomhed anvender denne standard før disse ikrafttrædelsestidspunkter, skal den dog også anvende IFRS 3 og IAS 36 (ajourført 2004) på samme tidspunkt.
OPHÆVELSE AF IAS 38 (UDGIVET 1998)
133.
Denne standard erstatter IAS 38 
Immaterielle aktiver
 (udgivet 1998).
(
1
)
  I denne standard angives pengebeløb i valutaenheder (»currency units
IAS 39
Finansielle instrumenter: Indregning og måling
FORMÅL
1.
Formålet med denne standard er at fastlægge principperne for indregning og måling af finansielle aktiver, finansielle forpligtelser samt visse kontrakter vedrørende køb eller salg af ikke-finansielle aktiver. Krav vedrørende præsentation af oplysninger om finansielle instrumenter er anført i IAS 32 
Finansielle instrumenter: Præsentation
. Krav vedrørende oplysning om finansielle instrumenter er anført i IFRS 7 
Finansielle instrumenter: Oplysninger
.
ANVENDELSESOMRÅDE
2.
Denne standard skal anvendes af alle virksomheder på alle typer finansielle instrumenter med undtagelse af:
a)
de kapitalandele i dattervirksomheder, associerede virksomheder og joint ventures, som regnskabsmæssigt behandles i henhold til IAS 27 
Koncernregnskaber og separate årsregnskaber
, IAS 28 
Investeringer i associerede virksomheder
 eller IAS 31 
Kapitalandele i joint ventures
. Virksomheder skal imidlertid anvende denne standard på kapitalandele i en dattervirksomhed, associeret virksomhed eller et joint venture, som regnskabsmæssigt skal behandles i henhold til denne standard i overensstemmelse med IAS 27, IAS 28 eller IAS 31. Virksomheder skal desuden anvende denne standard på afledte finansielle instrumenter vedrørende kapitalandele i en dattervirksomhed, associeret virksomhed eller et joint venture, medmindre det afledte finansielle instrument opfylder definitionen i IAS 32 på et egenkapitalinstrument i virksomheden
b)
rettigheder og forpligtelser i henhold til leasingkontrakter, hvor IAS 17 
Leasingkontrakter
 finder anvendelse. Dog gælder følgende:
i)
for leasingtilgodehavender, som er indregnet af leasinggiver, finder bestemmelserne i denne standard vedrørende ophør af indregning og værdiforringelse anvendelse (jf. afsnit 15-37, 58, 59, 63-65 og appendiks A, afsnit AG36-AG52 og AG84-AG93)
ii)
for finansielle leasingforpligtelser, som er indregnet af leasingtager, finder bestemmelserne i denne standard vedrørende ophør af indregning anvendelse (jf. afsnit 39-42 og appendiks A, afsnit AG57-AG63), og
iii)
for afledte finansielle instrumenter, som er indbygget i leasingkontrakter, finder bestemmelserne i denne standard vedrørende indbyggede afledte finansielle instrumenter anvendelse (jf. afsnit 10-13 og appendiks A, afsnit AG27-AG33)
c)
arbejdsgiveres rettigheder og forpligtelser i forbindelse med pensionsordninger, hvor IAS 19 
Personaleydelser
 finder anvendelse
d)
finansielle instrumenter udstedt af virksomheden, som opfylder definitionen på et egenkapitalinstrument i IAS 32 (herunder optioner og warrants). Indehaveren af sådanne egenkapitalinstrumenter skal imidlertid anvende denne standard på disse instrumenter, medmindre de opfylder undtagelsen i a) ovenfor
e)
rettigheder og forpligtelser i henhold til i) en forsikringskontrakt som defineret i IFRS 4 
Forsikringskontrakter
, ud over en udsteders rettigheder og forpligtelser i henhold til en forsikringskontrakt, som opfylder definitionen på en finansiel garantikontrakt i afsnit 9, eller ii) i henhold til en kontrakt, som er omfattet af IFRS 4, idet den indeholder skønsmæssig deltagelse. Denne standard finder imidlertid anvendelse på et afledt finansielt instrument, der er indbygget i en kontrakt, der er omfattet af IFRS 4, hvis det afledte finansielle instrument ikke i sig selv er en kontrakt, der er omfattet af IFRS 4 (jf. afsnit 10-13 og appendiks A, afsnit AG27-AG33 i denne standard). Hvis en udsteder af finansielle garantikontrakter tidligere udtrykkeligt har erklæret, at den betragter sådanne kontrakter som forsikringskontrakter, og har lagt en regnskabsmæssig behandling til grund, som svarer til den regnskabsmæssige behandling af forsikringskontrakter, kan udsteder desuden vælge at anvende enten denne standard eller IFRS 4 på sådanne finansielle garantikontrakter (jf. afsnit AG4 og AG4A). Udsteder kan foretage dette valg for hver enkelt kontrakt, men det foretagne valg for hver kontrakt er uigenkaldeligt
f)
aftaler om betinget købspris ved en virksomhedssammenslutning (jf. IFRS 3 
Virksomhedssammenslutninger
). Denne undtagelse finder kun anvendelse på den overtagende virksomhed
g)
kontrakter mellem en overtagende virksomhed og en sælger i en virksomhedssammenslutning om køb eller salg af en overtaget virksomhed på et fremtidigt tidspunkt
h)
andre lånetilsagn, end de lånetilsagn, der er beskrevet i afsnit 4. Udsteder af et lånetilsagn skal anvende IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
 på lånetilsagn, som ikke er omfattet af denne standard. For alle lånetilsagn finder bestemmelserne i denne standard vedrørende ophør af indregning imidlertid anvendelse (jf. afsnit 15-42 og appendiks A, afsnit AG36-AG63)
i)
finansielle instrumenter, kontrakter og forpligtelser i henhold til aktiebaseret vederlæggelse, som IFRS 2 
Aktiebaseret vederlæggelse
 finder anvendelse på, undtagen kontrakter, som er omfattet af denne standards afsnit 5-7, hvor denne standard finder anvendelse
j)
rettigheder til udbetalinger som godtgørelse til virksomheden for omkostninger, der kræves afholdt for at indfri en forpligtelse, som virksomheden indregner som en hensat forpligtelse i overensstemmelse med IAS 37, eller som virksomheden i et tidligere regnskabsår har indregnet en forpligtelse for i overensstemmelse med IAS 37.
3.
[Ophævet]
4.
Følgende lånetilsagn ligger inden for denne standards anvendelsesområde:
a)
lånetilsagn, som virksomheden klassificerer som finansielle forpligtelser til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi. Virksomheder, hvor den hidtidige praksis har været at sælge aktiver hidrørende fra virksomhedens lånetilsagn kort tid efter deres opståen, skal anvende denne standard på alle lånetilsagn i samme kategori
b)
lånetilsagn, der kan nettoafregnes i likvide beholdninger eller ved at levere eller udstede andre finansielle instrumenter. Sådanne lånetilsagn er afledte finansielle instrumenter. Et lånetilsagn anses ikke for at være nettoafregnet, blot fordi lånet udbetales i rater (eksempelvis et prioritetsbyggelån, som udbetales i rater i takt med opførelsen af byggeriet)
c)
tilsagn om at yde et lån til en rentesats, der er under markedsrenten. Afsnit 47d) angiver den efterfølgende måling af forpligtelser, der hidrører fra disse lånetilsagn.
5.
Denne standard finder anvendelse på de kontrakter vedrørende køb eller salg af et ikke-finansielt aktiv, som kan nettoafregnes i likvide beholdninger eller andre finansielle instrumenter eller ved udveksling af finansielle instrumenter, som om kontrakterne var finansielle instrumenter, med undtagelse af kontrakter, som blev indgået og fortsat besiddes med henblik på modtagelse eller overdragelse af et ikke-finansielt aktiv i overensstemmelse med virksomhedens forventede behov for køb, salg eller forbrug.
6.
Der er forskellige måder, hvorpå en kontrakt vedrørende køb eller salg af et ikke-finansielt aktiv kan nettoafregnes i likvide beholdninger eller andre finansielle instrumenter eller ved udveksling af finansielle instrumenter. Disse omfatter:
a)
tilfælde, hvor kontraktens vilkår tillader, at hver af parterne nettoafregner i likvide beholdninger eller andre finansielle instrumenter eller ved udveksling af finansielle instrumenter
b)
tilfælde, hvor muligheden for at nettoafregne i likvide beholdninger eller andre finansielle instrumenter eller ved udveksling af finansielle instrumenter ikke udtrykkeligt fremgår af kontraktvilkårene, men det er praksis i virksomheden at nettoafregne lignende kontrakter i likvide beholdninger eller andre finansielle instrumenter eller ved udveksling af finansielle instrumenter (hvad enten dette sker med modparten ved indgåelse af modgående kontrakter eller ved salg af kontrakten før udnyttelse eller udløb)
c)
tilfælde, hvor der for lignende kontrakter findes en praksis i virksomheden for at modtage det underliggende instrument og sælge det inden for en kort periode efter overdragelsen med henblik på at skabe en gevinst gennem kortsigtede udsving i kurser eller handelsmargin, og
d)
tilfælde, hvor det ikke-finansielle aktiv, som er genstand for kontrakten, umiddelbart kan konverteres til likvide beholdninger.
En kontrakt, som b) eller c) finder anvendelse på, indgås ikke med henblik på modtagelse eller overdragelse af det ikke-finansielle aktiv i overensstemmelse med virksomhedens forventede behov for køb, salg eller forbrug og ligger derfor inden for denne standards anvendelsesområde. Andre kontrakter, som afsnit 5 finder anvendelse på, vurderes for at afgøre, hvorvidt de indgås og fortsat besiddes med henblik på modtagelse eller overdragelse af det ikke-finansielle aktiv i overensstemmelse med virksomhedens forventede behov for køb, salg eller forbrug, og om de derfor ligger inden for denne standards anvendelsesområde.
7.
En solgt option på køb eller salg af et ikke-finansielt aktiv, som kan nettoafregnes i likvide beholdninger eller andre finansielle instrumenter eller ved udveksling af finansielle instrumenter i overensstemmelse med afsnit 6a) eller d), ligger inden for denne standards anvendelsesområde. En sådan kontrakt kan ikke indgås med henblik på modtagelse eller overdragelse af det ikke-finansielle aktiv i overensstemmelse med virksomhedens forventede behov for køb, salg eller forbrug.
DEFINITIONER
8.
Begreber, der er defineret i IAS 32, anvendes i denne standard med de betydninger, der er angivet i afsnit 11 i IAS 32. IAS 32 definerer følgende begreber:
—
finansielt instrument
—
finansielt aktiv
—
finansiel forpligtelse
—
egenkapitalinstrument
og giver vejledning om anvendelsen af disse definitioner.
9.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Definitionen på et afledt finansielt instrument
Et 
afledt finansielt instrument
 er et finansielt instrument eller anden kontrakt, som er omfattet af denne standard (jf. afsnit 2-7), og som har alle tre nedenstående egenskaber:
a)
dets værdi ændres som følge af ændringer i en specifik rentesats, kurs på et finansielt instrument, råvarepris, valutakurs, pris- eller renteindeks, kreditvurdering eller kreditindeks eller lignende variabler, forudsat i tilfælde af ikke-finansielle variabler, at disse variabler ikke gælder specifikt for en kontrahent (undertiden benævnt det »underliggende«)
b)
det kræver ingen nettoinvestering ved indgåelsen, eller det kræver en nettoinvestering ved indgåelsen, som er mindre, end hvad der kræves for andre typer kontrakter, der kunne forventes at påvirkes på tilsvarende måde af ændrede markedsvilkår, og
c)
det afregnes på et fremtidigt tidspunkt.
Definitioner på fire kategorier af finansielle instrumenter
Et 
finansielt aktiv eller en finansiel forpligtelse til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi
 er et finansielt aktiv eller en finansiel forpligtelse, som opfylder en af følgende betingelser.
a)
Aktivet eller forpligtelsen klassificeres som værende besiddet med handel for øje. Et finansielt aktiv eller en finansiel forpligtelse klassificeres som værende besiddet med handel for øje, hvis aktivet eller forpligtelsen:
i)
primært blev anskaffet eller påtaget med henblik på salg eller tilbagekøb på kort sigt
ii)
udgør en del af en portefølje af identificerede finansielle instrumenter, som forvaltes sammen, og som udviser et nyligt mønster af kortsigtet realisation af gevinster, eller
iii)
er et afledt finansielt instrument (bortset fra afledte finansielle instrumenter, som er finansielle garantikontrakter, eller som er klassificeret som og udgør effektive sikringsinstrumenter).
b)
Virksomheden klassificerer ved første indregning aktivet eller forpligtelsen til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi. Virksomheden må kun anvende denne klassifikation, når afsnit 11A tillader det, eller når en sådan klassifikation giver mere relevant information, fordi:
i)
den fjerner eller væsentligt reducerer en målings- eller indregningsuoverensstemmelse, som ellers ville følge af at måle aktiver eller forpligtelser eller indregne gevinster eller tab på disse på forskellige grundlag, eller
ii)
en gruppe af finansielle aktiver, finansielle forpligtelser eller begge dele forvaltes, og indtjeningen vurderes på grundlag af dagsværdien i overensstemmelse med en dokumenteret risikostyrings- eller investeringsstrategi, og oplysninger om gruppen gives internt på dette grundlag til nøglepersoner i virksomhedens ledelse (som defineret i IAS 24 
Oplysning om nærtstående parter
 (ajourført i 2003), eksempelvis virksomhedens bestyrelse og øverste ledelse.
I henhold til afsnit 9-11 og B4 i IFRS 7 skal virksomheden give oplysning om finansielle aktiver og finansielle forpligtelser, som den har klassificeret til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, herunder oplysning om, hvordan den har opfyldt disse betingelser. For instrumenter, der opfylder kriterierne i overensstemmelse med ii) ovenfor, skal oplysningerne indeholde en beskrivelse af, hvordan klassifikationen til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi stemmer overens med virksomhedens dokumenterede risikostyringsstrategi eller investeringsstrategi.
Investeringer i egenkapitalinstrumenter, som ikke har nogen officiel markedskurs på et aktivt marked, og hvis dagsværdi ikke kan måles pålideligt (jf. afsnit 46c) og appendiks A, afsnit AG80 og AG81,) skal ikke klassificeres til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi.
Det skal bemærkes, at afsnit 48, 48A, 49 og appendiks A, afsnit AG69-AG82, som opstiller krav til fastlæggelse af en pålidelig metode for måling af dagsværdien af et finansielt aktiv eller en finansiel forpligtelse, finder tilsvarende anvendelse på alle poster, der måles til dagsværdi ved klassifikation eller på anden måde, eller hvis dagsværdi oplyses.
Hold-til-udløb-investeringer
 er ikke-afledte finansielle aktiver, som har faste eller bestemmelige betalinger samt fast udløbstidspunkt, og som virksomheden både har til hensigt og mulighed for at holde til udløb (jf. appendiks A, afsnit AG16-AG25) bortset fra:
a)
aktiver, som virksomheden ved første indregning klassificerer til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi
b)
aktiver, som virksomheden klassificerer som disponible for salg, og
c)
aktiver, som opfylder definitionen på lån og tilgodehavender.
Virksomheden skal ikke klassificere finansielle aktiver som hold-til-udløb-aktiver, hvis virksomheden i det aktuelle eller de to foregående regnskabsår har solgt eller omklassificeret mere end en uvæsentlig del af hold-til-udløb-investeringerne før disses udløb (mere end uvæsentlig set i forhold til den samlede portefølje af hold-til-udløb-investeringer), bortset fra salg eller omklassifikationer, som:
i)
ligger så tæt på udløb eller det finansielle aktivs udnyttelsestidspunkt (eksempelvis mindre end tre måneder fra udløb), at ændringer i markedsrenten ikke ville have nogen væsentlig virkning på det finansielle aktivs dagsværdi
ii)
opstår, efter at virksomheden har modtaget stort set hele det finansielle aktivs oprindelige hovedstol gennem faste eller ekstraordinære afdrag, eller
iii)
kan henføres til en enkeltstående, isoleret begivenhed, som virksomheden ikke har kontrol over, og som virksomheden ikke med rimelighed har kunnet forudse.
Lån og tilgodehavender
 er ikke-afledte finansielle aktiver med faste eller bestemmelige betalinger, som ikke har nogen officiel pris på et aktivt marked, bortset fra:
a)
aktiver, som virksomheden har til hensigt at sælge øjeblikkeligt eller på kort sigt, og som skal klassificeres som besiddelse med handel for øje, samt aktiver, som virksomheden ved første indregning klassificerer til dagsværdi med indregning i resultatet af ændringer i dagsværdi
b)
aktiver, som virksomheden ved første indregning klassificerer som disponible for salg, eller
c)
aktiver, hvor indehaveren muligvis ikke genvinder stort set hele sin oprindelige investering, bortset fra når dette skyldes en kreditforringelse. Disse skal klassificeres som disponible for salg.
En kapitalandel, som er erhvervet ved en sammenlægning af aktiver, som ikke er lån eller tilgodehavender (en kapitalandel i en investeringsforening eller lignende) er eksempelvis ikke et lån eller et tilgodehavende.
Finansielle aktiver disponible for salg
 er de ikke-afledte finansielle aktiver, som klassificeres som disponible for salg, eller som ikke klassificeres som a) lån og tilgodehavender, b) hold-til-udløb-investeringer eller c) finansielle aktiver til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi.
Definition på en finansiel garantikontrakt
En finansiel garantikontrakt
 er en kontrakt, som kræver, at udsteder betaler bestemte beløb som godtgørelse til indehaveren for et tab, som denne pådrager sig, fordi en bestemt debitor ikke foretager rettidig betaling i henhold til de oprindelige eller ændrede vilkår for et gældsinstrument.
Definitioner vedrørende indregning og måling
Finansielle aktivers eller finansielle forpligtelsers amortiserede kostpris
 er det beløb, hvortil et finansielt aktiv eller en finansiel forpligtelse første gang er målt, med fradrag af betalte afdrag på hovedstolen, med tillæg eller fradrag af akkumulerede afskrivninger ved anvendelse af den effektive rente-metode på en eventuel forskel mellem dette oprindelige beløb og det beløb, der betales ved udløb, og med fradrag af eventuel reduktion (direkte eller ved anvendelse af hensættelseskonto) ved værdiforringelse eller uerholdelighed.
Den 
effektive rentemetode
 er en metode til beregning af finansielle aktivers eller finansielle forpligtelsers (eller grupper af finansielle aktivers eller finansielle forpligtelsers) amortiserede kostpris, samt allokering af renteindtægter eller renteomkostninger over den relevante periode. Den 
effektive rente
 er den rente, som nøjagtigt diskonterer forventede fremtidige ind- og udbetalinger i det finansielle instruments forventede løbetid, eller eventuelt en kortere periode, til det finansielle aktivs eller den finansielle forpligtelses regnskabsmæssige nettoværdi. Ved beregning af den effektive rente skal virksomheden foretage skøn over pengestrømme under hensyntagen til alle kontraktlige vilkår for det finansielle instrument (eksempelvis førtidig indfrielse, call-optioner og lignende optioner), men ikke til fremtidige kredittab. Beregningen skal medtage alle gebyrer og rentetillæg m.v. kontrahenterne imellem, som udgør en integreret del af den effektive rente (jf. IAS 18 
Omsætning
), transaktionsomkostninger samt anden over- eller underkurs. Der er en formodning om, at der kan foretages et pålideligt skøn over pengestrømme og forventet løbetid for en gruppe af ensartede finansielle instrumenter. I de sjældne tilfælde, hvor det ikke er muligt at foretage et pålideligt skøn over pengestrømme eller forventet løbetid for et finansielt instrument (eller en gruppe af finansielle instrumenter), skal virksomheden imidlertid anvende de kontraktlige pengestrømme i hele kontraktperioden for det finansielle instrument (eller gruppen af finansielle instrumenter).
Ophør af indregning
 er fjernelsen af et tidligere indregnet finansielt aktiv eller en finansiel forpligtelse fra virksomhedens balance.
Dagsværdi
 er det beløb, et aktiv kan omsættes til eller en forpligtelse kan indfris til ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter. 
(
1
)
Et 
almindeligt køb eller salg
 er et køb eller salg af et finansielt aktiv i henhold til en kontrakt, hvis vilkår kræver, at aktivet overdrages inden for den almindelige ved lovgivning eller sædvane i det pågældende marked fastsatte tidsramme.
Transaktionsomkostninger
 er omkostninger, som er direkte tilknyttet anskaffelse, udstedelse eller afhændelse af et finansielt aktiv eller en finansiel forpligtelse (jf. appendiks A, afsnit AG13). Herved forstås omkostninger, der ikke ville være opstået, hvis virksomheden ikke havde anskaffet, udstedt eller afhændet det finansielle instrument.
Definitioner vedrørende regnskabsmæssig sikring
En 
fast aftale
 er en bindende aftale om udveksling af en bestemt mængde af ressourcer til en bestemt pris på et bestemt tidspunkt eller tidspunkter i fremtiden.
En 
forventet transaktion
 er en transaktion, som virksomheden ikke har forpligtet sig til, men som forventes.
Et 
sikringsinstrument
 er et klassificeret afledt finansielt instrument eller (alene ved afdækning af risikoen for valutakursændringer) et klassificeret ikke-afledt finansielt instrument eller en ikke-afledt finansiel forpligtelse, hvis dagsværdi eller pengestrømme forventes at udligne ændringer i dagsværdien af eller pengestrømme vedrørende en klassificeret sikret post (afsnit 72-77 og appendiks A, afsnit AG94-AG97 uddyber definitionen på et sikringsinstrument).
En 
sikret post
 er et aktiv, en forpligtelse, en fast aftale, en forventet transaktion, som anses for højst sandsynlig, eller en nettoinvestering i en udenlandsk virksomhed, som a) udsætter virksomheden for en risiko for ændringer i dagsværdi eller fremtidige pengestrømme, og som b) er klassificeret som værende en sikret post (afsnit 78-84 og appendiks A, afsnit AG98-AG101 uddyber definitionen på sikrede poster).
Sikringseffektivitet
 angiver, i hvilken grad ændringer i dagsværdien af eller pengestrømme vedrørende den sikrede post, som kan henføres til en sikret risiko, udlignes af ændringer i dagsværdien af eller pengestrømme vedrørende sikringsinstrumentet (jf. appendiks A, afsnit AG105-AG113).
INDBYGGEDE AFLEDTE FINANSIELLE INSTRUMENTER
10.
Et afledt finansielt instrument er en del af et kombineret finansielt instrument, som også omfatter en ikke-afledt hovedkontrakt, således at nogle af det kombinerede instruments pengestrømme varierer på en måde, som svarer til et ikke-indbygget afledt finansielt instrument. Et indbygget afledt finansielt instrument medfører, at visse af eller alle de pengestrømme, som kontrakten ellers ville indebære, ændres i overensstemmelse med en bestemt rentesats, kurs på et finansielt instrument, råvarepris, valutakurs, pris- eller renteindeks, kreditvurdering, kreditindeks eller lignende variabler, forudsat, for så vidt angår en ikke-finansiel variabel, at denne variabel ikke er specifik for en kontrahent. Et afledt finansielt instrument, som er knyttet til et finansielt instrument, men som er kontraktligt overdrageligt uafhængigt af dette instrument, eller som har en anden modpart end dette instrument, er ikke et indbygget afledt finansielt instrument, men et separat finansielt instrument.
11.
Et indbygget afledt finansielt instrument skal udelukkende adskilles fra hovedkontrakten og behandles regnskabsmæssigt som et afledt finansielt instrument i henhold til denne standard, hvis:
a)
de økonomiske karakteristika og risici forbundet med det indbyggede afledte finansielle instrument ikke er nært forbundet med hovedkontraktens økonomiske karakteristika og risici (jf. appendiks A, afsnit AG30 og AG33)
b)
et separat instrument med samme betingelser som det indbyggede afledte finansielle instrument opfylder definitionen på et afledt finansielt instrument, og
c)
det kombinerede instrument ikke måles til dagsværdi med ændringer heri indregnet i resultatet (dvs. et afledt finansielt instrument, som er indbygget i et finansielt aktiv eller en finansiel forpligtelse til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, udskilles ikke).
Hvis et indbygget afledt finansielt instrument udskilles, skal hovedkontrakten regnskabsmæssigt behandles i henhold til denne standard, hvis den er et finansielt instrument, og i overensstemmelse med andre relevante standarder, hvis den ikke er et finansielt instrument. Denne standard omhandler ikke spørgsmålet om, hvorvidt et indbygget afledt finansielt instrument skal præsenteres separat i årsregnskabet.
11A
Uanset indholdet af afsnit 11 kan virksomheden, hvis en kontrakt indeholder et eller flere indbyggede afledte instrumenter, klassificere hele den kombinerede kontrakt som et finansielt aktiv eller en finansiel forpligtelse til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, medmindre:
a)
det eller de indbyggede afledte finansielle instrumenter ikke væsentligt ændrer de pengestrømme, der ellers ville være krævet i henhold til kontrakten, eller
b)
det tydeligt fremgår med lidt eller ingen analyse ved første vurdering af et tilsvarende kombineret instrument, at det ikke er tilladt at adskille det eller de indbyggede afledte finansielle instrumenter, såsom en option på førtidig indfrielse, der tillader indehaveren at indfri lånet førtidigt til dets omtrentlige amortiserede kostpris.
12.
Hvis denne standard kræver, at virksomheden adskiller et indbygget afledt finansielt instrument fra dets hovedkontrakt, men det indbyggede afledte finansielle instrument ikke kan måles separat ved anskaffelsen eller på en efterfølgende balancedag, skal virksomheden klassificere hele den kombinerede kontrakt til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi.
13.
Hvis en virksomhed ikke er i stand til at foretage en pålidelig vurdering af et indbygget afledt finansielt instruments dagsværdi på grundlag af vilkårene for instrumentet (eksempelvis fordi det indbyggede afledte finansielle instrument knytter sig til et unoteret egenkapitalinstrument), er dagsværdien af det indbyggede afledte finansielle instrument forskellen mellem det kombinerede instruments dagsværdi og hovedkontraktens dagsværdi, hvis disse kan opgøres i henhold til denne standard. Hvis en virksomhed ikke er i stand til at opgøre det indbyggede afledte finansielle instruments dagsværdi ved anvendelse af denne metode, finder afsnit 12 anvendelse, og det kombinerede instrument klassificeres til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi.
INDREGNING OG OPHØR AF INDREGNING
Første indregning
14.
Virksomheden skal udelukkende indregne et finansielt aktiv eller en finansiel forpligtelse i balancen, når virksomheden bliver underlagt instrumentets kontraktlige bestemmelser. (Se afsnit 38 med hensyn til almindelige køb af finansielle aktiver).
Ophør af indregning af et finansielt aktiv
15.
I koncernregnskaber finder afsnit 16-23 og appendiks A, afsnit AG34-AG52 anvendelse på koncernniveau. Virksomheden konsoliderer således først alle dattervirksomheder i overensstemmelse med IAS 27 og SIC-12 
Konsolidering — Særlige virksomheder
, hvorefter afsnit 16-23 og appendiks A, afsnit AG34-AG52 finder anvendelse på koncernen.
16.
Før det vurderes, hvorvidt og i hvilket omfang ophør af indregning er relevant i henhold til afsnit 17-23, skal virksomheden afgøre, hvorvidt disse afsnit finder anvendelse på en del af et finansielt aktiv (eller en del af en gruppe af ensartede finansielle aktiver) eller på et finansielt aktiv (eller en gruppe af ensartede finansielle aktiver) i sin helhed som følger.
a)
Afsnit 17-23 finder udelukkende anvendelse på en del af et finansielt aktiv (eller en del af en gruppe af ensartede finansielle aktiver), hvis den del, der tages i betragtning med henblik på ophør af indregning, opfylder en af følgende tre betingelser:
i)
Delen omfatter kun pengestrømme fra et finansielt aktiv (eller en gruppe af ensartede finansielle aktiver), som specifikt kan identificeres. Hvis en virksomhed eksempelvis indgår i en rente-strip, hvorved modparten opnår retten til pengestrømme fra renter, men ikke fra hovedstolen fra et gældsinstrument, finder afsnit 17-23 anvendelse på pengestrømme fra renter.
ii)
Delen omfatter kun en fuldt ud forholdsmæssig del (pro rata-andel) af pengestrømmene fra et finansielt aktiv (eller en gruppe af ensartede finansielle aktiver). Hvis en virksomhed eksempelvis indgår en aftale, hvorved modparten opnår retten til en andel på 90 % af alle pengestrømme fra et gældsinstrument, finder afsnit 17-23 anvendelse på 90 % af disse pengestrømme. Hvis der er mere end én modpart, kræves det ikke, at hver modpart får en forholdsmæssig del af pengestrømmene, forudsat at den overdragende virksomhed har en fuldt ud forholdsmæssig del.
iii)
Delen omfatter kun en fuldt ud forholdsmæssig del (pro rata-andel) af pengestrømmene fra et finansielt aktiv (eller en gruppe af ensartede finansielle aktiver), som specifikt kan identificeres. Hvis en virksomhed eksempelvis indgår en aftale, hvorved modparten opnår retten til en andel på 90 % af alle pengestrømme fra renter fra et finansielt aktiv, finder afsnit 17-23 anvendelse på 90 % af disse pengestrømme fra renter. Hvis der er mere end én modpart, kræves det ikke, at hver modpart får en forholdsmæssig del af de pengestrømmene, der specifikt kan identificeres, forudsat at den overdragende virksomhed har en fuldt ud forholdsmæssig del.
b)
I alle andre tilfælde finder afsnit 17-23 anvendelse på det finansielle aktiv i sin helhed (eller gruppen af ensartede finansielle aktiver i deres helhed). Hvis en virksomhed eksempelvis overdrager i) retten til de første eller de sidste 90 % af alle inddrevne beløb fra et finansielt aktiv (eller en gruppe af finansielle aktiver) eller ii) retten til 90 % af pengestrømmene fra en gruppe af tilgodehavender, men yder en garanti om at godtgøre køber for eventuelle kredittab på op til 8 % af tilgodehavendets hovedstol, finder afsnit 17-23 anvendelse på det finansielle aktiv (eller gruppen af ensartede finansielle aktiver) i sin helhed.
I afsnit 17-26 henviser begrebet »finansielt aktiv« til enten en del af et finansielt aktiv (eller en del af en gruppe af ensartede finansielle aktiver) som identificeret i a) ovenfor, eller alternativt til et finansielt aktiv (eller en gruppe af ensartede finansielle aktiver) i sin helhed.
17.
En virksomhed skal udelukkende ophøre med at indregne et finansielt aktiv, når:
a)
de kontraktlige rettigheder til pengestrømme fra det finansielle aktiv udløber, eller
b)
virksomheden overdrager det finansielle aktiv som beskrevet i afsnit 18 og 19, og overdragelsen opfylder kriterierne for ophør af indregning i overensstemmelse med afsnit 20.
(Se afsnit 38 med hensyn til almindelige salg af finansielle aktiver).
18.
En virksomhed overdrager udelukkende et finansielt aktiv, hvis den enten:
a)
overfører de kontraktlige rettigheder til at modtage pengestrømme fra det finansielle aktiv, eller
b)
bibeholder de kontraktlige rettigheder til at modtage pengestrømme fra det finansielle aktiv, men påtager sig en kontraktlig forpligtelse til at betale disse pengestrømme til en eller flere modtagere i henhold til en aftale, som opfylder betingelserne i afsnit 19.
19.
Når en virksomhed bibeholder sine kontraktlige rettigheder til at modtage pengestrømme fra et finansielt aktiv (det »oprindelige aktiv«), men påtager sig en kontraktlig forpligtelse til at betale disse pengestrømme til en eller flere virksomheder (de »endelige modtagere«), skal virksomheden udelukkende behandle transaktionen som en overdragelse af et finansielt aktiv, hvis alle tre nedenstående betingelser er opfyldt.
a)
Virksomheden har ingen forpligtelse til at betale beløb til de endelige modtagere, medmindre virksomheden inddriver tilsvarende beløb fra det oprindelige aktiv. Kortfristede udlån fra virksomheden med ret til fuld genindvinding af det udlånte beløb med tillæg af rentetilskrivning på markedsvilkår udgør ikke en overtrædelse af denne betingelse.
b)
Vilkårene i overdragelseskontrakten forbyder virksomheden at sælge eller pantsætte det oprindelige aktiv, bortset fra som sikkerhed over for de endelige modtagere for forpligtelsen til at betale pengestrømme til disse.
c)
Virksomheden har en forpligtelse til at betale eventuelle pengestrømme, den inddriver på vegne af de endelige modtagere, uden væsentlig forsinkelse. Desuden er virksomheden ikke berettiget til at geninvestere sådanne pengestrømme, bortset fra investeringer i likvider (som defineret i IAS 7 
Pengestrømsopgørelsen
) i løbet af den korte afregningsperiode fra inddrivelsestidspunktet til tidspunktet, hvor der kræves betaling til de endelige modtagere, og modtagne renter hidrørende fra sådanne investeringer skal overgå til de endelige modtagere.
20.
Hvis en virksomhed overdrager et finansielt aktiv (jf. afsnit 18), skal den undersøge, i hvilket omfang den bibeholder risici og afkast tilknyttet ejendomsretten til det finansielle aktiv, idet det gælder, at:
a)
hvis virksomheden overdrager alle væsentlige risici og afkast tilknyttet ejendomsretten til det finansielle aktiv, skal virksomheden ophøre med at indregne det finansielle aktiv og indregne alle i forbindelse med overdragelsen opståede eller bibeholdte rettigheder og forpligtelser separat som aktiver eller forpligtelser
b)
hvis virksomheden bibeholder alle væsentlige risici og afkast tilknyttet ejendomsretten til det finansielle aktiv, skal virksomheden fortsat indregne det finansielle aktiv
c)
hvis virksomheden hverken overdrager eller bibeholder alle væsentlige risici og afkast tilknyttet ejendomsretten til det finansielle aktiv, skal virksomheden vurdere, hvorvidt den har bibeholdt kontrollen over det finansielle aktiv, idet det gælder, at:
i)
hvis virksomheden ikke har bibeholdt kontrollen, skal den ophøre med at indregne det finansielle aktiv og indregne alle i forbindelse med overdragelsen opståede eller bibeholdte rettigheder og forpligtelser separat som aktiver eller forpligtelser
ii)
hvis virksomheden har bibeholdt kontrollen, skal den fortsat indregne det finansielle aktiv i forhold til sit fortsatte engagement i det finansielle aktiv (jf. afsnit 30).
21.
Overdragelsen af risici og afkast (jf. afsnit 20) vurderes ved en sammenligning af virksomhedens følsomhed før og efter overdragelsen med udsving i de til det overdragne aktiv tilknyttede nettopengestrømmes størrelse og tidspunkt. En virksomhed har bibeholdt alle væsentlige risici og afkast tilknyttet ejendomsretten til et finansielt aktiv, hvis virksomhedens følsomhed over for udsving i nutidsværdien af fremtidige nettopengestrømme fra det finansielle aktiv ikke ændrer sig væsentligt som følge af overdragelsen (eksempelvis fordi virksomheden har solgt et finansielt aktiv i henhold til en aftale vedrørende tilbagekøb til en fast pris eller salgsprisen plus långivers afkast). En virksomhed har overdraget alle væsentlige risici og afkast tilknyttet ejendomsretten til et finansielt aktiv, hvis virksomhedens følsomhed over for sådanne udsving ikke længere er væsentlig i forhold til det samlede udsving i nutidsværdien af de fremtidige nettopengestrømme tilknyttet det finansielle aktiv (eksempelvis fordi virksomheden udelukkende har solgt det finansielle aktiv mod en option på tilbagekøb af aktivet til dagsværdi på tilbagekøbstidspunktet, eller virksomheden har overdraget en fuldt ud forholdsmæssig del af pengestrømmene fra et større finansielt aktiv i henhold til en aftale, såsom underdeltagelse i et lån, der opfylder betingelserne i afsnit 19).
22.
Det vil ofte fremgå klart, hvorvidt virksomheden har overdraget eller bibeholdt alle væsentlige risici og afkast tilknyttet ejendomsretten, og der vil i sådanne tilfælde ikke være behov for at foretage nogen beregninger. I andre tilfælde vil det være nødvendigt at beregne og sammenligne virksomhedens følsomhed over for udsving i nutidsværdien af de fremtidige nettopengestrømme før og efter overdragelsen. Beregning og sammenligning foretages ved anvendelse af en passende aktuel markedsrente som diskonteringssats. Alle rimeligt sandsynlige udsving i nettopengestrømme tages i betragtning, idet der først og fremmest lægges vægt på de mest sandsynlige udfald.
23.
Hvorvidt en virksomhed har bibeholdt kontrollen (jf. afsnit 20c)) over det overdragne aktiv afhænger af erhververens evne til at sælge aktivet. Hvis det er praktisk muligt for erhververen at sælge aktivet i sin helhed til en ikke-nærtstående tredjepart og ensidigt at udnytte denne mulighed, uden at det er nødvendigt at lægge yderligere begrænsninger på overdragelsen, har virksomheden ikke bibeholdt kontrollen. I alle andre tilfælde har virksomheden bibeholdt kontrollen.
Overdragelser, som opfylder kriterierne for ophør af indregning (jf. afsnit 20a) og c)i))
24.
Hvis en virksomhed overdrager et finansielt aktiv som led i en overdragelse, der opfylder kriterierne for ophør af indregning i sin helhed, og bibeholder retten til at administrere det finansielle aktiv mod et honorar, skal virksomheden indregne enten et aktiv i form af en administrationsret eller en administrationsforpligtelse for den pågældende administrationskontrakt. Hvis det modtagne honorar ikke forventes i tilstrækkelig grad at godtgøre virksomheden for udførelse af administration, skal en administrationsforpligtelse for forpligtelsen til at administrere indregnes til dagsværdi. Hvis det modtagne honorar forventes at udgøre mere end tilstrækkelig godtgørelse for udførelse af administration, skal der indregnes et aktiv i form af en administrationsret for retten til at administrere til et beløb, som opgøres på basis af en allokering af den regnskabsmæssige værdi af det større finansielle aktiv i overensstemmelse med afsnit 27.
25.
Hvis der som følge af en overdragelse sker ophør af indregning af et finansielt aktiv i sin helhed, men overdragelsen medfører, at virksomheden modtager et nyt finansielt aktiv eller påtager sig en ny finansiel forpligtelse eller en administrationsforpligtelse, skal virksomheden indregne det nye finansielle aktiv, den nye finansielle forpligtelse eller administrationsforpligtelsen til dagsværdi.
26.
Ved ophør af indregning af et finansielt aktiv i sin helhed skal forskellen mellem:
a)
den regnskabsmæssige værdi, og
b)
summen af i) det modtagne vederlag (herunder et eventuelt nyt aktiv, der er modtaget, med fradrag af en eventuel ny forpligtelse, der er påtaget, og ii) eventuelle akkumulerede gevinster eller tab, som var indregnet direkte på egenkapitalen (jf. afsnit 55b)),
indregnes i resultatet.
27.
Hvis det overdragne aktiv udgør en del af et større finansielt aktiv (eksempelvis hvis en virksomhed overdrager pengestrømme fra renter, som udgør en del af et gældsinstrument, jf. afsnit 16a)), og den overdragne del opfylder kriterierne for ophør af indregning i sin helhed, skal det større finansielle aktivs tidligere regnskabsmæssige værdi allokeres til henholdsvis den del, der fortsat indregnes, og den del, der ikke længere indregnes, på basis af den relative dagsværdi af de pågældende dele på overtagelsestidspunktet. I den forbindelse skal et bibeholdt aktiv i form af administrationsret behandles som en del, der fortsat indregnes. Forskellen mellem:
a)
den regnskabsmæssige værdi allokeret til den del, der ikke længere indregnes, og
b)
summen af i) det vederlag, der modtages for den del, der ikke længere indregnes (herunder et eventuelt nyt aktiv, der er modtaget, med fradrag af en eventuel ny forpligtelse, der er påtaget, og ii) eventuelle akkumulerede gevinster eller tab allokeret hertil, som var indregnet direkte på egenkapitalen (jf. afsnit 55b)),
skal indregnes i resultatet. Akkumulerede gevinster eller tab, som var indregnet på egenkapitalen, allokeres til henholdsvis den del, der fortsat indregnes, og den del, der ikke længere indregnes, på basis af den relative dagsværdi af de pågældende dele.
28.
Hvis en virksomhed allokerer den tidligere regnskabsmæssige værdi af et større finansielt aktiv til henholdsvis den del, der fortsat indregnes, og den del, der ikke længere indregnes, skal dagsværdien af den del, der fortsat indregnes, opgøres. Hvis virksomheden hidtil har solgt dele, som svarer til den del, der fortsat indregnes, eller andre markedstransaktioner for sådanne dele har fundet sted, udgør nylige priser for faktiske transaktioner det bedste skøn over delens dagsværdi. Hvis der ikke findes nogen officielle priser eller nylige markedstransaktioner, som kan understøtte dagsværdien af den del, der fortsat indregnes, udgør forskellen mellem dagsværdien af det større finansielle aktiv i sin helhed og det vederlag, der er modtaget fra erhververen, for den del, der ikke længere indregnes, det bedste skøn over dagsværdien.
Overdragelser, som ikke opfylder kriterierne for ophør af indregning (jf. afsnit 20b))
29.
Hvis en overdragelse ikke medfører ophør af indregning, idet virksomheden har bibeholdt alle væsentlige risici og afkast tilknyttet ejendomsretten til det overdragne aktiv, skal virksomheden fortsat indregne det overdragne aktiv i sin helhed og indregne en finansiel forpligtelse for det modtagne vederlag. I efterfølgende regnskabsår skal virksomheden indregne en eventuel indtægt vedrørende det overdragne aktiv og en eventuel omkostning vedrørende den finansielle forpligtelse.
Fortsat engagement i overdragne aktiver (jf. afsnit 20c)ii))
30.
Hvis en virksomhed hverken overdrager eller bibeholder væsentlige risici og afkast tilknyttet ejendomsretten til et overdraget aktiv, og bibeholder kontrollen over det overdragne aktiv, skal virksomheden fortsat indregne det overdragne aktiv i forhold til sit fortsatte engagement. Omfanget af virksomhedens fortsatte engagement i det overdragne aktiv svarer til omfanget af virksomhedens følsomhed over for ændringer i det overdragne aktivs værdi, jf. følgende eksempler:
a)
Hvis en virksomheds fortsatte engagement har form af garantistillelse for det overdragne aktiv, er omfanget af virksomhedens fortsatte engagement det laveste af i) aktivets beløbsmæssige størrelse og ii) den maksimale beløbsmæssige størrelse af det modtagne vederlag, som virksomheden kan kræves at betale tilbage (»garantibeløbet«).
b)
Hvis virksomhedens fortsatte engagement har form af en solgt eller købt option (eller begge dele) på det overdragne aktiv, svarer omfanget af virksomhedens fortsatte engagement til den beløbsmæssige størrelse af det overdragne aktiv, som virksomheden kan tilbagekøbe. I tilfælde af en solgt put-option på et aktiv, som er målt til dagsværdi, er omfanget af virksomhedens fortsatte engagement imidlertid begrænset til det laveste af dagsværdien af det overdragne aktiv og optionens udnyttelseskurs (jf. afsnit AG48).
c)
Hvis virksomhedens fortsatte engagement har form af en option, som afregnes i likvide beholdninger, eller lignende på det overdragne aktiv, måles omfanget af virksomhedens fortsatte engagement på samme måde, som det der fremkommer ved optioner, som ikke afregnes i likvide beholdninger, som beskrevet i b) ovenfor.
31.
Hvis en virksomhed fortsat indregner et aktiv i forhold til sit fortsatte engagement, skal virksomheden også indregne en tilknyttet forpligtelse. På trods af andre målingskrav i denne standard, skal det overdragne aktiv og den tilknyttede forpligtelse måles på et grundlag, som afspejler de rettigheder og forpligtelser, virksomheden har bibeholdt. Den tilknyttede forpligtelse måles på en sådan måde, at den regnskabsmæssige nettoværdi af det overdragne aktiv og den tilknyttede forpligtelse:
a)
er de af virksomheden bibeholdte rettigheder og forpligtelsers amortiserede kostpris, hvis det overdragne aktiv måles til amortiseret kostpris, eller
b)
svarer til dagsværdien af de af virksomheden bibeholdte rettigheder og forpligtelser målt separat, hvis det overdragne aktiv måles til dagsværdi.
32.
Virksomheden skal fortsat indregne en eventuel indtægt, som opstår i forbindelse med det overdragne aktiv, i forhold til virksomhedens fortsatte engagement, og skal indregne en eventuel omkostning, som opstår i forbindelse med den tilknyttede forpligtelse.
33.
I forbindelse med efterfølgende måling skal indregnede ændringer i dagsværdien af det overdragne aktiv og den tilknyttede forpligtelse behandles regnskabsmæssigt i overensstemmelse med hinanden som anført i afsnit 55 og skal ikke modregnes.
34.
Hvis en virksomheds fortsatte engagement kun vedrører en del af et finansielt aktiv (eksempelvis hvis virksomheden bibeholder en option på tilbagekøb af en del af det overdragne aktiv eller bibeholder en andel af forskelsværdien, som ikke medfører bibeholdelse af alle væsentlige risici eller afkast tilknyttet ejendomsretten, og virksomheden bibeholder kontrollen), skal virksomheden allokere det finansielle aktivs tidligere regnskabsmæssige værdi på henholdsvis den del, der fortsat indregnes under det fortsatte engagement, og den del, der ikke længere indregnes, på basis af den relative dagsværdi af de pågældende dele på overdragelsestidspunktet. I den forbindelse finder kravene i afsnit 28 anvendelse. Forskellen mellem:
a)
den regnskabsmæssige værdi, der er allokeret til den del, som ikke længere indregnes, og
b)
summen af i) det vederlag, der modtages for den del, der ikke længere indregnes, og ii) eventuelle akkumulerede gevinster eller tab allokeret hertil, som var indregnet direkte på egenkapitalen (jf. afsnit 55b))
skal indregnes i resultatet. Akkumulerede gevinster eller tab, som var indregnet på egenkapitalen, allokeres til henholdsvis den del, som fortsat indregnes, og den del, som ikke længere indregnes, på basis af den relative dagsværdi af de pågældende dele.
35.
Hvis det overdragne aktiv måles til amortiseret kostpris, kan muligheden i denne standard for at klassificere en finansiel forpligtelse til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi ikke anvendes på den tilknyttede forpligtelse.
Alle overdragelser
36.
Hvis et overdraget aktiv fortsat indregnes, skal aktivet og den tilknyttede forpligtelse ikke modregnes. Tilsvarende gælder det, at virksomheden ikke skal modregne en eventuel indtægt, som opstår i forbindelse med det overdragne aktiv, i en eventuel omkostning, som opstår i forbindelse med den tilknyttede forpligtelse (jf. IAS 32, afsnit 42).
37.
Hvis en overdrager stiller ikke-kontant sikkerhed (såsom gælds- eller egenkapitalinstrumenter) over for erhververen, afhænger overdragerens og erhververens regnskabsmæssige behandling af pantet af, hvorvidt erhververen har ret til at sælge eller pantsætte pantet, og hvorvidt der er sket misligholdelse fra overdragers side. Overdrageren og erhververen skal foretage regnskabsmæssig behandling af pantet som følger:
a)
Hvis erhververen i henhold til en kontrakt eller almindelig praksis har ret til at sælge eller genpantsætte pantet, skal overdrageren omklassificere aktivet i sin balance (eksempelvis som et udlånt aktiv, pantsat egenkapitalinstrument eller tilbagekøbstilgodehavende) separat fra andre aktiver.
b)
Hvis erhververen sælger pant, som er stillet som sikkerhed hos denne, skal erhververen indregne provenuet fra salget samt en forpligtelse målt til dagsværdi for forpligtelsen til at levere pantet tilbage.
c)
Hvis overdrageren misligholder kontrakten i henhold til dennes vilkår og ikke længere er berettiget til at indfri pantet, skal overdrageren ophøre med at indregne pantet, og erhververen skal indregne pantet som et aktiv, der første gang måles til dagsværdi eller, hvis erhververen allerede har solgt pantet, ophøre med at indregne sin forpligtelse til at levere pantet tilbage.
d)
Bortset fra som angivet i c), skal overdrageren fortsat indregne pantet som et aktiv, og erhververen skal ikke indregne pantet som et aktiv.
Almindeligt køb eller salg af finansielle aktiver
38.
Et almindeligt køb eller salg af finansielle aktiver skal indregnes, eller der skal ske ophør af indregning, alt efter hvad der er relevant, på handelsdatoen eller afregningsdatoen (jf. appendiks A, afsnit AG53-AG56).
Ophør af indregning af en finansiel forpligtelse
39.
Virksomheden skal udelukkende ophøre med at indregne en finansiel forpligtelse (eller en del af en finansiel forpligtelse), når forpligtelsen ophører, dvs. når den i kontrakten anførte forpligtelse opfyldes, annulleres eller udløber.
40.
En udveksling mellem en eksisterende låntager og långiver af gældsinstrumenter med væsentligt forskellige betingelser skal regnskabsmæssigt behandles som et ophør af den oprindelige finansielle forpligtelse og indregning af en ny finansiel forpligtelse. Ligeledes skal en væsentlig ændring af betingelserne for en eksisterende finansiel forpligtelse eller en del heraf (uanset om denne skyldes debitors økonomiske vanskeligheder) regnskabsmæssigt behandles som ophør af den oprindelige finansielle forpligtelse og indregning af en ny finansiel forpligtelse.
41.
Forskellen mellem den regnskabsmæssige værdi af en finansiel forpligtelse (eller del af en finansiel forpligtelse), som ophører eller overdrages til anden part, og det betalte beløb herfor, herunder eventuelle overdragne ikke-kontante aktiver eller overtagne forpligtelser, skal indregnes i resultatet.
42.
Hvis en virksomhed tilbagekøber en del af en finansiel forpligtelse, skal virksomheden allokere den finansielle forpligtelses tidligere regnskabsmæssige værdi til henholdsvis den del, som fortsat indregnes, og den del, der ikke længere indregnes, på basis af den relative dagsværdi af de pågældende dele på tilbagekøbstidspunktet. Forskellen mellem a) den regnskabsmæssige værdi, som allokeres til den del, der ikke længere indregnes, og b) det betalte beløb herfor, herunder eventuelle overdragne ikke-kontante aktiver eller overtagne forpligtelser, for den del, der ikke længere indregnes, skal indregnes i resultatet.
MÅLING
Første måling af finansielle aktiver og forpligtelser
43.
Når et finansielt aktiv eller en finansiel forpligtelse indregnes første gang, skal virksomheden måle aktivet eller forpligtelsen til dagsværdi samt i tilfælde af et finansielt aktiv eller en finansiel forpligtelse, som ikke er indregnet til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, transaktionsomkostninger, som kan henføres direkte til erhvervelsen eller udstedelsen af det finansielle aktiv eller den finansielle forpligtelse.
44.
Når en virksomhed anvender indregning på afregningsdatoen for et aktiv, som efterfølgende måles til kostpris eller amortiseret kostpris, indregnes aktivet første gang til dagsværdi på handelsdatoen (jf. appendiks A, afsnit AG53-AG56).
Efterfølgende måling af finansielle aktiver
45.
Ved måling af et finansielt aktiv efter første indregning opdeles finansielle aktiver i henhold til denne standard i følgende fire kategorier, som er defineret i afsnit 9:
a)
finansielle aktiver til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi
b)
hold-til-udløb-investeringer
c)
lån og tilgodehavender, og
d)
finansielle aktiver disponible for salg.
Disse kategorier finder anvendelse på måling og indregning i resultatet i henhold til denne standard. Virksomheden kan anvende andre betegnelser for disse kategorier eller andre kategoriseringer ved præsentation af oplysninger i årsregnskabet. Virksomheden skal i noterne give de i IFRS 7 krævede oplysninger.
46.
Efter første indregning skal virksomheden måle finansielle aktiver, herunder afledte finansielle instrumenter, som er aktiver, til dagsværdi uden fradrag af eventuelle transaktionsomkostninger, som afholdes i forbindelse med salg eller anden afhændelse. Undtaget herfra er følgende finansielle aktiver:
a)
lån og tilgodehavender defineret i afsnit 9, som skal måles til amortiseret kostpris ved anvendelse af den effektive rentemetode
b)
hold-til-udløb-investeringer defineret i afsnit 9, som skal måles til amortiseret kostpris ved anvendelse af den effektive rentemetode, og
c)
investeringer i egenkapitalinstrumenter, som ikke har nogen official markedskurs på et aktivt marked, og hvis dagsværdi ikke kan måles pålideligt, samt afledte finansielle instrumenter, som er knyttet til og skal afregnes ved overdragelse af sådanne unoterede egenkapitalinstrumenter. Sådanne finansielle aktiver skal måles til kostpris (jf. appendiks A, afsnit AG80 og AG81).
Finansielle aktiver, der klassificeres som sikrede poster, skal måles i henhold til de i afsnit 89-102 nævnte krav til regnskabsmæssig sikring. Alle finansielle aktiver bortset fra dem, der måles til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, skal testes for værdiforringelse i overensstemmelse med afsnit 58-70 og appendiks A, afsnit AG84-AG93.
Efterfølgende måling af finansielle forpligtelser
47.
Efter første indregning skal en virksomhed måle alle finansielle forpligtelser til amortiseret kostpris ved anvendelse af den effektive rentemetode bortset fra:
a)
finansielle forpligtelser til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi. Sådanne forpligtelser, herunder afledte finansielle instrumenter, som er forpligtelser, skal måles til dagsværdi. En undtagelse herfra er afledte finansielle forpligtelser, der er knyttet til og skal afregnes ved overdragelse af et unoteret egenkapitalinstrument, hvis dagsværdi ikke kan måles pålideligt. Sådanne afledte finansielle forpligtelser skal måles til kostpris
b)
finansielle forpligtelser, som opstår, når overdragelsen af et finansielt aktiv ikke opfylder kriterierne for ophør af indregning, eller når metoden for fortsat engagement finder anvendelse. Afsnit 29 og 31 finder anvendelse på måling af sådanne finansielle forpligtelser
c)
finansielle garantikontrakter, som defineret i afsnit 9. Efter første indregning skal udsteder af en sådan kontrakt (med mindre afsnit 47a) eller b) finder anvendelse) måle kontrakten til den højeste værdi af:
i)
det beløb, der er opgjort i overensstemmelse med IAS 37, og
ii)
det oprindeligt indregnede beløb (jf. afsnit 43) med fradrag af eventuelle akkumulerede afskrivninger, der er indregnet i overensstemmelse med IAS 18
d)
tilsagn om at yde et lån til en rentesats, der er under markedsrenten. Efter første indregning skal udsteder af et sådant tilsagn (med mindre afsnit 47a) finder anvendelse) måle tilsagnet til den højeste værdi af:
i)
det beløb, der er opgjort i overensstemmelse med IAS 37, og
ii)
det oprindeligt indregnede beløb (jf. afsnit 43) med fradrag af eventuelle akkumulerede afskrivninger, der er indregnet i overensstemmelse med IAS 18.
Finansielle forpligtelser, der klassificeres som sikrede poster, er underlagt de i afsnit 89-102 nævnte krav til regnskabsmæssig sikring.
Overvejelser i forbindelse med måling til dagsværdi
48.
Ved opgørelsen af dagsværdien af et finansielt aktiv eller en finansiel forpligtelse i forbindelse med anvendelsen af denne standard, IAS 32 eller IFRS 7 skal en virksomhed anvende afsnit AG69–AG82 i appendiks A.
48A
Den bedste dokumentation for dagsværdien er officielle kurser på et aktivt marked. Hvis markedet for et finansielt instrument ikke er aktivt, fastsætter virksomheden dagsværdien ved anvendelse af en værdiansættelsesmetode. Formålet med at anvende en værdiansættelsesmetode er at fastslå, hvad transaktionskursen ville have været på målingstidspunktet ved en udveksling mellem kvalificerede, villige, indbyrdes uafhængige parter baseret på almindelige forretningsmæssige overvejelser. Værdiansættelsesmetoder omfatter brug af nylige transaktioner mellem kvalificerede, villige, indbyrdes uafhængige parter, hvis disse er tilgængelige, henvisning til den aktuelle dagsværdi for i al væsentlighed tilsvarende instrumenter, skønnede pengestrømme og modeller til prisfastsættelse af optioner. Hvis der findes en værdiansættelsesmetode, som markedsdeltagere ofte anvender til prisfastsættelse, og denne metode har vist sig at give pålidelige skøn over kurser opnået i faktiske markedstransaktioner, skal virksomheden anvende denne metode. Den valgte værdiansættelsesmetode gør maksimal brug af markedsinput og bygger mindst muligt på virksomhedsspecifik input. Den indarbejder samtlige faktorer, som markedsdeltagere ville tage i betragtning ved prisfastsættelsen, og er i overensstemmelse med accepterede økonomiske metoder for prisfastsættelse af finansielle instrumenter. En virksomhed afstemmer med visse mellemrum værdiansættelsesmetoden og tester dens gyldighed ved anvendelse af kurser fra observerede aktuelle markedstransaktioner med samme instrument (dvs. uden ændring i form eller sammensætning) eller baseret på tilgængelige observerede markedsdata.
49.
Dagsværdien af en finansiel forpligtelse med et anfordringselement (eksempelvis en anfordringskonto) er ikke mindre end det beløb, der skal betales på anfordring, diskonteret fra det tidligste tidspunkt, hvor beløbet kunne kræves betalt.
Omklassifikationer
50.
En virksomhed :
a)
må ikke omklassificere et finansieltafledt instrument til eller fra kategorien dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, mens instrumentet besiddes eller udstedes.
b)
må ikke omklassificere et finansielt instrument fra kategorien dagsværdi med indregning i resultatopgørelsen, hvis instrumentet ved første indregning blev klassificeret af virksomheden til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, og
c)
må, hvis et finansielt aktiv ikke længere besiddes med henblik på salg eller tilbagekøb på kort sigt (uanset om det finansielle aktiv primært blev anskaffet eller påtaget med henblik på salg eller tilbagekøb på kort sigt), omklassificere det pågældende finansielle aktiv fra kategorien dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, hvis betingelserne i afsnit 50B eller 50D er opfyldt.
En virksomhed må ikke omklassificere et finansielt instrument til kategorien dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi efter første indregning.
50B
Et finansielt aktiv, der falder ind under afsnit 50c) (dog med undtagelse af et finansielt aktiv af den type, der er beskrevet i afsnit 50D) må kun i sjældne tilfælde omklassificeres fra kategorien dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi.
50C
Hvis en virksomhed omklassificerer et finansielt aktiv fra kategorien dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, skal det finansielle aktiv omklassificeres til sin dagsværdi på omklassificeringsdatoen. Gevinster eller tab, der allerede er indregnet i resultatopgørelsen, må ikke tilbageføres. Det finansielle aktivs dagsværdi på omklassificeringsdatoen bliver aktivets nye kostpris eller eventuelt amortiserede kostpris.
50D
Et finansielt aktiv, der falder ind under afsnit 50c), og som ville have opfyldt definitionen på lån og tilgodehavender (hvis der ikke blev stillet krav om, at det finansielle aktiv ved første indregning skulle klassificeres som værende besiddet med henblik på handel), kan omklassificeres fra kategorien dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, hvis virksomheden agter og evner at holde det finansielle aktiv i en forudselig fremtid eller indtil udløb.
50E
Et finansielt aktiv, der klassificeres som værende besiddet med henblik på salg, og som ville have opfyldt definitionen på lån og tilgodehavender (hvis det ikke var blevet klassificeret som værende disponibelt for salg), kan omklassificeres fra kategorien af finansielle aktiver disponible for salg til kategorien lån og tilgodehavender, hvis virksomheden agter og evner at holde det finansielle aktiv i en forudselig fremtid eller indtil udløb.
50F
Hvis en virksomhed omklassificerer et finansielt aktiv fra kategorien dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi i overensstemmelse med afsnit 50D eller fra kategorien disponible for salg i overensstemmelse med afsnit 50E, skal den omklassificere det finansielle aktiv til aktivets dagsværdi på omklassificeringsdatoen. I forbindelse med et finansielt aktiv, der omklassificeres i overensstemmelse med afsnit 50D, må gevinster eller tab, der allerede er indregnet i resultatopgørelsen, ikke tilbageføres. Det finansielle aktivs dagsværdi på omklassificeringsdatoen bliver aktivets nye kostpris eller eventuelt amortiserede kostpris. I forbindelse med et finansielt aktiv, der omklassificeres fra kategorien disponibelt for salg i overensstemmelse med afsnit 50E, skal tidligere gevinster og tab på det aktiv, der er blevet indregnet i en anden totalindkomst i overensstemmelse med afsnit 55(b), behandles regnskabsmæssigt i overensstemmelse med afsnit 54.
51.
Hvis virksomhedens hensigt eller muligheder ændrer sig, så det ikke længere er passende at klassificere en investering som hold-til-udløb, skal investeringen omklassificeres til at være disponibel for salg og efterfølgende måles til dagsværdi, og forskellen mellem den regnskabsmæssige værdi og dagsværdien skal regnskabsmæssigt behandles i overensstemmelse med afsnit 55b).
52.
Når salg eller omklassifikation af mere end en uvæsentlig del af hold-til-udløb-investeringerne ikke opfylder nogen af betingelserne i afsnit 9, skal eventuelle resterende hold-til-udløb-investeringer omklassificeres til at være disponible for salg. Ved en sådan omklassifikation skal forskellen mellem den regnskabsmæssige værdi og dagsværdien regnskabsmæssigt behandles i overensstemmelse med afsnit 55b).
53.
Hvis det bliver muligt at foretage en pålidelig måling af et finansielt aktiv eller en finansiel forpligtelse, hvor dette ikke tidligere var muligt, og aktivet eller forpligtelsen skal måles til dagsværdi, hvis det er muligt at foretage en pålidelig måling (jf. afsnit 46c) og 47), skal dette aktiv eller denne forpligtelse efterfølgende måles til dagsværdi, og forskellen mellem den regnskabsmæssige værdi og dagsværdien skal regnskabsmæssigt behandles i overensstemmelse med afsnit 55.
54.
Hvis virksomhedens hensigt eller muligheder ændrer sig, eller dagsværdien i sjældne tilfælde ikke længere kan måles pålideligt (jf. afsnit 46c) og 47), eller de i afsnit 9 omtalte »to foregående regnskabsår« er gået, så det bliver hensigtsmæssigt at indregne et finansielt aktiv eller en finansiel forpligtelse til kostpris eller amortiseret kostpris frem for til dagsværdi, bliver det finansielle aktivs eller den finansielle forpligtelses indregnede dagsværdi på dette tidspunkt aktivets eller forpligtelsens nye kostpris eller amortiserede kostpris, alt efter hvad der er relevant. Eventuelle tidligere gevinster eller tab på aktivet, som er indregnet direkte på egenkapitalen i overensstemmelse med afsnit 55b), skal regnskabsmæssigt behandles som følger:
a)
I tilfælde af et finansielt aktiv med fast udløbstidspunkt skal gevinster eller tab afskrives over resultatet i hold-til-udløb-investeringens resterende løbetid ved anvendelse af den effektive rentemetode. Eventuelle forskelle mellem den nye amortiserede kostpris og beløbet ved udløbstidspunktet skal desuden afskrives over det finansielle aktivs resterende løbetid ved anvendelse af den effektive rentemetode svarende til amortisering af tillæg eller fradrag. Hvis det finansielle aktiv efterfølgende værdiforringes, skal eventuelle gevinster eller tab, som er indregnet direkte på egenkapitalen, indregnes i resultatet i overensstemmelse med afsnit 67.
b)
I tilfælde af et finansielt aktiv uden fast udløbstidspunkt skal gevinster eller tab fortsat indregnes i egenkapitalen, indtil det finansielle aktiv sælges eller på anden måde afhændes. Gevinster eller tab skal herefter indregnes i resultatet. Hvis det finansielle aktiv efterfølgende værdiforringes, skal eventuelle tidligere gevinster eller tab, som er indregnet direkte på egenkapitalen, indregnes i resultatet i overensstemmelse med afsnit 67.
Gevinster og tab
55.
Gevinster eller tab hidrørende fra ændringer i dagsværdien af finansielle aktiver eller finansielle forpligtelser, som ikke indgår i et sikringsforhold (jf. afsnit 89-102), skal indregnes som følger.
a)
Gevinster eller tab hidrørende fra et finansielt aktiv eller en finansiel forpligtelse, som er klassificeret til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, skal indregnes i resultatet.
b)
Gevinster eller tab hidrørende fra finansielle aktiver disponible for salg skal indregnes direkte på egenkapitalen gennem egenkapitalopgørelsen (jf. IAS 1 
Præsentation af årsregnskaber
), bortset fra tab ved værdiforringelse (jf. afsnit 67-70) og valutakursgevinster og –tab (jf. appendiks A, afsnit AG83), indtil der sker ophør af indregning af det finansielle aktiv. Herefter skal de akkumulerede gevinster eller tab, som tidligere er indregnet på egenkapitalen, indregnes i resultatet. Rente beregnet ved anvendelse af den effektive rentemetode (jf. afsnit 9) skal imidlertid indregnes i resultatet (jf. IAS 18 
Omsætning
). Udbytte på et egenkapitalinstrument disponibelt for salg indregnes i resultatet, når virksomhedens ret til at modtage udbytte fastlægges (jf. IAS 18).
56.
For de finansielle aktiver og finansielle forpligtelser, som er indregnet til amortiseret kostpris (jf. afsnit 46 og 47), indregnes gevinster eller tab i resultatet, når virksomheden ophører med at indregne det finansielle aktiv eller den finansielle forpligtelse, eller aktivet eller forpligtelsen værdiforringes, såvel som ved amortiseringen. For finansielle aktiver eller finansielle forpligtelser, som er sikrede poster (jf. afsnit 78-84 og appendiks A, afsnit AG98-AG101), skal den regnskabsmæssige behandling af gevinsterne eller tabene dog foretages i henhold til afsnit 89-102.
57.
Når en virksomhed indregner finansielle aktiver på afregningsdatoen (jf. afsnit 38 og appendiks A, afsnit AG53 og AG56), skal eventuelle ændringer i dagsværdien af det aktiv, som skal modtages, i perioden mellem handelsdatoen og afregningsdatoen ikke indregnes for aktiver, som indregnes til kostpris eller amortiseret kostpris (bortset fra tab ved værdiforringelse). For aktiver, som indregnes til dagsværdi, skal en ændring i dagsværdi imidlertid indregnes i resultatet eller på egenkapitalen, alt efter hvad der er hensigtsmæssigt, i henhold til afsnit 55.
Værdiforringelse og uerholdelighed af finansielle aktiver
58.
Virksomheden skal på hver balancedag vurdere, hvorvidt der er klar indikation af, at et finansielt aktiv eller en gruppe af finansielle aktiver er værdiforringet. I tilfælde af sådan indikation skal virksomheden anvende afsnit 63 (for finansielle aktiver, der indregnes til amortiseret kostpris), afsnit 66 (for finansielle aktiver, der indregnes til kostpris) eller afsnit 67 (for finansielle aktiver disponible for salg) for at opgøre den beløbsmæssige størrelse af et eventuelt tab ved værdiforringelse.
59.
Et finansielt aktiv eller en gruppe af finansielle aktiver er udelukkende værdiforringet, og der er udelukkende opstået tab ved værdiforringelse, hvis der er klar indikation af værdiforringelse som følge af en eller flere begivenheder, som er indtruffet efter første indregning af aktivet (en »tabsgivende begivenhed«), og den tabsgivende begivenhed (eller begivenheder) har en virkning på de skønnede fremtidige pengestrømme fra det finansielle aktiv eller gruppen af finansielle aktiver, som kan skønnes pålideligt. I nogle tilfælde er det ikke muligt at identificere en enkeltstående, isoleret begivenhed, som har forårsaget værdiforringelsen. Det er snarere den samlede virkning af flere begivenheder, som kan have forårsaget værdiforringelsen. Forventede tab som følge af fremtidige begivenheder, uanset hvor sandsynlige de er, indregnes ikke. Klar indikation af, at et finansielt aktiv eller en gruppe af aktiver er værdiforringede, omfatter observerede data om følgende tabsgivende begivenheder, som indehaveren af aktivet bliver gjort opmærksom på:
a)
udsteders eller den forpligtedes væsentlige økonomiske vanskeligheder
b)
kontraktbrud, såsom misligholdelse af forpligtelsen til at betale renter eller afdrag
c)
nedslag fra långiver til låntager af økonomiske eller juridiske årsager forbundet med låntagers økonomiske vanskeligheder, som långiver ellers ikke ville have overvejet
d)
stigende sandsynlighed for låntagers konkurs eller anden økonomisk omstrukturering,
e)
bortfald af et aktivt marked for det finansielle aktiv grundet økonomiske vanskeligheder, eller
f)
observerede data, som indikerer, at der er et målbart fald i de skønnede fremtidige pengestrømme fra en gruppe af finansielle aktiver efter første indregning af disse aktiver, selvom dette fald endnu ikke kan henføres til de enkelte finansielle aktiver i gruppen, herunder:
i)
negativ udvikling i låntageres betalingsstatus i gruppen (eksempelvis et stigende antal forsinkede betalinger eller et stigende antal kreditkortlånere, som har nået deres kreditmaksimum, og som betaler den månedlige minimumsydelse), eller
ii)
nationale eller regionale økonomiske forhold, som falder sammen med misligholdelse vedrørende aktiverne i gruppen (eksempelvis stigende arbejdsløshed i låntagernes geografiske område, faldende ejendomspriser vedrørende lån i fast ejendom i det relevante område, faldende oliepriser vedrørende låneaktiver til olieproducenter, eller negativ udvikling i brancheforhold, som påvirker låntagere i gruppen).
60.
At et aktivt marked bortfalder, fordi virksomhedens finansielle instrumenter ikke længere handles offentligt, er ikke dokumentation for værdiforringelse. En nedjustering af virksomhedens kreditværdighed er ikke i sig selv dokumentation for værdiforringelse, men kan være det i sammenhæng med andre tilgængelige oplysninger. Et fald i dagsværdien af et finansielt aktiv til under kostpris eller amortiseret kostpris er ikke nødvendigvis dokumentation for værdiforringelse (eksempelvis et fald i dagsværdien af en investering i et gældsinstrument, som hidrører fra en stigning i den risikofrie rente).
61.
Ud over de typer begivenheder, der nævnes i afsnit 59, omfatter begrebet klar indikation af værdiforringelse af en investering i et egenkapitalinstrument oplysninger om væsentlige, negative ændringer, som har fundet sted i de teknologiske, markedsmæssige, økonomiske eller juridiske omgivelser, hvor udsteder har sine aktiviteter, og som tyder på, at den omkostning, der er forbundet med investeringen i egenkapitalinstrumentet, muligvis ikke kan genindvindes. Et væsentligt eller længerevarende fald i dagsværdien af en investering i et egenkapitalinstrument til under kostpris udgør ligeledes klar indikation af værdiforringelse.
62.
I nogle tilfælde kan de observerede data, der kræves for at foretage et skøn over den beløbsmæssige størrelse af et tab ved værdiforringelse af et finansielt aktiv, være begrænsede eller ophørt med at være fuldt ud relevante under de aktuelle forhold. Dette kan eksempelvis være tilfældet, hvis en låntager er i økonomiske vanskeligheder, og der kun findes en begrænset mængde tidligere erfaringer med lignende låntagere. I sådanne tilfælde skal virksomheden anvende sine velunderbyggede vurderinger, når der foretages skøn over den beløbsmæssige størrelse af tab ved værdiforringelse. Tilsvarende skal en virksomhed anvende sine velunderbyggede vurderinger til at regulere observerede data for en gruppe af finansielle aktiver med henblik på at afspejle aktuelle forhold (jf. afsnit AG89). Anvendelse af rimelige skøn er en vigtig del af udarbejdelsen af årsregnskaber og påvirker ikke disses pålidelighed.
Finansielle aktiver indregnet til amortiseret kostpris
63.
Hvis der er klar indikation af, at der er opstået et tab ved værdiforringelse af lån og tilgodehavender eller hold-til-udløb-investeringer indregnet til amortiseret kostpris, skal den beløbsmæssige størrelse af tabet måles som forskellen mellem aktivets regnskabsmæssige værdi og nutidsværdien af skønnede fremtidige pengestrømme (med undtagelse af fremtidige kredittab, som endnu ikke er opstået) diskonteret med det finansielle aktivs oprindelige effektive rente (dvs. den effektive rente beregnet ved første indregning). Aktivets regnskabsmæssige værdi skal reduceres enten direkte eller ved anvendelse af en hensættelseskonto. Tabets beløbsmæssige størrelse skal indregnes i resultatet.
64.
Virksomheden skal først vurdere, hvorvidt der er klar indikation af værdiforringelse separat for finansielle aktiver, som hver for sig er væsentlige, og separat eller tilsammen for finansielle aktiver, som ikke er væsentlige hver for sig (jf. afsnit 59). Hvis en virksomhed vurderer, at der ikke er klar indikation af værdiforringelse for et separat vurderet finansielt aktiv, uanset om aktivet er væsentligt, skal virksomheden medtage aktivet i en gruppe af finansielle aktiver med tilsvarende kreditrisici og vurdere disse samlet for værdiforringelse. Aktiver, som er vurderet separat for værdiforringelse, og for hvilke der er indregnet eller fortsat indregnes et tab ved værdiforringelse, medtages ikke i den samlede vurdering for værdiforringelse.
65.
Hvis den beløbsmæssige størrelse af et tab ved værdiforringelse i et efterfølgende regnskabsår reduceres, og reduktionen objektivt kan henføres til en begivenhed, som er indtruffet efter værdiforringelsen blev indregnet (eksempelvis en forbedring af debitors kreditværdighed), skal det tidligere indregnede tab ved værdiforringelse tilbageføres enten direkte eller ved regulering af en hensættelseskonto. Tilbageførslen må ikke medføre, at det finansielle aktivs regnskabsmæssige værdi overstiger, hvad den amortiserede kostpris ville have været, hvis tabet ved værdiforringelse ikke havde været indregnet på det tidspunkt, hvor tabet ved værdiforringelsen tilbageføres. Tilbageførslen skal indregnes i resultatet.
Finansielle aktiver indregnet til kostpris
66.
Hvis der er klar indikation af, at der er opstået et tab ved værdiforringelse af et unoteret egenkapitalinstrument, som ikke er indregnet til dagsværdi, fordi dagsværdien ikke kan måles pålideligt, eller af et afledt finansielt aktiv, som er knyttet til og skal afregnes ved overdragelse af et sådant unoteret egenkapitalinstrument, skal den beløbsmæssige størrelse af tabet ved værdiforringelse måles som forskellen mellem det finansielle aktivs regnskabsmæssige værdi og nutidsværdien af skønnede fremtidige pengestrømme diskonteret med det aktuelle markedsafkast for et tilsvarende finansielt aktiv (jf. afsnit 46c) og appendiks A, afsnit AG80 og AG81). Et sådant tab ved værdiforringelse skal ikke tilbageføres.
Finansielle aktiver disponible for salg
67.
Hvis et fald i dagsværdien af et finansielt aktiv disponibelt for salg er indregnet direkte på egenkapitalen, og der er klar indikation af, at aktivet er værdiforringet (jf. afsnit 59), skal det akkumulerede tab, som er indregnet direkte på egenkapitalen, fjernes fra egenkapitalen og indregnes i resultatet, selvom virksomheden ikke ophører med at indregne det finansielle aktiv.
68.
Det akkumulerede tab, som fjernes fra egenkapitalen og indregnes i resultatet i henhold til afsnit 67, skal udgøre forskellen mellem kostprisen (fratrukket afdrag og amortisering) og den aktuelle dagsværdi med fradrag af eventuelle tab ved værdiforringelse af dette finansielle aktiv, som tidligere er indregnet i resultatet.
69.
Tab ved værdiforringelse, som er indregnet i resultatet for en investering i et egenkapitalinstrument, der er klassificeret som disponibelt for salg, skal ikke tilbageføres gennem resultatet.
70.
Hvis dagsværdien af et gældsinstrument, som er klassificeret som disponibelt for salg, stiger i et efterfølgende regnskabsår, og stigningen objektivt kan henføres til en begivenhed, som er indtruffet, efter at tabet ved værdiforringelse er indregnet i resultatet, skal tabet ved værdiforringelse tilbageføres, og tilbageførslen indregnes i resultatet.
SIKRING
71.
Hvis der er et klassificeret sikringsforhold mellem et sikringsinstrument og en sikret post, som beskrevet i afsnit 85-88 og appendiks A, afsnit AG102-AG104, skal gevinster eller tab vedrørende sikringsinstrumentet og den sikrede post regnskabsmæssigt behandles i henhold til afsnit 89-102.
Sikringsinstrumenter
Instrumenter, som opfylder kriterierne for sikringsinstrumenter
72.
Denne standard begrænser ikke de forhold, hvor et afledt finansielt instrument kan klassificeres som et sikringsinstrument, forudsat at betingelserne i afsnit 88 er opfyldt, bortset fra visse solgte optioner (jf. appendiks A, afsnit AG94). Et ikke-afledt finansielt aktiv eller en ikke-afledt finansiel forpligtelse må kun klassificeres som et sikringsinstrument, hvis der er tale om sikring mod en valutarisiko.
73.
Ved regnskabsmæssig sikring må kun instrumenter, som omfatter en ekstern part i forhold til den regnskabsaflæggende virksomhed (dvs. en ekstern part i forhold til koncernen, segmentet eller den enkelte virksomhed, som der aflægges regnskab for), klassificeres som sikringsinstrumenter. En enkelt virksomhed i en koncern eller divisioner i en virksomhed kan indgå sikringstransaktioner med andre virksomheder i koncernen eller divisioner i virksomheden, men sådanne koncerninterne transaktioner elimineres ved konsolidering. Derfor opfylder sådanne sikringstransaktioner ikke kriterierne for regnskabsmæssig sikring i koncernens koncernregnskab. De opfylder dog muligvis kriterierne for regnskabsmæssig sikring i de enkelte eller separate årsregnskaber for enkelte virksomheder inden for koncernen eller ved præsentation af segmentoplysninger, forudsat at de er eksterne i forhold til den enkelte virksomhed eller det segment, som der aflægges regnskab for.
Klassifikation af sikringsinstrumenter
74.
Et sikringsinstruments dagsværdi kan normalt måles for instrumentet i sin helhed, og de faktorer, som medfører ændringer i dagsværdien, er indbyrdes afhængige. Derfor klassificerer virksomheden et sikringsforhold for sikringsinstrumentet i sin helhed. De eneste tilladte undtagelser er:
a)
opdeling af en options indre og tidsmæssige værdi, hvor kun ændringen i optionens indre værdi klassificeres som et sikringsinstrument, mens dens tidsmæssige værdi udelades, og
b)
opdeling af rentedelen og spotprisen på en terminskontrakt.
Disse undtagelser er tilladt, fordi optionens indre værdi og terminstillægget normalt kan måles separat. En dynamisk sikringsstrategi, hvor både en options indre værdi og tidsmæssige værdi vurderes, kan opfylde kriterierne for regnskabsmæssig behandling som sikring.
75.
I et sikringsforhold kan virksomheden klassificere en del af hele sikringsinstrumentet, eksempelvis 50 % af den beregningsmæssige hovedstol, som sikringsinstrumentet. Dog må et sikringsforhold ikke kun klassificeres for en del af den periode, hvor et sikringsinstrument fortsat er udestående.
76.
Et enkelt sikringsinstrument kan klassificeres som afdækning af mere end en type risici, forudsat at: a) de afdækkede risici klart kan identificeres, b) afdækningens effektivitet kan påvises, og c) det er muligt at opnå en specifik klassifikation af sikringsinstrumentet og de forskellige risikopositioner.
77.
To eller flere afledte finansielle instrumenter eller dele heraf (eller, i tilfælde af en sikring af valutarisiko, to eller flere ikke-afledte finansielle instrumenter eller dele heraf, eller en kombination af afledte og ikke-afledte finansielle instrumenter eller dele heraf) kan ses i sammenhæng og sammen klassificeres som sikringsinstrumentet, herunder når de risici, som hidrører fra visse afledte finansielle instrumenter, kan modregnes i risici hidrørende fra andre afledte finansielle instrumenter. En rentecollar eller et andet afledt finansielt instrument, der kombinerer en solgt option og en købt option, opfylder dog ikke betingelserne for et sikringsinstrument, hvis den i realiteten netto er en solgt option (en option, hvor der netto modtages en overkurs). Tilsvarende kan to eller flere instrumenter (eller dele heraf) udelukkende klassificeres som sikringsinstrumentet, hvis ingen af dem er en solgt option, eller netto er en solgt option.
Sikrede poster
Poster, som opfylder kriterierne for sikrede poster
78.
En sikret post kan være et indregnet aktiv eller en indregnet forpligtelse, en ikke-indregnet fast aftale, en forventet transaktion, som anses for højst sandsynlig, eller en nettoinvestering i en udenlandsk virksomhed. Den sikrede post kan være a) enkle aktiver, forpligtelser, faste aftaler, forventede transaktioner, som anses for højst sandsynlige, eller nettoinvesteringer i en udenlandsk virksomhed, b) en gruppe af aktiver, forpligtelser, faste aftaler, forventede transaktioner, som anses for højst sandsynlige, eller nettoinvesteringer i udenlandske virksomheder med ensartede risici eller c), udelukkende ved en porteføljesikring af renterisiko, en del af den portefølje af finansielle aktiver eller finansielle forpligtelser, som deler den sikrede risiko.
79.
I modsætning til lån og tilgodehavender kan en hold-til-udløb-investering ikke være en sikret post, for så vidt angår renterisici eller risici ved førtidig indfrielse, idet klassifikationen af en investering som en hold-til-udløb-investering forudsætter en hensigt om at holde investeringen til udløb, uden at der tages hensyn til ændringer i dagsværdien af eller pengestrømme fra en sådan investering, som kan henføres til ændringer i rentesatser. Derimod kan en hold-til-udløb-investering være en sikret post, for så vidt angår afdækning af valuta- og kreditrisici.
80.
Ved regnskabsmæssig sikring er det udelukkende aktiver, forpligtelser, faste aftaler eller forventede transaktioner, som er højst sandsynlige, som omfatter en ekstern part, der kan klassificeres som sikrede poster. Heraf følger, at regnskabsmæssig sikring kun kan anvendes på transaktioner mellem virksomheder eller segmenter i samme koncern i de enkelte eller separate årsregnskaber for disse virksomheder eller segmenter, og ikke på koncernregnskabet. Som en undtagelse gælder, at valutarisikoen vedrørende en koncernintern monetær post (eksempelvis tilgodehavender/forpligtelser mellem to dattervirksomheder) kan opfylde kriterierne for en sikret post i koncernregnskabet, hvis den medfører følsomhed over for valutakursgevinster eller –tab, som ikke fuldt ud er elimineret ved konsolidering i henhold til IAS 21 
Valutaomregning
. I henhold til IAS 21 er valutakursgevinster og –tab på koncerninterne monetære poster ikke fuldt ud elimineret ved konsolidering, hvis den koncerninterne monetære post handles mellem to koncernvirksomheder med forskellige funktionelle valutaer. Desuden kan valutarisikoen vedrørende en forventet koncernintern transaktion, som anses for højst sandsynlig, opfylde kriterierne for en sikret post i koncernregnskabet forudsat, at transaktionen finder sted i en anden valuta end den funktionelle valuta for den virksomhed, der foretager transaktionen, og valutarisikoen påvirker således koncernresultatet.
Klassifikation af finansielle poster som sikrede poster
81.
Hvis den sikrede post er et finansielt aktiv eller en finansiel forpligtelse, kan den være en sikret post, for så vidt angår risici, som kun er forbundet med en del af dens pengestrømme eller dagsværdi (såsom en eller flere udvalgte kontraktlige pengestrømme eller dele heraf eller en andel af dagsværdien), forudsat at effektiviteten kan måles. Eksempelvis kan en identificerbar og separat målbar andel af rentefølsomheden for et rentebærende aktiv eller en rentebærende forpligtelse klassificeres som den sikrede risiko (såsom et risikofrit renteelement eller toneangivende renteelement i den samlede rentefølsomhed for et sikret finansielt instrument).
81A
Ved en sikring af dagsværdien af renterisikoen for en portefølje af finansielle aktiver eller finansielle forpligtelser (og kun ved en sådan sikring), kan den sikrede del klassificeres som et valutabeløb (eksempelvis et beløb i dollar, euro, pund eller rand) snarere end som enkelte aktiver (eller forpligtelser). Selvom porteføljen af risikostyringshensyn kan indeholde aktiver og forpligtelser, er det klassificerede beløb et beløb for aktiver eller et beløb for forpligtelser. Klassifikation af et nettobeløb, som indeholder aktiver og forpligtelser, er ikke tilladt. Virksomheden kan sikre en del af den renterisiko, der er forbundet med dette klassificerede beløb. Eksempelvis kan virksomheden i tilfælde af en sikring af en portefølje, der indeholder aktiver, der kan indfris før tid, sikre den ændring i dagsværdi, der kan henføres til en ændring i den sikrede rente på basis af forventede snarere end kontraktlige rentetilpasningstidspunkter. [...].
Klassifikation af ikke-finansielle poster som sikrede poster
82.
Hvis den sikrede post er et ikke-finansielt aktiv eller en ikke-finansiel forpligtelse, skal den klassificeres som en sikret post a) med hensyn til valutarisici eller b) i sin helhed med hensyn til alle risici. Dette skyldes, at det er vanskeligt at adskille og måle den relevante del af ændringerne i pengestrømme eller dagsværdi, der kan henføres til specifikke risici, bortset fra valutarisici.
Klassifikation af grupper af poster som sikrede poster
83.
Ensartede aktiver og ensartede forpligtelser må kun sammendrages og sikres som en gruppe, hvis de enkelte aktiver eller forpligtelser i gruppen har samme følsomhed over for de risici, som klassificeres som afdækkede. Derudover skal ændringen i dagsværdi, som kan henføres til den afdækkede risiko for hver enkelt post i gruppen, forventes at være omtrent proportionel med den overordnede ændring i dagsværdi, som kan henføres til den afdækkede risiko i gruppen af poster.
84.
Eftersom en virksomhed vurderer sikringseffektivitet ved at sammenligne ændringen i dagsværdi eller pengestrømme for et sikringsinstrument (eller en gruppe af ensartede sikringsinstrumenter) og en sikret post (eller en gruppe af sikrede poster), opfylder sammenligning af et sikringsinstrument med den samlede nettoposition (eksempelvis summen af alle fastforrentede aktiver og forpligtelser med omtrent samme udløbstidspunkter), frem for en specifik sikret post ikke kriterierne for regnskabsmæssig sikring.
Regnskabsmæssig sikring
85.
De udlignende virkninger af ændringer i dagsværdien af sikringsinstrumentet og den sikrede post indregnes i resultatet ved regnskabsmæssig sikring.
86.
Der er tre typer sikringsforhold:
a)
sikring af dagsværdi:
 afdækning af risikoen for ændringer i dagsværdien af et indregnet aktiv eller en indregnet forpligtelse eller en ikke-indregnet fast aftale, eller en identificerbar del af et sådant aktiv eller en sådan forpligtelse eller fast aftale, som kan henføres til en bestemt risiko, og som kan påvirke resultatet
b)
sikring af pengestrømme:
 afdækning af risikoen for udsving i pengestrømme, som i) kan henføres til en bestemt risiko, der er tilknyttet et indregnet aktiv eller en indregnet forpligtelse (såsom alle eller visse fremtidige rentebetalinger på variabelt forrentede lån) eller en forventet transaktion, som er højst sandsynlig, og ii) kan påvirke resultatet
c)
sikring af en nettoinvestering i en udenlandsk virksomhed
, som defineret i IAS 21.
87.
Sikring af den med en fast aftale forbundne valutarisiko kan regnskabsmæssigt behandles som en sikring af dagsværdi eller en sikring af pengestrømme.
88.
Et sikringsforhold kan udelukkende behandles efter de i afsnit 89-102 nævnte bestemmelser for regnskabsmæssig sikring, hvis alle følgende betingelser er opfyldt.
a)
Ved sikringens indgåelse foreligger der formel klassifikation og dokumentation for sikringsforholdet og for virksomhedens risikostyringsformål og –strategi i relation til sikringen. Dokumentationen skal omfatte identifikation af sikringsinstrumentet, den sikrede post eller transaktion, den afdækkede risikos art samt hvordan virksomheden vil vurdere sikringsinstrumentets effektivitet til at udligne ændringer i den sikrede posts dagsværdi eller pengestrømme, som kan henføres til den afdækkede risiko.
b)
Sikringen forventes at være meget effektiv (jf. appendiks A, afsnit AG105-AG113) til at udligne ændringer i dagsværdi eller pengestrømme, som kan henføres til den afdækkede risiko i overensstemmelse med den oprindeligt dokumenterede risikostyringsstrategi for det givne sikringsforhold.
c)
Ved sikring af pengestrømme skal det være højst sandsynligt, at den forventede transaktion, som er genstand for sikringen, vil finde sted, og transaktionen skal være forbundet med risiko for udsving i pengestrømme, som i sidste ende kan påvirke resultatet.
d)
Sikringseffektiviteten kan måles pålideligt, dvs. at den sikrede posts dagsværdi eller pengestrømme, som kan henføres til den afdækkede risiko, og sikringsinstrumentets dagsværdi kan måles pålideligt (jf. afsnit 46 og 47 og appendiks A, afsnit AG80 og AG81 for vejledning om opgørelse af dagsværdi).
e)
Sikringen vurderes løbende og har faktisk været meget effektiv i de regnskabsår, sikringen er klassificeret til.
Sikring af dagsværdi
89.
Hvis sikring af dagsværdi opfylder de i afsnit 88 nævnte betingelser i regnskabsåret, skal sikringen regnskabsmæssigt behandles på følgende måde:
a)
en gevinst eller et tab fra efterfølgende måling af sikringsinstrumentet til dagsværdi (for et afledt sikringsinstrument) eller valutaelementet af den regnskabsmæssige værdi målt i overensstemmelse med IAS 21 (for et ikke-afledt sikringsinstrument) skal indregnes i resultatet, og
b)
den gevinst eller det tab på den sikrede post, der kan henføres til den afdækkede risiko, skal regulere den sikrede posts regnskabsmæssige værdi og indregnes i resultatet. Dette gælder, hvis den sikrede post ellers måles til kostpris. Indregning af den gevinst eller det tab, der kan henføres til den afdækkede risiko i resultatet finder anvendelse, hvis den sikrede post er et finansielt aktiv disponibelt for salg.
89A
Ved en sikring af dagsværdien af renterisikoen for en del af en portefølje af finansielle aktiver eller finansielle forpligtelser (og kun ved en sådan sikring), kan kravet i afsnit 89b) opfyldes ved at præsentere gevinster eller tab, som kan henføres til den sikrede post, enten:
a)
i en enkel, separat post under aktiverne for de rentetilpasningsperioder, hvor den sikrede post udgør et aktiv, eller
b)
i en enkel, separat post under forpligtelserne for de rentetilpasningsperioder, hvor den sikrede post udgør en forpligtelse.
De separate poster, der henvises til i a) og b) ovenfor, skal præsenteres ved siden af finansielle aktiver eller finansielle forpligtelser. Indregningen af beløb, der medtages i disse poster, skal ophøre, når der sker ophør med indregning af de aktiver eller forpligtelser, som beløbene er tilknyttet.
90.
Hvis der kun afdækkes bestemte risici tilknyttet en sikret post, skal indregnede ændringer i den sikrede posts dagsværdi, som ikke er tilknyttet den afdækkede risiko, indregnes som anført i afsnit 55.
91.
Virksomheden skal fremadrettet ophøre med den i afsnit 89 specificerede regnskabsmæssige sikring, hvis:
a)
sikringsinstrumentet udløber eller sælges, afvikles eller udnyttes (i denne sammenhæng er udskiftningen eller forlængelsen af et sikringsinstrument med et andet sikringsinstrument ikke udløb eller afvikling, hvis en sådan udskiftning eller forlængelse indgår i virksomhedens dokumenterede sikringsstrategi),
b)
sikringen ikke længere opfylder de i afsnit 88 nævnte kriterier for regnskabsmæssig sikring, eller
c)
virksomheden tilbagekalder klassifikationen.
92.
Eventuelle reguleringer, som hidrører fra afsnit 89b), af den regnskabsmæssige værdi af et sikret finansielt instrument, hvor den effektive rentemetode er anvendt (eller, i tilfælde af en porteføljesikring af renterisiko, af den i afsnit 89A beskrevne separate balancepost) skal afskrives over resultatet. Afskrivning kan påbegyndes, så snart der foreligger en regulering, og senest på det tidspunkt, hvor den sikrede post ikke længere reguleres for ændringer i dens dagsværdi, der kan henføres til den afdækkede risiko. Reguleringen er baseret på en omberegnet effektiv rente på tidspunktet for påbegyndelsen af afskrivningen. Hvis det imidlertid ved en sikring af dagsværdien af renterisikoen for en portefølje af finansielle aktiver eller finansielle forpligtelser (og kun ved en sådan sikring) ikke er praktisk muligt at foretage afskrivning ved brug af en omberegnet effektiv rente, skal reguleringen afskrives ved brug af den lineære metode. Reguleringen skal være fuldt ud afskrevet ved udløbet af det finansielle instrument eller, i tilfælde af en porteføljesikring af renterisiko, ved udløbet af den relevante rentetilpasningsperiode.
93.
Hvis en ikke-indregnet fast aftale klassificeres som en sikret post, indregnes den efterfølgende akkumulerede ændring i den faste aftales dagsværdi, som kan henføres til den afdækkede risiko, som et aktiv eller en forpligtelse, og en tilsvarende gevinst eller et tilsvarende tab indregnes i resultatet (jf. afsnit 89b)). Ændringerne i sikringsinstrumentets dagsværdi indregnes ligeledes i resultatet.
94.
Hvis en virksomhed indgår en fast aftale om at erhverve et aktiv eller påtage sig en forpligtelse, som er en sikret post i en sikring af dagsværdi, skal den oprindelige regnskabsmæssige værdi af det aktiv eller den forpligtelse, som hidrører fra virksomhedens overholdelse af den faste aftale, reguleres, så den medtager den akkumulerede ændring i den faste aftales dagsværdi, der kan henføres til den i balancen indregnede afdækkede risiko.
Sikring af pengestrømme
95.
Hvis sikring af pengestrømme opfylder de i afsnit 88 nævnte betingelser i regnskabsåret, skal sikringen regnskabsmæssigt behandles på følgende måde:
a)
den del af gevinsten eller tabet på sikringsinstrumentet, som vurderes at være en effektiv sikring (jf. afsnit 88), skal indregnes direkte på egenkapitalen gennem egenkapitalopgørelsen (jf. IAS 1), og
b)
den ineffektive del af gevinsten eller tabet på sikringsinstrumentet skal indregnes i resultatet.
96.
Mere præcist behandles sikring af pengestrømme på følgende måde:
a)
det separate egenkapitalelement, som er forbundet med den sikrede post, reguleres til det mindste af følgende (i absolutte tal):
i)
akkumuleret gevinst eller tab på sikringsinstrumentet fra sikringens indgåelse, og
ii)
akkumuleret ændring i dagsværdien (nutidsværdien) af forventede fremtidige pengestrømme vedrørende den sikrede post fra sikringens indgåelse
b)
eventuelle resterende gevinster eller tab på sikringsinstrumentet eller dettes klassificerede element (som ikke er en effektiv sikring) indregnes i resultatet, og
c)
hvis virksomhedens dokumenterede risikostyringsstrategi vedrørende et bestemt sikringsforhold udelader en specifik del af gevinsten eller tabet eller tilknyttede pengestrømme vedrørende sikringsinstrumentet ved vurderingen af sikringseffektiviteten (jf. afsnit 74, 75 og 88a)), skal denne udeladte del af gevinsten eller tabet indregnes i overensstemmelse med afsnit 55.
97.
Hvis en sikring af en forventet transaktion efterfølgende medfører indregning af et finansielt aktiv eller en finansiel forpligtelse, skal tilknyttede gevinster eller tab, som er indregnet direkte på egenkapitalen i overensstemmelse med afsnit 95, omklassificeres til resultatet i det eller de regnskabsår, hvor det erhvervede aktiv eller den påtagne forpligtelse påvirker resultatet (eksempelvis de regnskabsår, hvor renteindtægten eller renteomkostningen indregnes). Hvis en virksomhed imidlertid forventer, at et tab eller en del af et tab, som er indregnet direkte på egenkapitalen, ikke vil blive genindvundet i løbet af et eller flere fremtidige regnskabsår, skal virksomheden omklassificere det beløb, som ikke forventes genindvundet, til resultatet.
98.
Hvis en sikring af en forventet transaktion efterfølgende medfører indregning af et ikke-finansielt aktiv eller en ikke-finansiel forpligtelse, eller en fremtidig transaktion vedrørende et ikke-finansielt aktiv eller en ikke-finansiel forpligtelse bliver en fast aftale, hvor regnskabsmæssig sikring af dagsværdi finder anvendelse, skal virksomheden anvende enten a) eller b) nedenfor:
a)
Virksomheden omklassificerer tilknyttede gevinster eller tab, som er indregnet direkte på egenkapitalen i overensstemmelse med afsnit 95, til resultatet i det eller de regnskabsår, hvor det erhvervede aktiv eller den påtagne forpligtelse påvirker resultatet (eksempelvis de regnskabsår, hvor afskrivninger eller salgsomkostninger indregnes). Hvis en virksomhed imidlertid forventer, at et tab eller en del af et tab, som er indregnet direkte på egenkapitalen, ikke vil blive genindvundet i løbet af et eller flere fremtidige regnskabsår, skal virksomheden omklassificere det beløb, som ikke forventes genindvundet, til resultatet.
b)
Virksomheden fjerner de tilknyttede gevinster eller tab, som er indregnet direkte på egenkapitalen, i overensstemmelse med afsnit 95 og medtager dem i aktivets eller forpligtelsens oprindelige kostpris eller anden regnskabsmæssige værdi.
99.
En virksomhed skal som regnskabspraksis anvende enten a) eller b) i afsnit 98, og den valgte regnskabspraksis skal anvendes konsekvent på alle de i afsnit 98 omtalte sikringer.
100.
For sikringer af pengestrømme, bortset fra de i afsnit 97 og 98 omtalte, skal beløb, som er indregnet direkte på egenkapitalen, indregnes i resultat i det eller de samme regnskabsår, hvor den sikrede forventede transaktion påvirker resultatet (eksempelvis når et forventet salg finder sted).
101.
Virksomheden skal i et eller flere af følgende tilfælde fremadrettet ophøre med den i afsnit 95-100 specificerede regnskabsmæssige sikring:
a)
Sikringsinstrumentet udløber eller sælges, afvikles eller udnyttes (i denne sammenhæng er udskiftningen eller forlængelsen af et sikringsinstrument med et andet sikringsinstrument ikke udløb eller afvikling, hvis en sådan udskiftning eller forlængelse indgår i virksomhedens dokumenterede sikringsstrategi). I dette tilfælde skal de akkumulerede gevinster eller tab på sikringsinstrumentet, som indregnes direkte på egenkapitalen fra det regnskabsår, hvor sikringen blev effektiv (jf. afsnit 95a)), fortsat indregnes separat på egenkapitalen, indtil den forventede transaktion finder sted. Når transaktionen finder sted, finder afsnit 97, 98 eller 100 anvendelse.
b)
Sikringen opfylder ikke længere kriterierne for regnskabsmæssig sikring i afsnit 88. I dette tilfælde skal de akkumulerede gevinster eller tab på sikringsinstrumentet, som indregnes direkte på egenkapitalen fra det regnskabsår, hvor sikringen blev effektiv (jf. afsnit 95a)), fortsat indregnes separat på egenkapitalen, indtil den forventede transaktion finder sted. Når transaktionen finder sted, finder afsnit 97, 98 eller 100 anvendelse.
c)
Den forventede transaktion forventes ikke længere at finde sted, og i dette tilfælde skal eventuelle tilknyttede akkumulerede gevinster eller tab på sikringsinstrumentet, som indregnes direkte på egenkapitalen fra det regnskabsår, hvor sikringen blev effektiv (jf. afsnit 95a)), indregnes i resultatet. En forventet transaktion, som ikke længere er højst sandsynlig (jf. afsnit 88c)), kan stadig forventes at finde sted.
d)
Virksomheden tilbagekalder klassifikationen. Ved sikring af en forventet transaktion skal de akkumulerede gevinster eller tab på sikringsinstrumentet, som indregnes direkte på egenkapitalen fra det regnskabsår, hvor sikringen blev effektiv (jf. afsnit 95a)), fortsat indregnes separat på egenkapitalen, indtil den forventede transaktion finder sted eller ikke længere forventes at finde sted. Når transaktionen finder sted, finder afsnit 97, 98 eller 100 anvendelse. Hvis transaktionen ikke længere forventes at finde sted, skal de akkumulerede gevinster eller tab, som var indregnet direkte på egenkapitalen, indregnes i resultatet.
Sikring af nettoinvesteringer
102.
Sikring af en nettoinvestering i en udenlandsk virksomhed, herunder sikring af en monetær post, som regnskabsmæssigt behandles som en del af nettoinvesteringen (jf. IAS 21), skal regnskabsmæssigt behandles på samme måde som sikring af pengestrømme:
a)
den del af gevinsten eller tabet på sikringsinstrumentet, som vurderes at være en effektiv sikring (jf. afsnit 88), skal indregnes direkte på egenkapitalen gennem egenkapitalopgørelsen (jf. IAS 1), og
b)
den ineffektive del skal indregnes i resultatet.
Gevinsten eller tabet på sikringsinstrumentet tilknyttet sikringens effektive del, som er indregnet direkte på egenkapitalen, skal indregnes i resultatet ved afhændelse af den udenlandske virksomhed.
IKRAFTTRÆDELSESTIDSPUNKT OG OVERGANG
103.
Virksomheder skal anvende denne standard (herunder de ændringer, der blev udgivet i marts 2004) for regnskabsår, som begynder 1. januar 2005 eller derefter. Det er tilladt at anvende standarden før dette tidspunkt. En virksomhed skal ikke anvende denne standard (herunder de ændringer, der blev udgivet i marts 2004) for regnskabsår, som begynder før 1. januar 2005, medmindre virksomheden også anvender IAS 32 (udgivet december 2003). Hvis en virksomhed anvender denne standard for regnskabsår, som begynder før 1. januar 2005, skal den give oplysning om dette.
103A
Virksomheder skal anvende ændringen i afsnit 2 j) på regnskabsår, som begynder 1. januar 2006 eller derefter. Hvis en virksomhed anvender IFRIC 5 
Rettigheder til kapitalandele hidrørende fra fonde til dækning af omkostninger forbundet med afvikling, retablering og miljøgenopretning
 i et tidligere regnskabsår, finder ændringen anvendelse på det tidligere regnskabsår.
103B
Finansielle garantikontrakter
 (ændringer til IAS 39 og IFRS 4), udstedt i august 2005), ændrede afsnit 2e) og h), 4, 47 og AG4, tilføjede afsnit AG4A, tilføjede en ny definition på finansielle garantikontrakter i afsnit 9 og slettede afsnit 3. Virksomheder skal anvende disse ændringer for regnskabsår, som begynder 1. januar 2006 eller derefter. Det tilskyndes, at ændringerne anvendes før dette tidspunkt. Hvis en virksomhed anvender disse ændringer i et tidligere regnskabsår, skal den give oplysning om dette, samt anvende de relaterede ændringer til IAS 32 
(
2
)
 og IFRS 4 på samme tidspunkt.
104.
Denne standard skal anvendes med tilbagevirkende kraft bortset fra de i afsnit 105-108 nævnte tilfælde. Der skal ske en regulering primo i overført resultat for det første præsenterede tidligere regnskabsår og alle andre sammenligningstal, som om denne standard altid havde været i brug, medmindre det er praktisk umuligt at tilpasse oplysningerne. Hvis tilpasning ikke er praktisk muligt, skal virksomheden oplyse dette samt angive i hvilket omfang oplysningerne er tilpasset.
105.
Ved første anvendelse af denne standard er det tilladt for virksomheden at klassificere et tidligere indregnet finansielt aktiv som disponibelt for salg. For sådanne finansielle aktiver skal virksomheden indregne alle akkumulerede ændringer i dagsværdi i et separat egenkapitalelement indtil efterfølgende ophør af indregning eller værdiforringelse, når virksomheden overfører denne gevinst eller dette tab til resultatet. Virksomheden skal ligeledes:
a)
tilpasse det finansielle aktiv ved brug af den nye klassifikation i sammenligningstallene i årsregnskabet, og
b)
oplyse om dagsværdien af de finansielle aktiver på tidspunktet for klassifikationen og oplyse om klassifikationen og den regnskabsmæssige værdi i de tidligere årsregnskaber.
105A
Virksomheder skal anvende afsnit 11A, 48A, AG4B-AG4K, AG33A og AG33B og 2005-ændringerne i afsnit 9, 12 og 13 på regnskabsår, som begynder 1. januar 2006 eller derefter. Det tilskyndes, at ændringerne anvendes før dette tidspunkt.
105B
Virksomheder, der første gang anvender afsnit 11A, 48A, AG4B-AG4K, AG33A og AG33B og 2005-ændringerne i afsnit 9, 12 og 13 i det regnskabsår, der begynder før 1. januar 2006
a)
må, når disse nye og ændrede afsnit anvendes første gang, klassificere eventuelle tidligere indregnede finansielle aktiver eller finansielle forpligtelser, der på det tidspunkt opfylder kriterierne for en sådan klassifikation, til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi. Når regnskabsåret begynder før 1. september 2005, behøver sådanne klassifikationer ikke være afsluttet før 1. september 2005, og kan også omfatte finansielle aktiver og finansielle forpligtelser, der er indregnet mellem begyndelsen af det pågældende regnskabsår og 1. september 2005. Uanset indholdet af afsnit 91 skal virksomheden ophøre med at klassificere finansielle aktiver og finansielle forpligtelser, der er klassificeret til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi i overensstemmelse med dette underafsnit, og som tidligere har været klassificeret som den sikrede post i forbindelse med regnskabsmæssig sikring af dagsværdien, og i stedet klassificere disse som målt til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi
b)
skal oplyse om dagsværdien af alle finansielle aktiver eller finansielle forpligtelser, der er klassificeret i henhold til underafsnit a) på tidspunktet for klassifikationen, samt oplyse om klassifikationen og den regnskabsmæssige værdi i de tidligere årsregnskaber
c)
skal ophøre med at klassificere eventuelle finansielle aktiver eller finansielle forpligtelser, der tidligere har været klassificeret til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, hvis disse aktiver eller forpligtelser ikke opfylder kriterierne for en sådan klassifikation i overensstemmelse med disse nye og ændrede afsnit. Når et finansielt aktiv eller en finansiel forpligtelse måles til den amortiserede kostpris, efter klassifikationen er ophørt, regnes tidspunktet for klassifikationens ophør for at være tidspunktet for den første indregning
d)
skal oplyse om dagsværdien af alle finansielle aktiver eller finansielle forpligtelser, for hvilke klassifikationen er ophørt i henhold til underafsnit c) på tidspunktet for ophøret med klassifikationen, samt oplyse om deres nye klassifikation.
105C
Virksomheder, der første gang anvender afsnit 11A, 48A, AG4B-AG4K, AG33A og AG33B og 2005-ændringerne i afsnit 9, 12 og 13 i det regnskabsår, der begynder 1. januar 2006 eller derefter
a)
skal udelukkende ophøre med at klassificere finansielle aktiver eller finansielle forpligtelser, der tidligere har været klassificeret til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, hvis disse aktiver eller forpligtelser ikke opfylder kriterierne for en sådan klassifikation i overensstemmelse med disse nye og ændrede afsnit. Når et finansielt aktiv eller en finansiel forpligtelse måles til den amortiserede kostpris efter klassifikationens ophør, regnes tidspunktet for klassifikationens ophør for at være tidspunktet for den første indregning
b)
skal ikke klassificere nogen tidligere indregnede finansielle aktiver eller finansielle forpligtelser til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi
c)
skal oplyse om dagsværdien af eventuelle finansielle aktiver eller finansielle forpligtelser, for hvilke klassifikation en er ophørt i henhold til underafsnit a) på tidspunktet for klassifikationens ophør samt oplyse om deres nye klassifikation.
105D
Virksomheder skal tilpasse sammenligningstallene i deres årsregnskab ved brug af de nye klassifikationer i afsnit 105B eller 105C, forudsat, for så vidt angår et finansielt aktiv, en finansiel forpligtelse eller en gruppe af finansielle aktiver, finansielle forpligtelser eller begge dele, der er klassificeret til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, at disse aktiver, forpligtelser eller grupper ville have opfyldt kriterierne i afsnit 9b)i), 9b)ii) eller 11A på tidspunktet for sammenligningsårets begyndelse eller, hvis de blev erhvervet efter sammenligningsårets begyndelse, at de ville have opfyldt kriterierne i afsnit 9b)i), 9b)ii) eller 11A på tidspunktet for den første indregning.
106.
Bortset fra tilladelsen i afsnit 107 skal de i afsnit 15-37 og appendiks A, afsnit AG36-AG52 anførte krav om ophør af indregning anvendes fremadrettet. Hvis en virksomhed ophører med at indregne finansielle aktiver i henhold til IAS 39 (ajourført 2000) som følge af en transaktion, som har fundet sted før 1. januar 2004, og virksomheden ikke ville have ophørt med at indregne disse aktiver i henhold til denne standard, skal virksomheden derfor ikke indregne disse aktiver.
107.
Uanset indholdet i afsnit 106 kan de i afsnit 15-37 og appendiks A, afsnit AG36-AG52 anførte krav om ophør af indregning anvendes med tilbagevirkende kraft fra et tidspunkt efter virksomhedens eget valg, forudsat at de oplysninger, som kræves for at anvende IAS 39 på aktiver og forpligtelser, for hvilke der er sket ophør af indregning som følge af tidligere transaktioner, var indhentet på tidspunktet for den første regnskabsmæssige behandling af disse transaktioner.
107A
Uanset indholdet af afsnit 104 kan virksomheden anvende kravene i sidste sætning af afsnit AG76 samt afsnit AG76A på en af følgende måder:
a)
fremadrettet på transaktioner, som er indgået efter 25. oktober 2002, eller
b)
fremadrettet på transaktioner, som er indgået efter 1. januar 2004.
108.
En virksomhed må ikke regulere den regnskabsmæssige værdi af ikke-finansielle aktiver og ikke-finansielle forpligtelser med henblik på at udelade gevinster og tab tilknyttet sikringer af pengestrømme, som var medtaget i den regnskabsmæssige værdi før begyndelsen af det regnskabsår, hvor denne standard blev anvendt første gang. Ved begyndelsen af det regnskabsår, hvor denne standard anvendes første gang, skal eventuelle beløb, som er indregnet direkte på egenkapitalen for sikring af en fast aftale, som i henhold til denne standard behandles regnskabsmæssigt som en sikring af dagsværdi, omklassificeres som et aktiv eller en forpligtelse, bortset fra afdækning af en valutarisiko, som fortsat behandles som en sikring af pengestrømme.
108A
Virksomheder skal anvende den sidste sætning i afsnit 80 samt afsnit AG99A og AG99B på regnskabsår, som begynder 1. januar 2006 eller derefter. Det tilskyndes, at de anvendes før dette tidspunkt. Hvis virksomheden som den sikrede post har klassificeret en ekstern forventet transaktion, der
a)
finder sted i den funktionelle valuta for den virksomhed, der foretager transaktionen,
b)
medfører en risiko, der vil påvirke koncernresultatet (dvs. er angivet en anden valuta end koncernens præsentationsvaluta), og
c)
ville have opfyldt kriterierne for regnskabsmæssig sikring, hvis den ikke var angivet i den funktionelle valuta for den virksomhed, der foretog den,
må den anvende regnskabsmæssig sikring i koncernregnskabet for det eller de regnskabsår, der ligger før tidspunktet for anvendelsen af den sidste sætning i afsnit 80 samt afsnit AG99A og AG99B.
108B
Virksomheder behøver ikke anvende afsnit AG99B på sammenligningstal for regnskabsår, der ligger før tidspunktet for anvendelsen af den sidste sætning i afsnit 80 samt afsnit AG99A.
OPHÆVELSE AF ANDRE UDTALELSER
109.
Denne standard erstatter IAS 39 
Finansielle instrumenter: Indregning og måling
 ajourført i oktober 2000.
110.
Denne standard og den tilhørende implementeringsvejledning erstatter den implementeringsvejledning, som er udgivet af implementeringsvejledningskomiteen for IAS 39, der blev nedsat af den tidligere IASC.
(
1
)
  Afsnit 48-49 og AG69-AG82 i appendiks A indeholder krav om opgørelse af dagsværdien af et finansielt aktiv eller en finansiel forpligtelse.
(
2
)
  Når en virksomhed anvender IFRS 7, erstattes henvisningen til IAS 32 med en henvisning til IFRS 7.
Appendiks
Anvendelsesvejledning
Dette appendiks er en integreret del af standarden.
ANVENDELSESOMRÅDE (afsnit 2-7)
AG1
Visse kontrakter som indeholder krav om betaling på basis af klimatiske, geologiske eller andre fysiske variabler. (Kontrakter baseret på klimatiske variabler benævnes ofte »weather-derivatives«). Hvis disse kontrakter ikke ligger inden for anvendelsesområdet for IFRS 4, er de omfattet af denne standard.
AG2
Denne standard ændrer ikke kravene vedrørende pensionsordninger, som overholder IAS 26 
Regnskabsmæssig behandling og præsentation af fratrædelsesordninger
, og royalty-aftaler baseret på omfanget af salg eller omsætning fra tjenesteydelser, som regnskabsmæssigt behandles i henhold til IAS 18.
AG3
En virksomhed kan undertiden foretage, hvad den anser som en »strategisk investering« i egenkapitalinstrumenter, som er udstedt af en anden virksomhed, med henblik på etablere eller fortsætte et langsigtet operationelt samarbejde med den virksomhed, der investeres i. Den investerende virksomhed anvender IAS 
28 ved vurderingen af, om det er hensigtsmæssigt at behandle en sådan investering efter den indre værdis metode.
 Investor anvender ligeledes IAS 31 ved vurderingen af, hvorvidt pro rata-konsolidering eller den indre værdis metode er hensigtsmæssig for en sådan investering. Hvis hverken den indre værdis metode eller pro rata-konsolidering er hensigtsmæssig, anvender virksomheden denne standard på den strategiske investering.
AG3A
Denne standard finder anvendelse på forsikringsgiveres finansielle aktiver og forpligtelser, med undtagelse af rettigheder og forpligtelser, som udelukkes af afsnit 2e), idet de er opstået i henhold til kontrakter, som er omfattet af IFRS 4.
AG4
Finansielle garantikontrakter kan antage forskellige juridiske former, såsom en garanti, visse typer remburs, en kreditmisligholdelseskontrakt eller en forsikringskontrakt. Den regnskabsmæssige behandling afhænger ikke af kontraktens juridiske form. Følgende er eksempler på korrekt behandling (jf. afsnit 2e)):
a)
Selvom en finansiel garantikontrakt opfylder definitionen på en forsikringskontrakt i IFRS 4, hvis den overdragne risiko er væsentlig, skal udsteder anvende denne standard. Dog gælder det, at hvis en udsteder tidligere udtrykkeligt har erklæret, at den betragter sådanne kontrakter som forsikringskontrakter, og har lagt en regnskabsmæssig behandling til grund, som svarer til den regnskabsmæssige behandling af forsikringskontrakter, kan udsteder vælge at anvende enten denne standard eller IFRS 4 på sådanne finansielle garantikontrakter. Hvis denne standard finder anvendelse, kræver afsnit 43, at udsteder første gang indregner en finansiel garantikontrakt til dagsværdi. Hvis den finansielle garantikontrakt blev udstedt til en ikke-nærtstående part ved en enkeltstående handel mellem kvalificerede, villige, indbyrdes uafhængige parter, er dagsværdien ved indgåelsen sandsynligvis lig med den modtagne overkurs, med mindre der foreligger dokumentation for det modsatte. Efterfølgende skal udsteder måle den til den højeste værdi af de nedenstående alternativer, med mindre den finansielle garantikontrakt ved indgåelsen blev klassificeret til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, eller med mindre afsnit 29–37 og AG47–AG52 finder anvendelse (når en overdragelse af et finansielt aktiv ikke opfylder kriterierne til ophør af indregning, eller når metoden for fortsat engagement finder anvendelse):
i)
det beløb, der er opgjort i overensstemmelse med IAS 37, og
ii)
det oprindeligt indregnede beløb med fradrag af eventuelle akkumulerede afskrivninger, der er indregnet i overensstemmelse med IAS 18 (jf. afsnit 47c)).
b)
Visse kreditrelaterede garantier kræver ikke som forudsætning for betaling, at ihændehaver er udsat for, og har lidt et tab på grund af, debitor manglende rettidige betaling vedrørende det garanterede aktiv. Et eksempel på en sådan garanti er en garanti, der kræver, at der foretages betaling som følge af ændringer i specificerede kreditvurderinger eller kreditindekser. Sådanne garantier er ikke finansielle garantikontrakter, som defineret i denne standard, og er ikke forsikringskontrakter, som defineret i IFRS 4. Sådanne garantier er afledte finansielle instrumenter, og udsteder skal anvende denne standard på dem.
c)
Hvis en finansiel garantikontrakt blev udstedt i forbindelse med salg af varer, skal udsteder anvende IAS 18 til at vurdere, hvornår omsætningen fra garantien og fra salg af varer skal indregnes.
AG4A
Erklæringer om, at en udsteder anser kontrakter for at være forsikringskontrakter findes typisk i udsteders kommunikation med kunder og tilsynsmyndigheder, kontrakter, forretningsdokumentation og årsregnskaber. Desuden er forsikringskontrakter ofte genstand for regnskabsmæssige krav, der adskiller sig fra kravene i andre typer transaktioner, såsom kontrakter udstedt af banker eller erhvervsvirksomheder. I sådanne tilfælde omfatter en udsteders årsregnskaber typisk en erklæring om, at udsteder har anvendt disse regnskabsmæssige krav.
DEFINITIONER (afsnit 8 og 9)
Klassifikation til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi
AG4B
Afsnit 9 i denne standard tillader, at en virksomhed klassificerer et finansielt aktiv, en finansiel forpligtelse eller en gruppe af finansielle instrumenter (finansielle aktiver, finansielle forpligtelser eller begge dele) til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, forudsat, at dette giver mere relevant information.
AG4C
Virksomhedens beslutning om at klassificere et finansielt aktiv eller en finansiel forpligtelse til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi svarer til et valg af regnskabspraksis (selvom klassifikationen i modsætning til valg af regnskabspraksis ikke kræves anvendt ensartet på alle tilsvarende transaktioner). Når en virksomhed har et sådant valg, kræver afsnit 14b) i IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
, at den valgte politik medfører årsregnskaber, der giver pålidelig og mere relevant information om virkningerne af transaktioner eller andre begivenheder og forhold på virksomhedens finansielle stilling, indtjening eller pengestrømme. I tilfælde af en klassifikation til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, identificerer afsnit 9 de to forhold, under hvilke kravet om mere relevant information vil være opfyldt. Derfor skal virksomheden for at vælge en sådan klassifikation i overensstemmelse med afsnit 9 dokumentere, at den falder ind under et af (eller begge) disse to forhold.
Afsnit 9b)i): Klassifikationen fjerner eller reducerer i væsentlig grad en målings- eller indregningsuoverensstemmelse, der ellers ville opstå
AG4D
I henhold til IAS 39 bestemmes målingen af et finansielt aktiv eller en finansiel forpligtelse og klassifikationen af indregnede ændringer i postens værdi af postens klassifikation, og af om posten er en del af et klassificeret sikringsforhold. Disse krav kan forårsage en målings- eller indregningsuoverensstemmelse, når eksempelvis et finansielt aktiv, hvis der ikke foretages en klassifikation til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, ville have været klassificeret som disponibelt for salg (med de fleste ændringer i dagsværdien indregnet direkte på egenkapitalen), og en forpligtelse, som virksomheden anser for at være forbundet dermed, ville være målt til amortiseret kostpris (uden indregning af ændringer i dagsværdien). I sådanne tilfælde kan virksomheden konkludere, at dets årsregnskab ville give mere relevant information, hvis både aktivet og forpligtelsen blev klassificeret til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi.
AG4E
Følgende eksempler viser, hvornår denne betingelse kan være opfyldt. I alle tilfælde kan virksomheden udelukkende anvende denne betingelse til at klassificere finansielle aktiver eller finansielle forpligtelser til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, hvis den opfylder princippet i afsnit 9b)i).
a)
En virksomhed har forpligtelser, hvis pengestrømme kontraktligt er baseret på indtjeningen fra aktiver, der ellers ville have været klassificeret som disponible for salg. En forsikringsgiver kan eksempelvis have forpligtelser, der indeholder et element af skønsmæssig deltagelse, som betaler ydelser baseret på realiserede og/eller urealiserede investeringsafkast af en bestemt sammenlægning af forsikringsgivers aktiver. Hvis målingen af disse forpligtelser afspejler de aktuelle markedskurser, vil en klassifikation af aktiverne til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi medføre, at ændringer i de finansielle aktivers dagsværdi bliver indregnet i resultatet i samme regnskabsår som forbundne ændringer i værdien af forpligtelserne.
b)
En virksomhed har forpligtelser i henhold til forsikringskontrakter, hvis måling indeholder aktuelle oplysninger (som tilladt af IFRS 4, afsnit 24) og finansielle aktiver, den anser for at være forbundne dermed, som ellers ville have været klassificeret som disponible for salg eller målt til amortiseret kostpris.
c)
En virksomhed har finansielle aktiver, finansielle forpligtelser eller begge dele, der deler en risiko, såsom en renterisiko, der giver anledning til modsatrettede ændringer i dagsværdien, som har en tendens til at udligne hinanden. Det er imidlertid kun nogle af instrumenterne, der ville blive målt til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi (dvs. som er afledte finansielle instrumenter, eller som klassificeres som besiddelse med handel for øje). Det kan også være, at kravene til regnskabsmæssig sikring ikke er opfyldt, eksempelvis fordi kravene til effektiviteten i afsnit 88 ikke er opfyldt.
d)
En virksomhed har finansielle aktiver, finansielle forpligtelser eller begge dele, der deler en risiko, såsom en renterisiko, der giver anledning til modsatrettede ændringer i dagsværdien, som har en tendens til at udligne hinanden, og virksomheden opfylder ikke kriterierne for regnskabsmæssig sikring, fordi ingen af instrumenterne er et afledt finansielt instrument. Desuden er der i mangel af regnskabsmæssig sikring en væsentlig uoverensstemmelse i indregningen af gevinster og tab. Eksempelvis:
i)
Virksomheden har finansieret en portefølje af fastforrentede aktiver, som ellers ville være klassificeret som disponible for salg, med fastforrentede obligationer, for hvilke ændringer i dagsværdien har en tendens til at udligne hinanden. Hvis både aktiverne og obligationerne præsenteres til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, rettes den uoverensstemmelse, der ellers ville hidrøre fra måling af aktiverne til dagsværdi med ændringer præsenteret i egenkapitalen og obligationerne til amortiseret kostpris.
ii)
Virksomheden har finansieret en specificeret gruppe lån ved at udstede handlede obligationer, for hvilke ændringer i dagsværdien har en tendens til at udligne hinanden. Hvis virksomheden derudover regelmæssigt køber og sælger obligationerne, men sjældent, om nogensinde, køber og sælger lånene, fjerner man ved at præsentere både lånene og obligationerne til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi den uoverensstemmelse i tidspunkterne for indregning af gevinster og tab, som ellers ville opstå som følge af at måle dem begge til amortiseret kostpris og indregne en gevinst eller et tab, hver gang en obligation tilbagekøbes.
AG4F
I tilfælde som dem, der er beskrevet i det foregående afsnit, kan man ved at klassificere de finansielle aktiver og finansielle forpligtelser, som ikke ellers måles som sådan, til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi ved den første indregning, fjerne eller væsentligt reducere målings- eller indregningsuoverensstemmelsen og give mere relevant information. Af praktiske årsager behøver virksomheden ikke indgå alle de aktiver og forpligtelser, som giver anledning til målings- eller indregningsuoverensstemmelsen på nøjagtigt samme tidspunkt. Der tillades en rimelig forsinkelse, forudsat at hver transaktion klassificeres til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi ved den første indregning, og at man på det tidspunkt forventer, at de eventuelle resterende transaktioner vil finde sted.
AG4G
Det ville ikke kunne accepteres kun at klassificere en del af de finansielle aktiver og finansielle forpligtelser, der giver anledning til uoverensstemmelsen, til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, hvis dette ikke fjerner eller væsentligt reducerer uoverensstemmelsen og derfor ikke ville medføre mere relevant information. Det ville imidlertid være acceptabelt kun at klassificere en del af en række ensartede finansielle aktiver eller ensartede finansielle forpligtelser, hvis dette ville resultere i en væsentlig reduktion (og muligvis en større reduktion end ved andre tilladte klassifikationer) af uoverensstemmelsen. Det antages eksempelvis, at en virksomhed har en række ensartede finansielle forpligtelser, der samlet beløber sig til 100 CU 
(
1
)
 og en række ensartede finansielle aktiver, der samlet beløber sig til 50 CU, men som måles på forskelligt grundlag. Virksomheden kan opnå en væsentlig reduktion af målingsuoverensstemmelsen ved at klassificere alle aktiverne ved den første indregning, men kun nogle af forpligtelserne (eksempelvis individuelle forpligtelser, der samlet beløber sig til 45 CU) til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi. Eftersom klassifikation til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi kun kan anvendes på det samlede finansielle instrument, skal virksomheden i dette eksempel imidlertid klassificere en eller flere forpligtelser i deres helhed. Den ville hverken kunne klassificere et element af en forpligtelse (eksempelvis ændringer i værdien, som kun kan henføres til én risiko, såsom ændringer i en toneangivende rente) eller en andel (dvs. procentdel) af en forpligtelse.
Afsnit 9b)ii): En gruppe af finansielle aktiver, finansielle forpligtelser eller begge dele forvaltes, og indtjeningen vurderes på grundlag af dagsværdien i overensstemmelse med en dokumenteret risikostyrings- eller investeringsstrategi
AG4H
Virksomheden kan forvalte og vurdere indtjeningen af en gruppe af finansielle aktiver, finansielle forpligtelser eller begge dele på en sådan måde, at måling af gruppen til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi vil give mere relevant information. Fokus er i dette tilfælde rettet mod den måde, som virksomheden forvalter og vurderer indtjeningen på, snarere end på arten af dens finansielle instrumenter.
AG4I
Følgende eksempler viser, hvornår denne betingelse kan være opfyldt. I alle tilfælde kan virksomheden udelukkende anvende denne betingelse til at klassificere finansielle aktiver eller finansielle forpligtelser til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, hvis den opfylder princippet i afsnit 9b)ii).
a)
Virksomheden er en venturekapitalorganisation, et investeringsselskab, en investeringsforening eller lignende, hvis forretningsområde er investering i finansielle aktiver med henblik på at tjene på deres samlede afkast i form af renter eller udbytter og ændringer i dagsværdi. IAS 28 og IAS 31 tillader, at sådanne investeringer udelades fra anvendelsesområdet, under forudsætning af, at de måles til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi. Virksomheden kan anvende samme regnskabspraksis på andre investeringer, som forvaltes på grundlag af det samlede afkast, men som den ikke har tilstrækkelig indflydelse på, til at de falder ind under IAS 28 eller IAS 31.
b)
Virksomheden har finansielle aktiver og finansielle forpligtelser, der deler en eller flere risici, og disse risici styres og vurderes på grundlag af dagsværdien i overensstemmelse med en dokumenteret forvaltningspolitik for aktiver og forpligtelser. Et eksempel kan være en virksomhed, der har udstedt »strukturerede produkter«, der indeholder flere indbyggede afledte finansielle instrumenter, og styrer de dermed forbundne risici på grundlag af dagsværdien ved brug af en blanding af afledte og ikke-afledte finansielle instrumenter. Et tilsvarende eksempel er en virksomhed, der opretter fastforrentede låne og styrer den dermed forbundne renterisiko for den toneangivende rente ved brug af en blanding af afledte og ikke-afledte finansielle instrumenter.
c)
Virksomheden er en forsikringsgiver, der besidder en portefølje af finansielle aktiver, forvalter porteføljen med henblik på maksimering af det samlede afkast (dvs. renter eller udbytter og ændringer i dagsværdi) og vurderer indtjeningen på dette grundlag. Porteføljen kan besiddes med henblik på at understøtte konkrete forpligtelser, egenkapital eller begge dele. Hvis porteføljen besiddes med henblik på at understøtte konkrete forpligtelser, kan betingelsen i afsnit 9 b)ii) være opfyldt for aktiverne, uanset om forsikringsgiver også forvalter og vurderer forpligtelserne på grundlag af dagsværdien. Betingelsen i afsnit 9b)ii) kan være opfyldt, når forsikringsgiver har til formål at maksimere det samlede afkast af aktiverne på længere sigt, selvom de beløb, der betales til indehavere af deltagende kontrakter afhænger af andre faktorer, såsom den beløbsmæssige størrelse af gevinster, der realiseres på kortere sigt (eksempelvis et år), eller er op til forsikringsgivers skøn.
AG4J
Som anført ovenfor afhænger denne betingelse af den måde, hvorpå virksomheden forvalter og vurderer indtjeningen af den aktuelle gruppe af finansielle instrumenter. Derfor skal en virksomhed (i henhold til kravet om klassifikation ved den første indregning), der klassificerer finansielle instrumenter til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi på grundlag af denne betingelse, foretage en tilsvarende klassifikation af alle finansielle instrumenter, der opfylder kriterierne, og som forvaltes og vurderes sammen.
AG4K
Dokumentationen for virksomhedens strategi behøver ikke være omfattende, men dog tilstrækkelig til at dokumentere overholdelse af afsnit 9b)ii). En sådan dokumentation kræves ikke for hver enkelt post, men kan foretages samlet for porteføljen. Hvis et indtjeningsstyringssystem for en afdeling — som er godkendt af nøglepersonerne i virksomhedens ledelse — eksempelvis tydeligt dokumenterer, at indtjeningen vurderes på grundlag af det samlede afkast, kræves der ingen yderligere dokumentation for at dokumentere overholdelse af afsnit 9b)ii).
Effektiv rente
AG5
I visse tilfælde erhverves finansielle aktiver til en betragtelig underkurs, som afspejler opståede kredittab Virksomheden skal medtage sådanne opståede tab i de skønnede pengestrømme ved beregning af den effektive rente.
AG6
Når en virksomhed anvender den effektive rente-metode, skal den normalt afskrive eventuelle gebyrer, rentetillæg, transaktionsomkostninger og øvrig over- eller underkurs, som er medtaget i beregningen af den effektive rente over instrumentets forventede løbetid. Hvis gebyrer, rentetillæg, transaktionsomkostninger eller over- eller underkurs knytter sig til en kortere periode, skal denne kortere periode imidlertid anvendes. Dette er tilfældet, når den variabel, som gebyrer, rentetillæg, transaktionsomkostninger eller over- eller underkurs knytter sig til, tilpasses til markedsrenter før instrumentets forventede udløb. I sådanne tilfælde udgør den relevante afskrivningsperiode perioden frem til næste rentetilpasningstidspunkt. Hvis en over- eller underkurs på et variabelt forrentet instrument eksempelvis afspejler påløbne renter på instrumentet siden sidste rentebetaling, eller ændringer i markedsrenter siden den variable rente blev tilpasset markedsrenten, afskrives over- eller underkursen frem til næste tidspunkt, hvor den variable rente tilpasses markedsrenten. Dette skyldes, at over- eller underkursen knytter sig til perioden frem til næste rentetilpasningstidspunkt, eftersom den variabel, som over- eller underkursen knytter sig til (dvs. renten), på dette tidspunkt tilpasses markedsrenten. Hvis over- eller underkursen imidlertid hidrører fra en ændring i kreditspændet over for den variable rente, som er specificeret i instrumentet, eller andre variabler, som ikke tilpasses til markedsrenten, afskrives over- eller underkursen over instrumentets forventede løbetid.
AG7
For variabelt forrentede finansielle aktiver og variabelt forrentede finansielle forpligtelser ændres den effektive rente som følge af periodisk omvurdering af pengestrømme for at afspejle bevægelser i markedsrenter. Hvis et variabelt forrentet finansielt aktiv eller en variabelt forrentet finansiel forpligtelse første gang indregnes til et beløb, der svarer til den ved udløb skyldige eller tilgodehavende hovedstol, har omvurdering af fremtidige rentebetalinger normalt ingen væsentlig virkning på aktivets eller forpligtelsens regnskabsmæssige værdi.
AG8
Hvis en virksomhed ajourfører sine skøn over ind- eller udbetalinger, skal virksomheden regulere den regnskabsmæssige værdi af det finansielle aktiv eller den finansielle forpligtelse (eller gruppen af finansielle instrumenter) for at afspejle faktiske og ændrede skønnede pengestrømme. Virksomheden omberegner den regnskabsmæssige værdi ved at beregne nutidsværdien af skønnede fremtidige pengestrømme til det finansielle instruments oprindelige effektive rente. Reguleringen indregnes som indtægt eller omkostning i resultatet.
Afledte finansielle instrumenter
AG9
Typiske afledte finansielle instrumenter er futures, termins- og swap-kontrakter samt optioner. Et afledt finansielt instrument har normalt en beregningsmæssig hovedstol, som er et kontraktfastsat valutabeløb, et antal aktier, et antal enheder af vægt og volumen eller andre enheder. Det gælder imidlertid for et afledt finansielt instrument, at indehaver eller sælger ikke skal betale eller modtage den beregningsmæssige hovedstol ved kontraktens indgåelse. Alternativt kan vilkårene for et afledt finansielt instrument indebære betaling af et fast beløb eller et beløb, som kan ændre sig (men ikke proportionelt med en ændring i det underliggende aktiv) som følge af visse fremtidige begivenheder, som ikke knytter sig til den beregningsmæssige hovedstol. Eksempelvis kan en kontrakt kræve en fast betaling på 1 000 CU 
(
2
)
, hvis 6-måneders LIBOR stiger med 100 basispoint. En sådan kontrakt er et afledt finansielt instrument, selvom der ikke er angivet en beregningsmæssig hovedstol.
AG10
Definitionen på et afledt finansielt instrument i denne standard omfatter kontrakter, som bruttoafregnes ved overdragelse af det underliggende aktiv (eksempelvis en terminskontrakt vedrørende køb af et fastforrentet gældsinstrument). En virksomhed kan have en kontrakt vedrørende køb eller salg af et ikke-finansielt aktiv, som kan nettoafregnes i likvide beholdninger eller andre finansielle instrumenter eller ved udveksling af finansielle instrumenter (eksempelvis en kontrakt vedrørende køb eller salg af en råvare til en fast pris på et fremtidigt tidspunkt). En sådan kontrakt ligger inden for denne standards anvendelsesområde, medmindre den blev indgået og fortsat besiddes med henblik på overdragelse af et ikke-finansielt aktiv i overensstemmelse med virksomhedens forventede behov for køb, salg eller forbrug (jf. afsnit 5-7).
AG11
Et af de afgørende kendetegn for et afledt finansielt instrument er, at det indebærer en indledende nettoinvestering, som er mindre, end hvad der kræves for andre typer kontrakter, der kunne forventes at blive påvirket på en tilsvarende måde af ændrede markedsvilkår. En option opfylder denne definition, eftersom præmien er mindre end den investering, det ville kræve at anskaffe det underliggende finansielle instrument, optionen er knyttet til. En valutaswap, som kræver, at der sker en indledende omveksling af forskellige valutaer med samme dagsværdi, opfylder definitionen, idet den har en indledende nettoinvestering på nul.
AG12
t almindeligt køb eller salg indgås der en fastprisaftale mellem handelsdatoen og afregningsdatoen, som opfylder definitionen på et afledt finansielt instrument. På grund af aftalens korte varighed indregnes den dog ikke som et afledt finansielt instrument. I stedet indeholder denne standard bestemmelser om særlig regnskabsmæssig behandling af sådanne »almindelige handler« (jf. afsnit 38 og AG53-AG56).
AG12A
Definitionen på et afledt finansielt instrument henviser til ikke-økonomiske variabler, der ikke er specifikke for en kontrahent. Sådanne variabler omfatter et indeks over jordskælvstab i en bestemt region og et indeks over temperaturer i en bestemt by. Ikke-økonomiske variabler, som er specifikke for en kontrahent, omfatter det forhold, om der opstår eller ikke opstår en brand, som beskadiger eller ødelægger et aktiv, som tilhører en af kontrahenterne. En ændring i et ikke-finansielt aktivs dagsværdi er specifik for indehaveren, hvis dagsværdien ikke kun afspejler ændringer i markedsprisen for sådanne aktiver (en økonomisk variabel), men også tilstanden af det bestemte ikke-finansielle aktiv, som besiddes (en ikke-økonomisk variabel). Hvis en garanti for en bestemt bils restværdi eksempelvis udsætter garanten for risikoen for ændringer i bilens fysiske tilstand, er ændringen i denne restværdi eksempelvis specifik for bilens ejer.
Transaktionsomkostninger
AG13
Transaktionsomkostninger omfatter honorarer og provision til agenter (herunder ansatte, der handler som salgsagenter), rådgivere, mæglere og dealere, andre beløb opkrævet af tilsynsmyndigheder eller børser samt afgifter på transaktioner. Transaktionsomkostninger omfatter ikke over- eller underkurs på gældsinstrumenter, finansieringsomkostninger eller interne administrations- eller besiddelsesomkostninger.
Finansielle aktiver og finansielle forpligtelser, som besiddes med handel for øje
AG14
Handel afspejler normalt aktive og hyppige køb og salg, og finansielle instrumenter, som besiddes med handel for øje, anvendes normalt med det formål at skabe en gevinst på basis af kortsigtede udsving i kurser eller handelsmarginaler.
AG15
Finansielle aktiver, som besiddes med handel for øje, omfatter:
a)
afledte finansielle forpligtelser, som ikke regnskabsmæssigt behandles som sikringsinstrumenter
b)
forpligtelser til at overdrage finansielle aktiver, som er lånt af en »short«-sælger (dvs. en virksomhed, der sælger finansielle aktiver, den har lånt og endnu ikke ejer)
c)
finansielle forpligtelser, som er påtaget med henblik på at tilbagekøbe dem i nær fremtid (eksempelvis et noteret gældsinstrument, som udsteder kan købe tilbage i nær fremtid afhængigt af ændringer i dagsværdien), og
d)
finansielle forpligtelser, som udgør en del af en portefølje af identificerede finansielle instrumenter, som forvaltes under ét, og som udviser et nyligt mønster af kortsigtet gevinsthjemtagelse.
Det forhold, at en forpligtelse bruges til at finansiere handelsaktiviteter, medfører ikke i sig selv, at forpligtelsen besiddes med handel for øje.
Hold-til-udløb-investeringer
AG16
Virksomheden har ikke til hensigt at holde en investering i et finansielt aktiv med fast udløbstidspunkt til udløb, hvis:
a)
virksomheden har til hensigt at holde det finansielle aktiv i en ikke nærmere defineret periode
b)
virksomheden er parat til at sælge det finansielle aktiv (undtagen når en begivenhed indtræffer, som er enkeltstående, og virksomheden ikke med rimelighed har kunnet forudse), som følge af ændringer i markedsrenter eller -risici, likviditetsbehov, ændringer i adgangen til alternative investeringer og disses afkast, ændringer i finansieringsmuligheder og vilkår eller ændringer i valutarisici, eller
c)
udsteder har ret til at afregne det finansielle aktiv til et beløb, som er væsentligt lavere end dets amortiserede kostpris.
AG17
Et variabelt forrentet gældsinstrument kan opfylde kriterierne for en hold-til-udløb-investering. Egenkapitalinstrumenter kan ikke være hold-til-udløb-investeringer, enten fordi de har uendelig løbetid (eksempelvis ordinære aktier) eller fordi de beløb, som indehaver kan modtage, kan variere på en måde, som ikke kan forudbestemmes (som det er tilfældet for aktieoptioner, warrants og lignende rettigheder). Med hensyn til definitionen på hold-til-udløb-investeringer betyder faste eller bestemmelige betalinger og fast udløbstidspunkt, at en kontrakt fastlægger beløb og tidspunkter for betalinger til indehaver, eksempelvis betaling af renter og afdrag på et lån. En væsentlig risiko for manglende betaling udelukker ikke, at et finansielt aktiv klassificeres som et hold-til-udløb aktiv, så længe aktivets kontraktlige betalinger er faste eller bestemmelige, og de øvrige kriterier for en sådan klassifikation er opfyldt. Hvis vilkårene for et gældsinstrument uden udløbstidspunkt foreskriver rentebetaling i en ikke fastsat periode, kan instrumentet ikke klassificeres som hold-til-udløb, idet der ikke er noget udløbstidspunkt.
AG18
Kriterierne for klassifikation som en hold-til-udløb-investering er opfyldt for et finansielt aktiv, som kan indløses af udsteder, hvis indehaver har til hensigt og mulighed for at holde investeringen, indtil den indløses eller udløber, og hvis indehaveren vil genindvinde stort set hele den regnskabsmæssige værdi. Udsteders call-option vil, hvis den udnyttes, blot fremrykke aktivets udløbstidspunkt. Hvis det finansielle aktiv imidlertid kan indløses på et grundlag, som ville medføre, at indehaver ikke genindvinder stort set hele den regnskabsmæssige værdi, kan det finansielle aktiv ikke klassificeres som en hold-til-udløb-investering. Virksomheden skal tage højde for eventuel betalt præmie og aktiverede transaktionsomkostninger ved vurderingen af, hvorvidt den regnskabsmæssige værdi stort set vil blive genindvundet.
AG19
Et finansielt aktiv, som kan indløses af indehaver (dvs. indehaveren har ret til at kræve, at udsteder tilbagebetaler eller indløser det finansielle aktiv før udløb) kan ikke klassificeres som en hold-til-udløb-investering, idet det at betale for en ret til at kræve indløsning i et finansielt aktiv (put-option) ikke er i foreneligt med en hensigtserklæring om at holde det finansielle aktiv til udløb.
AG20
For de fleste finansielle aktiver er dagsværdien en mere relevant målestok end amortiseret kostpris. Hold-til-udløb-klassifikationen er en undtagelse, men kun hvis virksomheden har til hensigt og mulighed for at holde investeringen til udløb. Når virksomhedens handlinger skaber tvivl om dens hensigt om og mulighed for at holde sådanne investeringer til udløb, udelukker afsnit 9 anvendelsen af denne undtagelse i en rimelig periode.
AG21
Et lidet sandsynligt skrækscenario, som er meget lidt sandsynligt, såsom at et pengeinstituts kunder vil hæve alle beholdninger af frygt for pengeinstituttets manglende likviditet eller en tilsvarende situation for en forsikringsgiver, er ikke noget som indgår i virksomhedens vurdering af, hvorvidt den har til hensigt og har mulighed for at holde en investering til udløb.
AG22
Salg før udløb kan opfylde betingelserne i afsnit 9 — og således ikke rejse tvivl om virksomhedens hensigt om at holde andre investeringer til udløb — hvis de kan henføres til et af følgende forhold:
a)
en væsentlig forringelse af udsteders kreditværdighed. Eksempelvis ville et salg efter en nedjustering af virksomhedens kreditværdighed foretaget af et eksternt kreditoplysningsbureau ikke nødvendigvis rejse tvivl om virksomhedens hensigt om at holde andre investeringer til udløb, hvis nedjusteringen indikerer en væsentlig forringelse i udsteders kreditværdighed vurderet under henvisning til kreditvurderingen ved første indregning. Hvis en virksomhed anvender interne kreditvurderinger til vurdering af risici, kan ændringer i sådanne interne kreditvurderinger ligeledes være med til at identificere udstedere med væsentligt forringet kreditværdighed, forudsat at virksomhedens metode til at tildele interne vurderinger og ændringer i disse vurderinger giver et konsekvent, pålideligt og objektivt mål for udsteders kreditkvalitet. Hvis der foreligger dokumentation for, at et finansielt aktiv er værdiforringet (jf. afsnit 58 og 59), anses forringelsen af kreditværdigheden ofte for væsentlig
b)
ændringer i skattelovgivningen, som fjerner eller væsentligt reducerer skattefritagelsen for renter på hold-til-udløb-investeringer (men ikke ændringer i skattelovgivningen, som ændrer marginalskattesatserne på renteindtægter)
c)
en større virksomhedssammenslutning eller afhændelse (eksempelvis salg af et segment), som nødvendiggør salg eller overdragelse af hold-til-udløb-investeringer for at opretholde virksomhedens eksisterende renterisikoposition eller kreditrisikopolitik (selvom virksomhedssammenslutningen er en begivenhed, som er under virksomhedens kontrol, kan ændringer i virksomhedens investeringsportefølje for at opretholde dens renterisikoposition eller kreditrisikopolitik være en følgevirkning snarere end en forventet transaktion)
d)
ændringer i lovmæssige krav, som væsentligt ændrer enten definitionen på en tilladt investering eller maksimumgrænsen for bestemte typer investeringer, og som medfører, at virksomheden afhænder en hold-til-udløb-investering
e)
væsentlig forøgelse af det lovmæssige kapitalkrav for branchen, som medfører, at virksomheden foretager nedskæringer ved at sælge hold-til-udløb-investeringer
f)
væsentligt forøget vægtning af risikoen forbundet med hold-til-udløb-investeringer i forbindelse med lovmæssige risikobaserede kapitalkrav.
AG23
Det er ikke påviseligt, at virksomheden har mulighed for at holde en investering i et finansielt aktiv med fast udløbstidspunkt til udløb, hvis:
a)
virksomheden ikke har de fornødne økonomiske ressourcer til fortsat at finansiere investeringen indtil udløb, eller
b)
virksomheden er underlagt eksisterende juridiske eller andre begrænsninger, som kan være til hinder for dens hensigt om at holde det finansielle aktiv til udløb. (Udsteders call-option er dog ikke nødvendigvis til hinder for virksomhedens hensigt om at holde et finansielt aktiv til udløb — jf. afsnit AG18).
AG24
Der kan være andre omstændigheder end de i afsnit AG16-AG23 beskrevne, som indikerer, at virksomheden ikke har til hensigt eller mulighed for at holde en investering til udløb.
AG25
Virksomheden vurderer ikke blot hensigten om og muligheden for at holde sine hold-til-udløb-investeringer til udløb, når de finansielle aktiver indregnes første gang, men også på hver efterfølgende balancedag.
Lån og tilgodehavender
AG26
Alle ikke-afledte finansielle aktiver med faste eller bestemmelige betalinger (herunder låneaktiver, tilgodehavender fra salg og tjenesteydelser, investeringer i gældsinstrumenter og indestående i banker) kan potentielt opfylde definitionen på lån og tilgodehavender. Et finansielt aktiv, som har en officiel markedskurs på et aktivt marked (såsom et noteret gældsinstrument, jf. afsnit AG71) opfylder imidlertid ikke kriteriet for klassifikation som et lån eller et tilgodehavende. Finansielle aktiver, som ikke opfylder definitionen på lån eller tilgodehavender, kan klassificeres som hold-til-udløb-investeringer, hvis de opfylder betingelserne for denne klassifikation (jf. afsnit 9 og AG16-AG25). Ved første indregning af et finansielt aktiv, som ellers ville blive klassificeret som et lån eller tilgodehavende, kan virksomheden klassificere aktivet som et finansielt aktiv til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, eller som disponibelt for salg.
INDBYGGEDE AFLEDTE FINANSIELLE INSTRUMENTER (afsnit 10-13)
AG27
Hvis en hovedkontrakt ikke har noget angivet eller forudbestemt udløbstidspunkt og udgør en resterende andel af virksomhedens nettoaktiver, er kontraktens økonomiske karakteristika og risici de samme som for et egenkapitalinstrument, og et indbygget finansielt instrument ville skulle have egenkapitalkarakteristika, som er knyttet til den samme virksomhed, for at kunne anses for at være nært forbundet. Hvis hovedkontrakten ikke er et egenkapitalinstrument og opfylder definitionen på et finansielt instrument, er kontraktens økonomiske karakteristika og risici de samme som for et gældsinstrument.
AG28
Et indbygget afledt finansielt instrument, som ikke er en option (eksempelvis en indbygget termins- eller swap-kontrakt), adskilles fra hovedkontrakten på basis af instrumentets angivne eller implicitte vilkår, hvilket medfører, at instrumentet har en dagsværdi på nul ved første indregning. Et indbygget optionsbaseret afledt finansielt instrument (eksempelvis en indbygget put-, call-, cap- eller floor-option eller en swaption) adskilles fra hovedkontrakten på basis af de angivne vilkår for optionselementet. Hovedinstrumentets oprindelige regnskabsmæssige værdi er restværdien efter udskillelse af det indbyggede afledte finansielle instrument.
AG29
Flere indbyggede afledte finansielle instrumenter i et enkelt instrument behandles normalt som et enkelt sammensat indbygget afledt finansielt instrument. For indbyggede afledte finansielle instrumenter, som klassificeres som egenkapital (jf. IAS 32), foretages dog separat regnskabsmæssig behandling i forhold til de instrumenter, som klassificeres som aktiver eller forpligtelser. Desuden gælder det, at hvis et instrument indeholder mere end ét indbygget afledt finansielt instrument, og disse afledte finansielle instrumenter knytter sig til forskellige risici, umiddelbart kan adskilles og er uafhængige af hinanden, skal de regnskabsmæssigt behandles separat i forhold til hinanden.
AG30
De økonomiske karakteristika og risici forbundet med et indbygget afledt finansielt instrument er ikke nært forbundet med hovedkontrakten (afsnit 11a)) i følgende eksempler. Under forudsætning af, at betingelserne i afsnit 11b) og c) er opfyldt, behandler virksomheden regnskabsmæssigt det indbyggede afledte finansielle instrument separat fra hovedkontrakten i disse eksempler:
a)
En put-option, som er indbygget i et instrument, der gør det muligt for indehaveren at kræve, at udsteder tilbagekøber instrumentet til et beløb i likvide beholdninger eller andre aktiver, som varierer på basis af ændringen i en egenkapitalkurs eller råvarepris eller –indeks, er ikke nært forbundet med hovedgældsinstrumentet.
b)
En call-option, som er indbygget i et egenkapitalinstrument, der gør det muligt for udsteder at tilbagekøbe dette egenkapitalinstrument til en bestemt pris, er ikke nært forbundet med hovedegenkapitalinstrumentet set fra indehavers synsvinkel (fra udsteders synsvinkel er call-optionen et egenkapitalinstrument, forudsat at den opfylder betingelserne for en sådan klassifikation i henhold til IAS 32. I så fald er optionen ikke omfattet af denne standard).
c)
En option på eller bestemmelse om automatisk forlængelse af et gældsinstruments restløbetid er ikke nært forbundet med hovedgældsinstrumentet, medmindre der foretages en samtidig regulering til den omtrentlige aktuelle markedsrente på forlængelsestidspunktet. Hvis en virksomhed udsteder et gældsinstrument, og indehaveren af dette gældsinstrument udsteder en call-option på gældsinstrumentet til en tredjepart, anses call-optionen af udsteder som en forlængelse af gældsinstrumentets løbetid, forudsat at udsteder kan afkræves at deltage i eller muliggøre gensalget af gældsinstrumentet som følge af udnyttelsen af call-optionen.
d)
Betaling af aktieindeksbestemte renter eller afdrag, som er indbygget i et hovedgældsinstrument eller en forsikringskontrakt — hvor renter eller afdrag indekseres efter egenkapitalinstrumenters værdi — er ikke nært forbundet med hovedinstrumentet, idet de risici, der er forbundet med hovedinstrumentet og det indbyggede afledte finansielle instrument, er forskellige.
e)
Betaling af råvareindeksbestemte renter eller afdrag, som er indbygget i et hovedgældsinstrument eller en forsikringskontrakt — hvor renter eller afdrag indekseres efter prisen på en råvare (eksempelvis guld) — er ikke nært forbundet med hovedinstrumentet, idet de risici, der er forbundet med hovedinstrumentet og det indbyggede afledte finansielle instrument, er forskellige.
f)
En ret til konvertering til egenkapital, som er indbygget i et konvertibelt gældsinstrument, er ikke nært forbundet med hovedgældsinstrumentet set fra indehaveren af instrumentets synsvinkel (set fra udsteders synsvinkel er egenkapitalkonverteringsretten et egenkapitalinstrument, som ikke er omfattet af denne standard, forudsat at den opfylder betingelserne for en sådan klassifikation i henhold til IAS 32).
g)
En call- eller put-option eller en option på førtidig indfrielse, som er indbygget i en hovedlåneaftale eller en hovedforsikringskontrakt, er ikke nært forbundet med hovedkontrakten, medmindre optionens udnyttelseskurs omtrent svarer til hovedlåneaftalens amortiserede kostpris eller den regnskabsmæssige værdi af hovedforsikringskontrakten på de respektive udnyttelsestidspunkter. For udsteder af et konvertibelt gældsinstrument med en indbygget call- eller put-option foretages vurderingen af, om call- eller put-optionen er nært forbundet med hovedlåneaftalen, før udskillelsen af egenkapitalelementet i henhold til IAS 32.
h)
Afledte kreditinstrumenter, som er indbygget i et hovedgældsinstrument, og som gør det muligt for den ene part (den sikrede) at overdrage kreditrisikoen forbundet med et bestemt aktiv, uanset om den ejer dette, til en anden part (garanten), er ikke nært forbundet med hovedgældsinstrumentet. Sådanne afledte kreditinstrumenter gør det muligt for garanten at overtage kreditrisikoen forbundet med aktivet uden direkte at eje det.
AG31
Som eksempel på et kombineret instrument kan nævnes et finansielt instrument, som giver indehaveren ret til at levere det finansielle instrument tilbage til udsteder mod et beløb i likvide beholdninger eller andre finansielle aktiver, som varierer på basis af ændringen i et egenkapital- eller råvareindeks, som kan stige eller falde (et »indløseligt instrument«). Medmindre udsteder ved første indregning klassificerer det indløselige instrument som en finansiel forpligtelse til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, skal udsteder udskille et afledt finansielt instrument (dvs. betalingen af indekseret afdrag) i henhold til afsnit 11, idet hovedkontrakten er et gældsinstrument i henhold til afsnit AG27, og betalingen af indekseret afdrag ikke er nært forbundet med hovedgældsinstrumentet i henhold til afsnit AG30a). Eftersom betalingen af afdrag kan stige eller falde, er det indbyggede afledte finansielle instrument ikke en option, og dets værdi er indekseret efter den underliggende variabel.
AG32
Med hensyn til et indløseligt instrument, som på et hvilket som helst tidspunkt kan leveres tilbage til udsteder mod likvide beholdninger svarende til en forholdsmæssig andel af værdien af en virksomheds nettoaktiver (eksempelvis enheder i en investeringsforening med tilbagekøbspligt for den udstedende forening eller visse »unit-linked« investeringsprodukter), er virkningen af at udskille et indbygget afledt finansielt instrument og foretage regnskabsmæssig behandling af hvert element, at det kombinerede instrument måles til det indløsningsbeløb, der skal betales på balancedagen, hvis indehaveren har udnyttet sin ret til at levere instrumentet tilbage til udsteder.
AG33
De økonomiske karakteristika og risici ved et indbygget afledt finansielt instrument er nært forbundet med hovedkontraktens økonomiske karakteristika og risici i nedenstående eksempler. I disse eksempler behandler virksomheden ikke regnskabsmæssigt det indbyggede afledte finansielle instrument separat fra hovedkontrakten.
a)
Et indbygget afledt finansielt instrument, hvor det underliggende er en rentesats eller et renteindeks, som kan medføre en ændring af det rentebeløb, der ellers skulle betales eller modtages i henhold til en rentebærende hovedlåneaftale eller forsikringskontrakt, er nært forbundet med hovedkontrakten, medmindre det kombinerede instrument kan afregnes på en sådan måde, at indehaveren ikke ville genindvinde stort set alle sine indregnede investeringer, eller det indbyggede afledte finansielle instrument mindst kunne fordoble indehaverens oprindelige afkast på hovedkontrakten og kunne medføre et afkast, som er mindst to gange så højt, som markedsafkastet ville være for en kontrakt på samme vilkår som hovedkontrakten.
b)
Indbyggede rentefloors eller -caps på en låneaftale eller en forsikringskontrakt er nært forbundet med hovedkontrakten, forudsat at den pågældende cap svarer til eller er højere end markedsrenten, og den pågældende floor svarer til eller er lavere end markedsrenten, når kontrakten udstedes, og hverken cap eller floor er gearet i forhold til hovedkontrakten. Bestemmelser i en kontrakt vedrørende køb eller salg af et aktiv (eksempelvis en råvare), som fastlægger en cap og en floor på den pris, der skal betales eller modtages for aktivet, er ligeledes nært forbundet med hovedkontrakten, hvis både cap og floor var »out of the money« ved indgåelsen og ikke er gearede.
c)
Et indbygget afledt finansielt valutainstrument, som medfører en strøm af rentebetalinger eller afdrag i fremmed valuta, og som er indbygget i et hovedgældsinstrument (eksempelvis en obligation, som er optaget og forrentes i én valuta, mens afdrag sker i en anden valuta), er nært forbundet med hovedgældsinstrumentet. Et sådant afledt finansielt instrument adskilles ikke fra hovedinstrumentet, idet IAS 21 kræver, at gevinster og tab på monetære poster ved valutaomregning indregnes i årets resultat.
d)
Et indbygget afledt finansielt valutainstrument i en hovedkontrakt, som er en forsikringskontrakt, eller som ikke er et finansielt instrument (eksempelvis en kontrakt vedrørende køb eller salg af et ikke-finansielt aktiv, hvor prisen er angivet i en fremmed valuta), er nært forbundet med hovedkontrakten, forudsat at den ikke er gearet, ikke indeholder et optionselement og kræver betalinger i en af følgende valutaer:
i)
en væsentlig kontrahents funktionelle valuta,
ii)
den valuta, som i handel over hele verden sædvanligvis anvendes til at angive priser på den pågældende vare eller tjenesteydelse (eksempelvis USD for råoliehandel), eller
iii)
en valuta, som ofte anvendes i kontrakter vedrørende køb eller salg af ikke-finansielle poster inden for de økonomiske rammer, hvor handlen finder sted (eksempelvis en relativt stabil og likvid valuta, som ofte anvendes i lokale handelstransaktioner eller udenrigshandel).
e)
En option på førtidig indfrielse, som er indbygget i en betalingsdel, omfattende enten renter eller afdrag, er nært forbundet med hovedkontrakten, forudsat at hovedkontrakten i) oprindeligt er opstået som følge af adskillelsen af retten til at modtage kontraktlige pengestrømme fra et finansielt instrument, hvori der ikke var indbygget et afledt finansielt instrument, og ii) hvori der ikke indgår vilkår, som ikke gælder for den oprindelige hovedlåneaftale.
f)
Et indbygget afledt finansielt instrument i en hovedleasingkontrakt er nært forbundet med hovedkontrakten, hvis det indbyggede afledte finansielle instrument er i) et inflationsbestemt indeks, som eksempelvis indeksering af leasingbetalinger i forhold til et forbrugerprisindeks (forudsat at leasingkontrakten ikke er gearet, og indekseringen vedrører inflation i virksomhedens egne økonomiske omgivelser), ii) betingede lejeydelser baseret på relateret omsætning eller iii) betingede lejeydelser baseret på variable rentesatser.
g)
Et »unit-link«-element, som er indbygget i et finansielt hovedinstrument eller en hovedforsikringskontrakt er nært forbundet med hovedinstrumentet eller hovedkontrakten, hvis betalingerne i form af investeringsbeviser (units) måles til investeringsbevisernes aktuelle værdi, som afspejler dagsværdien af foreningens aktiver. Et »unit-link«-element er en kontraktmæssig betingelse, som kræver, at betalinger foretages i form af investeringsbeviser i en intern eller ekstern investeringsforening.
h)
Et afledt finansielt instrument, som er indbygget i en forsikringskontrakt er nært forbundet med hovedforsikringskontrakten, hvis det indbyggede afledte finansielle instrument og hovedforsikringskontrakten er så indbyrdes afhængige, at en virksomhed ikke kan foretage separat måling af det indbyggede afledte finansielle instrument (dvs. uden at vurdere hovedkontrakten).
Instrumenter, der indeholder indbyggede afledte finansielle instrumenter
AG33A
Når en virksomhed deltager i et kombineret instrument, der indeholder et eller flere indbyggede afledte finansielle instrumenter, kræves det i henhold til afsnit 11, at virksomheden identificerer sådanne indbyggede afledte finansielle instrumenter, vurderer hvorvidt det kræves, at instrumenterne adskilles fra hovedkontrakten og, for så vidt angår de instrumenter, der kræves adskilt, måler de afledte finansielle instrumenter til dagsværdi ved den første indregning og derefter. Disse krav kan være mere komplicerede eller resultere i mindre pålidelige målinger, end hvis hele instrumentet måles til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi. Derfor tillader denne standard, at hele instrumentet klassificeres til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi.
AG33B
En sådan klassifikation kan anvendes, uanset om afsnit 11 kræver, at de indbyggede afledte instrumenter adskilles fra hovedkontrakten, eller ikke tillader en sådan adskillelse. Afsnit 11A berettiger imidlertid ikke til en klassifikation af det kombinerede instrument til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi i de tilfælde, der er beskrevet i afsnit 11Aa) og b), eftersom dette hverken ville reducere kompleksiteten eller øge pålideligheden.
INDREGNING OG OPHØR AF INDREGNING (afsnit 14-42)
Første indregning (afsnit 14)
AG34
Som følge af princippet i afsnit 14 skal en virksomhed indregne alle sine kontraktlige rettigheder og forpligtelser i henhold til afledte finansielle instrumenter i balancen som henholdsvis aktiver og forpligtelser, bortset fra afledte finansielle instrumenter, som forhindrer, at en overdragelse af finansielle aktiver regnskabsmæssigt behandles som et salg (jf. afsnit AG49). Hvis en overdragelse af et finansielt aktiv ikke opfylder kriterierne for ophør af indregning, skal erhververen ikke indregne det overdragne aktiv som sit aktiv (jf. afsnit AG50).
AG35
Følgende er eksempler på anvendelsen af princippet i afsnit 14:
a)
Tilgodehavender og forpligtelser, hvortil der ikke er knyttet betingelser, indregnes som aktiver eller forpligtelser, når virksomheden bliver kontrahent, og som følge heraf har en juridisk ret eller pligt til at modtage eller betale kontanter.
b)
Aktiver, som skal anskaffes, og forpligtelser, som skal påtages, som følge af en fast aftale om køb eller salg af varer eller tjenesteydelser, indregnes normalt ikke, før mindst én af parterne har opfyldt sin del af aftalen. Eksempelvis indregner en virksomhed, som modtager en bindende ordre, ikke et aktiv (og virksomheden, som afgiver ordren, indregner ikke en forpligtelse) ved aftalens indgåelse, men udskyder indregning, indtil de bestilte varer eller tjenesteydelser er afsendt, leveret eller ydet. Hvis en fast aftale om at købe eller sælge ikke-finansielle aktiver ligger inden for denne standards anvendelsesområde i henhold til afsnit 5-7, indregnes aftalens nettodagsværdi som et aktiv eller en forpligtelse ved aftalens indgåelse (jf. c) nedenfor). Hvis en tidligere ikke-indregnet fast aftale klassificeres som en sikret post i en sikring af dagsværdien, skal en eventuel ændring i nettodagsværdien, som kan henføres til den afdækkede risiko, desuden indregnes som et aktiv eller en forpligtelse ved sikringens indgåelse (jf. afsnit 93 og 94).
c)
En terminskontrakt, som er omfattet af denne standard (jf. afsnit 2-7) indregnes som et aktiv eller en forpligtelse ved aftalens indgåelse og ikke på det tidspunkt, hvor afregningen finder sted. På det tidspunkt, hvor virksomheden indgår en terminskontrakt, modsvarer dagsværdien af rettighederne og forpligtelserne ofte hinanden, således at terminskontraktens nettodagsværdi er nul. Hvis nettodagsværdien af rettighederne og forpligtelserne ikke er nul, indregnes kontrakten som et aktiv eller en forpligtelse.
d)
Optioner, som er omfattet af denne standard (jf. afsnit 2-7), indregnes som aktiver eller forpligtelser, når indehaveren eller sælgeren bliver en kontrahent.
e)
Planlagte fremtidige transaktioner er, uanset sandsynligheden heraf, ikke aktiver og forpligtelser, idet virksomheden endnu ikke er en kontrahent.
Ophør af indregning af et finansielt aktiv (afsnit 15-37)
AG36
Følgende diagram illustrerer vurderingen af, om og i hvilket omfang indregningen af et finansielt aktiv er ophørt.
Konsolider alle dattervirksomheder (herunder evt. SPE) [Afsnit 15]
Afgør, hvor vidt nedenstående principper for ophør af indregning anvendes på dele af eller et helt aktiv (eller gruppe af ensartede aktiver) [Afsnit 16]
Er rettighederne til pengestrømme fra aktivet udløbet? [Afsnit 17(a)]
Ja
Indregning af aktivet ophører
Nej
Har virksomheden overdraget sine rettigheder til at modtage pengestrømme fra aktivet? [Afsnit 18(a)]
Nej
Ja
Har virksomheden påtaget sig en forpligtelse til at betale pengestrømme fra aktivet, som opfylder betingelserne i afsnit 19? [Afsnit 18(b)]
Ja
Indregning af aktivet fortsætter
Nej
Har virksomheden overdraget alle væsentlige risici og afkast? [Afsnit 20(a)]
Ja
Indregning af aktivet ophører
Nej
Har virksomheden bibeholdt alle væsentlige risici og afkast? [Afsnit 20(b)]
Ja
Indregning af aktivet ophører
Nej
Har virksomheden bibeholdt kontrollen med aktivet? [Afsnit 20(c)]
Nej
Indregning af aktivet fortsætter
Ja
Indregning af aktivet fortsætter i forhold til virksomhedens fortsatte engagement
Aftaler som medfører, at virksomheden bibeholder de kontraktlige rettigheder til at modtage pengestrømme fra et finansielt aktiv, men påtager sig en kontraktlig forpligtelse til at betale disse pengestrømme til en eller flere modtagere (afsnit 18b)).
AG37
Den i afsnit 18b) omtalte situation (når en virksomhed bibeholder de kontraktlige rettigheder til at modtage pengestrømme fra det finansielle aktiv, men påtager sig en forpligtelse til at betale pengestrømmene til en eller flere modtagere) opstår eksempelvis, hvis virksomheden er en særlig virksomhed (SPE) eller en fond, som udsteder økonomiske interesser til investorer i de underliggende finansielle aktiver, som ejes af virksomheden, og forvalter disse finansielle aktiver. I dette tilfælde opfylder de finansielle aktiver kriterierne for ophør af indregning, hvis betingelserne i afsnit 19 og 20 er opfyldt.
AG38
Ved anvendelse af afsnit 19 kunne virksomheden eksempelvis være ophavsmanden til det finansielle aktiv eller en koncern, som omfatter en SPE, der har erhvervet det finansielle aktiv og overdrager pengestrømme til investorer i form af ikke-nærtstående tredjeparter.
Vurdering af overdragelse af risiko og afkast tilknyttet ejendomsretten (afsnit 20)
AG39
Som eksempler på, hvornår en virksomhed har overdraget alle væsentlige risici og afkast tilknyttet ejendomsretten, kan nævnes:
a)
et betingelsesfrit salg af et finansielt aktiv
b)
et salg af et finansielt aktiv sammen med en option på tilbagekøb af det finansielle aktiv til dets dagsværdi på tilbagekøbstidspunktet, og
c)
et salg af et finansielt aktiv sammen med en put- eller call-option, som i væsentlig grad er »out of the money« (dvs. en option, som er »out of the money« i en sådan grad, at det er højst usandsynligt, at den vil være »in the money« inden udløb).
AG40
Som eksempler på, hvornår en virksomhed har bibeholdt alle væsentlige risici og afkast tilknyttet ejendomsretten, kan nævnes:
a)
en salgs- og tilbagekøbstransaktion, hvor tilbagekøbsprisen er en fast pris eller salgsprisen plus långivers afkast
b)
en aftale om udlån af værdipapirer
c)
et salg af et finansielt aktiv sammen med en »total-afkast-swap«, som fører markedsrisikoen tilbage til virksomheden
d)
et salg af et finansielt aktiv sammen med en put- eller call-option, som i væsentlig grad er »in the money« (dvs. en option, som er »in of the money« i en sådan grad, at det er højst usandsynligt, at den vil være »out of the money« inden udløb), og
e)
et salg af kortfristede tilgodehavender, hvor virksomheden garanterer at kompensere erhververen for sandsynlige kredittab.
AG41
Hvis virksomheden vurderer, at den som følge af overdragelsen har overdraget alle væsentlige risici og afkast tilknyttet ejendomsretten til det overdragne aktiv, skal virksomheden ikke indregne det overdragne aktiv igen i et fremtidigt regnskabsår, medmindre den tilbagekøber det overdragne aktiv ved en ny transaktion.
Vurdering af overdragelsen af kontrol
AG42
En virksomhed har ikke bibeholdt kontrollen over et overdraget aktiv, hvis det er praktisk muligt for erhververen at sælge det overdragne aktiv. En virksomhed har bibeholdt kontrollen over et overdraget aktiv, hvis det ikke er praktisk muligt for erhververen at sælge det overdragne aktiv. Det er praktisk muligt for erhververen at sælge det overdragne aktiv, hvis det handles på et aktivt marked, idet erhververen kan tilbagekøbe det overdragne aktiv på markedet, hvis det bliver nødvendigt at levere aktivet tilbage til virksomheden. Det kan eksempelvis være praktisk muligt for erhververen at sælge et overdraget aktiv, hvis det overdragne aktiv er tilknyttet en option, som giver virksomheden mulighed for at tilbagekøbe aktivet, men erhververen umiddelbart kan komme i besiddelse af det overdragne aktiv på markedet, hvis optionen udnyttes. Det er ikke praktisk muligt for erhververen at sælge et overdraget aktiv, hvis virksomheden bibeholder en sådan option, og erhververen ikke umiddelbart kan komme i besiddelse af det overdragne aktiv på markedet, hvis virksomheden udnytter sin option.
AG43
Det er kun praktisk muligt for erhververen at sælge det overdragne aktiv, hvis erhververen kan sælge det overdragne aktiv i sin helhed til en ikke-nærtstående tredjepart og ensidigt kan udnytte denne mulighed uden at lægge yderligere begrænsninger på overdragelsen. Det kritiske spørgsmål er, hvad der er praktisk muligt for erhververen, og ikke hvilke kontraktlige rettigheder erhververen har med hensyn til, hvad denne kan foretage sig med det overdragne aktiv, eller hvilke kontraktlige forbud, der eksisterer. Navnlig gælder det, at:
a)
en kontraktlig rettighed til at afhænde det overdragne aktiv er af begrænset praktisk betydning, hvis der ikke findes et marked for det overdragne aktiv, og
b)
muligheden for at afhænde det overdragne aktiv er af begrænset praktisk betydning, hvis den ikke kan udnyttes frit. Derfor:
i)
skal erhververens mulighed for at afhænde det overdragne aktiv være uafhængig af andres handlinger (dvs. det skal være en ensidig mulighed), og
ii)
erhververen skal være i stand til at afhænde det overdragne aktiv, uden at det er nødvendigt at knytte restriktioner eller betingelser til overdragelsen (eksempelvis betingelser for, hvordan et låneaktiv skal afdrages, eller en option, som giver erhververen ret til at tilbagekøbe aktivet).
AG44
Det, at erhververen sandsynligvis ikke vil sælge det overdragne aktiv, betyder ikke i sig selv, at overdrageren har bibeholdt kontrollen over det overdragne aktiv. Hvis en put-option eller en garanti indskrænker erhververens mulighed for at sælge det overdragne aktiv, har overdrageren dog bibeholdt kontrollen over det overdragne aktiv. Hvis en put-option eller en garanti eksempelvis er tilstrækkeligt værdifuld, indskrænker den erhververens mulighed for at sælge det overdragne aktiv, idet erhververen ikke i praksis ville sælge det overdragne aktiv til en tredjepart uden at knytte en tilsvarende option eller andre restriktioner til aktivet. Erhververen ville i stedet beholde det overdragne aktiv for at opnå betalinger i henhold til garantien eller put-optionen. Under sådanne omstændigheder har overdrageren bibeholdt kontrollen over det overdragne aktiv.
Overdragelser, som opfylder kriterierne for ophør af indregning
AG45
En virksomhed kan bibeholde retten til en del af rentebetalingerne på overdragne aktiver som kompensation for at administrere disse aktiver. Den del af rentebetalingerne, som virksomheden ville opgive ved opsigelse eller overdragelse af administrationskontrakten, allokeres til aktivet eller forpligtelsen i form af en administrationsret eller en administrationsforpligtelse. Den del af rentebetalingerne, som virksomheden ikke ville opgive, er en tilgodehavende strip bestående af rentedelen. Hvis virksomheden eksempelvis ikke ville opgive nogen renter ved opsigelse eller overdragelse af administrationskontrakten, er hele rentespændet en tilgodehavende strip bestående af rentedelen. For så vidt angår anvendelsen af afsnit 27, anvendes dagsværdierne af aktivet i form af en administrationsret og den tilgodehavende strip bestående af rentedelen til at allokere den regnskabsmæssige værdi af tilgodehavendet mellem den del af aktivet, som ikke længere indregnes, og den del, som fortsat indregnes. Hvis der ikke er angivet noget administrationshonorar, eller hvis det modtagne honorar ikke forventes i tilstrækkelig grad at godtgøre virksomheden for udførelse af administration, skal en forpligtelse for forpligtelsen til at administrere indregnes til dagsværdi.
AG46
Ved vurderingen af dagsværdierne af den del, som fortsat indregnes og den del, som ikke længere indregnes, med henblik på anvendelsen af afsnit 27, skal virksomheden anvende kravene til måling af dagsværdi, som er angivet i afsnit 48-49 og AG69-AG82 ud over afsnit 28.
Overdragelser, som ikke opfylder kriterierne for ophør af indregning
AG47
Følgende er en beskrivelse af anvendelsen af princippet i afsnit 29. Hvis en garanti, som er ydet af virksomheden for tab ved misligholdelse på det overdragne aktiv, forhindrer, at der for et overdraget aktiv sker ophør af indregning, idet virksomheden har bibeholdt alle væsentlige risici og afkast tilknyttet ejendomsretten til det overdragne aktiv, skal det overdragne aktiv fortsat indregnes i sin helhed, og det modtagne vederlag skal indregnes som en forpligtelse.
Fortsat engagement i overdragne aktiver
AG48
Følgende er eksempler på, hvordan en virksomhed måler et overdraget aktiv og den tilknyttede forpligtelse i henhold til afsnit 30.
Alle aktiver
a)
Hvis virksomheden har ydet en garanti om betaling for tab ved misligholdelse på et overdraget aktiv, som forhindrer, at indregningen af det overdragne aktiv ophører i forhold til det fortsatte engagement, måles det overdragne aktiv på overdragelsestidspunktet til det laveste af i) aktivets regnskabsmæssige værdi og ii) den maksimale beløbsmæssige størrelse af det ved overdragelsen modtagne vederlag, som virksomheden kan kræves at betale tilbage (»garantibeløbet«). Den tilknyttede forpligtelse måles første gang til garantibeløbet plus garantiens dagsværdi (som normalt er det modtagne vederlag for garantien). Garantiens oprindelige dagsværdi indregnes efterfølgende i resultatet på tidsmæssig basis (jf. IAS 18), og aktivets regnskabsmæssige værdi reduceres af eventuelle tab ved værdiforringelse.
Aktiver målt til amortiseret kostpris
b)
Hvis en forpligtelse i form af en put-option, som er solgt af en virksomhed, eller en rettighed i form af en call-option, som besiddes af en virksomhed, forhindrer ophør af indregning af et overdraget aktiv, og virksomheden måler det overdragne aktiv til amortiseret kostpris, måles den tilknyttede forpligtelse til kostpris (dvs. det modtagne vederlag) reguleret for afskrivning af en eventuel forskel mellem denne kostpris og det overdragne aktivs amortiserede kostpris ved optionens udløbstidspunkt. Det antages eksempelvis, at aktivets amortiserede kostpris og regnskabsmæssige værdi på overdragelsestidspunktet er 98 CU, og det modtagne vederlag er 95 CU. Aktivets amortiserede kostpris på optionens udnyttelsestidspunkt vil være 100 CU. Den oprindelige regnskabsmæssige værdi af den tilknyttede forpligtelse er 95 CU, og forskellen mellem 95 CU og 100 CU indregnes i resultatet ved brug af den effektive rentemetode. Hvis optionen udnyttes, indregnes en eventuel forskel mellem den tilknyttede forpligtelses regnskabsmæssige værdi og udnyttelseskursen i resultatet.
Aktiver målt til dagsværdi
c)
Hvis en rettighed i form af en call-option, som bibeholdes af virksomheden, forhindrer ophør af indregning af et overdraget aktiv, og virksomheden måler det overdragne aktiv til dagsværdi, skal aktivet fortsat måles til dagsværdi. Den tilknyttede forpligtelse måles til i) optionens udnyttelseskurs med fradrag af optionens tidsmæssige værdi, hvis optionen er »in the money« eller »at the money«, eller ii) det overdragne aktivs dagsværdi med fradrag af optionens tidsmæssige værdi, hvis optionen er »out of the money«. Reguleringen af målingen af den tilknyttede forpligtelse sikrer, at den regnskabsmæssige nettoværdi af aktivet og den tilknyttede forpligtelse svarer til dagsværdien af call-optionen. Hvis dagsværdien af det underliggende aktiv eksempelvis er 80 CU, optionens udnyttelseskurs er 95 CU, og optionens tidsmæssige værdi er 5 CU, er den regnskabsmæssige værdi af den tilknyttede forpligtelse 75 CU (80 CU-5 CU), og den regnskabsmæssige værdi af det overdragne aktiv er 80 CU (dvs. dagsværdien).
d)
Hvis en put-option, som sælges af en virksomhed, forhindrer ophør af indregning af et overdraget aktiv, og virksomheden måler det overdragne aktiv til dagsværdi, skal den tilknyttede forpligtelse måles til optionens udnyttelseskurs plus optionens tidsmæssige værdi. Måling af aktivet til dagsværdi er begrænset til det laveste af dagsværdien og optionens udnyttelseskurs, idet virksomheden ikke har nogen ret til stigninger i det overdragne aktivs dagsværdi over optionens udnyttelseskurs. På den måde sikres det, at den regnskabsmæssige nettoværdi af aktivet og den tilknyttede forpligtelse svarer til dagsværdien af forpligtelsen i form af put-optionen. Hvis dagsværdien af det underliggende aktiv eksempelvis er 120 CU, optionens udnyttelseskurs er 100 CU, og optionens tidsmæssige værdi er 5 CU, er den regnskabsmæssige værdi af den tilknyttede forpligtelse 105 CU (100 CU+5 CU), og den regnskabsmæssige værdi af aktivet er 100 CU (i dette tilfælde optionens udnyttelseskurs).
e)
Hvis en collar i form af en købt call-option og en solgt put-option forhindrer ophør af indregning af et overdraget aktiv, og virksomheden måler aktivet til dagsværdi, skal den fortsat måle aktivet til dagsværdi. Den tilknyttede forpligtelse måles til i) summen af call-optionens udnyttelseskurs og put-optionens dagsværdi med fradrag af call-optionens tidsmæssige værdi, hvis call-optionen er »in the money« eller »at the money«, eller ii) summen af aktivets dagsværdi og put-optionens dagsværdi med fradrag af call-optionens tidsmæssige værdi, hvis call-optionen er »out of the money«. Reguleringen af den tilknyttede forpligtelse sikrer, at den regnskabsmæssige nettoværdi af aktivet og den tilknyttede forpligtelse svarer til dagsværdien af de optioner, virksomheden besidder og sælger. Det antages eksempelvis, at en virksomhed overdrager et finansielt aktiv, som måles til dagsværdi, og samtidig køber en call-option med en udnyttelseskurs på 120 CU og sælger en put-option med en udnyttelseskurs på 80 CU. Det antages desuden, at aktivets dagsværdi er 100 CU på overdragelsestidspunktet. Put-optionens og call-optionens tidsmæssige værdi er henholdsvis 1 CU og 5 CU. I dette tilfælde indregner virksomheden et aktiv på 100 CU (aktivets dagsværdi) og en forpligtelse på 96 CU [(100 CU+1 CU)-5 CU]. Nettoaktivernes værdi er hermed 4 CU, hvilket svarer til dagsværdien af de optioner, der besiddes og sælges af virksomheden.
Alle overdragelser
AG49
I det omfang en overdragelse af finansielle aktiver ikke opfylder kriterierne for ophør af indregning, foretages der ikke separat regnskabsmæssig behandling som afledte finansielle instrumenter af overdragerens kontraktlige rettigheder eller forpligtelser tilknyttet overdragelsen, hvis indregning af både det afledte finansielle instrument og enten det overdragne aktiv eller den fra overdragelsen hidrørende forpligtelse ville medføre dobbelt indregning af de samme rettigheder eller forpligtelser. En call-option, som bibeholdes af overdrageren, kan eksempelvis forhindre, at en overdragelse af finansielle aktiver regnskabsmæssigt behandles som et salg. I dette tilfælde indregnes call-optionen ikke separat som et afledt finansielt aktiv.
AG50
I det omfang en overdragelse af et finansielt aktiv ikke opfylder kriterierne for ophør af indregning, skal erhververen ikke indregne det overdragne aktiv som sit aktiv. Erhververen skal ophøre med at indregne likvide beholdninger eller anden form for betalt vederlag og indregne et tilgodehavende fra overdrageren. Hvis overdrageren både har en ret og forpligtelse til at generhverve kontrollen over det overdragne aktiv i sin helhed mod et fast beløb (eksempelvis i henhold til en tilbagekøbsaftale), kan erhververen regnskabsmæssigt behandle sit tilgodehavende som et lån eller et tilgodehavende.
Eksempler
AG51
Følgende eksempler illustrerer anvendelsen af principperne for ophør af indregning i denne standard.
a)
Repurchase agreements and securities lending,
 Hvis et finansielt aktiv sælges i henhold til en aftale om tilbagekøb af aktivet til en fast pris eller til salgsprisen plus långivers afkast, eller hvis det udlånes i henhold til en aftale om at levere det tilbage til overdrageren, skal der ikke ske ophør af indregning, idet overdrageren bibeholder alle væsentlige risici og afkast tilknyttet ejendomsretten. Hvis erhververen opnår retten til at sælge eller pantsætte aktivet, skal overdrageren eksempelvis omklassificere aktivet i balancen som et udlånt aktiv eller et tilbagekøbstilgodehavende.
b)
Tilbagekøbsaftaler og udlån af værdipapire — aktiver, som stort set er de samme.
 Hvis et finansielt aktiv sælges i henhold til en aftale om tilbagekøb af det samme eller stort set det samme aktiv, til en fast pris eller til salgsprisen plus långivers afkast, eller hvis et finansielt aktiv lånes eller udlånes i henhold til en aftale om at levere det samme eller stort set det samme aktiv tilbage til overdrageren, skal der ikke ske ophør af indregning, idet overdrageren bibeholder alle væsentlige risici og afkast tilknyttet ejendomsretten.
c)
Tilbagekøbsaftaler og udlån af værdipapirer — ret til udskiftning.
 Hvis en tilbagekøbsaftale med en fast tilbagekøbspris eller en pris, som svarer til salgsprisen plus långivers afkast, eller en lignende transaktion med udlån af værdipapirer, giver erhververen ret til at udskifte aktiver, som ligner hinanden, og som har samme dagsværdi som det overdragne aktiv på tilbagekøbstidspunktet, skal der ikke ske ophør af indregning af det aktiv, som sælges eller udlånes ved tilbagekøb eller ved en transaktion med udlån af værdipapirer, idet overdrageren bibeholder alle væsentlige risici og afkast tilknyttet ejendomsretten.
d)
Forkøbsret til tilbagekøb til dagsværdi
 Hvis en virksomhed sælger et finansielt aktiv og kun bibeholder en forkøbsret til tilbagekøb af det overdragne aktiv til dagsværdi, hvis erhververen efterfølgende sælger det, skal virksomheden ophøre med at indregne aktivet, idet den har overdraget alle væsentlige risici og afkast tilknyttet ejendomsretten.
e)
»Wash sale«-transaktion
 Tilbagekøb af et finansielt aktiv kort tid efter det er blevet solgt, kaldes sommetider et »wash sale«. Et sådant tilbagekøb udelukker ikke ophør af indregning, forudsat at den oprindelige transaktion opfyldte betingelserne for ophør af indregning. Hvis en aftale vedrørende salg af et finansielt aktiv indgås samtidig med en aftale om tilbagekøb af det samme aktiv til en fast pris eller til salgsprisen plus långivers afkast, skal der imidlertid ikke ske ophør af indregning af aktivet.
f)
Put-optioner og call-optioner, som i væsentlig grad er »in the money«.
 Hvis et overdraget finansielt aktiv kan tilbagekaldes af overdrageren, og call-optionen i væsentlig grad er »in the money«, opfylder overdragelsen ikke kriterierne for ophør af indregning, idet overdrageren har bibeholdt alle væsentlige risici og afkast tilknyttet ejendomsretten. Tilsvarende gælder det, at hvis det finansielle aktiv kan leveres tilbage af erhververen, og put-optionen i væsentlig grad er »in the money«, opfylder overdragelsen ikke kriterierne for ophør af indregning, idet overdrageren har bibeholdt alle væsentlige risici og afkast tilknyttet ejendomsretten.
g)
Put-optioner og call-optioner, som i væsentlig grad er »out of the money«.
 For et finansielt aktiv, hvis overdragelse udelukkende sker mod en put-option, som i væsentlig grad er »out of the money«, og som besiddes af erhververen, eller en call-option, som i væsentlig grad er »out of the money«, og som besiddes af overdrageren, skal der ske ophør af indregning. Dette skyldes, at overdrageren har overdraget alle væsentlige risici og afkast tilknyttet ejendomsretten.
h)
Aktiver, som umiddelbart kan erhverves på basis af en call-option, som ikke i væsentlig grad er hverken »in the money« eller »out of the money«.
 Hvis virksomheden har en call-option på et aktiv, som umiddelbart kan erhverves på markedet, og optionen ikke i væsentlig grad er hverken »in the money« eller »out of the money«, skal der ske ophør af indregning af aktivet. Dette skyldes, at virksomheden i) hverken har bibeholdt eller overdraget alle væsentlige risici og afkast tilknyttet ejendomsretten og ii) ikke har bibeholdt kontrollen. Hvis aktivet ikke umiddelbart kan erhverves på markedet, er ophør af indregning dog udelukket i forhold til den beløbsmæssige størrelse af aktivet, som er omfattet af call-optionen, idet virksomheden har bibeholdt kontrollen over aktivet.
i)
Et aktiv, som ikke umiddelbart kan erhverves, og som er omfattet af en put-option, der sælges af en virksomhed, som ikke i væsentlig grad er hverken »in the money« eller »out of the money«.
 Hvis en virksomhed overdrager et finansielt aktiv, som ikke umiddelbart kan erhverves på markedet, og sælger en put-option, som ikke i væsentlig grad er »out of the money«, har virksomheden hverken bibeholdt eller overdraget alle væsentlige risici og afkast tilknyttet ejendomsretten på grund af den solgte put-option. Virksomheden bibeholder kontrollen over aktivet, hvis værdien af put-optionen er tilstrækkelig til at forhindre, at erhververen sælger aktivet. I så fald skal aktivet fortsat indregnes i forhold til overdragerens fortsatte engagement (jf. afsnit AG44). Virksomheden overdrager kontrollen over aktivet, hvis værdien af put-optionen ikke er tilstrækkelig til at forhindre, at erhververen sælger aktivet. I så fald skal aktivet ikke længere indregnes.
j)
Aktiver omfattet af en put- eller call-option til dagsværdi eller en terminskontrakt.
 En overdragelse af et finansielt aktiv, som udelukkende sker mod en put- eller call-option eller en terminskontrakt, som har en udnyttelseskurs eller tilbagekøbspris, der svarer til dagsværdien af det finansielle aktiv på tilbagekøbstidspunktet, medfører ophør af indregning på grund af overdragelsen af alle væsentlige risici og afkast tilknyttet ejendomsretten.
k)
Call- eller put-optioner afregnet i likvide beholdninger.
 Virksomheden skal vurdere overdragelsen af et finansielt aktiv, som er omfattet af en put- eller call-option eller en terminskontrakt, der nettoafregnes i likvide beholdninger, for at afgøre, hvorvidt virksomheden har bibeholdt eller overdraget alle væsentlige risici og afkast tilknyttet ejendomsretten. Hvis virksomheden ikke har bibeholdt alle væsentlige risici og afkast tilknyttet ejendomsretten til det overdragne aktiv, skal virksomheden vurdere, hvorvidt den har bibeholdt kontrollen over det overdragne aktiv. Det, at put- eller call-optionen eller terminskontrakten nettoafregnes i likvide beholdninger, medfører ikke automatisk, at virksomheden har overdraget kontrollen (jf. afsnit AG44 og g), h) og i) ovenfor).
l)
»Removal of accounts provision«
                                 
 En »
removal of accounts provision« er en ubetinget option på tilbagekøb (en call-option), som giver virksomheden ret til at tilbagekalde overdragne aktiver underlagt visse restriktioner.
 Forudsat at en sådan option medfører, at virksomheden hverken bibeholder eller overdrager alle væsentlige risici og afkast tilknyttet ejendomsretten, er ophør af indregning kun udelukket i forhold til den beløbsmæssige størrelse af den del, der er omfattet af tilbagekøb (hvis det antages, at erhververen ikke kan sælge aktivet). Hvis den regnskabsmæssige værdi og provenuet af overdragelsen af låneaktiver eksempelvis er 100 000 CU, og eventuelle individuelle lån kan tilbagekaldes, men de samlede lån, som kan tilbagekøbes ikke vil kunne overstige 10 000 CU, vil 90 000 CU af lånene opfylde kriterierne for ophør af indregning.
m)
»Clean-up« call-optioner.
 En virksomhed, som kan være en overdrager, der administrerer overdragne aktiver, kan have en »clean-up« call-option på køb af de resterende overdragne aktiver, når de udestående aktiver falder til et bestemt niveau, hvor omkostningerne ved at administrere disse aktiver ikke længere står mål med fordelene ved at administrere dem. Forudsat at en sådan »clean-up« call-option medfører, at virksomheden hverken bibeholder eller overdrager alle væsentlige risici og afkast tilknyttet ejendomsretten, og erhververen ikke kan sælge aktiverne, er ophør af indregning kun udelukket i forhold til den del af aktiverne, der er omfattet af call-optionen.
n)
Efterstillede bibeholdte økonomiske interesser og kreditgarantier.
 En virksomhed kan give erhververen forbedrede kreditbetingelser ved at efterstille nogle af eller alle sine bibeholdte økonomiske interesser i det overdragne aktiv. Alternativt kan virksomheden give erhververen forbedrede kreditbetingelser i form af en kreditgaranti, som kan være ubegrænset eller begrænset til et bestemt beløb. Hvis virksomheden bibeholder alle væsentlige risici og afkast tilknyttet ejendomsretten til det overdragne aktiv, skal aktivet fortsat indregnes i sin helhed. Hvis virksomheden bibeholder nogle, men ikke alle væsentlige risici og afkast tilknyttet ejendomsretten, og har bibeholdt kontrollen, er ophør af indregning udelukket i forhold til det beløb i likvide beholdninger eller andre aktiver, som virksomheden kan komme til at betale.
o)
»Total-afkast-swaps«.
 En virksomhed kan sælge et finansielt aktiv til en erhverver og indgå en »total-afkast-swap« med erhververen, hvorved alle pengestrømme fra rentebetalinger fra det underliggende aktiv betales til virksomheden mod betaling af et fast beløb eller en variabel sats, og eventuelle stigninger eller fald i dagsværdien af det underliggende aktiv indgår i virksomheden. I dette tilfælde er ophør af indregning af hele aktivet ikke tilladt.
p)
Renteswaps.
 En virksomhed kan overdrage et fastforrentet finansielt aktiv til en erhverver og indgå en renteswap-kontrakt med erhververen om at modtage en fast rente og betale en variabel rente baseret på en beregningsmæssig hovedstol, som svarer til hovedstolen på det overdragne finansielle aktiv. En sådan renteswap udelukker ikke ophør af indregning af det overdragne aktiv, forudsat at betalingerne på swap-kontrakten ikke er betinget af betalinger på det overdragne aktiv.
q)
Amortiserende renteswaps.
 En virksomhed kan overdrage et fastforrentet finansielt aktiv til en erhverver, som afdrages over tid, og indgå en amortiserende renteswap-kontrakt med erhververen om at modtage en fast rente og betale en variabel rente baseret på en beregningsmæssig hovedstol. Hvis swap-kontraktens beregningsmæssige hovedstol afskrives, således at den svarer til hovedstolen på det til enhver tid udestående overdragne finansielle aktiv, vil swap-kontrakten normalt medføre, at virksomheden bibeholder væsentlige risici ved førtidig indfrielse. I så fald skal virksomheden enten fortsætte med at indregne hele det overdragne aktiv eller fortsætte med at indregne det overdragne aktiv i forhold til virksomhedens fortsatte engagement. Omvendt, hvis afskrivningen på swap-kontraktens beregningsmæssige hovedstol ikke er knyttet til den udestående hovedstol på det overdragne aktiv, vil swap-kontrakten ikke medføre, at virksomheden bibeholder risici ved førtidig indfrielse for aktivet. Ophør af indregning af det overdragne aktiv vil således ikke være udelukket, forudsat at betalingerne på swap-kontrakten ikke er betinget af rentebetalinger på det overdragne aktiv, og at swap-kontrakten ikke medfører, at virksomheden bibeholder eventuelle andre væsentlige risici og afkast tilknyttet ejendomsretten til det overdragne aktiv.
AG52
Dette afsnit illustrerer anvendelsen af metoden for fortsat engagement, når virksomhedens fortsatte engagement vedrører en del af et finansielt aktiv.
Det antages, at en virksomhed har en portefølje af lån, der kan indfris før tid, og som har en kuponrente og en effektiv rente på 10 % samt en hovedstol og en amortiseret kostpris på 10 000 CU. Virksomheden indgår en transaktion, hvor erhververen mod betaling af 9 115 CU opnår retten til 9 000 CU af alle inddrevne beløb på hovedstolen plus renter heraf på 9,5 %. Virksomheden bibeholder retten til 1 000 CU af alle inddrevne beløb på hovedstolen plus renter heraf på 10 % plus det overskydende spænd på 0,5 % på de resterende 9 000 CU af hovedstolen. Beløb hidrørende fra førtidig indfrielse allokeres proportionelt mellem virksomheden og erhververen i forholdet 1:9, men eventuel misligholdelse fratrækkes virksomhedens rente på 1 000 CU, indtil denne rente er udtømt. Lånenes dagsværdi på transaktionstidspunktet er 10 100 CU, og den skønnede dagsværdi af det overskydende spænd på 0,5 % er 40 CU.
Virksomheden vurderer, at den har overdraget visse væsentlige risici og afkast tilknyttet ejendomsretten (eksempelvis væsentlige risici ved førtidig indfrielse), men at den også har bibeholdt visse væsentlige risici og afkast tilknyttet ejendomsretten (på grund af den efterstillede bibeholdte økonomiske interesse), og har bibeholdt kontrollen. Virksomheden anvender derfor metoden for fortsat engagement.
Ved anvendelse af denne standard skal virksomheden analysere transaktionen som a) en bibeholdelse af fuldt ud forholdsmæssig økonomisk interesse på 1 000 CU plus b) efterstillelse af denne bibeholdte økonomiske interesse for at give erhververen forbedrede kreditbetingelser ved kredittab.
Virksomheden beregner, at 9 090 CU(90 % × 10 100 CU) af det modtagne vederlag på 9 115 CU udgør vederlaget for en fuldt ud forholdsmæssig andel på 90 %. Den resterende del af det modtagne vederlag (25 CU) udgør det modtagne vederlag for efterstillelse af bibeholdte økonomiske interesser for at give erhververen forbedrede kreditbetingelser ved kredittab. Derudover udgør det overskydende spænd på 0,5 % et modtaget vederlag for forbedrede kreditbetingelser. Det samlede modtagne vederlag for den forbedrede kredit er således 65 CU (25 CU+40 CU).
Virksomheden beregner gevinsten eller tabet på salget af andelen på 90 % af pengestrømmene. Hvis det antages, at de separate dagsværdier på den overdragne del på 90 % og den bibeholdte del på 10 % ikke er tilgængelige på overdragelsestidspunktet, allokerer virksomheden aktivets regnskabsmæssige værdi i overensstemmelse med afsnit 28 som følger:
Skønnet dagsværdi
Procent
Allokeret regnskabsmæssig værdi
Overdraget del
9 090
90 %
9 000
Bibeholdt del
1 010
10 %
1 000
I alt
10 100
10 000
Virksomheden beregner gevinsten eller tabet på salget af andelen på 90 % af pengestrømmene ved at fratrække den allokerede regnskabsmæssige værdi af den overdragne del fra det modtagne vederlag, dvs. 90 CU (9 090 CU-9 000 CU). Den regnskabsmæssige værdi af den af virksomheden bibeholdte del er 1 000 CU.
Desuden indregner virksomheden det fortsatte engagement, som hidrører fra efterstillelsen af den bibeholdte økonomiske interesse for kredittab. Virksomheden indregner således et aktiv på 1 000 CU (den maksimale beløbsmæssige størrelse af pengestrømme, den ikke ville modtage ved efterstillelsen) og en tilknyttet forpligtelse på 1 065 CU (som er den maksimale beløbsmæssige størrelse af pengestrømme, den ikke ville modtage ved efterstillelsen, dvs. 1 000 CU plus efterstillelsens dagsværdi på 65 CU).
Virksomheden bruger alle oplysningerne ovenfor til den regnskabsmæssige behandling af transaktionen som følger:
Debet
Kredit
Oprindeligt aktiv
—
9 000
Aktiv indregnet for efterstillelse eller forskelsværdien
1 000
—
Aktiv for det modtagne vederlag i form af overskydende spænd
40
—
Resultat (gevinst ved overdragelse)
—
90
Forpligtelse
—
1 065
Modtagne likvide beholdninger
9 115
—
I alt
10 155
10 155
Umiddelbart efter transaktionen er aktivets regnskabsmæssige værdi 2 040 CU, hvilket omfatter 1 000 CU, som repræsenterer den allokerede kostpris for den bibeholdte del, og 1 040 CU, som repræsenterer virksomhedens yderligere fortsatte engagement som følge af efterstillelsen af den bibeholdte økonomiske interesse for kredittab (hvilket omfatter det yderligere tillæg på 40 CU).
I efterfølgende regnskabsår indregner virksomheden det modtagne vederlag for den forbedrede kredit (65 CU) på tidsmæssig basis, tilskriver rente på det indregnede aktiv ved anvendelse af den effektive rentemetode og indregner eventuel forringet kredit på det indregnede aktiv. Som eksempel på sidstnævnte antages det, at der i det efterfølgende år er et kreditforringelsestab på de underliggende lån på 300 CU. Virksomheden reducerer det indregnede aktiv med 600 CU (300 CU knyttet til den bibeholdte økonomiske interesse og 300 CU knyttet til det yderligere fortsatte engagement, som hidrører fra efterstillelsen af den bibeholdte økonomiske interesse for kredittab), og reducerer den indregnede forpligtelse med 300 CU. Nettoresultatet er en indregnet omkostning i resultatet for kreditforringelse på 300 CU.
Almindeligt køb eller salg af finansielle aktiver (afsnit 38)
AG53
Et almindeligt køb eller salg af finansielle aktiver skal indregnes enten på handelsdatoen eller afregningsdatoen som beskrevet i afsnit AG55 og AG56). Metoden skal anvendes konsekvent for alle køb og salg af finansielle aktiver, som tilhører samme kategori af finansielle aktiver, som defineret i afsnit 9. Aktiver, som besiddes med handel for øje, udgør en separat kategori fra aktiver, som klassificeres til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi.
AG54
En kontrakt, som kræver eller tillader nettoafregning af ændringen i kontraktens værdi, er ikke en almindelig kontrakt. En sådan kontrakt skal i stedet behandles regnskabsmæssigt som et afledt finansielt instrument i perioden mellem handelsdatoen og afregningsdatoen.
AG55
Handelsdatoen er den dato, hvor virksomheden forpligter sig til at købe eller sælge et aktiv. Indregning på handelsdatoen betyder, a) at et aktiv, som skal modtages, og forpligtelsen til at betale for det, indregnes på handelsdatoen, og b) at virksomheden ophører med at indregne et solgt aktiv, indregner eventuelle gevinster eller tab ved afhændelsen og indregner et tilgodehavende i form af betaling fra køber på handelsdatoen. Normalt tilskrives renter ikke på aktivet og den tilsvarende forpligtelse før afregningsdatoen, hvor ejendomsretten overgår.
AG56
Afregningsdatoen er den dato, hvor et aktiv overdrages til eller af virksomheden. Indregning på afregningsdatoen betyder, a) at et aktiv indregnes på det tidspunkt, hvor det modtages af virksomheden, og b) at virksomheden ophører med at indregne et aktiv og indregner eventuelle gevinster eller tab ved afhændelsen på det tidspunkt, hvor virksomheden overdrager aktivet. Når der anvendes indregning på afregningsdatoen, skal virksomheden regnskabsmæssigt behandle ændringer i dagsværdien af det aktiv, som skal modtages, i perioden mellem handelsdatoen og afregningsdatoen på samme måde, som den regnskabsmæssigt behandler det anskaffede aktiv. Værdiændringen skal med andre ord ikke indregnes for aktiver, som er indregnet til kostpris eller amortiseret kostpris. Den indregnes i resultatet, for så vidt angår aktiver, der klassificeres som finansielle aktiver til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, og den indregnes på egenkapitalen, for så vidt angår aktiver, der klassificeres som disponible for salg.
Ophør af indregning af en finansiel forpligtelse (afsnit 39-42)
AG57
En finansiel forpligtelse (eller en del heraf) ophører, når debitor enten:
a)
opfylder forpligtelsen (eller en del heraf) ved at betale kreditor, sædvanligvis kontant eller med andre finansielle aktiver, varer eller tjenesteydelser, eller
b)
retligt eller af kreditor fritages for det primære ansvar for forpligtelsen (eller en del heraf). (Hvis debitor har givet en garanti, kan denne betingelse stadig være opfyldt.)
AG58
Hvis udsteder af et gældsinstrument tilbagekøber dette instrument, ophører gælden, selvom udsteder er 
market maker
 i dette instrument eller har til hensigt at sælge det i nær fremtid.
AG59
Når debitor ikke retligt fritages for en forpligtelse, fratager betaling til tredjepart, herunder betaling til en fond, som af indhold er en gældsudligningsfond, ikke i sig selv debitor fra dennes primære ansvar over for kreditor.
AG60
Hvis debitor betaler en tredjepart for at overtage en forpligtelse og meddeler sin kreditor, at denne tredjepart har overtaget forpligtelsen, skal debitor ikke ophøre med at indregne gældsforpligtelsen, medmindre betingelsen i afsnit AG57b) er opfyldt. Hvis debitor betaler en tredjepart for at overtage en forpligtelse og opnår retlig fritagelse fra sin kreditor, er gælden ophørt. Hvis debitor imidlertid indvilliger i at foretage betalinger på gælden til denne tredjepart eller direkte til sin oprindelige kreditor, skal debitor indregne en ny gældsforpligtelse over for denne tredjepart.
AG61
Når debitor enten retligt eller af kreditor fritages for en forpligtelse, og dette medfører, at virksomheden ophører med at indregne forpligtelsen, kan virksomheden indregne en ny forpligtelse, hvis de i afsnit 15-37 nævnte kriterier for ophør af indregning ikke er opfyldt for de overdragne finansielle aktiver. Hvis disse kriterier ikke er opfyldt, skal virksomheden ikke ophøre med at indregne de overdragne aktiver, og skal indregne en ny forpligtelse tilknyttet de overdragne aktiver.
AG62
Med hensyn til afsnit 40 er betingelserne væsentligt anderledes, hvis den diskonterede nutidsværdi af pengestrømmene i henhold til de nye betingelser, herunder betalte honorarer med fradrag af modtagne honorarer og diskonteret med brug af den oprindelige effektive rente, adskiller sig med mindst 10 % fra den diskonterede nutidsværdi af de resterende pengestrømme fra den oprindelige finansielle forpligtelse. Hvis en udveksling af gældsinstrumenter eller en ændring af betingelserne regnskabsmæssigt behandles som et ophør, skal alle afholdte omkostninger eller betalte honorarer indregnes som en del af gevinsten eller tabet forbundet med ophøret. Hvis udvekslingen eller ændringen ikke regnskabsmæssigt behandles som ophør af en forpligtelse, udgør eventuelle afholdte omkostninger eller betalte honorarer en regulering af forpligtelsens regnskabsmæssige værdi og afskrives over den ændrede forpligtelses resterende løbetid.
AG63
I visse tilfælde fritager kreditor debitor fra dennes aktuelle forpligtelse til at foretage betalinger, men debitor påtager sig en garantiforpligtelse til at foretage betaling, hvis den part, som overtager det primære ansvar for forpligtelsens indfrielse, ikke indfrier denne. I sådanne tilfælde skal debitor:
a)
indregne en ny finansiel forpligtelse på baggrund af dagsværdien af garantien, og
b)
indregne en gevinst eller et tab på baggrund af forskellen mellem i) eventuelt betalt provenu og ii) den regnskabsmæssige værdi af den oprindelige finansielle forpligtelse med fradrag af dagsværdien af den nye finansielle forpligtelse.
MÅLING (afsnit 43-70)
Første måling af finansielle aktiver og finansielle forpligtelser (afsnit 43)
AG64
Dagsværdien af et finansielt instrument ved første indregning er normalt transaktionsprisen (dvs. dagsværdien af det betalte eller modtagne vederlag, jf. også afsnit AG76). Hvis en del af det betalte eller modtagne vederlag vedrører noget andet end det finansielle instrument, skal dagsværdien af det finansielle instrument dog skønnes ved anvendelse af en værdiansættelsesmetode (jf. afsnit AG74-AG79). Dagsværdien af et langfristet lån eller tilgodehavende, som ikke er rentebærende, kan eksempelvis skønnes som nutidsværdien af alle fremtidige indbetalinger diskonteret ved anvendelse af gældende markedsrenter for et lignende instrument (lignende for så vidt angår valuta, løbetid, rentetype og andre faktorer) med en tilsvarende kreditvurdering. Alle yderligere udlånte beløb er en omkostning eller en reduktion af indtægterne, medmindre de opfylder kriterierne for indregning som en anden type aktiv.
AG65
Hvis renten på et lån hidrørende fra en virksomhed ikke er markedsrenten (hvis den eksempelvis er 5 %, hvor markedsrenten for tilsvarende lån er 8 %), og virksomheden modtager et forudbetalt honorar som kompensation, skal virksomheden indregne lånet til dagsværdi, dvs. med fradrag af det modtagne honorar. Virksomheden indregner dette fradrag i resultatet ved brug af den effektive rentemetode.
Efterfølgende måling af finansielle aktiver (afsnit 45 og 46)
AG66
Hvis et finansielt instrument, som tidligere blev indregnet som et finansielt aktiv, måles til dagsværdi, og denne er negativ, er det en finansiel forpligtelse målt i overensstemmelse med afsnit 47.
AG67
Følgende eksempel illustrerer den regnskabsmæssige behandling af transaktionsomkostninger ved den første og efterfølgende måling af et finansielt aktiv, som er disponibelt for salg. Et aktiv erhverves for 100 CU med tillæg af en købsprovision på 2 CU. Aktivet indregnes første gang til 102 CU. Den næste balancedag er en dag senere, hvor den officielle markedskurs for aktivet er 100 CU. Hvis aktivet skulle sælges, ville der skulle betales en provision på 3 CU. På det tidspunkt måles aktivet til 100 CU (uden hensyntagen til den eventuelle provision af salget), og et tab på 2 CU indregnes på egenkapitalen. Hvis det finansielle aktiv, som er disponibelt for salg, har faste eller bestemmelige betalinger, afskrives transaktionsomkostningerne over resultatet ved anvendelse af den effektive rentemetode. Hvis det finansielle aktiv, som er disponibelt for salg, ikke har faste eller bestemmelige betalinger, indregnes transaktionsomkostningerne over resultatet, når virksomheden ophører med at indregne aktivet, eller aktivet bliver værdiforringet.
AG68
Instrumenter, som klassificeres som lån og tilgodehavender, måles til amortiseret kostpris uden hensyntagen til virksomhedens hensigt om at besidde dem til udløb.
Overvejelser i forbindelse med måling til dagsværdi (afsnit 48-49)
AG69
Definitionen på dagsværdi er baseret på en formodning om, at virksomheden er en going concern, som hverken har til hensigt eller er tvunget til at træde i likvidation, væsentligt nedskære omfanget af sine aktiviteter eller foretage en transaktion på ugunstige vilkår. Dagsværdien er derfor ikke det beløb, som virksomheden vil modtage eller skulle betale ved en tvungen transaktion, konkurs eller nødtvunget salg. Dagsværdien afspejler imidlertid instrumentets kreditkvalitet.
AG70
Denne standard anvender begreberne »købskurs« og »salgskurs« i forbindelse med officielle markedskurser, og begrebet »købs-salgs-spænd« for udelukkende at henvise til transaktionsomkostninger. Andre reguleringer for at nå frem til en dagsværdi (eksempelvis for modpartens kreditrisiko) er ikke omfattet af begrebet »købs-salgs-spænd«.
Aktivt marked: Officiel kurs
AG71
Et finansielt instrument anses for at have en officiel kurs på et aktivt marked, hvis officielle kurser er umiddelbart tilgængelige på en børs, hos en dealer, mægler, branchegruppe, kursoplysningsservice eller lovgivende myndighed, og disse kurser repræsenterer faktiske markedstransaktioner, som jævnligt finder sted mellem kvalificerede, villige, indbyrdes uafhængige parter. Dagsværdi defineres som en kurs, der er aftalt mellem en villig køber og en villig sælger ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter. Formålet med at bestemme dagsværdien for et finansielt instrument, som handles på et aktivt marked, er at nå frem til den kurs, som ville være gældende for en transaktion med dette instrument på balancedagen (dvs. uden ændring i instrumentet eller dettes sammensætning) på det mest fordelagtige marked, som virksomheden umiddelbart har adgang til. Virksomheden regulerer imidlertid kursen på det mere fordelagtige marked, så den afspejler eventuelle forskelle i modpartens kreditrisiko mellem instrumenter, der handles på dette marked, og det der værdiansættes. Officielle markedskurser på et aktivt marked giver den bedste indikation af dagsværdien, og når disse er tilgængelige, anvendes de til at måle det finansielle aktiv eller den finansielle forpligtelse.
AG72
For et aktiv, som virksomheden besidder, eller en forpligtelse, som den skal udstede, er den relevante officielle markedskurs normalt den aktuelle købskurs, og for et aktiv, som virksomheden skal anskaffe, eller en forpligtelse, den besidder, er det den aktuelle salgskurs. Når en virksomhed har aktiver eller forpligtelser med udlignende markedsrisici, kan den anvende middelkurser som grundlag for opgørelsen af dagsværdi for de udlignende risikopositioner og anvende købs- eller salgskursen på den åbne nettoposition, hvor det er hensigtsmæssigt. Når der ikke findes aktuelle købs- og salgskurser, kan kursen ved den seneste transaktion give en indikation af den aktuelle dagsværdi, så længe der ikke er sket en væsentlig ændring i de økonomiske forhold siden tidspunktet for transaktionen. Hvis forholdene har ændret sig siden tidspunktet for transaktionen (eksempelvis en ændring i den risikofri rente, som følger den seneste officielle kurs på en erhvervsobligation), skal dagsværdien afspejle ændringen i forholdene under henvisning til gældende kurser eller renter for tilsvarende finansielle instrumenter, hvor det er hensigtsmæssigt. Hvis virksomheden kan påvise, at den seneste transaktionskurs ikke er dagsværdien (eksempelvis fordi den afspejlede det beløb, en virksomhed ville modtage eller betale ved en tvungen transaktion, konkurs eller nødtvungent salg), skal denne kurs ligeledes reguleres. Dagsværdien af en portefølje af finansielle instrumenter er produktet af antallet af enheder af instrumentet og dets officielle markedskurs. Hvis der ikke foreligger en officiel markedskurs på et aktivt marked for det finansielle instrument som helhed, men der foreligger aktive markeder for dets enkelte dele, opgøres dagsværdien på baggrund af de relevante markedskurser for de enkelte dele.
AG73
Hvis der findes en officiel rente (snarere end en officiel kurs) på et aktivt marked, skal virksomheden anvende denne officielle markedsrente som input i en værdiansættelsesmetode for at opgøre dagsværdien. Hvis den officielle markedsrente ikke omfatter kreditrisiko eller andre faktorer, som markedsdeltagere ville medtage i en værdiansættelse af instrumentet, skal virksomheden regulere for disse faktorer.
Intet aktivt marked: Værdiansættelsesmetode
AG74
Hvis markedet for et finansielt instrument ikke er aktivt, fastsætter virksomheden dagsværdien ved anvendelse af en værdiansættelsesmetode. Værdiansættelsesmetoder omfatter brug af nylige transaktioner mellem kvalificerede, villige, indbyrdes uafhængige parter, hvis disse er tilgængelige, henvisning til den aktuelle dagsværdi for i al væsentlighed tilsvarende instrumenter, skønnede pengestrømme og modeller til prisfastsættelse af optioner. Hvis der findes en værdiansættelsesmetode, som markedsdeltagere ofte anvender til prisfastsættelse, og denne metode har vist sig at give pålidelige skøn over kurser opnået i faktiske markedstransaktioner, skal virksomheden anvende denne metode.
AG75
Formålet med at anvende en værdiansættelsesmetode er at fastslå, hvad transaktionskursen ville have været på målingstidspunktet ved en udveksling mellem kvalificerede, villige, indbyrdes uafhængige parter baseret på almindelige forretningsmæssige overvejelser. Dagsværdien skønnes på basis af resultaterne af en værdiansættelsesmetode, som gør maksimal brug af markedsinput og bygger mindst muligt på virksomhedsspecifik input. En værdiansættelsesmetode vil kunne forventes at give et realistisk skøn over dagsværdien, hvis a) den i rimelig grad afspejler, hvordan markedet kan forventes at prisfastsætte instrumentet, og b) input til værdiansættelsesmetoden i rimelig grad afspejler markedets forventninger til og mål for faktorer vedrørende risikoafkast forbundet med det finansielle instrument.
AG76
Derfor gælder det, at en værdiansættelsesmetode a) indarbejder samtlige faktorer, som markedsdeltagere ville tage i betragtning ved prisfastsættelsen, og b) er i overensstemmelse med accepterede økonomiske metoder for prisfastsættelse af finansielle instrumenter. En virksomhed afstemmer med visse mellemrum værdiansættelsesmetoden og tester dens gyldighed ved anvendelse af kurser fra observerede aktuelle markedstransaktioner med samme instrument (dvs. uden ændring i form eller sammensætning) eller baseret på tilgængelige observerede markedsdata. Virksomheden indhenter markedsdata konsekvent på samme marked, som instrumentet hidrører fra, eller hvor det er købt. Den bedste indikation af et finansielt instruments dagsværdi ved første indregning er transaktionskursen (dvs. dagsværdien af det betalte eller modtagne vederlag), medmindre dagsværdien af dette instrument kan dokumenteres ved en sammenligning med andre observerede aktuelle markedstransaktioner med samme instrument (dvs. uden ændring i form eller sammensætning) eller er baseret på en værdiansættelsesmetode, hvis variabler kun omfatter observerede markedsdata.
AG76A
Den efterfølgende måling af det finansielle aktiv eller den finansielle forpligtelse og den efterfølgende indregning af gevinster eller tab skal være i overensstemmelse med kravene i denne standard. Anvendelsen af afsnit AG76 kan medføre, at der ikke indregnes nogen gevinster eller tab ved første indregning af et finansielt aktiv eller en finansiel forpligtelse. I sådanne tilfælde kræver IAS 39, at gevinster eller tab udelukkende indregnes efter første indregning i det omfang, de hidrører fra en ændring i en faktor (herunder tid), som markedsdeltagere ville tage i betragtning ved prisfastsættelse.
AG77
Den oprindelige anskaffelse eller oprettelse af et finansielt aktiv eller pådragelsen af en finansiel forpligtelse er en markedstransaktion, som danner grundlag for skøn over det finansielle instruments dagsværdi. Særligt gælder det, at hvis det finansielle instrument er et gældsinstrument (som eksempelvis et lån), kan dets dagsværdi opgøres under henvisning til de markedsforhold, der var gældende på anskaffelses- eller oprettelsestidspunktet, og aktuelle markedsforhold eller renter, som aktuelt opkræves af virksomheden eller andre for tilsvarende gældsinstrumenter (dvs. tilsvarende resterende løbetid, pengestrømsmønster, valuta, kreditrisiko, sikkerhed og rentebasis). Alternativt kan et skøn over den aktuelle markedsrente, forudsat at der ikke sker nogen ændringer i debitors kreditrisiko og relevante kreditspænd efter gældsinstrumentets oprettelse, udledes ved anvendelse af en toneangivende rente, som afspejler en højere kreditkvalitet end det underliggende gældsinstrument, idet kreditspændet holdes konstant, og der reguleres for ændringen i den toneangivende rente fra oprettelsestidspunktet. Hvis forholdene har ændret sig siden den seneste markedstransaktion, opgøres den tilsvarende ændring i dagsværdien af det finansielle instrument, der værdiansættes, under henvisning til aktuelle kurser eller renter på tilsvarende finansielle instrumenter, reguleret for eventuelle forskelle i forhold til det instrument, der værdiansættes, hvor det er hensigtsmæssigt.
AG78
Den samme information er muligvis ikke tilgængelig på hvert målingstidspunkt. På det tidspunkt hvor en virksomhed opretter et lån eller erhverver et gældsinstrument, som ikke handles aktivt, har virksomheden eksempelvis en transaktionskurs, som også er en markedskurs. Det kan imidlertid være tilfældet, at nye transaktionsoplysninger ikke er tilgængelige på det næste målingstidspunkt, og selvom virksomheden kan opgøre det generelle markedsrenteniveau, ved den muligvis ikke, hvilket kreditrisikoniveau eller andet risikoniveau, markedsdeltagere ville basere deres prisfastsættelse af instrumentet på på det pågældende tidspunkt. Virksomheden har muligvis ingen oplysninger fra nylige transaktioner på baggrund af hvilke, den kan opgøre det korrekte kreditspænd over basisrenten til brug for opgørelsen af en diskonteringssats for en beregning af nutidsværdien. Det kan med rimelighed antages, at der i tilfælde af manglende dokumentation for det modsatte ikke er sket nogen ændringer i det kreditspænd, der var gældende, da lånet blev oprettet. Virksomheden ville dog forventes at foretage, hvad der med rimelighed kan forventes for at afgøre, hvorvidt der er indikation af, at der er sket en ændring i sådanne faktorer. Hvis der er indikation af en ændring, vil virksomheden tage virkningen af denne ændring i betragtning ved opgørelsen af det finansielle instruments dagsværdi.
AG79
Ved diskontering af pengestrømme anvender virksomheden én eller flere diskonteringssatser, som svarer til de gældende markedsafkast af finansielle instrumenter med stort set de samme betingelser og egenskaber, herunder instrumentets kreditkvalitet, den resterende periode, hvor den kontraktlige rente er fast, den resterende periode til tilbagebetaling af hovedstol og den valuta, som betaling skal foretages i. Kortfristede uforrentede tilgodehavender og forpligtelser kan måles til det oprindelige fakturabeløb, hvis virkningen af diskontering er uvæsentlig.
Intet aktivt marked: Egenkapitalinstrumenter
AG80
Dagsværdien af investeringer i egenkapitalinstrumenter, som ikke har en officiel markedskurs på et aktivt marked, og afledte finansielle instrumenter, som er knyttet til og skal afregnes ved overdragelse af et sådant egenkapitalinstrument uden en officiel markedskurs (jf. afsnit 46c) og 47) kan måles pålideligt, hvis a) størrelsen af intervallet af rimelige skøn over dagsværdien ikke er væsentlig for det pågældende instrument eller b) sandsynligheden for de forskellige skøn kan skønnes pålideligt og anvendes ved opgørelsen af dagsværdien.
AG81
Der er mange situationer, hvor det ikke er sandsynligt, at størrelsen af intervallet af rimelige skøn over dagsværdien af investeringer i egenkapitalinstrumenter, som ikke har en officiel markedskurs, og afledte finansielle instrumenter, som er knyttet til og skal afregnes ved overdragelse af sådanne egenkapitalinstrumenter uden en officiel markedskurs (jf. afsnit 46c) og 47), er væsentlig. Det er normalt muligt at skønne over dagsværdien af et finansielt aktiv, som virksomheden har anskaffet fra en ekstern part. Hvis intervallet af rimelige skøn over dagsværdien er væsentligt, og sandsynligheden for de forskellige skøn ikke med rimelighed kan vurderes, er virksomheden dog udelukket fra at måle instrumentet til dagsværdi.
Input til værdiansættelsesmetoder
AG82
En hensigtsmæssig metode til skøn over dagsværdien af et bestemt finansielt instrument vil omfatte observerede markedsdata om markedsforholdene og andre faktorer, som sandsynligvis vil påvirke instrumentets dagsværdi. Det finansielle instruments dagsværdi vil afhænge af en eller flere af følgende faktorer (og muligvis andre).
a)
Den tidsmæssige værdi af penge (dvs. basisrente eller risikofri rente).
 Basisrenter kan normalt udledes af observerede kurser på statsobligationer og fremgår ofte af økonomiske udgivelser. Renterne varierer typisk i takt med de forventede tidspunkter for pengestrømsprognoserne på en renteafkastkurve for forskellige tidshorisonter. Af praktiske årsager kan en virksomhed anvende en veletableret og umiddelbart observerbar generel rente som eksempelvis LIBOR eller en swap-rente som den toneangivende rente. (Eftersom en rente som eksempelvis LIBOR ikke er den risikofri rente, opgøres den kreditrisikoregulering, som er hensigtsmæssig for et bestemt finansielt instrument, på basis af kreditrisikoen i forhold til kreditrisikoen i denne toneangivende rente.) I nogle lande kan statsobligationer indebære en væsentlig kreditrisiko og muligvis ikke udgøre en stabil toneangivende rente for instrumenter i den pågældende valuta. Nogle virksomheder i disse lande kan have en højere kreditværdighed og en lavere lånerente end landets regering. I sådanne tilfælde kan det være mere hensigtsmæssigt at opgøre basisrenten under henvisning til renten på de højest forrentede erhvervsobligationer, som er udstedt i denne jurisdiktions valuta.
b)
Kreditrisiko.
 Virkningen på dagsværdien af kreditrisici (dvs. overkurs i forhold til basisrenten for kreditrisiko) kan udledes af observerede markedskurser på handlede instrumenter af forskellig kreditkvalitet eller af observerede markedsrenter, som opkræves af långivere, på lån med varierende kreditværdighed.
c)
Valutakurser.
 Der findes aktive valutamarkeder for de fleste større valutaer, og kurserne præsenteres dagligt i økonomiske udgivelser.
d)
Råvarepriser.
 Der er observerbare markedspriser for mange råvarer.
e)
Kurser på egenkapitalinstrumenter.
 Kurser (og kursindekser) på handlede egenkapitalinstrumenter kan umiddelbart observeres på visse markeder. Metoder baseret på nutidsværdien kan anvendes til at skønne aktuelle markedskurser på egenkapitalinstrumenter, hvor der ikke findes observerede kurser.
f)
V
olatilitet (dvs. omfanget af fremtidige ændringer i kursen på det finansielle instrument eller et andet aktiv).
 Målinger af volatilitet af aktiver, der handles aktivt, kan normalt skønnes med rimelighed på basis af historiske markedsdata eller ved anvendelse af den ustabilitet, der er forbundet med aktuelle markedskurser.
g)
Risiko ved førtidig indfrielse og risiko ved tilbagekøb.
 Mønstre for forventet førtidig indfrielse af finansielle aktiver og mønstre for forventede tilbagekøb af finansielle forpligtelser kan skønnes på basis af historiske data. (Dagsværdien af en finansiel forpligtelse, der kan tilbagekøbes af modparten, kan ikke være mindre end nutidsværdien af tilbagekøbsbeløbet — jf. afsnit 49).
h)
Administrationsomkostninger for et finansielt aktiv eller en finansiel forpligtelse.
 Omkostninger forbundet med administration kan skønnes ved brug af sammenligninger med de aktuelle honorarer, der opkræves af andre markedsdeltagere. Hvis der er betydelige omkostninger forbundet med administrationen af et finansielt aktiv eller en finansiel forpligtelse, og andre markedsdeltagere ville skulle afholde tilsvarende omkostninger, vil udsteders opgørelse over dagsværdien af dette finansielle aktiv eller denne finansielle forpligtelse være baseret på disse. Det er sandsynligt, at dagsværdien på tidspunktet for indgåelsen af en kontraktlig ret til fremtidige honorarer svarer til de afholdte oprettelsesomkostninger for disse, medmindre fremtidige honorarer og tilknyttede omkostninger er ude af trit med sammenlignelige markedssatser.
Gevinster og tab (afsnit 55-57)
AG83
En virksomhed anvender IAS 21 på finansielle aktiver og finansielle forpligtelser, som i overensstemmelse med IAS 21 er monetære poster i en fremmed valuta. I henhold til IAS 21 indregnes valutakursgevinster og -tab på monetære aktiver og monetære forpligtelser i resultatet. Undtaget herfra er monetære poster, der klassificeres som sikringsinstrumenter enten ved sikring af pengestrømme (jf. afsnit 95-101) eller sikring af en nettoinvestering (jf. afsnit 102). For så vidt angår indregning af valutakursgevinster og –tab i henhold til IAS 21, behandles et monetært finansielt aktiv, som er disponibelt for salg, som om det blev indregnet til amortiseret kostpris i den fremmede valuta. For sådanne finansielle aktiver indregnes valutakursforskelle hidrørende fra ændringer i amortiseret kostpris derfor i resultatet, og øvrige ændringer i den regnskabsmæssige værdi indregnes i overensstemmelse med afsnit 55b). For finansielle aktiver disponible for salg, som ikke er monetære poster i henhold til IAS 21 (eksempelvis egenkapitalinstrumenter), omfatter gevinster eller tab, som er indregnet direkte på egenkapitalen i henhold til afsnit 55b), eventuelle tilknyttede valutakurselementer. Hvis der er et sikringsforhold mellem et ikke afledt monetært aktiv og en ikke afledt monetær forpligtelse, indregnes ændringer i valutaelementet i sådanne finansielle instrumenter i resultatet.
Værdiforringelse og uerholdelighed af finansielle aktiver (afsnit 58-70)
Finansielle aktiver indregnet til amortiseret kostpris (afsnit 63-65)
AG84
Værdiforringelse af et finansielt aktiv, som er indregnet til amortiseret kostpris, måles på grundlag af det finansielle instruments oprindelige effektive rentesats, idet diskontering med den aktuelle markedsrente i realiteten ville medføre måling til dagsværdi af finansielle aktiver, som ellers skulle måles til amortiseret kostpris. Hvis vilkårene for et lån, tilgodehavende eller en hold-til-udløb investering genforhandles eller på anden måde ændres på grund af økonomiske vanskeligheder hos låntager eller udsteder, skal værdiforringelse måles på grundlag af den oprindelige effektive rentesats, før vilkårene blev ændret. Pengestrømme tilknyttet kortfristede tilgodehavender diskonteres ikke, hvis virkningen af en diskontering er uvæsentlig. Hvis lånet, tilgodehavendet eller hold-til-udløb-investeringen er variabelt forrentet, er diskonteringssatsen ved måling af eventuelle tab ved værdiforringelse i henhold til afsnit 63 den aktuelle effektive rentesats (eller de aktuelle rentesatser) i henhold til kontrakten. Som en praktisk foranstaltning kan kreditor måle værdiforringelsen af et finansielt aktiv, som indregnes til amortiseret kostpris, på basis af et instruments dagsværdi ved anvendelse af en observeret markedskurs. Beregningen af nutidsværdien af skønnede fremtidige pengestrømme fra et finansielt aktiv, som er stillet i pant, afspejler de pengestrømme, som kan hidrøre fra overtagelse af pantet med fradrag af omkostninger forbundet med erhvervelse og salg af pantet, uanset om sådan overtagelse af pantet er sandsynlig.
AG85
I proceduren for skøn over værdiforringelse medtages alle kreditrisici og ikke kun risici vedrørende lav kreditkvalitet. Hvis en virksomhed eksempelvis anvender et internt kreditvurderingssystem, skal kreditvurderingen omfatte alle kreditniveauer og ikke kun dem, der afspejler en alvorlig kreditforringelse.
AG86
Proceduren for skøn over størrelsen af et tab ved værdiforringelse kan give enten et enkelt beløb eller et interval af mulige beløb. I sidstnævnte tilfælde indregner virksomheden et tab ved værdiforringelse, som svarer til det bedste skøn inden for intervallet 
(
3
)
, idet der tages højde for alle de relevante oplysninger vedrørende forholdene på balancedagen, som er tilgængelige før udstedelsen af årsregnskabet.
AG87
For at opnå en samlet vurdering af værdiforringelse foretages en gruppering af finansielle aktiver på grundlag af ensartede kreditrisikoegenskaber, som afspejler debitors evne til at betale alle skyldige beløb i overensstemmelse med kontraktens vilkår (eksempelvis på grundlag af en kreditrisikovurdering eller niveaudelingsproces, som tager højde for typer af aktiver, branche, geografisk placering, panttype, forfaldsstatus og andre relevante faktorer). De valgte egenskaber er relevante for skønnet over fremtidige pengestrømme for grupper af sådanne aktiver, idet de afspejler debitors evne til at betale alle skyldige beløb i overensstemmelse med kontraktvilkårene for de aktiver, der vurderes. Sandsynligheden for tab samt anden statistik vedrørende tab varierer på gruppeniveau mellem a) aktiver, som er vurderet separat for værdiforringelse, og hvor der ikke er fundet tegn på værdiforringelse, og b) aktiver, som ikke er vurderet separat for værdiforringelse, med det resultat, at et andet beløb for værdiforringelse kan være nødvendigt. Hvis en virksomhed ikke har en gruppe af aktiver med ensartede risikoegenskaber, foretager den ikke denne yderligere vurdering.
AG88
Tab ved værdiforringelse indregnet gruppevis udgør et midlertidigt trin, mens der foretages en identifikation af tab ved værdiforringelse på enkelte aktiver i gruppen af finansielle aktiver, som vurderes samlet for værdiforringelse. Så snart der er tilgængelige oplysninger, som specifikt identificerer tab på separate værdiforringede aktiver i en gruppe, skal disse aktiver fjernes fra gruppen.
AG89
Fremtidige pengestrømme i en gruppe af finansielle aktiver, som vurderes samlet for værdiforringelse, skønnes på grundlag af tidligere tab på aktiver med kreditrisikoegenskaber, som svarer til dem i gruppen. Virksomheder, som ikke har nogen tidligere virksomhedsspecifikke erfaringer med tab, eller som har utilstrækkelige erfaringer, anvender erfaringer fra lignende virksomheder (en peer group) med sammenlignelige grupper af finansielle aktiver. Erfaringer med tidligere tab reguleres på grundlag af aktuelle observerede data for at afspejle virkningen af aktuelle forhold, som ikke havde nogen betydning i det regnskabsår, hvor erfaringerne med tidligere tab stammer fra, og for at fjerne virkningen af forhold i det tidligere regnskabsår, som ikke har nogen aktuel betydning. Skøn over ændringer i fremtidige pengestrømme afspejler og er direkte i overensstemmelse med ændringer i tilknyttede observerede data fra regnskabsår til regnskabsår (eksempelvis ændringer i arbejdsløshedstal, ejendomspriser, råvarepriser, betalingsstatus eller andre faktorer, som afspejler opståede tab i gruppen, samt tabenes størrelse). De metoder og antagelser, som danner grundlag for skøn over fremtidige pengestrømme, gennemgås jævnligt for at reducere eventuelle forskelle mellem skøn over tab og faktiske tab.
AG90
Som et eksempel på anvendelsen af afsnit 89 kan en virksomhed på grundlag af tidligere tab vurdere, at en af hovedårsagerne til misligholdelse af kreditkortlån er låntagers død. Virksomheden kan observere, at dødstallet er uændret fra et år til et andet. Ikke desto mindre er det muligt, at nogle af låntagerne i virksomhedens gruppe af kreditkortlån er døde i løbet af det pågældende år, hvilket afspejler, at der er opstået et tab ved værdiforringelse på disse lån, selvom virksomheden ved årets udgang endnu ikke ved, hvilke af låntagerne, der er døde. Det ville være hensigtsmæssigt, hvis der blev indregnet et tab ved værdiforringelse for disse »opståede men ikke præsenterede« tab. Det ville imidlertid ikke være hensigtsmæssigt at indregne et tab ved værdiforringelse for dødsfald, som forventes at ske i et fremtidigt regnskabsår, idet den nødvendige tabsgivende begivenhed (låntagers død) endnu ikke er indtruffet.
AG91
Hvis tidligere tab danner grundlag for skøn over fremtidige pengestrømme, er det vigtigt, at oplysninger om tidligere tab anvendes på grupper, som defineres på en måde, der er konsistent med de grupper, for hvilke de tidligere tab blev observeret. Den anvendte metode skal derfor give mulighed for, at hver gruppe knyttes til information om tidligere tab i grupper af aktiver med tilsvarende kreditrisikoegenskaber og relevante observerede data, som afspejler aktuelle forhold.
AG92
Formelbaserede eller statistiske metoder kan anvendes til at opgøre tab ved værdiforringelse i en gruppe af finansielle aktiver (eksempelvis for mindre lån), så længe de er i overensstemmelse med kravene i afsnit 63-65 og AG87-AG91. Anvendte modeller vil medtage virkningen af penges tidsmæssige værdi, tage højde for pengestrømme i hele aktivets resterende løbetid (ikke kun det følgende år), tage højde for lånenes alder i porteføljen og ikke give anledning til et tab ved værdiforringelse ved første indregning af et finansielt aktiv.
Renteindtægter efter indregning af tab ved værdiforringelse
AG93
Når et finansielt aktiv eller en gruppe af ensartede finansielle aktiver er nedskrevet som følge af et tab ved værdiforringelse, indregnes renteindtægter herefter på grundlag af den rentesats, som ved målingen af tab ved værdiforringelse blev anvendt til diskontering af de fremtidige pengestrømme.
SIKRING (afsnit 71-102)
Sikringsinstrumenter (afsnit 72-77)
Instrumenter, som opfylder kriterierne for sikring (afsnit 72 og 73)
AG94
Det potentielle tab på en option, som virksomheden sælger, kan være væsentligt større end den potentielle værditilvækst af en tilknyttet sikret post. En solgt option reducerer med andre ord ikke effektivt risikoen af en sikret post på årets resultat. En solgt option opfylder således ikke definitionen på et sikret instrument, medmindre den klassificeres som en modregning til en købt option, herunder en option, som er indbygget i et andet finansielt instrument (eksempelvis en solgt option, som anvendes til at sikre en forpligtelse, som kan indløses). Modsat er en købt option forbundet med potentielle gevinster, som svarer til eller er større end de potentielle tab, og dermed potentielt kan reducere risici forbundet med gevinster eller tab som følge af ændringer i dagsværdier af pengestrømme. Derfor kan en sådan option opfylde betingelserne for et sikringsinstrument.
AG95
En hold-til-udløb-investering, som indregnes til amortiseret kostpris, klassificeres som et sikringsinstrument ved sikring af valutarisiko.
AG96
En investering i et unoteret egenkapitalinstrument, som ikke indregnes til dagsværdi, fordi dagsværdien ikke kan måles pålideligt, eller et afledt finansielt instrument, som er knyttet til og skal afregnes ved overdragelse af et sådant unoteret egenkapitalinstrument (jf. afsnit 46c) og 47), kan ikke klassificeres som et sikringsinstrument.
AG97
Virksomhedens egne egenkapitalinstrumenter er ikke en del af virksomhedens finansielle aktiver eller finansielle forpligtelser og kan derfor ikke klassificeres som sikringsinstrumenter.
Sikrede poster (afsnit 78-84)
Poster, som opfylder kriterierne for sikrede poster (afsnit 78-80)
AG98
En fast aftale om at overtage en virksomhed ved en virksomhedssammenslutning kan kun være en sikret post, for så vidt angår valutarisici, idet de øvrige afdækkede risici ikke specifikt kan identificeres og måles. Disse øvrige risici er generelle forretningsmæssige risici.
AG99
Investeringer indregnet efter den indre værdis metode kan ikke være sikrede poster, for så vidt angår sikring af dagsværdi, idet den indre værdis metode medfører indregning i resultatet af investors andel af resultatet i den associerede virksomhed snarere end ændringer i investeringens dagsværdi. Af samme årsag kan en investering i en dattervirksomhed, som indgår i koncernregnskabet, ikke være en sikret post, for så vidt angår sikring af dagsværdi, idet man ved konsolidering af årets resultat indregner dattervirksomhedens resultat snarere end ændringer i investeringens dagsværdi. En sikring af en nettoinvestering i en udenlandsk virksomhed er anderledes, idet den udgør en afdækning af valutarisici og ikke en dagsværdisikring af ændringen i investeringens værdi.
AG99A
Afsnit 80 angiver, at valutarisikoen vedrørende en forventet koncernintern transaktion, som anses for højst sandsynlig, kan opfylde kriterierne for en sikret post i en sikring af pengestrømme i koncernregnskabet forudsat, at transaktionen finder sted i en anden valuta end den funktionelle valuta for den virksomhed, der foretager transaktionen, og valutarisikoen påvirker således koncernresultatet. I denne sammenhæng kan en virksomhed være en modervirksomhed, dattervirksomhed, associeret virksomhed, joint venture eller afdeling. Hvis valutarisikoen vedrørende en forventet koncernintern transaktion ikke påvirker koncernresultatet, opfylder den koncerninterne transaktion ikke kriterierne for en sikret post. Dette er normalt tilfældet for royaltyudbetalinger, rentebetalinger eller forvaltningsgebyrer mellem medlemmer af samme koncern, medmindre der foreligger en tilknyttet ekstern transaktion. Hvis valutarisikoen vedrørende en forventet koncernintern transaktion imidlertid påvirker koncernresultatet, kan den koncerninterne transaktion opfylde kriterierne for en sikret post. Det kan eksempelvis være forventet salg eller køb af varelagre mellem medlemmer af samme koncern, eller hvis der sker videresalg af varelageret til en koncernekstern part. Tilsvarende kan et forventet koncerninternt salg af anlægsaktiver fra den koncernvirksomhed, der fremstillede aktiverne, til en koncernvirksomhed, der vil anvende anlægsaktiverne i sin drift, påvirke koncernresultatet. Dette kunne eksempelvis finde sted, fordi anlægsaktiverne nedskrives af den virksomhed, der køber dem, og det oprindeligt indregnede beløb for anlægsaktiverne kan ændre sig, hvis den forventede koncerninterne transaktion finder sted i en anden valuta end den funktionelle valuta for den virksomhed, der køber anlægsaktiverne.
AG99B
Hvis en sikring af en forventet koncernintern transaktion opfylder kriterierne for regnskabsmæssig sikring, skal eventuelle gevinster eller tab, der er indregnet direkte på egenkapitalen i overensstemmelse med afsnit 95a), omklassificeres til resultatet i det eller de samme regnskabsår, hvor den sikrede transaktions valutarisiko påvirker koncernresultatet.
Klassifikation af finansielle poster som sikrede poster (afsnit 81 og 81A)
AG99C
[...]Virksomheden kan klassificere alle pengestrømmene fra hele det finansielle aktiv eller den finansielle forpligtelse som den sikrede post og udelukkende afdække dem i forhold til én bestemt risiko (eksempelvis udelukkende i forhold til ændringer, som kan henføres til ændringer i LIBOR). I tilfælde af en finansiel forpligtelse, hvis effektive rentesats er 100 basispoint under LIBOR, kan virksomheden eksempelvis klassificere hele forpligtelsen som den sikrede post (dvs. hovedstol plus rente til LIBOR-satsen minus 100 basispoint) og sikre ændringen i dagsværdi eller pengestrømme for hele denne forpligtelse, som kan henføres til ændringer i LIBOR. Virksomheden kan også vælge et sikringsforhold, som ikke er 1:1 for at forbedre sikringens effektiviteten som beskrevet i afsnit AG100.
AG99D
Hvis et fastforrentet finansielt instrument sikres på et tidspunkt, der ligger efter dets oprettelse, og rentesatsen har ændret sig i mellemtiden, kan virksomheden derudover klassificere en del svarende til en toneangivende rente. [...]. Det antages eksempelvis, at virksomheden opretter et fastforrentet finansielt aktiv på 100 CU med en effektiv rentesats på 6 % på et tidspunkt, hvor LIBOR er 4 %. Virksomheden begynder at sikre aktivet på et senere tidspunkt, hvor LIBOR er steget til 8 %, og aktivets dagsværdi er faldet til 90 CU. Virksomhedens beregninger viser, at hvis den havde købt aktivet på tidspunktet for den første klassificering som en sikret post til den daværende dagsværdi på 90 CU, ville det effektive afkast have været 9,5 %. [...] Virksomheden kan klassificere en LIBOR-del på 8 %, som dels består af pengestrømme fra den kontraktlige rente og dels af forskellen mellem den aktuelle dagsværdi (dvs. 90 CU) og det beløb, der skal tilbagebetales ved udløb (dvs. 100 CU).
Klassifikation af ikke-finansielle poster som sikrede poster (afsnit 82)
AG100
Ændringer i prisen på en bestanddel eller et element af et ikke-finansielt aktiv eller en ikke-finansiel forpligtelse har normalt ikke en forudsigelig, separat målbar virkning på en enheds pris, som kan sammenlignes med eksempelvis virkningen af ændringer i markedsrenter eller obligationspriser. Et ikke-finansielt aktiv eller en ikke-finansiel forpligtelse er således udelukkende en sikret post i sin helhed, eller for så vidt angår valutarisici. Hvis der er forskel mellem vilkårene for sikringsinstrumentet og den sikrede post (som eksempelvis for en sikring af et forventet køb af brasiliansk kaffe på grundlag af en terminskontrakt vedrørende køb af colombiansk kaffe på i øvrigt samme vilkår), kan sikringsforholdet ikke desto mindre opfylde kriterierne for et sikringsforhold, forudsat at alle betingelserne i afsnit 88 er opfyldt, herunder at sikringen forventes at være meget effektiv. I den forbindelse kan den beløbsmæssige størrelse af sikringsinstrumentet være større eller mindre end den beløbsmæssige størrelse af den sikrede post, hvis sikringsforholdet på den måde bliver mere effektivt. Der kan eksempelvis udføres en regressionsanalyse for at etablere et statistisk forhold mellem den sikrede post (eksempelvis en transaktion i brasiliansk kaffe) og sikringsinstrumentet (eksempelvis en transaktion i colombiansk kaffe). Hvis der er et gyldigt statistisk forhold mellem de to variabler (dvs. mellem enhedsprisen på brasiliansk kaffe og colombiansk kaffe), kan hældningen på regressionslinjen bruges til at bestemme det sikringsforhold, som vil maksimere den forventede effektivitet. Hvis hældningen på regressionslinjen eksempelvis er 1,02 vil et sikringsforhold baseret på en mængde på 0,98 sikrede poster i forhold til en mængde på 1,00 sikringsinstrumenter maksimere den forventede effektivitet. Sikringsforholdet kan dog medføre ineffektivitet, som indregnes i resultatet i sikringsforholdets løbetid.
Klassifikation af grupper af poster som sikrede poster (afsnit 83 og 84)
AG101
Sikring af en samlet nettoposition (eksempelvis nettopositionen af alle fastforrentede aktiver og fastforrentede forpligtelser med ensartede udløbstidspunkter) snarere end af en bestemt sikret post opfylder ikke kriterierne for regnskabsmæssig sikring. Der kan dog opnås stort set samme virkning på resultatet ved regnskabsmæssig sikring af denne type sikringsforhold, hvis en del af de underliggende poster klassificeres som den sikrede post. Hvis et pengeinstitut eksempelvis har aktiver til en værdi af 100 CU og forpligtelser til en værdi af 90 CU med ensartede risici og løbetider, og sikrer nettorisikoen på 10 CU, kan den klassificere 10 CU af aktiverne som en sikret post. En sådan klassifikationen kan anvendes, hvis aktiverne og forpligtelserne er fastforrentede instrumenter. I så fald er der tale om sikring af dagsværdi. Hvis aktiverne og forpligtelserne er variabelt forrentede instrumenter, er der tale om sikring af pengestrømme. Ligeledes gælder, at hvis virksomheden har en fast aftale om at købe 100 CU i fremmed valuta og en fast aftale om at sælge 90 CU i fremmed valuta, kan den sikre nettobeløbet på 10 CU ved at anskaffe et afledt finansielt instrument og klassificere det som et sikringsinstrument tilknyttet de 10 CU ud af den faste aftale om køb af 100 CU.
Regnskabsmæssig sikring (afsnit 85-102)
AG102
Som eksempel på sikring af dagsværdi kan nævnes sikring mod ændringer i dagsværdien af et fastforrentet gældsinstrument som følge af ændringer i rentesatser. En sådan sikring kan foretages af udsteder eller indehaver.
AG103
Et eksempel på en sikring af pengestrømme er brugen af en swap-kontrakt til at ændre variabelt forrentede lån til fastforrentede lån (dvs. en sikring af en fremtidig transaktion, hvor de sikrede fremtidige pengestrømme er de fremtidige rentebetalinger).
AG104
En sikring af en fast aftale (eksempelvis en sikring mod ændringer i brændselsprisen i forbindelse med et kraftvarmeværks ikke-indregnede kontraktlige forpligtelse til at købe brændsel til en fast pris) er en sikring mod risikoen for ændringer i dagsværdien. Derfor er en sådan sikring en sikring af dagsværdien. I henhold til afsnit 87 kan en sikring af den med en fast aftale forbundne valutarisiko dog alternativt behandles regnskabsmæssigt som en sikring af pengestrømme.
Vurdering af sikringseffektivitet
AG105
En sikring anses kun for at være meget effektiv hvis begge nedenstående betingelser er opfyldt:
a)
Sikringen forventes ved indgåelsen og i fremtidige regnskabsår at være meget effektiv til at udligne ændringer i dagsværdi eller pengestrømme, som kan henføres til den afdækkede risiko i det regnskabsår, som sikringen klassificeres til. Denne forventning kan påvises på forskellige måder, herunder ved en sammenligning af tidligere ændringer i dagsværdi eller pengestrømme forbundet med den sikrede post, som kan henføres til den afdækkede risiko, med tidligere ændringer i dagsværdi eller pengestrømme forbundet med sikringsinstrumentet, eller ved at påvise en tydelig statistisk sammenhæng mellem dagsværdi eller pengestrømme forbundet med henholdsvis den sikrede post og med sikringsinstrumentet. Virksomheden kan vælge et sikringsforhold, som ikke er 1:1, for at forbedre sikringens effektivitet som beskrevet i afsnit AG100.
b)
Sikringens faktiske resultater ligger inden for et interval på 80-125 %. Hvis de faktiske resultater eksempelvis betyder, at tabet på sikringsinstrumentet er 120 CU, og gevinsten på kontantinstrumentet er 100 CU, kan udligning måles ved 120/100, som er 120 %, eller ved 100/120, som er 83 %. I dette eksempel ville virksomheden kunne konkludere, at sikringen har været meget effektiv, forudsat at sikringen opfylder betingelsen i a).
AG106
Effektiviteten vurderes som minimum på det tidspunkt, hvor virksomheden udarbejder sit årsregnskab eller delårsregnskab.
AG107
Denne standard specificerer ikke nogen bestemt metode for vurdering af sikringseffektiviteten. Den metode, virksomheden anvender til at vurdere sikringseffektiviteten, afhænger af dens risikostyringsstrategi. Hvis virksomhedens risikostyringsstrategi eksempelvis indebærer en jævnlig regulering af sikringsinstrumentets beløbsmæssige størrelse for at afspejle ændringer i den sikrede position, skal virksomheden påvise, at sikringen kun forventes at være meget effektiv i perioden frem til næste regulering af sikringsinstrumentets beløbsmæssige størrelse. I nogle tilfælde anvender virksomheden forskellige metoder til forskellige typer sikring. Virksomhedens dokumentation for sin sikringsstrategi omfatter virksomhedens procedurer for vurdering af effektivitet. Disse procedurer angiver, hvorvidt vurderingen omfatter hele gevinsten eller tabet på sikringsinstrumentet, og hvorvidt instrumentets tidsmæssige værdi skal udelades.
AG107A
[...].
AG108
Hvis hovedvilkårene for sikringsinstrumentet og det sikrede aktiv, den sikrede forpligtelse, den sikrede faste aftale eller den sikrede forventede fremtidige transaktion, som anses for højst sandsynlig, er de samme, er det sandsynligt, at ændringer i dagsværdi og pengestrømme, som kan henføres til den afdækkede risiko, fuldt ud vil udligne hinanden, både når sikringen indgås og efterfølgende. Eksempelvis vil en renteswap sandsynligvis være en effektiv sikring, hvis hovedstol, løbetid, rentetilpasningstidspunkter, tidspunkter for betaling og modtagelse af renter og afdrag, samt grundlaget for måling af renter er de samme for sikringsinstrumentet som for den sikrede post. Derudover vil en sikring af et forventet fremtidigt køb af en råvare med en terminskontrakt, som anses for højst sandsynligt, sandsynligvis være meget effektiv, hvis:
a)
terminskontrakten indgås for køb af samme mængde af samme råvare på samme tidspunkt og lokalitet som det sikrede forventede køb
b)
dagsværdien af terminskontrakten ved indgåelse er nul, og
c)
ændringer i terminstillægget eller -fradraget udelades fra effektivitetsvurderingen og indregnes i årets resultat, eller ændringen i forventede pengestrømme fra den forventede fremtidige transaktion, som anses for højst sandsynlig, baseres på terminsprisen på råvaren.
AG109
Undertiden udligner sikringsinstrumentet kun en del af den afdækkede risiko. Eksempelvis vil en sikring ikke være 100 % effektiv, hvis sikringsinstrumentet og den sikrede post angives i forskellige valutaer, som ikke følger hinanden. Ligeledes vil afdækning af renterisici ved anvendelse af et afledt finansielt instrument ikke være 100 % effektiv, hvis en del af ændringen i det afledte finansielle instruments dagsværdi kan henføres til modpartens kreditrisiko.
AG110
For at opfylde kriterierne for regnskabsmæssig sikring, skal sikringen knytte sig til en specifik, identificeret og klassificeret risiko, og ikke kun til virksomhedens generelle forretningsmæssige risici, og den skal i sidste ende påvirke virksomhedens resultat. Afdækning af risikoen for at et fysisk aktiv forældes eller risikoen for ekspropriering af fast ejendom opfylder ikke kriterierne for regnskabsmæssig sikring. Effektiviteten kan ikke måles, fordi disse risici ikke kan måles pålideligt.
AG111
Med hensyn til renterisiko kan sikringseffektivitet vurderes ved udarbejdelse af et skema over løbetider for finansielle aktiver og finansielle forpligtelser, som viser nettorenterisikoen for hver periode, forudsat at nettorisikoen knytter sig til et bestemt aktiv eller en bestemt forpligtelse (eller en bestemt gruppe af aktiver eller forpligtelser eller en bestemt del af disse), som medfører en nettorisiko, og sikringseffektiviteten vurderes i forhold til dette aktiv eller denne forpligtelse.
AG112
Ved vurderingen af sikringseffektiviteten tager virksomheden normalt penges tidsmæssige værdi i betragtning. Den faste rente på en sikret post skal ikke nødvendigvis matche den faste rente på en swap-kontrakt, som er klassificeret til sikring af dagsværdi. Ligeledes skal den variable rente på et rentebærende aktiv eller en rentebærende forpligtelse ikke nødvendigvis svare til den variable rente på en swap-kontrakt, som er klassificeret til sikring af pengestrømme. Swap-kontraktens dagsværdi udledes af nettoafregningen. Faste eller variable renter på en swap-kontrakt kan ændres uden at påvirke nettoafregningen, hvis begge satser ændres lige meget.
AG113
Hvis en virksomhed ikke opfylder kriterierne for sikringseffektivitet, skal virksomheden ophøre med regnskabsmæssig sikring fra det seneste tidspunkt, hvor virksomheden kunne påvise, at den overholdt kriterierne for sikringseffektivitet. Hvis virksomheden imidlertid kan identificere den begivenhed eller ændring i forholdene, som medførte, at sikringsforholdet ikke længere opfyldte effektivitetskriterierne, og kan påvise, at sikringen var effektiv før denne begivenhed eller ændring i forholdene, skal virksomheden ophøre med regnskabsmæssig sikring fra det tidspunkt, hvor den pågældende begivenhed eller ændring i forholdene fandt sted.
Regnskabsmæssig sikring af dagsværdien for en porteføljesikring af renterisiko
AG114
For så vidt angår sikring af dagsværdien af en renterisiko i forbindelse med en portefølje af finansielle aktiver eller finansielle forpligtelser, vil virksomheden opfylde kravene i denne standard, hvis den overholder de i a)-i) samt afsnit AG115-AG132 nedenfor beskrevne procedurer.
a)
Som led i risikostyringsprocessen identificerer virksomheden en portefølje af poster, hvis renterisiko den ønsker at sikre. Porteføljen kan indeholde aktiver alene, forpligtelser alene eller både aktiver og forpligtelser. Virksomheden kan identificere to eller flere porteføljer (virksomheden kan eksempelvis gruppere de aktiver, som er disponible for salg, i en separat portefølje). I så fald anvender virksomheden vejledningen nedenfor separat på hver portefølje.
b)
Virksomheden opdeler porteføljen efter rentetilpasningsperioder baseret på forventede snarere end kontraktlige rentetilpasningstidspunkter. Opdelingen efter rentetilpasningstidspunkt kan foretages på forskellige måder, herunder en opdeling af pengestrømme i de perioder, hvor de forventes at opstå, eller en opdeling af den beregningsmæssige hovedstol på alle perioderne frem til det forventede rentetilpasningstidspunkt.
c)
På grundlag af denne analyse afgør virksomheden, hvilket beløb den ønsker af sikre. Som den sikrede post klassificerer virksomheden et beløb i aktiver og passiver (men ikke et nettobeløb) fra den identificerede portefølje, som svarer til det beløb, den ønsker at klassificere som sikret. [...].
d)
Virksomheden klassificerer den renterisiko, der afdækkes. Risikoen kan være en del af renterisikoen i hver af posterne i den sikrede position, såsom en toneangivende rente (eksempelvis LIBOR).
e)
Virksomheden klassificerer et eller flere sikringsinstrumenter for hver rentetilpasningsperiode.
f)
På grundlag af klassifikationerne i c)-e) ovenfor vurderer virksomheden ved indgåelse og i efterfølgende regnskabsår, hvorvidt sikringen forventes at være meget effektiv i det regnskabsår, som sikringen klassificeres til.
g)
Virksomheden måler løbende ændringen i dagsværdien af den sikrede post (som klassificeret i c)), der kan henføres til den afdækkede risiko (som klassificeret i d)) [...]. Forudsat at det konkluderes, at sikringen faktisk har været meget effektiv, når den vurderes på grundlag af virksomhedens dokumenterede metode for vurdering af effektivitet, skal virksomheden indregne ændringen i den sikrede posts dagsværdi som en gevinst eller et tab og i en af de to poster i balancen, som beskrevet i afsnit 89A. Ændringen i dagsværdi skal ikke nødvendigvis allokeres til enkelte aktiver eller forpligtelser.
h)
Virksomheden måler ændringen i dagsværdien af sikringsinstrumentet eller sikringsinstrumenterne (som klassificeret i e)) og indregner den som en gevinst eller et tab i resultatet. Dagsværdien af sikringsinstrumentet eller sikringsinstrumenterne indregnes som et aktiv eller en forpligtelse i balancen.
i)
Eventuel ineffektivitet 
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 indregnes i resultatet som forskellen mellem den ændring i dagsværdi, der omtales i g) og den, der omtales i h).
AG115
Denne metode beskrives nærmere nedenfor. Metoden skal kun anvendes på en sikring af dagsværdien af renterisikoen i forbindelse med en portefølje af finansielle aktiver eller finansielle forpligtelser.
AG116
Den i afsnit AG114a) identificerede portefølje kan indeholde aktiver og forpligtelser. Alternativt kan der være tale om en portefølje bestående af aktiver alene eller forpligtelser alene. Porteføljen anvendes til at afgøre den beløbsmæssige størrelse af de aktiver og forpligtelser, virksomheden ønsker at sikre. Porteføljen klassificeres dog ikke som en sikret post i sig selv.
AG117
Ved anvendelse af afsnit AG114b) skal virksomheden afgøre det forventede rentetilpasningstidspunkt for en post som værende det første af de tidspunkter, hvor posten forventes at udløbe eller at tilpasses til markedsrenten. De forventede rentetilpasningstidspunkter skønnes ved indgåelsen af sikringen og i løbet af sikringens løbetid på grundlag af tidligere erfaringer og anden tilgængelig information, herunder information om og forventninger til førtidig indfrielse, rentesatser og samspillet mellem disse. Virksomheder, som ikke har nogen tidligere virksomhedsspecifikke erfaringer, eller som har utilstrækkelige erfaringer, anvender erfaringer fra lignende virksomheder (en peer group) med sammenlignelige finansielle instrumenter. Disse skøn kontrolleres løbende og opdateres på baggrund af erfaringer. Med hensyn til en fastforrentet post, som kan indfris før tid, er det forventede rentetilpasningstidspunkt tidspunktet for postens forventede førtidige indfrielse, medmindre den tilpasses til markedsrenten tidligere. For en gruppe af ensartede poster kan opdelingen efter perioder baseret på forventede rentetilpasningstidspunkter foretages som en allokering til hver periode af en procentdel af gruppen snarere end enkelte poster. Virksomheden kan anvende andre metoder til sådanne allokeringer. Den kan eksempelvis anvende en forudbetalingssatsmultiplikator til allokering af amortiserende lån til perioder på basis af forventede rentetilpasningstidspunkter. Metoden til en sådan allokering skal dog være i overensstemmelse med virksomhedens risikostyringsprocedurer og –mål.
AG118
Følgende eksempel illustrerer den i afsnit AG114c) beskrevne klassifikation. Hvis en virksomhed i en bestemt rentetilpasningsperiode skønner, at den har fastforrentede aktiver på 100 CU og fastforrentede forpligtelser på 80 CU og beslutter at sikre hele nettopositionen på 20 CU, klassificerer den aktiver på 20 CU (en del af aktiverne) som den sikrede post. 
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 Klassifikationen udtrykkes som »et beløb i en valuta« (eksempelvis et beløb i dollar, euro pund eller rand) snarere end som enkelte aktiver. Heraf følger, at samtlige af de aktiver (eller forpligtelser), hvorfra det sikrede beløb stammer — dvs. samtlige 100 CU af aktiverne i eksemplet ovenfor — skal være aktiver, hvis dagsværdi ændrer sig som følge af ændringer i den sikrede rente. [...].
AG119
Virksomheden skal også overholde de øvrige klassifikations- og dokumentationskrav, som er beskrevet i afsnit 88a). For en porteføljesikring af renterisiko angiver denne klassifikation og dokumentation virksomhedens praksis, for så vidt angår alle de variabler, der anvendes til at identificere det sikrede beløb, samt hvordan effektiviteten måles, herunder følgende:
a)
hvilke aktiver og forpligtelser, der skal medtages i porteføljesikringen, samt på hvilket grundlag, de skal fjernes fra porteføljen
b)
hvordan virksomheden skønner rentetilpasningstidspunkter, herunder hvilke renteforudsætninger, der ligger til grund for skøn over førtidig indfrielse, og grundlaget for at ændre disse skøn. Der anvendes samme metode både ved de første skøn, som foretages, når et aktiv eller en forpligtelse medtages i den sikrede portefølje, og ved eventuelle senere ajourføringer af disse skøn
c)
antallet og varigheden af rentetilpasningsperioderne
d)
hvor ofte virksomheden vil teste effektiviteten, og hvilke af de to metoder i afsnit AG126 [...]
e)
den metode, virksomheden anvender til at opgøre den del af aktiver og passiver, som klassificeres som den sikrede post[...]
f)
[...] hvad enten virksomheden tester effektiviteten separat for hver rentetilpasningsperiode, samlet for alle perioder eller på baggrund af en kombination af disse metoder.
Den praksis, der angives i klassifikationen af og dokumentationen for sikringsforholdet, skal være i overensstemmelse med virksomhedens risikostyringsprocedurer og –mål. Der skal ikke foretages vilkårlige ændringer i praksis. Ændringerne skal være berettigede på basis af ændringer i markedsforhold og andre faktorer og begrundede i og overensstemmende med virksomhedens risikostyringsprocedurer og –mål.
AG120
Det i afsnit AG114e) beskrevne sikringsinstrument kan være et enkelt afledt finansielt instrument eller en portefølje af afledte finansielle instrumenter, som alle er forbundet med en risiko over for den afdækkede renterisiko, som er klassificeret i afsnit AG114d) (eksempelvis en portefølje af rente-swaps, som alle er forbundet med en risiko over for LIBOR). En sådan portefølje af afledte finansielle instrumenter kan indeholde udlignende risikopositioner. Den indeholder dog muligvis ikke solgte optioner eller solgte nettooptioner, idet standarden 
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 ikke tillader, at sådanne optioner klassificeres som sikringsinstrumenter (bortset fra når en solgt option klassificeres som en udligning af en købt option). Hvis sikringsinstrumentet sikrer det i afsnit AG114c) klassificerede beløb i mere end én rentetilpasningsperiode, skal det allokeres til alle de perioder, det sikrer. Sikringsinstrumentet skal imidlertid allokeres til disse rentetilpasningsperioder i sin helhed, idet standarden 
(
7
)
 ikke tillader, at et sikringsforhold kun klassificeres for en del af den periode, hvor sikringsinstrumentet er udestående.
AG121
Når virksomheden måler ændringen i dagsværdien af en post, der kan indfris før tid, i overensstemmelse med afsnit AG114g), kan en renteændring påvirke dagsværdien af den post, der kan indfris før tid, på to måder: den kan påvirke dagsværdien af de kontraktlige pengestrømme og dagsværdien af optionen på førtidig indfrielse, som er indeholdt i den post, der kan indfris før tid. Afsnit 81 i standarden tillader, at en virksomhed klassificerer en del af et finansielt aktiv eller en finansiel forpligtelse med samme risiko, som den sikrede post, forudsat at effektiviteten kan måles. [...].
AG122
Standarden angiver ikke, hvilke metoder, der anvendes til at opgøre det i afsnit AG114g) nævnte beløb, nemlig den ændring i den sikrede posts dagsværdi, som kan henføres til den afdækkede risiko. [...]. Det er ikke hensigtsmæssigt at antage, at ændringer i dagsværdien af den sikrede post svarer til ændringer i sikringsinstrumentets værdi.
AG123
Hvis den sikrede post for en bestemt rentetilpasningsperiode er et aktiv, kræver afsnit 89A, at ændringen i værdien præsenteres i en separat post under aktiverne. Omvendt, hvis den sikrede post for en bestemt rentetilpasningsperiode er en forpligtelse, præsenteres ændringen i værdien i en separat post under forpligtelserne. Det er disse separate poster, der omtales i afsnit AG114 g). Der kræves ikke specifik allokering til enkelte aktiver (eller forpligtelser).
AG124
I afsnit AG114 i) bemærkes det, at der opstår ineffektivitet i det omfang, den ændring i den sikrede posts dagsværdi, der kan henføres til den afdækkede risiko, adskiller sig fra ændringen i dagsværdien af det sikrede afledte finansielle instrument. En sådan forskel kan opstå af en række forskellige årsager, herunder:
a)
[...]
b)
poster i den sikrede portefølje, som værdiforringes, eller hvor der sker ophør af indregning
c)
forskellige betalingstidspunkter for sikringsinstrumentet og den sikrede post, og
d)
andre årsager [...].
En sådan ineffektivitet 
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 skal identificeres og indregnes i resultatet.
AG125
Sikringens effektivitet vil normalt blive forbedret:
a)
hvis virksomheden opdeler poster med forskellige egenskaber for førtidig indfrielse på en måde, som tager højde for forskelle i mønstrene for førtidig indfrielse
b)
når antallet er poster i porteføljen er større. Hvis kun enkelte poster er indeholdt i porteføljen, er det sandsynligt, at ineffektiviteten vil være relativt høj, hvis en af posterne indfris tidligere eller senere end forventet. Omvendt, hvis porteføljen indeholder mange poster, kan mønstret for førtidig indfrielse forudsiges mere nøjagtigt
c)
hvis de anvendte rentetilpasningsperioder er snævrere (eksempelvis rentetilpasningsperioder på en måned i stedet for tre måneder). Snævrere rentetilpasningsperioder reducerer virkningen af et eventuelt misforhold mellem rentetilpasningstidspunktet og betalingstidspunktet (inden for rentetilpasningsperioden) for den sikrede post og for sikringsinstrumentet
d)
jo hyppigere den beløbsmæssige størrelse af sikringsinstrumentet reguleres, så den afspejler ændringer i den sikrede post (eksempelvis på grund af ændringer i forventninger til forudbetalinger).
AG126
Virksomheden tester løbende effektiviteten. [...]
AG127
I sin måling af effektivitet skal virksomheden skelne mellem ajourføringer af de skønnede rentetilpasningstidspunkter for eksisterende aktiver (eller forpligtelser) og oprettelsen af nye aktiver (eller forpligtelser), hvor kun førstnævnte giver anledning til ineffektivitet. Efter indregning af ineffektivitet som beskrevet ovenfor foretager virksomheden et fornyet skøn over de samlede aktiver (eller forpligtelser) i hver rentetilpasningsperiode, herunder nye aktiver (eller forpligtelser), som er oprettet siden den sidste test af effektivitet, og klassificerer et nyt beløb som den sikrede post og en ny procentdel som den sikrede procentdel. [...]
AG128
Virksomheden kan ophøre med at indregne poster, som oprindeligt blev opført i en rentetilpasningsperiode, på baggrund af indfrielse før det forventede tidspunkt eller nedskrivninger til nul som følge af værdiforringelse eller salg. Når dette finder sted, skal den ændring i dagsværdien, som er medtaget i den i afsnit AG114 g) beskrevne separate regnskabspost, og som vedrører den post, som ikke længere indregnes, fjernes fra balancen og medtages i den gevinst eller det tab, som hidrører fra ophør af indregning af posten. Med henblik på dette er det nødvendigt at vide, hvilke(n) rentetilpasningsperiode(r), den ikke længere indregnede post blev opført i, idet dette er afgørende for, hvilke(n) rentetilpasningsperiode(r), den skal fjernes fra, og således hvilket beløb, der skal fjernes fra den i afsnit AG114 g) omtalte separate post. Hvis der sker ophør af indregning af en post, og det kan afgøres i hvilken periode, den blev medtaget, fjernes posten fra denne periode. Hvis dette ikke er tilfældet, fjernes posten fra den tidligste periode, hvis den ophørte indregning hidrørte fra førtidig indfrielse, der var højere end forventet, eller allokeres til alle perioder, som indeholder den ikke længere indregnede post, på et systematisk og rationelt grundlag, hvis posten blev solgt eller værdiforringet.
AG129
Eventuelle beløb, som knytter sig til en bestemt periode, og hvor der ikke er sket ophør af indregning ved udløbet af denne periode, indregnes derudover i resultatet på dette tidspunkt (jf. afsnit 89A). [...]
AG130
[...]
AG131
Hvis det sikrede beløb for en rentetilpasningsperiode reduceres, uden at der sker ophør af indregning af de tilknyttede aktiver (eller forpligtelser), skal det beløb, som er medtaget i den i AG114 g) beskrevne separate post, og som vedrører denne reduktion, afskrives i overensstemmelse med afsnit 92.
AG132
En virksomhed kan ønske at anvende den i afsnit AG114-AG131 beskrevne metode på en porteføljesikring, som tidligere blev behandlet regnskabsmæssigt som en sikring af pengestrømme i overensstemmelse med IAS 39. Denne virksomhed ville tilbagekalde den tidligere klassifikation af en sikring af pengestrømme i overensstemmelse med afsnit 101d) og anvende de krav, der beskrives i det afsnit. Virksomheden ville desuden omklassificere sikringen som en sikring af dagsværdi og anvende den metode, der beskrives i afsnit AG114-AG131, fremadrettet på efterfølgende regnskabsår.
OVERGANG (afsnit 103–108b)
AG133
En virksomhed kan have klassificeret en forventet koncernintern transaktion som en sikret post ved starten af et regnskabsår, som begynder 1. januar 2005 eller senere (eller med henblik på tilpasning af sammenligningstal, starten af et tidligere sammenligningsår) i en sikring, der ville opfylde kriterierne for regnskabsmæssig sikring i overensstemmelse med denne standard (som ændret af sidste sætning i afsnit 80). En sådan virksomhed kan på baggrund af denne klassifikation foretage regnskabsmæssig sikring i koncernregnskaber fra starten af det regnskabsår, der begynder 1. januar 2005 eller senere (eller starten af det tidligere sammenligningsår). En sådan virksomhed skal også anvende afsnit AG99A og AG99B fra starten af det regnskabsår, der begynder 1. januar 2005 eller senere, men behøver dog ikke, i overensstemmelse med afsnit 108B, at anvende afsnit AG99B på sammenligningstal for tidligere regnskabsår.
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)
  I denne standard angives pengebeløb i valutaenheder (»currency units« (CU)).
(
2
)
  I denne standard angives pengebeløb i valutaenheder (»currency units« (CU)).
(
3
)
  IAS 37, afsnit 39, indeholder vejledning om, hvordan man fastsætter det bedste skøn inden for et interval af mulige resultater.
(
4
)
  Der gælder samme væsentlighedsprincip i denne forbindelse som det, der finder anvendelse i IFRS’erne.
(
5
)
  Standarden tillader, at virksomheden klassificerer en hvilken som helst del af de tilgængelige aktiver eller forpligtelser, der opfylder kriterierne, dvs. i dette eksempel en hvilken som helst del af aktiverne mellem 0 CU og 100 CU.
(
6
)
  Jf. afsnit 77 og AG94.
(
7
)
  Jf. afsnit 75.
(
8
)
  Der gælder samme væsentlighedsprincip i denne forbindelse som det, der finder anvendelse i IFRS’erne.
IAS 40
Investeringsejendomme
FORMÅL
1.
Formålet med denne standard er at foreskrive den regnskabsmæssige behandling af investeringsejendomme og tilknyttede oplysningskrav.
ANVENDELSESOMRÅDE
2.
Denne standard finder anvendelse på indregning og måling af samt oplysning om investeringsejendomme.
3.
Denne standard finder blandt andet anvendelse på leasingtagers måling i årsregnskabet af investeringsejendomsandele, som besiddes gennem en leasingkontrakt, der regnskabsmæssigt behandles som en finansiel leasingkontrakt, og leasinggivers måling i årsregnskabet af investeringsejendomme, som udlejes til leasingtager gennem en operationel leasingkontrakt. Denne standard omhandler ikke områder, som behandles i IAS 17 
Leasingkontrakter
, herunder:
a)
klassifikation af leasingkontrakter som finansielle eller operationelle leasingkontrakter
b)
indregning af leasingindtægter fra investeringsejendomme (jf. også IAS 18 
Omsætning
)
c)
måling i leasingtagers årsregnskab af ejendomsandele, som besiddes gennem en leasingkontrakt, der regnskabsmæssigt behandles som en operationel leasingkontrakt
d)
måling i leasinggivers årsregnskab af dennes nettoinvesteringer i en finansiel leasingkontrakt
e)
regnskabsmæssig behandling af sale-and-leaseback-transaktioner og
f)
oplysning om finansielle og operationelle leasingkontrakter.
4.
Denne standard finder ikke anvendelse på:
a)
biologiske aktiver tilknyttet landbrugsaktiviteter (jf. IAS 41 
Landbrug
), og
b)
mineralforekomster og rettigheder til mineralforekomster, såsom olie, naturgas og lignende ikke-regenererende ressourcer.
DEFINITIONER
5.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Regnskabsmæssig værdi
 er det beløb, som et aktiv indregnes med i balancen.
Kostpris
 er det beløb, der er betalt i likvider, eller dagsværdien af en anden form for vederlag, som erlægges for anskaffelsen af et aktiv på anskaffelses- eller opførelsestidspunktet eller, hvor dette er relevant, det beløb, der henføres til det pågældende aktiv ved første indregning i overensstemmelse med de konkrete krav i andre IFRS’er, eksempelvis IFRS 2 
Aktiebaseret vederlæggelse
.
Dagsværdi
 er det beløb, et aktiv kan omsættes til ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter.
Investeringsejendomme
 er ejendomme (grunde eller bygninger — eller en del af en bygning — eller både grunde og bygninger), som besiddes (af indehaveren eller en leasingtager gennem en finansiel leasingkontrakt) for at opnå lejeindtægter, kapitalgevinst eller begge dele, frem for ejendomme, som:
a)
anvendes i produktionen, til levering af varer eller tjenesteydelser eller til administrative formål, eller
b)
videresælges som led i det normale forretningsforløb.
Domicilejendomme
 er ejendomme, som besiddes (af indehaveren eller en leasingtager gennem en finansiel leasingkontrakt) til anvendelse i produktionen, til levering af varer eller tjenesteydelser eller til administrative formål.
6.
En ejendomsandel, som besiddes af leasingtager gennem en operationel leasingkontrakt, kan udelukkende klassificeres og behandles regnskabsmæssigt som en investeringsejendom, hvis ejendommen i øvrigt opfylder definitionen på en investeringsejendom, og leasingtager anvender den i afsnit 33-55 opstillede dagsværdimodel for det indregnede aktiv. Denne alternative klassifikation kan anvendes efter en vurdering baseret på den specifikke ejendom. Hvis dette alternativ vælges for en sådan ejendomsandel, som besiddes gennem en operationel leasingkontrakt, skal alle ejendomme, der klassificeres som investeringsejendomme, imidlertid behandles regnskabsmæssigt ved anvendelse af dagsværdimodellen. Når denne alternative klassifikation er valgt, falder alle således klassificerede andele ind under oplysningskravene i afsnit 74-78
7.
Investeringsejendomme besiddes med det formål at opnå lejeindtægter, kapitalgevinst, eller begge dele. Derfor frembringer investeringsejendomme pengestrømme, som stort set er uafhængige af virksomhedens andre aktiver. Dette adskiller investeringsejendomme fra domicilejendomme. Produktionen eller levering af varer eller tjenesteydelser (eller anvendelse af ejendommen til administrative formål) frembringer pengestrømme, som kan henføres til ikke blot ejendommen, men også til andre aktiver, som anvendes i produktions- eller leveringsprocessen. IAS 16 
Materielle anlægsaktiver
 finder anvendelse på domicilejendomme.
8.
Følgende er eksempler på investeringsejendomme:
a)
grunde, som besiddes med henblik på langsigtet kapitalgevinst frem for på kortsigtet salg som led i det normale forretningsforløb
b)
grunde, som besiddes til et endnu ikke fastlagt formål. (Hvis virksomheden ikke har besluttet, at den vil anvende grunden som enten domicilejendom eller med henblik på kortsigtet salg som led i det normale forretningsforløb, anses grunden for at være besiddet med kapitalgevinst for øje)
c)
en bygning, som ejes af virksomheden (eller besiddes af virksomheden gennem en finansiel leasingkontrakt) og udlejes til leasingtager gennem en eller flere operationelle leasingkontrakter
d)
en bygning, som står tom, men besiddes med henblik på udlejning til leasingtager gennem en eller flere operationelle leasingkontrakter.
9.
Følgende er eksempler på ejendomme, som ikke er investeringsejendomme, og derfor ligger uden for denne standards anvendelsesområde:
a)
ejendomme, som besiddes med henblik på videresalg som led i det normale forretningsforløb eller som er under opførelse eller om- eller tilbygning med henblik på et sådant salg (handelsejendomme) (jf. IAS 2 
Varebeholdninger
), eksempelvis ejendomme, som anskaffes og besiddes udelukkende med henblik på afhændelse inden for en overskuelig fremtid eller på om- eller tilbygning og efterfølgende videresalg
b)
ejendomme under opførelse eller om- eller tilbygning på vegne af tredjepart (jf. IAS 11 
Entreprisekontrakter
)
c)
domicilejendomme (jf. IAS 16), herunder blandt andet ejendomme, som besiddes med henblik på fremtidig anvendelse som domicilejendomme, ejendomme, som besiddes med henblik på fremtidig om- eller tilbygning og efterfølgende anvendelse som domicilejendomme, ejendomme, som benyttes af medarbejdere (uanset om disse betaler markedsleje) og domicilejendomme, som skal afhændes
d)
ejendomme under opførelse eller om- eller tilbygning med henblik på fremtidig anvendelse som investeringsejendomme. IAS 16 finder anvendelse på sådanne ejendomme indtil opførelsen eller om- eller tilbygningen er tilendebragt, hvorefter ejendommen bliver en investeringsejendom og denne standard finder anvendelse. Denne standard finder dog anvendelse på eksisterende investeringsejendomme, som om- eller tilbygges med henblik på fortsat anvendelse som investeringsejendomme (jf. afsnit 58)
e)
ejendomme, der udlejes til en anden virksomhed gennem en finansiel leasingkontrakt.
10.
Visse ejendomme omfatter et areal, som besiddes for at opnå lejeindtægter eller kapitalgevinst, og et areal, som besiddes med henblik på anvendelse i produktionen, til levering af varer eller tjenesteydelser eller til administrative formål. Hvis disse arealer kan frasælges separat (eller udlejes til leasingtager gennem en finansiel leasingkontrakt), behandler virksomheden arealerne separat regnskabsmæssigt. Hvis arealerne ikke kan frasælges separat, er ejendommen kun en investeringsejendom, hvis en uvæsentlig del anvendes til produktion, levering af varer eller tjenesteydelser eller til administrative formål.
11.
I visse tilfælde leverer virksomheden tillægsydelser til lejerne af en ejendom, den besidder. Virksomheden behandler en sådan ejendom som en investeringsejendom, hvis ydelserne udgør en uvæsentlig del af den samlede lejekontrakt. Som eksempel herpå kan nævnes tilfælde, hvor ejeren af en kontorbygning stiller sikkerheds- og vedligeholdelsesydelser til rådighed for de leasingtagere, som har til huse i bygningen.
12.
I andre tilfælde udgør de leverede tjenesteydelser væsentlige ydelser. Hvis virksomheden eksempelvis ejer og driver et hotel, udgør tjenesteydelser til gæsterne en væsentlig del af det samlede produkt. Derfor udgør et hotel, som virksomheden selv ejer og driver, en domicilejendom frem for en investeringsejendom.
13.
Det kan være vanskeligt at vurdere, om tillægsydelser er så væsentlige, at en ejendom ikke opfylder kriterierne for en investeringsejendom. Som eksempel kan nævnes ejeren af et hotel, som undertiden overdrager visse forpligtelser til tredjepart i henhold til en management-kontrakt. Vilkårene for sådanne kontrakter er vidt forskellige. Som den ene yderlighed kan ejeren i realiteten være en passiv investor. Som den anden yderlighed kan ejeren blot have outsourcet daglige funktioner, mens denne bibeholder væsentlige risici forbundet med svingninger i pengestrømme fra hotellets drift.
14.
Vurderingen af, hvorvidt en ejendom opfylder kriterierne for en investeringsejendom beror på et skøn. Virksomheden udarbejder kriterier, som gør, at den kan udøve dette skøn på ensartet vis i overensstemmelse med definitionerne på investeringsejendomme og den tilknyttede vejledning i afsnit 7-13. Afsnit 75c) kræver, at virksomheden oplyser om disse kriterier, når klassifikation er vanskelig.
15.
I nogle tilfælde ejer virksomheden en ejendom, som udlejes til og anvendes af dens modervirksomhed eller en anden dattervirksomhed. Ejendommen opfylder ikke betingelserne for investeringsejendomme i koncernregnskabet, idet ejendommen er en domicilejendom for koncernen. For den virksomhed, som ejer ejendommen, er ejendommen dog en investeringsejendom, hvis den opfylder definitionen i afsnit 5. Derfor behandler leasinggiver ejendommen som investeringsejendom i sit årsregnskab.
INDREGNING
16.
En investeringsejendom må udelukkende indregnes som et aktiv, når:
a)
det er sandsynligt, at de fremtidige økonomiske fordele forbundet med investeringsejendommen vil tilgå virksomheden, og
b)
investeringsejendommens kostpris kan måles pålideligt.
17.
En virksomhed skal i henhold til dette indregningsprincip vurdere alle omkostninger vedrørende investeringsejendomme på det tidspunkt, omkostningerne afholdes. Sådanne omkostninger omfatter startomkostninger i forbindelse med køb af en investeringsejendom og omkostninger, der er afholdt efterfølgende for at udvide, udskifte en del af eller vedligeholde en ejendom.
18.
I henhold til det i afsnit 16 opstillede indregningsprincip skal virksomheder ikke indregne omkostninger forbundet med den daglige vedligeholdelse af en investeringsejendom i en sådan ejendoms regnskabsmæssige værdi. Disse omkostninger indregnes i stedet i resultatet, efterhånden som de afholdes. Omkostninger forbundet med daglig vedligeholdelse omfatter hovedsageligt lønomkostninger og omkostninger til hjælpematerialer, hvilket også kan dække kostprisen for mindre dele. Formålet med disse omkostninger beskrives ofte som »reparationer og vedligeholdelse« af ejendommen.
19.
Dele af investeringsejendomme kan være erhvervet gennem udskiftning. Eksempelvis kan de indvendige vægge være udskiftninger af de oprindelige vægge. I henhold til indregningsprincippet skal virksomheder indregne omkostninger forbundet med udskiftning af en del af en eksisterende investeringsejendom i investeringsejendommens regnskabsmæssige værdi på tidspunktet for afholdelsen af omkostningen, hvis kriterierne for indregning er opfyldt. Virksomheden skal ophøre med at indregne den regnskabsmæssige værdi af de udskiftede dele i henhold til bestemmelserne vedrørende ophør af indregning i denne standard.
MÅLING PÅ INDREGNINGSTIDSPUNKTET
20.
En investeringsejendom skal første gang måles til kostpris. Transaktionsomkostninger skal medtages på tidspunktet for den første måling.
21.
Kostprisen for en købt investeringsejendom omfatter dens købspris og eventuelle direkte tilknyttede omkostninger. Direkte tilknyttede omkostninger omfatter eksempelvis honorarer for juridisk bistand, ejerskifteafgifter og andre transaktionsomkostninger.
22.
Kostprisen for egenopførte investeringsejendomme er kostprisen på det tidspunkt, hvor opførelsen eller om- eller tilbygningen er tilendebragt. Indtil denne dato anvender virksomheden IAS 16. Herefter bliver ejendommen en investeringsejendom, og denne standard finder anvendelse (jf. afsnit 57e) og 65).
23.
Kostprisen for en investeringsejendom tillægges ikke:
a)
opstartsomkostninger (medmindre disse er nødvendige for at bringe ejendommen i den stand, der kræves for at sikre den af ledelsen planlagte anvendelse)
b)
driftstab, før investeringsejendommen opnår den planlagte udlejningsgrad, eller
c)
unormalt højt spild af materialer, lønomkostninger eller andre ressourcer i forbindelse med opførelsen eller om- eller tilbygningen af investeringsejendommen.
24.
Hvis betaling for en investeringsejendom udskydes, er ejendommens kostpris lig kontantprisen. Forskellen mellem dette beløb og den samlede betaling indregnes som en renteomkostning over kreditperioden.
25.
Den oprindelige kostpris for en ejendomsandel, som besiddes gennem en leasingkontrakt, og som klassificeres som en investeringsejendom, er som foreskrevet for en finansiel leasingkontrakt i afsnit 20 i IAS 17, dvs. aktivet skal indregnes til den laveste værdi af ejendommens dagsværdi og nutidsværdien af minimumsleasingydelserne. Et tilsvarende beløb skal indregnes som en forpligtelse i overensstemmelse med samme afsnit.
26.
Eventuel betalt merpris for en leasingkontrakt behandles i denne forbindelse som en del af minimumsleasingydelserne og medtages derfor i aktivets kostpris, men indregnes ikke i forpligtelsen. Hvis en ejendomsandel, som besiddes gennem en leasingkontrakt, klassificeres som investeringsejendom, er den post, der regnskabsmæssigt behandles til dagsværdi, denne andel og ikke den underliggende ejendom. Der er opstillet en vejledning om opgørelse af dagsværdien af en ejendomsandel for dagsværdimodellen i afsnit 33-52. Denne vejledning er også relevant for opgørelse af dagsværdi, når denne værdi anvendes som kostpris i forbindelse med første indregning.
27.
En eller flere investeringsejendomme kan anskaffes ved udveksling af et eller flere ikke-monetære aktiver eller en kombination af monetære og ikke-monetære aktiver. Følgende gennemgang angår udveksling af et ikke-monetært aktiv med et andet ikke-monetært aktiv, men den gælder også for alle de øvrige udvekslinger, som er beskrevet i den foregående sætning. Kostprisen for en sådan investeringsejendom skal måles til dagsværdi, medmindre a) udvekslingen ikke har noget forretningsmæssigt indhold, eller b) hverken dagsværdien af det modtagne aktiv eller af det afgivne aktiv kan måles pålideligt. Det modtagne aktiv måles på denne måde, også selvom virksomheden ikke umiddelbart kan ophøre med indregningen af det afgivne aktiv. Hvis det modtagne aktiv ikke måles til dagsværdi, skal dets kostpris måles til den regnskabsmæssige værdi af det afgivne aktiv.
28.
Virksomheder skal afgøre, om en udveksling har forretningsmæssigt indhold ved at vurdere, i hvilket omfang virksomhedens fremtidige pengestrømme kan forventes at ændre sig som følge af udvekslingen. En udveksling har forretningsmæssigt indhold, hvis:
a)
sammensætningen (risiko, tidspunkter og beløb) af de pengestrømme, der hidrører fra det modtagne aktiv, er forskellig fra sammensætningen af de pengestrømme, der hidrørte fra det afgivne aktiv, eller
b)
den virksomhedsspecifikke værdi af den andel af virksomhedens aktiviteter, der påvirkes af udvekslingen, ændres som følge af udvekslingen, og
c)
forskellen i a) og b) er væsentlig, set i forhold til dagsværdien af de udvekslede aktiver.
Ved vurderingen af, hvorvidt en udveksling har forretningsmæssigt indhold, skal den virksomhedsspecifikke værdi af den andel af virksomhedens aktiviteter, der påvirkes af udvekslingen, afspejle pengestrømme efter skat. Resultatet af disse analyser kan tydeliggøres, uden at virksomheden behøver at udføre detaljerede beregninger.
29.
Hvis der ikke findes sammenlignelige markedstransaktioner, kan dagsværdien af et aktiv måles pålideligt, hvis a) størrelsen af intervallet af rimelige skøn over dagsværdien ikke er væsentlig for det pågældende aktiv, eller b) sandsynligheden for de forskellige skøn kan vurderes pålideligt og anvendes ved opgørelsen af dagsværdien. Hvis virksomheden er i stand til at foretage en pålidelig vurdering af dagsværdien af enten det modtagne eller det afgivne aktiv, skal dagsværdien af det afgivne aktiv anvendes til at måle kostprisen, medmindre dagsværdien af det modtagne aktiv kan opgøres med større nøjagtighed.
MÅLING EFTER INDREGNING
Anvendt regnskabspraksis
30.
Med de i afsnit 32A og 34 nævnte undtagelser skal virksomheden vælge enten dagsværdimodellen i afsnit 33-55 eller kostprismodellen i afsnit 56 som regnskabspraksis og skal anvende denne praksis på alle sine investeringsejendomme.
31.
IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
 angiver, at en frivillig ændring i anvendt regnskabspraksis udelukkende skal foretages, hvis ændringen medfører en mere hensigtsmæssig præsentation af transaktioner, andre begivenheder eller forhold i virksomhedens årsregnskab. Det er højst usandsynligt, at et skift fra dagsværdimodellen til kostprismodellen vil medføre en mere hensigtsmæssig præsentation.
32.
Denne standard kræver, at alle virksomheder skal opgøre dagsværdien af investeringsejendomme enten til brug ved måling (såfremt virksomheden anvender dagsværdimodellen) eller oplysning (såfremt den anvender kostprismodellen). Standarden tilskynder til, men kræver ikke, at virksomheder opgør dagsværdien af investeringsejendomme på grundlag af en værdiansættelse fra en uafhængig vurderingsmand, som har anerkendte, relevante faglige kvalifikationer, og som har nylig erfaring inden for det geografiske område og den kategori, som den vurderede investeringsejendom tilhører.
32A
En virksomhed kan:
a)
vælge enten dagsværdimodellen eller kostprismodellen for alle investeringsejendomme bag forpligtelser, som giver et afkast, der knytter sig direkte til dagsværdien af eller afkastet på bestemte aktiver, herunder denne investeringsejendom, og
b)
vælge enten dagsværdimodellen eller kostprismodellen for alle øvrige investeringsejendomme, uanset hvilket valg, der er truffet i a).
32B
Visse forsikringsgivere og andre virksomheder driver en intern ejendomsfond, som udsteder beregningsmæssige enheder, hvoraf nogle enheder besiddes af investorer gennem tilknyttede kontrakter, og andre besiddes af virksomheden. Afsnit 32A tillader ikke, at virksomhedens måling af den ejendom, som besiddes af fonden, dels foretages til kostpris og dels til dagsværdi.
32C
Hvis virksomheden vælger forskellige modeller for de to kategorier, som er beskrevet i afsnit 32A, skal salg af investeringsejendomme mellem sammenlagte aktiver målt ved anvendelse af forskellige modeller indregnes til dagsværdi, og den akkumulerede ændring i dagsværdien skal indregnes i resultatet. Hvis en investeringsejendom sælges fra en sammenlægning, hvor dagsværdimodellen er anvendt, til en sammenlægning, hvor kostprismodellen er anvendt, bliver ejendommens dagsværdi på salgstidspunktet således lig den fastsatte kostpris.
Dagsværdimodellen
33.
Efter første indregning skal en virksomhed, som har valgt dagsværdimodellen, måle alle sine investeringsejendomme til dagsværdi, med undtagelse af de i afsnit 53 nævnte tilfælde.
34.
Når ejendomsandele, som besiddes af leasingtager gennem en operationel leasingkontrakt, klassificeres som investeringsejendomme i henhold til afsnit 6, kan valget i afsnit 30 ikke foretages; dagsværdimodellen finder anvendelse.
35.
En gevinst eller et tab hidrørende fra ændring af investeringsejendommes dagsværdi skal indregnes i årets resultat for det regnskabsår, hvor gevinsten eller tabet opstår.
36.
Dagsværdien af investeringsejendomme er det beløb, en ejendom kan omsættes til ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter. Ved dagsværdien undgås hermed specifikt skønnede priser, som er forøget eller formindsket som følge af specielle vilkår eller forhold såsom atypisk finansiering, sale-and-leaseback-ordninger, særlige hensyn eller indrømmelser i forbindelse med salget.
37.
Virksomheden opgør dagsværdien uden fradrag af eventuelle transaktionsomkostninger, som virksomheden måtte afholde ved salg eller anden afhændelse.
38.
Dagsværdien af investeringsejendomme skal afspejle markedsforholdene på balancedagen.
39.
Dagsværdien henviser til værdien på en bestemt dato. Eftersom markedsforholdene kan ændre sig, kan det beløb, der præsenteres som dagsværdien, være ukorrekt eller irrelevant på et andet tidspunkt. Ved definitionen på dagsværdi antages det endvidere, at udveksling og afvikling af en salgskontrakt foretages samtidig, uden de prisændringer, som kan forekomme ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter, når udveksling og afvikling ikke sker samtidig.
40.
Dagsværdien af investeringsejendomme afspejler blandt andet aktuelle lejeindtægter og rimelige, dokumenterbare forudsætninger, som repræsenterer kvalificerede, villige parters forventninger til fremtidige lejeindtægter i lyset af aktuelle markedsforhold. Den afspejler også på samme grundlag pengestrømme fra virksomheden (herunder lejebetalinger og andre pengestrømme), som kunne forventes vedrørende ejendommen. Nogle af disse pengestrømme fra virksomheden er medtaget i forpligtelsen, mens andre vedrører pengestrømme fra virksomheden, som ikke indregnes i årsregnskabet før på et senere tidspunkt (f.eks. periodiske betalinger, såsom betingede lejeydelser).
41.
I afsnit 25 specificeres grundlaget for første indregning af kostprisen for en andel i en leaset ejendom. I henhold til afsnit 33 skal andelen i den leasede ejendom om nødvendigt efterfølgende måles til dagsværdi. I en leasingkontrakt, der er forhandlet til markedsleje, skal dagsværdien af en andel i en leaset ejendom på overtagelsestidspunktet være nul med fradrag af alle forventede leasingydelser (herunder ydelser, der vedrører indregnede forpligtelser). Dagsværdien ændrer sig ikke, uanset om et leaset aktiv og en leaset forpligtelse regnskabsmæssigt indregnes til dagsværdi eller til nutidsværdien af minimumsleasingydelserne i overensstemmelse med afsnit 20 i IAS 17. En efterfølgende måling af et leaset aktiv fra kostpris i overensstemmelse med afsnit 25 til dagsværdi i overensstemmelse med afsnit 33 skal ikke føre til gevinster eller tab ved første indregning, medmindre dagsværdien måles på forskellige tidspunkter. Dette kunne være tilfældet, hvis beslutningen om at anvende dagsværdimodellen blev truffet efter første indregning.
42.
Definitionen på dagsværdi henviser til »kvalificerede, villige parter«. I denne sammenhæng betyder »kvalificerede«, at både den villige køber og den villige sælger er rimeligt informeret om investeringsejendommens art og egenskaber, dens faktiske anvendelse og andre anvendelsesmuligheder og markedsforholdene på balancedagen. En villig køber er interesseret i, men ikke tvunget til at købe. En sådan køber er hverken forhastet eller fast besluttet på at købe til enhver pris. En sådan køber vil ikke betale en højere pris end et marked, der består af kvalificerede, villige købere og sælgere, kræver.
43.
En villig sælger er hverken forhastet eller tvunget til at sælge eller fast besluttet på at sælge til enhver pris, men er heller ikke parat til at vente på en pris, som ikke anses for rimelig under de aktuelle markedsforhold. En villig sælger er interesseret i at sælge investeringsejendommen på markedsvilkår til den bedst mulige pris. De faktiske forhold for ejeren af den aktuelle investeringsejendom tages ikke i betragtning, idet den villige sælger er en hypotetisk ejer (eksempelvis ville en villig sælger ikke tage hensyn til skatteforholdene for ejeren af den aktuelle investeringsejendom).
44.
Definitionen på dagsværdi henviser til en transaktion mellem kvalificerede, villige parter. En transaktion mellem kvalificerede, villige, indbyrdes uafhængige parter er en transaktion mellem parter, som ikke har et særligt forhold, der gør, at transaktionspriserne adskiller sig fra markedsforholdene i øvrigt. Transaktionen antages at være mellem ikke-nærtstående parter, som hver især handler uafhængigt.
45.
Den bedste dokumentation for dagsværdien er aktuelle priser på et aktivt marked for tilsvarende ejendomme med samme beliggenhed og i samme vedligeholdelsesstand, som indgår i et tilsvarende leje- eller andre kontraktforhold. Virksomheden sørger for at identificere eventuelle forskelle i ejendommens art, beliggenhed og vedligeholdelsesstand eller de kontraktlige vilkår for leje- eller andre kontraktforhold tilknyttet ejendommen.
46.
Hvis de i afsnit 45 beskrevne aktuelle priser på et aktivt marked ikke er tilgængelige, inddrager virksomheden oplysninger fra en række andre kilder i sit skøn, herunder:
a)
aktuelle priser på et aktivt marked for ejendomme, som er af en anden art, i en anden vedligeholdelsesstand eller har en anden beliggenhed (eller som indgår i andre typer leje- eller andre kontraktforhold), der reguleres for at afspejle disse forskelle
b)
nylige priser for lignende ejendomme på mindre aktive markeder, der reguleres for at afspejle eventuelle ændringer i økonomiske forhold efter det tidspunkt, hvor transaktionerne til disse priser fandt sted, og
c)
diskonterede pengestrømsprognoser baseret på pålidelige skøn over fremtidige pengestrømme på grundlag af vilkår for eksisterende leje- og andre kontraktforhold og, om muligt, ekstern dokumentation, såsom den aktuelle markedsleje for tilsvarende ejendomme med samme beliggenhed og i samme vedligeholdelsesstand. Diskonteringssatsen afspejler aktuelle markedsvurderinger af usikkerhed forbundet med beløb og tidspunkt for pengestrømmene.
47.
I nogle tilfælde vil virksomheden på baggrund af ovenstående kilder nå frem til forskellige resultater med hensyn til en investeringsejendoms dagsværdi. For at finde frem til det mest pålidelige skøn over dagsværdien inden for et relativt snævert interval af rimelige skøn over dagsværdien, vurderer virksomheden årsagerne til disse forskelle.
48.
I sjældne tilfælde er der en klar indikation af, at der ved virksomhedens oprindelige anskaffelse af en investeringsejendom (eller når en eksisterende ejendom bliver en investeringsejendom efter opførelse eller om- eller tilbygning eller ændring i anvendelse) er et så stort interval af rimelige skøn over dagsværdien, og sandsynligheden for de forskellige udfald så vanskeligt at skønne, at et enkelt skøn over dagsværdien ikke er anvendeligt. Dette kan indikere, at dagsværdien af ejendommen ikke løbende kan opgøres pålideligt (jf. afsnit 53).
49.
Dagsværdi afviger fra nytteværdi, som defineret i IAS 36 
Værdiforringelse af aktiver
. Dagsværdi afspejler kvalificerede, villige køberes og sælgeres viden og skøn. Modsat afspejler nytteværdi virksomhedens skøn, så vel som virksomhedsspecifikke faktorer, som ikke er gældende for andre virksomheder generelt. Eksempelvis afspejler dagsværdi ingen af følgende faktorer, så længe disse ikke er almindeligt tilgængelige for kvalificerede, villige købere og sælgere:
a)
værdistigning som følge af oprettelsen af en portefølje af ejendomme med forskellig beliggenhed
b)
synergi mellem investeringsejendomme og andre aktiver,
c)
juridiske rettigheder eller restriktioner, som udelukkende gælder for den aktuelle ejer, og
d)
skattefordele eller -byrder, som udelukkende gælder for den aktuelle ejer.
50.
Ved opgørelsen af investeringsejendommes dagsværdi undlader virksomheden dobbelt indregning af aktiver eller forpligtelser, som er indregnet som separate aktiver eller forpligtelser. Eksempelvis:
a)
Driftsmidler såsom elevatorer eller aircondition er ofte en integreret del af en bygning og medtages normalt i investeringsejendommens dagsværdi frem for at blive indregnet separat som et materielt anlægsaktiv.
b)
Hvis et kontor udlejes fuldt møbleret, omfatter kontorets dagsværdi normalt møblernes dagsværdi, idet lejeindtægterne vedrører det møblerede kontor. Når møbler medtages i investeringsejendommes dagsværdi, indregner virksomheden ikke disse som et separat aktiv.
c)
I investeringsejendommes dagsværdi medtages ikke forudbetalte eller periodiserede leasingindtægter fra operationelle leasingkontrakter, idet virksomheden indregner disse som en separat forpligtelse eller et separat aktiv.
d)
Dagsværdien af investeringsejendomme, som besiddes gennem en leasingkontrakt, afspejler forventede pengestrømme (herunder betingede lejeydelser, som forventes at forfalde til betaling). Hvis en værdiansættelse for en ejendom er udarbejdet med fradrag af alle betalinger, der forventes foretaget, vil det derfor være nødvendigt at tilbageføre alle indregnede leasingforpligtelser for at opnå investeringsejendommens dagsværdi med henblik på regnskabsmæssig behandling.
51.
Investeringsejendommes dagsværdi afspejler hverken fremtidige anlægsinvesteringer, som vil forbedre ejendommen, eller de tilknyttede fremtidige fordele fra disse fremtidige investeringer.
52.
I nogle tilfælde forventer virksomheden, at nutidsværdien af dens betalinger tilknyttet en investeringsejendom (bortset fra betalinger tilknyttet indregnede forpligtelser) vil overstige nutidsværdien af de tilknyttede indbetalinger. Virksomheden anvender IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
 til at vurdere, hvorvidt forpligtelsen skal indregnes, og hvordan den i givet fald skal måles.
Tilfælde, hvor dagsværdien ikke kan opgøres pålideligt
53.
Der er en afkræftelig formodning om, at virksomheden løbende kan opgøre en investeringsejendoms dagsværdi pålideligt. I sjældne tilfælde er der dog en klar indikation af, at virksomheden ved den oprindelige anskaffelse af en investeringsejendom (eller når en eksisterende ejendom bliver en investeringsejendom efter opførelse eller om- eller tilbygning eller ændring i anvendelse) ikke løbende vil kunne opgøre investeringsejendommens dagsværdi pålideligt. Dette er udelukkende tilfældet, når sammenlignelige markedstransaktioner ikke er særligt hyppige, og der ikke findes alternative pålidelige skøn over dagsværdi (eksempelvis baseret på diskonterede pengestrømsprognoser). I sådanne tilfælde kræver standarden, at virksomheden måler investeringsejendommen ved anvendelse af kostprismodellen i IAS 16. Investeringsejendommens restværdi skal antages at være nul. Virksomheden skal anvende IAS 16, indtil investeringsejendommen afhændes.
54.
I de sjældne tilfælde, hvor virksomheden af ovenstående grunde er nødsaget til at måle en investeringsejendom ved anvendelse af kostprismodellen i overensstemmelse med IAS 16, skal den måle alle sine øvrige investeringsejendomme til dagsværdi. I disse tilfælde skal virksomheden, selvom det er tilladt at anvende kostprismodellen for én investeringsejendom, fortsat foretage regnskabsmæssig behandling af alle øvrige ejendomme ved anvendelse af dagsværdimodellen.
55.
Hvis virksomheden tidligere har målt en investeringsejendom til dagsværdi, skal den fortsætte med at måle ejendommen til dagsværdi, indtil den afhændes (eller indtil den bliver en domicilejendom eller virksomheden påbegynder om- eller tilbygning af ejendommen med henblik på videresalg som led i det normale forretningsforløb), selv hvis sammenlignelige markedstransaktioner bliver mindre hyppige, eller markedspriser ikke længere er umiddelbart tilgængelige.
Kostprismodellen
56.
Efter første indregning skal en virksomhed, som vælger kostprismodellen, måle alle sine investeringsejendomme i overensstemmelse med kravene i IAS 16 vedrørende denne model, bortset fra investeringsejendomme som opfylder kriterierne for klassifikation som besiddelse med henblik på salg (eller er medtaget i en afståelsesgruppe, der er klassificeret som besiddelse med henblik på salg) i overensstemmelse med IFRS 5 
Anlægsaktiver, som besiddes med henblik på salg og ophørte aktiviteter
. Investeringsejendomme, der opfylder kriterierne for klassifikation som besiddelse med henblik på salg (eller er medtaget i en afståelsesgruppe, som er klassificeret som besiddelse med henblik på salg) skal måles i overensstemmelse med IFRS 5.
OVERFØRSLER
57.
Der skal udelukkende foretages en overførsel til eller fra investeringsejendomme ved ændring i ejendommens anvendelse:
a)
når ejendommen bliver en domicilejendom, overføres den fra investeringsejendomme til domicilejendomme
b)
når om- eller tilbygning påbegyndes med henblik på salg, overføres den fra investeringsejendomme til handelsejendomme
c)
når ejendommen ophører med at være en domicilejendom, overføres den fra domicilejendomme til investeringsejendomme
d)
når en operationel leasingkontrakt indgås med anden part, overføres ejendommen fra handelsejendomme til investeringsejendomme, eller
e)
når opførelse eller om- eller tilbygning er tilendebragt, overføres ejendommen fra ejendomme under opførelse eller om- eller tilbygning (omfattet af IAS 16) til investeringsejendomme.
58.
Afsnit 57b) kræver, at virksomheden udelukkende overfører en ejendom fra investeringsejendomme til handelsejendomme, når der sker en ændring i dens anvendelse, dokumenteret ved påbegyndelse af om- eller tilbygning med henblik på videresalg. Når virksomheden beslutter at afhænde en investeringsejendom uden at foretage om- eller tilbygning, fortsætter den med at behandle ejendommen som en investeringsejendom, indtil virksomheden ophører med at indregne ejendommen (eliminerer den fra balancen), og behandler den ikke som en handelsejendom. Hvis virksomheden påbegynder om- eller tilbygning af en eksisterende investeringsejendom med henblik på fortsat anvendelse som en investeringsejendom, behandles ejendommen ligeledes fortsat som en investeringsejendom, og omklassificeres ikke som en domicilejendom i om- eller tilbygningsperioden.
59.
Afsnit 60-65 finder anvendelse på aspekter vedrørende indregning og måling, som bliver aktuelle, når virksomheden anvender dagsværdimodellen på investeringsejendomme. Når virksomheden anvender kostprismodellen, ændrer overførsel til og fra investeringsejendomme, domicilejendomme og handelsejendomme ikke den regnskabsmæssige værdi af den overførte ejendom, og heller ikke ejendommens kostpris i forbindelse med måling eller oplysning.
60.
Ved overførsel fra investeringsejendomme, som indregnes til dagsværdi, til domicilejendomme eller handelsejendomme skal ejendommens fastsatte kostpris ved den efterfølgende regnskabsmæssige behandling i overensstemmelse med IAS 16 eller IAS 2 være dens dagsværdi på det tidspunkt, hvor anvendelsen ændres.
61.
Hvis en domicilejendom bliver ændret til en investeringsejendom, som skal indregnes til dagsværdi, skal virksomheden anvende IAS 16 frem til det tidspunkt, hvor anvendelsen ændres. Virksomheden skal behandle eventuelle forskelle på dette tidspunkt mellem ejendommens regnskabsmæssige værdi i overensstemmelse med IAS 16 og dens dagsværdi på samme måde som en omvurdering i overensstemmelse med IAS 16.
62.
Frem til det tidspunkt, hvor en domicilejendom bliver ændret til en investeringsejendom, som indregnes til dagsværdi, skal virksomheden afskrive på ejendommen og indregne opståede tab ved værdiforringelse. Virksomheden skal behandle eventuelle forskelle på dette tidspunkt mellem ejendommens regnskabsmæssige værdi i overensstemmelse med IAS 16 og dens dagsværdi på samme måde som en omvurdering i overensstemmelse med IAS 16. Det betyder med andre ord, at:
a)
en eventuel reduktion i ejendommens regnskabsmæssige værdi som følge heraf indregnes i resultatet. I det omfang der indgår et beløb i reserver for opskrivninger vedrørende denne ejendom, modregnes reduktionen dog i denne reserve
b)
en eventuel stigning i den regnskabsmæssige værdi som følge af ændringen behandles som følger:
i)
i det omfang stigningen udligner et tidligere tab ved værdiforringelse af ejendommen, indregnes stigningen i resultatet. Det i resultatet indregnede beløb overstiger ikke det beløb, som er nødvendigt for at genoprette den regnskabsmæssige værdi til det, den ville have været (med fradrag af afskrivninger), hvis der ikke var indregnet et tab ved værdiforringelse
ii)
en eventuel resterende stigning indregnes direkte på egenkapitalen under reserver for opskrivninger. Ved efterfølgende afhændelse af investeringsejendommen kan den i egenkapitalen medtagne reserve for opskrivninger overføres til overført resultat. Overførslen fra reserver for opskrivninger til overført resultat foretages ikke over resultatet.
63.
Ved overførsel fra handelsejendomme til investeringsejendomme, som vil blive indregnet til dagsværdi, skal eventuelle forskelle mellem ejendommens dagsværdi på dette tidspunkt og dens tidligere regnskabsmæssige værdi indregnes i resultatet.
64.
Behandlingen af overførsel fra handelsejendomme til investeringsejendomme, som vil blive indregnet til dagsværdi, er i overensstemmelse med behandlingen af salg af handelsejendomme.
65.
Når virksomheden har tilendebragt opførelsen eller om- eller tilbygningen af en egenopført investeringsejendom, som vil blive indregnet til dagsværdi, skal en eventuel forskel mellem ejendommens dagsværdi på dette tidspunkt og dens tidligere regnskabsmæssige værdi indregnes i resultatet.
AFHÆNDELSER
66.
Virksomheden skal ophøre med at indregne en investeringsejendom (eliminere den fra balancen) ved afhændelse, eller når investeringsejendommen permanent tages ud af brug og ingen fremtidige økonomiske fordele forventes ved dens afhændelse.
67.
En investeringsejendom kan afhændes ved salg eller indgåelse af en finansiel leasingkontrakt. Når tidspunktet for afhændelse af en investeringsejendom skal fastlægges, skal virksomheden anvende kriterierne i IAS 18 for indregning af omsætning fra varesalg og tage den tilknyttede vejledning i appendikset til IAS 18 i betragtning. IAS 17 finder anvendelse på afhændelser ved indgåelse af en finansiel leasingkontrakt eller ved sale-and-leaseback.
68.
Hvis en virksomhed i overensstemmelse med det i afsnit 16 opstillede indregningsprincip indregner de omkostninger, der er forbundet med udskiftning af en del af en investeringsejendom i et aktivs regnskabsmæssige værdi, skal virksomheden ophøre med indregning af den regnskabsmæssige værdi af den udskiftede del. For investeringsejendomme, der regnskabsmæssigt behandles ved anvendelse af kostprismodellen, er en udskiftet del ikke nødvendigvis en del, der blev afskrevet separat. Hvis det ikke er praktisk muligt for en virksomhed at opgøre den regnskabsmæssige værdi af den udskiftede del, kan virksomheden anvende kostprisen for genanskaffelsen som en indikation af kostprisen for den udskiftede del på tidspunktet for anskaffelsen eller opførelsen. I henhold til dagsværdimodellen kan det allerede i investeringsejendommens dagsværdi være afspejlet, at den del, der skal udskiftes, har tabt sin værdi. I andre tilfælde kan det være vanskeligt at identificere, hvor meget dagsværdien skal reduceres, for så vidt angår den del, der skal udskiftes. Som alternativ til at reducere dagsværdien af den udskiftede del, hvor dette ikke er praktisk muligt, kan virksomheden medtage genanskaffelsesværdien i aktivets regnskabsmæssige værdi og derefter revurdere dagsværdien, sådan som det ville være krævet ved tilgange, der ikke omfattede udskiftning.
69.
Gevinster eller tab hidrørende fra udrangering eller afhændelse af investeringsejendomme skal opgøres som forskellen mellem nettoprovenuet ved afhændelsen og aktivets regnskabsmæssige værdi og skal indregnes i resultatet (medmindre IAS 17 kræver andet ved sale-and-leaseback) for det regnskabsår, hvor udrangeringen eller afhændelsen fandt sted.
70.
Det tilgodehavende vederlag ved afhændelsen af en investeringsejendom skal første gang indregnes til dagsværdi. Særligt gælder det, at hvis betaling for en investeringsejendom udskydes, indregnes det modtagne vederlag på tidspunktet for første indregning til et beløb lig kontantprisen. Forskellen mellem den nominelle værdi af vederlaget og et beløb lig kontantprisen indregnes som renteindtægt i overensstemmelse med IAS 18 ved anvendelse af den effektive rente-metode.
71.
Virksomheden anvender IAS 37 eller andre relevante standarder på eventuelle forpligtelser, som virksomheden bibeholder efter afhændelsen af en investeringsejendom.
72.
Godtgørelse fra en tredjepart for investeringsejendomme, som er værdiforringet, tabt eller afgivet, skal indregnes i resultatet på tidspunktet for godtgørelsen.
73.
Værdiforringelse eller tab af investeringsejendomme, tilknyttede krav på eller betaling af godtgørelse fra en tredjepart og eventuelt efterfølgende køb eller opførelse af erstatningsaktiver er separate økonomiske begivenheder, som regnskabsmæssigt behandles separat som følger:
a)
værdiforringelse af investeringsejendomme indregnes i overensstemmelse med IAS 36
b)
udrangering eller afhændelse af investeringsejendomme indregnes i overensstemmelse med afsnit 66-71 i denne standard,
c)
godtgørelse fra en tredjepart for investeringsejendomme, som er værdiforringet, tabt eller afgivet, indregnes i resultatet på tidspunktet for godtgørelsen, og
d)
kostprisen for aktiver, der er genoprettet, købt eller opført som erstatning, opgøres i overensstemmelse med afsnit 20-29 i denne standard.
OPLYSNINGER
Dagsværdi- og kostprismodellen
74.
Ud over de i IAS 17 nævnte oplysningskrav finder nedenstående anvendelse. I overensstemmelse med IAS 17 skal ejeren af en investeringsejendom give de samme oplysninger om indgåede leasingkontrakter som en leasinggiver. En virksomhed, som besidder en investeringsejendom gennem en finansiel eller en operationel leasingkontrakt, skal give de samme oplysninger om finansielle leasingkontrakter som en leasingtager og de samme oplysninger om indgåede operationelle leasingkontrakter som en leasinggiver.
75.
En virksomhed skal give følgende oplysninger:
a)
om den anvender dagsværdimodellen eller kostprismodellen
b)
såfremt den anvender dagsværdimodellen, om og under hvilke omstændigheder ejendomsandele, der besiddes gennem en operationel leasingkontrakt, klassificeres og behandles regnskabsmæssigt som en investeringsejendom
c)
sine kriterier for at skelne investeringsejendomme fra domicilejendomme og ejendomme, som besiddes til videresalg som led i det normale forretningsforløb, når klassifikation er vanskelig (jf. afsnit 14)
d)
metoder og væsentlige forudsætninger ved opgørelsen af en investeringsejendoms dagsværdi, herunder oplysning om, hvorvidt opgørelsen af dagsværdi er baseret på markedsindikatorer eller i større grad på andre faktorer (som virksomheden skal oplyse om) på grund af ejendommens art og mangel på sammenlignelige markedsdata
e)
i hvilket omfang dagsværdien af investeringsejendomme (som målt eller oplyst om i årsregnskabet) baseres på en værdiansættelse fra en uafhængig vurderingsmand, som har anerkendte, relevante faglige kvalifikationer og nylig erfaring inden for det geografiske område og den kategori, som den vurderede investeringsejendom tilhører. Hvis et sådant skøn ikke er foretaget, skal der oplyses om dette
f)
de i resultatet indregnede beløb for:
i)
lejeindtægter fra investeringsejendomme
ii)
direkte driftsomkostninger (herunder reparationer og vedligeholdelse) tilknyttet investeringsejendomme, hvorfra virksomheden har opnået lejeindtægter i regnskabsåret, og
iii)
direkte driftsomkostninger (herunder reparationer og vedligeholdelse) tilknyttet investeringsejendomme, hvorfra virksomheden ikke har opnået lejeindtægter i regnskabsåret
iv)
den akkumulerede ændring i dagsværdi, som er indregnet i resultatet ved salg af en investeringsejendom fra en sammenlægning af aktiver, hvor kostprismodellen er anvendt, til en sammenlægning af aktiver, hvor dagsværdien er anvendt (jf. afsnit 32C)
g)
tilstedeværelsen og størrelsen af restriktioner på investeringsejendommes realisation eller betaling af indtægter og provenu ved afhændelse
h)
kontraktlige forpligtelser til at købe, opføre eller om- eller tilbygge investeringsejendomme eller til at reparere, vedligeholde eller forbedre disse.
Dagsværdimodellen
76.
En virksomhed, som anvender den i afsnit 33-55 opstillede dagsværdimodel, skal ud over de i afsnit 75 krævede oplysninger vise en afstemning af den regnskabsmæssige værdi af investeringsejendommen ved begyndelsen og slutningen af regnskabsåret, med angivelse af følgende:
a)
tilgange, idet der gives separat oplysning om tilgange hidrørende fra anskaffelser og tilgange hidrørende fra efterfølgende omkostninger, der indregnes i et aktivs regnskabsmæssige værdi
b)
tilgange hidrørende fra virksomhedssammenslutninger
c)
aktiver, som er klassificeret som besiddelse med henblik på salg eller er medtaget i en afståelsesgruppe, som er klassificeret som besiddelse med henblik på salg, i overensstemmelse med IFRS 5, samt andre afhændelser
d)
nettogevinster eller -tab hidrørende fra reguleringer af dagsværdi
e)
nettovalutakursforskelle hidrørende fra omregningen af årsregnskaber til en anden præsentationsvaluta og fra omregningen af en udenlandsk virksomheds årsregnskab til den regnskabsaflæggende virksomheds præsentationsvaluta
f)
overførsler til og fra handelsejendomme og domicilejendomme, og
g)
andre ændringer.
77.
Når en værdiansættelse, der er udarbejdet for en investeringsejendom, reguleres væsentligt i forbindelse med årsregnskabet, eksempelvis for at undgå dobbelt indregning af aktiver eller forpligtelser, der indregnes som separate aktiver og forpligtelser som angivet i afsnit 50, skal virksomheden vise en afstemning af den udarbejdede værdiansættelse og den regulerede værdiansættelse, der er medtaget i årsregnskabet, med separat præsentation af den samlede beløbsmæssige størrelse af indregnede leasingforpligtelser, som er tilbageført, samt andre væsentlige reguleringer.
78.
I de sjældne tilfælde, der henvises til i afsnit 53, skal der, når en virksomhed måler investeringsejendomme ved anvendelse af kostprismodellen i IAS 16, i den i afsnit 76 krævede afstemning gives oplysning om beløb tilknyttet denne investeringsejendom separat fra beløb tilknyttet andre investeringsejendomme. Herudover skal virksomheden:
a)
give en beskrivelse af investeringsejendommen
b)
oplyse om årsagen til, at dagsværdien ikke kan opgøres pålideligt
c)
om muligt oplyse om det spænd af skøn, som dagsværdien højst sandsynlig vil ligge inden for, og
d)
ved afhændelse af en investeringsejendom, som ikke er indregnet til dagsværdi:
i)
oplyse om, at virksomheden har afhændet en investeringsejendom, som ikke er indregnet til dagsværdi,
ii)
oplyse om den regnskabsmæssige værdi af investeringsejendommen på salgstidspunktet, og
iii)
oplyse den beløbsmæssige størrelse af indregnet gevinst eller tab.
Kostprismodellen
79.
Ud over de oplysninger, som kræves i afsnit 75, skal en virksomhed, som anvender den i afsnit 56 opstillede kostprismodel, oplyse om:
a)
de anvendte afskrivningsmetoder
b)
de anvendte brugstider eller afskrivningssatser
c)
den regnskabsmæssige bruttoværdi og de akkumulerede afskrivninger (sammendraget med akkumulerede tab ved værdiforringelse) ved regnskabsårets begyndelse og slutning
d)
en afstemning af den regnskabsmæssige værdi af investeringsejendomme ved regnskabsårets begyndelse og slutning, som viser følgende:
i)
tilgange, idet der gives separat oplysning om tilgange hidrørende fra anskaffelser og tilgange hidrørende fra efterfølgende omkostninger, der er indregnet som et aktiv
ii)
tilgange hidrørende fra virksomhedssammenslutninger
iii)
aktiver, som er klassificeret som besiddelse med henblik på salg eller er medtaget i en afståelsesgruppe, som er klassificeret som besiddelse med henblik på salg, i overensstemmelse med IFRS 5, samt andre afhændelser
iv)
afskrivninger
v)
den beløbsmæssige størrelse af indregnede tab ved værdiforringelse og af tilbageførte tab ved værdiforringelse i regnskabsåret i overensstemmelse med IAS 36
vi)
nettovalutakursforskelle hidrørende fra omregningen af årsregnskaber til en anden præsentationsvaluta og fra omregningen af en udenlandsk virksomheds årsregnskab til den regnskabsaflæggende virksomheds præsentationsvaluta
vii)
overførsler til og fra handelsejendomme og domicilejendomme, og
viii)
andre ændringer, og
e)
investeringsejendommens dagsværdi. I de sjældne tilfælde nævnt i afsnit 53, hvor virksomheden ikke pålideligt kan opgøre investeringsejendommens dagsværdi, skal virksomheden:
i)
give en beskrivelse af investeringsejendommen
ii)
oplyse om årsagen til, at dagsværdien ikke kan opgøres pålideligt, og
iii)
om muligt oplyse om det interval af skøn, som dagsværdien højst sandsynligt vil ligge inden for.
OVERGANGSBESTEMMELSER
Dagsværdimodellen
80.
En virksomhed, som tidligere har anvendt IAS 40 (2000) og vælger for første gang at klassificere og foretage regnskabsmæssig behandling af visse eller samtlige berettigede ejendomsandele, der besiddes som investeringsejendomme gennem en operationel leasingkontrakt, skal indregne virkningen af dette valg som en regulering primo i overført resultat for det regnskabsår, hvor valget første gang blev truffet. Tilsvarende gælder, at:
a)
hvis virksomheden tidligere (i årsregnskabet eller på anden måde) har offentliggjort dagsværdien af disse ejendomsandele i tidligere regnskabsår (opgjort i henhold til definitionen på dagsværdi i afsnit 5 og vejledningen i afsnit 36-52) tilskynder standarden til, men kræver ikke, at virksomheden:
i)
regulerer primo i overført resultat for det tidligst præsenterede regnskabsår, hvor dagsværdien blev offentliggjort i årsregnskabet, og
ii)
tilpasser sammenligningstal for disse regnskabsår, og
b)
virksomheden ikke skal tilpasse sammenligningstal, og skal give oplysning om dette, hvis den ikke tidligere har givet de i afsnit a) nævnte oplysninger.
81.
Denne standard foreskriver en anden behandling end den i IAS 8 krævede. IAS 8 kræver, at sammenligningstal tilpasses, medmindre en sådan tilpasning er praktisk umulig.
82.
Når virksomheden anvender denne standard for første gang, omfatter reguleringen primo i overført resultat en omklassifikation af beløb i reserver for opskrivninger vedrørende investeringsejendomme.
Kostprismodellen
83.
IAS 8 finder anvendelse på ændringer i anvendt regnskabspraksis, som foretages, når virksomheden anvender denne standard for første gang og vælger at anvende kostprismodellen. Virkningen af ændringer i anvendt regnskabspraksis omfatter en omklassifikation af eventuelle beløb i reserver for opskrivninger vedrørende investeringsejendomme.
84.
Kravene i afsnit 27-29 vedrørende den første måling af en investeringsejendom, der er anskaffet ved udveksling af aktiver, skal kun anvendes fremadrettet på fremtidige udvekslinger.
IKRAFTTRÆDELSESTIDSPUNKT
85.
Virksomheder skal anvende denne standard for årsregnskaber, der dækker regnskabsår, som begynder 1. januar 2005 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender denne standard for regnskabsår, som begynder før 1. januar 2005, skal den give oplysning om dette.
OPHÆVELSE AF IAS 40 (2000)
86.
Denne standard erstatter IAS 40 
Investeringsejendomme
 (udgivet 2000).
IAS 41
Landbrug
FORMÅL
Formålet med denne standard er at foreskrive den regnskabsmæssige behandling af samt oplysninger om landbrugsaktiviteter.
ANVENDELSESOMRÅDE
1.
Denne standard finder anvendelse på den regnskabsmæssige behandling af følgende, hvor disse vedrører landbrugsaktiviteter:
a)
biologiske aktiver
b)
landbrugsprodukter på høsttidspunktet, og
c)
offentlige tilskud i henhold til afsnit 34-35.
2.
Denne standard finder ikke anvendelse på:
a)
landbrugsjord (jf. IAS 16 
Materielle anlægsaktiver
 og IAS 40 
Investeringsejendomme
), og
b)
immaterielle aktiver i tilknytning til landbrugsaktiviteter (jf. IAS 38 
Immaterielle aktiver
).
3.
Denne standard finder anvendelse på landbrugsprodukter, som er det høstede udbytte af virksomhedens biologiske aktiver, alene på høsttidspunktet. Derefter finder IAS 2 
Varebeholdninger
 eller en anden relevant standard anvendelse. Således omhandler denne standard ikke forædling af landbrugsprodukter efter høst, eksempelvis en vinbondes forædling af egenproducerede vindruer til vin. Selv om en sådan forædling kan ske som en naturlig og logisk forlængelse af landbrugsaktiviteterne og have en vis lighed med biologisk omdannelse, er forædling ikke omfattet af definitionen på landbrugsaktiviteter i denne standard.
4.
Nedenstående tabel viser eksempler på biologiske aktiver, landbrugsprodukter og produkter, der er fremkommet ved forædling efter høst.
Biologiske aktiver
Landbrugsprodukter
Produkter, der er fremkommet ved forædling efter høst
Får
Uld
Garn, tæpper
Træer i plantageskov
Træstammer
Tømmer
Planter
Bomuld
Garn, beklædning
Sukkerrør efter høst
Sukker
Malkekvæg
Mælk
Ost
Svin
Slagtekroppe
Pølser, konserveret skinke
Buske
Løv
Te, tørret tobak
Vinstokke
Vindruer
Vin
Frugttræer
Plukket frugt
Forædlet frugt
DEFINITIONER
Landbrugsrelaterede definitioner
5.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Landbrugsaktiviteter
 er en virksomheds styring af den biologiske omdannelse af biologiske aktiver, der besiddes med henblik på videresalg, til landbrugsprodukter eller nye biologiske aktiver.
Landbrugsprodukter
 er det høstede udbytte af virksomhedens biologiske aktiver.
Et 
biologisk aktiv
 er et levende dyr eller en plante.
Biologisk omdannelse
 omfatter vækst, degenerering, produktion og avling, der bevirker kvalitative eller kvantitative ændringer i et biologisk aktiv.
En 
gruppe af biologiske aktiver
 er en samling af ensartede dyr eller planter.
Høst
 er adskillelse af landbrugsprodukter fra et biologisk aktiv eller ophør af et biologisk aktivs livsfunktioner.
6.
Landbrugsaktiviteter dækker en række af forskellige aktiviteter, eksempelvis dyrehold, skovdrift, dyrkning af et- eller flerårige planter, dyrkning af frugthaver og plantager, blomsterdyrkning og havbrug (herunder fiskeopdræt). Disse forskellige aktiviteter har visse fælles træk:
a)
Evne til forandring
. Levende dyr og planter er i stand til at omdanne sig biologisk
b)
Styring af forandring.
 Styring understøtter den biologiske omdannelse ved at forstærke eller som minimum stabilisere de betingelser, der er nødvendige for, at processen kan finde sted (eksempelvis næringsniveau, fugtighed, temperatur, fertilitet og lys). En sådan styring adskiller landbrugsaktiviteter fra andre aktiviteter. Eksempelvis er høst fra ikke-styrede kilder (eksempelvis havfiskeri og skovrydning) ikke landbrugsaktiviteter.
c)
Måling af forandring.
 Ændringer i kvalitet (eksempelvis genetisk værdi, massefylde, modenhed, fedningsgrad, proteinindhold og fiberstyrke) eller kvantitet (eksempelvis afkom, vægt, kubikmeter, fiberlængde eller diameter og antal knopper) som følge af biologisk omdannelse måles og overvåges rutinemæssigt som en del af styringsfunktionen.
7.
Biologisk omdannelse giver følgende typer af resultater:
a)
ændringer i aktiverne gennem i) vækst (øget kvantitet eller forbedret kvalitet for et dyr eller en plante), ii) degeneration (reduceret kvantitet eller forringet kvalitet for et dyr eller en plante), eller iii) forplantning (frembringelse af nye levende dyr eller planter), eller
b)
produktion af landbrugsprodukter såsom gummimælk, teblade, uld og mælk.
Generelle definitioner
8.
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Et 
aktivt marked
 er et marked, hvor alle følgende betingelser er opfyldt:
a)
de varer, som handles i det pågældende marked, er homogene
b)
villige købere og sælgere kan normalt findes til enhver tid, og
c)
priserne er tilgængelige for offentligheden.
Regnskabsmæssig værdi
 er det beløb, som et aktiv indregnes med i balancen.
Dagsværdi
 er det beløb, et aktiv kan omsættes til, eller en forpligtelse kan indfris til, ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter.
Offentlige tilskud
 er som defineret i IAS 20 
Regnskabsmæssig behandling af offentlige tilskud og oplysning om andre former for offentlig støtte
.
9.
Et aktivs dagsværdi afhænger af aktivets aktuelle placering og tilstand. Dette bevirker eksempelvis, at dagsværdien af kvæg på en gård svarer til prisen for kvæget på det relevante marked med fradrag af transportomkostninger og andre omkostninger i forbindelse med transport af kvæget til det pågældende marked.
INDREGNING OG MÅLING
10.
Virksomheden må udelukkende indregne et biologisk aktiv eller landbrugsprodukt, når:
a)
virksomheden kontrollerer aktivet som følge af tidligere begivenheder
b)
det er sandsynligt, at de fremtidige økonomiske fordele tilknyttet aktivet vil tilgå virksomheden, og
c)
aktivets dagsværdi eller kostpris kan måles pålideligt.
11.
I forbindelse med landbrugsaktiviteter kan kontrol eksempelvis dokumenteres ved juridisk ejendomsret til kvæg og øremærkning eller anden mærkning af kvæget ved overtagelse, fødsel eller ophør med diegivning. De fremtidige fordele vurderes normalt ved at måle de væsentligste fysiske attributter.
12.
Et biologisk aktiv skal ved første indregning og på hver balancedag måles til dagsværdi med fradrag af skønnede salgsomkostninger, dog ikke i det i afsnit 30 beskrevne tilfælde, hvor dagsværdien ikke kan måles pålideligt.
13.
Landbrugsprodukter, der høstes af virksomhedens biologiske aktiver, skal måles til dagsværdien med fradrag af skønnede salgsomkostninger på høsttidspunktet. En sådan måling er kostprisen på den pågældende dag ved anvendelse af IAS 2 
Varebeholdninger
 eller en anden relevant standard.
14.
Salgsomkostninger omfatter provision til vekselerere og dealere, afgifter fra offentlige myndigheder og handelsomkostninger samt skatter og afgifter. Salgsomkostninger omfatter ikke transport og andre omkostninger, som er nødvendige for at få aktiverne frem til et marked.
15.
Opgørelsen af dagsværdien af et biologisk aktiv eller landbrugsprodukt kan blive understøttet, hvis de biologiske aktiver eller landbrugsprodukter grupperes efter deres væsentlige attributter, eksempelvis efter alder eller kvalitet. Virksomheden vælger attributterne i overensstemmelse med de attributter, der anvendes på markedet som grundlag for prisen.
16.
Virksomheder indgår ofte kontrakter om at sælge deres biologiske aktiver eller landbrugsprodukter på et fremtidigt tidspunkt. De aftalte priser er ikke nødvendigvis relevante ved opgørelsen af dagsværdien, idet dagsværdien afspejler det aktuelle marked, hvor en villig køber og sælger ville foretage en transaktion. Derfor reguleres dagsværdien af et biologisk aktiv eller landbrugsprodukt ikke på grund af en indgået kontrakt. I nogle tilfælde kan en kontrakt om salg af biologiske aktiver eller landbrugsprodukter være tabsgivende kontrakt som defineret i IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
. IAS 37 finder anvendelse på tabsgivende kontrakter.
17.
Hvis der findes et aktivt marked for et biologisk aktiv eller landbrugsprodukt, danner den officielle pris på det pågældende marked et passende grundlag for opgørelse af aktivets dagsværdi. Hvis virksomheden har adgang til forskellige aktive markeder, benyttes det mest relevante. Hvis virksomheden eksempelvis har adgang til to aktive markeder, bruger virksomheden prisen på det marked, den forventer at benytte.
18.
Såfremt der ikke eksisterer et aktivt marked, benytter virksomheden en eller flere af følgende metoder til at opgøre dagsværdien:
a)
den seneste transaktionspris, under forudsætning af, at der ikke har været væsentlige ændringer i de økonomiske forhold mellem transaktionstidspunktet og balancedagen
b)
markedspriser for tilsvarende aktiver med en sådan regulering som er nødvendig for at afspejle forskelle, og
c)
referenceværdier anvendt inden for branchen såsom værdien af en frugtplantage målt pr. eksportbakke, liter eller hektar og værdien af kvæg pr. kilogram kød.
19.
I nogle tilfælde vil virksomheden efter de i afsnit 18 opstillede informationskilder nå frem til forskellige resultater med hensyn til dagsværdien af et biologisk aktiv eller landbrugsprodukt. For at finde frem til det mest pålidelige skøn over dagsværdien inden for et spænd af rimelige skøn for dagsværdien, vurderer virksomheden årsagerne til disse forskelle.
20.
I visse tilfælde findes der ingen markedsbestemte priser for eller værdier af et biologisk aktiv i dets aktuelle tilstand. I sådanne tilfælde anvender virksomheden ved opgørelsen af dagsværdien nutidsværdien af skønnede nettopengestrømme fra aktivet, diskonteret med en aktuel markedsbestemt sats før skat.
21.
Formålet med en beregning af nutidsværdien af den skønnede nettopengestrøm er at opgøre dagsværdien af et biologisk aktiv med aktivets aktuelle placering og tilstand. Virksomheden tager dette i betragtning ved opgørelse af en passende diskonteringssats og vurdering af de skønnede nettopengestrømme. Et biologisk aktivs aktuelle tilstand omfatter ikke værdiforøgelser som følge af yderligere biologisk omdannelse og fremtidige aktiviteter i virksomheden såsom aktiviteter i forbindelse med forbedring af den fremtidige biologiske omdannelse, høst og salg.
22.
Virksomheden indregner ikke pengestrømme fra finansiering af aktiverne, beskatning eller reetablering af biologiske aktiver efter høst (eksempelvis omkostninger i forbindelse med genplantning af træer i en plantageskov efter fældning).
23.
Når kvalificerede, villige købere og sælgere bliver enige om en efter normal forretningspraksis rimelig transaktionspris, tager de højde for mulige udsving i pengestrømmene. Således tager dagsværdien højde for sådanne mulige udsving. Virksomheden indregner således sine forventninger til mulige udsving i pengestrømmene i enten de skønnede pengestrømme eller diskonteringssatsen eller en kombination heraf. Når virksomheden skal opgøre diskonteringssatsen, anvender den de samme forudsætninger som ved opgørelsen af de skønnede pengestrømme med det formål at undgå, at nogle forudsætninger medregnes to gange eller overses.
24.
Kostprisen kan undertiden nærme sig dagsværdien, især i de tilfælde, hvor:
a)
der har fundet begrænset omdannelse sted siden afholdelsen af de første omkostninger (eksempelvis kimplanter til frugttræer, der blev plantet umiddelbart inden balancedagen), eller
b)
den biologiske omdannelses indflydelse på prisen ikke forventes at være væsentlig (eksempelvis den indledende vækst i en produktionscyklus på 30 år for en fyrretræsplantage).
25.
Biologiske aktiver er ofte fysisk forbundet med jord (eksempelvis træer i en plantageskov). Der findes ikke nødvendigvis et individuelt marked for biologiske aktiver, der er forbundet med jord, men der kan eksistere et marked for de kombinerede aktiver, dvs. for de biologiske aktiver, råjord og forbedringer af jorden under ét. Virksomheden kan anvende oplysninger om de kombinerede aktiver til at opgøre dagsværdien af de biologiske aktiver. For eksempel kan værdien af de biologiske aktiver fremkomme ved, at dagsværdien af råjord og forbedringer af jorden trækkes fra dagsværdien af de kombinerede aktiver.
Gevinster og tab
26.
Gevinster og tab, der opstår ved første indregning af et biologisk aktiv til dagsværdi med fradrag af skønnede salgsomkostninger og ved en ændring i dagsværdien af et biologisk aktiv med fradrag af skønnede salgsomkostninger, skal medtages i årets resultat for det regnskabsår, hvor gevinsten eller tabet opstår.
27.
Ved første indregning af et biologisk aktiv kan der opstå et tab, da de skønnede salgsomkostninger fratrækkes ved opgørelsen af dagsværdien af et biologisk aktiv med fradrag af skønnede salgsomkostninger. Der kan ligeledes ved første indregning af et biologisk aktiv opstå en gevinst, såsom når der fødes en kalv.
28.
Gevinster og tab, der opstår ved første indregning af landbrugsprodukter til dagsværdi med fradrag af skønnede salgsomkostninger, skal medtages i årets resultat for det regnskabsår, hvor gevinsten eller tabet opstår.
29.
Der kan ved første indregning af landbrugsprodukter opstå gevinster eller tab som følge af høsten heraf.
Tilfælde, hvor dagsværdien ikke kan måles pålideligt
30.
Der er en formodning om, at der kan foretages en pålidelig måling af dagsværdien af et biologisk aktiv. Denne formodning kan imidlertid kun afkræftes ved første indregning af et biologisk aktiv, for hvilket der ikke findes markedsbestemte priser eller værdier, og for hvilket de alternative skøn vurderes at være klart upålidelige. I et sådant tilfælde skal det pågældende biologiske aktiv måles til kostprisen med fradrag af akkumulerede afskrivninger og akkumulerede tab ved værdiforringelse. Når dagsværdien af et sådant biologisk aktiv kan måles pålideligt, skal virksomheden måle det til dagsværdi med fradrag af skønnede salgsomkostninger. Når et biologisk anlægsaktiv opfylder kriterierne for klassifikation som besiddelse med henblik på salg (eller er medtaget i en afståelsesgruppe, som er klassificeret som besiddelse med henblik på salg) i overensstemmelse med IFRS 5 
Anlægsaktiver, som besiddes med henblik på salg og ophørte aktiviteter
, antages det, at dagsværdien kan måles pålideligt.
31.
Formodningen i afsnit 30 kan kun afkræftes ved første indregning. En virksomhed, der tidligere har målt et biologisk aktiv til dagsværdien med fradrag af skønnede salgsomkostninger, fortsætter med at måle det biologiske aktiv til dagsværdien med fradrag af skønnede salgsomkostninger, indtil aktivet afhændes.
32.
I alle tilfælde måler virksomheden landbrugsprodukter på høsttidspunktet til dagsværdi med fradrag af skønnede salgsomkostninger. Denne standard afspejler det synspunkt, at dagsværdien af landbrugsprodukter på høsttidspunktet altid kan måles pålideligt.
33.
Ved opgørelsen af kostpris, akkumuleret afskrivning og akkumulerede tab ved værdiforringelse finder IAS 2 
Varebeholdninger
, IAS 16 
Materielle anlægsaktiver
 og IAS 36 
Værdiforringelse af aktiver
 anvendelse.
OFFENTLIGE TILSKUD
34.
Et betingelsesfrit offentligt tilskud i forbindelse med et biologisk aktiv, der måles til dagsværdi med fradrag af skønnede salgsomkostninger, skal udelukkende indregnes i resultatopgørelsen, når det offentlige tilskud tildeles.
35.
Hvis et offentligt tilskud i forbindelse med et biologisk aktiv, der måles til dagsværdi med fradrag af skønnede salgsomkostninger, er betinget, herunder hvor et offentligt tilskud er betinget af, at virksomheden ikke beskæftiger sig med en nærmere angivet landbrugsaktivitet, må virksomheden udelukkende indregne det offentlige tilskud i resultatopgørelsen, når betingelserne for modtagelse af det offentlige tilskud er opfyldt.
36.
Vilkår og betingelser for offentlige tilskud kan variere. Et offentligt tilskud kan eksempelvis være betinget af, at virksomheden driver landbrug på et bestemt sted i fem år, og kræver at virksomheden tilbagebetaler alle offentlige tilskud, hvis den driver landbrug i mindre end fem år. I dette tilfælde indregnes det offentlige tilskud først i resultatopgørelsen, når de fem år er gået. Hvis der i det offentlige tilskud imidlertid er mulighed for at tilbageholde en del af tilskuddet på grundlag af tidsforløbet, indregner virksomheden det offentlige tilskud som indtægter på tidsmæssig basis.
37.
Hvis et offentligt tilskud vedrører et biologisk aktiv, der måles til kostpris med fradrag af akkumulerede afskrivninger og akkumulerede tab ved værdiforringelse (jf. afsnit 30), finder IAS 20 
Regnskabsmæssig behandling af offentlige tilskud og oplysning om andre former for offentlig støtte
 anvendelse.
38.
Behandlingen i denne standard adskiller sig fra IAS 20, hvis et offentligt tilskud vedrører et biologisk aktiv, der måles til dagsværdi med fradrag af skønnede salgsomkostninger, eller hvis et offentligt tilskud er betinget af, at virksomheden ikke beskæftiger sig med en nærmere angivet landbrugsaktivitet. IAS 20 finder kun anvendelse på offentlige tilskud vedrørende biologiske aktiver, der måles til kostpris med fradrag af akkumulerede afskrivninger og akkumulerede tab ved værdiforringelse.
OPLYSNINGER
39.
[Ophævet]
Generelle oplysninger
40.
Virksomheden skal oplyse de samlede gevinster eller tab i det aktuelle regnskabsår ved første indregning af biologiske aktiver og landbrugsprodukter, og som er opstået som følge af ændringen i dagsværdien med fradrag af skønnede salgsomkostninger af biologiske aktiver.
41.
Virksomheden skal præsentere en beskrivelse af alle grupper af biologiske aktiver.
42.
De oplysninger, der skal gives i henhold til afsnit 41, kan enten være beskrivende eller talmæssigt opgjorte.
43.
Virksomheden tilskyndes til at præsentere en talmæssigt opgjort beskrivelse af hver enkelt gruppe af biologiske aktiver, idet der skelnes mellem enten biologiske aktiver til forbrug og biologiske aktiver, der er bærere, eller modne og umodne biologiske aktiver. Virksomheden kan for eksempel oplyse de regnskabsmæssige værdier af biologiske aktiver til forbrug og biologiske aktiver, der fungerer som bærere, efter gruppe. Virksomheden kan også opdele disse regnskabsmæssige værdier i modne og umodne aktiver. Denne skelnen giver oplysninger, som kan være nyttige i forbindelse med den tidsmæssige vurdering af fremtidige pengestrømme. Virksomheden skal oplyse baggrunden for en sådan skelnen.
44.
Biologiske aktiver til forbrug er de aktiver, der høstes som landbrugsprodukter eller sælges som biologiske aktiver. Eksempler på biologiske aktiver til forbrug er slagtekvæg, kvægopdræt med henblik på videresalg, fisk i dambrug, afgrøder såsom majs og hvede, og træer, der skal bruges til tømmer. Biologiske aktiver, som falder under begrebet bærere, er de biologiske aktiver, der ikke kan forbruges. Som eksempel herpå kan nævnes malkekvæg, vinstokke, frugttræer og træer, som ikke fældes, men beskæres med henblik på salg af brænde. Bærere er ikke landbrugsprodukter, men snarere regenererende aktiver.
45.
Biologiske aktiver kan klassificeres som enten modne biologiske aktiver eller umodne biologiske aktiver. Modne biologiske aktiver er aktiver, som er klar til at blive høstet (for forbrugsaktiver), eller som kan være genstand for regelmæssig høstning (for bæreraktiver).
46.
Hvis følgende oplysninger ikke er anført andetsteds i forbindelse med årsregnskabet, skal virksomheden beskrive:
a)
arten af de aktiviteter, hvori hver gruppe biologiske aktiver indgår, og
b)
ikke-finansielle mål eller skøn over de fysiske mængder af:
i)
hver gruppe af virksomhedens biologiske aktiver ved regnskabsårets slutning, og
ii)
produktionen af landbrugsprodukter i regnskabsåret.
47.
Virksomheden skal oplyse de metoder og væsentlige forudsætninger, der er anvendt ved opgørelsen af dagsværdien for hver gruppe landbrugsprodukter på høsttidspunktet og hver gruppe biologiske aktiver.
48.
Virksomheden skal oplyse dagsværdien med fradrag af skønnede salgsomkostninger for de landbrugsprodukter, der er høstet i regnskabsåret opgjort på høsttidspunktet.
49.
En virksomhed skal give følgende oplysninger:
a)
forekomsten og den regnskabsmæssige værdi af biologiske aktiver, hvortil ejendomsretten er begrænset, og den regnskabsmæssige værdi af biologiske aktiver, der er stillet som sikkerhed for forpligtelser, og
b)
den beløbsmæssige værdi af forpligtelser til udvikling eller køb af biologiske aktiver, og
c)
risikostyringsstrategier vedrørende landbrugsaktivitet.
50.
Virksomheden skal præsentere en afstemning af ændringer i den regnskabsmæssige værdi af biologiske aktiver mellem det aktuelle regnskabsårs begyndelse og slutning. Afstemningen skal indeholde:
a)
den gevinst eller det tab, der er opstået som følge af ændringer i dagsværdien med fradrag af skønnede salgsomkostninger
b)
forøgelse som følge af køb
c)
fald, som kan henføres til salg og biologiske aktiver, som er klassificeret som besiddelse med henblik på salg (eller er medtaget i en afståelsesgruppe, som er klassificeret som besiddelse med henblik på salg) i overensstemmelse med IFRS 5
d)
forringelse som følge af høst
e)
forøgelse som følge af virksomhedssammenslutninger
f)
nettovalutakursforskelle hidrørende fra omregningen af årsregnskaber til en anden præsentationsvaluta og fra omregningen af en udenlandsk virksomheds årsregnskab til den regnskabsaflæggende virksomheds præsentationsvaluta, og
g)
andre ændringer.
51.
Et biologisk aktivs dagsværdi med fradrag af skønnede salgsomkostninger kan ændres som følge af både fysiske ændringer og prisændringer på markedet. Separat oplysning om fysiske ændringer og prisændringer er nyttig, når indtjeningen i regnskabsåret samt fremtidsudsigterne skal vurderes, navnlig når produktionscyklen er længere end ét år. I sådanne tilfælde tilskyndes virksomheden til at oplyse, enten pr. gruppe eller på anden måde, den ændring i dagsværdien med fradrag af skønnede salgsomkostninger, som indregnes i årets resultat som følge af fysiske ændringer og prisændringer. Denne oplysning er generelt mindre nyttig, når produktionscyklen er kortere end ét år (for eksempel ved kyllingeopdræt eller dyrkning af kornafgrøder).
52.
Biologisk omdannelse medfører en lang række fysiske ændringer — vækst, degenerering, produktion og avling, som alle kan observeres og måles. Hver enkelt af disse fysiske ændringer står i direkte forhold til fremtidige økonomiske fordele. En ændring i dagsværdien af et biologisk aktiv som følge af høst er også en fysisk ændring.
53.
Landbrugsaktivitet er ofte sårbar over for klimarisici, sygdomsrisici og andre naturbetingede risici. Hvis der opstår en begivenhed, som giver anledning til en væsentlig indtægts- eller omkostningspost, skal arten og den beløbsmæssige størrelse af denne post oplyses i overensstemmelse med IAS 1 
Præsentation af årsregnskaber
. Som eksempler på sådanne begivenheder kan nævnes virulent sygdomsudbrud, oversvømmelser, hårde tørke- eller frostperioder og insektangreb.
Supplerende oplysninger om biologiske aktiver i tilfælde, hvor dagsværdien ikke kan måles pålideligt
54.
Hvis virksomheden måler biologiske aktiver til kostpris med fradrag af akkumulerede afskrivninger og akkumulerede tab ved værdiforringelse (jf. afsnit 30) ved regnskabsårets slutning, skal virksomheden give følgende oplysninger om sådanne biologiske aktiver:
a)
en beskrivelse af de biologiske aktiver
b)
oplyse om årsagen til, at dagsværdien ikke kan opgøres pålideligt
c)
om muligt oplyse om det spænd af skøn, som dagsværdien højst sandsynlig vil ligge inden for
d)
den anvendte afskrivningsmetode
e)
de anvendte brugstider eller afskrivningssatser, og
f)
den regnskabsmæssige bruttoværdi og akkumulerede afskrivninger (sammendraget med akkumulerede tab ved værdiforringelse) ved regnskabsårets begyndelse og slutning.
55.
Hvis virksomheden i det aktuelle regnskabsår måler biologiske aktiver til kostpris med fradrag af akkumulerede afskrivninger og akkumulerede tab ved værdiforringelse (jf. afsnit 30), skal virksomheden give oplysning om gevinster og tab, der er indregnet ved afhændelsen af sådanne biologiske aktiver, og i afstemningen, der kræves i henhold til afsnit 50, skal der gives separat oplysning om beløb, der hidrører sådanne biologiske aktiver. Desuden skal afstemningen indeholde følgende beløb, som er medtaget i årets resultat, og som vedrører de biologiske aktiver:
a)
tab ved værdiforringelse
b)
tilbageførsel af tab ved værdiforringelse, og
c)
afskrivning.
56.
Hvis dagsværdien af biologiske aktiver tidligere målt til kostpris med fradrag af akkumulerede afskrivninger og akkumulerede tab ved værdiforringelse kan måles pålideligt i løbet af det aktuelle regnskabsår, skal virksomheden give følgende oplysninger om sådanne biologiske aktiver:
a)
en beskrivelse af de biologiske aktiver
b)
oplyse om årsagen til, at dagsværdien kan opgøres pålideligt, og
c)
virkningen af ændringen.
Offentlige tilskud
57.
Virksomheden skal oplyse følgende vedrørende landbrugsaktiviteter, der er omfattet af denne standard:
a)
arten og omfanget af offentlige tilskud indregnet i årsregnskabet
b)
uopfyldte forpligtelser og andre eventualforpligtelser knyttet til offentlige tilskud og
c)
væsentlige forventede fald i omfanget af offentlige tilskud.
IKRAFTTRÆDELSESTIDSPUNKT OG OVERGANG
58.
Denne standard træder i kraft for årsregnskaber, der dækker regnskabsår, som begynder 1. januar 2003 eller senere. Virksomheder tilskyndes til at anvende standarden før dette tidspunkt. Hvis en virksomhed anvender denne standard for regnskabsår, som begynder før 1. januar 2003, skal den give oplysning om dette.
59.
Denne standard indeholder ingen særlige overgangsbestemmelser. Anvendelsen af denne standard behandles regnskabsmæssigt i henhold til IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
.
IFRS 1
Førstegangsanvendelse af IFRS
FORMÅL
1.
Formålet med denne IFRS er at sikre, at en virksomheds 
første IFRS-årsregnskab
 samt delårsregnskabet for den del af perioden, som dækkes af årsregnskabet, indeholder oplysninger af høj kvalitet, som:
a)
er gennemsigtige for regnskabsbrugere og sammenlignelige over alle præsenterede perioder
b)
giver et passende afsæt for den regnskabsmæssige behandling i henhold til 
IFRS-standarderne
, og
c)
kan tilvejebringes, uden at omkostningerne derved overstiger fordelene for regnskabsbrugerne.
ANVENDELSESOMRÅDE
2.
Virksomheden skal anvende denne standard i:
a)
sit første IFRS-årsregnskab, og
b)
eventuelle delårsregnskaber, som virksomheden fremlægger i henhold til IAS 34 
Præsentation af delårsregnskaber
 for så vidt angår den del af perioden, som dækkes af det første IFRS-årsregnskab.
3.
En virksomheds første IFRS-årsregnskab er det første årsregnskab, hvor virksomheden anvender IFRS ved at afgive en udtrykkelig og uforbeholden erklæring i årsregnskabet om, at årsregnskabet er aflagt i overensstemmelse med IFRS. Årsregnskaber aflagt i henhold til IFRS er virksomhedens første IFRS-årsregnskab, hvis virksomheden eksempelvis:
a)
aflagde sit seneste tidligere årsregnskab:
i)
i henhold til nationale krav, som ikke var i overensstemmelse med IFRS i alle henseender
ii)
i overensstemmelse med IFRS i alle henseender, bortset fra, at årsregnskabet ikke indeholdt en udtrykkelig og uforbeholden erklæring om, at det var i overensstemmelse med IFRS
iii)
med en udtrykkelig erklæring om, at det var i overensstemmelse med visse, men ikke alle IFRS-standarder
iv)
i henhold til nationale krav, som ikke var i overensstemmelse med IFRS, hvor enkelte IFRS-standarder blev anvendt til at redegøre for poster, for hvilke der ikke eksisterede nationale krav, eller
v)
i henhold til nationale krav med en afstemning af visse beløb i forhold til de beløb, som fastsættes i henhold til IFRS
b)
udarbejdede årsregnskabet i henhold til IFRS udelukkende til internt brug uden at gøre årsregnskabet tilgængeligt for virksomhedens ejere eller andre eksterne regnskabsbrugere
c)
udarbejdede en samlet regnskabsaflæggelse i henhold til IFRS af konsolideringsmæssige hensyn uden at udarbejde et fuldstændigt årsregnskab som defineret i IAS 1 
Præsentation af årsregnskaber
, eller
d)
ikke aflagde årsregnskab for tidligere perioder.
4.
Denne IFRS er gældende, når en virksomhed begynder at anvende IFRS for første gang. Den er f.eks. ikke gældende, når en virksomhed:
a)
ophører med at aflægge årsregnskab i henhold til nationale krav, hvor virksomheden tidligere har aflagt årsregnskabet sammen med et andet årsregnskab, som indeholdt en udtrykkelig og uforbeholden erklæring om overensstemmelse med IFRS
b)
aflagde sidste års årsregnskab i henhold til nationale krav, og dette årsregnskab indeholdt en udtrykkelig og uforbeholden erklæring om overensstemmelse med IFRS, eller
c)
aflagde sidste års årsregnskab med en udtrykkelig og uforbeholden erklæring om, at årsregnskabet var i overensstemmelse med IFRS på trods af en revisionspåtegning med forbehold, for så vidt angik dette årsregnskab.
5.
Denne IFRS gælder ikke for ændringer i anvendt regnskabspraksis, som foretages af en virksomhed, der allerede anvender IFRS. Sådanne ændringer vedrører:
a)
krav om ændringer i anvendt regnskabspraksis i IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fej,
 og
b)
særlige overgangskrav i andre IFRS-standarder.
INDREGNING OG MÅLING
IFRS-åbningsbalance
6.
Virksomheder skal udarbejde en 
IFRS-åbningsbalance
 på 
tidspunktet for overgangen til IFRS
. Den danner udgangspunkt for den regnskabsmæssige behandling i henhold til IFRS. En virksomhed behøver ikke at præsentere sin IFRS-åbningsbalance i sit første IFRS-årsregnskab.
Regnskabspraksis
7.
Virksomheder skal anvende samme regnskabspraksis i IFRS-åbningsbalancen og igennem alle perioder, som præsenteres i det første IFRS-årsregnskab. Den anvendte regnskabspraksis skal være i overensstemmelse med alle IFRS-standarder, som er gældende på 
balancedagen
 for det første IFRS-årsregnskab, undtagen som angivet i afsnit 13-34B, 36A-36C og 37.
8.
En virksomhed skal ikke anvende forskellige udgaver af IFRS-standarder, som var gældende på tidligere tidspunkter. En virksomhed kan anvende en ny IFRS, som endnu ikke er obligatorisk, hvis tidligere anvendelse tillades.
Eksempel: Konsekvent anvendelse af den seneste udgave af IFRS-standarderne
Baggrund
Balancedagen for virksomhed A’s første IFRS-årsregnskab er 31. december 2005. Virksomhed A beslutter, at sammenligningstal kun præsenteres for et enkelt år i dette årsregnskab (se afsnit 36). Derfor sker virksomhedens overgang til IFRS på datoen for starten af virksomhedens aktiviteter den 1. januar 2004 (eller tilsvarende på datoen for afslutningen af virksomhedens aktiviteter den 31. december 2003). Virksomhed A præsenterede sit årsregnskab i henhold til de 
tidligere regnskabsprincipper
 årligt pr. den 31. december hvert år frem til og med 31. december 2004.
Anvendelse af krav
Det kræves, at virksomhed A anvender de IFRS-standarder, som er gældende for regnskabsår, der slutter 31. december 2005, når den:
a)
udarbejder sin IFRS-åbningsbalance pr. 1. januar 2004, og
b)
udarbejder og præsenterer sin balance for 31. december 2005 (herunder sammenligningstal for 2004), resultatopgørelse, egenkapital- og pengestrømsopgørelse for året frem til 31. december 2005 (herunder sammenligningstal for 2004) og andre oplysninger (herunder sammenligningstal for 2004).
Hvis en ny IFRS-standard endnu ikke er obligatorisk, men tillader tidligere anvendelse, er det tilladt, men ikke påkrævet, for virksomhed A at anvende den pågældende IFRS-standard i det første IFRS-årsregnskab.
9.
Overgangsbestemmelserne i de øvrige IFRS-standarder finder anvendelse på ændringer i anvendt regnskabspraksis, som foretages af en virksomhed, der allerede anvender IFRS-standarderne. De finder ikke anvendelse på overgangen til IFRS-standarderne for 
virksomheder, som anvender IFRS for første gang
, jf. dog afsnit 25D, 34A og 34B.
10.
En virksomhed skal, jf. dog afsnit 13-34B og 36A-36C, i sin IFRS-åbningsbalance:
a)
indregne alle aktiver og forpligtelser, som kræves indregnet i henhold til IFRS
b)
ikke indregne poster som aktiver eller forpligtelser, hvis IFRS ikke tillader en sådan indregning
c)
omklassificere poster, som er indregnet i henhold til de tidligere regnskabsprincipper som én slags aktiv, forpligtelse eller element af egenkapitalen, men som er en anden type af aktiv, forpligtelse eller element af egenkapitalen i henhold til IFRS, og
d)
anvende IFRS til måling af alle indregnede aktiver og forpligtelser.
11.
Den regnskabspraksis, som en virksomhed anvender i sin IFRS-åbningsbalance, kan være forskellig fra den, som virksomheden anvendte på samme dato ved anvendelse af de tidligere regnskabsprincipper. De reguleringer, der er en følge heraf, skyldes begivenheder og transaktioner, der ligger forud for tidspunktet for overgangen til IFRS. Derfor skal en virksomhed indregne disse reguleringer direkte i det overførte resultat (eller, hvis dette er relevant, en anden egenkapitalkategori) på tidspunktet for overgangen til IFRS.
12.
IFRS 1 indfører to kategorier af undtagelser fra princippet om, at en virksomheds IFRS-åbningsbalance skal være i overensstemmelse med alle IFRS-regler:
a)
afsnit 13–25G og 36A-36C tillader undtagelser fra visse krav i andre IFRS-standarder
b)
afsnit 26-34B forbyder anvendelse med tilbagevirkende kraft af visse aspekter af andre standarder.
Undtagelse fra andre IFRS-standarder
13.
En virksomhed kan vælge at anvende en eller flere af følgende undtagelser:
a)
virksomhedssammenslutninger (afsnit 15)
b)
dagsværdi
 eller omvurdering som 
fastsat kostpris
 (afsnit 16-19)
c)
personaleydelser (afsnit 20 og 20A)
d)
akkumulerede omregningsforskelle (afsnit 21 og 22)
e)
sammensatte finansielle instrumenter (afsnit 23)
f)
aktiver og forpligtelser i dattervirksomheder, associerede virksomheder og joint ventures (afsnit 24 og 25)
g)
klassifikation af tidligere indregnede finansielle instrumenter (afsnit 25A)
h)
aktiebaseret vederlæggelse (afsnit 25B og 25C)
i)
forsikringskontrakter (afsnit 25D)
j)
forpligtelser i forbindelse med at tage anlæg ud af drift, som er medtaget i kostprisen for materielle anlægsaktiver (afsnit 25E)
k)
leasingkontrakter (afsnit 25F), og
l)
måling af dagsværdien af finansielle aktiver eller finansielle forpligtelser ved første indregning (afsnit 25G).
En virksomhed må ikke anvende disse undtagelser ved analogi i forhold til andre poster.
14.
Visse af undtagelserne nedenfor vedrører dagsværdi. I IFRS 3 
Virksomhedssammenslutninger
 gøres der rede for, hvordan dagsværdien af identificerbare aktiver og forpligtelser, som erhverves i en virksomhedssammenslutning, fastsættes. En virksomhed skal anvende disse forklaringer i fastsættelsen af dagsværdier i henhold til denne standard, medmindre en anden IFRS-standard indeholder en mere specifik vejledning om fastsættelsen af dagsværdier for det pågældende aktiv eller passiv. Disse dagsværdier skal afspejle de forhold, som fandtes på den dato, de blev fastlagt for.
Virksomhedssammenslutninger
15.
En virksomhed skal anvende kravene i appendiks B på virksomhedssammenslutninger, som virksomheden indregnede før tidspunktet for overgangen til IFRS.
Dagsværdi eller omvurdering til fastsat kostpris
16.
En virksomhed kan vælge at foretage måling af et materielt anlægsaktiv på tidspunktet for overgangen til IFRS på grundlag af aktivets dagsværdi og anvende denne dagsværdi som den fastsatte kostpris på den pågældende dato.
17.
Virksomheder, som anvender IFRS for første gang, kan vælge at anvende en omvurdering foretaget i henhold til tidligere regnskabsprincipper af et materielt anlægsaktiv på eller før tidspunktet for overgangen til IFRS som fastsat kostpris på datoen for omvurderingen, hvis omvurderingen på datoen for omvurderingen i store træk var sammenlignelig med:
a)
dagsværdi, eller
b)
kostprisen eller kostprisen med fradrag af afskrivninger i henhold til IFRS, korrigeret med henblik på at afspejle f.eks. ændringer i et generelt eller specifikt prisindeks.
18.
De valg, som beskrives i afsnit 16 og 17, kan også foretages for:
a)
investeringsejendomme, hvis virksomheden vælger at anvende kostprismodellen i IAS 40 
Investeringsejendomme
, og
b)
immaterielle aktiver, som opfylder:
i)
indregningskriteriet i IAS 38 
Immaterielle aktiver
 (herunder pålidelig måling af den oprindelige kostpris), og
ii)
kriterierne i IAS 38 vedrørende omvurdering (herunder tilstedeværelsen af et aktivt marked).
En virksomhed må ikke anvende disse valg for så vidt angår andre aktiver eller for forpligtelser.
19.
Virksomheder, som anvender IFRS for første gang, kan have fastlagt den fastsatte kostpris i henhold til de tidligere regnskabsprincipper for visse eller alle aktiver og forpligtelser ved måling af disse på grundlag af dagsværdien på en bestemt dato som følge af en begivenhed, som f.eks. privatisering eller børsintroduktion. Virksomheden kan anvende denne form for begivenhedsspecifik måling af dagsværdien som fastsat kostpris, for så vidt angår IFRS på datoen for denne måling.
Personaleydelser
20.
I henhold til IAS 19 
Personaleydelser
 kan en virksomhed vælge at anvende »korridormetoden«, hvorved visse aktuarmæssige gevinster og tab ikke indregnes. Anvendelse af denne metode med tilbagevirkende kraft forudsætter, at virksomheden inddeler de akkumulerede aktuarmæssige gevinster og tab fra indførelsen af pensionsordningen og frem til tidspunktet for overgangen til IFRS i en indregnet og en ikke-indregnet del. Virksomheder, som anvender IFRS for første gang, kan imidlertid vælge at indregne alle akkumulerede aktuarmæssige gevinster og tab på tidspunktet for overgangen til IFRS, selv hvis de anvender korridormetoden for senere aktuarmæssige gevinster og tab. Hvis virksomheder, som anvender IFRS for første gang, benytter sig af denne mulighed, skal de anvende den for alle pensionsordninger.
20A
Virksomheder kan oplyse de i IAS 19, afsnit 120A p) krævede beløb, da beløbene opgøres fremadrettet for hvert regnskabsår fra tidspunktet for overgangen til IFRS.
Akkumulerede omregningsforskelle
21.
IAS 21 
Valutaomregning
 kræver, at virksomheden:
a)
klassificerer visse omregningsforskelle som et separat element af egenkapitalen, og
b)
ved afhændelse af en udenlandsk aktivitet overfører den akkumulerede omregningsforskel for denne udenlandske aktivitet (herunder eventuelt gevinster og tab på sikring i forbindelse hermed) til resultatopgørelsen som en del af gevinsten eller tabet på afhændelsen.
22.
Dog behøver en virksomhed, som anvender IFRS for første gang, ikke at overholde kravene om akkumulerede omregningsforskelle, som eksisterede på tidspunktet for overgangen til IFRS. Hvis en virksomhed, som anvender IFRS for første gang, benytter sig af undtagelsen:
a)
anslås de akkumulerede omregningsforskelle for alle udenlandske aktiviteter til nul på tidspunktet for overgangen til IFRS, og
b)
gevinsten eller tabet på en efterfølgende afhændelse af en udenlandsk aktivitet skal ikke omfatte de omregningsforskelle, som opstod før tidspunktet for overgangen til IFRS, men skal omfatte senere omregningsforskelle.
Sammensatte finansielle instrumenter
23.
IAS 32 
Finansielle instrumenter: Præsentation
 kræver, at en virksomhed fra starten opdeler et sammensat finansielt instrument i separate forpligtelses- og egenkapitalelementer. Hvis forpligtelseselementet ikke længere er udestående, medfører anvendelsen af IAS 32 med tilbagevirkende kraft en opdeling i to egenkapitalelementer. Det første element indgår i det overførte resultat og udgør den akkumulerede rente på det samlede forpligtelseselement. Det andet element repræsenterer det oprindelige egenkapitalelement. I henhold til denne standard behøver en virksomhed, som anvender IFRS for første gang, imidlertid ikke at adskille de to elementer, hvis forpligtelseselementet ikke længere er udestående på tidspunktet for overgangen til IFRS.
Aktiver og forpligtelser i dattervirksomheder, associerede virksomheder og joint ventures
24.
Hvis en dattervirksomhed anvender IFRS for første gang på et senere tidspunkt end modervirksomheden, skal dattervirksomheden i sit årsregnskab foretage en måling af sine aktiver og forpligtelser enten:
a)
i form af de regnskabsmæssige værdier, som ville blive indregnet i modervirksomhedens konsoliderede årsregnskab, baseret på datoen for modervirksomhedens overgang til IFRS, såfremt der ikke blev foretaget korrektioner for konsolideringsprocedurer og for effekten af den virksomhedssammenslutning, inden for hvilken modervirksomheden erhvervede dattervirksomheden, eller
b)
i form af de regnskabsmæssige værdier, som kræves i resten af denne standard, baseret på datoen for dattervirksomhedens overgang til IFRS. De regnskabsmæssige værdier kan være forskellige fra dem, som er beskrevet i a):
i)
hvis undtagelserne i denne standard resulterer i målinger, som afhænger af tidspunktet for overgangen til IFRS
ii)
hvis den anvendte regnskabspraksis i dattervirksomhedens årsregnskab er forskellig fra den, som anvendes i koncernregnskabet. Eksempelvis kan en dattervirksomhed anvende kostprismodellen i IAS 16 
Materielle anlægsaktiver
, mens koncernen kan anvende omvurderingsmodellen.
Et tilsvarende valg kan foretages for en associeret virksomhed eller et joint venture, som anvender IFRS for første gang på et senere tidspunkt end den virksomhed, som har væsentlig indflydelse på eller fælles kontrol over virksomheden.
25.
Hvis en virksomhed derimod anvender IFRS for første gang på et senere tidspunkt end en dattervirksomhed (eller en associeret virksomhed eller et joint venture), skal virksomheden i sit konsoliderede årsregnskab foretage en måling af dattervirksomhedens (eller den associerede virksomheds eller joint ventures) aktiver og forpligtelser på grundlag af de samme regnskabsmæssige værdier som i dattervirksomhedens (eller den associerede virksomheds eller joint ventures) årsregnskab, efter regulering for konsolidering og regnskabsmæssige egenkapitalreguleringer samt for effekten af virksomhedssammenslutningen, inden for hvilken virksomheden erhvervede dattervirksomheden. Tilsvarende gælder det, at hvis modervirksomheden for så vidt angår det separate årsregnskab anvender IFRS for første gang tidligere eller senere end for det konsoliderede årsregnskab, skal den foretage en måling af aktiver og forpligtelser på grundlag af de samme beløb i begge årsregnskaber, dog undtaget for konsolideringsmæssige reguleringer.
Klassifikation af tidligere indregnede finansielle instrumenter
25A
IAS 39 
Finansielle instrumenter: Indregning og måling
 tillader, at et finansielt aktiv ved første indregning klassificeres som disponibelt for salg, eller at et finansielt instrument (forudsat at det opfylder visse kriterier) klassificeres som et finansielt aktiv eller en finansiel forpligtelse til dagsværdi gennem resultatet. På trods af dette krav gælder der undtagelser i følgende tilfælde;
a)
det er tilladt for virksomheder at foretage en klassifikation som disponibel for salg på tidspunktet for overgangen til IFRS
b)
en virksomhed, der aflægger sit første IFRS-regnskab for et regnskabsår, der begynder 1. september 2006 eller derefter
 — det er tilladt for en sådan virksomhed, på tidspunktet for overgangen til IFRS, at klassificere alle finansielle aktiver eller finansielle forpligtelser til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, forudsat at aktivet eller forpligtelsen opfylder kriterierne i afsnit 9b)i), 9b)ii) eller 11A i IAS 39 på det tidspunkt
c)
en virksomhed, der aflægger sit første IFRS-regnskab for et regnskabsår, der begynder 1. januar 2006 eller derefter, men før 1. september 2006
                                 
 — det er tilladt for en sådan virksomhed, på tidspunktet for overgangen til IFRS, at klassificere alle finansielle aktiver eller finansielle forpligtelser til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, forudsat at aktivet eller forpligtelsen opfylder kriterierne i afsnit 9b)i), 9b)ii) eller 11A i IAS 39 på det tidspunkt. Når tidspunktet for overgangen til IFRS ligger før 1. september 2005, behøver sådanne klassifikationer ikke være afsluttet før 1. september 2005, og kan også omfatte finansielle aktiver og finansielle forpligtelser, der er indregnet mellem tidspunktet for overgangen til IFRS og 1. september 2005
d)
en virksomhed, der aflægger sit første IFRS-regnskab for et regnskabsår, der begynder før 1. januar 2006, og som anvender afsnit 11A, 48A, AG4B-AG4K, AG33A og AG33B og 2005-ændringerne i afsnit 9, 12 og 13 i IAS 39
 — det er tilladt for en sådan virksomhed, på tidspunktet for begyndelsen af dets første IFRS-regnskabsår, at foretage en klassifikation til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi af alle finansielle aktiver eller finansielle forpligtelser, der opfylder kriterierne for en sådan klassifikation i overensstemmelse med disse nye og ændrede afsnit på det tidspunkt. Når virksomhedens første IFRS-regnskabsår begynder før 1. september 2005, behøver sådanne klassifikationer ikke at være afsluttet før 1. september 2005 og kan også omfatte finansielle aktiver og finansielle forpligtelser, der er indregnet mellem begyndelsen af det regnskabsår og 1. september 2005. Hvis virksomheden tilpasser sammenligningstallene for IAS 39, skal den tilpasse disse tal for de finansielle aktiver, finansielle forpligtelser eller grupper af finansielle aktiver, finansielle forpligtelser eller begge dele, der blev klassificeret ved begyndelsen af virksomhedens første IFRS-regnskabsår. En sådan tilpasning af sammenligningstal skal udelukkende foretages, hvis de klassificerede poster eller grupper ville have opfyldt kriterierne for en sådan klassifikation i afsnit 9b)i), 9b)ii) eller 11A i IAS 39 på tidspunktet for overgangen til IFRS eller, hvis de blev erhvervet efter tidspunktet for overgangen til IFRS, ville have opfyldt kriterierne i afsnit 9b)i), 9b)ii) eller 11A på tidspunktet for den første indregning
e)
for en virksomhed, der aflægger sit første IFRS-regnskab for et regnskabsår, der begynder før 1. september 2006
                                 
 — uanset indholdet af afsnit 91 i IAS 39 skal alle finansielle aktiver og finansielle forpligtelser, som en sådan virksomhed har klassificeret til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi i overensstemmelse med underafsnit c) eller d) ovenfor, som tidligere har været klassificeret som den sikrede post i forbindelse med regnskabsmæssig sikring af dagsværdien, afklassificeres herfra samtidig med, at de bliver klassificeret til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi.
Aktiebaseret vederlæggelse
25B
Det tilskyndes, men kræves ikke, at en virksomhed, som anvender IFRS for første gang, anvender IFRS 2 
Aktiebaseret vederlæggelse
 på egenkapitalinstrumenter, som blev tildelt 7. november 2002 eller før. Det tilskyndes også, men kræves ikke, at en virksomhed, som anvender IFRS for første gang, anvender IFRS 2 på egenkapitalinstrumenter, som blev tildelt efter 7. november 2002, og som blev optjent før a) tidspunktet for overgangen til IFRS, eller b) 1. januar 2005, alt efter hvad der måtte komme senest. Hvis en virksomhed, som anvender IFRS for første gang, vælger at anvende IFRS 2 på sådanne egenkapitalinstrumenter, må virksomheden imidlertid udelukkende gøre dette, hvis den har offentliggjort dagsværdien af disse egenkapitalinstrumenter opgjort på målingstidspunktet som defineret i IFRS 2. For alle tildelinger af egenkapitalinstrumenter, som IFRS 2 ikke har været anvendt på (eksempelvis egenkapitalinstrumenter, som er tildelt 7. november 2002 eller før) skal virksomheder, som anvender IFRS for første gang, alligevel give de i afsnit 44 og 45 i IFRS 2 krævede oplysninger. Hvis en virksomhed, som anvender IFRS for første gang, ændrer vilkårene eller betingelserne for en tildeling af egenkapitalinstrumenter, som IFRS 2 ikke har været anvendt på, kræves det ikke, at virksomheden anvender afsnit 26-29 i IFRS 2, hvis ændringen blev foretaget før a) tidspunktet for overgangen til IFRS, eller b) 1. januar 2005, alt efter hvad der måtte komme senest.
25C
Det tilskyndes, men kræves ikke, at en virksomhed, som anvender IFRS for første gang, anvender IFRS 2 på forpligtelser hidrørende fra aktiebaseret vederlæggelse, som blev afregnet før tidspunktet for overgangen til IFRS. Det tilskyndes også, men kræves ikke, at en virksomhed, som anvender IFRS for første gang, anvender IFRS 2 på forpligtelser, som blev afregnet før 1. januar 2005. Ved forpligtelser, som IFRS 2 finder anvendelse på, kræves det ikke, at en virksomhed, som anvender IFRS for første gang, tilpasser sammenligningstal, i det omfang disse oplysninger er tilknyttet et regnskabsår eller et tidspunkt før 7. november 2002.
Forsikringskontrakter
25D
En virksomhed, som anvender IFRS for første gang, kan anvende overgangsbestemmelserne i IFRS 4 
Forsikringskontrakter
. IFRS 4 begrænser muligheden for ændringer i regnskabspraksis for forsikringskontrakter, herunder ændringer, som er foretaget af en virksomhed, der anvender IFRS for første gang.
Ændringer i eksisterende forpligtelser i forbindelse med at tage anlæg ud af drift, retablering samt tilsvarende forpligtelser, som er medtaget i kostprisen for materielle anlægsaktiver
25E
IFRIC 1 
Ændringer i eksisterende forpligtelser i forbindelse med at tage anlæg ud af drift, retablering samt tilsvarende forpligtelser
 kræver, at bestemte ændringer i en forpligtelse i forbindelse med at tage anlæg ud af drift, en retableringsforpligtelse eller en tilsvarende forpligtelse lægges til eller trækkes fra kostprisen for det aktiv, forpligtelsen knytter sig til. Aktivets regulerede afskrivningsberettigede beløb afskrives derefter fremadrettet over den resterende brugstid. En virksomhed, som anvender IFRS for første gang, behøver ikke at overholde disse krav, for så vidt angår ændringer i sådanne forpligtelser, hvis de indtraf før tidspunktet for overgangen til IFRS. Hvis en virksomhed, som anvender IFRS for første gang, benytter sig af denne undtagelse, skal den:
a)
måle forpligtelsen på tidspunktet for overgangen til IFRS i overensstemmelse med IAS 37
b)
i det omfang forpligtelsen er omfattet af IFRIC 1, skønne det beløb, der ville have været medtaget i kostprisen for det aktiv, forpligtelsen knytter sig til, på det tidspunkt, hvor forpligtelsen opstod, ved at diskontere forpligtelsen til dette tidspunkt ved anvendelse af sit bedste skøn over den eller de historiske risikokorrigerede diskonteringssatser, som ville have været gældende for forpligtelsen i den mellemliggende periode, og
c)
beregne den akkumulerede afskrivning på dette beløb på tidspunktet for overgangen til IFRS på grundlag af det aktuelle skøn over aktivets brugstid og ved anvendelse af virksomhedens vedtagne afskrivningspraksis i henhold til IFRS-standarderne.
Leasingkontrakter
25F
En virksomhed, som anvender IFRS for første gang, kan anvende overgangsbestemmelserne i IFRIC 4 
Vurdering af, om en aftale indeholder en leasingkontrakt
. Derfor kan en virksomhed, som anvender IFRS for første gang, vurdere, om en aftale, som eksisterede på tidspunktet for overgangen til IFRS, indeholder en leasingkontrakt på baggrund af de foreliggende forhold og omstændigheder på det tidspunkt.
Måling af dagsværdien af finansielle aktiver eller finansielle forpligtelser
25G
Uanset kravene i afsnit 7 og 9 kan virksomheden anvende kravene i sidste sætning af afsnit AG76 i IAS 39 samt afsnit AG76A på en af følgende måder:
a)
fremadrettet på transaktioner, som er indgået efter 25. oktober 2002, eller
b)
fremadrettet på transaktioner, som er indgået efter 1. januar 2004.
Undtagelser fra anvendelse med tilbagevirkende kraft af andre IFRS-standarder
26.
Ifølge denne standard forbydes anvendelse med tilbagevirkende kraft af visse aspekter af andre standarder, som vedrører:
a)
ophør af indregning af finansielle aktiver og finansielle forpligtelser (afsnit 27 og 27A)
b)
regnskabsmæssig sikring (afsnit 28-30)
c)
skøn (afsnit 31-34), og
d)
aktiver, som er klassificeret som besiddelse med henblik på salg og ophørte aktiviteter (afsnit 34A og 34B).
Ophør af indregning af finansielle aktiver og finansielle forpligtelser
27.
Bortset fra det i afsnit 27A tilladte skal en virksomhed, som anvender IFRS for første gang, anvende kravene om ophør af indregning i IAS 39 fremadrettet på transaktioner, som finder sted 1. januar 2004 eller derefter. Med andre ord må en virksomhed, som anvender IFRS for første gang, og som har ophørt med indregning af ikke-afledte finansielle aktiver eller ikke-afledte finansielle forpligtelser i henhold til tidligere regnskabsprincipper som følge af en transaktion, som fandt sted før 1. januar 2004, ikke indregne disse aktiver og forpligtelser i henhold til IFRS (medmindre de opfylder kriterierne for indregning som følge af en senere transaktion eller begivenhed).
27A
Uanset indholdet i afsnit 27 kan de i IAS 39 anførte krav om ophør af indregning anvendes med tilbagevirkende kraft fra et tidspunkt efter virksomhedens eget valg, forudsat at de oplysninger, som kræves for at anvende IAS 39 på finansielle aktiver og finansielle forpligtelser, som ikke længere indregnes som følge af tidligere transaktioner, var indhentet på tidspunktet for den første regnskabsmæssige behandling af disse transaktioner.
Regnskabsmæssig sikring
28.
I henhold til IAS 39 skal en virksomhed på tidspunktet for overgangen til IFRS:
a)
måle alle afledte finansielle instrumenter på grundlag af dagsværdien, og
b)
udligne alle udskudte tab og gevinster på afledte finansielle instrumenter, der i henhold til tidligere regnskabsprincipper blev indregnet som aktiver eller forpligtelser.
29.
En virksomhed skal ikke i sin IFRS-åbningsbalance afspejle sikringsforhold, som ikke opfylder kravene til regnskabsmæssig sikring i henhold til IAS 39 (f.eks. mange sikringsforhold, hvor sikringsinstrumentet ikke er et afledt finansielt instrument eller en solgt option, eller hvor den sikrede post er en nettoposition, eller hvor sikringen omfatter renterisikoen på en hold-til-udløb-investering). Såfremt en virksomhed imidlertid har klassificeret en nettoposition som en sikret post i henhold til tidligere regnskabsprincipper, kan den klassificere en særskilt post i denne nettoposition som en sikret post i henhold IFRS, forudsat at virksomheden ikke gør dette senere end tidspunktet for overgangen til IFRS.
30.
Hvis virksomheden forud for tidspunktet for overgangen til IFRS havde klassificeret en transaktion som en sikring, men sikringen ikke opfylder betingelserne for regnskabsmæssig sikring i IAS 39, skal virksomheden anvende afsnit 91 og 101 i IAS 39 (ajourført 2003) for at bringe den regnskabsmæssige sikring til ophør. Transaktioner, som er indgået før tidspunktet for overgangen til IFRS, må ikke klassificeres som sikringer med tilbagevirkende kraft.
Skøn
31.
En virksomheds skøn i henhold til IFRS på tidspunktet for overgangen til IFRS skal være i overensstemmelse med de skøn, som er foretaget for samme dato i henhold til de tidligere regnskabsprincipper (efter regulering af hensyn til eventuelle forskelle i anvendt regnskabspraksis), medmindre det objektivt kan dokumenteres, at disse skøn er forkerte.
32.
En virksomhed kan modtage oplysninger efter tidspunktet for overgangen til IFRS om skøn, som den har foretaget i henhold til tidligere regnskabsprincipper. I henhold til afsnit 31 skal en virksomhed behandle modtagelsen af sådanne oplysninger på samme måde som ikke-regulerende begivenheder efter balancedagen i henhold til IAS 10 
Begivenheder efter balancedagen
. Antages det f.eks., at datoen for en virksomheds overgang til IFRS er 1. januar 2004, og at nye oplysninger den 15. juli 2004 kræver en ændring af det estimat, som er foretaget i henhold til de tidligere regnskabsprincipper pr. 31. december 2003, skal disse nye oplysninger ikke afspejles i virksomhedens IFRS-åbningsbalance (medmindre skønnene kræver regulering af hensyn til eventuelle forskelle i anvendt regnskabspraksis, eller det objektivt kan dokumenteres, at skønnene er forkerte). Virksomheden skal i stedet vise de nye oplysninger i sin resultatopgørelse (eller eventuelt andre egenkapitalændringer) for det år, der afsluttes 31. december 2004.
33.
Det kan være nødvendigt for en virksomhed at foretage skøn i henhold til IFRS på tidspunktet for overgangen til IFRS, som ikke var påkrævede på denne dato i henhold til de tidligere regnskabsprincipper. For at skabe konsekvens i forhold til IAS 10 skal disse skøn i henhold til IFRS afspejle de forhold, som eksisterede på tidspunktet for overgangen til IFRS. Navnlig gælder det, at skøn på tidspunktet for overgangen til IFRS af markedspriser, renter eller valutakurser skal afspejle markedsforholdene på den pågældende dato.
34.
Afsnit 31-33 gælder for IFRS-åbningsbalancen. De samme afsnit gælder også for en sammenlignelig periode, der præsenteres i virksomhedens første IFRS-årsregnskab. Her gælder det, at referencer til datoen for overgangen til IFRS erstattes med referencer til udløbet af den sammenlignelige periode.
Aktiver, som er klassificeret som besiddelse med henblik på salg og ophørte aktiviteter
34A
IFRS 5 
Anlægsaktiver, som besiddes med henblik på salg og ophørte aktiviteter
 kræver, at den skal anvendes fremadrettet på anlægsaktiver (eller afståelsesgrupper), der opfylder kriterierne for klassifikation som besiddelse med henblik på salg, og aktiviteter, der opfylder kriterierne for klassifikation som ophørte aktiviteter efter standardens ikrafttrædelsestidspunkt. IFRS 5 tillader, at en virksomhed anvender kravene i standarden på alle anlægsaktiver (eller afståelsesgrupper), der opfylder kriterierne for klassifikation som besiddelse med henblik på salg, og aktiviteter, der opfylder kriterierne for klassifikation som ophørte aktiviteter efter et hvilket som helst tidspunkt før standardens ikrafttrædelsestidspunkt, forudsat at værdiansættelserne og øvrige oplysninger, der kræves for at anvende standarden, var indhentet på tidspunktet for den oprindelige opfyldelse af disse kriterier.
34B
En virksomhed, der overgår til IFRS før 1. januar 2005, skal anvende overgangsbestemmelserne i IFRS 5. En virksomhed, der overgår til IFRS 1. januar 2005 eller derefter, skal anvende IFRS 5 med tilbagevirkende kraft.
PRÆSENTATION OG OPLYSNING
35.
Bortset fra som angivet i afsnit 36A-37 indeholder denne IFRS ikke undtagelser fra præsentations- og oplysningskravene i andre IFRS-standarder.
Sammenligningstal
36.
For at overholde IAS 1 skal en virksomheds første IFRS-årsregnskab indeholde mindst ét års sammenligningstal i henhold til IFRS.
Undtagelse fra kravet om at tilpasse sammenligningstal for IAS 39 og IFRS 4
36A
En virksomhed, der anvender IFRS i sit årsregnskab før 1. januar 2006, skal præsentere sammenligningstal for mindst ét år, men disse sammenligningstal behøver ikke være i overensstemmelse med IAS 32, IAS 39 og IFRS 4. En virksomhed, der vælger at præsentere sammenligningstal, som ikke er i overensstemmelse med IAS 32, IAS 39 og IFRS 4, skal i det første overgangsår:
a)
anvende indregnings- og målingskravene i sine tidligere regnskabsprincipper på sammenligningstallene for finansielle instrumenter, som er omfattet af IAS 32 og IAS 39, og for forsikringskontrakter, som er omfattet af IFRS 4
b)
give oplysning om dette sammen med grundlaget for udarbejdelsen af disse oplysninger, og
c)
give oplysning om de væsentligste reguleringer, der skal foretages for at sikre, at oplysningerne er i overensstemmelse med IAS 32, IAS 39 og IFRS 4. Det er ikke nødvendigt, at virksomheden sætter tal på disse reguleringer. Virksomheden skal imidlertid behandle alle reguleringer mellem balancen på sammenligningsårets balancedag (dvs. den balance, som indeholder sammenligningstal i henhold til de tidligere regnskabsprincipper) og balancen ved begyndelsen af det 
første IFRS-regnskabsår
 (dvs. det første regnskabsår, som indeholder oplysninger, der er i overensstemmelse med IAS 32, IAS 39 og IFRS 4), som hidrørende fra en ændring i regnskabspraksis og give de i IAS 8, afsnit 28a)-e) og afsnit f) i) krævede oplysninger. Afsnit 28f)i) finder kun anvendelse på beløb, som præsenteres i balancen på sammenligningsårets balancedag.
I tilfælde, hvor en virksomhed vælger at præsentere sammenligningstal, som ikke er i overensstemmelse med IAS 32, IAS 39 og IFRS 4, betyder henvisninger til »tidspunktet for overgangen til IFRS« begyndelsen af det første IFRS-regnskabsår, men kun for så vidt angår disse standarder. Sådanne virksomheder skal opfylde bestemmelserne i afsnit 15c) i IAS 1 om yderligere oplysninger, hvis opfyldelsen af de specifikke IFRS-krav ikke er tilstrækkeligt til, at brugere af årsregnskabet kan få kendskab til bestemte transaktioners eller andre begivenheders og forholds virkning for virksomhedens finansielle stilling og indtjening.
Undtagelse fra kravet om at præsentere sammenligningstal for IFRS 6
36B
En virksomhed, der anvender IFRS for første gang før 1. januar 2006, og som vælger at anvende IFRS 6 
Efterforskning og vurdering af mineralressourcer
 før 1. januar 2006, behøver ikke at følge kravene i IFRS 6 om sammenligningstal i sit første IFRS-regnskab.
Fritagelse fra kravet om at præsentere sammenligningstal ved anvendelse af IFRS 7
36C
En virksomhed, der anvender IFRS før 1. januar 2006 og vælger at anvende IFRS 7 
Finansielle instrumenter: Oplysninger i sit første
 IFRS-årsregnskab, behøver ikke præsentere de i IFRS 7 krævede sammenligningstal i det pågældende årsregnskab.
Sammenligningstal og historiske sammendrag, der ikke udarbejdes i henhold til IFRS
37.
Nogle virksomheder præsenterer historiske sammendrag af udvalgte data for perioder, der ligger forud for den første periode, for hvilken virksomheden præsenterer fyldestgørende sammenligningstal i henhold til IFRS. Denne IFRS kræver ikke, at disse sammendrag er i overensstemmelse med kravene om indregning og måling i IFRS. Endvidere præsenterer visse virksomheder både de sammenligningstal, der kræves i henhold til virksomhedens tidligere regnskabsprincipper og de sammenligningstal, som kræves af IAS 1. I alle årsregnskaber, der indeholder historiske sammendrag eller sammenligningstal i henhold til tidligere regnskabsprincipper, skal virksomheden:
a)
markere oplysninger udarbejdet i henhold til tidligere regnskabsprincipper på en klar og forståelig måde, så det fremgår, at de ikke er udarbejdet i henhold til IFRS, og
b)
oplyse hvilke primære reguleringer, der skal foretages for at opnå overensstemmelse med IFRS. Det er ikke nødvendigt, at virksomheden sætter tal på disse reguleringer.
Forklaring af overgangen til IFRS
38.
En virksomhed skal gøre rede for, hvordan overgangen fra de tidligere regnskabsprincipper til IFRS har påvirket virksomhedens finansielle stilling, indtjening og pengestrømme.
Afstemninger
39.
For at opfylde kravene i afsnit 38 skal virksomhedens første IFRS-årsregnskab indeholde:
a)
afstemninger af den egenkapital, den har rapporteret i henhold til tidligere regnskabsprincipper i forhold til egenkapitalen i henhold til IFRS for følgende to datoer:
i)
tidspunktet for overgangen til IFRS, og
ii)
afslutningen af den sidste periode, som præsenteres i virksomhedens seneste årsregnskab aflagt i henhold til de tidligere regnskabsprincipper
b)
en afstemning af overskud eller tab, der er rapporteret i henhold til de tidligere regnskabsprincipper for den sidste periode i virksomhedens seneste årsregnskab i forhold til resultat i henhold til IFRS for samme periode, og
c)
i det omfang virksomheden indregnede eller tilbageførte tab ved værdiforringelse for første gang ved udarbejdelsen af sin IFRS-åbningsbalance, de oplysninger, som ville være påkrævet i henhold til IAS 36 
Værdiforringelse af aktiver,
 hvis virksomheden havde indregnet disse tab ved værdiforringelse eller tilbageførsler i den periode, som indledtes med datoen for overgangen til IFRS.
40.
De nødvendige afstemninger i medfør af afsnit 39 a) og b) skal være tilstrækkeligt detaljerede til at give regnskabsbrugerne en forståelse af de væsentlige reguleringer af balancen og resultatopgørelsen. Hvis en virksomhed har præsenteret en pengestrømsopgørelse i henhold til tidligere regnskabsprincipper, skal den ligeledes gøre rede for de væsentligste reguleringer i pengestrømsopgørelsen.
41.
Hvis en virksomhed bliver opmærksom på fejl begået i henhold til de tidligere regnskabsprincipper, skal de afstemninger, som kræves i afsnit 39 a) og b), sondre mellem korrektion af disse fejl og ændringer i den anvendte regnskabspraksis.
42.
IAS 8 beskæftiger sig ikke med ændringer i anvendt regnskabspraksis, som optræder, når en virksomhed anvender IFRS for første gang. Derfor finder kravene i IAS 8 om oplysninger om ændringer i anvendt regnskabspraksis ikke anvendelse på virksomhedens første IFRS-årsregnskab.
43.
Hvis en virksomhed ikke har aflagt årsregnskab for tidligere perioder, skal det første IFRS-årsregnskab oplyse herom.
Klassifikation af finansielle aktiver eller finansielle forpligtelser
43A
Det er tilladt for virksomheden at klassificere tidligere indregnede finansielle aktiver eller finansielle forpligtelser som finansielle aktiver eller finansielle forpligtelser til dagsværdi gennem resultatet eller at klassificere finansielle aktiver som disponible for salg i overensstemmelse med afsnit 25A. Virksomheden skal oplyse om dagsværdien af eventuelle finansielle aktiver eller finansielle forpligtelser, som er klassificeret til hver kategori, på tidspunktet for klassifikationen samt om klassifikationen og den regnskabsmæssige værdi i de tidligere årsregnskaber.
Anvendelse af dagsværdi som fastsat kostpris
44.
Hvis en virksomhed i sin IFRS-åbningsbalance anvender dagsværdien som fastsat kostpris for et materielt anlægsaktiv, en investeringsejendom eller et immaterielt aktiv (se afsnit 16 og 18), skal virksomhedens første IFRS-årsregnskab oplyse følgende for hver regnskabspost i IFRS-åbningsbalancen:
a)
den beløbsmæssige størrelse af disse dagsværdier, og
b)
den samlede regulering af den regnskabsmæssige værdi der er rapporteret i henhold til tidligere regnskabsprincipper.
Præsentation af delårsregnskab
45.
For at opfylde kravene i afsnit 38 skal virksomheden, hvis den præsenterer et delårsregnskab i henhold til IAS 34 for en del af den periode, som dækkes af det første IFRS-årsregnskab, opfylde følgende krav ud over de i IAS 34 nævnte:
a)
Hvert delårsregnskab skal, hvis virksomheden præsenterede et delårsregnskab for en sammenlignelig periode af det umiddelbart forudgående regnskabsår, indeholde afstemninger af:
i)
egenkapitalen i henhold til tidligere regnskabsprincipper ved udgangen af den sammenlignelige delårsperiode i forhold til egenkapitalen i henhold til IFRS på samme dato, og
ii)
resultat i henhold til tidligere regnskabsprincipper for den sammenlignelige delårsregnskabsperiode (nuværende og år-til-dato) i forhold til resultat i henhold til IFRS for samme periode.
b)
Ud over de under punkt a) krævede afstemninger skal virksomhedens første delårsregnskab i henhold til IAS 34 for en del af den periode, som dækkes af det første IFRS-årsregnskab, indeholde de afstemninger, som er beskrevet i afsnit 39 a) og b) (suppleret med yderligere oplysninger, som kræves i afsnit 40 og 41), eller en krydshenvisning til et andet offentliggjort dokument, som indeholder disse afstemninger.
46.
IAS 34 kræver minimumsoplysninger, som baseres på en antagelse om, at brugere af delårsregnskaber også har adgang til det seneste årsregnskab. IAS 34 kræver dog ligeledes, at virksomheden giver oplysning om »begivenheder eller transaktioner, som er væsentlige for en forståelse af den aktuelle delårsperiode«. Hvis en virksomhed, der anvender IFRS for første gang, ikke i sit seneste årsregnskab i henhold til de tidligere regnskabsprincipper har givet oplysninger, som er væsentlige for forståelsen af den aktuelle delårsperiode, skal dens delårsregnskab derfor give disse oplysninger eller omfatte en krydshenvisning til et andet offentliggjort dokument, som indeholder disse oplysninger.
IKRAFTTRÆDELSESTIDSPUNKT
47.
En virksomhed skal anvende denne IFRS, hvis virksomhedens første IFRS-årsregnskab dækker en periode, der begynder den 1. januar 2004 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis virksomhedens første IFRS-årsregnskab omfatter en periode, som begynder før 1. januar 2004, og virksomheden anvender denne IFRS i stedet for SIC-8 
Førstegangsanvendelse af IAS som det primære grundlag for regnskabsaflæggelse,
 skal virksomheden oplyse herom.
47A
Virksomheder skal anvende ændringerne i afsnit 13j) og 25E på regnskabsår, der begynder 1. september 2004 eller derefter. Hvis en virksomhed anvender IFRIC 1 i et tidligere regnskabsår, finder ændringerne anvendelse for det tidligere regnskabsår.
47B
Virksomheder skal anvende ændringerne i afsnit 13k) og 25F på regnskabsår, der begynder 1. januar 2006 eller derefter. Hvis en virksomhed anvender IFRIC 4 i et tidligere regnskabsår, finder ændringerne anvendelse for det tidligere regnskabsår.
47C
Virksomheder skal anvende ændringerne i afsnit 36B på regnskabsår, som begynder 1. januar 2006 eller derefter. Hvis en virksomhed anvender IFRS 6 i et tidligere regnskabsår, finder ændringerne anvendelse på det tidligere regnskabsår.
47D
Virksomheder skal anvende ændringerne i afsnit 20A på regnskabsår, der begynder 1. januar 2006 eller derefter. Hvis en virksomhed anvender ændringerne til IAS 19 Personaleydelser
—Aktuarmæssige gevinster og tab, koncernplaner og oplysninger
 på et tidligere regnskabsår, skal disse ændringer anvendes for dette tidligere regnskabsår.
47E
Virksomheder skal anvende ændringerne i afsnit 13l) og 25G på regnskabsår, der begynder 1. januar 2005 eller derefter. Hvis en virksomhed anvender ændringerne til IAS 39 Finansielle instrumenter: Indregning og måling
—overgang og første indregning af finansielle aktiver og finansielle forpligtelser
 på et tidligere regnskabsår, skal disse ændringer anvendes for dette tidligere regnskabsår.
Appendiks A
Definerede termer
Dette appendiks er en integreret del af IFRS 5.
Balancedag
Afslutningen på den seneste periode, som dækkes af et årsregnskab eller et delårsregnskab.
Dagsværdi
Det beløb, et aktiv kan omsættes til, eller en forpligtelse kan indfries til, ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter.
Fastsat kostpris
Et beløb, som anvendes i stedet for kostprisen eller kostprisen med fradrag af afskrivninger på en given dato. Efterfølgende afskrivning forudsætter, at virksomheden oprindeligt havde indregnet aktivet eller forpligtelsen på denne dato, og at kostprisen var lig den fastsatte kostpris.
Første IFRS-regnskabsår
Det regnskabsår, som slutter på 
balancedagen
 for virksomhedens 
første IFRS-årsregnskab
.
Første IFRS-årsregnskab
Det første årsregnskab, hvor en virksomhed anvender 
IFRS
 ved afgivelse af en udtrykkelig og uforbeholden erklæring om overensstemmelse med IFRS.
IFRS-åbningsbalance
Virksomhedens balance (offentliggjort eller ikke offentliggjort) på 
tidspunktet for overgangen til IFRS
.
Internationale regnskabsstandarder (IFRS)
Standarder og fortolkninger tiltrådt af IASB (International Accounting Standards Board). Disse omfatter følgende:
a)
IFRS
b)
IAS, og
c)
fortolkningsbidrag, som kommer fra International Financial Reporting Interpretations Committee (IFRIC) eller den tidligere Standing Interpretations Committee (SIC).
Tidligere (almindeligt anerkendte) regnskabsprincipper
Det regnskabsmæssige grundlag, som en 
virksomhed, der anvender IFRS for første gang
, anvendte umiddelbart før anvendelsen af IFRS.
Tidspunkt for overgang til IFRS
Starten på den første periode, hvor en virksomhed præsenterer fyldestgørende sammenligningstal i henhold til IFRS i sit 
første IFRS-årsregnskab
.
Virksomhed, som anvender IFRS for første gang
En virksomhed, som aflægger sit 
første IFRS-årsregnskab
.
Appendiks B
Virksomhedssammenslutninger
Dette appendiks er en integreret del af standarden.
B1
En virksomhed, som anvender IFRS for første gang, behøver ikke at anvende IFRS 3 
Virksomhedssammenslutninger
 med tilbagevirkende kraft for tidligere virksomhedssammenslutninger (virksomhedssammenslutninger før tidspunktet for overgangen til IFRS). Hvis en virksomhed, som anvender IFRS for første gang, tilpasser en virksomhedssammenslutning, så den overholder kravene i IFRS 3, skal den imidlertid tilpasse alle senere virksomhedssammenslutninger og skal også anvende IAS 36 
Værdiforringelse af aktiver
 (ajourført 2004) og IAS 38 
Immaterielle aktiver
 (ajourført 2004) fra samme tidspunkt. Hvis en virksomhed, som anvender IFRS for første gang, eksempelvis vælger at tilpasse en virksomhedssammenslutning, som fandt sted 30. juni 2002, skal den tilpasse alle virksomhedssammenslutninger, som fandt sted mellem 30. juni 2002 og tidspunktet for overgangen til IFRS, og den skal også anvende IAS 36 (ajourført 2004) og IAS 38 (ajourført 2004) fra 30. juni 2002.
B1A
Det er ikke nødvendigt for en virksomhed at anvende IAS 21 
Valutaomregning
 (ajourført 2003) med tilbagevirkende kraft for dagsværdireguleringer og goodwill hidrørende fra virksomhedssammenslutninger, der fandt sted før tidspunktet for overgangen til IFRS. Hvis en virksomhed ikke anvender IAS 21 med tilbagevirkende kraft for disse dagsværdireguleringer og goodwill, skal virksomheden behandle dem som aktiver og forpligtelser i virksomheden frem for som aktiver og forpligtelser i den overtagne virksomhed. Derfor er disse reguleringer af goodwill og dagsværdi enten allerede angivet i virksomhedens funktionelle valuta, eller de er ikke-monetære poster i fremmed valuta, som præsenteres ved anvendelse af den valutakurs, der blev anvendt i henhold til tidligere regnskabsprincipper.
B1B
En virksomhed kan anvende IAS 21 med tilbagevirkende kraft for dagsværdireguleringer og goodwill hidrørende fra enten:
a)
alle virksomhedssammenslutninger, der fandt sted før tidspunktet for overgangen til IFRS, eller
b)
alle virksomhedssammenslutninger, som virksomheden vælger at tilpasse for at overholde bestemmelserne i IFRS 3, som det tillades i afsnit B1 ovenfor.
B2
Såfremt en virksomhed, som anvender IFRS for første gang, ikke anvender IFRS 3 med tilbagevirkende kraft for en tidligere virksomhedssammenslutning, har det følgende konsekvenser for virksomhedssammenslutningen:
a)
Virksomheder, som anvender IFRS for første gang, skal anvende samme klassifikation (som enten en overtagelse foretaget af den juridiske erhverver, en omvendt virksomhedsovertagelse foretaget af den juridisk erhvervede virksomhed eller en virksomhedssammenlægning) som i det seneste årsregnskab i henhold til tidligere regnskabsprincipper.
b)
Virksomheder, som anvender IFRS for første gang, skal på tidspunktet for overgangen til IFRS indregne alle aktiver og forpligtelser, som blev overtaget i en tidligere virksomhedssammenslutning, undtagen:
i)
visse finansielle aktiver og finansielle forpligtelser, hvor indregning ophørte i henhold til tidligere regnskabsprincipper (se afsnit 27), og
ii)
aktiver, herunder goodwill, og forpligtelser, som ikke var indregnet i den overtagende virksomheds konsoliderede balance i henhold til de tidligere regnskabsprincipper, og som heller ikke ville opfylde kravene til indregning i henhold til IFRS i den separate balance for den overtagne virksomhed (se afsnit B2 f)-B2 i)).
Virksomheder, som anvender IFRS for første gang, skal indregne eventuelle efterfølgende ændringer ved at foretage regulering af det overførte resultat (eller eventuelt en anden egenkapitalkategori), medmindre ændringerne skyldes indregning af et immaterielt aktiv, som tidligere indgik i goodwill (se afsnit B2 g) i)).
c)
Virksomheder, som anvender IFRS for første gang, skal i deres IFRS-åbningsbalance udelade eventuelle poster, som blev indregnet i henhold til tidligere regnskabsprincipper, men som ikke opfylder kravene til indregning som et aktiv eller en forpligtelse i henhold til IFRS. Den regnskabsmæssige behandling af den efterfølgende ændring skal være som følger:
i)
Virksomheder, som anvender IFRS for første gang, kan have klassificeret en tidligere virksomhedssammenslutning som en overtagelse og indregnet en post som et immaterielt aktiv, selvom den ikke opfylder kravene til indregning som et aktiv i henhold til IAS 38 
Immaterielle aktiver
. Virksomheden skal omklassificere posten (samt eventuelt udskudt skat i forbindelse hermed og minoritetsinteresser) som en del af goodwill (medmindre goodwill blev trukket direkte fra egenkapitalen i henhold til de tidligere regnskabsprincipper, se afsnit B2 g) i) og B2 i)).
ii)
Virksomheder, som anvender IFRS for første gang, skal indregne alle øvrige efterfølgende ændringer i det overførte resultat 
(
1
)
.
d)
IFRS kræver efterfølgende måling af visse aktiver og forpligtelser på et grundlag, der ikke er baseret på den oprindelige kostpris som f.eks. dagsværdien. Virksomheder, som anvender IFRS for første gang, skal måle disse aktiver og forpligtelser på basis heraf i IFRS-åbningsbalancen, selvom aktiverne/forpligtelserne blev erhvervet i forbindelse med en tidligere virksomhedssammenslutning. Virksomheden skal indregne eventuelle efterfølgende ændringer i den regnskabsmæssige værdi ved at foretage regulering af det overførte resultat (eller eventuelt en anden egenkapitalkategori) i stedet for goodwill.
e)
Umiddelbart efter virksomhedssammenslutningen skal den regnskabsmæssige værdi i henhold til de tidligere regnskabsprincipper for overtagne aktiver og forpligtelser i den pågældende virksomhedssammenslutning udgøres af den fastsatte kostpris i henhold til IFRS på den pågældende dato. Hvis IFRS kræver en kostprisbaseret måling af disse aktiver og forpligtelser på en senere dato, skal den fastsatte kostpris danne grundlag for den kostprisbaserede afskrivning fra datoen for virksomhedssammenslutningen.
f)
Hvis et overtaget aktiv eller en overtaget forpligtelse i en tidligere virksomhedssammenslutning ikke blev indregnet i henhold til tidligere regnskabsprincipper, har det ikke en fastsat kostpris på nul i IFRS-åbningsbalancen. I stedet skal den overtagende virksomhed foretage indregning og måling i den konsoliderede balance på samme grundlag, som kræves i henhold til IFRS, for så vidt angår balancen for den overtagne virksomhed. Følgende eksempler illustrerer dette: Hvis den overtagende virksomhed ikke i henhold til tidligere regnskabsprincipper havde aktiveret finansielle leasingkontrakter, som den havde erhvervet i en tidligere virksomhedssammenslutning, skal virksomheden aktivere disse leasingkontrakter i sit konsoliderede årsregnskab, som det kræves af IAS 17 
Leasingkontrakter
 for den overtagne virksomhed i dennes IFRS-balance. Omvendt, hvis et aktiv eller en forpligtelse indgik i goodwill i henhold til de tidligere regnskabsprincipper, men ville være indregnet separat i henhold til IFRS 3, indgår dette aktiv eller denne forpligtelse i goodwill, medmindre IFRS kræver, at det indregnes i den overtagne virksomheds årsregnskab.
g)
Den regnskabsmæssige værdi af goodwill i IFRS-åbningsbalancen svarer til den regnskabsmæssige værdi i henhold til de tidligere regnskabsprincipper på tidspunktet for overgangen til IFRS efter følgende tre reguleringer:
i)
Hvis det kræves i afsnit B2 c) i) ovenfor, skal virksomheder, som anvender IFRS for første gang, øge den regnskabsmæssige værdi af goodwill, når virksomheden omklassificerer en post, som den indregnede som et immaterielt aktiv i henhold til de tidligere regnskabsprincipper. Tilsvarende gælder det, at hvis det i afsnit B2 f) kræves, at en virksomhed, som anvender IFRS for første gang, skal indregne et immaterielt aktiv, som i henhold til de tidligere regnskabsprincipper indgik i goodwill, skal virksomheden reducere den regnskabsmæssige goodwill tilsvarende (og eventuelt regulere udskudt skat og minoritetsinteresser).
ii)
En eventualpost, som påvirker størrelsen af købsprisen for en tidligere virksomhedssammenslutning, kan være blevet afklaret før tidspunktet for overgangen til IFRS. Såfremt der kan foretages et pålideligt estimat af reguleringen af eventualposten, og såfremt det er sandsynligt, at den kommer til udbetaling, skal en virksomhed, som anvender IFRS for første gang, regulere goodwill med denne værdi. Tilsvarende skal virksomheder, som anvender IFRS for første gang, regulere den regnskabsmæssige goodwill, hvis der ikke længere kan foretages en pålidelig måling af en tidligere indregnet regulering af eventualposten, eller hvis det ikke længere er sandsynligt, at den kommer til udbetaling.
iii)
Uanset om der er tegn på, at goodwill kan være forringet, skal virksomheder, som anvender IFRS for første gang, anvende IAS 36 med henblik på at vurdere eventuel værdiforringelse af goodwill på datoen for overgangen til IFRS og ved indregning af et eventuelt efterfølgende tab som følge af værdiforringelsen i det overførte resultat (eller, hvis det kræves i IAS 36, i reserver for opskrivninger). Denne test for værdiforringelse skal ske på grundlag af forholdene på tidspunktet for overgangen til IFRS.
h)
Der skal ikke foretages andre reguleringer af den regnskabsmæssige goodwill på tidspunktet for overgangen til IFRS. Virksomheder, som anvender IFRS for første gang, skal f.eks. ikke tilpasse den regnskabsmæssige goodwill:
i)
for at udelukke forskning og udvikling under udførelse, som overtages i en virksomhedssammenslutning (medmindre det dertil knyttede immaterielle aktiv opfylder kravene til indregning i henhold til IAS 38 i den overtagne virksomheds balance)
ii)
for at regulere tidligere afskrivning af goodwill
iii)
for at tilbageføre reguleringer af goodwill, som ikke tillades i henhold til IFRS 3, men som blev foretaget i henhold til tidligere regnskabsprincipper på grund af reguleringer af aktiver og forpligtelser fra datoen for virksomhedssammenslutningen og frem til tidspunktet for overgangen til IFRS.
i)
Hvis en virksomhed, som anvender IFRS for første gang, har indregnet goodwill i henhold til tidligere regnskabsprincipper som et fradrag i egenkapitalen:
i)
skal virksomheden ikke indregne denne goodwill i sin IFRS-åbningsbalance. Endvidere skal virksomheden ikke overføre denne goodwill til resultatopgørelsen, hvis den afhænder dattervirksomheden, eller hvis investeringen i dattervirksomheden forringes
ii)
reguleringer som følge af en efterfølgende afklaring på en eventualpost, som påvirker købsprisen, skal indregnes i det overførte resultat.
j)
I henhold til de tidligere regnskabsprincipper har en virksomhed, som anvender IFRS for første gang, muligvis ikke konsolideret en dattervirksomhed, som er erhvervet i en tidligere virksomhedssammenslutning (f.eks. fordi modervirksomheden ikke anså det for at være en dattervirksomhed efter de tidligere regnskabsprincipper eller ikke har udarbejdet et konsolideret regnskab). Virksomheden skal regulere den regnskabsmæssige værdi af dattervirksomhedens aktiver og forpligtelser i forhold til den værdi, som IFRS kræver i dattervirksomhedens balance. Den fastsatte kostpris for goodwill er lig med forskellen på tidspunktet for overgangen til IFRS mellem:
i)
modervirksomhedens andel af den regulerede regnskabsmæssige værdi, og
ii)
kostprisen i modervirksomhedens separate årsregnskab for investeringen i dattervirksomheden.
k)
Målingen af værdien af minoritetsinteresser og udskudt skat følger af målingen af værdien af de øvrige aktiver og forpligtelser. Derfor påvirker ovenstående reguleringer af indregnede aktiver og forpligtelser minoritetsinteresserne og den udskudte skat.
B3
Undtagelsen for tidligere virksomhedssammenslutninger gælder også for tidligere overtagelser af investeringer i associerede virksomheder og kapitalandele i joint ventures. Endvidere gælder den dato, som vælges i henhold til afsnit B1, lige for alle typer af overtagelser.
(
1
)
  Sådanne ændringer omfatter omklassificeringer fra eller til immaterielle aktiver, hvis goodwill ikke blev indregnet som et aktiv i henhold til de tidligere regnskabsprincipper. Dette opstår, hvis virksomheden i henhold til de tidligere regnskabsprincipper a) fratrak goodwill direkte fra egenkapitalen eller b) ikke behandlede virksomhedssammenslutningen som en overtagelse.
IFRS 2
Aktiebaseret vederlæggelse
FORMÅL
1.
Formålet med denne standard er at specificere en virksomheds regnskabsaflæggelse, når den foretager 
aktiebaseret vederlæggelse
. Standarden kræver først og fremmest, at virksomhedens resultat og finansielle stilling afspejler virkningen af aktiebaseret vederlæggelse, herunder omkostninger tilknyttet transaktioner, hvor ansatte modtager 
aktieoptioner
.
ANVENDELSESOMRÅDE
2.
Virksomheder skal anvende denne standard ved den regnskabsmæssige behandling af alle transaktioner i forbindelse med aktiebaseret vederlæggelse, herunder:
a)
aktiebaseret vederlæggelse afregnet i egenkapital
, hvor virksomheden modtager varer eller tjenesteydelser som betaling for virksomhedens 
egenkapitalinstrumenter
 (herunder aktier eller aktieoptioner)
b)
aktiebaseret vederlæggelse med kontantafregning
, hvor virksomheden anskaffer varer eller tjenesteydelser ved at påtage sig forpligtelser over for leverandøren af disse varer eller tjenesteydelser for beløb, som er baseret på kursen på (eller værdien af) virksomhedens aktier eller andre egenkapitalinstrumenter, og
c)
transaktioner, hvor virksomheden modtager eller anskaffer varer eller tjenesteydelser, og ordningens vilkår giver enten virksomheden eller leverandøren af disse varer eller tjenesteydelser mulighed for at vælge, om virksomheden skal afregne transaktionen kontant (eller med andre aktiver) eller ved udstedelse af egenkapitalinstrumenter,
bortset fra som anført i afsnit 5 og 6.
3.
I denne standard udgør overdragelse af en virksomheds egenkapitalinstrumenter fra virksomhedens aktionærer til parter, som har leveret varer eller tjenesteydelser til virksomheden (herunder ansatte), aktiebaseret vederlæggelse, medmindre overdragelsen klart har et andet formål end betaling for leverede varer eller tjenesteydelser til virksomheden. Dette gælder også overdragelse af egenkapitalinstrumenter i virksomhedens modervirksomhed eller egenkapitalinstrumenter i en anden virksomhed i samme koncern som virksomheden til parter, som har leveret varer eller tjenesteydelser til virksomheden.
4.
I denne standard udgør en transaktion med en ansat (eller en anden part) i dennes egenskab af indehaver af egenkapitalinstrumenter i virksomheden ikke aktiebaseret vederlæggelse. Hvis en virksomhed eksempelvis giver alle indehavere af en bestemt klasse af virksomhedens egenkapitalinstrumenter ret til at anskaffe yderligere egenkapitalinstrumenter i virksomheden til en pris, der ligger under disse egenkapitalinstrumenters dagsværdi, og en ansat får denne ret i kraft af, at den ansatte er indehaver af egenkapitalinstrumenter i den pågældende klasse, er tildelingen eller udnyttelsen af denne ret ikke underlagt kravene i denne standard.
5.
Som anført i afsnit 2 finder denne standard anvendelse på aktiebaseret vederlæggelse, hvor en virksomhed anskaffer eller modtager varer eller tjenesteydelser. Varer omfatter varebeholdninger, hjælpematerialer, materielle anlægsaktiver, immaterielle aktiver og andre ikke-finansielle aktiver. Virksomheder skal dog ikke anvende denne standard på transaktioner, hvor virksomheden anskaffer varer som en del af de nettoaktiver, som erhverves ved en virksomhedssammenslutning, der er omfattet af IFRS 3 
Virksomhedssammenslutninger
. Således ligger egenkapitalinstrumenter, der udstedes ved en virksomhedssammenslutning til gengæld for bestemmende indflydelse på den overtagne virksomhed, ikke inden for denne standards anvendelsesområde. Egenkapitalinstrumenter, der tildeles ansatte i den overtagne virksomhed i deres egenskab af ansatte (eksempelvis til gengæld for fortsat udførelse af arbejde), ligger imidlertid inden for denne standards anvendelsesområde. Tilsvarende skal annullering, udskiftning eller andre ændringer af 
aktiebaserede vederlæggelsesordninger
 som følge af en virksomhedssammenslutning eller anden omstrukturering af egenkapitalen regnskabsmæssigt behandles i overensstemmelse med denne standard.
6.
Denne standard finder ikke anvendelse på aktiebaseret vederlæggelse, hvor virksomheden modtager eller anskaffer varer eller tjenesteydelser i henhold til en kontrakt, som er omfattet af afsnit 8-10 i IAS 32 
Finansielle instrumenter: Præsentation
 (ajourført 2003) 
(
1
)
 eller afsnit 5-7 i IAS 39 
Finansielle instrumenter: Indregning og måling
 (ajourført 2003).
INDREGNING
7.
En virksomhed skal indregne varer eller tjenesteydelser, som modtages eller anskaffes mod aktiebaseret vederlæggelse, når virksomheden modtager varerne, eller efterhånden som tjenesteydelserne leveres. Virksomheden skal indregne en tilsvarende forøgelse af egenkapitalen, hvis varerne eller tjenesteydelserne blev anskaffet ved aktiebaseret vederlæggelse afregnet i egenkapital, eller en forpligtelse, hvis varerne eller tjenesteydelserne blev anskaffet ved aktiebaseret vederlæggelse med kontantafregning.
8.
Når varer eller tjenesteydelser, der modtages eller anskaffes mod aktiebaseret vederlæggelse, ikke opfylder kriterierne for indregning som aktiver, skal de indregnes som omkostning.
9.
Der opstår normalt omkostninger som følge af forbrug af varer eller tjenesteydelser. Eksempelvis forbruges tjenesteydelser typisk straks, og der indregnes en omkostning, efterhånden som modparten leverer tjenesteydelserne. Varer kan forbruges over en periode eller, for så vidt angår varebeholdninger, sælges på et senere tidspunkt, og der skal i dette tilfælde indregnes en omkostning, når varerne forbruges eller sælges. Det er imidlertid i visse tilfælde nødvendigt at indregne en omkostning, før varerne eller tjenesteydelserne forbruges eller sælges, idet de ikke opfylder kravene til indregning som aktiver. En virksomhed kan eksempelvis anskaffe varer som led i forskningsfasen i et projekt vedrørende udvikling af et nyt produkt. Selvom disse varer ikke er blevet forbrugt, opfylder de muligvis ikke kravene til indregning som aktiver i henhold til den relevante standard.
AKTIEBASERET VEDERLÆGGELSE AFREGNET I EGENKAPITAL
Oversigt
10.
Ved aktiebaseret vederlæggelse afregnet i egenkapital skal virksomheden måle de modtagne varer eller tjenesteydelser og den tilsvarende forøgelse af egenkapitalen direkte til de modtagne varers eller tjenesteydelsers dagsværdi, medmindre dagsværdien ikke kan skønnes pålideligt. Hvis virksomheden ikke kan skønne dagsværdien af de modtagne varer eller tjenesteydelser pålideligt, skal virksomheden måle værdien og den tilsvarende forøgelse af egenkapitalen indirekte under henvisning til 
(
2
)
 dagsværdien af de tildelte egenkapitalinstrumenter.
11.
For at anvende kravene i afsnit 10 på transaktioner med 
ansatte og andre, der leverer tilsvarende tjenesteydelser
, 
(
3
)
 skal virksomheden måle dagsværdien af de modtagne tjenesteydelser under henvisning til dagsværdien af de tildelte egenkapitalinstrumenter, idet det typisk ikke er muligt at skønne dagsværdien af de modtagne tjenesteydelser pålideligt, som beskrevet i afsnit 12. Dagsværdien af disse egenkapitalinstrumenter skal måles på 
tildelingstidspunktet
.
12.
Aktier, aktieoptioner eller andre egenkapitalinstrumenter tildeles normalt til de ansatte som en del af deres lønpakke ud over kontant løn og andre personaleydelser. Det er normalt ikke muligt at foretage direkte måling af de tjenesteydelser, der er modtaget for særskilte elementer af den ansattes lønpakke. Man kan muligvis heller ikke foretage en uafhængig måling af dagsværdien af den samlede lønpakke uden at måle dagsværdien af de tildelte egenkapitalinstrumenter direkte. Desuden tildeles aktier eller aktieoptioner nogle gange som et led i bonusordninger snarere end som en del af basislønnen, eksempelvis som et incitament for de ansatte til at blive i virksomheden eller for at belønne dem for deres indsats for at forbedre virksomhedens indtjening. Ved at tildele aktier eller aktieoptioner ud over den øvrige aflønning yder virksomheden en yderligere aflønning for at opnå yderligere fordele. Det er sandsynligvis vanskeligt at måle dagsværdien af disse yderligere fordele. På grund af de vanskeligheder, der er forbundet med direkte måling af dagsværdien af de modtagne tjenesteydelser, skal virksomheden måle dagsværdien af de modtagne tjenesteydelser fra ansatte under henvisning til dagsværdien af de tildelte egenkapitalinstrumenter.
13.
For at kravene i afsnit 10 kan anvendes på transaktioner med andre parter end ansatte, skal der være en afkræftelig formodning om, at dagsværdien af de modtagne varer eller tjenesteydelser kan skønnes pålideligt. Denne dagsværdi skal måles på det tidspunkt, hvor virksomheden modtager varerne, eller hvor modparten leverer tjenesteydelsen. Hvis virksomheden i sjældne tilfælde afkræfter denne formodning, fordi den ikke kan skønne dagsværdien af de modtagne varer eller tjenesteydelser pålideligt, skal virksomheden måle de modtagne varer eller tjenesteydelser og den tilsvarende forøgelse af egenkapitalen indirekte under henvisning til dagsværdien af de tildelte egenkapitalinstrumenter målt på det tidspunkt, hvor virksomheden modtager varerne, eller modparten leverer tjenesteydelsen.
Transaktioner, hvor der modtages tjenesteydelser
14.
Hvis de tildelte egenkapitalinstrumenter 
optjenes
 straks, kræves det ikke, at modparten fuldfører en fastsat arbejdsperiode, før denne opnår en ubetinget ret til disse egenkapitalinstrumenter. Hvis der ikke foreligger dokumentation for det modsatte, skal virksomheden antage, at den har modtaget de tjenesteydelser, som modparten skal yde, som betaling for egenkapitalinstrumenterne. I dette tilfælde skal virksomheden indregne de modtagne tjenesteydelser fuldt på tildelingstidspunktet med en tilsvarende forøgelse af egenkapitalen.
15.
Hvis de tildelte egenkapitalinstrumenter optjenes, før modparten har gennemført en fastsat arbejdsperiode, skal virksomheden antage, at de tjenesteydelser, modparten skal yde som betaling for disse egenkapitalinstrumenter, vil blive modtaget i fremtiden i løbet af 
optjeningsperioden
. Virksomheden skal regnskabsmæssigt behandle disse tjenesteydelser, efterhånden som de ydes af modparten i løbet af optjeningsperioden, med en tilsvarende forøgelse af egenkapitalen. Eksempelvis:
a)
Hvis en ansat tildeles aktieoptioner, som er betinget af gennemførelsen af en arbejdsperiode på 3 år, skal virksomheden antage, at de tjenesteydelser, som den ansatte skal yde som betaling for aktieoptionerne, bliver modtaget i fremtiden, i løbet af den treårige optjeningsperiode.
b)
Hvis en ansat tildeles aktieoptioner, som er betinget af opfyldelsen af en indtjeningsbetingelse, og af at den ansatte bliver i virksomheden, indtil denne indtjeningsbetingelse er opfyldt, og varigheden af optjeningsperioden varierer, afhængig af hvornår indtjeningsbetingelsen opfyldes, skal virksomheden antage, at de tjenesteydelser, som den ansatte skal yde som betaling for aktieoptionerne, vil blive modtaget i fremtiden i løbet af den forventede optjeningsperiode. Virksomheden skal skønne varigheden af den forventede optjeningsperiode på tildelingstidspunktet på grundlag af det mest sandsynlige udfald af indtjeningsbetingelsen. Hvis indtjeningsbetingelsen er en 
markedsbaseret betingelse
, skal skønnet over varigheden af den forventede optjeningsperiode være i overensstemmelse med de forudsætninger, der er lagt til grund ved skønnet over dagsværdien af de tildelte optioner, og det må ikke ændres efterfølgende. Hvis indtjeningsbetingelsen ikke er en markedsbaseret betingelse, skal virksomheden om nødvendigt tilpasse sit skøn over varigheden af optjeningsperioden, hvis efterfølgende informationer indikerer, at varigheden af optjeningsperioden vil afvige fra tidligere skøn.
Transaktioner, som måles under henvisning til dagsværdien af de tildelte egenkapitalinstrumenter
Opgørelse af dagsværdien af de tildelte egenkapitalinstrumenter
16.
Ved transaktioner, der måles under henvisning til dagsværdien af de tildelte egenkapitalinstrumenter, skal virksomheden måle dagsværdien af de tildelte egenkapitalinstrumenter på 
målingstidspunktet
, baseret på markedskurser, hvis sådanne er tilgængelige, og under hensyntagen til de vilkår og betingelser, som egenkapitalinstrumenterne blev tildelt under (i overensstemmelse med kravene i afsnit 19-22).
17.
Hvis der ikke findes markedskurser, skal virksomheden skønne dagsværdien af de tildelte egenkapitalinstrumenter ved brug af en værdiansættelsesmetode for at vurdere, hvad kursen på disse egenkapitalinstrumenter ville have været på målingstidspunktet ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter. Værdiansættelsesmetoden skal stemme overens med alment accepterede værdiansættelsesmetoder for prisfastsættelse af finansielle instrumenter og skal indarbejde alle faktorer og forudsætninger, som kvalificerede, villige markedsdeltagere ville tage i betragtning ved prisfastsættelsen (i overensstemmelse med kravene i afsnit 19-22).
18.
Appendiks B indeholder yderligere vejledning om måling af aktiers og aktieoptioners dagsværdi med fokus på de konkrete vilkår og betingelser, som normalt gælder for tildeling af aktier eller aktieoptioner til ansatte.
Behandling af optjeningsbetingelser
19.
Tildelingen af egenkapitalinstrumenter kan være betinget af opfyldelsen af specificerede 
optjeningsbetingelser
. Tildeling af aktier eller aktieoptioner til en ansat er eksempelvis typisk betinget af, at den ansatte bliver i virksomheden i en bestemt periode. Der kan være indtjeningsbetingelser, som skal opfyldes, som eksempelvis at virksomheden skal opnå en bestemt vækst i overskuddet eller en bestemt stigning i kursen på virksomhedens aktier. Optjeningsbetingelser ud over markedsbaserede betingelser skal ikke tages i betragtning ved skøn over dagsværdien af aktier eller aktieoptioner på målingstidspunktet. I stedet skal optjeningsbetingelser tages i betragtning ved at regulere det antal egenkapitalinstrumenter, som er medtaget i målingen af transaktionsbeløbet, således at det endelige indregnede beløb for varer eller tjenesteydelser, der modtages som betaling for de tildelte egenkapitalinstrumenter, baseres på det antal egenkapitalinstrumenter, som faktisk er optjent. Således indregnes der ikke på akkumuleret basis noget beløb for modtagne varer eller tjenesteydelser, hvis de tildelte egenkapitalinstrumenter ikke optjenes på grund af manglende opfyldelse af en optjeningsbetingelse, eksempelvis hvis modparten ikke fuldfører en bestemt arbejdsperiode, eller en indtjeningsbetingelse ikke opfyldes, i overensstemmelse med kravene i afsnit 21.
20.
For at kunne anvende kravene i afsnit 19 skal virksomheden indregne et beløb for de i optjeningsperioden modtagne varer eller tjenesteydelser på grundlag af det bedste tilgængelige skøn over det antal egenkapitalinstrumenter, som forventes optjent, og virksomheden skal om nødvendigt tilpasse dette skøn, hvis efterfølgende informationer indikerer, at antallet af egenkapitalinstrumenter, som forventes optjent, vil afvige fra tidligere skøn. På retserhvervelsestidspunktet skal virksomheden tilpasse sit skøn, så det svarer til det endelige antal egenkapitalinstrumenter, som faktisk er optjent, i overensstemmelse med kravene i afsnit 21.
21.
Markedsbaserede betingelser, som eksempelvis opnåelse af en aktiekurs, som retserhvervelsen (eller udnyttelsen) er betinget af, skal tages i betragtning ved udøvelsen af skønnet over dagsværdien af de tildelte egenkapitalinstrumenter. For tildelinger af egenkapitalinstrumenter med markedsbaserede betingelser skal virksomheder derfor indregne de varer og tjenesteydelser, som modtages fra en modpart, som opfylder alle andre optjeningsbetingelser (eksempelvis modtagne tjenesteydelser fra en ansat, som bliver i virksomheden i den bestemte arbejdsperiode), uanset om denne markedsbaserede betingelse er opfyldt.
Behandling af reload-mulighed
22.
Ved optioner med 
reload-mulighed
 skal reload-muligheden ikke tages i betragtning ved skøn over dagsværdien af tildelte optioner på målingstidspunktet. En 
reload-option
 skal i stedet regnskabsmæssigt behandles som en ny optionstildeling, hvis og når en reload-option efterfølgende tildeles.
Efter retserhvervelsestidspunktet
23.
Efter indregning af modtagne varer eller tjenesteydelser i overensstemmelse med afsnit 10-22 og en tilsvarende forøgelse af egenkapitalen må virksomheden ikke efterfølgende regulere den samlede egenkapital efter retserhvervelsestidspunktet. Eksempelvis må virksomheden ikke efterfølgende tilbageføre det indregnede beløb for modtagne tjenesteydelser fra en ansat, hvis de optjente egenkapitalinstrumenter på et senere tidspunkt fortabes eller, i tilfælde af aktieoptioner, optionerne ikke udnyttes. Dette krav udelukker dog ikke virksomheden fra at indregne en overdragelse inden for egenkapitalen, dvs. en overdragelse fra ét egenkapitalelement til et andet.
Hvis egenkapitalinstrumenternes dagsværdi ikke kan måles pålideligt
24.
Kravene i afsnit 16-23 finder anvendelse, når det kræves, at virksomheden måler aktiebaseret vederlæggelse under henvisning til dagsværdien af de tildelte egenkapitalinstrumenter. I sjældne tilfælde er virksomheden ikke i stand til at foretage et pålideligt skøn over dagsværdien af de tildelte egenkapitalinstrumenter på målingstidspunktet i overensstemmelse med kravene i afsnit 16-22. Virksomheden skal i stedet, udelukkende i disse sjældne tilfælde:
a)
måle egenkapitalinstrumenterne til deres 
indre værdi
, første gang på det tidspunkt, hvor virksomheden modtager varerne eller modparten leverer tjenesteydelsen, og efterfølgende på hver balancedag og tidspunktet for den endelige afregning, således at eventuelle ændringer i den indre værdi indregnes i resultatet. Ved en tildeling af aktieoptioner afregnes den aktiebaserede vederlæggelsesordning endeligt, når optionerne udnyttes, fortabes (eksempelvis ansættelsens ophør) eller udløber (eksempelvis ved optionens udløb)
b)
indregne de modtagne varer eller tjenesteydelser baseret på det antal egenkapitalinstrumenter, som faktisk er optjent, eller (hvor dette er relevant) faktisk bliver udnyttet. For at anvende dette krav på eksempelvis aktieoptioner skal virksomheden indregne de modtagne varer eller tjenesteydelser i løbet af en eventuel optjeningsperiode, i overensstemmelse med afsnit 14 og 15, bortset fra at kravene i afsnit 15b) vedrørende en markedsbaseret betingelse ikke finder anvendelse. Det indregnede beløb for varer eller tjenesteydelser, som er modtaget i optjeningsperioden, skal baseres på det antal aktieoptioner, som forventes optjent. Virksomheden skal om nødvendigt tilpasse dette skøn, hvis efterfølgende informationer indikerer, at antallet af aktieoptioner, som forventes optjent, vil afvige fra tidligere skøn. På retserhvervelsestidspunktet skal virksomheden tilpasse sit skøn, så det svarer til det endelige antal egenkapitalinstrumenter, som faktisk er optjent. Efter retserhvervelsestidspunktet skal virksomheden tilbageføre det indregnede beløb for modtagne varer eller tjenesteydelser, hvis aktieoptionerne senere fortabes eller udløber.
25.
Hvis en virksomhed anvender afsnit 24, er det ikke nødvendigt at anvende afsnit 26-29, idet eventuelle ændringer af vilkår og betingelser for allerede tildelte egenkapitalinstrumenter bliver taget i betragtning ved anvendelsen af den indre værdis metode, som er beskrevet i afsnit 24. Hvis en virksomhed afregner en tildeling af egenkapitalinstrumenter, som er omfattet af afsnit 24:
a)
skal virksomheden, hvis afregningen finder sted i optjeningsperioden, regnskabsmæssigt behandle afregningen som en fremskyndelse af retserhvervelsen og derfor straks indregne det beløb, som ellers ville være blevet indregnet for modtagne tjenesteydelser i løbet af den resterende del af optjeningsperioden
b)
skal eventuelle betalinger, der foretages ved afregningen, regnskabsmæssigt behandles som tilbagekøb af egenkapitalinstrumenter, dvs. som et fradrag i egenkapitalen, bortset fra i det omfang betalingen overstiger den indre værdi af egenkapitalinstrumenterne, målt på tilbagekøbstidspunktet. Sådanne beløb skal indregnes som omkostning.
Ændringer af vilkår og betingelser for allerede tildelte egenkapitalinstrumenter, herunder annullering og afregning
26.
En virksomhed kan ændre vilkårene og betingelserne for allerede tildelte egenkapitalinstrumenter. Virksomheden kan eksempelvis reducere udnyttelseskursen på optioner, der er tildelt til ansatte (dvs. repricing af optionerne), hvilket øger dagsværdien af disse optioner. Kravene i afsnit 27-29 om at foretage regnskabsmæssig behandling af virkningen af ændringer kommer til udtryk i forbindelse med aktiebaseret vederlæggelse til ansatte. Kravene finder imidlertid også anvendelse på aktiebaseret vederlæggelse til andre parter end ansatte, som måles under henvisning til dagsværdien af de tildelte egenkapitalinstrumenter. I dette tilfælde gælder henvisningerne til tildelingstidspunktet i afsnit 27-29 i stedet det tidspunkt, hvor virksomheden modtager varerne, eller hvor modparten leverer tjenesteydelsen.
27.
Virksomheden skal som minimum indregne de modtagne tjenesteydelser målt til dagsværdien af de tildelte egenkapitalinstrumenter på tildelingstidspunktet, medmindre disse egenkapitalinstrumenter ikke optjenes på grund af manglende opfyldelse af en optjeningsbetingelse (ud over en markedsbaseret betingelse), som blev fastsat på tildelingstidspunktet. Dette gælder, uanset om der er sket ændringer af de vilkår og betingelser, som egenkapitalinstrumenterne blev tildelt under, eller om tildelingen af egenkapitalinstrumenterne er annulleret eller afregnet. Desuden skal virksomheden indregne virkningen af ændringer, som øger den samlede dagsværdi af den aktiebaserede vederlæggelsesordning, eller som på anden vis er fordelagtig for den ansatte. Appendiks B indeholder vejledning om anvendelsen af dette krav.
28.
Hvis virksomheden annullerer eller afregner en tildeling af egenkapitalinstrumenter i løbet af optjeningsperioden (ud over tildelinger, som annulleres ved fortabelse, når optjeningsbetingelserne ikke opfyldes):
a)
skal virksomheden regnskabsmæssigt behandle annulleringen eller afregningen som en fremskyndelse af retserhvervelsen og derfor straks indregne det beløb, som ellers ville være blevet indregnet for modtagne tjenesteydelser i løbet af den resterende del af optjeningsperioden
b)
skal eventuelle betalinger til den ansatte ved annulleringen eller afregningen af tildelingen regnskabsmæssigt behandles som tilbagekøb af en egenkapitalinteresse, dvs. som et fradrag i egenkapitalen, bortset fra i det omfang betalingen overstiger dagsværdien af de tildelte egenkapitalinstrumenter, målt på tilbagekøbstidspunktet. Sådanne beløb skal indregnes som omkostning
c)
hvis der tildeles nye egenkapitalinstrumenter til den ansatte, og hvis virksomheden på tildelingstidspunktet for disse nye egenkapitalinstrumenter klassificerer de nye tildelte egenkapitalinstrumenter som egenkapitalinstrumenter, der erstatter de annullerede egenkapitalinstrumenter, skal virksomheden regnskabsmæssigt behandle de som erstatning tildelte egenkapitalinstrumenter på samme måde som en ændring af den oprindelige tildeling af egenkapitalinstrumenter i overensstemmelse med afsnit 27 og vejledningen i appendiks B. Den yderligere tildelte dagsværdi er forskellen mellem dagsværdien af de som erstatning tildelte egenkapitalinstrumenter og nettodagsværdien af de annullerede egenkapitalinstrumenter på tidspunktet for tildelingen af de som erstatning tildelte egenkapitalinstrumenter. Nettodagsværdien af de annullerede egenkapitalinstrumenter er dagsværdien umiddelbart før annulleringen med fradrag af eventuelle betalinger til den ansatte ved annulleringen af egenkapitalinstrumenterne, som regnskabsmæssigt behandles som et fradrag i egenkapitalen i overensstemmelse med b) ovenfor. Hvis virksomheden ikke klassificerer nye tildelte egenkapitalinstrumenter som egenkapitalinstrumenter, der erstatter de annullerede egenkapitalinstrumenter, skal virksomheden regnskabsmæssigt behandle disse nye egenkapitalinstrumenter som en ny tildeling af egenkapitalinstrumenter.
29.
Hvis en virksomhed tilbagekøber optjente egenkapitalinstrumenter, skal betalingen herfor til den ansatte regnskabsmæssigt behandles som et fradrag i egenkapitalen, bortset fra i det omfang betalingen overstiger dagsværdien af de tilbagekøbte egenkapitalinstrumenter, målt på tilbagekøbstidspunktet. Sådanne beløb skal indregnes som omkostning.
AKTIEBASERET VEDERLÆGGELSE MED KONTANTAFREGNING
30.
Ved aktiebaseret vederlæggelse med kontantafregning skal virksomheden måle de anskaffede varer eller tjenesteydelser og den påtagne forpligtelse til forpligtelsens dagsværdi. Indtil forpligtelsen er afregnet, skal virksomheden foretage en ny måling af forpligtelsen på hver balancedag og på afregningstidspunktet og indregne eventuelle ændringer i dagsværdien i årets resultat.
31.
Eksempelvis kan en virksomhed tildele fantomaktier til ansatte som en del af deres aflønningspakke, hvorved de ansatte får ret til en fremtidig kontant betaling (snarere end et egenkapitalinstrument), som er baseret på stigningen i virksomhedens aktiekurs fra et bestemt niveau i en bestemt periode. En virksomhed kan også give sine ansatte ret til at modtage en fremtidig kontant betaling ved at give dem ret til aktier (herunder aktier, som udstedes ved udnyttelsen af aktieoptioner), som kan indløses, enten tvungent (eksempelvis ved ansættelsens ophør) eller efter den ansattes eget valg.
32.
Virksomheden skal indregne de modtagne tjenesteydelser samt en forpligtelse til at betale for disse tjenesteydelser, efterhånden som de ansatte leverer tjenesteydelserne. Eksempelvis optjenes visse fantomaktier straks, og det kræves derfor ikke, at de ansatte fuldfører en bestemt arbejdsperiode for at opnå ret til den kontante betaling. Hvis der ikke foreligger dokumentation for det modsatte, skal virksomheden antage, at den har modtaget de tjenesteydelser, som de ansatte skal yde til gengæld for de modtagne fantomaktier. Således skal virksomheden straks indregne de modtagne tjenesteydelser samt en forpligtelse til at betale for disse. Hvis fantomaktier ikke bliver optjent, før de ansatte har fuldført en bestemt arbejdsperiode, skal virksomheden indregne de modtagne tjenesteydelser samt en forpligtelse til at betale for disse, efterhånden som de ansatte leverer tjenesteydelserne i løbet af perioden.
33.
Forpligtelsen skal første gang og på hver balancedag, indtil den afregnes, måles til fantomaktiernes dagsværdi ved at anvende en model til prisfastsættelse af optioner under hensyntagen til de vilkår og betingelser, som fantomaktierne blev tildelt under, og i det omfang, de ansatte har leveret tjenesteydelser frem til det aktuelle tidspunkt.
AKTIEBASERET VEDERLÆGGELSE MED KONTANTALTERNATIVER
34.
Ved aktiebaseret vederlæggelse, hvor ordningens vilkår giver enten virksomheden eller modparten mulighed for at vælge, om virksomheden skal afregne transaktionen kontant (eller med andre aktiver) eller ved udstedelse af egenkapitalinstrumenter, skal virksomheden regnskabsmæssigt behandle transaktionen eller dele heraf som aktiebaseret vederlæggelse med kontantafregning, hvis og i det omfang virksomheden har påtaget sig en forpligtelse til at afregne kontant eller med andre aktiver, eller som en aktiebaseret vederlæggelse afregnet i egenkapital, hvis og i det omfang en sådan forpligtelse ikke er påtaget.
Aktiebaseret vederlæggelse, hvor ordningens vilkår giver modparten mulighed for at vælge afregningsform
35.
Hvis en virksomhed har givet modparten ret til at vælge, om aktiebaseret vederlæggelse skal afregnes kontant 
(
4
)
 eller ved udstedelse af egenkapitalinstrumenter, har virksomheden tildelt modparten et sammensat finansielt instrument, som indeholder et forpligtelseselement (dvs. modpartens ret til at kræve kontant betaling) og et egenkapitalelement (dvs. modpartens ret til at kræve afregning i egenkapitalinstrumenter snarere end i kontanter). Ved transaktioner med andre parter end ansatte, hvor dagsværdien af de modtagne varer eller tjenesteydelser måles direkte, skal virksomheden måle egenkapitalelementet i det sammensatte finansielle instrument som forskellen mellem dagsværdien af de modtagne varer eller tjenesteydelser og dagsværdien af forpligtelseselementet på det tidspunkt, hvor varerne eller tjenesteydelserne modtages.
36.
Ved andre transaktioner, herunder transaktioner med ansatte, skal virksomheden måle dagsværdien af det sammensatte finansielle instrument på målingstidspunktet under hensyntagen til de vilkår og betingelser, som retten til kontanter eller egenkapitalinstrumenter blev tildelt under.
37.
For at anvende afsnit 36 skal virksomheden først måle dagsværdien af forpligtelseselementet og derefter måle dagsværdien af egenkapitalelementet — under hensyntagen til, at modparten skal fortabe sin ret til at modtage kontanter for at modtage egenkapitalinstrumentet. Dagsværdien af det sammensatte finansielle instrument er summen af de to elementers dagsværdi. Aktiebaseret vederlæggelse, hvor modparten har mulighed for at vælge afregningsform, er imidlertid ofte struktureret således, at dagsværdien af det ene afregningsalternativ er den samme som for det andet. Modparten kan eksempelvis vælge mellem at modtage aktieoptioner eller kontantafregnede fantomaktier. I sådanne tilfælde er dagsværdien af egenkapitalelementet nul, og dagsværdien af det sammensatte finansielle instrument er derfor den samme som dagsværdien af forpligtelseselementet. Omvendt gælder det, at hvis afregningsalternativerne har forskellig dagsværdi, vil dagsværdien af egenkapitalinstrumentet normalt være større end nul, og dagsværdien af det sammensatte finansielle instrument vil i dette tilfælde overstige dagsværdien af forpligtelseselementet.
38.
Virksomheden skal foretage separat regnskabsmæssig behandling af modtagne eller anskaffede varer eller tjenesteydelser for hvert element i det sammensatte finansielle instrument. Virksomheden skal for forpligtelseselementet indregne de anskaffede varer eller tjenesteydelser samt en forpligtelse til at betale for disse varer eller tjenesteydelser, efterhånden som modparten leverer varerne eller tjenesteydelserne, i overensstemmelse med de krav, der finder anvendelse på aktiebaseret vederlæggelse med kontantafregning (afsnit 30-33). Virksomheden skal for et eventuelt egenkapitalelement indregne de modtagne varer eller tjenesteydelser og en forøgelse af egenkapitalen, efterhånden som modparten leverer varerne eller tjenesteydelserne, i overensstemmelse med de krav, der finder anvendelse på aktiebaseret vederlæggelse afregnet i egenkapital (afsnit 10-29).
39.
På afregningstidspunktet skal virksomheden foretage en ny måling af forpligtelsen til dagsværdi. Hvis virksomheden udsteder egenkapitalinstrumenter ved afregning snarere end at foretage kontant betaling, skal forpligtelsen overføres direkte til egenkapitalen som betaling for de udstedte egenkapitalinstrumenter.
40.
Hvis virksomheden foretager kontant betaling ved afregning snarere end at udstede egenkapitalinstrumenter, skal denne betaling anvendes til at indfri forpligtelsen fuldt ud. Eventuelle tidligere indregnede egenkapitalelementer skal fortsat indregnes i egenkapitalen. Ved at vælge at modtage kontant betaling ved afregning har modparten fortabt retten til at modtage egenkapitalinstrumenter. Dette krav udelukker dog ikke virksomheden fra at indregne en overdragelse inden for egenkapitalen, dvs. en overdragelse fra ét egenkapitalelement til et andet.
Aktiebaseret vederlæggelse, hvor ordningens vilkår giver virksomheden mulighed for at vælge afregningsform
41.
Ved aktiebaseret vederlæggelse, hvor ordningens vilkår giver en virksomhed mulighed for at vælge mellem kontantafregning og afregning ved udstedelse af egenkapitalinstrumenter, skal virksomheden vurdere, om den har en aktuel forpligtelse til at afregne kontant og regnskabsmæssigt behandle den aktiebaserede vederlæggelse i overensstemmelse hermed. Virksomheden har en aktuel forpligtelse til at afregne kontant, hvis valget af afregning i egenkapitalinstrumenter ikke har noget forretningsmæssigt indhold (eksempelvis fordi det af juridiske årsager ikke er tilladt for virksomheden at udstede aktier), eller virksomheden ifølge tidligere praksis eller en konkret politik afregner kontant, eller generelt afregner kontant, når modparten ønsker kontantafregning.
42.
Hvis modparten har en aktuel forpligtelse til at afregne kontant, skal den regnskabsmæssigt behandle transaktionen i overensstemmelse med kravene i afsnit 30-33, der finder anvendelse på aktiebaseret vederlæggelse med kontantafregning.
43.
Hvis der ikke foreligger en sådan forpligtelse, skal virksomheden regnskabsmæssigt behandle transaktionen i overensstemmelse med kravene i afsnit 10-29, der finder anvendelse på aktiebaseret vederlæggelse afregnet i egenkapital. Ved afregning:
a)
hvis virksomheden vælger kontantafregning, skal den kontante betaling regnskabsmæssigt behandles som tilbagekøb af en egenkapitalinteresse, dvs. som et fradrag i egenkapitalen, bortset fra som anført i c) nedenfor
b)
hvis virksomheden vælger at afregne ved at udstede egenkapitalinstrumenter, kræves der ingen yderligere regnskabsmæssig behandling (ud over en overførsel fra ét egenkapitalelement til et andet, om nødvendigt), bortset fra som anført i c) nedenfor
c)
hvis virksomheden vælger det afregningsalternativ, der har den højeste dagsværdi, skal virksomheden på afregningstidspunktet indregne en yderligere omkostning for den yderligere betalte værdi, dvs. forskellen mellem den kontante betaling og dagsværdien af de egenkapitalinstrumenter, som ellers ville være blevet udstedt, eller forskellen mellem dagsværdien af de udstedte egenkapitalinstrumenter, og det kontante beløb, som ellers ville være blevet betalt, alt efter hvad der er relevant.
OPLYSNINGER
44.
Virksomheder skal give oplysninger, der gør det muligt for regnskabsbrugere at forstå arten og omfanget af aktiebaserede vederlæggelsesordninger, som har eksisteret i regnskabsåret.
45.
For at anvende princippet i afsnit 44 skal virksomheden mindst oplyse følgende:
a)
en beskrivelse af hver type af aktiebaserede vederlæggelsesordninger, som har eksisteret på et hvilket som helst tidspunkt i regnskabsåret, herunder de generelle vilkår og betingelser for hver ordning, eksempelvis retserhvervelseskrav, den maksimale løbetid for tildelte optioner samt afregningsmetoden (dvs. kontant eller i egenkapital). Virksomheder med meget ensartede typer af aktiebaserede vederlæggelsesordninger kan sammendrage disse oplysninger, medmindre det er nødvendigt at give separat oplysning om hver ordning for at overholde princippet i afsnit 44
b)
antallet og de vejede gennemsnitlige udnyttelseskurser for aktieoptioner for hver af følgende grupper af optioner:
i)
i omløb ved regnskabsårets begyndelse
ii)
tildelt i løbet af regnskabsåret
iii)
fortabt i løbet af regnskabsåret
iv)
udnyttet i løbet af regnskabsåret
v)
udløbet i løbet af regnskabsåret
vi)
i omløb ved regnskabsårets afslutning, og
(vii)
med mulighed for udnyttelse ved regnskabsårets afslutning.
c)
for aktieoptioner, som er udnyttet i løbet af regnskabsåret, den vejede gennemsnitlige aktiekurs på udnyttelsestidspunktet. Hvis optioner blev udnyttet regelmæssigt i løbet af regnskabsåret, kan virksomheden i stedet oplyse den vejede gennemsnitlige aktiekurs for regnskabsåret.
d)
for aktieoptioner i omløb ved regnskabsårets slutning, intervallet af udnyttelseskurser og den vejede gennemsnitlige resterende kontraktlige løbetid. Hvis der er et stort interval af udnyttelseskurser, skal optionerne i omløb opdeles i intervaller, som gør det muligt at vurdere antallet af og tidspunkterne for yderligere aktier, som kan udstedes, og den kontante betaling, der kan modtages ved udnyttelsen af disse optioner.
46.
Virksomheder skal give oplysninger, der gør det muligt for regnskabsbrugere at forstå grundlaget for opgørelsen af dagsværdien af modtagne varer og tjenesteydelser eller dagsværdien af tildelte egenkapitalinstrumenter i løbet af regnskabsåret.
47.
Hvis virksomheden har målt dagsværdien af varer eller tjenesteydelser, som er modtaget som betaling for egenkapitalinstrumenter i virksomheden, indirekte under henvisning til dagsværdien af de tildelte egenkapitalinstrumenter med henblik på anvendelse af princippet i afsnit 46, skal virksomheden mindst give følgende oplysninger:
a)
for aktieoptioner, som er tildelt i løbet af regnskabsåret, den vejede gennemsnitlige dagsværdi af disse optioner på målingstidspunktet og oplysninger om målingsgrundlaget for denne dagsværdi, herunder:
i)
den anvendte model for prisfastsættelse af optionerne og de talmæssige forudsætninger for modellen, herunder den vejede gennemsnitlige aktiekurs, udnyttelseskursen, den forventede volatilitet, optionsløbetiden, det forventede udbytte, den risikofri rente og andre forudsætninger for modellen, herunder den anvendte metode og de forudsætninger, der er lagt til grund for indarbejdelsen af virkningen af forventet førtidig udnyttelse
ii)
hvordan den forventede volatilitet blev opgjort, herunder en redegørelse for, i hvor høj grad den forventede volatilitet blev baseret på tidligere volatilitet, og
iii)
om og hvordan andre egenskaber ved optionstildelingen blev indarbejdet i målingen af dagsværdi, eksempelvis en markedsbaseret betingelse
b)
for andre egenkapitalinstrumenter, som er tildelt i løbet af regnskabsåret (dvs. ud over aktieoptioner), antallet og den vejede gennemsnitlige dagsværdi af disse egenkapitalinstrumenter på målingstidspunktet og oplysninger om, hvordan denne dagsværdi blev målt, herunder:
i)
hvordan dagsværdien blev opgjort, hvis den ikke blev målt på grundlag af en observeret markedskurs
ii)
om og hvordan forventet udbytte blev indarbejdet i målingen af dagsværdi, og
iii)
om og hvordan andre egenskaber for de tildelte egenkapitalinstrumenter blev indarbejdet i målingen af dagsværdi
c)
for aktiebaserede vederlæggelsesordninger, som blev ændret i løbet af regnskabsåret:
i)
en redegørelse for disse ændringer
ii)
den yderligere tildelte dagsværdi (som en følge af disse ændringer), og
iii)
oplysninger om målingsgrundlaget for den yderligere tildelte dagsværdi i overensstemmelse med de i a) og b) ovenfor beskrevne krav, hvor dette er relevant.
48.
Hvis virksomheden har foretaget en direkte måling af dagsværdien af varer eller tjenesteydelser, som blev modtaget i regnskabsåret, skal virksomheden oplyse, hvordan denne dagsværdi blev opgjort, eksempelvis om dagsværdien blev målt til en markedspris for disse varer eller tjenesteydelser.
49.
Hvis virksomheden har afkræftet formodningen i afsnit 13, skal den oplyse dette og forklare, hvorfor formodningen blev afkræftet.
50.
Virksomheder skal give oplysninger, der gør det muligt for regnskabsbrugere at forstå virkningen af aktiebaseret vederlæggelse på virksomhedens resultat i regnskabsåret og på virksomhedens finansielle stilling.
51.
For at anvende princippet i afsnit 50 skal virksomheden mindst oplyse følgende:
a)
de samlede indregnede omkostninger i regnskabsåret, som hidrører fra aktiebaseret vederlæggelse, hvor de modtagne varer eller tjenesteydelser ikke opfyldte kravene til indregning som aktiver og derfor straks blev indregnet som omkostning, herunder separat oplysning om den del af de samlede omkostninger, som hidrører fra transaktioner, der regnskabsmæssigt behandles som aktiebaseret vederlæggelse afregnet i egenkapital
b)
for forpligtelser, som hidrører fra aktiebaseret vederlæggelse:
i)
den samlede regnskabsmæssige værdi ved regnskabsårets afslutning, og
ii)
den samlede indre værdi af forpligtelser ved regnskabsårets afslutning, hvor modpartens ret til kontant betaling eller andre aktiver var erhvervet ved regnskabsårets afslutning (eksempelvis en erhvervet ret til fantomaktier).
52.
Hvis de i denne standard krævede oplysninger ikke overholder principperne i afsnit 44, 46 og 50, skal virksomheden give yderligere oplysninger, således at principperne overholdes.
OVERGANGSBESTEMMELSER
53.
For så vidt angår aktiebaseret vederlæggelse afregnet i egenkapital, skal virksomheden anvende denne standard på tildelinger af aktier, aktieoptioner eller andre egenkapitalinstrumenter, der er tildelt efter 7. november 2002, og endnu ikke er optjent på tidspunktet for denne standards ikrafttrædelse.
54.
Det tilskyndes, men kræves ikke, at virksomheder anvender denne standard på andre tildelinger af egenkapitalinstrumenter, hvis virksomheden har offentliggjort dagsværdien af disse egenkapitalinstrumenter opgjort på målingstidspunktet.
55.
Virksomheder skal tilpasse sammenligningstal for alle tildelinger af egenkapitalinstrumenter, som denne standard finder anvendelse på, og, hvor dette er relevant, regulere primo i overført resultat for det tidligst præsenterede regnskabsår.
56.
For alle tildelinger af egenkapitalinstrumenter, som denne standard ikke har været anvendt på (eksempelvis egenkapitalinstrumenter, som er tildelt 7. november 2002 eller før), skal virksomheden dog alligevel give de i afsnit 44 og 45 krævede oplysninger.
57.
Hvis en virksomhed efter denne standards ikrafttrædelse ændrer vilkårene eller betingelserne for en tildeling af egenkapitalinstrumenter, som denne standard ikke har været anvendt på, skal virksomheden alligevel anvende afsnit 26-29 ved den regnskabsmæssige behandling af sådanne ændringer.
58.
Virksomheder skal anvende standarden med tilbagevirkende kraft på forpligtelser, som hidrører fra aktiebaseret vederlæggelse, som eksisterer på tidspunktet for denne standards ikrafttrædelse. Virksomheder skal tilpasse sammenligningstallene for disse forpligtelser, herunder regulere primo i overført resultat i det tidligst præsenterede regnskabsår, hvor der er fortaget tilpasning af sammenligningstallene, bortset fra at virksomheden ikke behøver at tilpasse sammenligningstal i det omfang, disse oplysninger knytter sig til et regnskabsår eller et tidspunkt før 7. november 2002.
59.
Det tilskyndes, men kræves ikke, at virksomheder anvender denne standard med tilbagevirkende kraft på andre forpligtelser hidrørende fra aktiebaseret vederlæggelse, eksempelvis på forpligtelser, der blev afregnet i løbet af et regnskabsår, for hvilket der er præsenteret sammenligningstal.
IKRAFTTRÆDELSESTIDSPUNKT
60.
Virksomheder skal anvende denne standard for regnskabsår, som begynder 1. januar 2005 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender denne standard for regnskabsår, som begynder før 1. januar 2005, skal den give oplysning om dette.
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  IAS 32 fik ændret sit navn i 2005.
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  Denne standard anvender udtrykket »under henvisning til«, og ikke »til«, idet transaktionen i sidste ende måles ved at gange dagsværdien af de tildelte egenkapitalinstrumenter, målt på det tidspunkt, der er angivet i afsnit 11 eller 13 (alt efter, hvilken af disse der er relevant), med antallet af egenkapitalinstrumenter, der bliver optjent, som beskrevet i afsnit 19.
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  I den resterende del af denne standard omfatter henvisninger til ansatte også andre, der leverer tilsvarende tjenesteydelser.
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  Alle henvisninger til kontanter i afsnit 35-43 omfatter også andre aktiver i virksomheden.
Appendiks A
Definerede termer
Dette appendiks er en integreret del af standarden.
Aktiebaseret vederlæggelse med kontantafregning
Aktiebaseret vederlæggelse
, hvor virksomheden anskaffer varer eller tjenesteydelser ved at påtage sig en forpligtelse til at overdrage kontanter eller andre aktiver til leverandøren af disse varer eller tjenesteydelser for beløb, som er baseret på kursen på (eller værdien af) virksomhedens aktier eller andre egenkapitalinstrumenter.
Ansatte og andre, der leverer tilsvarende tjenesteydelser
Personer, der leverer personlige tjenesteydelser til virksomheden, og som enten a) regnes for ansatte i juridisk eller skattemæssigt øjemed, b) arbejder for virksomheden under dennes ledelse på samme måde som personer, der regnes for ansatte i juridisk eller skattemæssigt øjemed eller c) leverer tjenesteydelser, som svarer til tjenesteydelser leveret af ansatte. Dette begreb omfatter eksempelvis hele ledelsen, dvs. de personer, der har indflydelse på og ansvar for planlægning og gennemførelse af samt kontrol med aktiviteterne i virksomheden, herunder eksterne bestyrelsesmedlemmer.
Egenkapitalinstrument
En kontrakt, som repræsenterer en andel af den forskelsværdi, der fremkommer, når man fra alle virksomhedens aktiver trækker alle dens forpligtelser.
 (
1
)
Tildelt egenkapitalinstrument
Retten (betinget eller ubetinget) til et 
egenkapitalinstrument
 i virksomheden, som overdrages af virksomheden til en anden part i henhold til en 
aktiebaseret vederlæggelsesordning
.
Aktiebaseret vederlæggelse afregnet i egenkapital
Aktiebaseret vederlæggelse
, hvor virksomheden modtager varer eller tjenesteydelser som betaling for virksomhedens 
egenkapitalinstrumenter
 (herunder aktier eller 
aktieoptioner
).
Dagsværdi
Det beløb, et aktiv kan omsættes til, en forpligtelse kan indfries til, eller et tildelt 
egenkapitalinstrument
 kan udveksles til, ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter.
Tildelingstidspunkt
Det tidspunkt, hvor en virksomhed og en anden part (herunder en ansat) indgår en 
aktiebaseret vederlæggelsesordning
, dvs. når virksomheden og modparten når en fælles forståelse af ordningens vilkår og betingelser. På tildelingstidspunktet overdrager virksomheden en ret til kontanter, andre aktiver eller egenkapitalinstrumenter i virksomheden til modparten, under forudsætning af, at eventuelle fastsatte optjeningsbetingelser er opfyldt. Hvis ordningen er underlagt en godkendelsesprocedure (eksempelvis af aktionærer), er tildelingstidspunktet det tidspunkt, hvor der opnås godkendelse.
Indre værdi
Forskellen mellem 
dagsværdien
 af aktier, som modparten har en (betinget eller ubetinget) ret til at tegne, eller som modparten har ret til at modtage, og den eventuelle kurs, som modparten skal (eller vil skulle) betale for disse aktier. Eksempelvis har en 
aktieoption
 med en udnyttelseskurs på 15 CU
 (
2
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 på en aktie med en dagsværdi på 20 CU en indre værdi på 5 CU.
Markedsbaseret betingelse
En betingelse, som udnyttelseskursen, retserhvervelsen eller udnyttelsesretten for et 
egenkapitalinstrument
 afhænger af, og som er tilknyttet markedskursen for virksomhedens 
egenkapitalinstrumenter
, eksempelvis opnåelse af en bestemt aktiekurs eller en bestemt indre værdi for en aktieoption, eller opnåelse af et opstillet mål, som er baseret på markedskursen for virksomhedens 
egenkapitalinstrumenter
 i forhold til et markedskursindeks for 
egenkapitalinstrumenter
 i andre virksomheder.
Målingstidspunkt
Det tidspunkt, hvor 
dagsværdien
 af de 
tildelte egenkapitalinstrumenter
 måles i forbindelse med denne standard. Ved transaktioner med 
ansatte
 og 
andre
, 
der leverer tilsvarende tjenesteydelser
, er målingstidspunktet lig med tildelingstidspunktet. Ved transaktioner med andre parter end ansatte (og andre, som leverer tilsvarende tjenesteydelser) er målingstidspunktet det tidspunkt, hvor virksomheden modtager varerne eller modparten leverer tjenesteydelsen.
Reload-mulighed
Dette giver mulighed for automatisk tildeling af yderligere 
aktieoptioner
, når indehaveren af optionen udnytter tidligere tildelte optioner ved at bruge virksomhedens aktier snarere end kontanter til at betale udnyttelseskursen.
Reload-option
En ny 
aktieoption
, der tildeles, når der anvendes en aktie til at betale udnyttelseskursen for en tidligere 
aktieoption
.
Aktiebaseret vederlæggelsesordning
En ordning mellem virksomheden og en anden part (herunder en ansat) om 
aktiebaseret vederlæggelse
, som berettiger den anden part til at modtage kontanter eller andre aktiver i virksomheden for beløb, der er baseret på kursen på virksomhedens aktier eller andre 
egenkapitalinstrumenter
 i virksomheden, eller til at modtage 
egenkapitalinstrumenter
 i virksomheden, under forudsætning af opfyldelsen af eventuelle fastsatte 
optjeningsbetingelser
.
Aktiebaseret vederlæggelse
En transaktion, hvor virksomheden modtager varer eller tjenesteydelser som betaling for 
egenkapitalinstrumenter
 i virksomheden (herunder aktier eller 
aktieoptioner
) eller anskaffer varer eller tjenesteydelser ved at påtage sig forpligtelser over for leverandøren af disse varer eller tjenesteydelser for beløb, som er baseret på kursen på virksomhedens aktier eller andre 
egenkapitalinstrumenter
.
Aktieoption
En kontrakt, der giver indehaveren en ret, men ikke en forpligtelse, til at tegne aktier i virksomheden til en kurs, der enten er fast eller kan opgøres, i en bestemt periode.
Retserhverves
At blive en ret. Ved 
aktiebaseret vederlæggelse
 afhænger optjeningen af modpartens ret til at modtage kontanter eller andre aktiver eller 
egenkapitalinstrumenter
 i virksomheden, af opfyldelsen af eventuelle fastsatte 
optjeningsbetingelser
.
Optjeningsbetingelser
De betingelser, der skal opfyldes, for at modparten bliver berettiget til at modtage kontanter, andre aktiver eller 
egenkapitalinstrumenter
 i virksomheden i henhold til en 
aktiebaseret vederlæggelsesordning
. Optjeningsbetingelser omfatter tjenestebetingelser, som kræver, at den anden part fuldfører en bestemt arbejdsperiode, og indtjeningsbetingelser, som kræver opnåelse af opstillede indtjeningsmål (eksempelvis en bestemt stigning i virksomhedens overskud i en bestemt periode).
Optjeningsperiode
Den periode, hvor alle fastsatte 
optjeningsbetingelser
 for en 
aktiebaseret vederlæggelsesordning
 skal opfyldes.
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Begrebsrammen
 definerer en forpligtelse som en aktuel forpligtelse for virksomheden, der hidrører fra tidligere begivenheder, og hvis indfrielse forventes at medføre et træk på virksomhedens økonomiske ressourcer (dvs. en pengestrøm eller en strøm af andre aktiver fra virksomheden).
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  I dette appendiks angives pengebeløb i valutaenheder (»currency units« (CU)).
Appendiks B
Anvendelsesvejledning
Dette appendiks er en integreret del af standarden.
Skøn over dagsværdien af de tildelte egenkapitalinstrumenter
B1
Afsnit B2-B41 i dette appendiks omhandler målingen af tildelte aktiers og aktieoptioners dagsværdi med fokus på de konkrete vilkår, som normalt gælder for tildeling af aktier eller aktieoptioner til ansatte. Emnet behandles således ikke udtømmende. De problemstillinger i forbindelse med værdiansættelse, der behandles i det følgende, fokuserer på aktier og aktieoptioner, som tildeles ansatte, og det forudsættes derfor, at dagsværdien af aktierne eller aktieoptionerne måles på tildelingstidspunktet. Imidlertid gælder mange af de behandlede problemstillinger i forbindelse med værdiansættelse (eksempelvis opgørelsen af den forventede volatilitet) også i forbindelse med opgørelse af dagsværdien af aktier og aktieoptioner, som tildeles andre parter end ansatte på det tidspunkt, hvor virksomheden modtager varerne, eller hvor modparten leverer tjenesteydelsen.
Aktier
B2
Når ansatte modtager aktier, skal aktiernes dagsværdi måles til markedskursen på virksomhedens aktier (eller en skønnet markedskurs, hvis virksomhedens aktier ikke handles offentligt), som er reguleret for at tage højde for de vilkår, hvorunder aktierne blev tildelt (bortset fra optjeningsbetingelser, som er undtaget fra målingen af dagsværdi i overensstemmelse med afsnit 19-21).
B3
Hvis den ansatte eksempelvis ikke er berettiget til at modtage udbytte i løbet af optjeningsperioden, skal dette tages i betragtning ved vurderingen af dagsværdien af de tildelte aktier. Hvis der er restriktioner på overdragelse af aktierne efter retserhvervelsestidspunktet, skal dette ligeledes tages i betragtning, men kun for så vidt restriktionerne efter optjeningen har indvirkning på den kurs, som kvalificerede, villige markedsdeltagere ville betale for aktien. Hvis aktierne eksempelvis handles aktivt på et omfattende og likvidt marked, har overdragelsesrestriktioner efter retserhvervelsen lille eller ingen indvirkning på den kurs, som kvalificerede, villige markedsdeltagere ville betale for sådanne aktier. Restriktioner vedrørende overdragelse eller andre restriktioner i optjeningsperioden skal ikke tages i betragtning ved vurderingen af de tildelte aktiers dagsværdi på tildelingstidspunktet, da sådanne restriktioner hidrører fra tilstedeværelsen af optjeningsbetingelser, der regnskabsmæssigt behandles i overensstemmelse med afsnit 19-21.
Aktieoptioner
B4
Når ansatte tildeles aktieoptioner, findes der ofte ikke nogen markedskurs, idet de tildelte optioner er underlagt vilkår, som ikke gælder for optioner, der handles. Hvis der ikke findes optioner, der handles, med tilsvarende vilkår, skal de tildelte optioners dagsværdi skønnes ved anvendelse af en model til prisfastsættelse af optioner.
B5
Virksomheden skal tage de faktorer i betragtning, som kvalificerede, villige markedsdeltagere ville lægge til grund ved valget af den anvendte model til prisfastsættelse af optioner. Mange medarbejderoptioner har eksempelvis lang løbetid, kan som regel udnyttes i perioden mellem retserhvervelsestidspunktet og optionens udløb, og udnyttes ofte førtidigt. Disse faktorer skal tages i betragtning ved opgørelsen af optionernes dagsværdi på tildelingstidspunktet. For mange virksomheder kan dette udelukke anvendelse af Black-Scholes-Merton-formlen, som ikke tager højde for muligheden for udnyttelse før optionens udløb, og som måske ikke i tilstrækkelig grad afspejler virkningen af den forventede førtidige udnyttelse. Formlen tager heller ikke højde for muligheden for, at den forventede volatilitet og de øvrige talmæssige forudsætninger for modellen kan variere i løbet af optionens løbetid. Det er imidlertid muligt, at de ovenfor anførte faktorer ikke finder anvendelse, for så vidt angår aktieoptioner med forholdsvis kort kontraktmæssig løbetid eller aktieoptioner, som skal udnyttes inden for kort tid efter retserhvervelsestidspunktet. I disse tilfælde kan Black-Scholes-Merton-formlen frembringe en værdi, som i al væsentlighed er den samme som den værdi, der fremkommer ved anvendelse af en mere fleksibel model for prisfastsættelse af optioner.
B6
Alle modeller til prisfastsættelse af optioner tager som minimum højde for følgende faktorer:
a)
optionens udnyttelseskurs
b)
optionens løbetid
c)
den aktuelle kurs på de underliggende aktier
d)
aktiekursens forventede volatilitet
e)
forventede udbytter på aktierne (hvis relevant), og
f)
den risikofri rente i optionens løbetid.
B7
Andre faktorer, som kvalificerede, villige markedsdeltagere ville lægge til grund ved prisfastsættelsen, skal også tages i betragtning (bortset fra optjeningsbetingelser og reload-muligheder, som ikke medtages ved målingen af dagsværdi i overensstemmelse med afsnit 19-22).
B8
Eksempelvis kan en aktieoption, som tildeles en medarbejder, typisk ikke udnyttes i specificerede perioder (eksempelvis i optjeningsperioden eller i perioder, som fastlægges af tilsynsmyndighederne for værdipapirhandel). Denne faktor skal tages i betragtning, hvis den anvendte model til prisfastsættelse af optioner ellers ville forudsætte, at optionen kunne udnyttes på et hvilket som helst tidspunkt i dens løbetid. Hvis en virksomhed imidlertid anvender en model til prisfastsættelse af optioner, der værdiansætter optioner, som kun kan udnyttes ved optionernes udløb, kræves der ingen justering for den manglende evne til at udnytte disse i løbet af optjeningsperioden (eller andre perioder i optionens løbetid), da modellen forudsætter, at optionerne ikke kan udnyttes i disse perioder.
B9
Tilsvarende er muligheden for førtidig udnyttelse af optionen en anden faktor, som er almindelig i forbindelse med medarbejderaktieoptioner, eksempelvis fordi optionen ikke frit kan overdrages, eller fordi den ansatte skal udnytte alle optjente optioner ved ansættelsens ophør. Virkningen af forventet førtidig udnyttelse skal tages i betragtning som omhandlet i afsnit B16-B21.
B10
Der skal ikke tages hensyn til faktorer, som en kvalificeret, villig markedsdeltager ikke ville lægge til grund ved prisfastsættelsen af en aktieoption (eller et andet egenkapitalinstrument) ved opgørelsen af dagsværdien af tildelte aktieoptioner (eller andre egenkapitalinstrumenter). For aktieoptioner, som tildeles ansatte, er faktorer, der udelukkende påvirker optionens værdi set fra den ansattes synspunkt, ikke relevante for vurderingen af den prisfastsættelse, der ville blive foretaget af en kvalificeret, villig markedsdeltager.
Talmæssige forudsætninger for modeller til prisfastsættelse af optioner
B11
Ved vurderingen af de underliggende aktiers forventede volatilitet og udbytter, er formålet at tilnærme sig de forventninger, der ville blive afspejlet i en aktuel markedskurs eller en forhandlet udvekslingskurs for optionen. Tilsvarende er formålet ved vurdering af virkningen af førtidig udnyttelse af medarbejderaktieoptioner at tilnærme sig de forventninger, som en ekstern part med adgang til detaljeret information om den ansattes udnyttelsesadfærd ville udvikle baseret på den tilgængelige information på tildelingstidspunktet.
B12
Der er ofte et interval af rimelige forventninger til den fremtidige volatilitet, fremtidige udbytter og udnyttelsesadfærd. Hvis dette er tilfældet, skal der beregnes en forventet værdi ved at vægte hvert beløb inden for intervallet i forhold til sandsynligheden for beløbet.
B13
Forventninger til fremtiden er generelt baseret på erfaring og ændres, hvis fremtiden med rimelighed forventes at afvige fra tidligere forhold. Under visse omstændigheder kan identificerbare faktorer indikere, at historiske erfaringer, som ikke er tilpassede, er en forholdsvis dårlig indikator for fremtidige forhold. Hvis en virksomhed med to klart adskilte forretningsområder afhænder det forretningsområde, der var markant mindre risikobetonet end det andet, er historisk volatilitet måske ikke den bedste information at basere rimelige forventninger til fremtiden på.
B14
Under andre omstændigheder er historisk information måske ikke tilgængelig. En virksomhed, som netop er blevet børsnoteret, vil eksempelvis have meget få eller slet ingen historiske data vedrørende volatiliteten for aktiekursen. Virksomheder, der ikke er børsnoterede eller netop er blevet børsnoterede, behandles yderligere nedenfor.
B15
Overordnet set bør en virksomhed ikke blot basere skøn over volatilitet, udnyttelsesadfærd og udbytter på historisk information uden at tage hensyn til, hvorvidt de tidligere erfaringer med rimelighed kan forventes at være en indikator for fremtidige forhold.
Forventet førtidig udnyttelse
B16
Ansatte udnytter ofte aktieoptioner førtidigt af mange forskellige årsager. Medarbejderaktieoptioner er eksempelvis typisk ikke-overdragelige. Det bevirker ofte, at ansatte udnytter deres aktieoptioner førtidigt, da det er den eneste måde, medarbejderne kan realisere deres position på. Desuden er det normalt et krav, at ansatte, hvis ansættelse ophører, skal udnytte alle optjente optioner i løbet af kort tid, da retten til aktieoptionerne ellers fortabes. Denne faktor forårsager den førtidige udnyttelse af medarbejderaktieoptioner. Andre faktorer, der forårsager førtidig udnyttelse, er risikoaversion og mangel på formuespredning.
B17
Den måde, hvorpå virkningen af den forventede førtidige udnyttelse kan indregnes, afhænger af den anvendte type model til prisfastsættelse af optioner. Eksempelvis kan den forventede førtidige udnyttelse tages i betragtning ved at anvende et skøn over optionens forventede løbetid (som for en medarbejderaktieoption er perioden fra tildelingstidspunktet til det tidspunkt, hvor optionen forventes at blive udnyttet), som en forudsætning for en model til prisfastsættelse af optioner (f.eks. Black-Scholes-Merton-formlen). Alternativt kan den forventede førtidige udnyttelse opstilles i en binomial model eller en tilsvarende model for prisfastsættelse af optioner, som anvender den kontraktmæssige løbetid som forudsætning.
B18
De faktorer, der skal overvejes ved skøn over førtidig udnyttelse, omfatter:
a)
optjeningsperiodens varighed, idet aktieoptionen typisk ikke kan udnyttes før optjeningsperiodens udløb. Derfor er vurderingen af de værdiansættelsesmæssige konsekvenser af forventet førtidig udnyttelse baseret på en forudsætning om, at optionerne vil blive optjent. Konsekvenserne af optjeningsbetingelser behandles i afsnit 19-21
b)
det gennemsnitlige tidsforløb inden lignende optioner er blevet udnyttet tidligere
c)
kursen på underliggende aktier. Tidligere erfaringer kan indikere, at ansatte har en tendens til at udnytte optioner, når aktiekursen når et bestemt niveau over udnyttelseskursen
d)
den ansattes stilling i organisationen. Tidligere erfaringer kan eksempelvis indikere, at ansatte på højere niveau har en tendens til at udnytte optioner senere end ansatte på et lavere niveau (behandles yderligere i afsnit B21)
e)
forventet volatilitet for underliggende aktier. I gennemsnit kan ansatte have en tendens til at udnytte optioner på meget volatile aktier tidligere end optioner på aktier med lav volatilitet.
B19
Som anført i afsnit B17 kan førtidig udnyttelse tages i betragtning ved at anvende et skøn over optionens forventede løbetid som en forudsætning for en model til prisfastsættelse af optioner. Når den forventede løbetid for aktieoptioner, der er tildelt en gruppe ansatte, skønnes, kan virksomheden basere vurderingen på en hensigtsmæssigt vægtet gennemsnitlig forventet løbetid for hele medarbejdergruppen, eller på en hensigtsmæssigt vægtet gennemsnitlig løbetid for delgrupperinger af ansatte i gruppen, baseret på mere detaljerede data om de ansattes udnyttelsesadfærd (behandles yderligere nedenfor).
B20
Det vil sandsynligvis være vigtigt at opdele en optionstildeling i grupper af ansatte med relativt ensartet udnyttelsesadfærd. Optionens værdi er ikke en lineær funktion af optionens løbetid. Værdien øges med faldende hastighed, jo længere løbetiden er. Alt andet lige er en to-årig option ikke dobbelt så meget værd som en et-årig option, selv om den er mere værd. Det betyder, at man ved en beregning af den skønnede optionsværdi på grundlag af en enkelt vægtet gennemsnitlig løbetid, som omfatter meget forskellige individuelle løbetider, ville værdiansætte den samlede dagsværdi af de tildelte aktieoptioner for højt. Opdeling af tildelte optioner i flere grupper, som hver medtager et relativt snævert interval af løbetider i sin vægtede gennemsnitlige løbetid, reducerer en sådan for høj værdiansættelse.
B21
Lignende overvejelser gælder, når der anvendes en binomial model eller en tilsvarende model. Eksempelvis kan tidligere erfaringer i en virksomhed, som tildeler optioner til alle niveauer af ansatte, indikere, at den øverste ledelse har en tendens til at beholde deres optioner længere end ansatte på mellemlederniveau beholder deres, og at ansatte på lavere niveauer har en tendens til at udnytte deres optioner tidligere end de øvrige grupper. Herudover vil ansatte, som opfordres til eller som kræves at beholde en minimumsmængde af deres arbejdsgivers egenkapitalinstrumenter, herunder optioner, i gennemsnit udnytte optioner senere end ansatte, som ikke er underlagt en sådan bestemmelse. I disse situationer vil en opdeling af optioner efter modtagergrupper med relativt ensartet udnyttelsesadfærd resultere i et mere nøjagtigt skøn over den samlede dagsværdi af de tildelte aktieoptioner.
Forventet volatilitet
B22
Den forventede volatilitet er et mål for størrelsen af det kursudsving, som en kurs forventes at udvise i løbet af en periode. Det mål for volatiliteten, der anvendes i modeller til prisfastsættelse af optioner, er standardafvigelsen omregnet til årsbasis af det løbende sammensatte afkast på aktien over en periode. Volatilitet udtrykkes typisk i perioder, som er omregnet til årsbasis, og som er sammenlignelige uanset hvilken periode, der anvendes i beregningen, f.eks. daglige, ugentlige eller månedlige kursobservationer.
B23
Afkastet (som kan være positivt eller negativt) på en aktie i en periode måler, hvor meget en aktionær har draget fordel af udbytter og værdiforøgelse (eller værdiforringelse) af aktiekursen.
B24
En akties forventede volatilitet på årsbasis er det område, som det løbende sammensatte årlige afkast forventes at ligge inden for ca. to tredjedele af tiden. Hvis man eksempelvis siger, at en aktie med et forventet løbende sammensat afkast på 12 % har en volatilitet på 30 %, betyder det, at sandsynligheden for, at afkastet på aktien i et år vil være mellem - 18 % (12 %-30 %) og 42 % (12 %+30 %) er ca. to tredjedele. Hvis aktiekursen er 100 CU ved årets begyndelse, og der ikke betales udbytte, vil aktiekursen ved årets slutning kunne forventes at være mellem 83,53 CU (100 CU × e
–0,18
                  
) og 152,20 CU (100 CU × e
0,42
                  
) ca. to tredjedele af tiden.
B25
De faktorer, der skal tages i betragtning ved skøn over den forventede volatilitet, omfatter:
a)
indirekte volatilitet fra eventuelle handlede aktieoptioner på virksomhedens aktier eller andre af virksomhedens handlede instrumenter, som omfatter optionselementer (såsom konvertibel gæld)
b)
aktiekursens historiske volatilitet i løbet af den seneste periode, som generelt svarer til optionens forventede løbetid (når optionens tilbageværende kontraktmæssige løbetid og virkningen af forventet førtidig udnyttelse tages i betragtning)
c)
den tid, en virksomheds aktier har været handlet offentligt. En virksomhed, der netop er blevet børsnoteret, kan have en høj historisk volatilitet sammenlignet med lignende virksomheder, som har været børsnoteret i længere tid. Der gives yderligere vejledning for virksomheder, der netop er blevet børsnoteret, nedenfor
d)
volatilitetens tendens til at vende tilbage til middelværdien, dvs. gennemsnitsniveauet, på langt sigt, og andre faktorer, der indikerer, at forventet fremtidig volatilitet kan afvige fra tidligere volatilitet. Hvis en virksomheds aktiekurs eksempelvis var ekstraordinært volatil i en identificerbar periode som følge af et mislykket overtagelsesforsøg eller en større omstrukturering, kan der ses bort fra den periode ved beregningen af den historiske, årlige gennemsnitlige volatilitet
e)
hensigtsmæssige og regelmæssige intervaller for kursobservationer. Kursobservationerne skal være konsistente fra periode til periode. En virksomhed kan eksempelvis benytte slutkursen for hver uge eller ugens højeste kurs, men den bør ikke benytte slutkursen i nogle uger og den højeste kurs i andre uger. Kursobservationerne skal endvidere udtrykkes i samme valuta som udnyttelseskursen.
Virksomheder, der netop er blevet børsnoterede
B26
Som anført i afsnit B25 skal en virksomhed overveje aktiekursens historiske volatilitet i løbet af den seneste periode, der som regel svarer til optionens forventede løbetid. Hvis en virksomhed, der netop er blevet børsnoteret, ikke har tilstrækkelig information om historisk volatilitet, bør den ikke desto mindre beregne den historiske volatilitet for den længste periode, hvor der findes oplysninger om handelsaktivitet. Den kan endvidere tage lignende virksomheders historiske volatilitet i betragtning på grundlag af en sammenlignelig periode i disses levetid. En virksomhed, som eksempelvis kun har været børsnoteret i et år og tildeler optioner med en gennemsnitlig forventet løbetid på fem år, kan vurdere mønstret for og omfanget af den historiske volatilitet for virksomheder i samme branche for de første seks år, hvor disse virksomheders aktier blev handlet offentligt.
Ikke-børsnoterede virksomheder
B27
En ikke-børsnoteret virksomhed kan ikke lægge historiske oplysninger til grund for en vurdering af den forventede volatilitet. Nedenfor angives andre faktorer, der kan lægges til grund.
B28
I nogle tilfælde kan en ikke-børsnoteret virksomhed, som regelmæssigt udsteder optioner eller aktier til ansatte (eller andre parter), have etableret et internt marked for sine aktier. Volatiliteten for disse aktiers kurs kan medtages ved udarbejdelsen af skøn over den forventede volatilitet.
B29
Alternativt kan virksomheden vurdere den historiske eller implicitte volatilitet for lignende børsnoterede virksomheder med tilgængelige oplysninger om aktie- eller optionskurser ved udarbejdelsen af skøn over den forventede volatilitet. Det ville være hensigtsmæssigt, hvis virksomheden har baseret værdien af sine aktier på lignende børsnoterede virksomheders aktiekurs.
B30
Hvis virksomheden ikke har baseret sit skøn over aktiernes værdi på aktiekursen for lignende børsnoterede virksomheder og i stedet har anvendt en anden værdiansættelsesmetode til at værdiansætte sine aktier, kan virksomheden udlede et skøn over den forventede volatilitet, der er i overensstemmelse med den pågældende værdiansættelsesmetode. Virksomheden kan eksempelvis værdiansætte sine aktier på grundlag af nettoaktiver eller indtjening. Virksomheden kan tage den forventede volatilitet for værdien af disse nettoaktiver eller indtjeningen i betragtning.
Forventede udbytter
B31
Hvorvidt forventede udbytter skal tages i betragtning ved måling af dagsværdien af aktier eller tildelte optioner afhænger af, om modparten er berettiget til udbytte eller tilsvarende udbetalinger.
B32
Hvis de ansatte eksempelvis blev tildelt optioner, som giver ret til udbytter på underliggende aktier eller tilsvarende udbetalinger (som kan udbetales i kontanter eller anvendes til at reducere udnyttelseskursen) mellem tildelingstidspunktet og udnyttelsestidspunktet, skal de tildelte optioner værdiansættes, som om der ikke vil blive udbetalt udbytte på underliggende aktier, dvs. faktoren for forventede udbytter skal være nul.
B33
Tilsvarende kræves der ingen justering for forventede udbytter, når der udarbejdes skøn over dagsværdien på tildelingstidspunktet for aktier, der tildeles til ansatte, hvis den ansatte er berettiget til at modtage udbytte, som er udbetalt i løbet af optjeningsperioden.
B34
Hvis de ansatte omvendt ikke har ret til at modtage udbytte eller tilsvarende udbetalinger i løbet af optjeningsperioden (eller før udnyttelsen, hvis der er tale om en option), skal værdiansættelsen af rettighederne på tildelingstidspunktet til aktier eller optioner tage højde for forventede udbytter. Det vil sige, at forventede udbytter skal medregnes ved anvendelsen af en model til prisfastsættelse af optioner, når dagsværdien af en optionstildeling skønnes. Når dagsværdien for en aktietildeling skønnes, skal værdiansættelsen reduceres med nutidsværdien af de udbytter, der forventes at blive udbetalt i løbet af optjeningsperioden.
B35
Modeller til prisfastsættelse af optioner kræver som regel en forventet udbytteprocent. Modellerne kan imidlertid ændres til at anvende et forventet udbyttebeløb frem for en procentsats. En virksomhed kan enten anvende den forventede udbytteprocent eller forventede udbetalinger. Hvis virksomheden anvender sidstnævnte, skal den tage det historiske mønster for udbyttestigninger i betragtning. Hvis virksomhedens politik eksempelvis generelt har været at øge udbytterne med ca. 3 % om året, kan dens anslåede optionsværdi ikke forudsætte et fast udbyttebeløb i hele optionens løbetid, medmindre der findes beviser, der understøtter forudsætningen.
B36
Overordnet skal forudsætningen for forventede udbytter baseres på offentligt tilgængelig information. En virksomhed, som ikke betaler udbytter, og som ikke har planer herom, skal forudsætte en forventet udbytteprocent på nul. Dog kan en ny virksomhed, som ikke tidligere har udbetalt udbytter, forvente at påbegynde udbetaling af udbytter i løbet af den forventede løbetid for de ansattes aktieoptioner. Disse virksomheder kan benytte et gennemsnit af deres tidligere udbytteprocent (nul) og den gennemsnitlige udbytteprocent for en relevant sammenlignelig gruppe af virksomheder.
Risikofri rente
B37
Risikofri rente er typisk det afkast, der aktuelt er forbundet med ikke-rentebærende statslige værdipapirer i det land, hvis valuta udnyttelseskursen er udtrykt i, med en tilbageværende løbetid, som svarer til den forventede løbetid for den værdiansatte option (baseret på optionens tilbageværende kontraktmæssige løbetid og under hensyntagen til virkningen af den forventede førtidige udnyttelse). Det kan blive nødvendigt at benytte en relevant erstatning, hvis der ikke findes sådanne statslige værdipapirer, eller omstændighederne indikerer, at det afkast, der er forbundet med ikke-rentebærende statslige værdipapirer, ikke er repræsentativt for den risikofrie rente (eksempelvis i økonomier med høj inflation). Der skal endvidere anvendes en relevant erstatning, hvis markedsdeltagerne typisk ville bestemme den risikofrie rente med anvendelse af erstatningen, frem for det afkast, der er forbundet med ikke-rentebærende statslige værdipapirer ved udarbejdelsen af skøn over dagsværdien af en option med en løbetid, der svarer til den forventede løbetid for den option, der værdiansættes.
Påvirkning af kapitalstrukturen
B38
Det er typisk tredjeparter og ikke virksomheden, som udsteder handlede aktieoptioner. Når disse aktieoptioner udnyttes, leverer sælger aktier til indehaveren af optionen. Disse aktier købes af eksisterende aktionærer. Som følge heraf har udnyttelsen af handlede aktieoptioner ingen udvandende virkning.
B39
Hvis aktieoptioner derimod udstedes af virksomheden, udstedes der nye aktier, når disse aktieoptioner udnyttes (enten en reel udstedelse eller en udstedelse, hvor der anvendes aktier, som tidligere er tilbagekøbt og besiddes af virksomheden). Under forudsætning af, at aktierne vil blive udstedt til udnyttelseskursen frem for den aktuelle markedskurs på udnyttelsestidspunktet, kan denne aktuelle eller potentielle udvanding reducere aktiekursen, så indehaveren af optionen ikke får så stor en fortjeneste ved udnyttelsen som ved at udnytte en i øvrigt tilsvarende handlet option, som ikke udvander aktiekursen.
B40
Hvorvidt dette har en markant indvirkning på værdien af de tildelte aktieoptioner afhænger af forskellige faktorer, såsom antallet af nye aktier, som udstedes ved udnyttelse af optionerne, sammenlignet med antallet af allerede udstedte aktier. Hvis markedet desuden allerede forventer, at optionstildelingen vil finde sted, kan markedet allerede have medregnet den potentielle udvanding i aktiekursen på tildelingstidspunktet.
B41
Dog bør virksomheden overveje, om den eventuelle udvandende virkning af den fremtidige udnyttelse af de tildelte aktieoptioner har indflydelse på aktieoptionernes skønnede dagsværdi på tildelingstidspunktet. Modeller til prisfastsættelse af optioner kan tilpasses til at tage højde for denne potentielle udvandende virkning.
Ændringer af aktiebaserede vederlæggelsesordninger
B42
Afsnit 27 kræver, at virksomheden, uanset om der er sket ændringer af de vilkår, som gælder for tildelingen af egenkapitalinstrumenterne, eller der er sket en annullering eller afregning af de tildelte egenkapitalinstrumenter, som minimum skal indregne de modtagne tjenesteydelser målt på tildelingstidspunktet til dagsværdien af de tildelte egenkapitalinstrumenter, medmindre egenkapitalinstrumenterne ikke bliver optjent på grund af manglende opfyldelse af en optjeningsbetingelse, som blev fastsat på tildelingstidspunktet (ud over en markedsbaseret betingelse). Desuden skal virksomheden indregne virkningen af ændringer, som øger den samlede dagsværdi af den aktiebaserede vederlæggelsesordning, eller som på anden vis er fordelagtig for den ansatte.
B43
Med henblik på anvendelse af kravene i afsnit 27:
a)
hvis ændringen øger dagsværdien af de tildelte egenkapitalinstrumenter (eksempelvis ved at reducere udnyttelseskursen), målt umiddelbart før og efter ændringen, skal virksomheden medtage den yderligere dagsværdi, der tildeles, ved målingen af det beløb, der indregnes for modtagne tjenesteydelser, som vederlag for de tildelte egenkapitalinstrumenter. Den yderligere tildelte dagsværdi er forskellen mellem dagsværdien af det ændrede egenkapitalinstrument og værdien af det oprindelige egenkapitalinstrument, begge skønnet på ændringstidspunktet. Hvis ændringen indtræder i løbet af optjeningsperioden, medtages den yderligere tildelte dagsværdi ved målingen af det beløb, der indregnes for modtagne tjenesteydelser i løbet af perioden fra ændringstidspunktet til det tidspunkt, hvor de ændrede egenkapitalinstrumenter optjenes, ud over det beløb, som er baseret på dagsværdien af de oprindelige egenkapitalinstrumenter på tildelingstidspunktet, som indregnes over den tilbageværende del af den oprindelige optjeningsperiode. Hvis ændringen indtræder efter optjeningsdatoen, indregnes den yderligere tildelte dagsværdi straks eller i løbet af optjeningsperioden, hvis det kræves, at den ansatte afslutter et yderligere arbejdsår, før vedkommende bliver ubetinget berettiget til disse ændrede egenkapitalinstrumenter
b)
hvis antallet af tildelte egenkapitalinstrumenter øges ved ændringen, skal enheden ligeledes medtage dagsværdien af de yderligere tildelte egenkapitalinstrumenter målt på tidspunktet for ændringen, ved målingen af det beløb, der indregnes for modtagne tjenesteydelser som vederlag for de tildelte egenkapitalinstrumenter, i overensstemmelse med kravene i a) ovenfor. Hvis ændringen eksempelvis indtræder i løbet af optjeningsperioden, er dagsværdien af de yderligere tildelte egenkapitalinstrumenter medtaget i målingen af det beløb, der indregnes for modtagne tjenesteydelser i løbet af perioden fra ændringstidspunktet til det tidspunkt, hvor de yderligere egenkapitalinstrumenter optjenes, ud over det beløb, som er baseret på dagsværdien på tildelingstidspunktet af de oprindeligt tildelte egenkapitalinstrumenter, som indregnes i den tilbageværende del af den oprindelige optjeningsperiode
c)
hvis virksomheden ændrer optjeningsbetingelserne på en måde, som er fordelagtig for den ansatte, eksempelvis ved at forkorte optjeningsperioden eller ved at ændre eller eliminere en indtjeningsbetingelse (ud over en markedsbaseret betingelse, hvor ændringer skal behandles i overensstemmelse med a) ovenfor), skal virksomheden tage de ændrede optjeningsbetingelser i betragtning ved anvendelse af kravene i afsnit 19-21.
B44
Yderligere gælder det, at hvis virksomheden ændrer vilkårene for de tildelte egenkapitalinstrumenter på en måde, der reducerer den samlede dagsværdi af den aktiebaserede vederlæggelsesaftale, eller som i øvrigt ikke er fordelagtig for den ansatte, skal virksomheden ikke desto mindre fortsat regnskabsmæssigt behandle de modtagne tjenesteydelser som vederlag for de tildelte egenkapitalinstrumenter, som om ændringen ikke havde fundet sted (bortset fra annullering af nogle eller alle tildelte egenkapitalinstrumenter, hvilket skal behandles regnskabsmæssigt i overensstemmelse med afsnit 28). Eksempelvis:
a)
hvis ændringen reducerer dagsværdien af de tildelte egenkapitalinstrumenter målt umiddelbart før og efter ændringen skal virksomheden ikke tage reduceringen af dagsværdien i betragtning og skal fortsat måle det beløb, der indregnes for modtagne tjenesteydelser som vederlag for egenkapitalinstrumenterne baseret på dagsværdien af de tildelte egenkapitalinstrumenter på tildelingstidspunktet
b)
hvis ændringen reducerer antallet af tildelte egenkapitalinstrumenter til en ansat, skal reduceringen regnskabsmæssigt behandles som en annullering af den pågældende del af tildelingen i overensstemmelse med kravene i afsnit 28
c)
hvis virksomheden ændrer optjeningsbetingelserne på en måde, som ikke er fordelagtig for den ansatte, eksempelvis ved at forlænge optjeningsperioden eller ved at ændre eller tilføje en indtjeningsbetingelse (ud over en markedsbaseret betingelse, hvor ændringer skal behandles i overensstemmelse med a) ovenfor), skal virksomheden ikke tage de ændrede optjeningsbetingelser i betragtning ved anvendelse af kravene i afsnit 19-21.
IFRS 3
Virksomhedssammenslutninger
FORMÅL
1.
Formålet med denne standard er at specificere en virksomheds regnskabsaflæggelse, når den foretager en 
virksomhedssammenslutning
. Standarden angiver først og fremmest, at alle virksomhedssammenslutninger regnskabsmæssigt skal behandles ved brug af overtagelsesmetoden. Den overtagende virksomhed skal derfor indregne den overtagne virksomheds identificerbare aktiver, forpligtelser og 
eventualforpligtelser
 til 
dagsværdi
 på 
overtagelsestidspunktet
 og desuden indregne 
goodwill
, som efterfølgende skal testes for værdiforringelse og ikke afskrives.
ANVENDELSESOMRÅDE
2.
Bortset fra som beskrevet i afsnit 3, skal virksomheder anvende denne standard ved regnskabsmæssig behandling af virksomhedssammenslutninger.
3.
Denne standard finder ikke anvendelse på:
a)
virksomhedssammenslutninger, hvor separate 
virksomheder
 etablerer et 
joint venture
b)
virksomhedssammenslutninger, der omfatter virksomheder under samme bestemmende indflydelse
c)
virksomhedssammenslutninger, der omfatter to eller flere 
gensidige virksomheder
d)
virksomhedssammenslutninger, hvor separate virksomheder sammensluttes for at etablere en 
regnskabsaflæggende enhed
 udelukkende på baggrund af en kontrakt uden opnåelse af en ejerandel (eksempelvis sammenslutninger, hvor separate virksomheder sammensluttes alene på baggrund af en kontrakt for at danne en dobbeltnoteret virksomhed).
Identifikation af en virksomhedssammenslutning
4.
En virksomhedssammenslutning er sammenslutningen af separate virksomheder til én regnskabsaflæggende enhed. Resultatet af næsten alle virksomhedssammenslutninger er, at én virksomhed, den overtagende virksomhed, opnår 
bestemmende indflydelse
 på en eller flere andre virksomheder, den overtagne virksomhed. Hvis en virksomhed opnår bestemmende indflydelse på en eller flere enheder, der ikke er virksomheder, udgør sammenslutningen af disse ikke en virksomhedssammenslutning. Når en virksomhed anskaffer en gruppe af aktiver eller nettoaktiver, der ikke udgør en virksomhed, skal den allokere kostprisen for gruppen til de enkelte identificerbare aktiver og forpligtelser i gruppen på basis af deres relative dagsværdi på overtagelsestidspunktet.
5.
En virksomhedssammenslutning kan struktureres på mange måder af juridiske, skattemæssige eller andre årsager. Den kan omfatte en virksomheds køb af en anden virksomheds egenkapital, købet af alle nettoaktiver i en anden virksomhed, påtagelsen af en anden virksomheds forpligtelser eller købet af visse af en anden virksomheds nettoaktiver, der tilsammen udgør en eller flere virksomheder. Den kan foretages ved udstedelse af egenkapitalinstrumenter eller overdragelse af likvider eller andre aktiver eller en kombination heraf. Transaktionen kan foretages mellem aktionærerne i de sammensluttende virksomheder eller mellem én virksomhed og aktionærerne i en anden virksomhed. Den kan omfatte etableringen af en ny virksomhed, som skal kontrollere de sammensluttende virksomheder eller de overdragede nettoaktiver eller omstruktureringen af en eller flere af de sammensluttende virksomheder.
6.
En virksomhedssammenslutning kan medføre et moder-dattervirksomhedsforhold, hvor den overtagende virksomhed er 
modervirksomheden
 og den overtagne virksomhed er en 
dattervirksomhed
 af den overtagende virksomhed. I sådanne tilfælde anvender den overtagende virksomhed denne standard på koncernregnskabet. Den overtagende virksomhed medtager sin kapitalandel i den overtagne virksomhed i sine eventuelle separate årsregnskaber som en investering i en dattervirksomhed (jf. IAS 27 
Koncernregnskaber og separate årsregnskaber
).
7.
En virksomhedssammenslutning kan omfatte køb af nettoaktiver, inklusive eventuel goodwill, i en anden virksomhed frem for køb af egenkapital i den anden virksomhed. En sådan sammenslutning medfører ikke et moder-dattervirksomhedsforhold.
8.
Definitionen på en virksomhedssammenslutning og således også denne standards anvendelsesområde omfatter virksomhedssammenslutninger, hvor én virksomhed opnår bestemmende indflydelse på en anden virksomhed, men hvor tidspunktet for opnåelse af bestemmende indflydelse (dvs. overtagelsestidspunktet) ikke falder sammen med tidspunktet eller tidspunkterne for opnåelse af en ejerandel (dvs. 
transaktionstidspunktet eller –tidspunkterne
). Denne situation kan eksempelvis opstå, når en virksomhed, der er investeret i, indgår en aktietilbagekøbsordning med nogle af investorerne, og den bestemmende indflydelse på den virksomhed, der er investeret i, dermed ændres.
9.
Denne standard angiver ikke venturedeltageres regnskabsmæssige behandling af kapitalandele i joint ventures (jf. IAS 31 
Kapitalandele i joint ventures
).
Virksomhedssammenslutninger, der omfatter virksomheder under samme bestemmende indflydelse
10.
En virksomhedssammenslutning, der omfatter virksomheder under samme bestemmende indflydelse, er en virksomhedssammenslutning, hvor alle de sammensluttende virksomheder er underlagt bestemmende indflydelse af den eller de samme øverste parter både før og efter virksomhedssammenslutningen, og hvor denne bestemmende indflydelse ikke er midlertidig.
11.
En gruppe af personer skal anses for at udøve bestemmende indflydelse på en virksomhed, når de som følge af en kontraktlig aftale tilsammen har beføjelsen til at styre virksomhedens økonomiske og driftsmæssige beslutninger med henblik på at opnå fordele fra dens aktiviteter. En virksomhedssammenslutning er derfor ikke omfattet af denne standard, når den samme gruppe af personer som følge af en kontraktlig aftale har den øverste, fælles beføjelse til at styre de økonomiske og driftsmæssige beslutninger i hver af de sammensluttende virksomheder med henblik på at opnå fordele fra deres aktiviteter, og denne øverste fælles beføjelse ikke er midlertidig.
12.
En virksomhed kan være underlagt bestemmende indflydelse af en person eller en gruppe af personer, som optræder fælles i henhold til en kontraktlig aftale, og denne person eller gruppe af personer er muligvis ikke underlagt regnskabsaflæggelseskravene i de internationale regnskabsstandarder (IFRS). Det er derfor ikke nødvendigt, at sammensluttende virksomheder indgår som en del af det samme koncernregnskab, for at en virksomhedssammenslutning anses for at omfatte virksomheder under samme bestemmende indflydelse.
13.
Omfanget af 
minoritetsinteresser
 i hver af de sammensluttende virksomheder før og efter virksomhedssammenslutningen er ikke relevant for vurderingen af, om sammenslutningen omfatter virksomheder under samme bestemmende indflydelse. Tilsvarende gælder det, at det forhold, at en af de sammensluttende virksomheder er en dattervirksomhed, som er udeladt fra koncernregnskabet i overensstemmelse med IAS 27, ikke er relevant for vurderingen af, om en sammenslutning omfatter virksomheder under samme bestemmende indflydelse.
REGNSKABSMETODE
14.
Alle virksomhedssammenslutninger skal regnskabsmæssigt behandles ved brug af overtagelsesmetoden.
15.
Overtagelsesmetoden anskuer en virksomhedssammenslutning med udgangspunkt i den sammensluttende virksomhed, der er identificeret som den overtagende virksomhed. Den overtagende virksomhed køber nettoaktiver og indregner de overtagne aktiver, forpligtelser og eventualforpligtelser, herunder dem som ikke tidligere har været indregnet af den overtagne virksomhed. Målingen af den overtagende virksomheds aktiver og forpligtelser påvirkes ikke af transaktionen, og det samme gælder eventuelle yderligere aktiver eller forpligtelser i den overtagende virksomhed, som indregnes som følge af transaktionen, idet de ikke er genstanden for transaktionen.
ANVENDELSE AF OVERTAGELSESMETODEN
16.
Anvendelse af overtagelsesmetoden omfatter følgende trin:
a)
identifikation af en overtagende virksomhed
b)
måling af kostprisen for virksomhedssammenslutningen, og
c)
allokering på overtagelsestidspunktet af kostprisen for virksomhedssammenslutningen til de overtagne aktiver, forpligtelser og eventualforpligtelser.
Identifikation af den overtagende virksomhed
17.
Der skal identificeres en overtagende virksomhed for alle virksomhedssammenslutninger. Den overtagende virksomhed er den sammensluttende virksomhed, der opnår bestemmende indflydelse på de andre sammensluttende virksomheder.
18.
Eftersom overtagelsesmetoden anskuer en virksomhedssammenslutning fra den overtagende virksomheds synsvinkel, antager den, at en af parterne i transaktionen kan identificeres som den overtagende virksomhed.
19.
Bestemmende indflydelse er beføjelsen til at styre en virksomheds økonomiske og driftsmæssige beslutninger med henblik på at opnå fordele fra dens aktiviteter. Det skal antages, at en sammensluttende virksomhed har opnået bestemmende indflydelse på en anden sammensluttende virksomhed, når den overtager mere end halvdelen af stemmerettighederne i den anden virksomhed, medmindre det kan påvises, at et sådant ejerforhold ikke udgør bestemmende indflydelse. Selv når en af de sammensluttende virksomheder ikke overtager mere end halvdelen af stemmerettighederne i en anden sammensluttende virksomhed, kan den stadig have opnået bestemmende indflydelse på den anden virksomhed, hvis den som følge af sammenslutningen opnår:
a)
råderet over mere end halvdelen af stemmerettighederne i den anden virksomhed i kraft af en aftale med andre investorer, eller
b)
beføjelse til at styre de økonomiske og driftsmæssige beslutninger i den anden virksomhed i henhold til en vedtægt eller en aftale, eller
c)
beføjelse til at udpege eller afsætte flertallet af medlemmerne i bestyrelsen eller et tilsvarende ledelsesorgan i den anden virksomhed, eller
d)
beføjelse til at afgive flertallet af stemmer ved møder i bestyrelsen eller et tilsvarende ledelsesorgan i den anden virksomhed.
20.
Selvom det undertiden kan være vanskeligt at identificere den overtagende virksomhed vil der oftest være visse indikationer af, at en sådan eksisterer. Eksempelvis:
a)
hvis dagsværdien af en af de sammensluttende virksomheder er væsentligt større end dagsværdien af den anden sammensluttende virksomhed, er det sandsynligt, at virksomheden med den største dagsværdi er den overtagende virksomhed
b)
hvis virksomhedssammenslutningen gennemføres ved udveksling af stemmeberettigede ordinære egenkapitalinstrumenter mod likvider eller andre aktiver, er det sandsynligt, at den virksomhed, der afgiver likvider eller andre aktiver, er den overtagende virksomhed, og
c)
hvis virksomhedssammenslutningen medfører, at ledelsen i den ene af de sammensluttende virksomhed får større indflydelse på udvælgelsen af den sammensluttede virksomheds ledelse, er det sandsynligt, at den virksomhed, hvis ledelse har en sådan indflydelse, er den overtagende virksomhed.
21.
Ved en virksomhedssammenslutning, der gennemføres ved udveksling af egenkapitalinteresser, er det normalt den virksomhed, der udsteder egenkapitalinteresserne, der er den overtagende virksomhed. Alle relevante forhold og omstændigheder skal imidlertid tages i betragtning ved vurderingen af, hvilken af de sammensluttende virksomheder, der har beføjelsen til at styre de økonomiske og driftsmæssige beslutninger i den anden virksomhed (eller de andre virksomheder) med henblik på at opnå fordele fra dennes (eller disses) aktiviteter. Ved visse virksomhedssammenslutninger, der ofte benævnes omvendte virksomhedsovertagelser, er den overtagende virksomhed, den virksomhed, hvis egenkapitalinteresser er blevet overtaget, og den udstedende virksomhed er den overtagne virksomhed. Dette er eksempelvis tilfældet, når en unoteret virksomhed lader sig »overtage« af en mindre, børsnoteret virksomhed for på den måde at opnå børsnotering. Selvom den udstedende børsnoterede virksomhed juridisk set anses for at være modervirksomheden, og den unoterede virksomhed anses for at være dattervirksomheden, er den juridiske dattervirksomhed den overtagende virksomhed, hvis den har beføjelsen til at styre de økonomiske og driftsmæssige beslutninger i den juridiske modervirksomhed med henblik på at opnå fordele fra dens aktiviteter. Normalt er den overtagende virksomhed den største af virksomhederne, men de forhold og omstændigheder, der gælder for en sammenslutning indikerer i visse tilfælde, at det er en mindre virksomhed, der overtager en større virksomhed. Der findes vejledning om den regnskabsmæssige behandling af omvendte virksomhedsovertagelser i afsnit B1-B15 i appendiks B.
22.
Hvis der etableres en ny virksomhed med henblik på at udstede egenkapitalinstrumenter til gennemførelsen af en virksomhedssammenslutning, skal en af de sammensluttende virksomheder, der eksisterede før sammenslutningen, identificeres som den overtagende virksomhed på grundlag af de tilgængelige oplysninger.
23.
Ligeledes gælder det, at når en virksomhedssammenslutning omfatter mere end to sammensluttende virksomheder, skal en af de sammensluttende virksomheder, der eksisterede før sammenslutningen, identificeres som den overtagende virksomhed på grundlag af de tilgængelige oplysninger. I sådanne tilfælde skal vurderingen af, hvilken der er den overtagende virksomhed, blandt andet omfatte en vurdering af, hvilken af de sammensluttende virksomheder, der tog initiativet til sammenslutningen, og hvorvidt aktiverne eller omsætningen i en af de sammensluttende virksomheder er væsentligt større end i de andre virksomheder.
Kostpris for en virksomhedssammenslutning
24.
Den overtagende virksomhed skal måle kostprisen for en virksomhedssammenslutning som summen af:
a)
dagsværdien på transaktionstidspunktet af de aktiver, den overtagende virksomhed har afgivet, forpligtelser, den har afholdt eller påtaget sig, samt egenkapitalinstrumenter, den har udstedt, til gengæld for bestemmende indflydelse på den overtagne virksomhed, med tillæg af
b)
eventuelle omkostninger, som er direkte knyttet til virksomhedssammenslutningen.
25.
Overtagelsestidspunktet er det tidspunkt, hvor den overtagende virksomhed faktisk opnår bestemmende indflydelse på den overtagne virksomhed. Hvis dette opnås ved en enkelt transaktion, falder transaktionstidspunktet sammen med overtagelsestidspunktet. En virksomhedssammenslutning kan imidlertid omfatte mere end én transaktion, eksempelvis når den foretages i flere faser ved successive aktiekøb. Når dette er tilfældet:
a)
er kostprisen for sammenslutningen lig med den samlede kostpris for de enkelte transaktioner, og
b)
transaktionstidspunktet er tidspunktet for hver transaktion (dvs. det tidspunkt, hvor hver enkelt investering indregnes i den overtagende virksomheds årsregnskab), mens overtagelsestidspunktet er det tidspunkt, hvor den overtagende virksomhed opnår bestemmende indflydelse på den overtagne virksomhed.
26.
Det kræves i henhold til afsnit 24, at aktiver, som er afgivet, og forpligtelser, som er afholdt eller påtaget af den overtagende virksomhed til gengæld for bestemmende indflydelse på den overtagne virksomhed, måles til dagsværdien på transaktionstidspunktet. Når betaling af en del af eller hele kostprisen for en virksomhedssammenslutning udskydes, skal dagsværdien af det udskudte element derfor opgøres ved diskontering af de skyldige beløb til deres nutidsværdi på transaktionstidspunktet, idet der tages hensyn til eventuelle tillæg eller fradrag ved betalingen.
27.
Den officielle kurs for et noteret egenkapitalinstrument på transaktionstidspunktet er den bedste indikation af instrumentets dagsværdi og skal altid anvendes, undtagen i meget sjældne tilfælde. Andre indikatorer og værdiansættelsesmetoder skal kun tages i betragtning i de sjældne tilfælde, hvor den overtagende virksomhed kan påvise, at den officielle kurs på transaktionstidspunktet er en upålidelig indikator for dagsværdien, og at andre indikatorer og værdiansættelsesmetoder giver en mere pålidelig måling af egenkapitalinstrumentets dagsværdi. Den officielle kurs på transaktionstidspunktet er kun en upålidelig indikator, hvis den er påvirket af markedets begrænsede størrelse. Hvis den officielle kurs på transaktionstidspunktet er en upålidelig indikator, eller hvis der ikke findes en markedskurs for de af den overtagende virksomhed udstedte egenkapitalinstrumenter, kan dagsværdien eksempelvis skønnes under henvisning til deres forholdsmæssige andel af den overtagende virksomheds dagsværdi eller under henvisning til den forholdsmæssige andel af den overtagne virksomheds dagsværdi. Den værdi, som med størst nøjagtighed kan opgøres, anvendes. Dagsværdien på transaktionstidspunktet af monetære aktiver, som er givet til egenkapitalindehavere i den overtagne virksomhed som et alternativ til egenkapitalinstrumenter, kan også udgøre dokumentation for den samlede dagsværdi, som den overtagende virksomhed har afgivet til gengæld for bestemmende indflydelse på den overtagne virksomhed. Under alle omstændigheder skal samtlige aspekter af sammenslutningen tages i betragtning, herunder væsentlige faktorer, der påvirker forhandlingerne. Der findes yderligere vejledning om opgørelsen af egenkapitalinstrumenters dagsværdi i IAS 39 
Finansielle instrumenter: Indregning og måling
.
28.
Kostprisen for en virksomhedssammenslutning omfatter forpligtelser, som den overtagende virksomhed afholder eller påtager sig til gengæld for bestemmende indflydelse på den overtagne virksomhed. Fremtidige tab eller andre omkostninger, som forventes afholdt som følge af en sammenslutning, udgør ikke forpligtelser, som den overtagende virksomhed har afholdt eller påtaget sig til gengæld for bestemmende indflydelse på den overtagne virksomhed, og medtages derfor ikke som en del af kostprisen for sammenslutningen.
29.
Kostprisen for en virksomhedssammenslutning omfatter eventuelle omkostninger, som er direkte knyttet til sammenslutningen, såsom honorarer til revisorer, advokater, vurderingsmænd og andre konsulenter i forbindelse med sammenslutningen. Generelle administrationsomkostninger, herunder omkostninger til driften af en corporate finance afdeling, og andre omkostninger, der ikke direkte kan henføres til den aktuelle sammenslutning, medtages ikke i kostprisen for sammenslutningen, men indregnes som omkostning, i takt med at de afholdes.
30.
De omkostninger, der er forbundet med at arrangere og udstede finansielle forpligtelser, udgør en integreret del af forpligtelsesudstedelsen, selv når forpligtelserne udstedes for at gennemføre en virksomhedssammenslutning, og er ikke omkostninger, som er direkte knyttet til sammenslutningen. Derfor skal virksomheder ikke medtage sådanne omkostninger i kostprisen for en virksomhedssammenslutning. Sådanne omkostninger skal i overensstemmelse med IAS 39 medtages ved den første måling af forpligtelsen.
31.
På samme måde udgør de omkostninger, der er forbundet med udstedelsen af egenkapitalinstrumenter, en integreret del af egenkapitaludstedelsen, selv når egenkapitalinstrumenterne udstedes for at gennemføre en virksomhedssammenslutning, og er ikke omkostninger, som er direkte knyttet til sammenslutningen. Derfor skal virksomheder ikke medtage sådanne omkostninger i kostprisen for en virksomhedssammenslutning. I overensstemmelse med IAS 32 
Finansielle instrumenter: Præsentation
 medfører sådanne omkostninger en reduktion af provenuet fra udstedelsen af egenkapitalinstrumenter.
Regulering af kostprisen for en virksomhedssammenslutning, der er betinget af fremtidige begivenheder
32.
Når en aftale om en virksomhedssammenslutning tillader en regulering af kostprisen for sammenslutningen, som er betinget af fremtidige begivenheder, skal den overtagende virksomhed medtage reguleringen i kostprisen for sammenslutningen på overtagelsestidspunktet, hvis det er 
sandsynligt
, at reguleringen vil blive foretaget, og den kan måles pålideligt.
33.
Aftaler om virksomhedssammenslutninger kan give mulighed for reguleringer af kostprisen for sammenslutningen, som er betinget af en eller flere fremtidige begivenheder. Reguleringen kan eksempelvis være betinget af opretholdelse eller opnåelse af et bestemt overskud i fremtidige regnskabsår eller af opretholdelse af markedskursen på de udstedte værdipapirer. På tidspunktet for den første regnskabsmæssige behandling af sammenslutningen er det normalt muligt at skønne størrelsen af eventuelle reguleringer uden at forringe informationens pålidelighed, selvom der foreligger en vis usikkerhed. Hvis de fremtidige begivenheder ikke indtræffer, eller det bliver nødvendigt at tilpasse skønnet, skal kostprisen for virksomhedssammenslutningen reguleres tilsvarende.
34.
Når en aftale om en virksomhedssammenslutning tillader en sådan regulering, skal reguleringen dog ikke medtages i kostprisen for sammenslutningen på tidspunktet for den første regnskabsmæssige behandling af sammenslutningen, hvis den enten ikke er sandsynlig eller ikke kan måles pålideligt. Hvis reguleringen efterfølgende bliver sandsynlig og kan måles pålideligt, skal det yderligere vederlag behandles som en regulering af kostprisen for sammenslutningen.
35.
I visse tilfælde kan den overtagende virksomhed være tvunget til at foretage efterfølgende betaling til sælger som godtgørelse for et fald i værdien af de aktiver, den overtagende virksomhed har afgivet, egenkapitalinstrumenter, den har udstedt, eller forpligtelser, den har afholdt eller påtaget sig, til gengæld for bestemmende indflydelse på den overtagne virksomhed. Dette er eksempelvis tilfældet, når den overtagende virksomhed garanterer markedskursen på egenkapitalinstrumenter eller gældsinstrumenter, som er udstedt som en del af kostprisen for virksomhedssammenslutningen, og skal udstede yderligere egenkapitalinstrumenter eller gældsinstrumenter for at retablere den oprindeligt fastsatte kostpris. Der skal i sådanne tilfælde ikke indregnes nogen stigning i kostprisen for virksomhedssammenslutningen. I tilfælde af egenkapitalinstrumenter udlignes dagsværdien af den yderligere betaling af en tilsvarende reduktion i den værdi, der kan henføres til de oprindeligt udstedte instrumenter. I tilfælde af gældsinstrumenter anses den yderligere betaling for at være en reduktion af overkursen eller en forøgelse af underkursen ved den oprindelige udstedelse.
Allokering af kostprisen for en virksomhedssammenslutning til de overtagne aktiver, forpligtelser og eventualforpligtelser
36.
Den overtagende virksomhed skal på overtagelsestidspunktet allokere kostprisen for en virksomhedssammenslutning ved at indregne de af den overtagne virksomheds identificerbare aktiver, forpligtelser og eventualforpligtelser, som opfylder indregningskriterierne i afsnit 37, til dagsværdi på dette tidspunkt, med undtagelse af anlægsaktiver (eller afståelsesgrupper), som er klassificeret som besiddelse med henblik på salg i overensstemmelse med IFRS 5 
Anlægsaktiver, som besiddes med henblik på salg og ophørte aktiviteter
. Disse skal indregnes til dagsværdi med fradrag af salgsomkostninger. En eventuel forskel mellem kostprisen for virksomhedssammenslutningen og den overtagende virksomheds andel af nettodagsværdien af de overtagne identificerbare aktiver, forpligtelser og eventualforpligtelser, som er indregnet på denne måde, skal regnskabsmæssigt behandles i overensstemmelse med afsnit 51-57.
37.
Den overtagende virksomhed skal udelukkende foretage separat indregning af den overtagne virksomheds identificerbare aktiver, forpligtelser og eventualforpligtelser på overtagelsestidspunktet, hvis de på dette tidspunkt opfylder følgende kriterier:
a)
i tilfælde af et aktiv, som ikke er et 
immaterielt aktiv
, er det sandsynligt, at eventuelle tilknyttede fremtidige økonomiske fordele vil tilgå den overtagende virksomhed, og dagsværdien kan måles pålideligt
b)
i tilfælde af en forpligtelse, som ikke er en eventualforpligtelse, er det sandsynligt, at der kræves et træk på virksomhedens økonomiske ressourcer ved indfrielse af forpligtelsen, og dagsværdien kan måles pålideligt
c)
i tilfælde af et immaterielt aktiv eller en eventualforpligtelse, kan dagsværdien måles pålideligt.
38.
Den overtagende virksomheds resultatopgørelse skal indarbejde den overtagne virksomheds resultat efter overtagelsestidspunktet ved at medtage den overtagne virksomheds indtægter og omkostninger på basis af kostprisen for virksomhedssammenslutningen for den overtagende virksomhed. Eksempelvis skal afskrivninger, der er medtaget efter overtagelsestidspunktet i den overtagende virksomheds resultatopgørelse, og som er tilknyttet den overtagne virksomheds afskrivningsberettigede aktiver, baseres på dagsværdien af disse afskrivningsberettigede aktiver på overtagelsestidspunktet, dvs. deres kostpris for den overtagende virksomhed.
39.
Anvendelsen af overtagelsesmetoden begynder fra overtagelsestidspunktet, der er det tidspunkt, hvor den overtagende virksomhed faktisk opnår bestemmende indflydelse på den overtagne virksomhed. Eftersom bestemmende indflydelse er beføjelsen til at styre en virksomheds økonomiske og driftsmæssige beslutninger med henblik på at opnå fordele fra dens aktiviteter, er det ikke nødvendigt, at en transaktion er juridisk fuldført eller afsluttet, før den overtagende virksomhed opnår bestemmende indflydelse. Alle relevante forhold og omstændigheder i forbindelse med en virksomhedssammenslutning skal tages i betragtning ved vurderingen af, hvornår den overtagende virksomhed har opnået bestemmende indflydelse.
40.
Eftersom den overtagende virksomhed indregner de af den overtagne virksomheds identificerbare aktiver, forpligtelser og eventualforpligtelser, der opfylder indregningskriterierne i afsnit 37, til dagsværdi på overtagelsestidspunktet, opføres en eventuel minoritetsinteresse i den overtagne virksomhed til minoritetens andel af nettodagsværdien af disse poster. Afsnit B16 og B17 i appendiks B indeholder vejledning om opgørelsen af dagsværdien af den overtagne virksomheds identificerbare aktiver, forpligtelser og eventualforpligtelser med henblik på allokering af kostprisen for en virksomhedssammenslutning.
Den overtagne virksomheds identificerbare aktiver og forpligtelser
41.
I overensstemmelse med afsnit 36 skal den overtagende virksomhed udelukkende foretage separat indregning som en del af allokeringen af kostprisen for sammenslutningen af de identificerbare aktiver, forpligtelser og eventualforpligtelser i den overtagne virksomhed, som eksisterede på overtagelsestidspunktet, og som opfylder indregningskriterierne i afsnit 37. Derfor gælder det, at:
a)
den overtagende virksomhed udelukkende skal indregne forpligtelser vedrørende nedlæggelse eller reduktion af den overtagne virksomheds aktiviteter som en del af allokeringen af kostprisen for sammenslutningen, hvis den overtagne virksomhed på overtagelsestidspunktet har en eksisterende omstruktureringsforpligtelse, som er indregnet i overensstemmelse med IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
, og
b)
den overtagende virksomhed ikke ved allokeringen af kostprisen for sammenslutningen skal indregne forpligtelser for fremtidige tab eller andre omkostninger, som forventes afholdt som følge af virksomhedssammenslutningen.
42.
Betalinger, som en virksomhed kontraktligt skal erlægge, eksempelvis til ansatte eller leverandører i tilfælde af, at virksomheden overtages ved en virksomhedssammenslutning, er en aktuel forpligtelse for virksomheden, som anses for at være en eventualforpligtelse, indtil det bliver sandsynligt, at en virksomhedssammenslutning vil finde sted. Den kontraktlige forpligtelse indregnes som en forpligtelse af den pågældende virksomhed i overensstemmelse med IAS37, når en virksomhedssammenslutning bliver sandsynlig, og forpligtelsen kan måles pålideligt. Derfor skal denne forpligtelse for den overtagne virksomhed indregnes af den overtagende virksomhed, når virksomhedssammenslutningen gennemføres, som en del af allokeringen af kostprisen for sammenslutningen.
43.
En omstruktureringsplan i den overtagne virksomhed, hvis gennemførelse er betinget af, at virksomheden bliver overtaget ved en virksomhedssammenslutning udgør imidlertid ikke en aktuel forpligtelse for den overtagne virksomhed umiddelbart før virksomhedssammenslutningen. Den udgør heller ikke en eventualforpligtelse for den overtagne virksomhed umiddelbart før sammenslutningen, idet det ikke er en mulig forpligtelse, der hidrører fra en tidligere begivenhed, hvis eksistens kun kan bekræftes ved, at der indtræffer eller ikke indtræffer en eller flere usikre fremtidige begivenheder, som den overtagne virksomhed har fuld kontrol over. Derfor skal en overtagende virksomhed ikke indregne en forpligtelse for sådanne omstruktureringsplaner som en del af allokeringen af kostprisen for sammenslutningen.
44.
De identificerbare aktiver og forpligtelser, der er indregnet i overensstemmelse med afsnit 36, omfatter alle den overtagne virksomheds aktiver og forpligtelser, som den overtagende virksomhed køber eller påtager sig, herunder alle finansielle aktiver og finansielle forpligtelser. De kan også omfatte aktiver og forpligtelser, som ikke tidligere har været indregnet i den overtagne virksomheds årsregnskab, eksempelvis fordi de ikke opfyldte kravene til indregning før overtagelsen. Eksempelvis opfylder en skattefordel, som hidrører fra den overtagne virksomheds skattemæssige underskud, der ikke blev indregnet af den overtagne virksomhed før virksomhedssammenslutningen, kriterierne for indregning som et identificerbart aktiv i overensstemmelse med afsnit 36, hvis det er sandsynligt, at den overtagende virksomhed vil have en fremtidig skattepligtig indkomst, hvori den ikke-indregnede skattefordel kan udnyttes.
Den overtagne virksomheds immaterielle aktiver
45.
I overensstemmelse med afsnit 37 skal den overtagende virksomhed udelukkende foretage separat indregning af et af den overtagne virksomheds immaterielle aktiver på overtagelsestidspunktet, hvis de opfylder definitionen på immaterielle aktiver i IAS 38 
Immaterielle aktiver
, og dagsværdien kan måles pålideligt. Dette betyder, at den overtagende virksomhed skal indregne igangværende forsknings- og udviklingsprojekter i den overtagne virksomhed som et aktiv separat fra goodwill, hvis projektet opfylder definitionen på et immaterielt aktiv, og dagsværdien kan måles pålideligt. IAS 38 indeholder vejledning om vurderingen af, hvorvidt dagsværdien af et immaterielt aktiv, som er erhvervet ved en virksomhedssammenslutning, kan måles pålideligt.
46.
Et ikke-monetært aktiv uden fysisk substans skal være identificerbart for at opfylde definitionen på et immaterielt aktiv. I overensstemmelse med IAS 38 opfylder et aktiv udelukkende kriteriet om identificerbarhed i definitionen på et immaterielt aktiv, hvis det:
a)
kan udskilles, dvs. at det kan udskilles eller adskilles fra virksomheden og sælges, overdrages, gives i licens, udlejes eller udveksles, enten separat eller sammen med en tilknyttet kontrakt, et tilknyttet aktiv eller en tilknyttet forpligtelse, eller
b)
hidrører fra kontraktlige eller andre juridiske rettigheder, uanset om disse rettigheder kan overdrages eller udskilles fra virksomheden eller fra andre rettigheder og forpligtelser.
Den overtagne virksomheds eventualforpligtelser
47.
Afsnit 37 anfører, at den overtagende virksomhed udelukkende skal foretage separat indregning af en eventualforpligtelse for den overtagne virksomhed som en del af allokeringen af kostprisen for en virksomhedssammenslutning, hvis dagsværdien af eventualforpligtelsen kan måles pålideligt. Hvis dagsværdien ikke kan måles pålideligt:
a)
påvirkes det beløb, der indregnes som goodwill eller behandles regnskabsmæssigt i overensstemmelse med afsnit 56, og
b)
den overtagende virksomhed skal give de i IAS 37 krævede oplysninger om eventualforpligtelsen.
Afsnit B16 i) i appendiks B indeholder vejledning om opgørelsen af dagsværdien for en eventualforpligtelse.
48.
Efter første indregning skal den overtagende virksomhed måle eventualforpligtelser, som er indregnet separat i overensstemmelse med afsnit 36, til det højeste af:
a)
det beløb, der ville have været indregnet i overensstemmelse med IAS 37, og
b)
det oprindeligt indregnede beløb med fradrag af eventuelle akkumulerede afskrivninger, der er indregnet i overensstemmelse med IAS 18 
Omsætning
.
49.
Kravet i afsnit 48 gælder ikke kontrakter, der regnskabsmæssigt behandles i overensstemmelse med IAS 39. Låneforpligtelser, som ikke er omfattet af IAS 39, og som ikke er forpligtelser til at yde lån til en rente, der er under markedsrenten, behandles regnskabsmæssigt som eventualforpligtelser for den overtagne virksomhed, hvis det på overtagelsestidspunktet ikke er sandsynligt, at indfrielse af forpligtelsen vil medføre et træk på virksomhedens økonomiske ressourcer, eller hvis forpligtelsens størrelse ikke kan måles tilstrækkeligt pålideligt. I overensstemmelse med afsnit 37 indregnes en sådan låneforpligtelse kun separat som en del af allokeringen af kostprisen for en sammenslutning, hvis dagsværdien kan måles pålideligt.
50.
Eventualforpligtelser, som indregnes separat som en del af allokeringen af kostprisen for en virksomhedssammenslutning, er ikke omfattet af IAS 37. Den overtagende virksomhed skal imidlertid for sådanne eventualforpligtelser give de i IAS 37 krævede oplysninger for hver kategori af hensatte forpligtelser.
Goodwill
51.
På overtagelsestidspunktet skal den overtagende virksomhed:
a)
indregne goodwill, som er erhvervet ved en virksomhedssammenslutning, som et aktiv, og
b)
første gang måle denne goodwill til kostpris, hvilket er det beløb, hvormed kostprisen for virksomhedssammenslutningen overstiger den overtagende virksomheds andel af nettodagsværdien af de identificerbare aktiver, forpligtelser og eventualforpligtelser, som er indregnet i overensstemmelse med afsnit 36.
52.
Goodwill, som er erhvervet ved en virksomhedssammenslutning, udgør en betaling fra den overtagende virksomhed i forventning om fremtidige økonomiske fordele fra aktiver, som ikke kan identificeres individuelt og indregnes separat.
53.
I det omfang den overtagne virksomheds identificerbare aktiver, forpligtelser eller eventualforpligtelser ikke opfylder kriterierne i afsnit 37 for separat indregning på overtagelsestidspunktet, sker der en påvirkning af det beløb, som er indregnet som goodwill (eller regnskabsmæssigt behandlet i overensstemmelse med afsnit 56). Dette skyldes, at goodwill måles som den resterende kostpris for virksomhedssammenslutningen efter indregning af den overtagne virksomheds identificerbare aktiver, forpligtelser og eventualforpligtelser.
54.
Efter første indregning skal den overtagende virksomhed måle goodwill, som er erhvervet ved en virksomhedssammenslutning, til kostpris med fradrag af eventuelle akkumulerede tab ved værdiforringelse.
55.
Goodwill, som er erhvervet ved en virksomhedssammenslutning, skal ikke afskrives. I stedet skal den overtagende virksomhed teste goodwillen for værdiforringelse årligt eller oftere, hvis begivenheder eller ændrede forhold indikerer, at goodwillen muligvis er værdiforringet, i overensstemmelse med IAS 36 
Værdiforringelse af aktiver
.
Det beløb, hvormed den overtagende virksomheds andel af nettodagsværdien af den overtagne virksomheds identificerbare aktiver, forpligtelser og eventualforpligtelser overstiger kostprisen
56.
Hvis den overtagende virksomheds andel af nettodagsværdien af de identificerbare aktiver, forpligtelser og eventualforpligtelser, som er indregnet i overensstemmelse med afsnit 36, overstiger kostprisen for virksomhedssammenslutningen, skal den overtagende virksomhed:
a)
revurdere identifikationen og målingen af den overtagne virksomheds identificerbare aktiver, forpligtelser og eventualforpligtelser og målingen af kostprisen for sammenslutningen, og
b)
straks indregne et eventuelt overskydende beløb efter denne revurdering i resultatet.
57.
En gevinst, der er indregnet i overensstemmelse med afsnit 56 kan omfatte et eller flere af følgende elementer:
a)
fejl ved måling af dagsværdien af enten kostprisen for sammenslutningen eller den overtagne virksomheds identificerbare aktiver, forpligtelser eller eventualforpligtelser. Eventuelle fremtidige omkostninger hidrørende fra den overtagne virksomhed, som ikke er afspejlet korrekt i dagsværdien af den overtagne virksomheds identificerbare aktiver, forpligtelser eller eventualforpligtelser, er en mulig årsag til sådanne fejl
b)
et krav i en regnskabsstandard om at måle erhvervede identificerbare nettoaktiver til et beløb, der ikke svarer til dagsværdien, men som behandles som dagsværdien med henblik på allokering af kostprisen for sammenslutningen. Eksempelvis kræver vejledningen i appendiks B vedrørende opgørelsen af dagsværdien af den overtagne virksomheds identificerbare aktiver og forpligtelser, at det beløb, der er fordelt på skatteaktiver og –forpligtelser, er udiskonteret
c)
et tilbudskøb.
Virksomhedssammenslutninger, der gennemføres i flere faser
58.
En virksomhedssammenslutning kan omfatte mere end én transaktion, eksempelvis når den foretages i flere faser ved successive aktiekøb. Hvis dette er tilfældet, skal hver transaktion behandles separat af den overtagende virksomhed ved brug af oplysninger om kostprisen for transaktionen og dagsværdien på hvert transaktionstidspunkt for at opgøre eventuel goodwill, der er forbundet med transaktionen. Dette medfører en trinvis sammenligning af kostprisen for de enkelte investeringer og den overtagende virksomheds andel af dagsværdien af den overtagne virksomheds identificerbare aktiver, forpligtelser og eventualforpligtelser ved hver etape.
59.
Når en virksomhedssammenslutning omfatter mere end én transaktion, kan dagsværdien af den overtagne virksomheds identificerbare aktiver, forpligtelser og eventualforpligtelser være forskellige på de enkelte transaktionstidspunkter. Eftersom:
a)
den overtagne virksomheds identificerbare aktiver, forpligtelser og eventualforpligtelser tilpasses teoretisk til deres dagsværdi på tidspunktet for hver enkelt transaktion med henblik på opgørelse af eventuel goodwill, der er forbundet med hver transaktion, og
b)
den overtagne virksomheds identificerbare aktiver, forpligtelser og eventualforpligtelse derefter skal indregnes af den overtagende virksomhed til dagsværdi på overtagelsestidspunktet,
udgør eventuelle reguleringer af disse dagsværdier, som vedrører andele, som den overtagende virksomhed tidligere har besiddet, en omvurdering og skal regnskabsmæssigt behandles som en omvurdering. Idet denne omvurdering opstår ved den overtagende virksomheds første indregning af den overtagne virksomheds aktiver, forpligtelser og eventualforpligtelser, betyder det imidlertid ikke, at den overtagende virksomhed har valgt at anvende en regnskabspraksis med omvurdering af disse poster efter første indregning i overensstemmelse med eksempelvis IAS16 
Materielle anlægsaktiver
.
60.
Før en transaktion opfylder kriterierne for en virksomhedssammenslutning, kan den opfylde kriterierne for en investering i en associeret virksomhed og regnskabsmæssigt blive behandlet efter den indre værdis metode i overensstemmelse med IAS 28 
Investeringer i associerede virksomheder
. Hvis dette er tilfældet, vil dagsværdien af de identificerbare nettoaktiver i den virksomhed, der er investeret i, på tidspunktet for hver tidligere transaktion have været opgjort tidligere ved anvendelse af den indre værdis metode på investeringen.
Foreløbig opgørelse af den første regnskabsmæssige behandling
61.
Den første regnskabsmæssige behandling af en virksomhedssammenslutning omfatter identifikation og opgørelse af den dagsværdi, der skal fordeles på den overtagne virksomheds identificerbare aktiver, forpligtelser og eventualforpligtelser samt kostprisen for sammenslutningen.
62.
Hvis den første regnskabsmæssige behandling af en virksomhedssammenslutning kun kan opgøres foreløbigt ved slutningen af det regnskabsår, hvor sammenslutningen gennemføres, idet enten den dagsværdi, der skal fordeles på den overtagne virksomheds identificerbare aktiver, forpligtelser eller eventualforpligtelser, eller kostprisen for sammenslutningen kun kan opgøres foreløbigt, skal den overtagende virksomhed foretage regnskabsmæssig behandling af sammenslutningen ved brug af disse foreløbige værdier. Den overtagende virksomhed skal indregne eventuelle reguleringer af disse foreløbige værdier som følge af gennemførelsen af den første regnskabsmæssige behandling:
a)
inden for 12 måneder fra overtagelsestidspunktet, og
b)
fra overtagelsestidspunktet. Derfor gælder det, at:
i)
den regnskabsmæssige værdi af et identificerbart aktiv eller en identificerbar forpligtelse eller eventualforpligtelse, som indregnes eller reguleres som følge af gennemførslen af den første regnskabsmæssige behandling, skal beregnes som om dagsværdien på overtagelsestidspunktet var blevet indregnet fra det tidspunkt
ii)
goodwill eller eventuelle gevinster, der er indregnet i overensstemmelse med afsnit 56, skal reguleres fra overtagelsestidspunktet med et beløb, som svarer til reguleringen af dagsværdien på overtagelsestidspunktet af det identificerbare aktiv eller den identificerbare forpligtelse eller eventualforpligtelse, der indregnes eller reguleres
iii)
sammenligningstal, der præsenteres for de regnskabsår, der ligger før gennemførslen af den første regnskabsmæssige behandling af sammenslutningen, skal præsenteres, som om den første regnskabsmæssige behandling var gennemført fra overtagelsestidspunktet. Dette omfatter eventuel yderligere afskrivning eller andre påvirkninger af resultatet, som er indregnet som følge af gennemførslen af den første regnskabsmæssige behandling.
Reguleringer efter den første regnskabsmæssige behandling er gennemført
63.
Bortset fra som anført i afsnit 33, 34 og 65 skal reguleringer af den første regnskabsmæssige behandling af en virksomhedssammenslutning efter gennemførslen af den første regnskabsmæssige behandling udelukkende indregnes for at korrigere en fejl i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
. Reguleringer af den første regnskabsmæssige behandling af en virksomhedssammenslutning efter gennemførelsen af denne regnskabsmæssige behandling skal ikke indregnes for virkningen af ændringer i skøn.- Ioverensstemmelse med IAS 8 skal virkningen af en ændring i skøn indregnes i det aktuelle og fremtidige regnskabsår.
64.
IAS 8 kræver, at en virksomhed regnskabsmæssigt behandler en fejlkorrektion med tilbagevirkende kraft, og præsenterer sine årsregnskaber, som om fejlen aldrig havde eksisteret, ved at tilpasse sammenligningstallene for det eller de tidligere regnskabsår, hvor fejlen opstod. Den regnskabsmæssige værdi af et af den overtagne virksomheds identificerbare aktiver, forpligtelser eller eventualforpligtelser, som indregnes eller reguleres som følge af en fejlkorrektion, skal derfor beregnes som om dagsværdien eller den regulerede dagsværdi på overtagelsestidspunktet var blevet indregnet fra det tidspunkt. Goodwill eller eventuelle gevinster, der er indregnet i et tidligere regnskabsår i overensstemmelse med afsnit 56, skal reguleres med tilbagevirkende kraft med et beløb, som svarer til dagsværdien på overtagelsestidspunktet (eller reguleringen af dagsværdien på overtagelsestidspunktet) af det identificerbare aktiv eller den identificerbare forpligtelse eller eventualforpligtelse, der indregnes (eller reguleres).
Indregning af udskudte skatteaktiver efter den første regnskabsmæssige behandling er gennemført
65.
Hvis den potentielle fordel ved den overtagne virksomheds fremførte indkomstskattemæssige underskud eller andre udskudte skatteaktiver ikke opfyldte kriterierne i afsnit 37 for separat indregning ved den første regnskabsmæssige behandling af en virksomhedssammenslutning, men realiseres efterfølgende, skal den overtagende virksomhed indregne fordelen som indtægt i overensstemmelse med IAS 12 
Indkomstskatter
. Derudover skal den overtagende virksomhed:
a)
reducere den regnskabsmæssige værdi af goodwill til det beløb, der ville have været indregnet, hvis det udskudte skatteaktiv var blevet indregnet som et identificerbart aktiv fra overtagelsestidspunktet, og
b)
indregne reduktionen i den regnskabsmæssige værdi af goodwill som omkostning.
Denne fremgangsmåde må imidlertid ikke medføre, at der skabes et overskydende beløb som beskrevet i afsnit 56 og heller ikke en stigning i en eventuel gevinst, som er indregnet på et tidligere tidspunkt i overensstemmelse med afsnit 56.
OPLYSNINGER
66.
En overtagende virksomhed skal give oplysninger, som gør det muligt for brugere af virksomhedens årsregnskab at vurdere arten og den økonomiske virkning af gennemførte virksomhedssammenslutninger:
a)
i løbet af regnskabsåret
b)
efter balancedagen, men før årsregnskabet godkendes til offentliggørelse.
67.
Med henblik på anvendelse af princippet i afsnit 66a) skal den overtagende virksomhed give følgende oplysninger for hver virksomhedssammenslutning, der blev gennemført i løbet af regnskabsåret:
a)
navnene på og beskrivelser af de sammensluttende virksomheder
b)
overtagelsestidspunktet
c)
procentdelen af overtagne stemmeberettigede egenkapitalinstrumenter
d)
kostprisen for sammenslutningen og en beskrivelse af kostprisens elementer, herunder eventuelle omkostninger, som er knyttet direkte til sammenslutningen. Hvis der udstedes eller kan udstedes egenkapitalinstrumenter som en del af kostprisen, skal virksomheden desuden oplyse følgende:
i)
antallet af egenkapitalinstrumenter, der er udstedt, eller som kan udstedes, og
ii)
dagsværdien af disse instrumenter og grundlaget for opgørelsen af dagsværdien. Hvis der ikke foreligger en officiel kurs for instrumenterne på transaktionstidspunktet, skal der gives oplysning om de væsentlige forudsætninger, der ligger til grund for opgørelsen af dagsværdien. Hvis der foreligger en officiel kurs på transaktionstidspunktet, men denne ikke blev anvendt som grundlag for opgørelse af kostprisen for sammenslutningen, skal dette oplyses sammen med årsagerne til, at den officielle kurs ikke blev anvendt, den metode og de væsentlige forudsætninger, der blev anvendt ved tildelingen af en værdi til egenkapitalinstrumenterne, samt den samlede forskel mellem den værdi, der er tildelt til egenkapitalinstrumenterne, og den officielle kurs på disse
e)
en beskrivelse af eventuelle aktiviteter, som virksomheden har besluttet at afhænde som følge af sammenslutningen
f)
de beløb, der er indregnet på overtagelsestidspunktet for hver kategori af den overtagne virksomheds aktiver, forpligtelser og eventualforpligtelser, og, medmindre det ville være praktisk umuligt at oplyse dette, den regnskabsmæssige værdi af hver af disse kategorier opgjort i overensstemmelse med internationale regnskabsstandarder (IFRS) umiddelbart før sammenslutningen. Hvis det ikke er praktisk muligt at give denne oplysning, skal dette oplyses sammen med en beskrivelse af årsagen hertil
g)
den beløbsmæssige størrelse af et eventuelt overskydende beløb, som er indregnet i resultatet i overensstemmelse med afsnit 56, og den regnskabspost i resultatopgørelsen, hvori det overskydende beløb er indregnet
h)
en beskrivelse af de forhold, der har bidraget til en kostpris, som medfører indregning af goodwill — en beskrivelse af hvert immaterielt aktiv, som ikke blev indregnet separat fra goodwill, og en redegørelse for, hvorfor det immaterielle aktivs dagsværdi ikke kunne måles pålideligt — eller en beskrivelse af arten af et eventuelt overskydende beløb, der er indregnet i resultatet i overensstemmelse med afsnit 56
i)
den beløbsmæssige størrelse af den overtagne virksomheds resultat siden overtagelsestidspunktet, som er medtaget i den overtagende virksomheds resultat for regnskabsåret, medmindre det er praktisk umuligt at oplyse dette. Hvis det ikke er praktisk muligt at give denne oplysning, skal dette oplyses sammen med en beskrivelse af årsagen hertil.
68.
De i afsnit 67 krævede oplysninger skal gives samlet for virksomhedssammenslutninger, der er gennemført i løbet af regnskabsåret, og som hver for sig er uvæsentlige.
69.
Hvis den første regnskabsmæssige behandling af en virksomhedssammenslutning, der blev gennemført i løbet af regnskabsåret, kun blev opgjort foreløbigt som beskrevet i afsnit 62, skal dette desuden oplyses sammen med en beskrivelse af årsagerne hertil.
70.
Med henblik på anvendelse af princippet i afsnit 66a) skal den overtagende virksomhed give følgende oplysninger, medmindre dette er praktisk umuligt:
a)
den sammensluttede virksomheds omsætning i regnskabsåret, som om overtagelsestidspunktet for alle virksomhedssammenslutninger, som er gennemført i løbet af regnskabsåret, var begyndelsen af regnskabsåret
b)
den sammensluttede virksomheds resultat for regnskabsåret, som om overtagelsestidspunktet for alle virksomhedssammenslutninger, som er gennemført i løbet af regnskabsåret, var begyndelsen af regnskabsåret.
Hvis det ikke er praktisk muligt at give disse oplysninger, skal dette oplyses sammen med en beskrivelse af årsagerne hertil.
71.
Med henblik på anvendelse af princippet i afsnit 66b) skal den overtagende virksomhed give de i afsnit 67 krævede oplysninger for hver virksomhedssammenslutning, der er gennemført efter balancedagen, men inden årsregnskabet blev godkendt til offentliggørelse, medmindre det er praktisk umuligt at give disse oplysninger. Hvis det ikke er praktisk muligt at give disse oplysninger, skal dette oplyses sammen med en beskrivelse af årsagerne hertil.
72.
En overtagende virksomhed skal give oplysninger, der gør det muligt for brugere af virksomhedens årsregnskab at vurdere den økonomiske virkning af gevinster, tab, fejlkorrektioner og andre reguleringer, der er indregnet i det aktuelle regnskabsår, og som vedrører virksomhedssammenslutninger, der blev gennemført i det aktuelle eller tidligere regnskabsår.
73.
Med henblik på anvendelse af princippet i afsnit 72 skal den overtagende virksomhed oplyse følgende:
a)
den beløbsmæssige størrelse af og en redegørelse for eventuelle gevinster og tab, der er indregnet i det aktuelle regnskabsår, og som:
i)
er tilknyttet identificerbare aktiver, forpligtelser eller eventualforpligtelser, som er overtaget ved en virksomhedssammenslutning, som blev gennemført i det aktuelle eller et tidligere regnskabsår, og
ii)
er af en sådan størrelse, art eller beskaffenhed, at oplysning herom er relevant for forståelsen af den sammensluttede virksomheds indtjening
b)
hvis den første regnskabsmæssige behandling af en virksomhedssammenslutning, der blev gennemført i det umiddelbart foregående regnskabsår, kun blev opgjort foreløbigt ved slutningen af regnskabsåret, den beløbsmæssige størrelse af og redegørelser for reguleringerne af de foreløbige værdier, der er indregnet i løbet af det aktuelle regnskabsår
c)
de i IAS 8 krævede oplysninger om fejlkorrektioner af den overtagne virksomheds identificerbare aktiver, forpligtelser eller eventualforpligtelser, eller ændringer i de værdier, der er tildelt disse poster, som den overtagende virksomhed indregner i det aktuelle regnskabsår i overensstemmelse med afsnit 63 og 64.
74.
En virksomhed skal give oplysninger, som gør det muligt for brugere af virksomhedens årsregnskab at vurdere ændringer i den regnskabsmæssige værdi af goodwill i regnskabsåret.
75.
Med henblik på anvendelse af princippet i afsnit 74 skal virksomheden oplyse en afstemning af den regnskabsmæssige værdi af goodwill ved regnskabsårets begyndelse og slutning, som separat viser:
a)
bruttoværdien og de akkumulerede tab ved værdiforringelse ved regnskabsårets begyndelse
b)
yderligere goodwill, som er indregnet i løbet af regnskabsåret, bortset fra goodwill, som er medtaget i en afståelsesgruppe, der på overtagelsestidspunktet opfylder kriterierne for klassifikation som besiddelse med henblik på salg i overensstemmelse med IFRS 5
c)
reguleringer, som hidrører fra den efterfølgende indregning af udskudte skatteaktiver i regnskabsåret i overensstemmelse med afsnit 65
d)
goodwill, som er medtaget i en afståelsesgruppe, der er klassificeret som besiddelse med henblik på salg i overensstemmelse med IFRS 5, og goodwill, hvor indregning er ophørt i løbet af regnskabsåret uden at goodwillen tidligere har været medtaget i en afståelsesgruppe, som var klassificeret som besiddelse med henblik på salg
e)
tab ved værdiforringelse, som er indregnet i løbet af regnskabsåret i overensstemmelse med IAS 36
f)
nettovalutakursforskelle, som er opstået i løbet af regnskabsåret i overensstemmelse med IAS 21 
Valutaomregning
g)
eventuelle andre ændringer i den regnskabsmæssige værdi i regnskabsåre, og
h)
bruttoværdien og de akkumulerede tab ved værdiforringelse ved regnskabsårets slutning.
76.
Virksomheden skal oplyse om genindvindingsværdien og værdiforringelse af goodwill i overensstemmelse med IAS36 ud over de i afsnit 75e) krævede oplysninger.
77.
Hvis de i denne standard krævede oplysninger i en hvilken som helst situation ikke opfylder formålene i afsnit 66, 72 og 74, skal virksomheden give yderligere oplysninger, således at formålene opfyldes.
OVERGANGSBESTEMMELSER OG IKRAFTTRÆDELSESTIDSPUNKT
78.
Bortset fra som anført i afsnit 85 finder denne standard anvendelse på den regnskabsmæssige behandling af virksomhedssammenslutninger, hvor 
aftaletidspunktet
 er 31. marts 2004 eller senere. Denne standard finder også anvendelse på den regnskabsmæssige behandling af:
a)
goodwill hidrørende fra en virksomhedssammenslutning, hvor aftaletidspunktet er 31. marts 2004 eller senere, eller
b)
et eventuelt beløb, hvormed den overtagende virksomheds andel af nettodagsværdien af den overtagne virksomheds identificerbare aktiver, forpligtelser og eventualforpligtelser overstiger kostprisen for en virksomhedssammenslutning, hvor aftaletidspunktet er 31. marts 2004 eller senere.
Tidligere indregnet goodwill
79.
En virksomhed skal anvende denne standard fremadrettet fra begyndelsen af det første regnskabsår, som begynder 31. marts 2004 eller senere, på goodwill, som er erhvervet ved en virksomhedssammenslutning, hvor aftaletidspunktet lå før 31. marts 2004, og på goodwill, som hidrører fra en andel i en fælles kontrolleret virksomhed, der blev erhvervet før 31. marts 2004 og regnskabsmæssigt behandlet ved anvendelse af pro-rata-konsolidering. Derfor skal virksomheden:
a)
fra begyndelsen af det første regnskabsår, der begynder 31. marts 2004 eller senere, ophøre med afskrivning på sådan goodwill
b)
ved begyndelsen af det første regnskabsår, der begynder 31. marts 2004 eller senere, eliminere den regnskabsmæssige værdi af den tilknyttede akkumulerede afskrivning med en tilsvarende reduktion af goodwill, og
c)
fra begyndelsen af det første regnskabsår, der begynder 31. marts 2004 eller senere, teste goodwillen for værdiforringelse i overensstemmelse med IAS 36 (ajourført 2004).
80.
Hvis en virksomhed tidligere indregnede goodwill som et fradrag i egenkapitalen, skal virksomheden ikke indregne denne goodwill i resultatet, når den afhænder en del af eller hele den aktivitet, som denne goodwill er knyttet til, eller når en pengestrømsfrembringende enhed, som goodwillen er tilknyttet, bliver værdiforringet.
Tidligere indregnet negativ goodwill
81.
Den regnskabsmæssige værdi af negativ goodwill ved begyndelsen af det første regnskabsår, der begynder 31. marts 2004 eller senere, som hidrørte fra enten
a)
en virksomhedssammenslutning, hvor aftaletidspunktet lå før 31. marts 2004, eller
b)
en andel i en fælles kontrolleret virksomhed, som blev erhvervet før 31. marts 2004 og regnskabsmæssigt behandlet ved anvendelse af pro-rata-konsolidering,
skal ophøre med at blive indregnet ved begyndelsen af dette regnskabsår, og der skal foretages en tilsvarende regulering primo i overført resultat.
Tidligere indregnede immaterielle aktiver
82.
Den regnskabsmæssige værdi af en post, der er klassificeret som et immaterielt aktiv, der enten
a)
blev erhvervet ved en virksomhedssammenslutning, hvor aftaletidspunktet lå før 31. marts 2004, eller
b)
hidrører fra en andel i en fælles kontrolleret virksomhed, som blev erhvervet før 31. marts 2004 og regnskabsmæssigt behandlet ved anvendelse af pro-rata-konsolidering,
skal omklassificeres som goodwill ved begyndelsen af det første regnskabsår, der begynder 31. marts 2004 eller senere, hvis det pågældende immaterielle aktiv ikke på dette tidspunkt opfylder kriteriet om identificerbarhed i IAS38 (ajourført 2004).
Investeringer, der regnskabsmæssigt er behandlet ved brug af den indre værdis metode
83.
For investeringer, der regnskabsmæssigt er behandlet ved brug af den indre værdis metode og erhvervet 31. marts 2004 eller senere, skal en virksomhed anvende denne standard ved den regnskabsmæssige behandling af:
a)
eventuel erhvervet goodwill, som er medtaget i investeringens regnskabsmæssige værdi. Derfor skal afskrivning på denne teoretiske goodwill ikke medtages ved opgørelsen af virksomhedens andel af resultatet i den virksomhed, der er investeret i
b)
et eventuelt beløb, der er medtaget i den regnskabsmæssige værdi af investeringen, hvormed virksomhedens andel af nettodagsværdien af de identificerbare aktiver, forpligtelser og eventualforpligtelser i den virksomhed, der er investeret i, overstiger kostprisen for investeringen. Derfor skal en virksomhed medtage dette overskydende beløb som indtægt ved opgørelsen af virksomhedens andel af resultatet i den virksomhed, der er investeret i, i det regnskabsår, hvor investeringen er erhvervet.
84.
For investeringer, der regnskabsmæssigt er behandlet ved brug af den indre værdis metode og erhvervet før 31. marts 2004:
a)
skal en virksomhed anvende denne standard fremadrettet fra begyndelsen af det første regnskabsår, som begynder 31. marts 2004 eller senere, på eventuel erhvervet goodwill, som er medtaget i den regnskabsmæssige værdi af investeringen. Derfor skal en virksomhed fra dette tidspunkt ophøre med at medtage afskrivning på denne goodwill ved opgørelsen af virksomhedens andel af resultatet i den virksomhed, der er investeret i
b)
en virksomhed skal ophøre med at indregne eventuel negativ goodwill, som er medtaget i den regnskabsmæssige værdi af denne investering ved begyndelsen af det første regnskabsår, som begynder 31. marts 2004 eller senere, og foretage en tilsvarende regulering primo i overført resultat.
Begrænset anvendelse med tilbagevirkende kraft
85.
Det er tilladt for virksomheder at anvende kravene i denne standard på goodwill, der eksisterer på eller erhverves efter et hvilket som helst tidspunkt, der ligger forud for de i afsnit 78-84 anførte ikrafttrædelsestidspunkter, samt på virksomhedssammenslutninger, der finder sted efter disse tidspunkter, under forudsætning af, at:
a)
værdiansættelserne og de øvrige oplysninger, der kræves for at anvende denne standard på tidligere virksomhedssammenslutninger, blev indhentet på tidspunktet for første regnskabsmæssige behandling af disse sammenslutninger, og
b)
at virksomheden også anvender IAS 36 (ajourført 2004) og IAS 38 (ajourført 2004) fremadrettet fra samme tidspunkt, og at værdiansættelserne og de øvrige oplysninger, der kræves for at anvende disse standarder fra dette tidspunkt, blev indhentet af virksomheden tidligere, således at der ikke er behov for opstille skøn, der skulle have været foretaget på et tidligere tidspunkt.
OPHÆVELSE AF ANDRE UDTALELSER
86.
Denne standard erstatter IAS 22 
Virksomhedssammenslutninger
 (udgivet 1998).
87.
Denne standard erstatter følgende fortolkningsbidrag:
a)
SIC-9 
Virksomhedssammenslutninger — Klassifikation som enten virksomhedsovertagelse eller virksomhedssammenlægning
b)
SIC-22 
Virksomhedssammenslutninger — Regulering af dagsværdier og goodwill efter første indregning,
 og
c)
SIC-28 
Virksomhedssammenslutninger
 —
»Transaktionstidspunktet og dagsværdien af egenkapitalinstrumenter.«
Appendiks A
Definerede termer
Dette appendiks er en integreret del af standarden.
Aftaletidspunkt
Det tidspunkt, hvor en principaftale indgås mellem de sammensluttende parter og, for så vidt angår børsnoterede virksomheder, meddeles offentligheden. I tilfælde af en fjendtlig overtagelse er det tidligste tidspunkt, hvor en principaftale mellem de sammensluttende parter kan indgås, det tidspunkt, hvor et tilstrækkeligt antal af den overtagne virksomheds ejere har accepteret den overtagende virksomheds tilbud, til at den overtagende virksomhed kan opnå bestemmende indflydelse på den overtagne virksomhed.
Bestemmende indflydelse
Beføjelsen til at styre en 
virksomheds
 økonomiske og driftsmæssige beslutninger med henblik på at opnå fordele fra dens aktiviteter.
Dagsværdi
Det beløb, et aktiv kan omsættes til, eller en forpligtelse kan indfries til, ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter.
Dattervirksomhed
En virksomhed, herunder en ikke-registreret virksomhed, såsom et interessentskab, der er underlagt 
bestemmende indflydelse
 af en anden virksomhed (kaldet 
modervirksomheden
).
Eventualforpligtelse
Eventualforpligtelse har den betydning, der er anført i IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
, dvs.:
a)
en mulig forpligtelse, der hidrører fra tidligere begivenheder, hvis eksistens kun kan bekræftes ved, at der indtræffer eller ikke indtræffer en eller flere usikre fremtidige begivenheder, som ikke er under virksomhedens fulde kontrol, eller
b)
en aktuel forpligtelse, der hidrører fra tidligere begivenheder, men som ikke er indregnet, idet:
i)
det ikke er 
sandsynligt
, at indfrielse af forpligtelsen vil kræve et træk på virksomhedens økonomiske ressourcer, eller
ii)
forpligtelsens størrelse ikke kan måles med tilstrækkelig pålidelighed.
Gensidig virksomhed
En virksomhed, som ikke er ejet af investorer, eksempelvis et gensidigt forsikringsselskab eller en fælles kooperativ virksomhed, som frembringer lavere omkostninger eller andre økonomiske fordele direkte og forholdsmæssigt til sine forsikringstagere eller deltagere.
Goodwill
Fremtidige økonomiske fordele hidrørende fra aktiver, der ikke kan identificeres individuelt og indregnes separat.
Immaterielt aktiv
Immaterielt aktiv har den betydning, der er anført i IAS 38 
Immaterielle aktiver
, dvs. et identificerbart ikke-monetært aktiv uden fysisk substans.
Joint venture
Joint venture har den betydning, der er anført i IAS 31 
Kapitalandele i joint ventures
, dvs. et kontraktforhold, hvorved to eller flere parter påtager sig en erhvervsmæssig aktivitet, som er under fælles bestemmende indflydelse.
Minoritetsinteresser
Den del af en 
dattervirksomheds
 resultat og nettoaktiver, der er knyttet til de egenkapitalinteresser, som 
modervirksomheden
 ikke ejer hverken direkte eller indirekte gennem andre 
dattervirksomheder
.
Modervirksomhed
En virksomhed, som har en eller flere 
dattervirksomheder
.
Overtagelsestidspunkt
Det tidspunkt, hvor den overtagende virksomhed faktisk opnår bestemmende indflydelse på den overtagne virksomhed.
Regnskabsaflæggende enhed
En virksomhed, som har brugere, der har tillid til, at virksomhedens årsregnskaber til brug for offentligheden indeholder oplysninger, der er nyttige for brugernes beslutninger om allokering af ressourcer. En regnskabsaflæggende enhed kan være en enkelt virksomhed eller en koncern, der omfatter en 
modervirksomhed
 og alle dennes 
dattervirksomheder
.
Sandsynlig
Med overvejende sandsynlighed.
Transaktionstidspunkt
Når en 
virksomhedssammenslutning
 opnås ved en enkelt transaktion, er transaktionstidspunktet lig med 
overtagelsestidspunktet
. Når en 
virksomhedssammenslutning
 omfatter mere end en transaktion, eksempelvis når den foretages i flere faser ved successive aktiekøb, er transaktionstidspunktet det tidspunkt, hvor hver enkelt investering indregnes i den overtagende virksomheds årsregnskab.
Virksomhed
En integreret mængde aktiviteter og aktiver, som udføres og styres med henblik på at frembringe:
a)
afkast til investorer, eller
b)
lavere omkostninger eller andre økonomiske fordele direkte og forholdsmæssigt til forsikringstagere eller deltagere.
En virksomhed består overordnet af input, processer anvendt på disse input, og resulterende producerede enheder, der kan anvendes eller vil blive anvendt til at frembringe omsætning. Hvis der er 
goodwill
 knyttet til en overdraget mængde aktiviteter og aktiver, antages det, at den overdragne mængde udgør en virksomhed.
Virksomhedssammenslutning
Sammenslutningen af separate 
virksomheder
 til én 
regnskabsaflæggende enhed
.
Virksomhedssammenslutning, der omfatter virksomheder under samme bestemmende indflydelse
En 
virksomhedssammenslutning
, hvor alle de sammensluttende 
virksomheder
 er 
underlagt bestemmende indflydelse
 af den eller de samme øverste part eller parter både før og efter virksomhedssammenslutningen, og hvor denne bestemmende indflydelse ikke er midlertidig.
Appendiks B
Anvendelsessupplement
Dette appendiks er en integreret del af standarden.
Omvendte virksomhedsovertagelser
B1
Ved visse virksomhedssammenslutninger, der ofte benævnes omvendte virksomhedsovertagelser, er den overtagende virksomhed den virksomhed, hvis egenkapitalinteresser er blevet overtaget, og den udstedende virksomhed er den overtagne virksomhed, som anført i afsnit 21. Dette er eksempelvis tilfældet, når en unoteret virksomhed lader sig »overtage« af en mindre, børsnoteret virksomhed for på den måde at opnå børsnotering. Selvom den udstedende børsnoterede virksomhed juridisk set anses for at være modervirksomheden, og den unoterede virksomhed anses for at være dattervirksomheden, er den juridiske dattervirksomhed den overtagende virksomhed, hvis den har beføjelsen til at styre de økonomiske og driftsmæssige beslutninger i den juridiske modervirksomhed med henblik på at opnå fordele fra dens aktiviteter.
B2
Virksomheden skal anvende vejledningen i afsnit B3-B15 ved den regnskabsmæssige behandling af omvendte virksomhedsovertagelser.
B3
Den regnskabsmæssige behandling af omvendte virksomhedsovertagelser er afgørende for allokeringen af kostprisen for virksomhedssammenslutningen på overtagelsestidspunktet og finder ikke anvendelse på transaktioner, der finder sted efter sammenslutningen.
Kostpris for virksomhedssammenslutningen
B4
Når der udstedes egenkapitalinstrumenter som en del af kostprisen for virksomhedssammenslutningen, kræves det i henhold til afsnit 24, at kostprisen for sammenslutningen medtager dagsværdien af disse egenkapitalinstrumenter på transaktionstidspunktet. I afsnit 27 anføres det, at egenkapitalinstrumenternes dagsværdi i mangel af en pålidelig officiel kurs kan skønnes under henvisning til den overtagende virksomheds dagsværdi eller den overtagne virksomheds dagsværdi, alt efter hvilken af disse, der kan opgøres med størst nøjagtighed.
B5
Ved en omvendt virksomhedsovertagelse anses kostprisen for virksomhedssammenslutningen for at være afholdt af den juridiske dattervirksomhed (dvs. den overtagende virksomhed i regnskabsmæssig forstand) i form af egenkapitalinstrumenter, som er udstedt af ejerne af den juridiske modervirksomhed (dvs. den overtagne virksomhed i regnskabsmæssig forstand). Hvis den officielle kurs på egenkapitalinstrumenterne i den juridiske dattervirksomhed anvendes til at opgøre kostprisen for sammenslutningen, skal der foretages en beregning for at opgøre det antal egenkapitalinstrumenter, den juridiske dattervirksomhed skulle have udstedt for at give ejerne af modervirksomheden samme procentvise ejerandel i den sammensluttede virksomhed, som de har i den sammensluttede virksomhed som følge af den omvendte virksomhedsovertagelse. Den således beregnede dagsværdi af antallet af egenkapitalinstrumenter skal anvendes som kostpris for sammenslutningen.
B6
Hvis dagsværdien af egenkapitalinstrumenterne i den juridiske dattervirksomhed ikke på anden vis kan opgøres med nøjagtighed, skal den samlede dagsværdi af alle udstedte egenkapitalinstrumenter i den juridiske modervirksomhed før virksomhedssammenslutningen danne grundlag for opgørelsen af kostprisen for virksomhedssammenslutningen.
Udarbejdelse og præsentation af koncernregnskab
B7
Et koncernregnskab, som er udarbejdet efter en omvendt virksomhedsovertagelse, skal udgives i den juridiske modervirksomheds navn, men beskrives i noterne som en fortsættelse af den juridiske dattervirksomheds årsregnskab (dvs. den overtagende virksomhed i regnskabsmæssig forstand). Eftersom et sådant koncernregnskab udgør en fortsættelse af den juridiske dattervirksomheds årsregnskab:
a)
skal den juridiske dattervirksomheds aktiver og forpligtelser indregnes og måles i koncernregnskabet til deres regnskabsmæssige værdi før sammenslutningen
b)
skal overført resultat og øvrige egenkapitalposter, der er indregnet i koncernregnskabet, være lig med det overførte resultat og øvrige egenkapitalposter i den juridiske dattervirksomhed umiddelbart før virksomhedssammenslutningen
c)
skal det beløb, der indregnes som udstedte egenkapitalinstrumenter i koncernregnskabet, opgøres ved at lægge kostprisen for virksomhedssammenslutningen som beskrevet i afsnit B4-B6 til de udstedte egenkapitalinstrumenter i den juridiske dattervirksomhed umiddelbart før virksomhedssammenslutningen. Den egenkapitalstruktur, som fremgår af dette koncernregnskab (dvs. antallet og arten af udstedte egenkapitalinstrumenter), skal imidlertid afspejle den juridiske modervirksomheds egenkapitalstruktur, herunder de egenkapitalinstrumenter, der er udstedt af den juridiske modervirksomhed for at gennemføre virksomhedssammenslutningen
d)
sammenligningstal, som præsenteres i koncernregnskabet, skal være sammenligningstal for den juridiske dattervirksomhed.
B8
Regnskabsmæssig behandling som en omvendt virksomhedsovertagelse finder kun anvendelse på koncernregnskaber. Hvis den juridiske modervirksomhed aflægger separat årsregnskab, skal investeringen i den juridiske dattervirksomhed derfor behandles regnskabsmæssigt i overensstemmelse med kravene i IAS 27 vedrørende regnskabsmæssig behandling af investeringer i en investors separate årsregnskab.
B9
Koncernregnskaber, som er udarbejdet efter en omvendt virksomhedsovertagelse, skal afspejle dagsværdien af aktiver, forpligtelser og eventualforpligtelser i den juridiske modervirksomhed (dvs. den overtagne virksomhed i regnskabsmæssig forstand). Kostprisen for virksomhedssammenslutningen skal derfor allokeres ved at måle de identificerbare aktiver, forpligtelser og eventualforpligtelser i den juridiske modervirksomhed, der opfylder indregningskriterierne i afsnit 37 til dagsværdi på overtagelsestidspunktet. Et eventuelt beløb, hvormed kostprisen for sammenslutningen overstiger den overtagende virksomheds andel af nettodagsværdien af disse poster, skal regnskabsmæssigt behandles i overensstemmelse med afsnit 51-55. Et eventuelt beløb, hvormed den overtagende virksomheds andel af nettodagsværdien af disse poster overstiger kostprisen for sammenslutningen, skal regnskabsmæssigt behandles i overensstemmelse med afsnit 56.
Minoritetsinteresse
B10
I visse omvendte virksomhedsovertagelser er der nogle af ejerne i den juridiske dattervirksomhed, som ikke udveksler deres egenkapitalinstrumenter med egenkapitalinstrumenter i den juridiske modervirksomhed. Selvom den virksomhed, hvor sådanne ejere besidder egenkapitalinstrumenter (den juridiske dattervirksomhed), overtager en anden virksomhed (den juridiske modervirksomhed), skal disse ejere behandles som en minoritetsinteresse i det koncernregnskab, der udarbejdes efter den omvendte virksomhedsovertagelse. Det skyldes, at de ejere i den juridiske dattervirksomhed, som ikke udveksler deres egenkapitalinstrumenter med egenkapitalinstrumenter i den juridiske modervirksomhed, kun har andel i resultatet og nettoaktiverne i den juridiske dattervirksomhed og ikke i resultatet og nettoaktiverne i den sammensluttede virksomhed. Omvendt har alle ejerne i den juridiske modervirksomhed, uanset at den juridiske modervirksomhed anses som den overtagne virksomhed, andel i resultatet og nettoaktiverne i den sammensluttede virksomhed.
B11
Eftersom aktiverne og forpligtelserne i den juridiske dattervirksomhed indregnes og måles i koncernregnskabet til deres regnskabsmæssige værdi før sammenslutningen, skal minoritetsinteressen afspejle minoritetsaktionærernes forholdsmæssige ejerskab af den regnskabsmæssige værdi af den juridiske dattervirksomheds nettoaktiver før sammenslutningen.
Indtjening pr. aktie
B12
Den egenkapitalstruktur, som fremgår af det koncernregnskab, der er udarbejdet efter en omvendt virksomhedssammenslutning, afspejler, som anført i afsnit B7c), den juridiske modervirksomheds egenkapitalstruktur, herunder de egenkapitalinstrumenter, der er udstedt af den juridiske modervirksomhed for at gennemføre virksomhedssammenslutningen.
B13
Med hensyn til beregning af det vejede gennemsnitlige antal ordinære aktier i omløb (nævneren) i det regnskabsår, hvor den omvendte virksomhedsovertagelse finder sted:
a)
skal antallet af ordinære aktier i omløb fra begyndelsen af regnskabsåret og frem til overtagelsestidspunktet antages at være lig med antallet af ordinære aktier, der er udstedt af den juridiske modervirksomhed til ejerne af den juridiske dattervirksomhed, og
b)
antallet af ordinære aktier i omløb fra overtagelsestidspunktet og frem til slutningen af regnskabsåret skal være lig med det faktiske antal ordinære aktier i den juridiske modervirksomhed i omløb i det pågældende regnskabsår.
B14
Den oplyste indtjening pr. aktie for hvert sammenligningsår forud for overtagelsestidspunktet, som præsenteres i det koncernregnskab, der aflægges efter en omvendt virksomhedsovertagelse, skal beregnes ved at dividere den del af den juridiske dattervirksomheds resultat, som kan henføres til de ordinære aktionærer i hvert af disse regnskabsår, med antallet af ordinære aktier, som er udstedt af den juridiske mordervirksomhed til ejerne i den juridiske dattervirksomhed ved den omvendte virksomhedsovertagelse.
B15
I de i afsnit B13 og B14 anførte beregninger antages det, at der ikke skete nogen ændringer i antallet af den juridiske dattervirksomheds udstedte ordinære aktier i sammenligningsårene samt i perioden mellem begyndelsen af det regnskabsår, hvor den omvendte virksomhedsovertagelse fandt sted, og overtagelsestidspunktet. Der skal foretages en passende regulering af beregningen af indtjening pr. aktie, som tager højde for virkningen af en ændring i antallet af den juridiske dattervirksomheds udstedte ordinære aktier i disse regnskabsår.
Allokering af kostprisen for en virksomhedssammenslutning
B16
Denne standard kræver, at den overtagende virksomhed indregner de identificerbare aktiver, forpligtelser og eventualforpligtelser i den overtagne virksomhed, som opfylder de relevante indregningskriterier, til dagsværdi på overtagelsestidspunktet. Med hensyn til allokering af kostprisen for en virksomhedssammenslutning skal den overtagende virksomhed anvende følgende mål som udtryk for dagsværdier:
a)
ved finansielle instrumenter, som handles på et aktivt marked, skal den overtagende virksomhed anvende aktuelle markedsværdier
b)
ved finansielle instrumenter, som ikke handles på et aktivt marked, skal den overtagende virksomhed anvende skønnede værdier, hvor der tages højde for eksempelvis P/E værdi, udbytteprocenter og forventede vækstrater for sammenlignelige instrumenter for virksomheder med samme karakteristika
c)
ved tilgodehavender, indtægtsgivende kontrakter og andre identificerbare aktiver skal den overtagende virksomhed anvende nutidsværdien af de tilgodehavende beløb opgjort til en relevant gældende rente med eventuelle fradrag af nedskrivning af uerholdelige beløb og inddrivelsesomkostninger. Diskontering kræves dog ikke for kortfristede tilgodehavender, indtægtsgivende kontrakter og andre identificerbare aktiver, når forskellen mellem den nominelle værdi og den diskonterede værdi ikke er væsentlig
d)
ved varebeholdninger bestående af:
i)
færdigvarer og handelsvarer skal den overtagende virksomhed anvende salgspriser med fradrag af det samlede beløb af 1) afhændelsesomkostninger og 2) en rimelig avance for den overtagende virksomheds salgsindsats på grundlag af avancen på tilsvarende færdigvarer og handelsvarer
ii)
varer under fremstilling skal den overtagende virksomhed anvende salgspriser for færdigvarer med fradrag af det samlede beløb af 1) færdiggørelsesomkostninger, 2) afhændelsesomkostninger og 3) en rimelig avance for færdiggørelses- og salgsindsatsen på grundlag af avancen på tilsvarende færdigvarer, og
iii)
råvarer skal den overtagende virksomhed anvende den aktuelle genanskaffelsesværdi
e)
ved grunde og bygninger skal den overtagende virksomhed anvende markedsværdien
f)
ved produktionsanlæg og driftsmidler skal den overtagende virksomhed anvende markedsværdien, som normalt er baseret på et skøn. Når der ikke foreligger markedsbaseret dokumentation for dagsværdien grundet produktionsanlæggets eller driftsmidlernes særlige art, og fordi aktivet sjældent sælges, undtagen som led i et fortsat forretningsforløb, kan det være nødvendigt for den overtagende virksomhed at skønne dagsværdien på grundlag af indtægten eller genanskaffelsesværdien med fradrag af afskrivninger
g)
ved immaterielle aktiver skal den overtagende virksomhed opgøre dagsværdien:
i)
under henvisning til et aktivt marked, som defineret i IAS 38, eller
ii)
hvis der ikke foreligger et aktivt marked, på et grundlag, som afspejler de beløb, den overtagende virksomhed ville skulle betale for aktivet i en handel mellem kvalificerede, villige, indbyrdes uafhængige parter baseret på den bedste til rådighed værende information (jf. IAS 38 for yderligere vejledning om opgørelse af dagsværdien af immaterielle aktiver, som er overtaget ved en virksomhedssammenslutning)
h)
ved nettoaktiver eller nettoforpligtelser for ydelsesbaserede pensionsordninger skal den overtagende virksomhed anvende nutidsværdien af den ydelsesbaserede pensionsforpligtelse med fradrag af dagsværdien af ordningens eventuelle aktiver. Dog indregnes et aktiv udelukkende, i det omfang det er sandsynligt, at det vil være til rådighed for den overtagende virksomhed i form af refunderede beløb fra pensionsordningen eller reduktioner i fremtidige bidrag
i)
ved skatteaktiver og -forpligtelser skal den overtagende virksomhed anvende den beløbsmæssige størrelse af skattefordelen hidrørende fra skattemæssige underskud eller skyldige indkomstskatter vedrørende årets resultat i overensstemmelse med IAS 12 vurderet ud fra den sammensluttede virksomheds synsvinkel. Skatteaktiver eller -forpligtelser opgøres under hensyntagen til den skattemæssige virkning af tilpasning af identificerbare aktiver, forpligtelser og eventualforpligtelser til dagsværdi og diskonteres ikke
j)
ved kreditorer og gældsbreve, langfristede lån, forpligtelser, periodiseringer og andre udestående fordringer skal virksomheden anvende nutidsværdien af det beløb, der skal betales for at indfri forpligtelsen, opgjort til en relevant gældende rente. Diskontering er dog ikke krævet for kortfristede forpligtelser, når forskellen mellem den nominelle værdi og den diskonterede værdi ikke er væsentlig
k)
ved tabsgivende kontrakter og andre af den overtagne virksomheds identificerbare forpligtelser skal den overtagende virksomhed anvende nutidsværdien af det beløb, der skal betales for at indfri forpligtelsen, opgjort til en relevant gældende rente
l)
ved den overtagne virksomheds eventualforpligtelser skal den overtagende virksomhed anvende det beløb, en tredjepart ville opkræve for at overtage disse eventualforpligtelser. Dette beløb skal afspejle samtlige forventninger til mulige pengestrømme og ikke den enkelte mest sandsynlige pengestrøm eller den forventede maksimale eller minimale pengestrøm.
B17
Nogle af retningslinjerne ovenfor kræver, at dagsværdier skønnes på baggrund af nutidsværdimetoder. Hvis vejledningen for en bestemt post ikke henviser til anvendelsen af nutidsværdimetoder, kan sådanne metoder anvendes til at skønne denne posts dagsværdi.
IFRS 4
Forsikringskontrakter
FORMÅL
1.
Formålet med denne standard er at redegøre for den regnskabsmæssige behandling af 
forsikringskontrakter
 i alle virksomheder, som udsteder sådanne kontrakter (i denne standard betegnet 
forsikringsgiver
), indtil IASB afslutter anden fase af projektet vedrørende forsikringskontrakter. Navnlig kræver denne standard:
a)
begrænsede forbedringer af forsikringsgiveres regnskabsmæssige behandling af forsikringskontrakter
b)
oplysninger, som identificerer og forklarer de beløb i forsikringsgivers årsregnskab, der hidrører fra forsikringskontrakter, og hjælper brugerne af sådanne årsregnskaber med at forstå den beløbsmæssige størrelse, tidspunktet og usikkerheden forbundet med fremtidige pengestrømme fra forsikringskontrakter.
ANVENDELSESOMRÅDE
2.
Virksomheden skal anvende denne standard på:
a)
forsikringskontrakter (herunder 
reassurancekontrakter
), som udstedes og reassurancekontrakter som besiddes af virksomheden
b)
finansielle instrumenter, som udstedes af virksomheden med 
skønsmæssig deltagelse
 (jf. afsnit 35). IFRS 7 
Finansielle instrumenter: Oplysning
 kræver oplysning om finansielle instrumenter, herunder finansielle instrumenter med skønsmæssig deltagelse.
3.
Denne standard behandler ikke andre aspekter af forsikringsgiveres regnskaber, såsom regnskabsmæssig behandling af finansielle aktiver, som besiddes af forsikringsgivere, og finansielle forpligtelser, som udstedes af forsikringsgivere (jf. IAS 32 
Finansielle instrumenter: Præsentation
, IAS 39 
Finansielle instrumenter: Indregning og måling
 samt IFRS 7), bortset fra i overgangsbestemmelserne i afsnit 45.
4.
Virksomheden skal ikke anvende denne standard på:
a)
produktgarantier, som udstedes direkte af en producent, forhandler eller detailhandler (jf. IAS 18 
Omsætning
 og IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
)
b)
arbejdsgiveres aktiver og forpligtelser i forbindelse med pensionsordninger (jf. IAS 19 
Personaleydelser
 og IFRS 2 
Aktiebaseret vederlæggelse
) og pensionsforpligtelser præsenteret af definerede fratrædelsesordninger (jf. IAS 26 
Regnskabsmæssig behandling og præsentation af fratrædelsesordninger
)
c)
kontraktlige rettigheder eller kontraktlige forpligtelser, som er betinget af den fremtidige brug af eller ret til at bruge et ikke-finansielt aktiv (eksempelvis visse licenser, royalties, betingede leasingydelser og lignende poster), samt leasingtagers restværdigaranti, der er indbygget i en finansiel leasingkontrakt (jf. IAS 17 
Leasingkontrakter
, IAS 18 
Omsætning
 og IAS 38 
Immaterielle aktiver
)
d)
finansielle garantikontrakter, medmindre udsteder tidligere udtrykkeligt har erklæret, at den betragter sådanne kontrakter som forsikringskontrakter, og har lagt en regnskabsmæssig behandling til grund, som svarer til den regnskabsmæssige behandling af forsikringskontrakter. I dette tilfælde kan udsteder vælge at anvende enten IAS 39, IAS 32 og IFRS 7 eller denne standard på sådanne finansielle garantikontrakter. Udsteder kan foretage dette valg for hver enkelt kontrakt, men det foretagne valg for hver kontrakt er uigenkaldeligt
e)
skyldig eller tilgodehavende betinget købspris ved en virksomhedssammenslutning (jf. IFRS 3 
Virksomhedssammenslutninger
)
f)
direkte forsikringskontrakter
, som besiddes af virksomheden (dvs. direkte forsikringskontrakter, hvor virksomheden er 
forsikringstager
). En 
cedent
 (en genforsikret forsikringsgiver) skal imidlertid anvende denne standard på sine reassurancekontrakter.
5.
For at lette forståelsen beskrives alle virksomheder, som udsteder forsikringskontrakter, som forsikringsgivere i denne standard, uanset om udsteder anses som en forsikringsgiver i juridisk og tilsynsmæssig sammenhæng.
6.
En reassurancekontrakt er en type forsikringskontrakt. Alle henvisninger til forsikringskontrakter i denne standard gælder således også for reassurancekontrakter.
Indbyggede afledte finansielle instrumenter
7.
IAS 39 kræver, at en virksomhed adskiller visse indbyggede finansielle afledte instrumenter fra hovedkontrakten, måler dem til 
dagsværdi
 og medtager ændringer i dagsværdien i resultatet. IAS 39 finder anvendelse på afledte finansielle instrumenter, som er indbygget i en forsikringskontrakt, medmindre det indbyggede afledte finansielle instrument selv er en forsikringskontrakt.
8.
Som en undtagelse fra kravet i IAS 39 behøver forsikringsgiver ikke adskille forsikringstagers option på at tilbagekøbe en forsikringskontrakt til et fast beløb (eller til et beløb baseret på et fast beløb og en rentesats) og måle denne til dagsværdi, selvom udnyttelseskursen er forskellig fra hoved
forsikringsforpligtelsens
 regnskabsmæssige værdi. Kravet i IAS 39 finder dog anvendelse på en put-option eller en option på kontant tilbagekøb, som er indbygget i en forsikringskontrakt, hvis tilbagekøbsværdien varierer med ændringen i en finansiel variabel (såsom egenkapital- eller råvarepris eller –indeks) eller en ikke-finansiel variabel, som ikke gælder specifikt for en kontrahent. Desuden finder dette krav også anvendelse, hvis indehaverens evne til at udnytte en put-option eller option på kontant tilbagekøb udløses af en ændring i en sådan variabel (eksempelvis en put-option, som kan udnyttes, hvis et aktieindeks når et bestemt niveau).
9.
Afsnit 8 finder ligeledes anvendelse på optioner på tilbagekøb af finansielle instrumenter med skønsmæssig deltagelse.
Udskillelse af opsparingselementer
10.
Visse forsikringskontrakter indeholder både et forsikringselement og et 
opsparingselement
. I nogle tilfælde er det påkrævet eller tilladt, at forsikringsgiver 
udskiller
 disse elementer:
a)
udskillelse kræves, hvis begge nedenstående betingelser er opfyldt:
i)
Forsikringsgiver kan måle opsparingselementet (herunder eventuelle indbyggede optioner på tilbagekøb) separat (dvs. uden at tage forsikringselementet i betragtning).
ii)
Forsikringsgivers regnskabspraksis kræver ikke på anden måde indregning af alle forpligtelser og rettigheder, som hidrører fra opsparingselementet
b)
udskillelse er tilladt, men ikke påkrævet, hvis forsikringsgiver kan måle opsparingselementet separat som angivet i a)i), men forsikringsgivers regnskabspraksis kræver indregning af alle forpligtelser og rettigheder, som hidrører fra opsparingselementet uanset hvilket grundlag, der er anvendt til at måle disse rettigheder og forpligtelser
c)
udskillelse er ikke tilladt, hvis forsikringsgiver ikke kan måle opsparingselementet separat som angivet i a)i).
11.
I det følgende gives et eksempel på et tilfælde, hvor forsikringsgivers regnskabspraksis ikke kræver indregning af alle forpligtelser, som hidrører fra opsparingselementet. En cedent modtager erstatning for tab fra en 
reassurandør
, men kontrakten forpligter cedenten til at tilbagebetale erstatningen over en årrække. Denne forpligtelse hidrører fra et opsparingselement. Hvis cedentens regnskabspraksis ellers ville tillade indregning af erstatning som en indtægt uden indregning af den deraf følgende forpligtelse, kræves udskillelse.
12.
For at udskille en kontrakt skal forsikringsgiver:
a)
anvende denne standard på forsikringselementet
b)
anvende IAS 39 på opsparingselementet.
INDREGNING OG MÅLING
Midlertidig undtagelse fra visse andre standarder
13.
Afsnit 10-12 i IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
 angiver, hvilke kriterier en virksomhed skal lægge til grund ved udvikling af en regnskabspraksis, hvis der ikke findes nogen standard, som finder specifik anvendelse på en post. Denne standard fritager imidlertid forsikringsgiver fra at anvende disse kriterier på sin regnskabspraksis for:
a)
forsikringskontrakter, som forsikringsgiver udsteder (herunder tilknyttede anskaffelsesomkostninger og tilknyttede immaterielle aktiver, som eksempelvis de i afsnit 31 og 32 beskrevne), og
b)
reassurancekontrakter, som forsikringsgiver besidder.
14.
Dog fritager standarden ikke forsikringsgiver fra visse konsekvenser af kriterierne i afsnit 10-12 i IAS 8. Særligt gælder det, at forsikringsgiver:
a)
ikke skal indregne eventuelle hensættelser til mulige fremtidige krav som en forpligtelse, hvis disse krav opstår i henhold til forsikringskontrakter, som endnu ikke findes på balancedagen (eksempelvis katastrofe- og udjævningshensættelser)
b)
skal udføre den i afsnit 15-19 beskrevne 
test af forpligtelsers tilstrækkelighed
c)
udelukkende skal ophøre med at indregne en forsikringsforpligtelse (eller en del af en forsikringsforpligtelse) i balancen, når forpligtelsen ophører, dvs. når den i kontrakten anførte forpligtelse opfyldes, annulleres eller udløber.
d)
ikke skal modregne:
i)
reassuranceaktiver
 i de tilknyttede forsikringsforpligtelser, eller
ii)
indtægter eller omkostninger fra reassurancekontrakter i omkostninger eller indtægter fra de tilknyttede forsikringskontrakter
e)
skal vurdere, hvorvidt reassuranceaktiver er værdiforringede (jf. afsnit 20).
Test af forpligtelsers tilstrækkelighed
15.
Forsikringsgiver skal på hver balancedag vurdere, hvorvidt de indregnede forsikringsforpligtelser er tilstrækkelige. Ved vurderingen skal der anvendes aktuelle skøn over fremtidige pengestrømme i henhold forsikringsgivers forsikringskontrakter. Hvis vurderingen viser, at forsikringsforpligtelsernes regnskabsmæssige værdi (med fradrag af tilknyttede udskudte anskaffelsesomkostninger og tilknyttede immaterielle aktiver, som eksempelvis de i afsnit 31 og 32 omtalte) er utilstrækkelig set i lyset af de skønnede fremtidige pengestrømme, skal hele dette underskud indregnes i resultatet.
16.
Hvis forsikringsgiver anvender en test af forpligtelsers tilstrækkelighed, som opfylder visse minimumskrav, stiller denne standard ikke yderligere krav. Disse minimumskrav er som følger:
a)
Testen omfatter aktuelle skøn over alle kontraktlige pengestrømme og over tilknyttede pengestrømme, såsom omkostninger til behandling af skadesanmeldelser, samt pengestrømme, der hidrører fra indbyggede optioner og garantier.
b)
Hvis testen viser, at forpligtelsen er utilstrækkelig, skal hele underskuddet indregnes i resultatet.
17.
Hvis forsikringsgivers regnskabspraksis ikke kræver, at der udføres en test af forpligtelsers tilstrækkelighed, som opfylder minimumskravene i afsnit 16, skal forsikringsgiver:
a)
opgøre de relevante forsikringsforpligtelsers 
(
1
)
 regnskabsmæssige værdi med fradrag af den regnskabsmæssige værdi af:
i)
eventuelle tilknyttede udskudte anskaffelsesomkostninger, og
ii)
eventuelle tilknyttede immaterielle aktiver, såsom aktiver, der er erhvervet ved en virksomhedssammenslutning eller porteføljeoverdragelse (jf. afsnit 31 og 32). Tilknyttede reassuranceaktiver skal imidlertid ikke tages i betragtning, eftersom forsikringsgiver regnskabsmæssigt behandler disse separat (jf. afsnit 20)
b)
afgøre, hvorvidt det i a) beskrevne beløb er mindre end den regnskabsmæssige værdi, som ville være krævet, hvis de relevante forsikringsforpligtelser lå inden for anvendelsesområdet for IAS 37. Hvis beløbet er mindre, skal forsikringsgiver indregne hele forskellen i resultatet og reducere den regnskabsmæssige værdi af de tilknyttede udskudte anskaffelsesomkostninger eller tilknyttede immaterielle aktiver eller øge den regnskabsmæssige værdi af de relevante forsikringsforpligtelser.
18.
Hvis forsikringsgivers test af forpligtelsers tilstrækkelighed opfylder minimumskravene i afsnit 16, skal testen anvendes på det sammenlægningsniveau, testen angiver. Hvis testen ikke opfylder disse minimumskrav, skal der foretages en sammenligning som beskrevet i afsnit 17 på porteføljeniveau for kontrakter, som er forbundet med stort set de samme risici, og som forvaltes sammen som en enkel portefølje.
19.
Det i afsnit 17b) beskrevne beløb (dvs. resultatet af anvendelsen af IAS 37) skal udelukkende afspejle fremtidige investeringsafkast (jf. afsnit 27-29), hvis det i afsnit 17a) beskrevne beløb også afspejler dette afkast.
Værdiforringelse af reassuranceaktiver
20.
Hvis en cedents reassuranceaktiv er værdiforringet, skal cedenten foretage en tilsvarende reduktion af den regnskabsmæssige værdi, og indregne tabet ved værdiforringelse i resultatet. Et reassuranceaktiv er udelukkende værdiforringet, hvis:
a)
der er klar indikation af, at cedenten som følge af en begivenhed, der har fundet sted efter første indregning af reassuranceaktivet, muligvis ikke vil modtage alle skyldige beløb i henhold til kontraktens vilkår, og
b)
denne begivenhed har en virkning, som kan måles pålideligt, på de beløb, som cedenten vil modtage fra reassurandøren.
Ændringer i anvendt regnskabspraksis
21.
Afsnit 22-30 finder anvendelse på ændringer, som er foretaget af en forsikringsgiver, der allerede anvender IFRS, såvel som ændringer foretaget af en forsikringsgiver, der anvender IFRS for første gang.
22.
Forsikringsgiver må udelukkende ændre sin regnskabspraksis for forsikringskontrakter, hvis ændringerne gør årsregnskabet mere relevant for regnskabsbrugernes økonomiske beslutningstagen, uden at det bliver mindre pålideligt, eller mere pålideligt, uden at det bliver mindre relevant for denne beslutningstagen. Forsikringsgiver skal vurdere relevans og pålidelighed ud fra kriterierne i IAS 8.
23.
For at retfærdiggøre en ændring i regnskabspraksis for forsikringskontrakter skal forsikringsgiver godtgøre, at årsregnskabet som følge af ændringen kommer nærmere en opfyldelse af kriterierne i IAS 8, men ændringen behøver ikke medføre fuldstændig opfyldelse af disse kriterier. Følgende konkrete problemstillinger drøftes nedenfor:
a)
aktuelle rentesatser (afsnit 24)
b)
fortsat anvendelse af eksisterende praksis (afsnit 25)
c)
forsigtighed (afsnit 26)
d)
fremtidige investeringsafkast (afsnit 27-29), og
e)
shadow accounting (afsnit 30).
Aktuelle markedsrenter
24.
Det tillades, men ikke kræves ikke, at forsikringsgiver ændrer sin regnskabspraksis, således at klassificerede forsikringsforpligtelser 
(
2
)
 efterfølgende måles, så de afspejler aktuelle markedsrenter, og ændringer i sådanne forpligtelser indregnes i resultatet. På det tidspunkt kan forsikringsgiver desuden indføre en regnskabspraksis, som kræver, at der anvendes andre aktuelle skøn og forudsætninger for de klassificerede forpligtelser. Med den valgfrihed, der gives i dette afsnit, tillades det, at forsikringsgiver ændrer sin regnskabspraksis for klassificerede forpligtelser uden at anvende denne praksis konsekvent for alle tilsvarende forpligtelser, som det ellers ville være krævet i henhold til IAS 8. Hvis forsikringsgiver klassificerer forpligtelser i henhold til dette valg, skal aktuelle markedsrenter (og de øvrige aktuelle skøn og forudsætninger, hvor dette er relevant) fortsat anvendes konsekvent i alle regnskabsår for alle sådanne forpligtelser, indtil de ophører.
Fortsat anvendelse af eksisterende praksis
25.
Forsikringsgiver kan fortsat anvende nedenstående typer praksis, men indførelsen af en af disse opfylder ikke kravet i afsnit 22:
a)
måling af forsikringsforpligtelser på et udiskonteret grundlag
b)
måling af kontraktlige rettigheder til fremtidige kapitalforvaltningshonorarer til et beløb, som overstiger dagsværdien baseret på en sammenligning med de aktuelle honorarer, som opkræves af andre markedsdeltagere for lignende ydelser. Det er sandsynligt, at dagsværdien på tidspunktet for indgåelsen af de kontraktlige rettigheder svarer til de afholdte oprettelsesomkostninger, medmindre fremtidige kapitalforvaltningshonorarer og tilknyttede omkostninger er ude af trit med sammenlignelige markedssatser
c)
anvendelse af forskelligartet regnskabspraksis for forsikringskontrakter (og eventuelle tilknyttede udskudte anskaffelsesomkostninger og tilknyttede immaterielle aktiver) i dattervirksomheder, bortset fra hvad der tillades i afsnit 24. Hvis denne regnskabspraksis ikke er ensartet, kan forsikringsgiver ændre den, såfremt ændringen ikke gør den anvendte regnskabspraksis mere forskelligartet, og såfremt den nye praksis opfylder de øvrige krav i denne standard.
Forsigtighed
26.
Forsikringsgiver behøver ikke at ændre sin regnskabspraksis for forsikringskontrakter for at eliminere overdreven forsigtighed. Hvis forsikringsgiver allerede måler sine forsikringskontrakter med tilstrækkelig forsigtighed, skal forsikringsgiver dog ikke indføre yderligere forsigtighed.
Fremtidige investeringsafkast
27.
Forsikringstager behøver ikke at ændre sin regnskabspraksis for forsikringskontrakter for at eliminere fremtidige investeringsafkast. Der er imidlertid en afkræftelig formodning om, at forsikringsgivers årsregnskab bliver mindre relevant og pålideligt, hvis der indføres en regnskabspraksis, som i målingen af forsikringskontrakter afspejler fremtidige investeringsafkast, medmindre disse afkast påvirker de kontraktlige betalinger. Nedenfor er anført to eksempler på regnskabspraksis, som afspejler sådanne afkast:
a)
anvendelse af en diskonteringssats, som afspejler det skønnede afkast af forsikringsgivers aktiver, eller
b)
fremskrivning af disse aktivers forrentning med en skønnet forrentningssats, hvor den fremskrevne forrentning diskonteres med en anden sats, og hvor resultatet medtages i målingen af forpligtelsen.
28.
Forsikringsgiver kan udelukkende tilsidesætte den afkræftelige formodning i afsnit 27, hvis de øvrige aspekter af en ændring i regnskabspraksis øger årsregnskabets relevans og pålidelighed i tilstrækkelig grad til at opveje den forringelse af relevansen og pålideligheden, som er forårsaget af, at fremtidige investeringsafkast er medtaget. Eksempelvis kan der være en situation, hvor forsikringsgivers eksisterende regnskabspraksis for forsikringskontrakter omfatter overdrevent forsigtige forudsætninger, som er opstillet ved indgåelsen, og en diskonteringssats, som er foreskrevet af en tilsynsmyndighed uden direkte henvisning til markedsforholdene, og ikke tager højde for visse indbyggede optioner og garantier. Forsikringsgiver kan gøre sit årsregnskab mere relevant uden at gøre det mindre pålideligt ved at skifte til et omfattende investor-orienteret regnskabsmæssigt grundlag, som er meget udbredt og omfatter:
a)
aktuelle skøn og forudsætninger
b)
en rimelig (men ikke overdrevent forsigtig) regulering for at afspejle risiko og usikkerhed
c)
målinger, som afspejler både den indre og den tidsmæssige værdi af indbyggede optioner og garantier, og
d)
en aktuel markedsdiskonteringssats, selvom denne diskonteringssats afspejler det skønnede afkast af forsikringsgivers aktiver.
29.
Efter nogle målingsmetoder anvendes diskonteringssatsen til at opgøre nutidsværdien af en fremtidig overskudsmargin. Denne overskudsmargin henføres derefter til forskellige regnskabsår på baggrund af en formel. Efter disse metoder påvirkes målingen af forpligtelsen kun indirekte af diskonteringssatsen. Særligt gælder det, at anvendelsen af en mindre hensigtsmæssig diskonteringssats har en begrænset eller slet ingen virkning på målingen af forpligtelsen ved indgåelsen. Efter andre metoder bestemmes målingen af forpligtelsen dog direkte af diskonteringssatsen. Eftersom indførelsen af en aktivbaseret diskonteringssats har en mere væsentlig virkning er det i sidstnævnte tilfælde højst usandsynligt, at forsikringsgiver kan tilsidesætte den afkræftelige formodning, som beskrives i afsnit 27.
Shadow accounting
30.
Efter nogle regnskabsmodeller har realiserede gevinster eller tab på forsikringsgivers aktiver en direkte virkning på målingen af visse eller alle a) forsikringsgivers forsikringsforpligtelser, b) tilknyttede udskudte anskaffelsesomkostninger og c) tilknyttede immaterielle aktiver, såsom aktiver beskrevet i afsnit 31 og 32. Det tillades, men kræves ikke, at forsikringsgiver ændrer sin regnskabspraksis, således at indregnede men urealiserede gevinster eller tab på et aktiv påvirker målingerne på samme måde som realiserede gevinster eller tab. Den tilknyttede regulering af forsikringsforpligtelsen (eller udskudte anskaffelsesomkostninger eller immaterielle aktiver) skal udelukkende indregnes på egenkapitalen, hvis de urealiserede gevinster eller tab indregnes direkte på egenkapitalen. Denne praksis beskrives undertiden som »shadow accounting«.
Forsikringskontrakter, der er erhvervet ved en virksomhedssammenslutning eller en porteføljeoverdragelse
31.
For at overholde IFRS 3 skal forsikringsgiver på overtagelsestidspunktet måle forsikringsforpligtelser og 
forsikringsaktiver
, der er overtaget ved en virksomhedssammenslutning, til dagsværdi. Det tillades dog, men kræves ikke, at forsikringsgiver anvender en udvidet præsentation, som opdeler dagsværdien af erhvervede forsikringskontrakter i to dele:
a)
en forpligtelse, som måles i overensstemmelse med forsikringsgivers regnskabspraksis for udstedte forsikringskontrakter, og
b)
et immaterielt aktiv, som afspejler forskellen mellem i) dagsværdien af de erhvervede kontraktlige forsikringsrettigheder og påtagne forsikringsforpligtelser og ii) det i a) beskrevne beløb. Efterfølgende måling af dette aktiv skal være i overensstemmelse med målingen af den tilknyttede forsikringsforpligtelse.
32.
En forsikringsgiver, som erhverver en portefølje af forsikringskontrakter, kan anvende den i afsnit 31 beskrevne udvidede præsentation.
33.
De immaterielle aktiver, som beskrives i afsnit 31 og 32, ligger uden for anvendelsesområdet for IAS 36 
Værdiforringelse af aktiver
 og IAS 38. IAS 36 og IAS 38 finder imidlertid anvendelse på kundelister og kundeforhold, som afspejler forventningen til fremtidige kontrakter, der ikke udgør en del af de på tidspunktet for virksomhedssammenslutningen eller porteføljeoverdragelsen eksisterende kontraktlige forsikringsrettigheder og kontraktlige forsikringsforpligtelser.
Skønsmæssig deltagelse
Skønsmæssig deltagelse i forsikringskontrakter
34.
Visse forsikringskontrakter indeholder både et element af skønsmæssig deltagelse og et 
garantielement
. Udsteder af en sådan kontrakt:
a)
kan, men behøver ikke, indregne garantielementet separat fra den skønsmæssige deltagelse. Hvis udsteder ikke foretager en sådan separat indregning, skal hele kontrakten klassificeres som en forpligtelse. Hvis udsteder foretager separat klassifikation, skal garantielementet klassificeres som en forpligtelse
b)
skal, hvis den skønsmæssige deltagelse indregnes separat fra garantielementet, klassificere den skønsmæssige deltagelse som enten en forpligtelse eller et separat egenkapitalelement. Denne standard angiver ikke, hvordan udsteder skal vurdere, hvorvidt den skønsmæssige deltagelse er en forpligtelse eller egenkapital. Udsteder kan opdele den skønsmæssige deltagelse i forpligtelses- og egenkapitalelementer og skal anvende ensartet regnskabspraksis for denne opdeling. Udsteder må ikke klassificere den skønsmæssige deltagelse som en mellemkategori, der hverken er en forpligtelse eller egenkapital
c)
kan indregne alle modtagne præmier som omsætning uden at udskille eventuelle dele, som knytter sig til egenkapitalelementet. Heraf følgende ændringer i garantielementet og i den del af den skønsmæssige deltagelse, der klassificeres som en forpligtelse, skal indregnes i resultatet. Hvis en del af eller hele den skønsmæssige deltagelse klassificeres i egenkapitalen, kan en del af resultatet muligvis henføres til den skønsmæssige deltagelse (på samme måde som en del kan henføres til minoritetsinteresser). Udsteder skal indregne den del af resultatet, der kan henføres til et eventuelt egenkapitalelement af en skønsmæssig deltagelse, som en allokering af resultatet og ikke som en omkostning eller en indtægt (jf. IAS 1 
Præsentation af årsregnskaber
)
d)
skal, hvis kontrakten indeholder et indbygget afledt finansielt instrument, som er omfattet af IAS 39, anvende IAS 39 på dette indbyggede afledte finansielle instrument
e)
skal i alle de tilfælde, der ikke er omtalt i afsnit 14-20 og 34a)-d), videreføre sin eksisterende regnskabspraksis for sådanne kontrakter, medmindre udsteder ændrer denne regnskabspraksis på en måde, som er i overensstemmelse med afsnit 21-30.
Skønsmæssig deltagelse i finansielle instrumenter
35.
Kravene i afsnit 34 finder ligeledes anvendelse på finansielle instrumenter med skønsmæssig deltagelse. Tilsvarende gælder, at:
a)
hvis udsteder klassificerer hele den skønsmæssige deltagelse som en forpligtelse, skal udsteder anvende den i afsnit 15-19 omtalte test af forpligtelsers tilstrækkelighed på hele kontrakten (dvs. både på garantielementet og den skønsmæssige deltagelse). Udsteder behøver ikke opgøre det beløb, som ville fremkomme, hvis IAS 39 blev anvendt på garantielementet
b)
hvis udsteder klassificerer en del af eller hele den skønsmæssige deltagelse som et separat egenkapitalelement, må den indregnede forpligtelse for hele kontrakten ikke være mindre end det beløb, der ville fremkomme, hvis IAS 39 blev anvendt på garantielementet. Dette beløb skal omfatte den indre værdi af en option på at tilbagekøbe kontrakten, men behøver ikke omfatte den tidsmæssige værdi, hvis afsnit 9 fritager denne option fra måling til dagsværdi. Udsteder behøver hverken give oplysning om det beløb, som ville fremkomme, hvis IAS 39 blev anvendt på garantielementet, eller præsentere dette beløb separat. Udsteder behøver heller ikke opgøre dette beløb, hvis den samlede indregnede forpligtelse klart er højere
c)
selvom disse kontrakter udgør finansielle instrumenter, kan udsteder fortsat indregne præmierne for disse kontrakter som omsætning og fortsat indregne heraf følgende stigninger i forpligtelsens regnskabsmæssige værdi som omkostning
d)
selv om disse kontrakter er finansielle instrumenter, skal udsteder, hvis han anvender afsnit 20b) i IFRS 7 på kontrakter med skønsmæssig deltagelse, oplyse om den samlede renteudgift, der er indregnet i resultatet, men behøver ikke beregne denne renteudgift ved anvendelse af den effektive rentemetode.
OPLYSNINGER
Redegørelse for indregnede beløb
36.
Forsikringsgiver skal give oplysninger, som identificerer og redegør for beløb i årsregnskabet, som hidrører fra forsikringskontrakter.
37.
For at overholde afsnit 36 skal forsikringsgiver oplyse:
a)
den anvendte regnskabspraksis for forsikringskontrakter og tilknyttede aktiver, forpligtelser, indtægter og omkostninger
b)
indregnede aktiver, forpligtelser, indtægter og omkostninger (samt pengestrømme, hvis forsikringsgiver præsenterer sin pengestrømsopgørelse ved anvendelse af den direkte metode), som hidrører fra forsikringskontrakter. Hvis forsikringsgiver er en cedent, skal den desuden oplyse:
i)
gevinster og tab ved køb af reassurance, som er indregnet i resultatet, og
ii)
afskrivningen for regnskabsåret samt det ikke-amortiserede beløb ved begyndelsen og slutningen af regnskabsåret, hvis cedenten udskyder og amortiserer gevinster og tab, som hidrører fra køb af reassurance
c)
den anvendte metode til vurdering af de forudsætninger, der har størst virkning på målingen af de i afsnit b) beskrevne indregnede beløb. Hvis det er praktisk muligt, skal forsikringsgiver desuden give talmæssige oplysninger om disse forudsætninger
d)
virkningen af ændringer i de forudsætninger, som ligger til grund for målingen af forsikringsaktiver og forsikringsforpligtelser, med separat indikation af virkningen af hver ændring, som i væsentlig grad påvirker årsregnskabet
e)
afstemning af ændringer i forsikringsforpligtelser, reassuranceaktiver og eventuelle tilknyttede udskudte anskaffelsesomkostninger.
Arten og omfanget af risici hidrørende fra forsikringskontrakter
38.
Forsikringsgiver skal give oplysninger, som gør det muligt for regnskabsbrugere at vurdere arten og omfanget af risici hidrørende fra forsikringskontrakter.
39.
For at overholde afsnit 38 skal forsikringsgiver oplyse:
a)
sine mål med, politikker og procedurer for styring af risici, som hidrører fra forsikringskontrakter, og hvilke metoder der anvendes til at styre de pågældende risici
b)
[ophævet]
c)
oplysninger om 
forsikringsrisici
 (både før og efter risikoen er mindsket ved reassurance), herunder oplysninger vedrørende:
i)
følsomhed over for forsikringsrisici (jf. afsnit 39A)
ii)
koncentrationer af forsikringsrisici, herunder en beskrivelse af, hvordan ledelsen opgør koncentrationer, og en beskrivelse af de karakteristika, der er fælles for hver koncentration (f.eks. type forsikringsbegivenhed, geografisk område eller valuta)
iii)
faktiske krav sammenlignet med tidligere skøn (dvs. udvikling i krav). Oplysningerne om udvikling i krav skal gå tilbage til det regnskabsår, hvor det første væsentlige krav opstod, som stadig indebærer usikkerhed, for så vidt angår størrelse og tidspunkt for betalinger i henhold til kravet, men behøver ikke gå mere end ti år tilbage. Forsikringstager behøver ikke give oplysninger om krav, hvor usikkerhed vedrørende kravets størrelse og tidspunktet for betaling typisk er afklaret inden for et år
d)
oplysninger om kreditrisiko, likviditetsrisiko og markedsrisiko, som ville kræves i henhold til afsnit 31-42 i IFRS 7, hvis forsikringskontrakterne var omfattet af IFRS 7, med følgende undtagelser:
i)
forsikringsgiver behøver ikke fremlægge den løbetidsanalyse, der kræves i henhold til afsnit 39a) i IFRS 7, hvis han i stedet oplyser det skønnede tidspunkt for de udgående nettopengestrømme, der kan henføres til indregnede forsikringsforpligtelser. Det kan være i form af en analyse, baseret på skønnede tidspunkter, af de i balancen indregnede beløb
ii)
hvis forsikringsgiver anvender en anden metode til at styre følsomheden over for markedsforhold, f.eks. en analyse af indbyggede værdier, kan han anvende denne følsomhedsanalyse til at opfylde kravet i afsnit 40a) i IFRS 7. I så fald skal forsikringsgiver også give de oplysninger, der kræves i henhold til afsnit 41 i IFRS 7
e)
oplysninger om markedsrisici, som hidrører fra indbyggede afledte finansielle instrumenter, der er indeholdt i en hovedforsikringskontrakt, hvis det ikke kræves, at forsikringsgiver måler de indbyggede afledte finansielle instrumenter til dagsværdi, og forsikringsgiver ikke foretager en sådan måling.
39A
For at overholde afsnit 39c)i) skal forsikringsgiver give enten de oplysninger, der er nævnt i underafsnit a), eller de oplysninger, der er nævnt i underafsnit b), efter følgende retningslinjer:
a)
en følsomhedsanalyse, som viser, dels hvordan resultatet og egenkapitalen ville være påvirket, hvis der var forekommet ændringer i de relevante risikovariabler, som var rimeligt sandsynlige på balancedagen, dels hvilke metoder og forudsætninger der er lagt til grund ved udarbejdelsen af følsomhedsanalysen, samt eventuelle ændringer i disse metoder og forudsætninger i forhold til det foregående regnskabsår. Hvis forsikringsgiver anvender en anden metode til at styre følsomheden over for markedsforholdene som f.eks. en analyse af indbyggede værdier, kan han opfylde dette krav ved at præsentere den alternative følsomhedsanalyse og give de oplysninger, der kræves i henhold til afsnit 41 i IFRS 7
b)
kvalitative oplysninger om følsomhed og oplysninger om vilkår og betingelser for forsikringskontrakter, som i væsentlig grad påvirker den beløbsmæssige størrelse, tidspunkterne for og usikkerheden forbundet med forsikringsgivers fremtidige pengestrømme.
IKRAFTTRÆDELSESTIDSPUNKT OG OVERGANG
40.
Overgangsbestemmelserne i afsnit 41-45 finder både anvendelse på virksomheder, som allerede anvender IFRS, når virksomheden første gang anvender denne standard, og virksomheder, som anvender IFRS for første gang.
41.
Virksomheder skal anvende denne standard for regnskabsår, som begynder 1. januar 2005 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender denne standard for et tidligere regnskabsår, skal den give oplysning om dette.
41A
Finansielle garantikontrakter
 (ændringer til IAS 39 og IFRS 4), udstedt i august 2005, ændrede afsnit 4d), B18g) og B19f). Virksomheder skal anvende disse ændringer for regnskabsår, som begynder 1. januar 2006 eller derefter. Det tilskyndes, at ændringerne anvendes før dette tidspunkt. Hvis en virksomhed anvender disse ændringer i et tidligere regnskabsår, skal den give oplysning om dette, samt anvende de relaterede ændringer til IAS 39 og IAS 32 
(
3
)
 på samme tidspunkt.
Oplysninger
42.
Virksomheder behøver ikke anvende oplysningskravene i denne standard på sammenligningstal, som knytter sig til regnskabsår, der begynder før 1. januar 2005, bortset fra de oplysninger, som kræves i afsnit 37a) og b) vedrørende regnskabspraksis, og indregnede aktiver, forpligtelser, indtægter og udgifter (og pengestrømme, hvis der anvendes direkte præsentation).
43.
Hvis det er praktisk umuligt at anvende et bestemt krav i afsnit 10-35 på sammenligningstal, som knytter sig til regnskabsår, som begynder før 1. januar 2005, skal virksomheden give oplysning om dette. Det kan undertiden være praktisk umuligt at anvende testen af forpligtelsers tilstrækkelighed (afsnit 15-19) på sådanne sammenligningstal, men det er højst usandsynligt, at det er praktisk umuligt at anvende de øvrige krav i afsnit 10-35 på sådanne sammenligningstal. IAS 8 forklarer begrebet »praktisk umulighed«.
44.
Ved anvendelse af afsnit 39c) iii), behøver en virksomhed ikke give oplysninger om udviklingen i krav, som fandt sted tidligere end fem år før slutningen af det første regnskabsår, hvor virksomheden anvender denne standard. Hvis det, når virksomheden anvender denne standard for første gang, er praktisk umuligt at udarbejde information vedrørende udvikling i krav, som fandt sted før begyndelsen af det første regnskabsår, som virksomheden præsenterer fyldestgørende sammenligningstal for, som opfylder kravene i denne standard, skal virksomheden desuden give oplysning om dette.
Omklassifikation af finansielle aktiver
45.
Hvis forsikringsgiver ændrer sin regnskabspraksis for forsikringsforpligtelser, tillades det, men kræves ikke, at forsikringsgiver omklassificerer visse eller alle finansielle aktiver som »til dagsværdi gennem resultatet«. Denne omklassifikation er tilladt, hvis forsikringsgiver ændrer regnskabspraksis, når den anvender denne standard for første gang, og hvis den efterfølgende foretager en ændring i regnskabspraksis, som er tilladt i henhold til afsnit 22. Denne omklassifikation er en ændring i regnskabspraksis og er omfattet af IAS 8.
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  De relevante forsikringsforpligtelser er de forsikringsforpligtelser (samt tilknyttede udskudte anskaffelsesomkostninger og tilknyttede immaterielle aktiver), hvor forsikringsgivers regnskabspraksis ikke kræver, at der udføres en test af forpligtelsers tilstrækkelighed, som opfylder minimumskravene i afsnit 16.
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  I dette afsnit omfatter forsikringsforpligtelser tilknyttede udskudte anskaffelsesomkostninger og tilknyttede immaterielle aktiver, som eksempelvis de i afsnit 31 og 32 beskrevne.
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)
  Når en virksomhed anvender IFRS 7, erstattes henvisningen til IAS 32 med en henvisning til IFRS 7.
Appendiks A
Definerede termer
Dette appendiks er en integreret del af standarden.
Cedent
Forsikringstager
 i henhold til en 
reassurancekontrakt
.
Dagsværdi
Det beløb, et aktiv kan omsættes til, eller en forpligtelse kan indfries til, ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter.
Direkte forsikringskontrakt
Forsikringskontrakt
, som ikke er en 
reassurancekontrakt
.
Finansiel garantikontrakt
En kontrakt, som kræver, at udsteder betaler bestemte beløb som godtgørelse til indehaveren for et tab, som denne pådrager sig, fordi en bestemt debitor ikke foretager rettidig betaling i henhold til de oprindelige eller ændrede vilkår for et gældsinstrument.
Finansiel risiko
Risiko forbundet med en mulig fremtidig ændring i en eller flere specificerede renter, kurser på finansielle instrumenter, råvarepriser, valutakurser, pris- eller renteindekser, kreditvurderinger eller kreditindekser eller andre variabler, forudsat i tilfælde af ikke-finansielle variabler, at disse variabler ikke gælder specifikt for en kontrahent.
Forsikret begivenhed
En usikker fremtidig begivenhed, som er dækket af en 
forsikringskontrakt
 og medfører en 
forsikringsrisiko
.
Forsikringsaktiv
Forsikringsgivers
 kontraktlige nettorettigheder i henhold til en 
forsikringskontrakt
.
Forsikringsforpligtelse
Forsikringsgivers
 kontraktlige nettoforpligtelser i henhold til en 
forsikringskontrakt
.
Forsikringsgiver
Den part, som har en forpligtelse i henhold til en 
forsikringskontrakt
 til at yde erstatning til 
forsikringstager
, hvis en 
forsikret begivenhed
 indtræffer.
Forsikringskontrakt
En kontrakt hvor den ene part (
forsikringsgiver
) påtager sig væsentlige 
forsikringsrisici
 for den anden part (
forsikringstager
) ved at indvillige i at yde erstatning ril forsikringstager, hvis en bestemt usikker fremtidig begivenhed (den 
forsikrede begivenhed
) påvirker forsikringstager negativt. (Jf. appendiks B for vejledning om denne definition.)
Forsikringsrisiko
Risiko, bortset fra en 
finansiel risiko
, som er overdraget fra indehaveren af en kontrakt til udstederen.
Forsikringstager
Den part, som har ret til erstatning i henhold til en 
forsikringskontrakt
, hvis en 
forsikret begivenhed
 indtræffer.
Garanterede ydelser
Betalinger eller andre ydelser, som en bestemt 
forsikringstager
 eller investor har en ubetinget ret til, som udsteder ikke har nogen kontraktlig indflydelse på.
Garantielement
Forpligtelse til at betale 
garanterede ydelser
, som er omfattet af en kontrakt med et element af 
skønsmæssig deltagelse
.
Opsparingselement
Del af en kontrakt, som ikke skal behandles regnskabsmæssigt som et afledt finansielt instrument i henhold til IAS 39, og som ville være omfattet af IAS 39, hvis det var et separat instrument.
Reassuranceaktiver
En 
cedents
 kontraktlige nettorettigheder i henhold til en 
reassurancekontrakt
.
Reassurancekontrakt
En 
forsikringskontrakt
, som er udstedt af én forsikringsgiver (
reassurandøren
) for at yde erstatning til en anden forsikringsgiver (
cedenten
) for tab på en eller flere kontrakter, som er udstedt af cedenten.
Reassurandør
Den part, som har en forpligtelse i henhold til en 
reassurancekontrakt
 til at yder erstatning til en 
cedent
, hvis en 
forsikret begivenhed
 indtræffer.
Skønsmæssig deltagelse
Kontraktlig ret til som supplement til 
garanterede ydelser
 at modtage yderligere ydelser:
a)
som sandsynligvis vil udgøre en væsentlig del af de samlede kontraktlige ydelser
b)
hvis størrelse eller tidspunkt i henhold til kontrakten bestemmes af udsteder, og
c)
som kontraktligt er baseret på:
i)
indtjeningen fra en bestemt pulje af kontrakter eller en bestemt type kontrakter
ii)
realiserede og/eller urealiserede investeringsafkast af en bestemt sammenlægning af aktiver, som besiddes af udsteder, eller
iii)
resultatet i selskabet, fonden eller en anden enhed, som udsteder kontrakten.
Test af forpligtelsers tilstrækkelighed
En vurdering af hvorvidt den regnskabsmæssige værdi af en 
forsikringsforpligtelse
 skal øges (eller den regnskabsmæssige værdi af tilknyttede udskudte anskaffelsesomkostninger eller tilknyttede immaterielle aktiver skal reduceres) på basis af en vurdering af fremtidige pengestrømme.
Udskille
At foretage regnskabsmæssig behandling af en kontrakts elementer, som om de udgjorde separate kontrakter.
Appendiks B
Definitionen på en forsikringskontrakt
Dette appendiks er en integreret del af standarden.
B1
Dette appendiks er en vejledning til definitionen på en forsikringskontrakt i Appendiks A og behandler følgende spørgsmål:
a)
udtrykket »usikker fremtidig begivenhed« (afsnit B2-B4)
b)
betaling i naturalier (afsnit B5-B7)
c)
forsikringsrisiko og andre risici (afsnit B8-B17)
d)
eksempler på forsikringskontrakter (afsnit B18-B21)
e)
væsentlige forsikringsrisici (afsnit B22-B28), og
f)
ændringer i omfanget af forsikringsrisici (afsnit B29 og B30).
Usikker fremtidig begivenhed
B2
Usikkerhed (eller risiko) er essensen af en forsikringskontrakt. Som følge heraf er mindst et af følgende forhold usikkert ved en forsikringskontrakt indgåelse:
a)
om en 
forsikret begivenhed
 vil indtræffe
b)
hvornår den vil indtræffe, eller
c)
hvor meget forsikringsgiveren skal betale, hvis den indtræffer.
B3
I nogle forsikringskontrakter er den forsikrede begivenhed opdagelsen af et tab i løbet af kontraktens løbetid, selvom tabet hidrører fra en begivenhed, der fandt sted før kontraktens indgåelse. I andre forsikringskontrakter er den forsikrede begivenhed en begivenhed, der indtræffer i løbet af kontraktens løbetid, selvom det deraf følgende tab opdages efter aftaleperiodens udløb.
B4
Nogle forsikringskontrakter dækker begivenheder, der allerede har fundet sted, men hvis økonomiske virkning stadig er uvis. Et eksempel er en reassurancekontrakt, som dækker den direkte forsikringsgiver mod en ugunstig udvikling i krav, der allerede er anmeldt af forsikringstagerne. I sådanne kontrakter er den forsikrede begivenhed opdagelsen af de samlede omkostninger i forbindelse med disse krav.
Betaling i naturalier
B5
Visse forsikringskontrakter kræver eller tillader betaling i naturalier. Et eksempel herpå er, når forsikringsgiver erstatter en stjålen genstand direkte i stedet for at godtgøre forsikringstageren. Et andet eksempel er, når en forsikringsgiver anvender egne hospitaler og lægeligt personale til at yde lægelige tjenesteydelser, som er dækket af kontrakterne.
B6
Nogle kontrakter med fast pris, hvor tjenesteydelsens niveau afhænger af en usikker begivenhed, opfylder definitionen på en forsikringskontrakt i denne standard, men er ikke underlagt reglerne for forsikringskontrakter i visse lande. Et eksempel er en vedligeholdelsesaftale, hvor serviceudbyderen skal reparere bestemt udstyr efter en funktionsfejl. Den faste pris for tjenesteydelsen er baseret på det forventede antal funktionsfejl, men det er usikkert, om en bestemt maskine vil bryde sammen. Udstyrets funktionsfejl er ugunstig for ejeren af udstyret, og ejeren modtager erstatning i henhold til kontrakten (i naturalier frem for i kontanter). Et andet eksempel er en aftale om assistance, når bilen bryder sammen, hvor serviceudbyderen til en fast årlig pris tilbyder vejhjælp eller bugsering af bilen til et nærliggende værksted. Den sidstnævnte kontrakt kan opfylde definitionen på en forsikringskontrakt, selvom serviceudbyderen ikke skal udføre reparationer eller udskifte dele som et led i kontrakten.
B7
Det er ikke sandsynligt, at anvendelsen af denne standard på de kontrakter, der er beskrevet i afsnit B6, vil være mere krævende end anvendelsen af de standarder, som ville finde anvendelse, hvis sådanne kontrakter lå uden for denne standards anvendelsesområde:
a)
Det er ikke sandsynligt, at der vil være væsentlige forpligtelser vedrørende funktionsfejl og nedbrud, som allerede er indtruffet.
b)
Hvis IAS 18 
Omsætning
 fandt anvendelse, skulle serviceudbyderen indregne omsætning under henvisning til færdiggørelsesgraden (og i henhold til andre specificerede kriterier). Den metode er også acceptabel i henhold til denne standard, som tillader at serviceudbyderen i) fortsætter sin eksisterende regnskabspraksis for disse kontrakter, medmindre denne indeholder en praksis, som er forbudt i henhold til afsnit 14 og ii) forbedrer sin regnskabspraksis, hvis dette er tilladt i henhold til afsnit 22-30.
c)
Serviceudbyderen vurderer, om prisen for at overholde den kontraktmæssige forpligtelse til at levere tjenesteydelser overstiger den forud modtagne omsætning. Til brug herfor anvendes testen af forpligtelsers tilstrækkelighed, som beskrives i afsnit 15-19 i denne standard. Hvis denne standard ikke fandt anvendelse på disse kontrakter, skulle serviceudbyderen anvende IAS 37 til at afgøre, om kontrakterne er tabsgivende.
d)
Det er ikke sandsynligt, at oplysningskravene i denne standard vil tilvejebringe yderligere, væsentlige oplysninger i forhold til kravene i andre standarder, for så vidt angår disse kontrakter.
Sondring mellem forsikringsrisiko og andre risici
B8
Definitionen på en forsikringskontrakt omtaler forsikringsrisici, som denne standard definerer som risici bortset fra 
finansielle risici
, der er overført fra indehaveren af en kontrakt til udsteder. En kontrakt, der udsætter udsteder for en finansiel risiko uden en betydelig forsikringsrisiko, er ikke en forsikringskontrakt.
B9
Definitionen på finansiel risiko i Appendiks A omfatter en fortegnelse over finansielle og ikke-finansielle variabler. Fortegnelsen omfatter ikke-finansielle variabler, som ikke er specifikke for en kontrahent, såsom et indeks over jordskælvstab i en bestemt region, eller et indeks over temperaturer i en bestemt by. Den udelader ikke-finansielle variabler, som er specifikke for en kontrahent, såsom om der opstår eller ikke opstår en brand, som beskadiger eller ødelægger et af partens aktiver. Desuden er risikoen for ændringer i et ikke-finansielt aktivs dagsværdi ikke en finansiel risiko, hvis dagsværdien ikke kun afspejler ændringer i markedsprisen for sådanne aktiver (en finansiel variabel), men også tilstanden af et bestemt ikke-finansielt aktiv, som besiddes af en kontrahent (en ikke-finansiel variabel). Hvis en garanti for en bestemt bils restværdi eksempelvis udsætter garanten for risikoen for ændringer i bilens fysiske tilstand, udgør denne risiko en forsikringsrisiko og ikke en finansiel risiko.
B10
Nogle kontrakter udsætter udstederen for økonomisk risiko samt betydelig forsikringsrisiko. Mange livsforsikringskontrakter garanterer eksempelvis både et mindste afkast til forsikringstagerne (skaber en finansiel risiko) og lover ydelser ved dødsfald, som i visse tilfælde markant overstiger forsikringstagers kontoindestående (skaber en forsikringsrisiko i form at en dødelighedsrisiko). Sådanne kontrakter er forsikringskontrakter.
B11
I henhold til visse kontrakter udløser en forsikret begivenhed udbetaling af et beløb, som er knyttet til et prisindeks. Sådanne kontrakter er forsikringskontrakter, hvis den udbetaling, der er betinget af den forsikrede begivenhed, kan være betydelig. En livsbetinget annuitetsforsikring, som eksempelvis er knyttet til et leveomkostningsindeks, overfører en forsikringsrisiko, da udbetalingen udløses af en usikker begivenhed — den forsikredes overlevelse. Sammenkædningen til prisindekset udgør et indbygget afledt finansielt instrument, men også en overførsel af forsikringsrisiko. Hvis den følgende overførsel af forsikringsrisiko er væsentlig, opfylder det indbyggede afledte finansielle instrument definitionen på en forsikringskontrakt og behøver derfor ikke blive adskilt og målt til dagsværdi (jf. afsnit 7 i denne standard).
B12
Definitionen på en forsikringsrisiko henviser til risici, som forsikringsgiver accepterer fra forsikringstager. Forsikringsrisiko er med andre ord en allerede eksisterende risiko, som er overført fra forsikringstager til forsikringsgiver. En ny risiko, der er skabt af kontrakten, er således ikke en forsikringsrisiko.
B13
Definitionen på en forsikringskontrakt henviser til en negativ påvirkning af forsikringstageren. Definitionen begrænser ikke forsikringsgivers udbetaling til et beløb, der svarer til den økonomiske virkning af den ugunstige hændelse. Definitionen udelukker eksempelvis ikke »nyt-for-gammelt«-dækning, hvor udbetalingen til forsikringstageren er tilstrækkelig til at tillade udskiftning af et beskadiget gammelt aktiv med et nyt aktiv. Ligeledes indeholder definitionen ikke nogen begrænsning på udbetalingen i henhold til en ophørende livsforsikringskontrakt til det økonomiske tab, som den afdødes efterladte har lidt, og den udelukker heller ikke udbetaling af forudbestemte beløb til at opgøre det tab, som er forårsaget af dødsfaldet eller et uheld.
B14
Nogle kontrakter fordrer betaling, hvis en bestemt usikker begivenhed indtræffer, men kræver ikke en negativ påvirkning af forsikringstageren som en forudsætning for udbetaling. En sådan kontrakt er ikke en forsikringskontrakt, selv hvis indehaveren bruger kontrakten til at formindske en underliggende risiko. Hvis indehaveren eksempelvis anvender et afledt finansielt instrument til at sikre en underliggende ikke-finansiel variabel, som er forbundet med pengestrømme fra et af virksomhedens aktiver, er det afledte finansielle instrument ikke en forsikringskontrakt, da udbetaling ikke er betinget af, at indehaveren påvirkes negativt af en reduktion i pengestrømmene fra aktivet. Omvendt henviser definitionen på en forsikringskontrakt til en usikker begivenhed, hvor det er en kontraktmæssig forudsætning for udbetaling, at forsikringstager påvirkes negativt. Denne kontraktmæssige forudsætning kræver ikke, at forsikringsgiver undersøger, om begivenheden faktisk forårsagede en negativ virkning, men tillader at forsikringsgiver kan afvise at foretage en udbetaling, hvis denne ikke er overbevist om, at begivenheden forårsagede en negativ virkning.
B15
Risici i forbindelse med bortfald eller vedholdenhed (dvs. risikoen for at modparten vil annullere aftalen tidligere eller senere end forventet af udsteder ved prisfastsættelsen af kontrakten) er ikke forsikringsrisici, da betaling til modparten ikke er betinget af en usikker fremtidig begivenhed, som påvirker modparten negativt. Ligeledes er udgiftsrisici (dvs. risikoen for uventede stigninger i de administrationsomkostninger, der er forbundet med aftalen, frem for en stigning i de omkostninger, der er forbundet med de forsikrede begivenheder) ikke en forsikringsrisiko, da en uventet stigning i omkostningerne ikke påvirker modparten negativt.
B16
En kontrakt, der udsætter udsteder for bortfaldsrisici, vedholdenhedsrisici eller udgiftsrisici, er derfor ikke en forsikringskontrakt, medmindre den også udsætter udsteder for forsikringsrisici. Hvis udstederen af kontrakten imidlertid mindsker sine risici ved at anvende en anden kontrakt til at overføre en del af risikoen til en anden part, udsætter den anden kontrakt denne anden part for en forsikringsrisiko.
B17
En forsikringsgiver kan kun acceptere væsentlige forsikringsrisici fra forsikringstager, hvis forsikringsgiveren er en virksomhed, som er adskilt fra forsikringstageren. I tilfælde af en gensidig forsikringsgiver accepterer denne risici fra hver forsikringstager og sammenlægger disse risici. Selvom forsikringstagerne er udsat for den sammenlagte risiko fælles i deres egenskab af ejere, har den gensidige forsikringsgiver stadig accepteret den risiko, som er essensen i en forsikringskontrakt.
Eksempler på forsikringskontrakter
B18
Nedenstående er eksempler på kontrakter, som er forsikringskontrakter, hvis overførslen af forsikringsrisici er væsentlig:
a)
forsikring mod tyveri eller tingsskade
b)
forsikring mod produktansvar, erhvervsansvar, civilretligt ansvar eller retshjælp
c)
livsforsikring og forudbetalte begravelsesordninger (selvom døden er sikker, er det usikkert, hvornår dødsfaldet vil ske, eller for nogle typer af livsforsikring, om dødsfaldet vil indtræde inden for den periode, som forsikringen dækker)
d)
livsbetingede annuitetsforsikringer og pensioner (dvs. kontrakter, som giver kompensation for den usikre fremtidige begivenhed — rentenyderens eller pensionistens overlevelse — til at hjælpe rentenyderen eller pensionisten med at opretholde en given levestandard, som ellers ville blive negativt påvirket af dennes overlevelse)
e)
invaliditet og lægehjælpsdækning
f)
kautionserklæringer og garantiforsikringer, opfyldelsesgaranti og tilbudsgarantier (dvs. aftaler, der tilvejebringer kompensation, hvis en anden part undlader at opfylde en kontraktmæssig forpligtelse, såsom en forpligtelse til at opføre en bygning)
g)
kreditforsikring, der indeholder bestemmelser om udbetaling af bestemte beløb som godtgørelse til indehaveren for et tab, som denne pådrager sig, fordi en bestemt debitor ikke foretager rettidig betaling i henhold til de oprindelige eller ændrede vilkår for et gældsinstrument. Sådanne kontrakter kan antage forskellige juridiske former, såsom en garanti, visse typer remburs, en afledt kreditmisligholdelseskontrakt eller en forsikringskontrakt. Selvom disse kontrakter opfylder definitionen på en forsikringskontrakt, opfylder de imidlertid også definitionen på en finansiel garantikontrakt i IAS 39 og er omfattet af IAS 32 
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 og IAS 39 i stedet for denne standard (jf. afsnit 4d)). Dog gælder det, at hvis en udsteder af finansielle garantikontrakter tidligere udtrykkeligt har erklæret, at den betragter sådanne kontrakter som forsikringskontrakter, og har lagt en regnskabsmæssig behandling til grund, som svarer til den regnskabsmæssige behandling af forsikringskontrakter, kan udsteder vælge at anvende enten IAS 39 og IAS 32 
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 eller denne standard på sådanne finansielle garantikontrakter
h)
produktgarantier. Produktgarantier, der udstedes af en anden part til gengæld for varer, der sælges af en producent, forhandler eller detailhandler, er omfattet af denne standard. Produktgarantier, der udstedes direkte af en producent, forhandler eller detailforhandler, ligger imidlertid uden for standardens anvendelsesområde, da de er dækket af IAS 18 og IAS 37
i)
adkomstforsikring (dvs. forsikring mod opdagelse af mangler ved adkomst til jord, som ikke var åbenbare, da forsikringskontrakten blev oprettet). I dette tilfælde er den forsikrede begivenhed opdagelsen af en mangel på adkomst og ikke selve manglen
j)
rejseassistance (dvs. kontanterstatning eller erstatning i naturalier til forsikringstagere for tab, som pådrages under rejser). Afsnit B6 og B7 dækker nogle kontrakter af denne art
k)
katastrofegarantier, som indeholder bestemmelser om reduceret betaling af hovedstol, rente eller begge dele, hvis en bestemt begivenhed påvirker udstederen af garantien negativt (medmindre den angivne begivenhed ikke skaber betydelig forsikringsrisiko, eksempelvis hvis begivenheden er en ændring af en rente eller udenlandsk valuta)
l)
forsikringsswaps og andre kontrakter, der giver udbetaling baseret på ændringer i klimavariabler, geologiske variabler eller andre fysiske variabler, der er specifikke for en kontrahent
m)
reassurancekontrakter.
B19
Nedenstående er eksempler på elementer, der ikke er forsikringskontrakter:
a)
investeringskontrakter, som har samme juridiske form som en forsikringskontrakt, men som ikke udsætter forsikringsgiveren for en væsentlig forsikringsrisiko, eksempelvis livsforsikringskontrakter, hvor forsikringsgiveren ikke bærer nogen væsentlig dødelighedsrisiko (sådanne kontrakter er ikke-forsikringsmæssige finansielle instrumenter eller serviceaftaler, jf. afsnit B20 og B21)
b)
kontrakter, som har samme juridiske form som forsikringer, men som tilbagefører hele den væsentlige forsikringsrisiko til forsikringstageren via uopsigelige og retskraftige mekanismer, som justerer forsikringstagerens fremtidige betalinger som en direkte følge af forsikrede tab, såsom visse finansielle reassurancekontrakter eller gruppekontrakter (sådanne aftaler er normalt ikke-forsikringsmæssige finansielle instrumenter eller serviceaftaler, jf. afsnit B20 og B21)
c)
selvforsikring, dvs. fastholdelse af en risiko, som kunne have været dækket forsikringsmæssigt (der er ingen forsikringskontrakt, da der ikke er en kontrakt med en anden part)
d)
kontrakter (såsom spillekontrakter), som kræver udbetaling, hvis en bestemt usikker fremtidig begivenhed indtræffer, men hvor det ikke er en kontraktmæssig betingelse for betaling, at begivenheden påvirker forsikringstageren negativt. Dette udelukker dog ikke angivelse af en forudbestemt udbetaling for at opgøre et tab, der er forårsaget af en bestemt begivenhed, såsom død eller et uheld (jf. også afsnit B13)
e)
afledte finansielle instrumenter, der udsætter en part for finansiel risiko men ikke forsikringsrisiko, fordi de kræver, at parten udelukkende skal foretage udbetaling på grundlag af ændringer i en eller flere af følgende: en bestemt rente, kurs på et finansielt instrument, råvarepris, valutakurs, prisindeks eller kurs, kreditvurdering eller kreditindeks eller en anden variabel, forudsat, for så vidt angår en ikke-finansiel variabel, at denne variabel ikke er specifik for en kontrahent (jf. IAS 39)
f)
en kreditrelateret garanti (eller remburs, afledt kreditmisligholdelseskontrakt eller en kreditforsikringskontrakt), som kræver betaling, selv hvis ihændehaver ikke har lidt et tab på grund af, at debitor ikke har foretaget rettidig betaling (jf. IAS 39)
g)
kontrakter, som involverer betaling på grundlag af klimatiske, geologiske eller andre fysiske variabler, som ikke er specifikke for en kontrahent (sædvanligvis benævnt »weather derivatives«)
h)
katastrofegarantier, som indeholder bestemmelser om reduceret betaling af hovedstol, rente eller begge dele, på grundlag af klimatiske, geologiske eller andre fysiske variabler, som ikke er specifikke for en kontrahent.
B20
Hvis de kontrakter, der er beskrevet i afsnit B19 skaber finansielle aktiver eller finansielle forpligtelser, ligger de inden for anvendelsesområdet for IAS 39. Det betyder blandt andet, at kontrahenterne anvender, hvad der af og til kaldes »deposit accounting«, hvilket indebærer følgende:
a)
en part indregner det modtagne vederlag som en finansiel forpligtelse frem for som omsætning
b)
den anden part indregner det betalte vederlag som et finansielt aktiv frem for som omkostninger.
B21
Hvis de kontrakter, som beskrives i afsnit B19, ikke skaber finansielle aktiver eller finansielle forpligtelser, finder IAS 18 anvendelse. I henhold til IAS 18 anerkendes omsætning i forbindelse med en transaktion, der indebærer levering af tjenesteydelser under henvisning til færdiggørelsesgraden af transaktionen, hvis resultatet af transaktionen kan skønnes pålideligt.
Væsentlig forsikringsrisiko
B22
En kontrakt er kun en forsikringskontrakt, hvis den overdrager væsentlige forsikringsrisici. Afsnit B8-B21 behandler forsikringsrisici. De følgende afsnit omhandler vurderingen af, om en forsikringsrisiko er væsentlig.
B23
Forsikringsrisikoen er udelukkende væsentlig, hvis en forsikret begivenhed kan forårsage, at en forsikringsgiver skal betale væsentlige ekstra ydelser i et hvilket som helst scenarium, bortset fra scenarier, der ikke har noget forretningsmæssigt indhold (dvs. ikke har nogen mærkbar effekt på de økonomiske forhold ved transaktionen). Hvis der ville komme væsentlige ekstra ydelser til udbetaling i scenarier med forretningsmæssigt indhold, vil forudsætningen i den foregående sætning kunne blive opfyldt, selv hvis den forsikrede begivnhed er ekstremt usandsynlig, eller hvis den forventede (dvs. sandsynlighedsvægtede) nutidsværdi af betingede pengestrømme kun udgør en lille andel af den forventede nutidsværdi af alle tilbageværende kontraktlige pengestrømme.
B24
De ekstra ydelser, der er beskrevet i afsnit B23, henviser til beløb, der overstiger de beløb, der ville komme til udbetaling, hvis der ikke indtraf en forsikret begivenhed (bortset fra scenarier der ikke har noget forretningsmæssigt indhold). Disse ekstra beløb omfatter omkostninger til behandling af skadesanmeldelser og skadevurderings, men ikke:
a)
tab af evnen til at debitere forsikringstageren for fremtidige tjenesteydelser. Ved en livsforsikringskontrakt, der er tilknyttet investeringer, betyder forsikringstagerens død eksempelvis, at forsikringsgiveren ikke længere kan udføre kapitalforvaltning og opkræve honorar herfor. Dette økonomiske tab for forsikringsgiveren afspejler imidlertid ikke forsikringsrisikoen, ligesom en investeringsforeningsbestyrer ikke påtager sig forsikringsrisiko i forbindelse med klientens mulige død. Derfor er det eventuelle tab af fremtidige kapitalforvaltningshonorarer ikke relevant for vurderingen af, hvor stor en forsikringsrisiko, der overdrages ved en kontrakt
b)
fraskrivelse ved død af vederlag, der skulle modtages, ved annullering eller tilbagekøb. Da kontrakten var årsag til, at disse vederlag fandtes, udgør afkaldet på disse vederlag ikke en erstatning til forsikringstageren for en allerede eksisterende risiko. De er derfor ikke relevante for vurderingen af, hvor meget forsikringsrisiko, der overdrages ved en kontrakt
c)
en udbetaling, der er betinget af en begivenhed, som ikke forårsager et betydeligt tab for indehaveren af kontrakten. Et eksempel er en aftale, der kræver, at udsteder betaler en million valutaenheder, hvis et aktiv får en fysisk skade, og forårsager et ubetydeligt økonomisk tab på én valutaenhed for indehaveren. Ved denne kontrakt overdrager indehaveren den ubetydelige risiko ved at miste én valutaenhed til forsikringsgiveren. Samtidig skaber kontrakten en ikke-forsikringsmæssig risiko for, at udsteder skal betale 999.999 valutaenheder, hvis den bestemte begivenhed indtræffer. Da udstederen ikke accepterer en betydelig forsikringsrisiko fra indehaveren, er denne kontrakt ikke en forsikringskontrakt.
d)
eventuel genindvinding af reassurancer. Forsikringsgiveren foretager separat regnskabsmæssig behandling af disse.
B25
En forsikringsgiver skal vurdere betydningen af en forsikringsrisiko på for hver enkelt kontrakt frem for under henvisning til væsentlighed i forhold regnskabet. 
(
2
)
 Forsikringsrisici kan derfor være væsentlige, selv om der kun er en minimal sandsynlighed for væsentlige tab for en hel kontraktportefølje. Denne vurdering af hver enkelt kontrakt gør det lettere at klassificere en kontrakt som en forsikringskontrakt. Hvis det imidlertid på forhånd vides, at en relativt homogen portefølje af mindre kontrakter består af kontrakter, der alle overdrager forsikringsrisici, behøver forsikringsgiveren ikke at undersøge hver enkelt kontrakt i porteføljen for at identificere nogle få aftaler uden afledte finansielle instrumenter, som overdrager uvæsentlige forsikringsrisici.
B26
Det følger af afsnit B23-B25, at hvis der i henhold til en kontrakt udbetales en ydelse ved dødsfald, som overstiger det beløb, der skal udbetales ved overlevelse, er kontrakten en forsikringskontrakt, medmindre den ekstra ydelse ved dødsfald er ubetydelig (vurderet under henvisning til kontrakten frem for en hel portefølje af kontrakter). Som anført i afsnit B24b) er afkald ved død af annullerings- eller tilbagekøbsvederlag ikke medtaget i denne vurdering, hvis afkaldet ikke udgør en erstatning til forsikringstageren for en allerede eksisterende risiko. Ligeledes er en annuitetskontrakt, hvor der udbetales regelmæssige beløb i resten af en forsikringstagers levetid, en forsikringskontrakt, medmindre de samlede livsbetingede udbetalinger er ubetydelige.
B27
Afsnit B23 henviser til ekstra ydelser. Disse ekstra ydelser kan omfatte et krav om at betale ydelser tidligere, hvis den forsikrede begivenhed indtræffer tidligere, og betalingen ikke justeres for den tidsmæssige værdi af penge. Et eksempel er en dødsfaldsforsikring for et fast beløb (dvs. en forsikring, hvorunder der ydes en fast dødsfaldsydelse, når forsikringstageren dør, uden noget udløbstidspunkt for dækningen). Det er sikkert, at forsikringstageren dør, men tidspunktet for dødsfaldet er usikkert. Forsikringsgiveren vil lide et tab på de individuelle kontraktet, hvor forsikringstageren dør tidligt, selv om der ikke er noget overordnet tab på hele kontraktporteføljen.
B28
Hvis en forsikringskontrakt er opsplittet i et opsparingselement og et forsikringselement, vurderes væsentligheden af den overførte forsikringsrisiko under henvisning til forsikringselementet. Væsentligheden af den overførte forsikringsrisiko ved et indbygget afledt finansielt instrument vurderes under henvisning til det indbyggede afledte finansielle instrument.
Ændringer i omfanget af forsikringsrisici
B29
Visse kontrakter overdrager ikke nogen forsikringsrisiko til forsikringsgiveren ved indgåelsen, selvom de overdrager forsikringsrisici på et senere tidspunkt. Et eksempel er en kontrakt, der giver et bestemt investeringsafkast og omfatter en option på, at forsikringstageren kan anvende afkastet på investeringen ved udløb til at købe en livsbetinget annuitetsforsikring til de aktuelle annuitetsrenter, som forsikringsgiveren afkræver andre nye rentenydere, når forsikringstageren udnytter optionen. Kontrakten overdrager ingen forsikringsrisiko til udstederen, før optionen udnyttes, idet forsikringsgiveren stadig har mulighed for at prissætte annuitetsforsikringen, så den afspejler den forsikringsrisiko, der blev overført til forsikringsgiveren på det pågældende tidspunkt. Men hvis kontrakten angiver annuitetsrenten (eller et grundlag for fastsættelse af annuitetsrenten), overdrager kontrakten forsikringsrisikoen til udsteder ved indgåelsen.
B30
En kontrakt, der opfylder betingelserne for en forsikringskontrakt, forbliver en forsikringskontrakt, indtil alle rettigheder og forpligtelser er bortfaldet eller udløbet.
(
1
)
  Når en virksomhed anvender IFRS 7, erstattes henvisningen til IAS 32 med en henvisning til IFRS 7.
(
2
)
  I denne sammenhæng udgør kontrakter, der er indgået samtidig med en enkelt modpart (eller kontrakter, der på anden vis er uafhængige) en enkelt kontrakt.
IFRS 5
Anlægsaktiver, som besiddes med henblik på salg og ophørte aktiviteter
FORMÅL
1.
Formålet med denne standard er at specificere den regnskabsmæssige behandling af aktiver, der besiddes med henblik på salg, og præsentation af og oplysning om 
ophørte aktiviteter.
 Navnlig kræver denne standard:
a)
at aktiver, der opfylder kriterierne for klassifikation som besiddelse med henblik på salg, skal måles til det laveste af den regnskabsmæssige værdi og 
dagsværdien med fradrag af salgsomkostninger
, og at afskrivningen på sådanne aktiver skal ophøre, og
b)
at aktiver, der opfylder kriterierne for klassifikation som besiddelse med henblik på salg, skal præsenteres separat i balancen, og resultaterne af ophørte aktiviteter skal præsenteres separat i resultatopgørelsen.
ANVENDELSESOMRÅDE
2.
Kravene i denne standard til klassifikation og præsentation finder anvendelse på alle indregnede 
anlægsaktiver
 
(
1
)
 og alle 
afståelsesgrupper
 i en virksomhed. Målingskravene i denne standard finder anvendelse på alle indregnede anlægsaktiver og afståelsesgrupper (som beskrevet i afsnit 4), bortset fra de aktiver, der er anført i afsnit 5, som fortsat skal måles i overensstemmelse med den angivne standard.
3.
Aktiver, der klassificeres som anlægsaktiver i overensstemmelse med IAS 1 
Præsentation af årsregnskaber
 (ajourført 2003), skal ikke omklassificeres som 
omsætningsaktiver
, før de opfylder kriterierne for klassifikation som besiddelse med henblik på salg i overensstemmelse med denne standard. Aktiver, der tilhører en kategori, som en virksomhed normalt ville anse for anlægsaktiver, som udelukkende er anskaffet med henblik på salg, skal ikke klassificeres som omsætningsaktiver, medmindre de opfylder kriterierne for klassifikation som besiddelse med henblik på salg i overensstemmelse med denne standard.
4.
I visse tilfælde afhænder en virksomhed en gruppe af aktiver, eventuelt med nogle direkte forbundne forpligtelser, samlet ved en enkelt transaktion. En sådan afståelsesgruppe kan være en gruppe af 
pengestrømsfrembringende enheder
, en enkelt pengestrømsfrembringende enhed eller en del af en pengestrømsfrembringende enhed. Gruppen kan omfatte et hvilket som helst af virksomhedens aktiver og en hvilken som helst af dens forpligtelser, herunder omsætningsaktiver, kortfristede forpligtelser og aktiver, som i henhold til afsnit 5 er udeladt fra målingskravene i denne standard. Hvis et anlægsaktiv, som er omfattet af målingskravene i denne standard, udgør en del af en afståelsesgruppe, finder målingskravene i denne standard anvendelse på gruppen som helhed, således at gruppen måles til det laveste af dens regnskabsmæssige værdi og dagsværdien med fradrag af salgsomkostninger. Kravene til måling af de enkelte aktiver og forpligtelser i afståelsesgruppen beskrives i afsnit 18, 19 og 23.
5.
Målingsbestemmelserne i denne standard 
(
2
)
 finder ikke anvendelse på de følgende aktiver, som er omfattet af de anførte standarder, hverken som enkelte aktiver eller som en del af en afståelsesgruppe:
a)
udskudte skatteaktiver (IAS 12 
Indkomstskatter
)
b)
aktiver, som hidrører fra personaleydelser (IAS 19 
Personaleydelser
)
c)
finansielle aktiver, som er omfattet af IAS 39 
Finansielle instrumenter: Indregning og måling
d)
anlægsaktiver, som regnskabsmæssigt behandles i overensstemmelse med dagsværdimodellen i IAS 40 
Investeringsejendomme
e)
anlægsaktiver, som måles til dagsværdi med fradrag af skønnede salgsomkostninger i overensstemmelse med IAS 41 
Landbrug
f)
kontraktlige rettigheder i henhold til forsikringskontrakter som defineret i IFRS 4 
Forsikringskontrakter
.
KLASSIFIKATION AF ANLÆGSAKTIVER (ELLER AFSTÅELSESGRUPPER) SOM BESIDDELSE MED HENBLIK PÅ SALG
6.
En virksomhed skal klassificere et anlægsaktiv (eller en afståelsesgruppe) som besiddelse med henblik på salg, hvis den regnskabsmæssige værdi hovedsagelig genindvindes ved en salgstransaktion frem for gennem fortsat brug.
7.
For at dette skal være tilfældet, skal aktivet (eller afståelsesgruppen) være disponibelt for umiddelbart salg i sin aktuelle stand i henhold til normale og sædvanlige vilkår for salg af sådanne aktiver (eller afståelsesgrupper), og salget skal være 
højst sandsynligt
.
8.
For at salget skal være højst sandsynligt, skal der på det relevante ledelsesniveau vedtages en plan for salg af aktivet (eller afståelsesgruppen), og der skal være iværksat en aktiv proces for at finde en køber og udføre planen. Desuden skal aktivet (eller afståelsesgruppen) aktivt sættes til salg til en pris, der er rimelig i forhold til aktivets aktuelle dagsværdi. Derudover skal salget forventes at opfylde kravene til indregning som et fuldført salg inden for et år fra tidspunktet for klassifikationen, bortset fra som tilladt i afsnit 9, og handlinger, der kræves for at udføre planen, skal indikere, at det ikke er sandsynligt, at der vil blive foretaget væsentlige ændringer i planen, eller at planen bliver trukket tilbage.
9.
Begivenheder eller omstændigheder kan få den periode, der er nødvendig for at fuldføre salget, til at strække sig ud over ét år. En forlængelse af den periode, der er nødvendig for at fuldføre salget udelukker ikke, at et aktiv (eller en afståelsesgruppe) kan klassificeres som besiddelse med henblik på salg, hvis forsinkelsen skyldes begivenheder eller omstændigheder, der er uden for virksomhedens kontrol, og der er tilstrækkelig dokumentation for, at virksomheden fastholder sin plan om at sælge aktivet (eller afståelsesgruppen). Dette vil være tilfældet, når kriterierne i appendiks B er opfyldt.
10.
Salgstransaktioner omfatter udvekslinger af anlægsaktiver med andre anlægsaktiver, når udvekslingen har forretningsmæssigt indhold i overensstemmelse med IAS 16 
Materielle anlægsaktiver
.
11.
Når en virksomhed udelukkende anskaffer et anlægsaktiv (eller en afståelsesgruppe) med henblik på efterfølgende afhændelse, skal den kun klassificere anlægsaktivet (eller afståelsesgruppen) som besiddelse med henblik på salg på overtagelsestidspunktet, hvis 1-årskravet i afsnit 8 er opfyldt (bortset fra som tilladt i afsnit 9), og det er højst sandsynligt, at eventuelle andre kriterier i afsnit 7 og 8, der ikke er opfyldt på dette tidspunkt, vil blive opfyldt inden for kort tid efter overtagelsen (normalt inden for tre måneder).
12.
Hvis kriterierne i afsnit 7 og 8 opfyldes efter balancedagen, skal virksomheden ikke klassificere et anlægsaktiv (eller en afståelsesgruppe) som besiddelse med henblik på salg i dette årsregnskab, når det offentliggøres. Hvis disse kriterier imidlertid opfyldes efter balancedagen, men før godkendelsen af årsregnskabet til offentliggørelse, skal virksomheden give de i noterne til afsnit 41a), b) og d) angivne oplysninger.
Anlægsaktiver, der skal nedlægges
13.
En virksomhed skal ikke klassificere et anlægsaktiv (eller en afståelsesgruppe), der skal nedlægges, som besiddelse med henblik på salg. Dette skyldes, at den regnskabsmæssige værdi primært genindvindes gennem fortsat brug. Hvis den afståelsesgruppe, der skal nedlægges, opfylder kriterierne i afsnit 32a)-c), skal virksomheden imidlertid præsentere afståelsesgruppens resultater og pengestrømme som ophørte aktiviteter i overensstemmelse med afsnit 33 og 34 på det tidspunkt, hvor brugen ophører. Anlægsaktiver (eller afståelsesgrupper), som skal nedlægges, omfatter anlægsaktiver (eller afståelsesgrupper), som skal anvendes frem til udløbet af deres økonomiske levetid, og anlægsaktiver (eller afståelsesgrupper), der skal lukkes frem for sælges.
14.
En virksomhed skal ikke foretage regnskabsmæssig behandling af et anlægsaktiv, som midlertidigt er taget ud af brug, som om det var nedlagt.
MÅLING AF ANLÆGSAKTIVER (ELLER AFSTÅELSESGRUPPER) KLASSIFICERET SOM BESIDDELSE MED HENBLIK PÅ SALG
Måling af et anlægsaktiv (eller en afståelsesgruppe)
15.
En virksomhed skal måle et anlægsaktiv (eller en afståelsesgruppe), der er klassificeret som besiddelse med henblik på salg, til det laveste af den regnskabsmæssige værdi og dagsværdien med fradrag af salgsomkostninger.
16.
Hvis et nyanskaffet aktiv (eller en afståelsesgruppe) opfylder kriterierne for klassifikation som besiddelse med henblik på salg (jf. afsnit 11), medfører anvendelsen af afsnit 15, at aktivet (eller afståelsesgruppen) ved første indregning måles til det laveste af den regnskabsmæssige værdi, hvis den ikke var blevet klassificeret således (eksempelvis kostpris), og dagsværdien med fradrag af salgsomkostninger. Derfor skal aktivet (eller afståelsesgruppen), hvis dette er anskaffet som del af en virksomhedssammenslutning, måles til dagsværdi med fradrag af salgsomkostninger.
17.
Når salget forventes at finde sted efter mere end ét år, skal virksomheden måle salgsomkostningerne til nutidsværdien. En eventuel stigning i salgsomkostningernes nutidsværdi som følge af tidsforløbet skal præsenteres i resultatet som en finansieringsomkostning.
18.
Umiddelbart før den første klassifikation af aktivet (eller afståelsesgruppen) som besiddelse med henblik på salg skal den regnskabsmæssige værdi af aktivet (eller af alle aktiver og forpligtelser i gruppen) måles i overensstemmelse med de relevante standarder.
19.
Ved efterfølgende måling af en afståelsesgruppe skal den regnskabsmæssige værdi af eventuelle aktiver og forpligtelser, der ikke er omfattet af målingskravene i denne standard, men som er medtaget i en afståelsesgruppe, der er klassificeret som besiddelse med henblik på salg, efterfølgende måles i overensstemmelse med de relevante standarder, før efterfølgende måling af afståelsesgruppens dagsværdi med fradrag af salgsomkostninger.
Indregning af tab ved værdiforringelse og tilbageførsler
20.
En virksomhed skal indregne et tab ved værdiforringelse ved første nedskrivning eller efterfølgende nedskrivning af aktivet (eller afståelsesgruppen) til dagsværdi med fradrag af salgsomkostninger, i det omfang tabet ikke er indregnet i overensstemmelse med afsnit 19.
21.
En virksomhed skal indregne en gevinst ved eventuelle efterfølgende stigninger i et aktivs dagsværdi med fradrag af salgsomkostninger, men gevinsten må ikke overstige det akkumulerede tab ved værdiforringelse, som er indregnet, enten i overensstemmelse med denne standard eller tidligere i overensstemmelse med IAS 36 
Værdiforringelse af aktiver
.
22.
En virksomhed skal indregne en gevinst ved eventuelle efterfølgende stigninger i dagsværdi med fradrag af salgsomkostninger for en afståelsesgruppe:
a)
i det omfang gevinsten ikke er indregnet i overensstemmelse med afsnit 19, men
b)
gevinsten må ikke overstige det akkumulerede tab ved værdiforringelse, som er indregnet, enten i overensstemmelse med denne standard eller tidligere i overensstemmelse med IAS 36, på de anlægsaktiver, som er omfattet af målingskravene i denne standard.
23.
Tabet ved værdiforringelse (eller en eventuel efterfølgende gevinst), som er indregnet for en afståelsesgruppe, skal reducere (eller forøge) den regnskabsmæssige værdi af de anlægsaktiver i gruppen, som er omfattet af målingskravene i denne standard, i den allokeringsrækkefølge, der er beskrevet i afsnit 104a) og b) og 122 i IAS 36 (ajourført 2004).
24.
En gevinst eller et tab, der ikke tidligere er indregnet inden tidspunktet for salg af et anlægsaktiv (eller en afståelsesgruppe), skal indregnes på tidspunktet for ophør med indregning. Kravene for ophør med indregning er beskrevet i:
a)
afsnit 67-72 i IAS 16 (ajourført 2003), for så vidt angår materielle anlægsaktiver, og
b)
afsnit 112-117 i IAS 38 
Immaterielle aktiver
 (ajourført 2004), for så vidt angår immaterielle aktiver.
25.
En virksomhed skal ikke afskrive på et anlægsaktiv, mens det er klassificeret som besiddelse med henblik på salg, eller mens det er en del af en afståelsesgruppe, der er klassificeret som besiddelse med henblik på salg. Renter og andre omkostninger, der kan henføres til forpligtelserne i en afståelsesgruppe, der er klassificeret som besiddelse med henblik på salg, skal fortsat indregnes.
Ændringer til en plan for salg
26.
Hvis en virksomhed har klassificeret et aktiv (eller en afståelsesgruppe) som besiddelse med henblik på salg, men kriterierne i afsnit 7-9 ikke længere opfyldes, skal virksomheden ophøre med at klassificere aktivet (eller afståelsesgruppen) som besiddelse med henblik på salg.
27.
Virksomheden skal måle et anlægsaktiv, som ikke længere klassificeres som besiddelse med henblik på salg (eller ophører med at være medtaget i en afståelsesgruppe, der er klassificeret som besiddelse med henblik på salg) til det laveste af:
a)
den regnskabsmæssige værdi før aktivet (eller afståelsesgruppen) blev klassificeret som besiddelse med henblik på salg, reguleret for eventuelle afskrivninger eller omvurderinger, som ville have været indregnet, hvis aktivet (eller afståelsesgruppen) ikke var klassificeret som besiddelse med henblik på salg, og
b)
genindvindingsværdien
 på tidspunktet for den efterfølgende beslutning om ikke at sælge. 
(
3
)
28.
Virksomheden skal medtage eventuelle krævede reguleringer af den regnskabsmæssige værdi af et anlægsaktiv, som ikke længere klassificeres som besiddelse med henblik på salg, i resultatet 
(
4
)
 fra fortsættende aktiviteter i det regnskabsår, hvor kriterierne i afsnit 7-9 ikke længere opfyldes. Virksomheden skal præsentere denne regulering i den samme post i resultatopgørelsen, som anvendes til at præsentere eventuelle gevinster eller tab, som indregnes i overensstemmelse med afsnit 37.
29.
Hvis en virksomhed fjerner et enkelt aktiv eller en enkel forpligtelse fra en afståelsesgruppe, der er klassificeret som besiddelse med henblik på salg, skal de resterende aktiver og forpligtelser i afståelsesgruppen, der skal sælges, udelukkende fortsat måles som en gruppe, hvis gruppen opfylder kriterierne i afsnit 7-9. Hvis dette ikke er tilfældet, skal de resterende anlægsaktiver i gruppen, der hver for sig opfylder kriterierne for klassifikation som besiddelse med henblik på salg, måles hver for sig til det laveste af deres regnskabsmæssige værdi og dagsværdien med fradrag af salgsomkostninger på dette tidspunkt. Eventuelle anlægsaktiver, som ikke opfylder kriterierne, skal ikke længere klassificeres som besiddelse med henblik på salg i overensstemmelse med afsnit 26.
PRÆSENTATION OG OPLYSNING
30.
En virksomhed skal præsentere oplysninger, som gør det muligt for brugere af virksomhedens årsregnskab at vurdere den økonomiske virkning af ophørte aktiviteter og afhændelse af anlægsaktiver (eller afståelsesgrupper).
Præsentation af ophørte aktiviteter
31.
En 
del
 af en virksomhed omfatter aktiviteter og pengestrømme, som klart kan adskilles, driftsmæssigt og regnskabsmæssigt, fra resten af virksomheden. Med andre ord vil en del af en virksomhed have udgjort en pengestrømsfrembringende enhed eller en gruppe af pengestrømsfrembringende enheder, mens den blev besiddet med henblik på anvendelse.
32.
En ophørt aktivitet er en del af en virksomhed, der enten er blevet afhændet eller er klassificeret som besiddelse med henblik på salg, og som
a)
udgør et identificerbart, betydeligt forretningsområde eller geografisk område
b)
er en del af en samlet, koordineret plan for afhændelse af et identificerbart, betydeligt forretningsområde eller geografisk område, eller
c)
er en dattervirksomhed, som udelukkende er anskaffet med henblik på salg.
33.
En virksomhed skal give følgende oplysninger:
a)
et enkelt beløb i resultatopgørelsen, der omfatter det samlede beløb af:
i)
resultatet efter skat af ophørte aktiviteter, og
ii)
de gevinster eller tab efter skat, der er indregnet ved måling til dagsværdi med fradrag af salgsomkostninger eller ved afhændelse af aktiverne eller afståelsesgrupperne, som udgør den ophørte aktivitet
b)
en analyse af det enkelte beløb i a) omfattende:
i)
omsætning, omkostninger og resultat før skat af de ophørte aktiviteter
ii)
de tilknyttede skatteomkostninger, som krævet i afsnit 81h) i IAS 12
iii)
de gevinster eller tab, der er indregnet ved måling til dagsværdi med fradrag af salgsomkostninger eller ved afhændelse af aktiverne eller afståelsesgrupperne, som udgør den ophørte aktivitet, og
iv)
de tilknyttede skatteomkostninger, som krævet i afsnit 81h) i IAS 12.
Analysen kan enten præsenteres i noterne eller i resultatopgørelsen. Hvis den præsenteres i resultatopgørelsen, skal den præsenteres i et afsnit, der er markeret som vedrørende ophørte aktiviteter, dvs. separat fra fortsættende aktiviteter. Analysen kræves ikke for afståelsesgrupper i form af nyanskaffede dattervirksomheder, som opfylder kriterierne for klassifikation som besiddelse med henblik på salg ved overtagelsen (jf. afsnit 11)
c)
nettopengestrømme, som kan henføres til de ophørte aktiviteters drifts-, investerings- og finansieringsaktiviteter. Disse oplysninger kan enten præsenteres i noterne eller i resultatopgørelsen. Disse oplysninger kræves ikke for afståelsesgrupper i form af nyanskaffede dattervirksomheder, som opfylder kriterierne for klassifikation som besiddelse med henblik på salg ved overtagelsen (jf. afsnit 11).
34.
En virksomhed skal præsentere oplysningerne i afsnit 33 igen for tidligere regnskabsår, der er præsenteret i regnskabet, således at oplysningerne vedrører alle aktiviteter, der er ophørt på balancedagen for det seneste præsenterede regnskabsår.
35.
Reguleringer i det aktuelle regnskabsår af beløb, som tidligere er præsenteret under ophørte aktiviteter, der er direkte knyttet til afhændelsen af en ophørt aktivitet i et tidligere regnskabsår, skal klassificeres separat under ophørte aktiviteter. Arten og den beløbsmæssige størrelse af sådanne reguleringer skal oplyses. Følgende er eksempler på omstændigheder, hvor disse reguleringer kan opstå:
a)
afklaring af usikkerhedsfaktorer, der hidrører fra vilkårene for afhændelsestransaktionen, såsom afklaring af reguleringer af købsprisen og spørgsmål om skadesløsholdelse over for køber
b)
afklaring af usikkerhedsfaktorer, der hidrører fra og er direkte knyttet til aktiviteterne i en del af en virksomhed, før dennes afhændelse, såsom miljømæssige forpligtelser og produktgarantiforpligtelser, som bibeholdes af sælger
c)
indfrielse af forpligtelser vedrørende personaleydelser, forudsat at indfrielsen er direkte knyttet til afhændelsestransaktionen.
36.
Hvis en virksomhed ophører med at klassificere en del af en virksomhed som besiddelse med henblik på salg, skal driftsresultatet for den del, der tidligere blev præsenteret under ophørte aktiviteter i overensstemmelse med afsnit 33-35, omklassificeres og medtages i indtægten fra fortsættende aktiviteter for alle præsenterede regnskabsår. Det skal angives, at beløbene for de tidligere regnskabsår er præsenteret igen.
Gevinster eller tab vedrørende fortsættende aktiviteter
37.
Eventuelle gevinster eller tab ved efterfølgende måling af et anlægsaktiv (eller en afståelsesgruppe), der er klassificeret som besiddelse med henblik på salg, som ikke opfylder definitionen på en ophørt aktivitet, skal medtages i resultatet af fortsættende aktiviteter.
Præsentation af et anlægsaktiv eller en afståelsesgruppe klassificeret som besiddelse med henblik på salg
38.
En virksomhed skal præsentere et anlægsaktiv, der er klassificeret som besiddelse med henblik på salg, og aktiverne i en afståelsesgruppe, der er klassificeret som besiddelse med henblik på salg, separat fra andre aktiver i balancen. Forpligtelserne i en afståelsesgruppe, der er klassificeret som besiddelse med henblik på salg, skal præsenteres separat fra andre forpligtelser i balancen. Disse aktiver og forpligtelser skal ikke modregnes og præsenteres som et enkelt beløb. De væsentlige kategorier af aktiver og forpligtelser, der er klassificeret som besiddelse med henblik på salg, skal oplyses separat, enten i balancen eller i noterne, bortset fra som tilladt i afsnit 39. En virksomhed skal foretage separat præsentation af eventuelle akkumulerede indtægter eller omkostninger, der er indregnet direkte på egenkapitalen, og som er tilknyttet et anlægsaktiv (eller en afståelsesgruppe), der er klassificeret som besiddelse med henblik på salg.
39.
Hvis afståelsesgruppen er en nyanskaffet dattervirksomhed, som opfylder kriterierne for klassifikation som besiddelse med henblik på salg ved overtagelsen (jf. afsnit 11), kræves der ikke oplysning af de væsentlige kategorier af aktiver og forpligtelser.
40.
En virksomhed skal ikke omklassificere eller foretage ny præsentation af beløb, der er præsenteret for anlægsaktiver eller aktiver og forpligtelser i afståelsesgrupper, der er klassificeret som besiddelse med henblik på salg, i balancen for tidligere regnskabsår for at afspejle klassifikationen i balancen for det seneste præsenterede regnskabsår.
Yderligere oplysninger
41.
Virksomheden skal give følgende oplysninger i noterne i det regnskabsår, hvor et anlægsaktiv (eller en afståelsesgruppe) enten er blevet klassificeret som besiddelse med salg for øje eller solgt:
a)
en beskrivelse af anlægsaktivet (eller afståelsesgruppen)
b)
en beskrivelse af de forhold og omstændigheder, som vedrører salget, eller som fører til den forventede afhændelse, samt måden, hvorpå afhændelsen forventes at finde sted, og det forventede tidspunkt for afhændelsen
c)
gevinster eller tab, som er indregnet i overensstemmelse med afsnit 20-22, og, hvis dette ikke præsenteres separat i resultatopgørelsen, den post i resultatopgørelsen, der omfatter gevinsten eller tabet
d)
hvis det er relevant, det præsentationspligtige segment, hvori anlægsaktivet (eller en afståelsesgruppe) præsenteres i overensstemmelse med IFRS 8 
Driftssegmenter
.
42.
Hvis enten afsnit 26 eller afsnit 29 finder anvendelse, skal virksomheden i regnskabsåret give oplysning om beslutningen om at ændre planen for salg af anlægsaktivet (eller afståelsesgruppen), en beskrivelse af de forhold og omstændigheder, der har ført til beslutningen, samt beslutningens virkning på driftsresultatet for regnskabsåret og eventuelle tidligere regnskabsår, som præsenteres.
OVERGANGSBESTEMMELSER
43.
Denne standard skal anvendes fremadrettet på anlægsaktiver (eller afståelsesgrupper), der opfylder kriterierne for klassifikation som besiddelse med henblik på salg, og aktiviteter, der opfylder kriterierne for klassifikation som ophørte aktiviteter efter standardens ikrafttrædelsestidspunkt. En virksomhed kan anvende kravene i denne standard på alle anlægsaktiver (eller afståelsesgrupper), der opfylder kriterierne for klassifikation som besiddelse med henblik på salg, og aktiviteter, der opfylder kriterierne for klassifikation som ophørte aktiviteter efter et hvilket som helst tidspunkt før standardens ikrafttrædelsestidspunkt, forudsat at værdiansættelserne og øvrige oplysninger, der kræves for at anvende standarden, var indhentet på tidspunktet for den oprindelige opfyldelse af disse kriterier.
IKRAFTTRÆDELSESTIDSPUNKT
44.
Virksomheder skal anvende denne standard for regnskabsår, som begynder 1. januar 2005 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender denne standard for regnskabsår, som begynder før 1. januar 2005, skal den give oplysning om dette.
OPHÆVELSE AF IAS 35
45.
Denne standard erstatter IAS 35 
Ophørende aktiviteter
.
(
1
)
  For så vidt angår aktiver, der er klassificeret efter likviditet, er anlægsaktiver aktiver, som omfatter beløb, der forventes genindvundet mere end 12 måneder efter balancedagen. Afsnit 3 finder anvendelse på klassifikationen af sådanne aktiver.
(
2
)
  Bortset fra afsnit 18 og 19, der kræver, at de pågældende aktiver måles i overensstemmelse med andre relevante standarder.
(
3
)
  Hvis anlægsaktivet er en del af en pengestrømsfrembringende enhed, er genindvindingsværdien den regnskabsmæssige værdi, der ville have været indregnet efter allokering af eventuelle tab ved værdiforringelse hidrørende fra denne pengestrømsfrembringende enhed i overensstemmelse med IAS 36.
(
4
)
  Medmindre aktivet er et materielt anlægsaktiv eller et immaterielt aktiv, der blev omvurderet i overensstemmelse med IAS 16 eller IAS 38 før klassifikationen som besiddelse med henblik på salg. I dette tilfælde skal reguleringen behandles som en forøgelse eller en reduktion som følge af omvurdering.
Appendiks A
Definerede termer
Dette appendiks er en integreret del af standarden.
Afståelsesgruppe
En gruppe af aktiver, der ved salg eller på anden måde skal afhændes samlet som en gruppe ved en enkelt transaktion, og forpligtelser, der er direkte forbundet med de aktiver, der overdrages ved transaktionen. Gruppen omfatter goodwill, der er erhvervet ved en virksomhedssammenslutning, hvis gruppen er en 
pengestrømsfrembringende enhed,
 hvortil der er allokeret goodwill i overensstemmelse med kravene i afsnit 80-87 i IAS 36 
Værdiforringelse af aktiver
 (ajourført 2004), eller hvis den er en aktivitet inden for en sådan pengestrømsfrembringende enhed.
Anlægsaktiv
Et aktiv, der ikke opfylder definitionen på et 
omsætningsaktiv.
Dagsværdi
Det beløb, et aktiv kan omsættes til, eller en forpligtelse kan indfries til, ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter.
Del af en virksomhed
Aktiviteter og pengestrømme, som klart kan adskilles, driftsmæssigt og regnskabsmæssigt, fra resten af virksomheden.
Fast aftale om køb
En aftale med en ikke-nærtstående part, der er bindende for begge parter og normalt er retskraftig, og som a) angiver alle væsentlige vilkår, herunder pris og tidspunkt for transaktionerne, og b) omfatter en misligholdelsesklausul, der er tilstrækkeligt restriktiv til, at opfyldelse er 
højst sandsynlig.
Genindvindingsværdi
Det højeste af et aktivs 
dagsværdi
 med fradrag af 
salgsomkostninger
 og aktivets 
nytteværdi.
Højst sandsynlig
Med altovervejende 
sandsynlighed.
Nytteværdi
Nutidsværdien af skønnede fremtidige pengestrømme, der forventes at hidrøre fra fortsat anvendelse af et aktiv samt ved afhændelsen deraf ved udgangen af dets brugstid.
Omsætningsaktiv
Et aktiv, der opfylder et eller flere af følgende kriterier:
a)
det forventes realiseret, eller det besiddes med salg eller forbrug for øje, som led i virksomhedens normale driftscyklus
b)
det besiddes primært med handel for øje
c)
det forventes realiseret inden for 12 måneder efter balancedagen, eller
d)
det er i form af likvider, medmindre det er underlagt en begrænsning, som gør, at det ikke kan udveksles eller anvendes til at indfri en forpligtelse i mindst 12 måneder efter balancedagen.
Ophørt aktivitet
En 
del af en virksomhed,
 der enten er afhændet eller er klassificeret som besiddelse med henblik på salg og:
a)
udgør et identificerbart, betydeligt forretningsområde eller geografisk område
b)
er en del af en samlet, koordineret plan for afhændelse af et identificerbart betydeligt forretningsområde eller geografisk område, eller
c)
er en dattervirksomhed, som udelukkende er anskaffet med henblik på salg.
Pengestrømsfrembringende enhed
Den mindste identificerbare gruppe af aktiver, der frembringer pengestrømme til virksomheden, som i al væsentlighed er uafhængige af pengestrømme fra andre aktiver eller grupper af aktiver.
Salgsomkostninger
De yderligere omkostninger, som knytter sig direkte til afhændelsen af et aktiv (eller en 
afståelsesgruppe
), eksklusive finansieringsomkostninger og skatteomkostninger.
Sandsynlig
Med overvejende sandsynlighed.
Appendiks B
Anvendelsessupplement
Dette appendiks er en integreret del af standarden.
FORLÆNGELSE AF DEN PERIODE, DER ER NØDVENDIG FOR AT FULDFØRE ET SALG
B1
Som anført i afsnit 9 udelukker en forlængelse af den periode, der er nødvendig for at fuldføre et salg, ikke, at et aktiv (eller en afståelsesgruppe) kan klassificeres som besiddelse med henblik på salg, hvis forsinkelsen skyldes begivenheder eller omstændigheder, der er uden for virksomhedens kontrol, og der er tilstrækkelig dokumentation for, at virksomheden fastholder sin plan om at sælge aktivet (eller afståelsesgruppen). Hvis sådanne begivenheder eller omstændigheder gør sig gældende, foreligger der således en undtagelse til et-års-kravet i afsnit 8, som finder anvendelse i følgende tilfælde:
a)
på det tidspunkt, hvor virksomheden vedtager en plan om at sælge et anlægsaktiv (eller en afståelsesgruppe), kan den med rimelighed forvente, at andre (ud over køber) vil knytte betingelser til overdragelsen af aktivet (eller afståelsesgruppen), som vil forlænge den periode, der er nødvendig for at fuldføre salget, og
i)
tiltag, som er nødvendige for at reagere på disse betingelser, kan ikke indledes, før der er indgået en 
fast aftale om køb
, og
ii)
det er højst sandsynligt, at der vil foreligge en fast aftale om køb inden for et år
b)
virksomheden indgår en fast aftale om køb, og som følge heraf knytter køber eller andre, uden at dette var ventet, betingelser til overdragelsen af et anlægsaktiv (eller en afståelsesgruppe), som tidligere blev klassificeret som besiddelse med henblik på salg, som vil forlænge den periode, der er nødvendig for at fuldføre salget, og:
i)
de tiltag, som er nødvendige for at reagere på betingelserne, er foretaget i rette tid, og
ii)
der kan forventes en positiv afklaring af de faktorer, som forårsager forsinkelsen
c)
i løbet af den første 1-årige periode indtræffer der omstændigheder, som tidligere blev anset for usandsynlige, og som følge heraf sælges et anlægsaktiv (eller en afståelsesgruppe), som tidligere blev klassificeret som besiddelse med henblik på salg, ikke ved udgangen af denne periode, og:
i)
i løbet af den første 1-årige periode, har virksomheden foretaget de tiltag, som er nødvendige for at reagere på de ændrede omstændigheder
ii)
anlægsaktivet (eller afståelsesgruppen) sættes aktivt til salg til en pris, der er rimelig under de ændrede omstændigheder, og
iii)
kriterierne i afsnit 7 og 8 er opfyldt.
IFRS 6
Efterforskning og vurdering af mineralressourcer
FORMÅL
1.
Formålet med denne standard er at redegøre for den regnskabsmæssige behandling af 
efterforskning og vurdering af mineralressourcer
.
2.
Navnlig kræver denne standard:
a)
begrænsede forbedringer af eksisterende regnskabspraksis for 
udgifter til efterforskning og vurdering
b)
at virksomheder, som indregner 
efterforsknings- og vurderingsaktiver, skal teste
 sådanne aktiver for værdiforringelse i henhold til denne standard og måle den eventuelle værdiforringelse i overensstemmelse med IAS 36 
Værdiforringelse af aktiver
c)
oplysninger, som identificerer og forklarer de beløb i virksomhedens regnskab, der hidrører fra efterforskning og vurdering af mineralressourcer, og hjælper brugerne af sådanne regnskaber med at forstå den beløbsmæssige størrelse, tidspunktet og sikkerheden forbundet med fremtidige pengestrømme fra efterforsknings- og vurderingsaktiver, der er indregnet.
ANVENDELSESOMRÅDE
3.
Virksomheder skal anvende denne standard på efterforsknings- og vurderingsudgifter, som virksomheden pådrager sig.
4.
Denne standard behandler ikke andre aspekter af den regnskabsmæssige behandling i virksomheder, som beskæftiger sig med efterforskning og vurdering af mineralressourcer.
5.
Virksomheder må ikke anvende denne standard på omkostninger afholdt:
a)
før efterforskningen og vurderingen af mineralressourcer, såsom omkostninger afholdt før virksomheden har opnået de juridiske rettigheder til at efterforske et specifikt område
b)
efter at den tekniske mulighed og kommercielle levedygtighed af udvinding af en mineralressource kan påvises.
INDREGNING AF EFTERFORSKNINGS- OG VURDERINGSAKTIVER
Midlertidig undtagelse fra IAS 8, afsnit 11 og 12
6.
Ved udvikling af sin regnskabspraksis skal en virksomhed, som indregner efterforsknings- og vurderingsaktiver, anvende afsnit 10 i IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
.
7.
Afsnit 11 og 12 i IAS 8 angiver, hvilke officielle krav og vejledninger, som ledelsen skal tage i betragtning ved udvikling af en regnskabspraksis for en post, hvis der ikke findes nogen standard, som finder specifik anvendelse på denne post. I henhold til afsnit 9 og 10 nedenfor fritager denne standard en virksomhed for at anvende disse afsnit på sin regnskabspraksis for indregning og måling af efterforsknings- og vurderingsaktiver.
MÅLING AF EFTERFORSKNINGS- OG VURDERINGSAKTIVER
Måling på indregningstidspunktet
8.
Efterforsknings- og vurderingsaktiver skal måles til kostpris.
Kostprisens elementer for efterforsknings- og vurderingsaktiver
9.
Virksomheden skal fastlægge en regnskabspraksis, der specificerer de omkostninger, der indregnes som efterforsknings- og vurderingsaktiver og anvende denne praksis ensartet. Ved denne opgørelse vurderer virksomheden, i hvilket omfang omkostningen kan knyttes til efterforskningen af specifikke mineralressourcer. Følgende er eksempler på omkostninger, som kan indregnes på tidspunktet for den første måling af efterforsknings- og vurderingsaktiver (listen er ikke udtømmende):
a)
erhvervelse af efterforskningsrettigheder
b)
topografiske, geologiske, geokemiske og geofysiske vurderinger
c)
prøveboring
d)
udgravning
e)
prøvetagning, og
f)
aktiviteter i relation til vurdering af den tekniske mulighed for og kommercielle levedygtighed af udvinding af en mineralressource.
10.
Omkostninger i forbindelse med udvikling af mineralressourcer skal ikke indregnes som efterforsknings- og vurderingsaktiver. 
Begrebsrammen
 og IAS 38 
Immaterielle aktiver
 giver vejledning om indregning af aktiver hidrørende fra udvikling.
11.
I overensstemmelse med IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
 skal en virksomhed indregne enhver forpligtelse til bortskaffelse og retablering, som virksomheden i et bestemt regnskabsår har forpligtet sig til at afholde som følge af udførelsen af efterforskning og vurdering af mineralressourcer.
Måling efter indregning
12.
Efter indregning skal virksomheden enten anvende kostprismodellen eller omvurderingsmodellen på efterforsknings- og vurderingsaktiver. Såfremt omvurderingsmodellen anvendes (enten modellen i IAS 16 
Materielle anlægsaktiver
 eller modellen i IAS 38), skal den være i overensstemmelse med klassifikationen af aktiverne (jf. afsnit 15).
Ændringer i anvendt regnskabspraksis
13.
En virksomhed må ændre sin regnskabspraksis for efterforsknings- og vurderingsudgifter, hvis ændringen gør regnskabet mere relevant for regnskabsbrugernes økonomiske beslutningstagen, uden at det bliver mindre pålideligt, eller mere pålideligt, uden at det bliver mindre relevant for denne beslutningstagen. Virksomheden skal vurdere relevans og pålidelighed ud fra kriterierne i IAS 8.
14.
For at retfærdiggøre en ændring i regnskabspraksis for efterforsknings- og vurderingsudgifter skal virksomheden dokumentere, at regnskabet som følge af ændringen kommer nærmere en opfyldelse af kriterierne i IAS 8, men ændringen behøver ikke medføre fuldstændig opfyldelse af disse kriterier.
PRÆSENTATION
Klassifikation af efterforsknings- og vurderingsaktiver
15.
Virksomheden skal klassificere efterforsknings- og vurderingsaktiver som materielle eller immaterielle aktiver i overensstemmelse med de erhvervede aktivers art og anvende klassifikationen konsekvent.
16.
Visse efterforsknings- og vurderingsaktiver behandles som immaterielle aktiver (f.eks. borerettigheder), mens andre er materielle (f.eks. køretøjer og borerigge). I det omfang et materielt aktiv forbruges ved udviklingen af et immaterielt aktiv, indgår den værdi, der afspejler dette forbrug, i kostprisen for det immaterielle aktiv. Når et materielt aktiv bruges i forbindelse med udviklingen af et immaterielt aktiv ændres dette materielle aktiv dog ikke til et immaterielt aktiv.
Omklassifikation af efterforsknings- og vurderingsaktiver
17.
Et efterforsknings- eller vurderingsaktiv skal ikke længere klassificeres som sådant, når den tekniske mulighed for og kommercielle levedygtighed af udvinding af en mineralressource kan påvises. Før omklassifikation skal efterforsknings- og vurderingsaktiver testes for værdiforringelse, og alle værdiforringelser skal indregnes.
VÆRDIFORRINGELSE
Indregning og måling
18.
Efterforsknings- og vurderingsaktiver skal testes for værdiforringelse, når alle forhold og omstændigheder tyder på, at den regnskabsmæssige værdi af et efterforsknings- og vurderingsaktiv vil kunne overstige genindvindingsværdien. Når forhold og omstændigheder tyder på, at den regnskabsmæssige værdi overstiger genvindingsværdien, skal virksomheden måle, præsentere og give oplysning om eventuelle deraf følgende tab ved værdiforringelse i overensstemmelse med IAS 36, bortset fra de i afsnit 21 fastlagte tilfælde.
19.
I forbindelse med efterforsknings- og vurderingsaktiver alene skal afsnit 20 i denne standard finde anvendelse i stedet for afsnit 8-17 i IAS 36 ved identifikation af en mulig værdiforringelse af et efterforsknings- og vurderingsaktiv. I afsnit 20 anvendes udtrykket »aktiver«, men det finder anvendelse på individuelle efterforsknings- og vurderingsaktiver såvel som på pengestrømsfrembringende enheder.
20.
Et eller flere af følgende forhold og omstændigheder indikerer, at virksomheden skal teste efterforsknings- og vurderingsaktiver for værdiforringelse (listen er ikke udtømmende):
a)
den periode, i hvilken virksomheden har ret til at efterforske i det specifikke område, er udløbet i løbet af regnskabsåret, eller vil udløbe i den nærmeste fremtid, og forventes ikke at blive forlænget
b)
der er hverken budgetteret eller planlagt omfattende udgifter til yderligere efterforskning og vurdering af mineralressourcer i det specifikke område
c)
efterforskning og vurdering af mineralressourcer i det specifikke område har ikke ført til opdagelsen af kommercielt levedygtige mængder mineralressourcer, og virksomheden har besluttet at ophøre med sådanne aktiviteter i det specifikke område
d)
der findes tilstrækkelige oplysninger, der indikerer, at selvom det er sandsynligt, at der vil ske en fortsat udvikling i det specifikke område, er det usandsynligt, at den regnskabsmæssige værdi af efterforsknings- og vurderingsaktivet vil blive genindvundet fuldt ud af en vellykket udvikling eller ved et salg.
I dette eller lignende tilfælde skal virksomheden foretage en test for værdiforringelse i overensstemmelse med IAS 36. Tab ved værdiforringelse indregnes som en udgift i overensstemmelse med IAS 36.
Specifikation af grænsen for, hvornår efterforsknings- og vurderingsaktiver vurderes for værdiforringelse
21.
Virksomheden fastlægger en regnskabspraksis for allokering af efterforsknings- og vurderingsaktiver til pengestrømsfrembringende enheder eller grupper af pengestrømsfrembringende enheder med henblik på at teste sådanne aktiver for værdiforringelse. Hver pengestrømsfrembringende enhed eller gruppe af enheder, til hvilke et efterforsknings- og vurderingsaktiv er allokeret, må ikke være større end et driftssegment opgjort i overensstemmelse med IFRS 8 
Driftssegmenter
.
22.
Den grænse, som identificeres af virksomheden ved test for værdiforringelse af efterforsknings- og vurderingsaktiver, kan omfatte en eller flere pengestrømsfrembringende enheder.
OPLYSNINGER
23.
Virksomheden skal give oplysninger, som identificerer og redegør for beløb i regnskabet, som hidrører fra efterforskningen og vurderingen af mineralressourcer.
24.
For at overholde afsnit 23 skal virksomheden oplyse:
a)
sin regnskabspraksis for efterforsknings- og vurderingsudgifter, herunder indregning af efterforsknings- og vurderingsaktiver
b)
den beløbsmæssige størrelse af aktiver, passiver, indtægter og udgifter samt pengestrømme fra driftsaktivitet og investeringer, der hidrører fra efterforskning og vurdering af mineralressourcer.
25.
Virksomheden skal behandle efterforsknings- og vurderingsaktiver som en særskilt kategori af aktiver og skal oplyse om dette som angivet i enten IAS 16 eller IAS 38 i overensstemmelse med klassifikationen af aktiverne.
IKRAFTTRÆDELSESTIDSPUNKT
26.
Virksomheder skal anvende denne standard for regnskabsår, som begynder 1. januar 2006 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender denne standard for regnskabsår, som begynder før 1. januar 2006, skal den give oplysning om dette.
OVERGANGSBESTEMMELSER
27.
Hvis det er praktisk umuligt at anvende et bestemt krav i afsnit 18 på sammenligningstal, som knytter sig til regnskabsår, som begynder før 1. januar 2006, skal virksomheden give oplysning om dette. IAS 8 forklarer begrebet »praktisk umulighed«.
Appendiks A
Definerede termer
Dette appendiks er en integreret del af standarden.
Efterforskning og vurdering af mineralressourcer
Eftersøgning efter mineralressourcer, herunder mineraler, olie, naturgas og lignende ikke-regenererende ressourcer efter at virksomheden har opnået juridiske rettigheder til at efterforske i et specifikt område, samt fastlæggelse af den tekniske mulighed for og kommercielle levedygtighed af udvinding af mineralressourcen.
Efterforsknings- og vurderingsaktiver
Efterforsknings- og vurderingsudgifter
 indregnet som aktiver i overensstemmelse med virksomhedens regnskabspraksis.
Efterforsknings- og vurderingsudgifter
Omkostninger afholdt af virksomheden i forbindelse med 
efterforskning og vurdering af mineralressourcer
 før den tekniske mulighed for og kommercielle levedygtighed af udvinding af en mineralressource kan påvises.
IFRS 7
Finansielle instrumenter: Oplysninger
FORMÅL
1.
Formålet med denne standard er at fastsætte krav om, at virksomhederne i deres årsregnskaber skal give oplysninger, der gør det muligt for brugere af årsregnskabet at vurdere:
a)
finansielle instrumenters betydning for virksomhedens finansielle stilling og indtjening, og
b)
karakteren og omfanget af de med finansielle instrumenter forbundne risici i regnskabsåret og på balancedagen, og hvordan virksomheden styrer disse risici.
2.
Principperne i denne standard supplerer principperne for indregning, måling og præsentation af finansielle aktiver og finansielle forpligtelser i IAS 32 
Finansielle instrumenter: Præsentation og
 IAS 39 
Finansielle Instrumenter: Indregning og måling
.
ANVENDELSESOMRÅDE
3.
Denne standard skal anvendes af alle virksomheder på alle typer finansielle instrumenter med undtagelse af:
a)
de kapitalandele i dattervirksomheder, associerede virksomheder og joint ventures, som regnskabsmæssigt behandles i henhold til IAS 27 
Koncernregnskaber og separate årsregnskaber
, IAS 28 
Investeringer i associerede virksomheder
 eller IAS 31 
Kapitalandele i joint ventures
. I visse tilfælde giver IAS 27, IAS 28 og IAS 31 imidlertid en virksomhed mulighed for at behandle en kapitalandel i en dattervirksomhed, associeret virksomhed eller et joint venture regnskabsmæssigt i henhold til IAS 39. Foruden kravene i denne standard finder de oplysningskrav, der er nævnt i IAS 27, IAS 28 og IAS 31, anvendelse i disse tilfælde. Virksomheder skal desuden anvende denne standard på alle afledte finansielle instrumenter vedrørende kapitalandele i en dattervirksomhed, associeret virksomhed eller et joint venture, medmindre det afledte finansielle instrument opfylder definitionen i IAS 32 på et egenkapitalinstrument
b)
arbejdsgiveres rettigheder og forpligtelser i forbindelse med pensionsordninger, hvor IAS 19 
Personaleydelser
 finder anvendelse
c)
aftaler om betinget købspris ved en virksomhedssammenslutning (jf. IFRS 3 
Virksomhedssammenslutninger
). Denne undtagelse finder kun anvendelse på den overtagende virksomhed
d)
forsikringskontrakter som defineret i IFRS 4 
Forsikringskontrakter
. Denne standard finder imidlertid anvendelse på afledte finansielle instrumenter, der er indbygget i forsikringskontrakter, hvis IAS 39 kræver, at virksomheden foretager separat regnskabsmæssig behandling af disse. Desuden skal en udsteder anvende denne standard på finansielle garantikontrakter, hvis udstederen anvender IAS 39 til indregning og måling af kontrakterne, men anvende IFRS 4, hvis udstederen, i overensstemmelse med afsnit 4d) i IFRS 4, vælger at anvende IFRS 4 på indregning og måling af kontrakterne
e)
finansielle instrumenter, kontrakter og forpligtelser i henhold til aktiebaseret vederlæggelse, der er omfattet af IFRS 2 
Aktiebaseret vederlæggelse,
 idet denne standard dog finder anvendelse på kontrakter, som er omfattet af afsnit 5-7 i IAS 39.
4.
Denne standard finder anvendelse på indregnede og ikke-indregnede finansielle instrumenter. Indregnede finansielle instrumenter omfatter finansielle aktiver og finansielle forpligtelser, som ligger inden for anvendelsesområdet for IAS 39. Ikke-indregnede finansielle instrumenter omfatter visse finansielle instrumenter, som ligger uden for anvendelsesområdet for IAS 39, men inden for denne standards anvendelsesområde (f.eks. visse lånetilsagn).
5.
Denne standard finder anvendelse på kontrakter vedrørende køb eller salg af et ikke-finansielt aktiv, som er omfattet af IAS 39 (jf. afsnit 5-7 i IAS 39).
KATEGORIER AF FINANSIELLE INSTRUMENTER OG OPLYSNINGSNIVEAU
6.
Når der i henhold til denne standard kræves oplysning om de enkelte kategorier af finansielle instrumenter, skal virksomheden opdele finansielle instrumenter i passende kategorier i forhold til arten af de givne oplysninger og under hensyntagen til de pågældende finansielle instrumenters karakteristika. Virksomheden skal give tilstrækkelige oplysninger til at muliggøre afstemning af balanceposterne.
FINANSIELLE INSTRUMENTERS BETYDNING FOR DEN FINANSIELLE STILLING OG INDTJENINGEN
7.
En virksomhed skal give oplysninger, der gør det muligt for brugere af dens årsregnskab at vurdere finansielle instrumenters betydning for virksomhedens finansielle stilling og indtjening.
Balancen
Kategorier af finansielle aktiver og finansielle forpligtelser
8.
Den regnskabsmæssige værdi af hver af følgende kategorier, som defineret i IAS 39, skal oplyses enten i balancen eller i noterne:
a)
finansielle aktiver til dagsværdi gennem resultatet med separat præsentation af i) de finansielle aktiver, der klassificeres som sådanne ved første indregning, og ii) de finansielle aktiver, der klassificeres som værende besiddet med handel for øje i overensstemmelse med IAS 39
b)
hold-til-udløb-investeringer
c)
lån og tilgodehavender
d)
finansielle aktiver disponible for salg
e)
finansielle forpligtelser til dagsværdi gennem resultatet med separat præsentation af i) de finansielle forpligtelser, der klassificeres som sådanne ved første indregning, og ii) de finansielle forpligtelser, der klassificeres som værende besiddet med handel for øje i overensstemmelse IAS 39, og
f)
finansielle forpligtelser målt til amortiseret kostpris.
Finansielle aktiver eller finansielle forpligtelser til dagsværdi gennem resultatet
9.
Hvis en virksomhed har klassificeret et lån eller tilgodehavende (eller en gruppe af lån eller tilgodehavender) til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi, skal den oplyse:
a)
den maksimale 
kreditrisiko
 (jf. afsnit 36a)), der er forbundet med lånet eller tilgodehavendet (eller gruppen af lån eller tilgodehavender) på balancedagen
b)
det beløb, hvormed eventuelle tilknyttede afledte kreditinstrumenter eller lignende instrumenter reducerer den maksimale kreditrisiko
c)
den beløbsmæssige størrelse af den ændring i dagsværdien for lånet eller tilgodehavendet (eller gruppen af lån eller tilgodehavender) i løbet af regnskabsåret og akkumuleret, som kan henføres til ændringer i den kreditrisiko, der er forbundet med det finansielle aktiv, opgjort enten:
i)
som den beløbsmæssige størrelse af den ændring i dagsværdien, der ikke kan henføres til ændringer i markedsforhold, der giver anledning til en 
markedsrisiko
, eller
ii)
med brug af en anden metode, som efter virksomhedens opfattelse giver et mere retvisende billede af den beløbsmæssige størrelse af den ændring i dagsværdien, som kan henføres til ændringer i den kreditrisiko, der er forbundet med aktivet.
Ændringer i markedsforhold, som giver anledning til markedsrisiko, omfatter ændringer i en observeret (toneangivende) rente, råvarepris, valutakurs eller et pris- eller renteindeks
d)
den beløbsmæssige størrelse af ændringen i dagsværdien for alle tilknyttede afledte kreditinstrumenter eller lignende instrumenter i løbet af regnskabsåret og akkumuleret, siden lånet eller tilgodehavendet blev klassificeret.
10.
Hvis en virksomhed har klassificeret en finansiel forpligtelse til dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi eller i henhold til afsnit 9 i IAS 39, skal den oplyse:
a)
den beløbsmæssige størrelse af den ændring i den finansielle forpligtelses dagsværdi i løbet af regnskabsåret og akkumuleret, som kan henføres til ændringer i den kreditrisiko, der er forbundet med forpligtelsen, opgjort enten:
i)
som den beløbsmæssige størrelse af den ændring i dagsværdien, som ikke kan henføres til ændringer i markedsforhold, der giver anledning til markedsrisiko (jf. appendiks B, afsnit B4), eller
ii)
med brug af en anden metode, som efter virksomhedens opfattelse giver et mere retvisende billede af den beløbsmæssige størrelse af den ændring i dagsværdien, som kan henføres til ændringer i den kreditrisiko, der er forbundet med forpligtelsen.
Ændringer i markedsforhold, som giver anledning til markedsrisiko, omfatter ændringer i en toneangivende rente, i prisen på en anden virksomheds finansielle instrument eller i en råvarepris, en valutakurs eller et pris- eller renteindeks. For kontrakter, der indeholder et »unit link«-element, omfatter ændringer i markedsforhold ændringer i den tilknyttede interne eller eksterne investeringsfonds indtjening
b)
forskellen mellem den finansielle forpligtelses regnskabsmæssige værdi og det beløb, virksomheden i henhold til kontrakten ville skulle betale til indehaveren af forpligtelsen ved kontraktens udløb.
11.
Virksomheden skal oplyse:
a)
de anvendte metoder til opfyldelse af kravene i afsnit 9c) og 10a),
b)
hvis virksomheden mener, at de oplysninger, den har givet for at opfylde kravene i afsnit 9c) eller 10a), ikke giver et retvisende billede af den ændring i det finansielle aktivs eller den finansielle forpligtelses dagsværdi, som kan henføres til ændringer i den med aktivet eller forpligtelsen forbundne kreditrisiko, begrundelsen for denne vurdering samt de efter virksomhedens opfattelse relevante faktorer.
Omklassifikation
12.
Hvis en virksomhed har omklassificeret et finansielt aktiv (i overensstemmelse med afsnit 51-54 i IAS 39) som et aktiv målt:
a)
til kostpris eller amortiseret kostpris frem for til dagsværdi eller
b)
til dagsværdi frem for til kostpris eller amortiseret kostpris,
skal den oplyse det omklassificerede beløb til eller fra hver kategori og årsagen til omklassifikationen.
12A.
Hvis en virksomhed har omklassificeret et finansielt aktiv fra kategorien dagsværdi med indregning i resultatopgørelsen af ændringer i dagsværdi i overensstemmelse med afsnit 50B eller 50D i IAS 39 eller fra kategorien disponible for salg i overensstemmelse med afsnit 50E i IAS 39, skal den oplyse:
a)
det omklassificerede beløb til eller fra hver kategori
b)
for hvert regnskabsår indtil ophør af indregning, de regnskabsmæssige værdier og dagsværdien af de finansielle aktiver, der er blevet omklassificeret i regnskabsåret og tidligere regnskabsår
c)
hvis et finansielt aktiv blev omklassificeret i overensstemmelse med afsnit 50B, den usædvanlige situation og de forhold og omstændigheder, der viser, at der var tale om en usædvanlig situation
d)
for det regnskabsår, hvori det finansielle aktiv blev omklassificeret, gevinst eller tab i dagsværdi på det finansielle aktiv, der er indregnet i resultatopgørelsen, eller anden totalindkomst i det pågældende regnskabsår eller det forudgående regnskabsår
e)
for hvert regnskabsår efter omklassifikationen (herunder det regnskabsår, hvori det finansielle aktiv blev omklassificeret) indtil ophør af indregning af det finansielle aktiv, den gevinst eller det tab i dagsværdi, der ville være blevet indregnet i resultatopgørelsen, eller anden totalindkomst, hvis det finansielle aktiv ikke var blevet omklassificeret, og gevinsten, tabet, indtægten og udgiften, der er indregnet i resultatopgørelsen, og
f)
den effektive rente og de anslåede pengestrømme, som virksomheden forventer at få genindvinde, pr. datoen for omklassifikationen af det finansielle aktiv.
Ophør af indregning
13.
En virksomhed kan have overdraget finansielle aktiver på en sådan måde, at ingen eller kun nogle af de finansielle aktiver opfylder kriterierne for ophør af indregning (jf. afsnit 15-37 i IAS 39). Virksomheden skal for hver kategori af sådanne finansielle aktiver oplyse:
a)
aktivernes art
b)
arten af virksomhedens risici og afkast tilknyttet ejendomsretten
c)
hvis virksomheden fortsætter med at indregne samtlige aktiver, den regnskabsmæssige værdi af aktiverne og de dermed forbundne forpligtelser, og
d)
hvis virksomheden fortsætter med at indregne aktiverne i det omfang, den fortsat har et engagement, de oprindelige aktivers samlede regnskabsmæssige værdi, værdien af de aktiver, virksomheden fortsætter med at indregne, og den regnskabsmæssige værdi af de dertil knyttede forpligtelser.
Sikkerhed
14.
En virksomhed skal give følgende oplysninger:
a)
den regnskabsmæssige værdi af finansielle aktiver, der er stillet som sikkerhed for forpligtelser eller betingede forpligtelser, herunder beløb, som er omklassificeret i overensstemmelse med afsnit 37a) i IAS 39, og
b)
betingelser, der er knyttet til sikkerhedsstillelsen.
15.
Hvis en virksomhed har modtaget pant (i form af finansielle eller ikke-finansielle aktiver), som den kan sælge eller genpantsætte uanset misligholdelse fra pantets indehaver, skal den oplyse:
a)
dagsværdien af det modtagne pant
b)
dagsværdien af pant, som virksomheden på denne måde har solgt eller genpantsat, og hvorvidt virksomheden er forpligtet til at levere det tilbage, og
c)
betingelser, der er knyttet til anvendelsen af pantet.
Hensættelseskonto for kredittab
16.
Hvis finansielle aktiver værdiforringes ved kredittab, og virksomheden registrerer værdiforringelsen på en separat konto (f.eks. en hensættelseskonto til registrering af individuelle værdiforringelser eller en tilsvarende konto til registrering af en samlet værdiforringelse af aktiver) frem for direkte at reducere aktivets regnskabsmæssige værdi, skal den præsentere en afstemning af ændringer i løbet af regnskabsåret på den pågældende konto for hver kategori af finansielle aktiver.
Sammensatte finansielle instrumenter med flere indbyggede afledte finansielle instrumenter
17.
Hvis en virksomhed har udstedt et instrument, som både indeholder et forpligtelses- og et egenkapitalelement (jf. afsnit 28 i IAS 32), og instrumentet omfatter flere indbyggede afledte finansielle instrumenter med indbyrdes afhængige værdier (f.eks. et konvertibelt gældsinstrument, som kan indløses), skal virksomheden oplyse om tilstedeværelsen af disse elementer.
Misligholdelse
18.
En virksomhed skal give følgende oplysninger om 
lån
, der er indregnet på balancedagen:
a)
detaljer vedrørende eventuel misligholdelse i regnskabsåret af hovedstol, renter, amortiseringsfonde eller indløsningsbestemmelser for disse lån
b)
den regnskabsmæssige værdi på balancedagen af misligholdte lån, og
c)
hvorvidt misligholdelsen er udbedret eller lånebetingelserne genforhandlet forud for tidspunktet for årsregnskabets godkendelse til offentliggørelse.
19.
Har der i regnskabsåret fundet anden misligholdelse af låneaftaler sted end de i afsnit 18 anførte, skal virksomheden give de samme oplysninger, som kræves i henhold til afsnit 18, såfremt sådan misligholdelse gjorde det muligt for långiver at kræve tilbagebetaling (medmindre misligholdelsen blev udbedret eller lånebetingelserne genforhandlet på eller forud for balancedagen).
Resultatopgørelse og egenkapital
Indtægts- og omkostningsposter samt gevinster og tab
20.
En virksomhed skal oplyse om følgende indtægts- og omkostningsposter samt gevinster og tab enten i selve årsregnskabet eller i noterne:
a)
nettogevinster eller nettotab hidrørende fra:
i)
finansielle aktiver eller finansielle forpligtelser til dagsværdi gennem resultatet med separat præsentation af gevinster eller tab hidrørende fra finansielle aktiver eller finansielle forpligtelser, der er klassificeret som sådanne ved første indregning, og gevinster eller tab hidrørende fra finansielle aktiver og finansielle forpligtelser, der er klassificeret som værende besiddet med handel for øje i overensstemmelse med IAS 39
ii)
finansielle aktiver disponible for salg med separat præsentation af den beløbsmæssige størrelse af gevinst eller tab, som er indregnet direkte på egenkapitalen i regnskabsåret, og det beløb, som er fjernet fra egenkapitalen og indregnet i årets resultat
iii)
hold-til-udløb-investeringer
iv)
lån og tilgodehavender, og
v)
finansielle forpligtelser målt til amortiseret kostpris
b)
samlede renteindtægter og samlede renteudgifter (beregnet ved anvendelse af den effektive rentemetode) for finansielle aktiver og finansielle forpligtelser, som ikke er til dagsværdi gennem resultatet
c)
indtægter fra og omkostninger ved provisioner og gebyrer (bortset fra de beløb, der indgår i opgørelsen af den effektive rente) hidrørende fra:
i)
finansielle aktiver og finansielle forpligtelser, som ikke er til dagsværdi gennem resultatet, og
ii)
forvaltningsaktiviteter og andre betroede aktiviteter, som indebærer forvaltning eller investering af aktiver på vegne af enkeltpersoner, fonde, pensionskasser og andre institutioner
d)
renteindtægter, som er tilskrevet værdiforringede finansielle aktiver i overensstemmelse med afsnit AG93 i IAS 39, og
e)
den beløbsmæssige størrelse af eventuelle tab ved værdiforringelser for hver kategori af finansielle aktiver.
Andre oplysninger
Regnskabspraksis
21.
En virksomhed skal i henhold til afsnit 108 i IAS 1 
Præsentation af årsregnskaber
 i oversigten over væsentlig anvendt regnskabspraksis oplyse de(t) ved udarbejdelsen af årsregnskabet anvendte målingsgrundlag og andre anvendte regnskabsprincipper, som er relevante for forståelsen af årsregnskabet.
Regnskabsmæssig sikring
22.
En virksomhed skal for hver type sikring, som er beskrevet i IAS 39 (dvs. sikring af dagsværdi, sikring af pengestrømme og sikring af nettoinvesteringer i udenlandske virksomheder), give separat oplysning om følgende:
a)
en beskrivelse af hver type sikring
b)
en beskrivelse af de finansielle instrumenter, der er klassificeret som sikringsinstrumenter, og deres dagsværdi på balancedagen, og
c)
arten af de afdækkede risici.
23.
Ved sikring af pengestrømme skal en virksomhed give følgende oplysninger:
a)
i hvilke regnskabsår, pengestrømmene forventes at finde sted, og hvornår de forventes at påvirke resultatet
b)
en beskrivelse af alle forventede transaktioner, som tidligere har været regnskabsmæssigt behandlet som sikring, men som ikke længere forventes at finde sted
c)
det beløb, som er indregnet på egenkapitalen i regnskabsåret
d)
det beløb, som er fjernet fra egenkapitalen og medtaget i årets resultat med angivelse af det beløb, der er medtaget i hver enkelt post i resultatopgørelsen, og
e)
det beløb, der er fjernet fra egenkapitalen i regnskabsåret og medtaget i den oprindelige kostpris eller anden regnskabsmæssig værdi af et ikke-finansielt aktiv eller en ikke-finansiel forpligtelse, hvis anskaffelse eller pådragelse var en sikret forventet fremtidig transaktion, som anses for højst sandsynlig.
24.
En virksomhed skal give følgende separate oplysninger:
a)
ved sikring af dagsværdi oplyses om:
i)
gevinster eller tab på sikringsinstrumentet, og
ii)
de gevinster eller tab på den sikrede post, som kan henføres til den afdækkede risiko
b)
ineffektivitet, som indregnes i resultatet, og som hidrører fra sikring af pengestrømme, og
c)
ineffektivitet, som indregnes i resultatet, og som hidrører fra sikring af nettoinvesteringer i udenlandske virksomheder.
Dagsværdi
25.
En virksomhed skal, med undtagelse af bestemmelserne i afsnit 29, for hver kategori af finansielle aktiver og finansielle forpligtelser (jf. afsnit 6) oplyse dagsværdien af den pågældende kategori af aktiver og forpligtelser på en måde, som gør det muligt at sammenligne den med den regnskabsmæssige værdi.
26.
Ved oplysning af dagsværdier foretager virksomheden en kategorisering af finansielle aktiver og finansielle forpligtelser, men modregner dem kun i det omfang, deres regnskabsmæssige værdi modregnes i balancen.
27.
En virksomhed skal give følgende oplysninger:
a)
de anvendte metoder og, såfremt der er anvendt en værdiansættelsesmetode, de forudsætninger, der er lagt til grund ved opgørelsen af dagsværdien af hver kategori af finansielle aktiver eller finansielle forpligtelser. Eksempelvis skal virksomheden oplyse om de forudsætninger, der knytter sig til forudbetalingssatser, skønnede kredittab og rente- eller diskonteringssatser, såfremt disse er væsentlige
b)
hvorvidt dagsværdier helt eller delvist opgøres direkte i forhold til officielle markedskurser på et aktivt marked eller på basis af skøn ved anvendelse af en værdiansættelsesmetode (jf. afsnit AG71-AG79 i IAS 39)
c)
hvorvidt de dagsværdier, der indregnes eller oplyses i årsregnskabet, helt eller delvist opgøres ved anvendelse af en værdiansættelsesmetode, som er baseret på forudsætninger, der ikke understøttes af kurser fra observerede aktuelle markedstransaktioner med samme instrument (dvs. uden ændring i form eller sammensætning) og ikke er baseret på tilgængelige observerede markedsdata. For så vidt angår dagsværdier, som indregnes i årsregnskabet, skal virksomheden, hvis en ændring af en eller flere af disse forudsætninger til et rimeligt sandsynligt alternativ ville medføre en væsentligt anderledes dagsværdi, angive dette og oplyse om virkningen af sådanne ændringer. I den forbindelse skal væsentlighed vurderes med hensyn til resultatet og samlede aktiver eller forpligtelser eller, hvis ændringer i dagsværdi indregnes på egenkapitalen, den samlede egenkapital
d)
hvis c) finder anvendelse, baseres den samlede ændring i dagsværdi på et skøn ved anvendelse af en værdiansættelsesmetode, som er indregnet i resultatet i regnskabsåret.
28.
Hvis markedet for et finansielt instrument ikke er aktivt, fastsætter virksomheden dagsværdien ved anvendelse af en værdiansættelsesmetode (jf. afsnit AG74-AG79 i IAS 39). Den bedste indikation af dagsværdien ved første indregning er dog transaktionsprisen (dvs. dagsværdien af det betalte eller modtagne vederlag), medmindre betingelserne i afsnit AG76 i IAS 39 er opfyldt. Det betyder, at der kan være en forskel mellem dagsværdien ved første indregning og det opgjorte beløb pr. samme dag ved anvendelse af værdiansættelsesmetoden. Hvis der forekommer en sådan forskel, skal virksomheden for hver kategori af finansielle instrumenter oplyse om:
a)
sin regnskabspraksis for indregning af denne forskel i resultatet for at afspejle en ændring i faktorer (herunder tid), som markedsdeltagere ville tage i betragtning ved prisfastsættelsen (jf. afsnit AG76A i IAS 39), og
b)
den samlede forskel, der skal indregnes i resultatet ved regnskabsårets begyndelse og slutning, og en afstemning af ændringer i denne forskel i balancen.
29.
Der skal ikke oplyses om dagsværdien:
a)
hvis den regnskabsmæssige værdi udgør en rimelig tilnærmelse af dagsværdien, eksempelvis for finansielle instrumenter såsom kortfristede tilgodehavender fra salg og tjenesteydelser og leverandørforpligtelser
b)
for investeringer i egenkapitalinstrumenter, som ikke har en officiel markedskurs på et aktivt marked, eller dermed forbundne afledte finansielle instrumenter, som måles til kostpris i overensstemmelse med IAS 39, fordi deres dagsværdi ikke kan måles pålideligt, eller
c)
for kontrakter med skønsmæssig deltagelse (som beskrevet i IFRS 4), hvis dagsværdien af dette element ikke kan måles pålideligt.
30.
I de i afsnit 29b) og c) beskrevne tilfælde skal virksomheden give oplysninger, som hjælper brugere af årsregnskabet til selv at vurdere omfanget af en eventuel forskel på den regnskabsmæssige værdi og dagsværdien af de finansielle aktiver og de finansielle forpligtelser, herunder:
a)
det forhold, at dagsværdien ikke er oplyst for disse instrumenter, fordi den ikke kan måles pålideligt
b)
en beskrivelse af de finansielle instrumenter, deres regnskabsmæssige værdi og en redegørelse for, hvorfor deres dagsværdi ikke kan måles pålideligt
c)
oplysning om markedet for de pågældende instrumenter
d)
oplysning om, hvorvidt og hvordan virksomheden påtænker at afhænde de finansielle instrumenter, og
e)
det forhold, at indregning af finansielle instrumenter, hvis dagsværdi tidligere ikke kunne måles pålideligt, i givet fald ophører, dagsværdien på det tidspunkt, indregning ophører, og den beløbsmæssige størrelse af den indregnede gevinst eller det indregnede tab.
ARTEN OG OMFANGET AF RISICI HIDRØRENDE FRA FINANSIELLE INSTRUMENTER
31.
En virksomhed skal give oplysninger, som gør det muligt for brugere af virksomhedens årsregnskab at vurdere arten og omfanget af virksomhedens risici hidrørende fra finansielle instrumenter på balancedagen.
32.
De oplysninger, der kræves i henhold til afsnit 33-42, tager sigte på risici hidrørende fra finansielle instrumenter, og hvordan sådanne risici styres. Disse risici omfatter typisk (men ikke kun) kreditrisiko, 
likviditetsrisiko
 og markedsrisiko.
Kvalitative oplysninger
33.
En virksomhed skal for hver type risiko hidrørende fra finansielle instrumenter give følgende oplysninger:
a)
de risici, virksomheden er udsat for, og hvordan de opstår
b)
virksomhedens mål med, politikker og procedurer for styring af risikoen og de metoder, der anvendes til at måle risikoen, og
c)
alle ændringer i a) eller b) i forhold til det foregående regnskabsår.
Kvantitative oplysninger
34.
En virksomhed skal for hver type risiko hidrørende fra finansielle instrumenter give følgende oplysninger:
a)
sammenfattende kvantitative data om den pågældende risiko for virksomheden på balancedagen. Disse oplysninger skal være baseret på den information, der formidles internt til nøglepersoner i virksomhedens ledelse (som defineret i IAS 24 
Oplysning om nærtstående parter
), f.eks. virksomhedens bestyrelse eller administrerende direktør
b)
de oplysninger, der kræves i henhold til afsnit 36-42, såfremt de ikke er givet i medfør af a), medmindre risikoen ikke er væsentlig (vedrørende begrebet væsentlighed henvises til afsnit 29–31 i IAS 1)
c)
koncentrationer af risici, hvis de ikke fremgår af a) og b).
35.
Hvis de kvantitative data, der er oplyst på balancedagen, ikke giver et korrekt billede af virksomhedens risici i regnskabsåret, skal virksomheden give yderligere oplysninger, som giver et korrekt billede.
Kreditrisiko
36.
En virksomhed skal for hver kategori af finansielle instrumenter give følgende oplysninger:
a)
det beløb, der bedst udtrykker virksomhedens maksimale kreditrisiko på balancedagen uden hensyntagen til eventuel sikkerhedsstillelse eller andre udvidelser af kreditværdigheden (f.eks. nettingaftaler, der ikke opfylder kriterierne for modregning i henhold til IAS 32)
b)
i forbindelse med det i a) oplyste beløb en beskrivelse af sikkerhedsstillelsen og andre udvidelser af kreditværdigheden
c)
oplysning om kreditkvaliteten af finansielle aktiver, som hverken er 
forfaldne eller værdiforringede,
 og
d)
den regnskabsmæssige værdi af finansielle aktiver, der ville have været forfaldne eller værdiforringede, såfremt de tilknyttede betingelser ikke var blevet genforhandlet.
Finansielle aktiver, som er enten forfaldne eller værdiforringede
37.
En virksomhed skal for hver kategori af finansielle aktiver give følgende oplysninger:
a)
en analyse af alderen på finansielle aktiver, som er forfaldne på balancedagen, men ikke værdiforringede
b)
en analyse af finansielle aktiver, som hver for sig er opgjort som værdiforringede på balancedagen, herunder hvilke faktorer virksomheden tog i betragtning ved denne vurdering, og
c)
for de beløb, der oplyses i medfør af a) og b), en beskrivelse af den sikkerhed, virksomheden har modtaget for de pågældende finansielle aktiver, samt andre udvidelser af kreditværdigheden og et skøn over deres dagsværdi, hvis det er praktisk muligt.
Sikkerhedsstillelse og andre udvidelser af kreditværdigheden
38.
Hvis en virksomhed kommer i besiddelse af finansielle eller ikke-finansielle aktiver i regnskabsåret ved at gøre udlæg i modtaget sikkerhed eller ved at indfri andre udvidelser af kreditværdigheden (f.eks. garantier), og disse aktiver opfylder andre standarders kriterier for indregning, skal virksomheden give følgende oplysninger:
a)
arten og den regnskabsmæssige værdi af de modtagne aktiver, og
b)
hvis aktiverne ikke umiddelbart kan konverteres til likvide beholdninger, virksomhedens strategi for afhændelse af sådanne aktiver eller anvendelse af dem i forbindelse med sine aktiviteter.
Likviditetsrisiko
39.
En virksomhed skal give følgende oplysninger:
a)
en løbetidsanalyse af finansielle forpligtelser, som viser de kontraktlige restløbetider, og
b)
en beskrivelse af, hvordan virksomheden styrer den likviditetsrisiko, der er forbundet med de i medfør af a) oplyste løbetider.
Markedsrisiko
Følsomhedsanalyse
40.
En virksomhed skal, hvis den ikke opfylder bestemmelserne i afsnit 41, give følgende oplysninger:
a)
en følsomhedsanalyse for hver type markedsrisiko, virksomheden er udsat for på balancedagen, med angivelse af, hvordan resultatet og egenkapitalen ville være blevet påvirket af ændringer i den relevante risikovariabel, som var rimeligt sandsynlige på det tidspunkt
b)
dels hvilke metoder og forudsætninger der er lagt til grund ved udarbejdelsen af følsomhedsanalysen, og
c)
ændringer i disse metoder og forudsætninger i forhold til det foregående regnskabsår og årsagerne til sådanne ændringer.
41.
Hvis virksomheden udarbejder en følsomhedsanalyse, f.eks. value-at-risk, der afspejler den indbyrdes afhængighed mellem risikovariabler (f.eks. rentesatser og valutakurser), og anvender den til at styre finansielle risici, kan denne følsomhedsanalyse træde i stedet for den i afsnit 40 nævnte analyse. Virksomheden skal desuden give følgende oplysninger:
a)
en redegørelse for den anvendte metode til udarbejdelsen af en sådan følsomhedsanalyse og de vigtigste parametre og forudsætninger, der er lagt til grund for de oplyste data, og
b)
en redegørelse for formålet med den anvendte metode og for begrænsninger ved metoden, der kan betyde, at oplysningerne ikke fuldt ud afspejler dagsværdien af de pågældende aktiver og forpligtelser.
Andre oplysninger om markedsrisiko
42.
Hvis den følsomhedsanalyse, der er fremlagt i henhold til afsnit 40 eller 41, ikke giver et korrekt billede af den risiko, der er forbundet med et finansielt instrument (f.eks. fordi risikoen ved regnskabsårets slutning ikke afspejler risikoen i resten af regnskabsåret), skal virksomheden oplyse herom og begrunde, hvorfor den mener, følsomhedsanalysen ikke giver et korrekt billede.
IKRAFTTRÆDELSESTIDSPUNKT OG OVERGANG
43.
Virksomheder skal anvende denne standard for regnskabsår, som begynder 1. januar 2007 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender denne standard for et tidligere regnskabsår, skal den give oplysning om dette.
44.
Hvis en virksomhed anvender denne standard for et tidligere regnskabsår, skal den oplyse herom. Virksomheder, som anvender denne standard for regnskabsår, der begynder før 1. januar 2006, behøver ikke præsentere sammenligningstal vedrørende de oplysninger, der i henhold til afsnit 31-42 kræves om arten og omfanget af risici hidrørende fra finansielle instrumenter.
OPHÆVELSE AF IAS 30
45.
Denne standard erstatter IAS 30 
Oplysning i pengeinstitutters og lignende finansielle institutioners årsregnskaber
.
Appendiks A
Definerede termer
Dette appendiks er en integreret del af standarden.
Anden kursrisiko
Risikoen for, at dagsværdien af eller fremtidige pengestrømme fra et finansielt instrument vil svinge som følge af andre ændringer i markedskurser end dem, der kan henføres til 
renterisikoen
 eller 
valutarisikoen
, uanset om disse ændringer skyldes forhold, der er specielt knyttet til det enkelte instrument eller udstederen heraf eller til forhold, der påvirker alle tilsvarende instrumenter, som handles på markedet.
Forfalden
Et finansielt aktiv er forfaldent, når en modpart har undladt at foretage en betaling, hvortil han var kontraktligt forpligtet.
Kreditrisiko
Risikoen for, at et finansielt instruments ene part ikke indfrier en forpligtelse og dermed påfører den anden part et tab.
Likviditetsrisiko
Risikoen for, at en virksomhed vil have vanskeligt ved imødekomme forpligtelser tilknyttet finansielle instrumenter.
Lån
Lån er andre finansielle forpligtelser end kortfristede leverandørforpligtelser på normale kreditvilkår.
Markedsrisiko
Risikoen for, at dagsværdien af eller fremtidige pengestrømme fra et finansielt instrument vil svinge som følge af ændringer i markedskurser. Markedsrisiko omfatter tre typer risici: 
valutarisiko, renterisiko
 og 
anden prisrisiko
.
Renterisiko
Risikoen for, at dagsværdien af eller fremtidige pengestrømme fra et finansielt instrument vil svinge som følge af ændringer i markedsrenter.
Valutarisiko
Risikoen for, at dagsværdien af eller fremtidige pengestrømme fra et finansielt instrument vil svinge som følge af ændringer i valutakurser.
Følgende udtryk er defineret i afsnit 11 i IAS 32 eller afsnit 9 i IAS 39 og anvendes i denne standard i den i IAS 32 og IAS 39 fastsatte betydning:
—
afledt finansielt instrument
—
almindeligt køb eller salg
—
dagsværdi
—
den effektive rentemetode
—
egenkapitalinstrument
—
et finansielt aktivs eller en finansiel forpligtelses amortiserede kostpris
—
finansiel forpligtelse
—
finansiel garantikontrakt
—
finansielle aktiver disponible for salg
—
finansielt aktiv
—
finansielt aktiv eller finansiel forpligtelse besiddet med handel for øje
—
finansielt aktiv eller finansiel forpligtelse til dagsværdi gennem resultatet
—
finansielt instrument
—
forventet transaktion
—
hold-til-udløb-investeringer
—
lån og tilgodehavender
—
ophør af indregning
—
sikringsinstrument.
Appendiks B
Anvendelsesvejledning
Dette appendiks er en integreret del af standarden.
KATEGORIER AF FINANSIELLE INSTRUMENTER OG OPLYSNINGSNIVEAU (AFSNIT 6)
B1
Virksomheder skal i henhold til afsnit 6 opdele finansielle instrumenter i passende kategorier i forhold til arten af de givne oplysninger og under hensyntagen til de pågældende finansielle instrumenters karakteristika. De kategorier, der er beskrevet i afsnit 6, fastlægges af virksomhederne og adskiller sig derved fra de kategorier af finansielle instrumenter, som er omhandlet i IAS 39 (der indeholder bestemmelser om, hvordan finansielle instrumenter måles, og hvor ændringer i dagsværdi indregnes).
B2
Ved fastlæggelsen af kategorier af finansielle instrumenter skal en virksomhed som minimum:
a)
sondre mellem instrumenter, der måles til amortiseret kostpris, og instrumenter, der måles til dagsværdi
b)
behandle de finansielle instrumenter, der ligger uden for denne standards anvendelsesområde, som en (eller flere) separate) kategori(er).
B3
En virksomhed afgør på grundlag af sine egne forhold, hvor detaljerede oplysninger den skal give for at opfylde kravene i denne standard, hvor stor vægt den vil lægge på forskellige aspekter af kravene, og hvordan den vil sammenfatte oplysningerne for at vise det samlede billede uden at sammenstille oplysninger med forskellige karakteristika. Det er nødvendigt at finde en balancegang mellem overfyldte årsregnskaber med for mange detaljer, som ikke vil være til hjælp for regnskabsbrugere, og utydeliggørelse af vigtige oplysninger som følge af, at for mange oplysninger sammendrages. Virksomheden skal f.eks. ikke tilsløre vigtige oplysninger ved at præsentere dem midt i en større mængde uvæsentlige detaljer. Tilsvarende skal virksomheden ikke give oplysninger, der er så summariske, at de skjuler vigtige forskelle mellem individuelle transaktioner eller dermed forbundne risici.
FINANSIELLE INSTRUMENTERS BETYDNING FOR DEN FINANSIELLE STILLING OG INDTJENINGEN
Finansielle forpligtelser til dagsværdi gennem resultatet (afsnit 10 og 11)
B4
Hvis en virksomhed klassificerer en finansiel forpligtelse til dagsværdi gennem resultatet, skal virksomheden i henhold til afsnit 10a) oplyse den beløbsmæssige størrelse af ændringer i forpligtelsens dagsværdi, som kan henføres til ændringer i den kreditrisiko, der er forbundet med forpligtelsen. Virksomheden kan i medfør af afsnit 10a) i) opgøre dette beløb som den beløbsmæssige størrelse af den ændring i forpligtelsens dagsværdi, der ikke kan henføres til ændringer i markedsforhold, som giver anledning til markedsrisiko. Hvis de eneste relevante ændringer i markedsforholdene for en forpligtelse er ændringer i en observeret (toneangivende) rente, kan dette beløb skønnes som følger:
a)
Først beregner virksomheden forpligtelsens interne forrentning ved begyndelsen af regnskabsåret ved brug af den observerede markedskurs på forpligtelsen og forpligtelsens kontraktlige pengestrømme ved begyndelsen af regnskabsåret. Fra denne forrentningssats trækkes den observerede (toneangivende) rente ved begyndelsen af regnskabsåret for at nå frem til den del af den interne forrentning, der er specifik for instrumentet.
b)
Derefter beregner virksomheden nutidsværdien af de til forpligtelsen knyttede pengestrømme ved brug af forpligtelsens kontraktlige pengestrømme ved regnskabsårets slutning og en diskonteringssats svarende til summen af i) den observerede (toneangivende) rente ved regnskabsårets slutning og ii) den del af den interne forrentning, der er specifik for instrumentet, som opgjort i henhold til a).
c)
Forskellen mellem den observerede markedskurs på forpligtelsen ved slutningen af regnskabsåret og det i b) opgjorte beløb er den ændring i dagsværdi, som ikke kan henføres til ændringer i den observerede (toneangivende) rente. Det er dette beløb, der skal oplyses.
I dette eksempel forudsættes det, at ændringer i dagsværdi hidrørende fra andre faktorer end ændringer i kreditrisikoen ved instrumentet eller ændringer i renten ikke er væsentlige. Hvis instrumentet i eksemplet indeholder et indbygget afledt finansielt instrument, tages ændringen i det afledte finansielle instruments dagsværdi ikke i betragtning ved opgørelsen af det beløb, der skal oplyses i henhold til afsnit 10a).
Andre oplysninger — regnskabspraksis (afsnit 21)
B5
I henhold til afsnit 21 skal virksomhederne oplyse om de(t) målingsgrundlag, der er anvendt ved udarbejdelsen af årsregnskabet, og anden anvendt regnskabspraksis, som har relevans for forståelsen af årsregnskabet. For så vidt angår finansielle instrumenter, kan disse oplysninger omfatte følgende:
a)
for finansielle aktiver eller finansielle forpligtelser, der er klassificeret til dagsværdi gennem resultatet:
i)
arten af de finansielle aktiver eller finansielle forpligtelser, virksomheden har klassificeret til dagsværdi gennem resultatet
ii)
kriterierne for denne klassifikation af sådanne finansielle aktiver eller finansielle forpligtelser på tidspunktet for første indregning, og
iii)
hvordan virksomheden har opfyldt betingelserne i afsnit 9, 11A eller 12 i IAS 39 for denne klassifikation. For instrumenter, der er klassificeret i henhold til underafsnit b)i) i definitionen i IAS 39 af et finansielt aktiv eller en finansiel forpligtelse til dagsværdi gennem resultatet, omfatter oplysningerne en beskrivelse af de omstændigheder, der ligger til grund for den målings- eller indregningsuoverensstemmelse, som i modsat fald ville opstå. For instrumenter, der er klassificeret i henhold til underafsnit b)ii) i definitionen i IAS 39 af et finansielt aktiv eller en finansiel forpligtelse til dagsværdi gennem resultatet, omfatter oplysningerne en beskrivelse af, hvordan klassifikationen til dagsværdi gennem resultatet stemmer overens med virksomhedens dokumenterede styring af risici eller dens investeringsstrategi
b)
de kriterier, der er lagt til grund for at klassificere finansielle aktiver som disponible for salg
c)
hvorvidt almindelige køb og salg af finansielle aktiver behandles regnskabsmæssigt på handelsdatoen eller afregningsdatoen (jf. afsnit 38 i IAS 39)
d)
ved anvendelse af en hensættelseskonto til at reducere den regnskabsmæssige værdi af finansielle aktiver, hvis værdi er forringet som følge af kredittab:
i)
de kriterier, som ligger til grund for vurderingen af, hvornår der foretages direkte reduktion (eller, hvis en nedskrivning tilbageføres, direkte forøgelse) af den regnskabsmæssige værdi af værdiforringede finansielle aktiver, og hvornår hensættelseskontoen anvendes, og
ii)
de kriterier, som ligger til grund for at nedskrive beløb, der er indregnet i hensættelseskontoen til den regnskabsmæssige værdi af værdiforringede finansielle aktiver (jf. afsnit 16)
e)
hvordan nettogevinster eller nettotab på hver kategori af finansielle instrumenter opgøres (jf. afsnit 20a)), f.eks. hvorvidt nettogevinster eller nettotab på poster til dagsværdi gennem resultatet omfatter renteindtægter eller udbytte
f)
de kriterier, virksomheden lægger til grund for vurderingen af, om der er en klar indikation af, at der er opstået et tab ved værdiforringelse (jf. afsnit 20e))
g)
efter genforhandling af betingelserne for finansielle aktiver, som ellers ville være forfaldne eller værdiforringede, anvendt regnskabspraksis for finansielle aktiver, for hvilke betingelserne er blevet genforhandlet (jf. afsnit 36d)).
I henhold til afsnit 113 i IAS 1 skal virksomheder i oversigten over væsentlig anvendt regnskabspraksis eller i andre noter give oplysning om vurderinger foretaget af ledelsen, bortset fra vurderinger, som involverer skøn, i forbindelse med anvendelsen af virksomhedens regnskabspraksis, og som har den væsentligste indvirkning på de i årsregnskabet indregnede beløb.
ARTEN OG OMFANGET AF RISICI HIDRØRENDE FRA FINANSIELLE INSTRUMENTER (AFSNIT 31–42)
B6
De oplysninger, der kræves i henhold til afsnit 31-42, skal enten gives i årsregnskabet eller indarbejdes ved krydshenvisning fra årsregnskabet til en anden opgørelse, f.eks. en kommentar eller risikoredegørelse fra ledelsen, som er tilgængelig for regnskabsbrugere på samme vilkår og tidspunkt som årsregnskabet. Er oplysningerne ikke indarbejdet ved krydshenvisninger, er årsregnskabet ufuldstændigt.
Kvantitative oplysninger (afsnit 34)
B7
I henhold til afsnit 34a) skal virksomheden præsentere sammenfattende kvantitative data om de risici, en virksomhed er udsat for, baseret på de oplysninger, som formidles internt til nøglepersoner i virksomhedens ledelse. Hvis en virksomhed anvender flere metoder til at styre risici, skal virksomheden give oplysning om den eller de metoder, der giver de mest relevante og pålidelige informationer. Begreberne »relevans« og pålidelighed er behandlet i IAS 8 
Årets resultat, fundamentale fejl og ændringer i anvendt regnskabspraksis
.
B8
I henhold til afsnit 34c) skal der oplyses om koncentrationer af risici. Koncentrationer af risici hidrører fra finansielle instrumenter, som har samme karakteristika og påvirkes på samme måde af ændringer i økonomiske eller andre forhold. Identifikationen af koncentrationer af risici forudsætter en vurdering, der tager hensyn til virksomhedens forhold. Oplysninger om koncentrationer af risici skal omfatte:
a)
en beskrivelse af, hvordan ledelsen opgør koncentrationer
b)
en beskrivelse af de fælles karakteristika, der kendetegner hver koncentration (f.eks. modpart, geografisk område, valuta eller marked), og
c)
den beløbsmæssige størrelse af den risiko, der er forbundet med alle finansielle instrumenter med de respektive karakteristika.
Den maksimale kreditrisiko (afsnit 36a))
B9
I henhold til afsnit 36a) skal virksomheder oplyse det beløb, som bedst udtrykker virksomhedens maksimale kreditrisiko. For et finansielt aktiv vil det normalt være den regnskabsmæssige bruttoværdi fratrukket:
a)
alle beløb, der er modregnet i overensstemmelse med IAS 32, og
b)
alle tab ved værdiforringelse, der er indregnet i overensstemmelse med IAS 39.
B10
Aktiviteter, der medfører kreditrisiko og dermed bidrager til den maksimale kreditrisiko, omfatter bl.a. (men ikke kun):
a)
ydelse af lån og tilgodehavender til kunder og placering af midler i andre virksomheder. I så fald er den maksimale kreditrisiko den regnskabsmæssige værdi af de til formålet anvendte finansielle aktiver
b)
indgåelse af kontrakter om afledte finansielle instrumenter, f.eks. valutakontrakter, renteswaps og afledte kreditinstrumenter. Hvis det aktiv, der bliver resultatet, måles til dagsværdi, svarer den maksimale kreditrisiko på balancedagen til den regnskabsmæssige værdi
c)
udstedelse af finansielle garantier. I så fald er den maksimale kreditrisiko det maksimale beløb, som virksomheden ville skulle betale, hvis garantien kræves indfriet, og som kan være væsentligt større end det beløb, der er indregnet som en forpligtelse
d)
udstedelse af et lånetilsagn, som er uopsigeligt i facilitetens brugstid eller kun kan opsiges efter en væsentlig ændring i negativ retning. Hvis udsteder ikke kan nettoafregne lånetilsagnet i likvide beholdninger eller et andet finansielt instrument, er den maksimale kreditrisiko det fulde beløb for lånetilsagnet. Det skyldes, at det ikke kan vides, om beløbet for eventuelle uudnyttede dele af lånetilsagnet vil blive hævet på et senere tidspunkt. Dette beløb kan være væsentligt større end det beløb, der er indregnet som en forpligtelse.
Analyse af kontraktlige løbetider (afsnit 39a))
B11
Ved udarbejdelsen af den analyse af kontraktlige løbetider for finansielle forpligtelser, der kræves i henhold til afsnit 39a), baserer virksomheden sig på sin egen vurdering af det mest hensigtsmæssige antal tidsintervaller. Virksomheden kan eksempelvis beslutte, at følgende tidsintervaller er hensigtsmæssige:
a)
højst en måned
b)
mindst en måned og højst tre måneder
c)
mindst tre måneder og højst et år, og
d)
mindst et år og højst fem år.
B12
Hvis en modpart selv kan vælge, hvornår et beløb skal betales, medtages forpligtelsen på grundlag af det tidligste tidspunkt, virksomheden kan afkræves betaling. Eksempelvis medtages finansielle forpligtelser, som kan kræves tilbagebetalt af virksomheden på anfordring (f.eks. anfordringsindskud) i det tidligste tidsinterval.
B13
Hvis en virksomhed har givet tilsagn om at stille beløb til rådighed i rater, medtages hver rate i den periode, hvor virksomheden tidligst kan afkræves betaling. Eksempelvis medtages et uudnyttet lånetilsagn i det tidsinterval, der omfatter det tidligste tidspunkt, der kan hæves på det.
B14
De beløb, der oplyses i løbetidsanalysen, er de kontraktlige udiskonterede pengestrømme, f.eks.:
a)
bruttobeløbet for finansielle leasingforpligtelser (før fradrag af finansieringsomkostninger)
b)
kurser fastsat i terminsaftaler om køb af finansielle aktiver for likvide beholdninger
c)
nettobeløb for receiver-renteswaps, for hvilke der udveksles nettopengestrømme
d)
kontraktmæssige beløb, der udveksles i et afledt finansielt instrument (eksempelvis en valutaswap), for hvilket der udveksles bruttopengestrømme, og
e)
bruttolånetilsagn.
Sådanne udiskonterede pengestrømme adskiller sig fra det beløb, der fremgår af balancen, eftersom beløbet i balancen er baseret på diskonterede pengestrømme.
B15
Hvis det er relevant, skal virksomheden i den analyse af kontraktlige løbetider for finansielle forpligtelser, der kræves i henhold til afsnit 39a), præsentere en separat analyse af henholdsvis afledte finansielle instrumenter og ikke-afledte finansielle instrumenter. Eksempelvis vil det være hensigtsmæssigt at sondre mellem pengestrømme fra afledte finansielle instrumenter og fra ikke-afledte finansielle instrumenter, hvis pengestrømmene fra de afledte finansielle instrumenter bruttoafregnes. Det skyldes, at der til den udgående bruttopengestrøm kan være knyttet en indgående pengestrøm.
B16
Hvis det ikke er et fast beløb, der skal betales, opgøres det oplyste beløb på grundlag af de gældende forhold på balancedagen. Eksempelvis kan det oplyste beløb, hvis det beløb, der skal betales, varierer i takt med ændringer i et indeks, baseres på niveauet for det pågældende indeks på balancedagen.
Markedsrisiko — følsomhedsanalyse (afsnit 40 og 41)
B17
I henhold til afsnit 40a) kræves der en følsomhedsanalyse for hver type markedsrisiko, en virksomhed er udsat for. I overensstemmelse med afsnit B3 afgør virksomheden selv, hvordan den sammenfatter oplysningerne for at give et samlet billede uden at sammenstille oplysninger med forskellige karakteristika om risici fra væsensforskellige økonomiske rammer, jf. følgende eksempler:
a)
en virksomhed, som handler finansielle instrumenter, kan give disse oplysninger særskilt for finansielle instrumenter, der besiddes med handel for øje, og finansielle instrumenter, der ikke besiddes med handel for øje
b)
en virksomhed bør ikke sammenstille oplysninger om sine markedsrisici fra områder med hyperinflation med oplysninger om de samme markedsrisici fra områder med meget lav inflation.
Hvis virksomheden kun er udsat for én type markedsrisici inden for én type økonomiske rammer, bør den ikke præsentere disaggregerede data.
B18
I henhold til afsnit 40a) skal det af følsomhedsanalysen fremgå, hvordan rimeligt sandsynlige ændringer i relevante risikovariabler (f.eks. gældende markedsrenter, valutakurser, kurser på egenkapitalinstrumenter eller råvarepriser) påvirker resultatet og egenkapitalen. I den forbindelse gælder følgende:
a)
Virksomheder behøver ikke opgøre, hvad regnskabsårets resultat ville have været, hvis relevante risikovariabler havde været anderledes. Virksomhederne oplyser i stedet virkningen for resultatet på balancedagen baseret på den antagelse, at der forekom en rimeligt sandsynlig ændring i den relevante risikovariabel på balancedagen, som blev anvendt på den risiko, der forelå på det tidspunkt. Hvis en virksomhed eksempelvis ved årets udgang har en variabelt forrentet forpligtelse, skulle virksomheden oplyse, hvordan det ville påvirke resultatet (dvs. renteudgiften) for det aktuelle regnskabsår, hvis renten havde varieret i et rimeligt sandsynligt omfang.
b)
Virksomheder behøver ikke opgøre virkningen for resultatet og egenkapitalen for hver ændring inden for en række rimeligt sandsynlige ændringer i den relevante risikovariabel. Det er tilstrækkeligt at oplyse henholdsvis den største og den mindste ændring inden for den rimeligt sandsynlige række af ændringer.
B19
Virksomheden bør ved vurderingen af, hvad der er en rimeligt sandsynlig ændring i den relevante risikovariabel, tage følgende i betragtning:
a)
de økonomiske rammer, inden for hvilke virksomheden opererer. En rimeligt sandsynlig ændring bør ikke omfatte usandsynlige eller »worst case«-scenarier eller »stress tests«. Hvis graden af ændring i den underliggende risikovariabel er stabil, behøver virksomheden heller ikke ændre den valgte rimeligt sandsynlige ændring i risikovariablen. Som eksempel kan det antages, at renten er 5 procent, og en virksomhed vurderer, at et udsving i renten på ±50 basispoint er rimeligt sandsynligt. Den bør oplyse virkningen for resultatet og egenkapitalen, hvis renten ændres til 4,5 procent eller 5,5 procent. I det følgende regnskabsår er renten steget til 5,5 procent. Virksomheden mener fortsat, at renten kan svinge med ±50 basispoint (dvs. graden af ændring i renten er stabil). Virksomheden skulle oplyse virkningen for resultatet og egenkapitalen, hvis renten steg til 5 procent eller 6 procent. Virksomheden ville ikke behøve at revidere sin vurdering af, at renten med rimelig sandsynlighed kunne svinge med ±50 basispoint, medmindre der er belæg for, at renten var blevet væsentligt mere ustabil
b)
tidsrammen for vurderingen. Følsomhedsanalysen skal vise virkningerne af ændringer, der anses for rimeligt sandsynlige i løbet af regnskabsåret, indtil virksomheden næste gang præsenterer disse oplysninger, hvilket normalt er dens næste regnskabsår.
B20
I henhold til afsnit 41 er det tilladt for virksomheden at anvende en følsomhedsanalyse, som afspejler indbyrdes afhængighed mellem risikovariabler, såsom en value-at-risk-metode, hvis den anvender denne analyse til at styre sine finansielle risici. Det gælder også, hvis metoden kun måler muligheden for tab og ikke muligheden for gevinst. En sådan virksomhed kan opfylde bestemmelserne i afsnit 41a) ved at oplyse, hvilken type value-at-risk-model der er anvendt (f.eks. om modellen er baseret på Monte Carlo-simulationer), og gøre rede for, hvordan modellen virker, og for de vigtigste underliggende forudsætninger (f.eks. ihændehaverperioden og konfidensniveauet). Virksomheden kan også oplyse den historiske observationsperiode og de vægtninger, der er anvendt på observationerne i den pågældende periode, samt gøre rede for, hvordan optioner er behandlet i beregningerne, og hvilke volatiliteter og korrelationer (eller i givet fald Monte Carlo-simulationer af sandsynlighedsfordelingen) der er anvendt.
B21
Virksomheden skal fremlægge følsomhedsanalyser for sit samlede forretningsområde, men kan fremlægge forskellige typer følsomhedsanalyser for forskellige kategorier af finansielle instrumenter.
Renterisiko
B22
Renterisiko
 hidrører fra rentebærende finansielle instrumenter, der er indregnet i balancen (f.eks. lån og tilgodehavender og udstedte gældsinstrumenter), og fra visse finansielle instrumenter, som ikke er indregnet i balancen (f.eks. visse lånetilsagn).
Valutarisiko
B23
Valutarisiko
 hidrører fra finansielle instrumenter, som er angivet i en fremmed valuta, dvs. en anden valuta end den funktionelle valuta, hvori de måles. I denne standard hidrører valutarisiko ikke fra finansielle instrumenter, som er ikke-monetære poster, eller fra finansielle instrumenter, som er angivet i den funktionelle valuta.
B24
Der fremlægges en følsomhedsanalyse for hver valuta, der indebærer en væsentlig risiko for virksomheden.
Andre pris- og kursrisici
B25
Andre pris- og kursrisici
 hidrører fra finansielle instrumenter som følge af ændringer i eksempelvis råvarepriser eller kurser på egenkapitalinstrumenter. For at opfylde bestemmelserne i afsnit 40 kan virksomheden oplyse virkningen af et fald i et bestemt aktiemarkedsindeks, en bestemt råvarepris eller andre risikovariabler. Hvis en virksomhed eksempelvis udsteder restværdigarantier, som er finansielle instrumenter, skal den oplyse om en forøgelse eller et fald i værdien af de aktiver, garantien vedrører.
B26
To eksempler på finansielle instrumenter, som giver anledning til risiko i relation til kursen på egenkapitalinstrumenter, er a) besiddelse af egenkapitalinstrumenter i en anden virksomhed og b) en investering i en fond, som selv har investeringer i egenkapitalinstrumenter. Af andre eksempler kan nævnes terminskontrakter og optioner på køb eller salg af bestemte mængder af et egenkapitalinstrument og swaps, som er indekseret efter kurser på egenkapitalinstrumenter. Dagsværdien af sådanne finansielle instrumenter påvirkes af ændringer i markedskursen for de underliggende egenkapitalinstrumenter.
B27
I henhold til afsnit 40a) oplyses resultatets følsomhed (hidrørende f.eks. fra instrumenter, som er klassificeret til dagsværdi gennem resultatet og værdiforringelser af finansielle aktiver disponible for salg) særskilt fra egenkapitalens følsomhed (hidrørende f.eks. fra instrumenter, som er klassificeret som disponible for salg).
B28
Finansielle instrumenter, som en virksomhed klassificerer som egenkapitalinstrumenter, skal ikke måles efterfølgende. Hverken resultatet eller egenkapitalen påvirkes af den risiko i relation til kursen på egenkapitalinstrumenter, der er forbundet med de pågældende instrumenter. Derfor kræves der ingen følsomhedsanalyse.
IFRS 8
Driftssegmenter
GRUNDPRINCIP
1.
En virksomhed skal give oplysninger, der gør det muligt for brugere af dens årsregnskab at vurdere arten og de økonomiske virkninger af de forretningsaktiviteter, den udøver, og de økonomiske rammer, den opererer inden for.
ANVENDELSESOMRÅDE
2.
Denne standard skal anvendes for:
a)
det separate eller enkelte årsregnskab for en virksomhed:
i)
hvis gælds- eller egenkapitalinstrumenter handles på et offentligt marked (en national eller udenlandsk børs eller et sekundært børsmarked, herunder lokale og regionale markeder), eller
ii)
der indsender eller er ved at indsende sit årsregnskab til et børstilsyn eller en anden myndighed med henblik på at notere en hvilken som helst kategori af instrumenter på et offentligt marked, og
b)
koncernregnskabet for en koncern med en modervirksomhed:
i)
hvis gælds- eller egenkapitalinstrumenter handles på et offentligt marked (en national eller udenlandsk børs eller et sekundært børsmarked, herunder lokale og regionale markeder), eller
ii)
der indsender eller er ved at indsende sit koncernregnskab til et børstilsyn eller en anden myndighed med henblik på at notere en hvilken som helst kategori af instrumenter på et offentligt marked.
3.
Såfremt en virksomhed, der ikke er forpligtet til at anvende denne standard, vælger at give oplysninger om segmenter, som ikke overholder denne standard, skal den ikke beskrive oplysningerne som segmentoplysninger.
4.
Såfremt en regnskabsopgørelse både indeholder koncernregnskab for en modervirksomhed, der falder inden for denne standards anvendelsesområde, og modervirksomhedens separate årsregnskab, kræves der kun segmentoplysninger i koncernregnskabet.
DRIFTSSEGMENTER
5.
Et driftssegment er et element af en virksomhed:
a)
der udøver forretningsaktiviteter, hvorigennem virksomheden kan frembringe omsætning og pådrage sig omkostninger (herunder omsætning og omkostninger knyttet til transaktioner med andre elementer af den samme virksomhed)
b)
hvis driftsresultater regelmæssigt gennemgås af virksomhedens øverste beslutningstager, som beslutter, hvilke ressourcer, der skal allokeres til segmentet, og vurderer indtjeningen, og
c)
om hvilket der foreligger separat økonomisk information.
Et driftssegment kan beskæftige sig med forretningsaktiviteter, som endnu ikke har frembragt en omsætning, f.eks. kan opstartsaktiviteter være driftssegmenter, før de frembringer en omsætning.
6.
Ikke alle dele af en virksomhed udgør nødvendigvis et driftssegment eller en del af et driftssegment. For eksempel frembringer et hovedsæde eller visse funktionsafdelinger måske ingen omsætning, eller de frembringer en omsætning, der er tilknyttet virksomhedens aktiviteter, men udgør ikke i sig selv et driftssegment. I denne standard er en virksomheds pensionsordninger ikke driftssegmenter.
7.
Udtrykket »øverste beslutningstager« betegner en funktion, og ikke nødvendigvis en direktør med en bestemt titel. Denne funktion er at tildele ressourcer til driftssegmenterne i en virksomhed og vurdere deres indtjening. Ofte er den øverste beslutningstager i en virksomhed dens administrerende direktør eller tekniske direktør (COO), men det kan f.eks. være en gruppe af arbejdende bestyrelsesmedlemmer eller andre.
8.
For mange virksomheder vil de tre karakteristiske træk ved driftssegmenter i afsnit 5 klart dække virksomhedens driftssegmenter. Imidlertid kan en virksomhed udarbejde opgørelser, hvor dens forretningsaktiviteter præsenteres på forskellige måder. Hvis den øverste beslutningstager bruger mere end ét sæt segmentoplysninger, kan andre faktorer identificere et enkelt sæt elementer som en virksomheds driftssegmenter, herunder arten af hvert elements forretningsaktiviteter, det forhold at der er direktører med ansvar for dem, samt oplysninger, der er forelagt bestyrelsen.
9.
Normalt har et driftssegment en segmentleder, der er direkte ansvarlig over for den øverste beslutningstager og har regelmæssig kontakt med denne for at drøfte driftsaktiviteter, økonomiske resultater, prognoser eller planer for segmentet. Udtrykket »segmentleder« betegner en funktion, og ikke nødvendigvis en direktør med en bestemt titel. Den øverste beslutningstager kan også være segmentleder for et antal driftssegmenter. Én leder kan være segmentleder for mere end ét driftssegment. Såfremt de karakteristiske træk i afsnit 5 gælder for mere end ét sæt elementer af en organisation, men segmentlederne kun er ansvarlige for ét sæt, udgør dette sæt elementer driftssegmenterne.
10.
De karakteristiske træk i afsnit 5 kan gælde for to eller flere overlappende sæt elementer, som ledere er ansvarlige for. Den struktur kaldes undertiden en matrixorganisation. I nogle virksomheder er nogle ledere f.eks. ansvarlige for forskellige grupper af produkter eller tjenesteydelser over hele verden, mens andre ledere er ansvarlige for bestemte geografiske områder. Den øverste beslutningstager gennemgår regelmæssigt begge sæt elementers driftsresultater, og der stilles økonomisk information til rådighed for begge. I denne situation skal virksomheden afgøre, hvilke sæt af elementer, der udgør driftssegmenter i henhold til grundprincippet.
PRÆSENTATIONSPLIGTIGE SEGMENTER
11.
En virksomhed skal præsentere separate oplysninger om hvert driftssegment, der:
a)
er blevet identificeret i overensstemmelse med afsnit 5-10 eller er fremkommet ved at sammenlægge to eller flere af disse segmenter i overensstemmelse med afsnit 12, og
b)
overskrider de kvantitative grænser i afsnit 13.
I afsnit 14–19 er anført andre situationer, hvor der skal præsenteres separate oplysninger om et driftssegment.
Kriterier for sammenlægning
12.
Driftssegmenter har ofte en ensartet indtjening på lang sigt, hvis de har ensartede økonomiske karakteristika. F.eks. vil der forventes ensartede gennemsnitlige bruttoavancer på lang sigt for to driftssegmenter, hvis deres økonomiske karakteristika er ensartede. To eller flere driftssegmenter kan sammenlægges til ét driftssegment, hvis sammenlægningen er i overensstemmelse med grundprincippet for denne standard, segmenterne har ensartede økonomiske karakteristika, og segmenterne er ensartede i følgende henseender:
a)
produkternes og tjenesteydelsernes art
b)
produktionsprocessernes art
c)
produktets eller tjenesteydelsens kundetype eller -gruppe
d)
de anvendte distributionsmetoder for produktet eller tjenesteydelsen, og
e)
eventuelle særlige lovmæssige rammer, eksempelvis for bankvirksomhed, forsikringsvirksomhed eller offentlig virksomhed.
Kvantitative grænser
13.
En virksomhed skal præsentere separate oplysninger om et driftssegment, der ligger inden for en af følgende kvantitative grænser:
a)
Den præsenterede omsætning, herunder både salg til eksterne kunder og salg og overførsler mellem segmenter, udgør 10 % eller derover af den samlede interne og eksterne omsætning for alle driftssegmenter.
b)
Det absolutte beløb for det præsenterede resultat er 10 % eller derover af det største beløb i absolutte tal for i) det samlede præsenterede overskud for alle driftssegmenter, der ikke præsenterede et tab, og ii) det samlede præsenterede tab for alle driftssegmenter, der præsenterede et tab.
c)
Aktiverne udgør 10 % eller derover af de samlede aktiver for alle driftssegmenter.
Driftssegmenter, der ikke ligger inden for nogen af de kvantitative grænser, kan anses for præsentationspligtige og oplyses separat, hvis ledelsen mener, at oplysninger om segmentet vil være nyttige for brugere af årsregnskabet.
14.
En virksomhed må kun samle oplysninger om driftssegmenter, der ikke ligger inden for de kvantitative grænser, og oplysninger om andre driftssegmenter, der ikke ligger inden for de kvantitative grænser, så der derved fremkommer et præsentationspligtigt segment, hvis driftssegmenterne har ensartede økonomiske karakteristika, og begge opfylder hovedparten af de sammenlægningskriterier, der er anført i afsnit 12.
15.
Hvis den samlede eksterne omsætning, der præsenteres af driftssegmenter, udgør under 75 % af virksomhedens omsætning, skal yderligere driftssegmenter identificeres som præsentationspligtige segmenter (selv om de ikke opfylder kriterierne i afsnit 13), indtil mindst 75 % af virksomhedens omsætning er omfattet af præsentationspligtige segmenter.
16.
Oplysninger om andre forretningsaktiviteter og driftssegmenter, der ikke er præsentationspligtige, skal samles og oplyses i en kategori for »alle øvrige segmenter«, som er adskilt fra andre afstemningsposter i de i henhold til afsnit 28 krævede afstemninger. Kilderne til omsætningen under kategorien »alle øvrige segmenter« skal beskrives.
17.
Såfremt ledelsen vurderer, at et driftssegment, der i det umiddelbart foregående regnskabsår er identificeret som et præsentationspligtigt segment, fortsat er af betydning, skal oplysninger om dette segment fortsat præsenteres separat i det aktuelle regnskabsår, selv om det ikke længere opfylder kriterierne for præsentationspligt i afsnit 13.
18.
Såfremt et driftssegment identificeres som et præsentationspligtigt segment i det aktuelle regnskabsår i overensstemmelse med de kvantitative grænser, skal segmentoplysninger for et foregående regnskabsår, der præsenteres af hensyn til sammenlignelighed, tilpasses, således at de afspejler det nye præsentationspligtige segment som et separat segment, selv om dette segment i det foregående regnskabsår ikke opfyldte kriterierne for præsentationspligt i afsnit 13, medmindre de nødvendige oplysninger ikke foreligger, og det ville indebære uforholdsmæssigt store omkostninger at udarbejde dem.
19.
Der kan være en praktisk grænse for, hvor mange præsentationspligtige segmenter en virksomhed oplyser separat, da segmentoplysningerne ellers kan blive for detaljerede. Der er ikke fastsat en præcis grænse, men når antallet af segmenter, der er præsentationspligtige i henhold til afsnit 13-18, stiger til over 10, bør virksomheden overveje, om der er nået en praktisk grænse.
OPLYSNINGER
20.
En virksomhed skal give oplysninger, der gør det muligt for brugere af dens årsregnskab at vurdere arten og de økonomiske virkninger af de forretningsaktiviteter, den udøver, og de økonomiske rammer, den opererer inden for.
21.
For at udmønte princippet i afsnit 20 skal en virksomhed oplyse følgende for hver periode, der præsenteres driftsregnskab for:
a)
generelle oplysninger som beskrevet i afsnit 22
b)
oplysninger om præsenteret segmentresultat, herunder specificeret omsætning og omkostninger i det præsenterede segmentresultat, segmentaktiver, segmentforpligtelser og grundlaget for målingen som beskrevet i afsnit 23-27, og
c)
afstemninger af samlet segmentomsætning, præsenteret segmentresultat, segmentaktiver, segmentforpligtelser og øvrige væsentlige segmentposter med de tilsvarende virksomhedsbeløb som beskrevet i afsnit 28.
Afstemninger af balanceposter for præsentationspligtige segmenter med virksomhedens balanceposter kræves for hver dato, hvor der præsenteres en balance. Oplysninger for forudgående perioder skal behandles som beskrevet i afsnit 29 og 30.
Generelle oplysninger
22.
En virksomhed skal afgive følgende generelle oplysninger:
a)
faktorer, der er lagt til grund for identificering af virksomhedens præsentationspligtige segmenter, herunder organisationsgrundlaget (f.eks. hvorvidt ledelsen har valgt at organisere virksomheden efter forskelle i produkter og tjenesteydelser, geografiske områder, lovgivningsmæssige rammer eller en kombination af faktorer, og hvorvidt driftssegmenter er blevet lagt sammen), og
b)
typer af produkter og tjenesteydelser, som hvert præsentationspligtigt segment har sin omsætning fra.
Information om resultat, aktiver og forpligtelser
23.
En virksomhed skal præsentere en måling af resultat og samlede aktiver for hvert præsentationspligtigt segment. En virksomhed skal præsentere en måling af forpligtelser for hvert præsentationspligtigt segment, hvis et sådant beløb regelmæssigt indberettes til den øverste beslutningstager. En virksomhed skal også oplyse følgende om hvert præsentationspligtigt segment, hvis de specificerede beløb er inkluderet i den måling af segmentets resultat, der gennemgås af den øverste beslutningstager, eller på anden vis regelmæssigt indberettes til den øverste beslutningstager, selv om de ikke er inkluderet i målingen af segmentresultatet:
a)
omsætning fra eksterne kunder
b)
omsætning fra transaktioner med andre driftssegmenter i samme virksomhed
c)
renteindtægter
d)
renteudgifter
e)
nedskrivning og afskrivning
f)
væsentlige indtægts- og udgiftsposter, der oplyses i overensstemmelse med afsnit 86 i IAS 1 
Præsentation af årsregnskaber
g)
virksomhedens interesse i associerede virksomheder og joint venture-selskabers resultat, der regnskabsmæssigt behandles efter den indre værdis metode
h)
skatteomkostninger eller –indtægter, og
i)
væsentlige poster, der ikke har medført ind- eller udbetalinger, bortset fra nedskrivning og afskrivning.
En virksomhed skal præsentere renteindtægter separat fra renteudgifter for hvert præsentationspligtigt segment, medmindre hovedparten af segmentets indtægter stammer fra renter, og den øverste beslutningstager primært bruger nettorenteindtægter til at vurdere segmentets indtjening og træffe beslutninger om, hvilke ressourcer, der skal tildeles segmentet. I så fald kan en virksomhed præsentere det pågældende segments renteindtægter minus dets renteudgifter og oplyse, at den har gjort det.
24.
En virksomhed skal oplyse følgende om hvert præsentationspligtigt segment, hvis de specificerede beløb er inkluderet i den måling af segmentets aktiver, der gennemgås af den øverste beslutningstager eller på anden vis regelmæssigt indberettes til den øverste beslutningstager, selv om de ikke er inkluderet i målingen af segmentaktiver:
a)
den beløbsmæssige størrelse af investeringer i associerede virksomheder og joint ventures, der regnskabsmæssigt behandles efter den indre værdis metode, og
b)
den beløbsmæssige størrelse af andre tilgange til anlægsaktiver 
(
1
)
 end finansielle instrumenter, udskudte skatteaktiver, pensionsaktiver (jf. IAS 19 
Personaleydelser
 afsnit 54-58) og rettigheder i henhold til forsikringskontrakter.
MÅLING
25.
Beløbet for hver præsenteret segmentpost skal være den måling, der er præsenteret for den øverste beslutningstager for at sætte denne i stand til at træffe beslutninger om allokering af ressourcer til segmentet og til at vurdere indtjeningen. Reguleringer og elimineringer, der er foretaget under udarbejdelse af virksomhedens regnskab, og allokering af omsætning, omkostninger og gevinster og tab skal kun indgå i opgørelsen af det præsenterede segmentresultat, hvis de er inkluderet i den måling af segmentets resultat, der bruges af den øverste beslutningstager. På samme måde skal kun de aktiver og forpligtelser, der er inkluderet i de målinger af segmentaktiver og segmentforpligtelser, som bruges af den øverste beslutningstager, præsenteres for det pågældende segment. Såfremt der allokeres beløb til præsenteret segmentresultat, aktiver eller forpligtelser, skal disse beløb allokeres på et rimeligt grundlag.
26.
Hvis den øverste beslutningstager kun bruger én måling af et driftssegments resultat, segmentets aktiver eller segmentets forpligtelser ved vurdering af segmentets indtjening og beslutning om allokering af ressourcer, skal segmentresultat, aktiver og forpligtelser præsenteres i denne måling. Hvis den øverste beslutningstager bruger mere end én måling af et driftssegments resultat, segmentets aktiver eller segmentets forpligtelser, skal de præsenterede målinger være dem, som ifølge ledelsen er opgjort i overensstemmelse med de målingsprincipper, der er mest forenelige med dem, der bruges til at måle de tilsvarende beløb i virksomhedens årsregnskab.
27.
En virksomhed skal give en redegørelse for målingerne af segmentresultat, segmentaktiver og segmentforpligtelser for hvert præsentationspligtigt segment. Virksomheden skal som minimum oplyse følgende:
a)
grundlaget for den regnskabsmæssige behandling af alle transaktioner mellem præsentationspligtige segmenter
b)
arten af eventuelle forskelle mellem målingerne af de præsentationspligtige segmenters resultat og virksomhedens resultat før skatteomkostninger eller -indtægter og ophørte aktiviteter (hvis de ikke fremgår af afstemningerne beskrevet i afsnit 28). De forskelle kunne omfatte anvendt regnskabspraksis og politikker for allokering af centralt afholdte omkostninger, der er nødvendige for at forstå de præsenterede segmentoplysninger
c)
arten af eventuelle forskelle mellem målingerne af de præsentationspligtige segmenters aktiver og virksomhedens aktiver (hvis de ikke fremgår af afstemningerne beskrevet i afsnit 28). Disse forskelle kunne omfatte anvendt regnskabspraksis og politikker for allokering af fælles anvendte aktiver, der er nødvendige for at forstå de præsenterede segmentoplysninger
d)
arten af eventuelle forskelle mellem målingerne af de præsentationspligtige segmenters forpligtelser og virksomhedens forpligtelser (hvis de ikke fremgår af afstemningerne beskrevet i afsnit 28). Disse forskelle kunne omfatte anvendt regnskabspraksis og politikker for allokering af fælles udnyttede forpligtelser, der er nødvendige for at forstå de præsenterede segmentoplysninger
e)
arten af eventuelle ændringer i forhold til tidligere regnskabsår i de målingsmetoder, der anvendes til at opgøre det præsentationspligtige segments resultat og en eventuel virkning af disse ændringer på målingen af segmentresultatet
f)
arten og virkningen af eventuelle asymmetriske allokeringer til præsentationspligtige segmenter. F.eks. kunne en virksomhed allokere afskrivninger til et segment uden at allokere de tilknyttede afskrivningsberettigede aktiver til segmentet.
Afstemninger
28.
En virksomhed skal fremlægge afstemninger af følgende:
a)
de præsentationspligtige segmenters samlede omsætning med virksomhedens omsætning
b)
de præsentationspligtige segmenters samlede resultatmålinger med virksomhedens resultat før skatteomkostninger (skatteindtægter) og ophørte aktiviteter. Hvis en virksomhed imidlertid allokerer poster, såsom skatteomkostninger (skatteindtægter), til præsentationspligtige segmenter, kan virksomheden afstemme segmenternes samlede resultatmålinger med virksomhedens resultat efter disse poster
c)
de præsentationspligtige segmenters samlede aktiver med virksomhedens aktiver
d)
de præsentationspligtige segmenters samlede forpligtelser med virksomhedens forpligtelser, hvis segmentforpligtelserne præsenteres i overensstemmelse med afsnit 23
e)
de præsentationspligtige segmenters samlede beløb for alle andre væsentlige oplysningsposter med virksomhedens tilsvarende beløb.
Alle væsentlige afstemningsposter skal identificeres og beskrives separat. F.eks. skal den beløbsmæssige størrelse af alle væsentlige reguleringer, der er nødvendige for at afstemme det præsentationspligtige segments resultat med virksomhedens resultat som følge af forskellig regnskabspraksis, identificeres og beskrives separat.
Korrektion af tidligere præsenterede oplysninger
29.
Hvis en virksomhed ændrer sin interne organisationsstruktur på en måde, der gør, at dens præsentationspligtige segmenter ændres, skal de tilsvarende oplysninger for tidligere regnskabsår, herunder delårsperioder, tilpasses, medmindre oplysningerne ikke foreligger, og det ville indebære uforholdsmæssigt store omkostninger at udarbejde dem. Det skal for hver enkelt oplysningspost afgøres, om oplysningerne foreligger, og hvis dette ikke er tilfældet, om omkostningerne ved at udarbejde dem ville være uforholdsmæssigt store. Efter en ændring i sammensætningen af virksomhedens præsentationspligtige segmenter skal virksomheden oplyse, hvorvidt den har tilpasset de tilsvarende segmentoplysningsposter for tidligere regnskabsår.
30.
Hvis en virksomhed har ændret sin interne organisationsstruktur på en måde, der gør, at sammensætningen af dens præsentationspligtige segmenter ændres, og hvis segmentoplysninger for tidligere regnskabsår, herunder delårsperioder, ikke tilpasses, så de afspejler ændringen, skal virksomheden i det år, ændringen finder sted afgive segmentoplysninger om det aktuelle regnskabsår både på det gamle grundlag og det nye segmenteringsgrundlag, medmindre de nødvendige oplysninger ikke foreligger, og det ville indebære uforholdsmæssigt store omkostninger at udarbejde dem.
OPLYSNINGER OM VIRKSOMHEDEN
31.
Afsnit 32-34 gælder for alle virksomheder, der er omfattet af denne standard, herunder virksomheder, der kun har et enkelt præsentationspligtigt segment. Nogle virksomheders forretningsaktiviteter er ikke organiseret på grundlag af forskelle i beslægtede produkter og tjenesteydelser eller forskelle i geografiske områder. En sådan virksomheds præsentationspligtige segmenter kan præsentere omsætning fra en bred vifte af væsensforskellige produkter og tjenesteydelser, eller mere end ét af virksomhedens præsentationspligtige segmenter kan levere stort set de samme produkter og tjenesteydelser. På samme måde kan en virksomheds præsentationspligtige segmenter besidde aktiver i forskellige geografiske områder og præsentere omsætning fra kunder i forskellige geografiske områder, eller mere end ét af virksomhedens præsentationspligtige segmenter kan operere i det samme geografiske område De oplysninger, der kræves i afsnit 32-34, skal kun fremlægges, hvis de ikke fremlægges som en del af de oplysninger om det præsentationspligtige segment, der kræves i henhold til denne standard.
Oplysninger om produkter og tjenesteydelser
32.
En virksomhed skal præsentere sin omsætning fra eksterne kunder for hvert produkt og hver tjenesteydelse eller hver gruppe af ensartede produkter og tjenesteydelser, medmindre de nødvendige oplysninger ikke foreligger, og det ville indebære uforholdsmæssigt store omkostninger at udarbejde dem; i så fald skal dette forhold oplyses. De præsenterede omsætningsbeløb skal være baseret på den økonomiske information, der er anvendt til at udarbejde virksomhedens årsregnskab.
Oplysninger om geografiske områder
33.
En virksomhed skal præsentere følgende geografiske oplysninger, medmindre de nødvendige oplysninger ikke foreligger, og det ville indebære uforholdsmæssigt store omkostninger at udarbejde dem:
a)
omsætning fra eksterne kunder, der i) henføres til virksomhedens hjemland og ii) henføres til samtlige fremmede lande, hvorfra virksomhedens omsætning stammer. Hvis den omsætning fra eksterne kunder, der kan henføres til et enkelt fremmed land, er væsentlig, skal denne omsætning oplyses separat. En virksomhed skal oplyse grundlaget for at henføre omsætning fra eksterne kunder til enkeltlande
b)
anlægsaktiver 
(
2
)
 bortset fra finansielle instrumenter, udskudte skatteaktiver, pensionsaktiver og rettigheder i henhold til forsikringskontrakter, der i) er placeret i virksomhedens hjemland og ii) er placeret i samtlige fremmede lande, hvor virksomheden besidder aktiver. Såfremt aktiverne i et enkelt fremmed land er væsentlige, skal disse aktiver oplyses separat.
De præsenterede beløb skal være baseret på den økonomiske information, der er anvendt til at udarbejde virksomhedens årsregnskab Hvis de nødvendige oplysninger ikke foreligger, og det vil indebære uforholdsmæssigt store omkostninger at udarbejde dem, skal dette oplyses. En virksomhed kan ud over de i dette afsnit krævede oplysninger fremlægge subtotaler af geografiske oplysninger om grupper af lande.
Oplysninger om større kunder
34.
En virksomhed skal fremlægge oplysninger om, i hvilken grad den er afhængig af sine store kunder. Hvis omsætningen fra transaktioner med en enkelt ekstern kunde beløber sig til 10 % af virksomhedens omsætning eller derover, skal virksomheden oplyse dette, den samlede omsætning fra hver af denne type kunder og hvilke(t) segment(er), der præsenterer omsætningen. Virksomheden behøver ikke oplyse en større kundes identitet eller den beløbsmæssige størrelse af den omsætning, hvert segment præsenterer fra den pågældende kunde. Hvis den regnskabsaflæggende virksomhed har kendskab til, at en gruppe af virksomheder er under samme bestemmende indflydelse, skal virksomheden i denne standard betragte gruppen som en enkelt kunde, og en regering (national, stats-, provins-, territorial-, lokal- eller udenlandsk) og virksomheder, som den regnskabsaflæggende virksomhed ved, er under den pågældende regerings kontrol, skal betragtes som en enkelt kunde.
OVERGANG OG IKRAFTTRÆDELSESDATO
35.
Virksomheder skal anvende denne standard i deres årsregnskaber for regnskabsår, der begynder den 1. januar 2009 eller derefter. Det er tilladt at anvende standarden før dette tidspunkt vis en virksomhed anvender denne standard i sine årsregnskaber for regnskabsår før den 1. januar 2009, skal den give oplysning herom.
36.
Segmentoplysninger for tidligere år, der præsenteres som sammenligningstal for det oprindelige anvendelsesår, skal tilpasses, så de er i overensstemmelse med kravene i denne standard, medmindre de nødvendige oplysninger ikke foreligger, og det ville indebære uforholdsmæssigt store omkostninger at udarbejde dem.
OPHÆVELSE AF IAS 14
37.
Denne standard erstatter IAS 14 
Præsentation af segmentoplysninger
.
(
1
)
  For aktiver, der klassificeres efter en likviditetspræsentation, er anlægsaktiver aktiver, der omfatter beløb, som forventes genindvundet mere end 12 måneder efter balancedatoen.
(
2
)
  For aktiver, der klassificeres efter en likviditetspræsentation, er anlægsaktiver aktiver, der omfatter beløb, som forventes genindvundet mere end 12 måneder efter balancedatoen.
Appendiks
Defineret term
Dette appendiks er en integreret del af standarden.
Driftssegment
Et driftssegment er et element af en virksomhed:
a)
der udøver forretningsaktiviteter, hvorigennem virksomheden kan frembringe omsætning og pådrage sig omkostninger (herunder omsætning og omkostninger knyttet til transaktioner med andre elementer af den samme virksomhed)
b)
hvis driftsresultater regelmæssigt gennemgås af virksomhedens øverste beslutningstager, som beslutter, hvilke ressourcer, der skal allokeres til segmentet, og vurderer indtjeningen, og
c)
om hvilket der foreligger separat økonomisk information.
IFRIC-FORTOLKNINGSBIDRAG 1
Ændringer i eksisterende forpligtelser i forbindelse med at tage anlæg ud af drift, retablering og tilsvarende forpligtelser
HENVISNINGER
—
IAS 1 
Præsentation af årsregnskaber
 (ajourført 2003)
—
IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
—
IAS 16 
Materielle anlægsaktiver (ajourført 2003)
—
IAS 23 
Låneomkostninger
—
IAS 36 
Værdiforringelse af aktiver (ajourført 2004)
—
IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
BAGGRUND
1.
Mange virksomheder har forpligtelser til nedtagning, bortskaffelse og retablering af materielle anlægsaktiver. I dette fortolkningsbidrag betegnes sådanne forpligtelser som »forpligtelser i forbindelse med at tage anlæg ud af drift, retablering samt tilsvarende forpligtelser«. I henhold til IAS 16 omfatter kostprisen for et materielt anlægsaktiv det oprindelige skøn over omkostninger til nedtagning og bortskaffelse af aktivet og retablering af det sted, hvor det er placeret, som virksomheden har forpligtet sig til at afholde, enten ved anskaffelsen af aktivet eller som følge af brugen af aktivet i et bestemt regnskabsår til andre formål end produktion af varebeholdninger i det pågældende regnskabsår. IAS 37 indeholder krav til måling af forpligtelser i forbindelse med at tage anlæg ud af drift, retablering samt tilsvarende forpligtelser. Dette fortolkningsbidrag indeholder vejledning om den regnskabsmæssige behandling af virkningen af ændringer i målingen af eksisterende forpligtelser i forbindelse med at tage anlæg ud af drift, retablering samt tilsvarende forpligtelser.
ANVENDELSESOMRÅDE
2.
Dette fortolkningsbidrag finder anvendelse på ændringer i målingen af eventuelle eksisterende forpligtelser i forbindelse med at tage anlæg ud af drift, retableringsforpligtelser eller tilsvarende forpligtelser, der både:
a)
indregnes som en del af kostprisen for et materielt anlægsaktiv i overensstemmelse med IAS 16, og
b)
indregnes som en forpligtelse i overensstemmelse med IAS 37.
Der kan eksempelvis opstå en forpligtelse i forbindelse med at tage anlæg ud af drift, en retableringsforpligtelse eller en tilsvarende forpligtelse, når et anlæg tages ud af drift, ved genoprettelse af miljøskader i råstofindustrier eller ved bortskaffelse af udstyr.
PROBLEMSTILLING
3.
Dette fortolkningsbidrag omhandler den regnskabsmæssige behandling af virkningen af følgende begivenheder, der ændrer målingen af en eksisterende forpligtelse i forbindelse med at tage anlæg ud af drift, en retableringsforpligtelse eller en tilsvarende forpligtelse:
a)
en ændring i det anslåede træk på virksomhedens økonomiske ressourcer (eksempelvis pengestrømme), som kræves for at indfri forpligtelsen
b)
en ændring i den aktuelle markedsbaserede diskonteringssats som defineret i afsnit 47 i IAS 37 (dette omfatter ændringer i den tidsmæssige værdi af penge og de risici, som specifikt er forbundet med forpligtelsen), og
c)
en stigning, der afspejler tidsforløbet (også benævnt afvikling af effekten af diskontering).
KONSENSUS
4.
Ændringer i målingen af eksisterende forpligtelser i forbindelse med at tage anlæg ud af drift, retablering samt tilsvarende forpligtelser, der hidrører fra ændringer i det skønnede tidspunkt for eller den skønnede beløbsmæssige størrelse af det træk på virksomhedens økonomiske ressourcer, der kræves for at indfri forpligtelsen, eller en ændring i diskonteringssatsen, skal regnskabsmæssigt behandles i overensstemmelse med afsnit 5-7 nedenfor.
5.
Hvis det tilknyttede aktiv måles ved brug af kostprismodellen:
a)
skal ændringer i forpligtelsen i henhold til b) lægges til eller trækkes fra kostprisen for det tilknyttede aktiv i det aktuelle regnskabsår
b)
må det beløb, der trækkes fra kostprisen for aktivet ikke overstige den regnskabsmæssige værdi. Hvis en reduktion af forpligtelsen overstiger aktivets regnskabsmæssige værdi, skal det overskydende beløb straks indregnes i resultatet
c)
hvis reguleringen medfører en stigning i aktivets kostpris, skal virksomheden vurdere, hvorvidt dette er en indikation af, at aktivets nye regnskabsmæssige værdi muligvis ikke er fuldt ud genindvindelig. Hvis der er tale om en sådan indikation, skal virksomheden teste aktivet for værdiforringelse ved at skønne aktivets genindvindingsværdi, og virksomheden skal regnskabsmæssigt behandle eventuelle tab ved værdiforringelse i overensstemmelse med IAS 36.
6.
Hvis det tilknyttede aktiv måles ved brug af omvurderingsmodellen:
a)
ændres den positive eller negative omvurdering, der tidligere er indregnet for det pågældende aktiv, af ændringer i forpligtelsen, således at:
i)
et fald i forpligtelsen (i henhold til b)) skal indregnes direkte på den i egenkapitalen medtagne reserve for opskrivninger med den undtagelse, at det skal indregnes i resultatet i det omfang, det udligner en reduktion som følge af omvurdering af aktivet, som tidligere er indregnet i resultatet
ii)
en stigning i forpligtelsen skal indregnes i resultatet, med den undtagelse, at den skal indregnes direkte på den i egenkapitalen medtagne reserve for opskrivninger, i det omfang der for det pågældende aktiv er en kreditbalance i reserven for opskrivninger.
b)
i tilfælde af, at et fald i forpligtelsen overstiger den regnskabsmæssige værdi, som ville have været indregnet, hvis aktivet var indregnet efter kostprismodellen, skal det overskydende beløb straks indregnes i resultatet
c)
en ændring i forpligtelsen er en indikation af, at aktivet muligvis skal omvurderes for at sikre, at den regnskabsmæssige værdi ikke afviger væsentligt fra den værdi, der ville blive opgjort ved anvendelse af dagsværdien på balancedagen. Sådanne omvurderinger skal tages i betragtning ved opgørelsen af de beløb, der skal indregnes i resultatet og egenkapitalen i henhold til a). Hvis det er nødvendigt at foretage en omvurdering, skal alle aktiver i samme kategori omvurderes
d)
IAS 1 stiller krav om oplysning i egenkapitalopgørelsen for hver indtægtspost eller omkostningspost, der indregnes direkte på egenkapitalen. I forbindelse med opfyldelsen af dette krav skal ændringen i reserver for opskrivninger, der hidrører fra en ændring i forpligtelsen, identificeres separat og oplyses.
7.
Aktivets regulerede afskrivningsberettigede beløb afskrives over dets brugstid. Derfor skal alle efterfølgende ændringer i forpligtelsen, når det tilknyttede aktiv har nået udgangen af sin brugstid, indregnes i resultatet, efterhånden som de opstår. Dette gælder både for kostprismodellen og omvurderingsmodellen.
8.
Den periodiske afvikling af effekten af diskonteringen skal indregnes i resultatet som en finansieringsomkostning, efterhånden som den finder sted. Den i henhold til IAS 23 tilladte alternative behandling af aktivering er ikke tilladt.
IKRAFTTRÆDELSESTIDSPUNKT
9.
Virksomheder skal anvende dette fortolkningsbidrag for regnskabsår, som begynder 1. september 2004 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender dette fortolkningsbidrag for regnskabsår, som begynder før 1. september 2004, skal den give oplysning om dette.
OVERGANG
10.
Ændringer i regnskabspraksis skal regnskabsmæssigt behandles i overensstemmelse med kravene i IAS 8 
Regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
. 
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1
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  Hvis en virksomhed anvender dette fortolkningsbidrag på et regnskabsår, der begynder før 1. januar 2005, skal virksomheden overholde kravene i den tidligere udgave af IAS 8 med titlen 
Årets resultat, fundamentale fejl og ændringer i anvendt regnskabspraksis
, medmindre virksomheden anvender den ajourførte udgave af IAS 8 på det pågældende tidligere regnskabsår.
IFRIC-FORTOLKNINGSBIDRAG 2
Andele i andelsvirksomheder og lignende instrumenter
HENVISNINGER
—
IAS 32 
Finansielle Instrumenter: Oplysning og præsentation
 (ajourført 2003) 
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—
IAS 39 
Finansielle instrumenter
: 
Indregning og måling
 (ajourført 2003)
BAGGRUND
1.
Andelsvirksomheder og tilsvarende virksomheder dannes af grupper af personer med det formål at opfylde fælles økonomiske eller sociale behov. National lovgivning definerer typisk en andelsvirksomhed som en sammenslutning til pleje af andelshavernes økonomiske interesser gennem fælles forretningsdrift (selvhjælpsprincippet). Andelshavernes interesser i en andelsvirksomhed benævnes ofte som andele eller lignende og benævnes i det følgende som »andele«.
2.
IAS 32 fastlægger principperne for klassifikation af finansielle instrumenter som finansielle forpligtelser eller egenkapital. Navnlig gælder disse principper for klassifikationen af indløselige instrumenter, som giver indehaveren ret til at indløse disse instrumenter hos udsteder mod likvide beholdninger eller andre finansielle instrumenter. Disse principper er vanskelige at anvende på andele i andelsvirksomheder og lignende instrumenter. Visse af IASB-medlemslandene har anmodet om hjælp til at forstå, hvordan principperne i IAS 32 skal finde anvendelse på andele og lignende instrumenter, der har visse træk, og under hvilke omstændigheder, disse træk berører klassifikationen som forpligtelser eller egenkapital.
ANVENDELSESOMRÅDE
3.
Dette fortolkningsbidrag finder anvendelse på finansielle instrumenter, som er omfattet af IAS 32, herunder finansielle instrumenter udstedt til andelshavere i andelsvirksomheder, som dokumenterer andelshavernes ejerandel i virksomheden. Dette fortolkningsbidrag finder ikke anvendelse på finansielle instrumenter, som skal eller kan afregnes i virksomhedens egne egenkapitalinstrumenter.
PROBLEMSTILLING
4.
Mange finansielle instrumenter, herunder andele, har fællestræk med egenkapital, herunder stemmeret og ret til udbetaling af dividende. Visse finansielle instrumenter giver indehaveren ret til at kræve indløsning mod betaling i likvide beholdninger eller andre finansielle aktiver, men kan omfatte eller blive omfattet af begrænsninger med hensyn til, om de finansielle instrumenter kan blive indløst. Hvordan skal disse indløsningsbetingelser vurderes ved bestemmelsen af, om de finansielle instrumenter skal klassificeres som forpligtelser eller egenkapital?
KONSENSUS
5.
Den kontraktlige ret, som indehaveren af et finansielt instrument har, (herunder andele i andelsvirksomheder) til at kræve indløsning, betyder ikke i sig selv, at det finansielle instrument skal klassificeres som en finansiel forpligtelse. Tværtimod skal virksomheden tage alle det finansielle instruments vilkår i betragtning ved klassifikationen som en finansiel forpligtelse eller egenkapital. Disse vilkår omfatter relevante lokale love, forskrifter samt virksomhedens vedtægter, der var gældende på tidspunktet for klassifikationen, men ikke forventede fremtidige ændringer af disse love, bestemmelser eller vedtægter.
6.
Andele, som ville blive klassificeret som egenkapital, hvis andelshaverne ikke havde ret til at forlange indløsning, er egenkapital, såfremt en af betingelserne i afsnit 7 og 8 er opfyldt. Anfordringsindskud, herunder anfordringskonti, indskudskonti og tilsvarende kontrakter, der opstår, når andelshavere optræder som kunder, er finansielle forpligtelser for virksomheden.
7.
Andelene er egenkapital, hvis virksomheden har en ubetinget ret til at nægte indløsning af andelene.
8.
Lokale love, forskrifter eller virksomhedens vedtægter kan nedlægge forskellige typer forbud vedrørende indløsning af andelene, eksempelvis ubetingede forbud eller forbud baseret på likviditetskriterier. Hvis lokale love, forskrifter eller virksomhedens vedtægter ubetinget forbyder indløsning, er andelene egenkapital. Bestemmelser i lokale love, forskrifter eller virksomhedens vedtægter, som kun forbyder indløsning, såfremt visse betingelser — eksempelvis likviditetsbegrænsninger — er opfyldt (eller ikke opfyldt), medfører ikke, at andelene er egenkapital.
9.
Et ubetinget forbud kan være absolut, således at enhver indløsning er forbudt. Et ubetinget forbud kan være delvist, således at det forbyder indløsning af andele, såfremt indløsning ville bevirke, at antallet af andele eller størrelsen af indskudskapitalen fra andelene, falder til under et bestemt niveau. Det beløb, hvormed andele overstiger forbudet mod indløsning, er forpligtelser, medmindre virksomheden har ubetinget ret til at nægte indløsning som beskrevet i afsnit 7. I nogle tilfælde kan antallet af andele eller den beløbsmæssige størrelse af indskudskapitalen, som er underlagt et indløsningsforbud, variere løbende. En sådan ændring i indløsningsforbudet medfører en overførsel mellem finansielle forpligtelser og egenkapital.
10.
Ved første indregning skal virksomheden måle sin finansielle indløsningsforpligtelse til dagsværdi. I tilfælde af andele med mulighed for indløsning skal virksomheden måle dagsværdien af den finansielle indløsningsforpligtelse til et beløb, der ikke er lavere end det beløb, der højest skal betales i medfør af indløsningsbestemmelserne i vedtægterne eller gældende lovgivning, diskonteret fra det tidligste tidspunkt, hvor beløbet kunne kræves betalt (jf. eksempel 3).
11.
Som krævet i afsnit 35 i IAS 32 indregnes udlodninger til indehavere af egenkapitalinstrumenter direkte på egenkapitalen efter skat. Renter, udbytte og andre afkast vedrørende finansielle instrumenter klassificeret som finansielle forpligtelser er udgifter, uanset om de beløb, der således er betalt, karakteriseres som udbytte, renter eller andet.
12.
Appendikset, som er en integreret del af fortolkningsbidraget, indeholder eksempler på anvendelsen af dette fortolkningsbidrag.
OPLYSNINGER
13.
Når en ændring i indløsningsforbudet medfører en overførsel mellem finansielle forpligtelser og egenkapital, skal virksomheden give separat oplysning om den beløbsmæssige størrelse af, tidspunktet for og årsagen til overførslen.
IKRAFTTRÆDELSESTIDSPUNKT
14.
Der gælder samme ikrafttrædelsestidspunkt og overgangskrav for dette fortolkningsbidrag som for IAS 32 (ajourført 2003). Virksomheden skal anvende dette fortolkningsbidrag for regnskabsår, som begynder 1. januar 2005 eller derefter. Hvis en virksomhed anvender dette fortolkningsbidrag for regnskabsår, som begynder før 1. januar 2005, skal den give oplysning om dette. Fortolkningsbidraget skal anvendes med tilbagevirkende kraft.
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  IAS 32 blev ændret til IAS 32 
Finansielle instrumenter: Præsentation
 i august 2005.
Appendiks
Eksempler på fortolkningsbidragets anvendelse
Dette appendiks er en integreret del af fortolkningsbidraget.
A1
Dette appendiks beskriver syv eksempler på anvendelsen af IFRIC-fortolkningsbidraget. Eksemplerne udgør ikke nogen udtømmende liste, og andre mønstre er mulige. I hvert eksempel antages det, at der ikke eksisterer andre omstændigheder end dem, der er oplyst i fakta for eksemplet, og som ville kræve, at det finansielle instrument skal klassificeres som en finansiel forpligtelse.
UBETINGET RET TIL AT NÆGTE INDLØSNING (afsnit 7)
Eksempel 1
Fakta
A2
Ifølge virksomhedens vedtægter er det alene virksomheden, der kan træffe beslutning om indløsning. Vedtægterne indeholder ikke yderligere bestemmelser om eller begrænsninger i denne ret. Virksomheden har i sin levetid aldrig nægtet at indløse andele, selvom bestyrelsen har ret til at gøre dette.
Klassifikation
A3
Virksomheden har en ubetinget ret til at nægte indløsning, og andelene udgør egenkapital. IAS 32 fastlægger principperne for klassifikation, som er baseret på vilkårene for det finansielle instrument og bemærker, at tidligere eller påtænkte skønsmæssige betalinger ikke udløser klassifikation som en forpligtelse. Afsnit AG26 i IAS 32 angiver:
Når præferenceaktier ikke kan indløses, afhænger klassifikationen af de øvrige rettigheder, der er knyttet til aktierne. Klassifikationen er baseret på en vurdering af kontraktens indhold og definitionen på en finansiel forpligtelse og et egenkapitalinstrument. Når udsteder kan vælge, om der skal foretages udlodning til indehavere af præferenceaktier, hvad enten de er kumulative eller ikke-kumulative, er aktierne egenkapitalinstrumenter. Klassifikationen af en præferenceaktie som et egenkapitalinstrument eller en finansiel forpligtelse påvirkes ikke af eksempelvis:
a)
tidligere foretagne udlodninger
b)
om udsteder har til hensigt at foretage udlodninger i fremtiden
c)
en mulig negativ påvirkning af kursen på udsteders ordinære aktier, hvis der ikke foretages udlodninger (på grund af restriktioner på udbetalingen af udbytte på de ordinære aktier, hvis der ikke udbetales udbytte på præferenceaktierne)
d)
den beløbsmæssige størrelse af udsteders reserver
e)
udsteders forventninger til resultatet for et regnskabsår, eller
f)
udsteders mulighed eller manglende mulighed for at påvirke den beløbsmæssige størrelse af årets resultat.
Eksempel 2
Fakta
A4
Ifølge virksomhedens vedtægter er det alene virksomheden, der kan træffe beslutning om indløsning. Imidlertid anføres det endvidere i vedtægterne, at godkendelsen af en anmodning om indløsning sker automatisk, medmindre virksomheden ikke er i stand til at foretage betalinger uden at overtræde lokale lovgivningsmæssige krav vedrørende likviditet eller reserver.
Klassifikation
A5
Virksomheden har ikke en ubetinget ret til at nægte indløsning, og andelene udgør en finansiel forpligtelse. De ovenfor beskrevne begrænsninger er baseret på virksomhedens evne til at indfri sin forpligtelse. De begrænser kun indløsninger, såfremt likviditets- eller reservekravene ikke er opfyldt, og da kun indtil de er opfyldt. De medfører således ikke i henhold til principperne i IAS 32 en klassifikation af det finansielle instrument som egenkapital. Afsnit AG25 i IAS 32 angiver:
Præferenceaktier kan udstedes med forskellige rettigheder. Når det skal afgøres, hvorvidt en præferenceaktie er en finansiel forpligtelse eller et egenkapitalinstrument, vurderer udstederen de konkrete rettigheder, som er knyttet til aktien for at afgøre, hvorvidt den har de afgørende kendetegn for en finansiel forpligtelse. Eksempelvis indeholder en præferenceaktie med indløsning på et specifikt tidspunkt eller efter indehaverens valg en finansiel forpligtelse, idet udstederen er forpligtet til at overdrage finansielle aktiver til indehaveren af aktien. 
Udsteders potentielle manglende evne til at opfylde sin forpligtelse til at indløse en præferenceaktie, som udsteder er kontraktligt forpligtet til at indløse, hvadenten det skyldes mangel på midler, lovmæssige restriktioner eller utilstrækkelige overskud eller reserver, fjerner ikke forpligtelsen.
 [Kursivering tilføjet]
FORBUD MOD INDLØSNING (afsnit 8 og 9)
Eksempel 3
Fakta
A6
En andelsvirksomhed har tidligere udstedt andele til sine andelshavere på forskellige tidspunkter og for forskellige beløb, som følger:
a)
1. januar 20X1 100 000 andele à 10 CU (1 000 000 CU)
b)
1. januar 20X2 100 000 andele à 20 CU (yderligere 2 000 000 CU, hvilket bringer det samlede beløb for udstedte andele op på 3 000 000 CU).
Andelene er indløselige på anfordring til det beløb, til hvilket de blev udstedt.
A7
Ifølge virksomhedens vedtægter må kumulative indløsninger ikke overstige 20 % af det højeste antal af de andele, der har været i omløb på noget tidspunkt. Pr. 31. december 20X2 har virksomheden 200 000 andele i omløb, hvilket er det højeste antal andele, der nogensinde har været i omløb, og der er ikke tidligere blevet indløst nogen andele. Den 1. januar 20X3 ændrer virksomheden sine vedtægter og forhøjer grænsen for tilladte kumulative indløsninger til 25 % af det højeste antal andele, der har været i omløb på noget tidspunkt.
Klassifikation
Før vedtægtsændringen
A8
Det beløb, hvormed andelene overstiger forbudet mod indløsning, er finansielle forpligtelser. Andelsvirksomheden måler denne finansielle forpligtelse til dagsværdi ved første indregning. Da disse andele er indløselige på anfordring, fastlægger andelsvirksomheden dagsværdien for sådanne finansielle forpligtelser som krævet i afsnit 49 i IAS 39, hvori det anføres: »Dagsværdien af en finansiel forpligtelse med et anfordringselement (eksempelvis en anfordringskonto) er ikke mindre end det beløb, der skal betales på anfordring…«. I overensstemmelse hermed klassificerer andelsvirksomheden det højeste beløb, der kan kræves betalt på anfordring i henhold til indløsningsbestemmelserne, som finansielle forpligtelser.
A9
Den 1. januar 20X1 er det højeste beløb, der kan kræves betalt i henhold til indløsningsbestemmelserne, 20 000 andele à 10 CU, og i overensstemmelse hermed klassificerer virksomheden 200 000 CU som en finansiel forpligtelse, og 800 000 CU som egenkapital. Den 1. januar 20X2 stiger det højeste beløb, der kan kræves betalt i henhold til indløsningsbestemmelserne imidlertid til 40 000 andele à 20 CU på grund af den nye udstedelse af andele à 20 CU. Udstedelsen af yderligere andele à 20 CU skaber en ny forpligtelse, som måles til dagsværdi ved første indregning. Efter disse andele er blevet udstedt, udgør forpligtelsen 20 % af det samlede antal andele i omløb (200 000), målt til 20 CU, eller 800 000 CU. Dette kræver indregning af en yderligere forpligtelse på 600 000 CU. I dette eksempel indregnes der ingen gevinster eller tab. I overensstemmelse hermed klassificerer virksomheden nu 800 000 CU som finansielle forpligtelser og 2 200 000 CU som egenkapital. I dette eksempel antages det, at disse beløb ikke ændres mellem 1. januar 20X1 og 31. december 20X2.
Efter vedtægtsændringen
A10
Efter vedtægtsændringen kan andelsvirksomheden nu blive pålagt at indløse op til 25 % af andelene i omløb eller højest 50 000 andele à 20 CU. I overensstemmelse hermed klassificerer andelsvirksomheden den 1. januar 20X3 et beløb på 1 000 000 CU, hvilket er det højeste beløb, der kan kræves betalt på anfordring i henhold til indløsningsbestemmelserne, som finansielle forpligtelser, opgjort i overensstemmelse med afsnit 49 i IAS 39. Virksomheden overfører derfor den 1. januar 20X3 et beløb på 200 000 CU fra egenkapitalen til finansielle forpligtelser, hvilket efterlader 2 000 000 CU klassificeret som egenkapital. I dette eksempel indregner virksomheden ingen gevinster eller tab på overførslen.
Eksempel 4
Fakta
A11
Lokal lovgivning om andelsvirksomheders drift, eller vilkårene i virksomhedens vedtægter, forbyder en virksomhed at indløse andele, såfremt en indløsning ville reducere indskudskapitalen fra andelene til under 75 % af det højeste beløb af indskudskapitalen fra andelene. Det højeste beløb for en bestemt andelsvirksomhed er 1 000 000 CU. På balancedagen er indskudskapitalen 900 000 CU.
Klassifikation
A12
I dette tilfælde ville 750 000 CU blive klassificeret som egenkapital og 150 000 CU ville blive klassificeret som finansielle forpligtelser. Ud over de allerede nævnte afsnit anføres det i afsnit 18b) i IAS 32 blandt andet, at:
…et finansielt instrument, som giver indehaveren ret til at indløse instrumentet hos udsteder mod likvide beholdninger eller andre finansielle aktiver (et »indløseligt instrument«), er en finansiel forpligtelse. Dette gælder, selvom den beløbsmæssige størrelse af likvide beholdninger eller andre finansielle aktiver opgøres på basis af et indeks eller en anden post, som potentielt kan stige eller falde, eller selvom det indløselige instruments juridiske form giver indehaveren ret til en andel af forskelsværdien af udsteders aktiver. Hvis indehaveren har en option på at indløse instrumentet hos udsteder mod likvide beholdninger eller andre finansielle aktiver, opfylder det indløselige instrument definitionen på en finansiel forpligtelse.
A13
Indløsningsforbudet, der beskrives i dette eksempel, afviger fra de begrænsninger, der beskrives i afsnit 19 og AG25 i IAS 32. Disse restriktioner er begrænsninger i virksomhedens evne til at betale det beløb, der skyldes på en finansiel forpligtelse, dvs. de forhindrer kun betaling af forpligtelsen, hvis bestemte betingelser er opfyldt. I modsætning hertil beskriver dette eksempel et ubetinget forbud mod indløsninger over et specificeret beløb, uagtet virksomhedens evne til at indløse andelene (eksempelvis set i lyset af virksomhedens kontantbeholdning, overskud eller reserver til udlodning). I realiteten forhindrer forbudet mod indløsning virksomheden i at pådrage sig en finansiel forpligtelse til at indløse mere end et bestemt beløb af den indskudte kapital. Den del af andelene, der er omfattet af indløsningsforbudet, udgør derfor ikke en finansiel forpligtelse. Selvom hver andelshavers andele kan indløses hver for sig, er en del af de samlede andele i omløb ikke indløselige under nogen omstændigheder andet end ved likvidation af virksomheden.
Eksempel 5
Fakta
A14
Omstændighederne i dette eksempel er som anført i eksempel 4. Desuden forhindrer de likviditetskrav, der pålægges i den lokale jurisdiktion, virksomheden i på balancedagen at indløse nogen andele, med mindre virksomhedens likvide beholdninger og kortfristede investeringer overstiger et specificeret beløb. Virkningen af disse likviditetskrav på balancedagen er, at virksomheden ikke kan betale mere end 50 000 CU for at indløse andele.
Klassifikation
A15
Som i eksempel 4 klassificerer virksomheden 750 000 CU som egenkapital og 150 000 CU som en finansiel forpligtelse. Det skyldes, at det beløb, der klassificeres som en forpligtelse, er baseret på virksomhedens ubetingede ret til at afvise indløsning og ikke på betingede begrænsninger, som kun forhindrer indløsning, såfremt likviditetskravet eller andre krav ikke er opfyldt, og da kun indtil de er opfyldt. Bestemmelserne i afsnit 19 og AG25 i IAS 32 finder anvendelse i dette tilfælde.
Eksempel 6
Fakta
A16
Virksomhedens vedtægter forbyder virksomheden at indløse andele med et beløb, der overstiger provenuet af udstedelsen af yderligere andele til nye eller eksisterende andelshavere i de foregående tre år. Provenuet af udstedelse af andele skal anvendes til indløsning af andele, som andelshavere har forlangt indløst. I de foregående tre år har provenuet af udstedelsen af andele været 12 000 CU, og ingen andele er blevet indløst.
Klassifikation
A17
Virksomheden klassificerer andele til en værdi af 12 000 CU som finansielle forpligtelser. I overensstemmelse med de i eksempel 4 beskrevne konklusioner er andele, der ikke er omfattet af et ubetinget forbud mod indløsning, ikke finansielle forpligtelser. Et sådant ubetinget forbud gælder for et beløb svarende til provenuet af andele, der udstedes inden de foregående tre år, og dette beløb klassificeres i overensstemmelse hermed som egenkapital. Et beløb svarende til provenuet af andele, der udstedes i de foregående tre år, er imidlertid ikke omfattet af et ubetinget forbud mod indløsning. I overensstemmelse hermed medfører provenu fra udstedelsen af andele i de foregående tre år finansielle forpligtelser, indtil det ikke længere er disponibelt for indløsning af andele. Virksomheden har som følge heraf en finansiel forpligtelse svarende til provenuet af de andele, der er udstedt i løbet af de foregående tre år, med fradrag af eventuelle indløsninger i denne periode.
Eksempel 7
Fakta
A18
Virksomheden er en andelsbank. Ifølge lokal lovgivning om andelsbankers drift skal mindst 50 % af virksomhedens samlede »udestående forpligtelser« (et begreb, der defineres i bestemmelserne til at omfatte andelshavernes andelskonti) være i form af indskudskapital fra andelshavere. Virkningen af bestemmelsen er, at hvis alle andelsvirksomhedens udestående forpligtelser har form af andele, vil virksomheden kunne indløse dem alle. Den 31. december 20X1 har virksomheden samlede udestående forpligtelser på 200 000 CU, hvoraf 125 000 CU er andelshavernes andelskonti. Vilkårene for andelshavernes andelskonti tillader indehaveren at indløse kontoen på anfordring, og der er ingen begrænsninger på indløsningen i virksomhedens vedtægter.
Klassifikation
A19
I dette eksempel klassificeres andele som finansielle forpligtelser. Indløsningsforbudet svarer til de begrænsninger, der beskrives i afsnit 19 og AG25 i IAS 32. Restriktionen er en betinget begrænsning af virksomhedens evne til at betale det beløb, der skyldes på en finansiel forpligtelse, dvs. den forhindrer kun betaling af forpligtelsen, hvis bestemte betingelser er opfyldt. Mere konkret kunne virksomheden blive pålagt at indløse det samlede beløb af andele (125 000 CU), såfremt den tilbagebetalte alle sine øvrige forpligtelser (75 000 CU). Forbudet mod indløsning forhindrer således ikke virksomheden i at pådrage sig en finansiel forpligtelse til at indløse flere end et bestemt antal af andelene eller et bestemt beløb af den indskudte kapital. Det tillader virksomheden at udskyde indløsning, indtil en betingelse er opfyldt, nemlig tilbagebetaling af andre forpligtelser. Andele i dette eksempel er ikke omfattet af et ubetinget forbud mod indløsning og klassificeres derfor som finansielle forpligtelser.
IFRIC-FORTOLKNINGSBIDRAG 4
Vurdering af, om en aftale indeholder en leasingkontrakt
HENVISNINGER
—
IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
—
IAS 16 
Materielle anlægsaktiver (ajourført 2003)
—
IAS 17 
Leasingkontrakter (ajourført 2003)
—
IAS 38 
Immaterielle aktiver (ajourført 2004)
BAGGRUND
1.
En virksomhed kan indgå en aftale, der omfatter en transaktion eller en række forbundne transaktioner, der ikke har juridisk form af en leasingkontrakt, men som overdrager brugsretten til et aktiv (eksempelvis et materielt anlægsaktiv) mod en eller flere betalinger. Følgende er eksempler på aftaler, hvor en virksomhed (leverandøren) kan overdrage en sådan brugsret til et aktiv samt i mange tilfælde dermed forbundne tjenesteydelser, til en anden virksomhed (køberen):
—
outsourcingaftaler (eksempelvis outsourcing af en virksomheds databehandlingsfunktioner)
—
aftaler inden for telekommunikationsbranchen, hvor leverandører af netværkskapacitet indgår kontrakter med købere om levering af rettigheder til kapacitet
—
»take-or-pay« og lignende kontrakter, hvor købere skal foretage bestemte betalinger, uanset om de modtager levering af de af aftalen omfattede produkter eller tjenesteydelser (eksempelvis en »take-or-pay« kontrakt om i al væsentlighed at aftage en leverandørs samlede elproduktion).
2.
Dette fortolkningsbidrag giver vejledning ved vurderingen af, om sådanne aftaler er eller indeholder leasingkontrakter, der regnskabsmæssigt skal behandles i overensstemmelse med IAS 17. Fortolkningsbidraget giver ikke vejledning om vurderingen af, hvordan en sådan leasingkontrakt skal klassificeres i henhold til IAS 17.
3.
I visse aftaler er det underliggende aktiv, som er genstand for leasingkontrakten, en del af et større aktiv. Dette fortolkningsbidrag omhandler ikke vurderingen af, hvornår en del af et større aktiv selv er det underliggende aktiv med henblik på anvendelsen af IAS 17. Aftaler, hvor det underliggende aktiv ville udgøre en beregningsenhed i henhold til enten IAS 16 eller IAS 38, falder dog inden for dette fortolkningsbidrags anvendelsesområde.
ANVENDELSESOMRÅDE
4.
Dette fortolkningsbidrag finder ikke anvendelse på aftaler, der er eller indeholder leasingkontrakter, der ligger uden for anvendelsesområdet for IAS 17.
PROBLEMSTILLING
5.
De problemstillinger, der behandles i dette fortolkningsbidrag, er:
a)
hvordan man vurderer, om en aftale er eller indeholder en leasingkontrakt som defineret i IAS 17
b)
hvornår vurderingen eller omvurderingen af, om en aftale er eller indeholder en leasingkontrakt, skal foretages, og
c)
hvis en aftale er eller indeholder en leasingkontrakt, hvordan leasingydelserne skal adskilles fra betalinger for eventuelle andre elementer i aftalen.
KONSENSUS
Vurdering af, om en aftale er eller indeholder en leasingkontrakt
6.
Vurderingen af, om en aftale er eller indeholder en leasingkontrakt, skal baseres på aftalens indhold og kræver en vurdering af, om:
a)
aftalens opfyldelse afhænger af brugen af et specifikt aktiv eller aktiver (aktivet), og
b)
aftalen overdrager en brugsret til aktivet.
Aftalens opfyldelse afhænger af brugen af et specifikt aktiv
7.
Selvom et specifikt aktiv udtrykkeligt kan identificeres i en aftale, er det ikke genstand for en leasingkontrakt, hvis opfyldelsen af aftalen ikke afhænger af brugen af det specifikke aktiv. Hvis en leverandør eksempelvis har påtaget sig en forpligtelse til at levere en bestemt mængde varer eller tjenesteydelser og har ret til og mulighed for at levere disse varer eller tjenesteydelser ved brug af andre aktiver, som ikke er specificeret i aftalen, afhænger aftalens opfyldelse ikke af det specifikke aktiv, og aftalen indeholder ikke en leasingkontrakt. En garantiforpligtelse, der tillader eller kræver udskiftning med samme eller tilsvarende aktiver, når det specifikke aktiv ikke fungerer korrekt, udelukker ikke behandling som en leasingkontrakt. Desuden udelukker en kontraktlig bestemmelse (uanset om denne er betinget), som tillader eller kræver, at leverandøren foretager udskiftning med andre aktiver, uanset årsagen hertil, på eller efter en bestemt dato ikke behandling som en leasingkontrakt før tidspunktet for udskiftningen.
8.
Et aktiv er implicit specificeret, hvis leverandøren eksempelvis udelukkende ejer eller leaser ét aktiv med henblik på opfyldelse af forpligtelsen, og det ikke er økonomisk rentabelt eller praktisk muligt for leverandøren at opfylde sin forpligtelse ved brug af alternative aktiver.
Aftalen overdrager en brugsret til aktivet
9.
En aftale overdrager brugsretten til aktivet, hvis aftalen overdrager retten til at kontrollere brugen af det underliggende aktiv til køberen (leasingtager). Retten til at kontrollere brugen af det underliggende aktiv overdrages, hvis en af nedenstående betingelser er opfyldt:
a)
Køberen har muligheden for eller retten til at drive aktivet eller anvise andres drift af aktivet på en måde, som køberen bestemmer, og køberen opnår eller kontrollerer mere end en uvæsentlig del af aktivets produktion eller øvrige anvendelighed.
b)
Køberen har muligheden for eller retten til at kontrollere den fysiske adgang til det underliggende aktiv, og køberen opnår eller kontroller mere end en uvæsentlig del af aktivets produktion eller øvrige anvendelighed.
c)
De foreliggende forhold og omstændigheder indikerer, at det er meget usandsynligt, at en eller flere andre parter end køber vil aftage mere end en uvæsentlig del af den produktion eller øvrige anvendelighed, som produceres eller genereres af aktivet i aftalens løbetid, og den pris, som køber vil betale for produktionen, er hverken kontraktligt fastsat pr. produceret enhed eller svarende til de aktuelle markedspriser pr. produceret enhed på tidspunktet for leveringen af de producerede enheder.
Vurdering eller omvurdering af, om en aftale er eller indeholder en leasingkontrakt
10.
Vurderingen af, om en aftale indeholder en leasingkontrakt, skal foretages ved aftalens indgåelse, hvilket er det førstkommende tidspunkt af henholdsvis datoen for aftalens indgåelse eller for parternes forpligtelse til aftalens hovedvilkår på grundlag af alle foreliggende forhold og omstændigheder. Efter aftalens indgåelse kan der udelukkende foretages en omvurdering af, om aftalen indeholder en leasingkontrakt, hvis en af nedenstående betingelser er opfyldt:
a)
Kontraktens vilkår ændres, medmindre ændringen kun vedrører en fornyelse eller forlængelse af aftalen.
b)
En option på fornyelse udnyttes, eller aftalens parter aftaler en forlængelse, medmindre fornyelsens eller forlængelsens varighed oprindeligt indgik i leasingperioden i overensstemmelse med afsnit 4 i IAS 17. En fornyelse eller forlængelse af aftalen, der ikke omfatter ændring af nogen af vilkårene i den oprindelige aftale, før udgangen af den oprindelige aftales løbetid, skal udelukkende vurderes i henhold til afsnit 6-9, for så vidt angår fornyelses- eller forlængelsesperioden.
c)
Vurderingen af, om opfyldelsen er afhængig af et specifikt aktiv, ændres.
d)
Aktivet ændres væsentligt, eksempelvis i form af en væsentlig fysisk ændring af et materielt anlægsaktiv.
11.
En omvurdering af en aftale skal baseres på de forhold og omstændigheder, der foreligger på tidspunktet for omvurderingen, herunder aftalens resterende løbetid. Ændringer i skøn (eksempelvis den skønnede mængde producerede enheder, der skal leveres til køberen eller andre potentielle købere) udløser ikke en omvurdering. Hvis en aftale omvurderes, og det vurderes, at den indeholder en leasingkontrakt (eller ikke indeholder en leasingkontrakt), skal den regnskabsmæssigt behandles som en leasingkontrakt (eller ophøre med at blive behandlet som en leasingkontrakt) fra:
a)
i tilfælde af a), c) eller d) i afsnit 10, tidspunktet for den ændring i omstændigheder, der giver anledning til omvurderingen
b)
i tilfælde af b) i afsnit 10, tidspunktet for påbegyndelsen af fornyelses- eller forlængelsesperioden.
Adskillelse af leasingydelser fra andre betalinger
12.
Hvis en aftale indeholder en leasingkontrakt, skal aftalens parter anvende kravene i IAS 17 på aftalens leasingelement, medmindre der er en fritagelse for disse krav i overensstemmelse med afsnit 2 i IAS 17. Hvis en aftale indeholder en leasingkontrakt, skal denne leasingkontrakt således klassificeres som en finansiel leasingkontrakt eller en operationel leasingkontrakt i overensstemmelse med afsnit 7-19 i IAS 17. Andre elementer i aftalen, som ikke er omfattet af IAS 17, skal regnskabsmæssigt behandles i overensstemmelse med andre standarder.
13.
Med henblik på anvendelse af kravene i IAS 17 skal betalinger og andre ydelser i henhold til aftalen adskilles ved aftalens indgåelse eller ved omvurdering af aftalen og opdeles i leasingydelser og betalinger vedrørende andre elementer på baggrund af deres forholdsmæssige dagsværdi. I henhold til definitionen i afsnit 4 i IAS 17 medtager minimumsleasingydelser udelukkende ydelser vedrørende leasingkontrakten (dvs. brugsretten til aktivet) og ikke betalinger vedrørende andre elementer i aftalen (eksempelvis tjenesteydelser og kostprisen for input).
14.
I nogle tilfælde kræver en adskillelse af leasingydelser og betalinger vedrørende andre elementer i aftalen, at køberen anvender et skøn. Eksempelvis kan en køber skønne leasingydelserne under henvisning til en leasingkontrakt for et sammenligneligt aktiv, der ikke indeholder andre elementer, eller ved at skønne betalingerne vedrørende de andre elementer i aftalen under henvisning til sammenlignelige aftaler og derefter trække disse betalinger fra de samlede ydelser i henhold til aftalen.
15.
Hvis en køber konkluderer, at det ikke er praktisk muligt at foretage en pålidelig adskillelse af betalingerne, skal køberen:
a)
i tilfælde af en finansiel leasingkontrakt indregne et aktiv og en forpligtelse til et beløb, der svarer til dagsværdien af det underliggende aktiv, der blev identificeret i afsnit 7 og 8 som leasingkontraktens genstand. Efterfølgende skal forpligtelsen reduceres i takt med betalingerne, og der skal indregnes en opgjort finansieringsomkostning for forpligtelsen ved brug af køberens opgjorte lånerente 
(
1
)
b)
i tilfælde af en operationel leasingkontrakt behandle alle ydelser i henhold til aftalen som leasingydelser med henblik på overholdelse af oplysningskravene i IAS 17, men
i)
oplyse disse ydelser separat fra minimumsleasingydelserne for andre aftaler, der ikke medtager betalinger vedrørende ikke-leasingelementer, og
ii)
angive, at de oplyste ydelser også omfatter betalinger vedrørende ikke-leasingelementer i aftalen.
IKRAFTTRÆDELSESTIDSPUNKT
16.
Virksomheder skal anvende dette fortolkningsbidrag for regnskabsår, som begynder 1. januar 2006 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender dette fortolkningsbidrag for regnskabsår, som begynder før 1. januar 2006, skal den give oplysning om dette.
OVERGANG
17.
IAS 8 angiver, hvordan en virksomhed skal anvende en ændring i regnskabspraksis, som hidrører fra den første anvendelse af et fortolkningsbidrag. Det kræves ikke, at virksomheder overholder disse krav ved første anvendelse af dette fortolkningsbidrag. Hvis en virksomhed anvender denne undtagelse, skal den anvende afsnit 6-9 i fortolkningsbidraget på aftaler, der eksisterede ved begyndelsen af det første regnskabsår, hvor der præsenteres sammenligningstal i henhold til IFRS på grundlag af de foreliggende forhold og omstændigheder ved begyndelsen af det pågældende regnskabsår.
(
1
)
  Dvs. leasingtagers opgjorte lånerente som defineret i afsnit 4 i IAS 17.
IFRIC-FORTOLKNINGSBIDRAG 5
Rettigheder til kapitalandele hidrørende fra fonde til dækning af omkostninger forbundet med afvikling, retablering og miljøgenopretning
HENVISNINGER
—
IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
—
IAS 27 
Koncernregnskaber og separate årsregnskaber
—
IAS 28 
Investeringer i associerede virksomheder
—
IAS 31 
Kapitalandele i joint ventures
—
IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
—
IAS 39 
Finansielle instrumenter
: 
Indregning og måling
 (ajourført 2003)
—
SIC-12 
Konsolidering — Særlige virksomheder
 (ajourført 2004)
BAGGRUND
1.
Formålet med fonde til dækning af omkostninger forbundet med afvikling, retablering og miljøgenopretning, herefter benævnt »afviklingsfonde« eller »fonde«, er at adskille aktiver til at finansiere en del af eller alle omkostningerne forbundet med afvikling (at tage anlæg ud af drift) (eksempelvis af et atomkraftværk) eller visse typer udstyr (såsom biler) eller genopretning af miljøet (såsom oprensning af forurenet vand eller retablering af en grund, hvor der har været minedrift), hvilket samlet betegnes som »afvikling«.
2.
Indbetalingerne til disse fonde kan have været frivillige eller underlagt lovmæssige krav. Fondene kan have en af følgende strukturer:
a)
fonde, der er oprettet af en enkelt indskyder med henblik på finansiering af egne forpligtelser i forbindelse med afvikling, uanset om det drejer sig om en enkelt lokalitet eller en række geografisk spredte lokaliteter,
b)
fonde, der er oprettet af flere indskydere med henblik på finansiering af deres individuelle eller fælles forpligtelser i forbindelse med afvikling, når indskyderne er berettigede til at modtage godtgørelse for afholdte omkostninger ved afvikling i et omfang, der svarer til deres egne indbetalinger med tillæg af den faktiske indtjening på disse indbetalinger, fratrukket deres andel af omkostningerne til administrationen af fonden. Indskyderne kan have en forpligtelse til at foretage yderligere indbetalinger, eksempelvis i tilfælde af en anden indskyders konkurs,
c)
fonde, der er oprettet af flere indskydere med henblik på finansiering af deres individuelle eller fælles forpligtelser i forbindelse med afvikling, når det krævede indbetalingsniveau er baseret på indskyderens aktuelle aktiviteter, og de fordele, der opnås af den enkelte indskyder, er baseret på dennes tidligere aktiviteter. I sådanne tilfælde er der et potentielt misforhold mellem den beløbsmæssige størrelse af en indskyders indbetalinger (baseret på aktuelle aktiviteter) og den værdi, der kan realiseres fra fonden (baseret på tidligere aktiviteter).
3.
En sådan fond har typisk følgende karakteristika:
a)
fonden administreres separat af uafhængige fondsbestyrere,
b)
virksomheder (indskydere) foretager indbetalinger til fonden, som investeres i en række aktiver, der kan indeholde investeringer i både obligationer og aktier, og som er til rådighed som hjælp til betaling af indskydernes omkostninger i forbindelse med afvikling. Fondsbestyrerne beslutter, hvordan indbetalingerne skal investeres inden for de rammer, der er udstukket i fondens vedtægter samt i relevante lovmæssige regler og øvrige bestemmelser,
c)
indskyderne bibeholder forpligtelsen til at betale omkostninger i forbindelse med afvikling. Indskyderne kan imidlertid opnå godtgørelse for disse omkostninger fra fonden op til et beløb svarende til enten de afholdte omkostninger i forbindelse med afvikling eller indskyderens andel af aktiverne i fonden, alt efter hvilket beløb, der er lavest,
d)
indskyderne kan have begrænset eller ingen adgang til eventuelle overskydende aktiver i fonden efter fradrag af de aktiver, der er anvendt til at afholde berettigede omkostninger i forbindelse med afvikling.
ANVENDELSESOMRÅDE
4.
Dette fortolkningsbidrag finder anvendelse på den regnskabsmæssige behandling i en indskyders årsregnskab af kapitalandele hidrørende fra afviklingsfonde, som har begge nedenstående træk:
a)
aktiverne administreres separat (enten i kraft af, at de besiddes af en separat juridisk enhed, eller som adskilte aktiver inden for en anden virksomhed), og
b)
en indskyders ret til adgang til aktiverne er begrænset.
5.
En resterende kapitalandel i en fond, som strækker sig ud over en ret til godtgørelse, såsom en kontraktlig ret til udlodningerne, når den samlede afviklingsproces er afsluttet, eller når fonden afvikles, kan være et egenkapitalinstrument, som er omfattet af IAS 39, og som ikke falder inden for dette fortolkningsbidrags anvendelsesområde.
PROBLEMSTILLING
6.
De problemstillinger, der behandles i dette fortolkningsbidrag, er:
a)
hvordan skal en indskyder regnskabsmæssigt behandle sin kapitalandel i en fond?
b)
hvordan skal en indskyders forpligtelse til at foretage yderligere indbetalinger, eksempelvis i tilfælde af en anden indskyders konkurs, behandles regnskabsmæssigt?
KONSENSUS
Regnskabsmæssig behandling af en kapitalandel i en fond
7.
Indskyderen skal indregne sin forpligtelse til at betale omkostninger i forbindelse med afvikling og indregne sin kapitalandel i fonden separat, medmindre indskyderen ikke hæfter for disse omkostninger, selvom fonden ikke betaler.
8.
Indskyderen skal vurdere, om den har bestemmende indflydelse, fælles bestemmende indflydelse eller væsentlig indflydelse på fonden under henvisning til IAS 27, IAS 28, IAS 31 og SIC-12. Hvis dette er tilfældet, skal indskyderen foretage regnskabsmæssig behandling af sin kapitalandel i fonden i overensstemmelse med disse standarder.
9.
Hvis en indskyder ikke har bestemmende indflydelse, fælles bestemmende indflydelse eller væsentlig indflydelse på fonden, skal indskyder indregne retten til at modtage godtgørelse fra fonden som en godtgørelse i overensstemmelse med IAS 37. Denne godtgørelse skal måles som det laveste af:
a)
det indregnede beløb for afviklingsforpligtelsen, og
b)
indskyders andel af dagsværdien af de nettoaktiver i fonden, som kan henføres til indskydere.
Ændringer i den regnskabsmæssige værdi af retten til at modtage godtgørelse ud over indbetalinger til og udbetalinger fra fonden skal indregnes i resultatet i det regnskabsår, hvor ændringerne finder sted.
Regnskabsmæssig behandling af forpligtelser til at foretage yderligere indbetalinger
10.
Når en indskyder har en forpligtelse til at foretage eventuelle yderligere indbetalinger, eksempelvis i tilfælde af en anden indskyders konkurs, eller hvis værdien af fondens investeringsaktiver falder så meget, at de ikke længere er tilstrækkelige til at opfylde fondens godtgørelsesforpligtelser, er denne forpligtelse en eventualforpligtelse, der er omfattet af IAS 37. Indskyder skal udelukkende indregne en forpligtelse, hvis det er sandsynligt, at der skal foretages yderligere indbetalinger.
Oplysninger
11.
En indskyder skal oplyse om arten af sin kapitalandel i en fond og eventuelle begrænsninger på adgangen til aktiverne i fonden.
12.
Når en indskyder har en forpligtelse til at foretage eventuelle yderligere indbetalinger, som ikke er indregnet som en forpligtelse (jvf. afsnit 10), skal den give de i afsnit 86 i IAS 37 krævede oplysninger.
13.
Når en indskyder foretager regnskabsmæssig behandling af sin kapitalandel i fonden i overensstemmelse med afsnit 9, skal den give de i afsnit 85c) i IAS 37 krævede oplysninger.
IKRAFTTRÆDELSESTIDSPUNKT
14.
Virksomheder skal anvende dette fortolkningsbidrag for regnskabsår, som begynder 1. januar 2006 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender dette fortolkningsbidrag for regnskabsår, som begynder før 1. januar 2006, skal den give oplysning om dette.
OVERGANG
15.
Ændringer i regnskabspraksis skal regnskabsmæssigt behandles i overensstemmelse med kravene i IAS 8.
IFRIC-FORTOLKNINGSBIDRAG 6
Forpligtelser vedrørende bortskaffelse af elektronisk udstyr
HENVISNINGER
—
IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
—
IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
BAGGRUND
1.
Ifølge afsnit 17 i IAS 37 hedder det, at en forpligtende begivenhed er en tidligere begivenhed, der fører til en aktuel forpligtelse, som en virksomhed ikke har noget realistisk alternativ til at indfri.
2.
Ifølge afsnit 19 i IAS 37 hedder det, at hensættelser kun indregnes, når forpligtelserne skyldes tidligere begivenheder, der er uafhængige af virksomhedens fremtidige handlinger.
3.
EU»s direktiv om elektronikaffald (WE&EE), som regulerer indsamling, behandling, genindvinding og miljømæssigt fornuftig bortskaffelse af elektronikaffald, har givet anledning til spørgsmål om, hvornår forpligtelsen vedrørende bortskaffelse af elektronikaffald skal indregnes. I direktivet sondres mellem »nyt« og »historisk« affald og mellem affald fra private husholdninger og fra andre kilder. Nyt affald henviser til produkter, der er solgt efter den 13. august 2005. Husholdningsapparater, der er solgt før denne dato, betragtes i direktivet som ophav til historisk affald.
4.
I direktivet hedder det, at omkostninger til affaldshåndtering af historisk husholdningsaffald skal afholdes af de producenter af sådant udstyr, der befinder sig på markedet i en periode, der bestemmes i den relevante lovgivning i den enkelte medlemsstat (måleperioden). Ifølge direktivet skal hver medlemsstat etablere en mekanisme, så producenterne bidrager forholdsmæssigt til disse udgifter, »f.eks. i forhold til deres markedsandel per type apparat.«
5.
Adskillige begreber i fortolkningsbidraget, f.eks. »markedsandel« og »måleperiode«, kan defineres meget forskelligt i den relevante lovgivning i de enkelte medlemsstater. For eksempel kan måleperioden strække sig over et helt år eller blot en måned. Ligeledes kan måling af markedsandele og formlen for beregning af forpligtelsen variere i de forskellige nationale lovgivninger. Disseeksempler påvirker imidlertid kun måling af forpligtelsen, som falder uden for fortolkningsbidragets anvendelsesområde.
ANVENDELSESOMRÅDE
6.
Dette fortolkningsbidrag giver vejledning om indregning i producenternes årsregnskaber af forpligtelser vedrørende affaldshåndtering i henhold til EU«s direktiv om elektronikaffald (WE&EE), for så vidt angår salg af historiske husholdningsapparater.
7.
Fortolkningsbidraget vedrører hverken nyt affald eller historisk affald fra andre kilder end private husholdninger. Forpligtelsen vedrørende sådan affaldshåndtering behandles fyldestgørende i IAS 37. Hvis den nationale lovgivning imidlertid behandler nyt affald fra private husholdninger på samme måde som historisk affald fra private husholdninger, gælder principperne i fortolkningsbidraget under henvisning til den hierarkiske opstilling i afsnit 10–12 i IAS 8. Den hierarkiske opstilling i IAS 8 er ligeledes relevant for andre regler, der medfører forpligtelser på samme måde som omkostningsfordelingsmodellen i EU-direktivet.
PROBLEMSTILLING
8.
IFRIC blev bedt om at afgøre, hvad der i forbindelse med bortskaffelse af elektronikaffald er den forpligtende begivenhed i overensstemmelse med afsnit 14a), i IAS 37 ved indregning af en hensættelse til omkostninger vedrørende affaldshåndtering:
—
fremstilling eller salg af historiske husholdningsapparater?
—
deltagelse på markedet i måleperioden?
—
afholdelse af omkostninger under udførelse af affaldshåndtering?
KONSENSUS
9.
Markedsdeltagelse i måleperioden er den forpligtende begivenhed efter afsnit 14a), i IAS 37. Derfor opstår der ingen forpligtelse vedrørende omkostninger til affaldshåndtering af historiske husholdningsapparater i forbindelse med fremstilling eller salg af produkterne. Da forpligtelsen vedrørende historiske husholdningsapparater er forbundet med markedsdeltagelse i måleperioden, og ikke med fremstilling eller salg af de produkter, der skal bortskaffes, opstår der ingen forpligtelse, medmindre der foreligger eller opstår en markedsandel i måleperioden. Tidspunktet for den forpligtende begivenhed kan også være uafhængigt af den periode, hvor aktiviteterne i forbindelse med affaldshåndteringen udføres, og de dermed forbundne omkostninger afholdes.
IKRAFTTRÆDELSESTIDSPUNKT
10.
Virksomheder skal anvende dette fortolkningsbidrag for regnskabsår, som begynder 1. december 2005 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender dette fortolkningsbidrag for regnskabsår, som begynder før 1. december 2005, skal den give oplysning om dette.
OVERGANG
11.
Der skal redegøres for ændringer i regnskabspraksis i overensstemmelse med IAS 8.
IFRIC-FORTOLKNINGSBIDRAG 7
Om anvendelse af omregningsmetoden i IAS 29 Regnskabsaflæggelse i hyperinflationsøkonomier
HENVISNINGER
—
IAS 12 
Indkomstskatter
—
IAS 29 
Regnskabsaflæggelse i hyperinflationsøkonomier
BAGGRUND
1.
Dette fortolkningsbidrag giver vejledning i anvendelsen af kravene i IAS 29 i et regnskabsår, hvor virksomheden konstaterer 
(
1
)
, at der er hyperinflation i den økonomi, som ligger til grund for dens funktionelle valuta, og når denne hyperinflation ikke fandtes i det foregående regnskabsår, og virksomheden derfor omregner sit årsregnskab i overensstemmelse med IAS 29.
PROBLEMSTILLING
2.
I fortolkningsbidraget bliver der taget stilling til følgende spørgsmål:
a)
Hvordan forstås kravet »…skal angives i den på balancedagen gældende måleenhed« i afsnit 8 i IAS 29, når en virksomhed anvender standarden?
b)
Hvordan skal en virksomhed regnskabsmæssigt behandle udskudte skatteposter i et omregnet årsregnskab?
KONSENSUS
3.
I det regnskabsår, hvor en virksomhed konstaterer, at der er opstået hyperinflation i den økonomi, der ligger til grund for dens funktionelle valuta, og som i det foregående regnskabsår ikke har været ramt af hyperinflation, skal virksomheden anvende kravene i IAS 29, som om der altid havde været tale om en hyperinflationsøkonomi. Hvad angår ikke-monetære poster, der opgøres til historisk kostpris, skal virksomhedens åbningsbalance ved begyndelsen af det første regnskabsår, der præsenteres i årsregnskabet, omregnes, så inflationens virkninger afspejles fra den dato, hvor aktiverne blev anskaffet, og forpligtelserne blev påtaget, indtil datoen for slutbalancen for regnskabsåret. Hvad angår ikke-monetære poster, der er indregnet i åbningsbalancen til beløb, der gælder på andre dage end anskaffelses- eller optagelsestidspunktet, skal omregningen i stedet afspejle inflationens virkninger fra den dato, hvor disse beløb blev opgjort, indtil datoen for slutbalancen for regnskabsåret.
4.
På datoen for slutbalancen indregnes og måles udskudte skatteposter i overensstemmelse med IAS 12. Tallene for den udskudte skat i åbningsbalancen for regnskabsåret opgøres imidlertid som følger:
a)
virksomheden foretager en ny måling af de udskudte skatteposter i overensstemmelse med IAS 12, efter at den har omregnet den nominelle regnskabsmæssige værdi af de ikke-monetære poster på datoen for åbningsbalancen for regnskabsåret ved at anvende måleenheden på denne dato
b)
de udskudte skatteposter, der måles på ny i overensstemmelse med punkt a), omregnes for ændringen i måleenheden fra datoen for åbningsbalancen for regnskabsåret indtil datoen for slutbalancen for samme regnskabsår.
Virksomheden skal anvende fremgangsmåden i punkt a) og b) ved omregning af de udskudte skatteposter i åbningsbalancen for eventuelle sammenligningsår, der præsenteres i det omregnede regnskab for det regnskabsår, hvor virksomheden anvender IAS 29.
5.
Når en virksomhed har omregnet sit årsregnskab, bliver alle tilsvarende tal i årsregnskabet for et efterfølgende regnskabsår, herunder udskudte skatteposter, kun omregnet ved at anvende ændringen i måleenheden for dette efterfølgende regnskabsår for de omregnede regnskaber for det foregående regnskabsår.
IKRAFTTRÆDELSESTIDSPUNKT
6.
Virksomheder skal anvende dette fortolkningsbidrag for regnskabsår, som begynder 1. marts 2006 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender dette fortolkningsbidrag på regnskaber for regnskabsår, som begynder før 1. marts 2006, skal den give oplysning om dette.
(
1
)
  Konstateringen af hyperinflation baseres på virksomhedens vurdering af kriterierne i afsnit 3 i IAS 29.
IFRIC-FORTOLKNINGSBIDRAG 8
IFRS 2’s anvendelsesområde
HENVISNINGER
—
IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
—
IFRS 2 
Aktiebaseret vederlæggelse
BAGGRUND
1.
IFRS 2 finder anvendelse på aktiebaseret vederlæggelse, hvor en virksomhed anskaffer eller modtager varer eller tjenesteydelser. Varer omfatter varebeholdninger, hjælpematerialer, materielle anlægsaktiver, immaterielle aktiver og andre ikke-finansielle aktiver (IFRS 2, afsnit 5). Bortset fra særlige transaktioner, der ikke falder ind under standardens anvendelsesområde, finder IFRS 2 følgelig anvendelse på alle transaktioner, hvor virksomheden modtager ikke-finansielle aktiver eller tjenesteydelser som betaling for udstedelse af virksomhedens egenkapitalinstrumenter. IFRS 2 finder også anvendelse på transaktioner, hvor virksomheden påtager sig forpligtelser med hensyn til de modtagne varer eller tjenesteydelser, som er baseret på kursen på (eller værdien af) virksomhedens aktier eller andre egenkapitalinstrumenter.
2.
I nogle tilfælde kan det imidlertid være vanskeligt at bevise, at varer eller tjenesteydelser er (eller vil blive) modtaget. F.eks. kan en virksomhed tildele aktier til en velgørende organisation uden betaling. Det er almindeligvis ikke muligt at identificere de konkrete varer eller tjenesteydelser, der modtages til gengæld for sådan en transaktion. En lignende situation kan opstå ved transaktioner med andre parter.
3.
Ifølge IFRS 2 skal transaktioner, hvor der foretages aktiebaseret vederlæggelse til ansatte, måles under henvisning til dagsværdien af den aktiebaserede vederlæggelse på tildelingstidspunktet (IFRS 2, afsnit 11) 
(
1
)
. Det kræves således ikke, at virksomheden direkte måler dagsværdien af de modtagne tjenesteydelser fra ansatte.
4.
Ved transaktioner, hvor der foretages aktiebaseret vederlæggelse til andre parter end ansatte, specificerer IFRS 2 en afkræftelig formodning om, at dagsværdien af de modtagne varer eller tjenesteydelser kan skønnes pålideligt. I disse situationer foreskriver IFRS 2, at transaktionen skal måles til varernes eller tjenesteydelsernes dagsværdi på det tidspunkt, hvor virksomheden modtager varerne, eller hvor modparten leverer tjenesteydelsen (IFRS 2, afsnit 13). Der er således en underliggende formodning om, at virksomheden er i stand til at identificere de varer og tjenesteydelser, der er modtaget fra andre parter end ansatte. Dette rejser spørgsmålet om, hvorvidt standarden finder anvendelse, hvis der ikke er tale om identificerbare varer og tjenesteydelser. Dette rejser igen et yderligere spørgsmål: hvis virksomheden har foretaget en aktiebaseret vederlæggelse, og det (eventuelle) identificerbare modtagne vederlag synes at være mindre end dagsværdien af den aktiebaserede vederlæggelse, indikerer denne situation så, at varerne og tjenesteydelserne er blevet modtaget, selv om de ikke er konkret identificeret, og derfor, at IFRS 2 finder anvendelse?
5.
Det skal bemærkes, at udtrykket »dagsværdien af den aktiebaserede vederlæggelse« henviser til dagsværdien af den pågældende bestemte aktiebaserede vederlæggelse. F.eks. kunne lovgivningen kræve, at en virksomhed skal udstede en vis del af sine aktier til statsborgere i et bestemt land, der kun kan overdrages til andre statsborgere i det pågældende land. En sådan overdragelsesrestriktion kan påvirke dagsværdien af de pågældende aktier, og derfor kan sådanne aktier have en dagsværdi, der er mindre end dagsværdien af ellers identiske aktier, som ikke er underkastet sådanne restriktioner. Hvis spørgsmålet i afsnit 4 skulle opstå i forbindelse med aktierne med restriktioner, ville udtrykket »dagsværdien af den aktiebaserede vederlæggelse« i denne situation henvise til dagsværdien af aktierne med restriktioner og ikke til dagsværdien af andre aktier uden restriktioner.
ANVENDELSESOMRÅDE
6.
IFRS 2 finder anvendelse på transaktioner, hvor en virksomhed eller en virksomheds aktionærer har tildelt egenkapitalinstrumenter 
(
2
)
 eller påtaget sig en forpligtelse til at overdrage kontanter eller andre aktiver for beløb, som er baseret på kursen på (eller værdien af) virksomhedens aktier eller andre egenkapitalinstrumenter. Dette fortolkningsbidrag finder anvendelse på sådanne transaktioner, når det identificerbare vederlag, der modtages (eller skal modtages) af virksomheden, herunder kontanter og dagsværdien af identificerbart ikke-kontant vederlag, synes at være mindre end dagsværdien af tildelte egenkapitalinstrumenter eller påtagne forpligtelser. Dette fortolkningsbidrag anvendes imidlertid ikke på transaktioner, der falder uden for IFRS 2’s anvendelsesområde i overensstemmelse med afsnit 3-6 i IFRS 2.
PROBLEMSTILLING
7.
Den problemstilling, der behandles i fortolkningsbidraget, er, om IFRS 2 finder anvendelse på transaktioner, hvor virksomheden ikke konkret kan identificere nogle af eller alle de modtagne varer eller tjenesteydelser.
KONSENSUS
8.
IFRS 2 finder anvendelse på særlige transaktioner, hvor varer eller tjenesteydelser modtages, såsom transaktioner, hvor en virksomhed modtager varer eller tjenesteydelser som vederlag for virksomhedens egenkapitalinstrumenter. Dette omfatter transaktioner, hvor virksomheden ikke konkret kan identificere nogle af eller alle de modtagne varer eller tjenesteydelser.
9.
Hvis der ikke er tale om konkret identificerbare varer eller tjenesteydelser, kan andre omstændigheder indikere, at der er (eller vil blive) modtaget varer og tjenesteydelser, og i det tilfælde anvendes IFRS 2. Hvis det (eventuelle) identificerbare modtagne vederlag synes at være mindre end dagsværdien af de tildelte egenkapitalinstrumenter eller påtagne forpligtelser, indikerer denne omstændighed først og fremmest typisk, at der er (eller vil blive) modtaget andet vederlag (dvs. uidentificerbare varer eller tjenesteydelser).
10.
Virksomheden måler de modtagne varer eller tjenesteydelser i overensstemmelse med IFRS 2.
11.
Virksomheden måler de uidentificerbare varer eller tjenesteydelser, der er (eller vil blive) modtaget, som forskellen mellem dagsværdien af den aktiebaserede vederlæggelse og dagsværdien af eventuelle identificerbare varer og tjenesteydelser, der er (eller vil blive) modtaget.
12.
Virksomheden skal måle de modtagne uidentificerbare varer eller tjenesteydelser på tildelingstidspunktet. Ved kontantafregnede transaktioner foretages imidlertid en ny måling af forpligtelsen på hver balancedag, indtil den afregnes.
IKRAFTTRÆDELSESTIDSPUNKT
13.
Virksomheder skal anvende dette fortolkningsbidrag for regnskabsår, som begynder 1. maj 2006 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender dette fortolkningsbidrag for regnskabsår, som begynder før 1. maj 2006, skal den give oplysning om dette.
OVERGANG
14.
Virksomhederne skal anvende dette fortolkningsbidrag med tilbagevirkende kraft i overensstemmelse med kravene i IAS 8 med forbehold af overgangsbestemmelserne i IFRS 2.
(
1
)
  Ifølge IFRS 2 omfatter alle henvisninger til ansatte også andre, der leverer tilsvarende tjenesteydelser.
(
2
)
  De omfatter egenkapitalinstrumenter i virksomheden, virksomhedens modervirksomhed og andre virksomheder i samme koncern som virksomheden.
IFRIC-FORTOLKNINGSBIDRAG 9
Omvurdering af indbyggede afledte finansielle instrumenter
HENVISNINGER
—
IAS 39 
Finansielle instrumenter: Indregning og måling
—
IFRS 1 
Førstegangsanvendelse af IFRS
—
IFRS 3 
Virksomhedssammenslutninger
BAGGRUND
1.
IAS 39, afsnit 10, beskriver et indbygget afledt finansielt instrument som »en del af et kombineret finansielt instrument, som også omfatter en ikke-afledt hovedkontrakt, således at nogle af det kombinerede instruments pengestrømme varierer på en måde, som svarer til et ikke-indbygget afledt finansielt instrument«.
2.
Ifølge IAS 39, afsnit 11, skal et indbygget afledt finansielt instrument udelukkende adskilles fra hovedkontrakten og behandles regnskabsmæssigt som et afledt instrument, hvis:
a)
de økonomiske karakteristika og risici forbundet med det indbyggede afledte finansielle instrument ikke er nært forbundet med hovedkontraktens økonomiske karakteristika og risici
b)
et separat instrument med samme betingelser som det indbyggede afledte finansielle instrument opfylder definitionen på et afledt finansielt instrument, og
c)
det kombinerede instrument ikke måles til dagsværdi med ændringer heri indregnet i resultatet (dvs. et afledt finansielt instrument, som er indbygget i et finansielt aktiv eller en finansiel forpligtelse til dagsværdi gennem resultatet, udskilles ikke).
ANVENDELSESOMRÅDE
3.
Med forbehold af afsnit 4 og 5 nedenfor gælder dette fortolkningsbidrag for alle indbyggede afledte finansielle instrumenter inden for rammerne af IAS 39.
4.
Dette fortolkningsbidrag tager ikke stilling til spørgsmål i tilknytning til fornyet måling, der opstår som følge af en omvurdering af indbyggede afledte finansielle instrumenter.
5.
Dette fortolkningsbidrag tager ikke stilling til erhvervelse af kontrakter med indbyggede afledte finansielle instrumenter i en virksomhedssammenslutning eller en eventuel omvurdering heraf på datoen for erhvervelsen.
PROBLEMSTILLING
6.
I henhold til IAS 39 skal en virksomhed, når den for første gang bliver part i en kontrakt, vurdere, om der er nogen indbyggede afledte finansielle instrumenter i kontrakten, der skal adskilles fra hovedkontrakten og behandles regnskabsmæssigt som afledt finansielt instrument i henhold til standarden. Fortolkningsbidraget omhandler følgende problemstillinger:
a)
Kræves det i henhold til IAS 39, at en vurdering kun skal foretages, når virksomheden for første gang bliver part i kontrakten, eller bør vurderingen løbende tages op til fornyet behandling i hele kontrakten løbetid?
b)
Bør en virksomhed, som anvender IFRS for første gang, foretage sin vurdering på grundlag af de betingelser, der var gældende, da virksomheden for første gang blev part i kontrakten, eller på grundlag af dem, der var gældende, da virksomheden anvendte IFRS for første gang?
KONSENSUS
7.
En virksomhed skal vurdere, om et indbygget afledt finansielt instrument skal adskilles fra hovedkontrakten og regnskabsmæssigt behandles som et afledt finansielt instrument, når virksomheden for første gang bliver part i kontrakten. Efterfølgende omvurdering er forbudt, medmindre der sker en ændring i kontraktbetingelserne, som i betydelig grad ændrer de pengestrømme, der ellers ville være påkrævet i henhold til kontrakten, i hvilket tilfælde en omvurdering er påkrævet. En virksomhed afgør, om en ændring af pengestrømmene er betydelig ved at vurdere, i hvilket omfang de forventede fremtidige pengestrømme, der er forbundet med det indbyggede afledte finansielle instrument, hovedkontrakten eller begge, er ændret, og hvorvidt ændringen er væsentlig i forhold til de tidligere forventede pengestrømme forbundet med kontrakten.
8.
En virksomhed, som anvender IFRS for første gang, skal vurdere, om et indbygget afledt finansielt instrument skal adskilles fra hovedkontrakten og regnskabsmæssigt behandles som et afledt finansielt instrument på grundlag af de betingelser, der var gældende enten på det tidspunktet, hvor den for første gang blev part i kontrakten eller på det tidspunkt, hvor den i henhold til afsnit 7 skulle foretage en omvurdering, alt efter hvilket tidspunkt, der indtræffer senest.
IKRAFTTRÆDELSESTIDSPUNKT OG OVERGANG
9.
Virksomheder skal anvende dette fortolkningsbidrag for regnskabsår, som begynder 1. juni 2006 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender dette fortolkningsbidrag for regnskabsår, som begynder før 1. juni 2006, skal den give oplysning om dette. Fortolkningsbidraget skal anvendes med tilbagevirkende kraft.
IFRIC-FORTOLKNINGSBIDRAG 10
Præsentation af delårsregnskaber og værdiforringelse
HENVISNINGER
—
IAS 34 
Præsentation af delårsregnskaber
—
IAS 36 
Værdiforringelse af aktiver
—
IAS 39 
Finansielle instrumenter: Indregning og måling
BAGGRUND
1.
En virksomhed skal på hver balancedag vurdere, om der er sket en værdiforringelse af goodwill og af investeringer i egenkapitalinstrumenter og i finansielle aktiver, der er indregnet til kostpris, og, om nødvendigt, indregne et tab ved værdiforringelse på balancedagen i overensstemmelse med IAS 36 og IAS 39. På en efterfølgende balancedag kan betingelserne imidlertid have ændret sig på en sådan måde, at tabet ved værdiforringelse ville have været reduceret eller undgået, hvis vurderingen af værdiforringelsen først var blevet foretaget på dette tidspunkt. Dette fortolkningsbidrag giver vejledning om, hvorvidt sådanne tab ved værdiforringelse overhovedet bør tilbageføres.
2.
Dette fortolkningsbidrag omhandler samspillet mellem kravene i IAS 34 og indregningen af tab ved værdiforringelse af goodwill i IAS 36 og visse finansielle aktiver i IAS 39 og virkningen af dette samspil på efterfølgende delårsregnskaber og årsregnskaber.
PROBLEMSTILLING
3.
IAS 34, afsnit 28, kræver, at virksomheder skal anvende den samme regnskabspraksis i deres delårsregnskaber som i deres årsregnskaber. Det anføres endvidere: »Hyppigheden af en virksomheds regnskabsaflæggelse (årlig, halvårlig eller kvartalsvis) må dog ikke påvirke målingen af årets resultat. For at opnå dette skal målingen i forbindelse med delårsregnskaber foretages på et år-til-dato-grundlag.«
4.
Det anføres i IAS 36, afsnit 124: »Tab ved værdiforringelse indregnet for goodwill skal ikke tilbageføres i et efterfølgende regnskabsår.«
5.
Det anføres i IAS 39, afsnit 69: »Tab ved værdiforringelse, som er indregnet i resultatet for en investering i et egenkapitalinstrument, der er klassificeret som disponibelt for salg, skal ikke tilbageføres gennem resultatet.«
6.
IAS 39, afsnit 66, kræver, at tab ved værdiforringelse af finansielle aktiver, der er indregnet til kostpris (såsom et tab ved værdiforringelse af et unoteret egenkapitalinstrument, som ikke er indregnet til dagsværdi, fordi dagsværdien ikke kan måles pålideligt), ikke skal tilbageføres.
7.
Fortolkningsbidraget omhandler følgende problemstilling:
Bør en virksomhed tilbageføre tab ved værdiforringelse, der er indregnet i en delårsperiode, i relation til goodwill og investeringer i egenkapitalinstrumenter og i finansielle aktiver, der er indregnet til kostpris, hvis der ikke ville være indregnet et tab, eller der ville være indregnet et mindre tab, hvis der først var foretaget en vurdering af værdiforringelsen på en efterfølgende balancedag?
KONSENSUS
8.
En virksomhed må ikke tilbageføre et tab ved værdiforringelse, der er indregnet i en foregående delårsperiode, for så vidt angår goodwill eller en investering i enten et egenkapitalinstrument eller et finansielt aktiv, der er indregnet til kostpris.
9.
En virksomhed må ikke anvende denne konsensus analogt på andre områder, hvor der er en mulig konflikt mellem IAS 34 og andre standarder.
IKRAFTTRÆDELSESTIDSPUNKT OG OVERGANG
10.
Virksomheder skal anvende dette fortolkningsbidrag for regnskabsår, som begynder 1. november 2006 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender dette fortolkningsbidrag for regnskabsår, som begynder før 1. november 2006, skal den give oplysning om dette. En virksomhed skal anvende fortolkningsbidraget på goodwill fremadrettet fra det tidspunkt, hvor den for første gang anvendte IAS 36; den skal anvende fortolkningsbidraget på investeringer i egenkapitalinstrumenter eller i finansielle aktiver, der er indregnet til kostpris, fremadrettet fra det tidspunkt, hvor den for første gang anvendte målingskriterierne i IAS 39.
IFRIC-FORTOLKNINGSBIDRAG 11
IFRS 2 — Transaktioner med koncernaktier og egne aktier
HENVISNINGER
—
IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
—
IAS 32 
Finansielle instrumenter: Præsentation
—
IFRS 2 
Aktiebaseret vederlæggelse
PROBLEMSTILLING
1.
Dette fortolkningsbidrag tager stilling til to spørgsmål. Det første er, hvorvidt følgende transaktioner regnskabsmæssigt skal behandles som afregnet i egenkapital eller afregnet kontant i henhold til kravene i IFRS 2:
a)
en virksomhed tildeler sine medarbejdere ret til egenkapitalinstrumenter i virksomheden (f.eks. aktieoptioner) og kan enten vælge eller er forpligtet til at købe egenkapitalinstrumenter (dvs. egne aktier) fra en anden part for at opfylde sine forpligtelser over for sine medarbejdere, og
b)
en virksomheds medarbejdere får tildelt ret til egenkapitalinstrumenter i virksomheden (f.eks. aktieoptioner) enten af virksomheden selv eller af dens aktionærer, og virksomhedens aktionærer stiller de nødvendige egenkapitalinstrumenter til rådighed.
2.
Det andet spørgsmål vedrører aktiebaserede vederlæggelsesordninger, der involverer to eller flere virksomheder i samme koncern. For eksempel får medarbejdere i en dattervirksomhed tildelt ret til egenkapitalinstrumenter i modervirksomheden som vederlag for de tjenesteydelser, de har ydet dattervirksomheden. Det hedder i IFRS 2, afsnit 3, at:
I denne standard udgør overdragelse af en virksomheds egenkapitalinstrumenter fra virksomhedens aktionærer til parter, som har leveret varer eller tjenesteydelser til virksomheden (herunder ansatte) aktiebaseret vederlæggelse, medmindre overdragelsen klart har et andet formål end betaling for leverede varer eller tjenesteydelser til virksomheden. 
Dette gælder også overdragelse af egenkapitalinstrumenter i virksomhedens modervirksomhed eller egenkapitalinstrumenter i en anden virksomhed i samme koncern som virksomheden til parter, som har leveret varer eller tjenesteydelser til virksomheden.
 [Kursivering tilføjet]
Imidlertid giver IFRS 2 ingen vejledning i, hvordan sådanne transaktioner skal behandles regnskabsmæssigt i hver koncernvirksomheds enkelte eller separate årsregnskab.
3.
Derfor vedrører det andet spørgsmål følgende aktiebaserede vederlæggelsesordninger:
a)
en modervirksomhed tildeler direkte medarbejderne i sin dattervirksomhed ret til sine egenkapitalinstrumenter: modervirksomheden (ikke dattervirksomheden) er forpligtet til at give dattervirksomhedens medarbejdere de nødvendige egenkapitalinstrumenter, og
b)
en dattervirksomhed tildeler sine medarbejdere ret til sin modervirksomheds egenkapitalinstrumenter: dattervirksomheden er forpligtet til at give sine medarbejdere de nødvendige egenkapitalinstrumenter.
4.
Dette fortolkningsbidrag tager stilling til, hvorledes de aktiebaserede vederlæggelsesordninger, der beskrives i afsnit 3, regnskabsmæssigt skal behandles i årsregnskabet for den dattervirksomhed, der modtager serviceydelser fra medarbejderne.
5.
Der kan være en ordning mellem en modervirksomhed og dens dattervirksomhed, hvorefter dattervirksomheden skal betale modervirksomheden for tilførslen af egenkapitalinstrumenter til medarbejderne. Dette fortolkningsbidrag tager ikke stilling til, hvorledes en sådan koncernintern vederlæggelsesordning skal behandles regnskabsmæssigt.
6.
Skønt dette fortolkningsbidrag fokuserer på transaktioner med ansatte, gælder det også for lignende aktiebaserede vederlæggelser med ikke-ansatte leverandører af varer eller tjenesteydelser.
KONSENSUS
Aktiebaserede vederlæggelsesordninger, der involverer en virksomheds egne egenkapitalinstrumenter (afsnit 1)
7.
Aktiebaserede vederlæggelsestransaktioner, hvor en virksomhed modtager tjenesteydelser som vederlag for sine egenkapitalinstrumenter, skal regnskabsmæssigt behandles som afregnet i egenkapital. Dette gælder, uanset om virksomheden vælger eller er forpligtet til at købe disse egenkapitalinstrumenter fra en anden part for at opfylde sine forpligtelser over for sine medarbejdere i henhold til den aktiebaserede vederlæggelsesordning. Det gælder også, uanset om:
a)
medarbejderens ret til virksomhedens egenkapitalinstrumenter blev givet af virksomheden selv eller af dens aktionær(er), eller
b)
den aktiebaserede vederlæggelsesordning blev afregnet af virksomheden selv eller af dens aktionær(er).
Aktiebaserede vederlæggelsesordninger, der involverer modervirksomhedens egenkapitalinstrumenter
En modervirksomhed tildeler sin dattervirksomheds ansatte ret til egenkapitalinstrumenter (afsnit 3a))
8.
Forudsat at den aktiebaserede ordning regnskabsmæssigt behandles som afregnet i egenkapital i modervirksomhedens konsoliderede regnskaber, skal dattervirksomheden måle de tjenesteydelser, den har modtaget fra sine ansatte, i overensstemmelse med de krav, der gælder for aktiebaserede vederlæggelsestransaktioner afregnet i egenkapital, med en tilsvarende stigning indregnet i egenkapitalen som et bidrag fra modervirksomheden.
9.
En modervirksomhed kan tildele sine dattervirksomheders ansatte ret til sine egenkapitalinstrumenter på betingelse af, at de ansatte bliver i koncernen i en bestemt periode. En medarbejder i én dattervirksomhed kan overføre sin ansættelse til en anden dattervirksomhed i den fastsatte optjeningsperiode, uden at medarbejderens ret til egenkapitalinstrumenter i modervirksomheden i henhold til den oprindelige aktiebaserede vederlæggelsesordning påvirkes heraf. Hver dattervirksomhed skal måle de tjenesteydelser, den modtager fra medarbejderen, under henvisning til dagsværdien af egenkapitalinstrumenterne på den dato, hvor denne ret til egenkapitalinstrumenter oprindelig blev tildelt af modervirksomheden som defineret i IFRS 2, appendiks A, og den andel af optjeningsperioden, hvor medarbejderen har arbejdet i hver dattervirksomhed.
10.
Efter at være blevet overført mellem virksomheder inden for koncernen opfylder en sådan medarbejder muligvis ikke en optjeningsbetingelse ud over en markedsbaseret betingelse som defineret i IFRS 2, appendiks A; medarbejderen forlader f.eks. koncernen, før den pågældende har fuldført arbejdsperioden. I så fald skal hver dattervirksomhed justere det tidligere indregnede beløb for tjenesteydelser modtaget af medarbejderen i overensstemmelse med principperne i IFRS 2, afsnit 19. Hvis den af modervirksomheden tildelte ret til egenkapitalinstrumenter således ikke optjenes, fordi en medarbejder ikke opfylder en optjeningsbetingelse ud over en markedsbaseret betingelse, indregnes der ikke på akkumuleret basis noget beløb for modtagne tjenesteydelser fra den pågældende medarbejder i nogen dattervirksomheds årsregnskab.
En dattervirksomhed tildeler sine ansatte ret til egenkapitalinstrumenter i sin modervirksomhed (afsnit 3b))
11.
Dattervirksomheden skal regnskabsmæssigt behandle transaktionen med sine medarbejdere som kontant afregnet. Dette krav gælder, uanset hvordan dattervirksomheden opnår egenkapitalinstrumenterne til at opfylde sine forpligtelser over for sine medarbejdere.
IKRAFTTRÆDELSESTIDSPUNKT
12.
Virksomheder skal anvende dette fortolkningsbidrag for regnskabsår, som begynder 1. marts 2007 eller derefter. Det tilskyndes, at standarden anvendes før dette tidspunkt. Hvis en virksomhed anvender dette fortolkningsbidrag for regnskabsår, som begynder før 1. marts 2007, skal den give oplysning om dette.
OVERGANG
13.
Virksomheder skal anvende dette fortolkningsbidrag med tilbagevirkende kraft i overensstemmelse med IAS 8 med forbehold for overgangsbestemmelserne i IFRS 2.
SIC-FORTOLKNINGSBIDRAG 7
Indførelse af euroen
HENVISNINGER
—
IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
—
IAS 10 
Begivenheder efter balancedagen
 (ajourført 2003)
—
IAS 21 
Valutaomregning
 (ajourført 2003)
PROBLEMSTILLING
1
Fra den 1. januar 1999, som er starttidspunktet for Den Økonomiske og Monetære Union (ØMU), vil euroen blive en selvstændig valuta, og omregningskursen mellem euroen og de deltagende nationale valutaer vil blive endeligt fastsat. Risikoen for efterfølgende valutakursforskelle knyttet til disse valutaer fjernes således fra dette tidspunkt.
2
Problemstillingen er anvendelsen af IAS 21 på overgangen fra EU-medlemslandenes nationale valutaer til euroen (»overgangen«).
KONSENSUS
3
Kravene i IAS 21 vedrørende omregningen af transaktioner i fremmed valuta og udenlandske virksomheders årsregnskaber skal anvendes nøje på overgangen. Den samme begrundelse gør sig gældende for fastsættelsen af valutakurser, når lande tilslutter sig ØMU’en på et senere tidspunkt.
4
Specielt medfører dette, at:
a)
monetære aktiver og forpligtelser i fremmed valuta hidrørende fra transaktioner fortsat skal omregnes til den funktionelle valuta til balancedagens kurs. Eventuelle valutakursforskelle skal straks indregnes som indtægt eller omkostning. Virksomheder skal dog fortsat anvende deres eksisterende regnskabspraksis for kursgevinster og -tab vedrørende sikring af valutarisikoen for en forventet transaktion
b)
akkumulerede valutakursforskelle vedrørende omregningen af udenlandske virksomheders årsregnskaber skal fortsat klassificeres som egenkapital og skal udelukkende indregnes som indtægt eller omkostning ved afhændelse af nettoinvesteringen i den udenlandske virksomhed, og
c)
valutakursforskelle hidrørende fra omregning af forpligtelser i de deltagende valutaer skal ikke medtages i de tilknyttede aktivers regnskabsmæssige værdi.
TIDSPUNKT FOR KONSENSUS
Oktober 1997
IKRAFTTRÆDELSESTIDSPUNKT
Dette fortolkningsbidrag træder i kraft 1. juni 1998. Ændringer i regnskabspraksis skal regnskabsmæssigt behandles i overensstemmelse med bestemmelserne i IAS 8.
SIC-FORTOLKNINGSBIDRAG 10
Offentlig støtte — Ingen konkret forbindelse til driftsaktiviteter
HENVISNINGER
—
IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
—
IAS 20 
Regnskabsmæssig behandling af offentlige tilskud og oplysning om andre former for offentlig støtte
PROBLEMSTILLING
1.
I nogle lande kan formålet med offentlig støtte være som incitament eller som langvarig støtte til forretningsaktiviteter i visse regioner eller brancher. Betingelserne for at modtage en sådan støtte er i nogle tilfælde ikke specifikt knyttet til virksomhedens driftsaktiviteter. Som eksempel på en sådan støtte kan nævnes overførsel af ressourcer fra offentlige myndigheder til virksomheder:
a)
hvis drift er inden for en bestemt branche
b)
som fortsætter drift inden for nyligt privatiserede brancher, eller
c)
starter eller fortsætter drift inden for underudviklede områder.
2.
Problemstillingen er, hvorvidt den form for offentlig støtte er et »offentligt tilskud« omfattet af IAS 20 og derfor regnskabsmæssigt skal behandles i overensstemmelse med denne standard.
KONSENSUS
3.
Offentlig støtte til virksomheder opfylder definitionen på offentlige tilskud i IAS 20, selv om der ikke foreligger andre betingelser specifikt tilknyttet virksomhedens driftsaktiviteter end kravet om at have drift inden for visse regioner eller brancher. Sådanne tilskud skal derfor ikke indregnes direkte på egenkapitalen.
TIDSPUNKT FOR KONSENSUS
Januar 1998
IKRAFTTRÆDELSESTIDSPUNKT
Dette fortolkningsbidrag træder i kraft 1. august 1998. Ændringer i regnskabspraksis skal regnskabsmæssigt behandles i overensstemmelse med IAS 8.
SIC-FORTOLKNINGSBIDRAG 12
Konsolidering — Særlige virksomheder
HENVISNINGER
—
IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
—
IAS 19 
Personaleydelser
—
IAS 27 
Koncernregnskaber og separate årsregnskaber
—
IAS 32 
Finansielle instrumenter: Præsentation
—
IFRS 2 
Aktiebaseret vederlæggelse
PROBLEMSTILLING
1.
En enhed kan etableres for at opfylde et snævert og veldefineret formål (eksempelvis indgåelse af en leasingkontrakt, udførelse af forsknings- og udviklingsaktiviteter eller securitisation af finansielle aktiver). En sådan særlig virksomhed (»SPE«) kan være enten et selskab, en fond, et interessentskab eller en ikke-registreret enhed. SPE’er etableres ofte med juridiske bestemmelser, som lægger strenge og undertiden varige begrænsninger på bestyrelsens, fondsbestyrerens eller ledelsens beføjelser til at træffe beslutninger vedrørende SPE’ens aktiviteter. Ofte specificerer disse bestemmelser, at betingelserne for SPE’ens løbende aktiviteter ikke kan ændres, undtagen eventuelt af dens stifter eller sponsor (dvs., at de så at sige drives på »autopilot«).
2.
Sponsoren (eller den virksomhed, på hvis vegne SPE’en er etableret) overfører jævnligt aktiver til SPE’en, opnår brugsret til de aktiver, som besiddes af SPE’en, eller leverer tjenesteydelser til SPE’en, mens andre (»kapitalindskydere«) kan yde finansiering af SPE’en. En virksomhed, som indgår transaktioner med en SPE (ofte dens stifter eller sponsor), kan i realiteten have bestemmende indflydelse på SPE’en.
3.
En økonomisk interesse i en SPE kan være i form af et gælds- eller egenkapitalinstrument, en ret til andel af overskud, en ret til en andel af enhedens nettoaktiver eller en leasingkontrakt. Nogle økonomiske interesser kan blot sikre indehaveren et fast eller angivet afkast, mens andre kan give indehaveren ret eller adgang til andre fremtidige økonomiske fordele fra SPE’ens aktiviteter. I de fleste tilfælde bibeholder stifteren eller sponsoren (eller den virksomhed, på hvis vegne SPE’en er etableret) en væsentlig økonomisk interesse i SPE’ens aktiviteter, selv hvor denne kun besidder en lille del eller intet af SPE’ens egenkapital.
4.
IAS 27 kræver konsolidering af enheder, som er underlagt den regnskabsaflæggende virksomheds bestemmende indflydelse. Denne standard indeholder dog ikke konkret vejledning om konsolideringen af SPE’er.
5.
Problemstillingen er, i hvilke tilfælde en virksomhed skal konsolidere en SPE.
6.
Dette fortolkningsbidrag finder ikke anvendelse på pensionsordninger eller andre langsigtede personaleydelsesordninger, som IAS 19 finder anvendelse på.
7.
En overførsel af aktiver fra en virksomhed til en SPE kan opfylde betingelserne for et salg foretaget af virksomheden. Selv når overførslen opfylder betingelserne for et salg, kan bestemmelserne i IAS 27 og dette fortolkningsbidrag medføre, at virksomheden skal konsolidere SPE’en. Dette fortolkningsbidrag omhandler ikke situationer, hvor virksomheden skal behandle overførslen som et salg eller elimineringen af konsekvenserne af et sådant salg ved konsolidering.
KONSENSUS
8.
En SPE skal konsolideres, når forholdet mellem virksomheden og SPE’en indikerer, at SPE’en er underlagt bestemmende indflydelse af virksomheden.
9.
I forbindelse med en SPE kan bestemmende indflydelse opstå gennem forudbestemmelsen af SPE’ens aktiviteter (drift på »autopilot«) eller på anden måde. IAS 27.13 angiver adskillige forhold, som medfører bestemmende indflydelse, selv hvor en virksomhed besidder halvdelen eller mindre end halvdelen af stemmerettighederne i en anden virksomhed. Ligeledes kan bestemmende indflydelse foreligge selv hvor en virksomhed kun besidder en lille eller ingen del af SPE’ens egenkapital. Anvendelsen af begrebet bestemmende indflydelse kræver i hvert enkelt tilfælde udøvelse af skøn over alle relevante faktorer.
10.
Ud over de i IAS 27.13 beskrevne tilfælde kan eksempelvis følgende tilfælde indikere forhold, hvor en virksomhed udøver bestemmende indflydelse på en SPE og dermed også skal konsolidere SPE’en (yderligere vejledning gives i appendikset til dette fortolkningsbidrag):
a)
når SPE’ens aktiviteter i realiteten udføres på vegne af virksomheden efter dennes specifikke forretningsmæssige behov, således at virksomheden opnår fordele fra SPE’ens aktiviteter
b)
når virksomheden i realiteten har beføjelser til at opnå hovedparten af fordelene fra SPE’ens aktiviteter, eller virksomheden ved etableringen af en »autopilot«-mekanisme har uddelegeret disse beføjelser
c)
når virksomheden i realiteten har ret til at opnå hovedparten af fordelene fra SPE’en, og derfor kan blive udsat for risici tilknyttet SPE’ens aktiviteter, eller
d)
når virksomheden i realiteten bibeholder hovedparten af risici tilknyttet ejendomsret eller lignende over SPE’en eller dens aktiver for at opnå fordele fra dens aktiviteter.
11.
[Ophævet]
TIDSPUNKT FOR KONSENSUS
Juni 1998
IKRAFTTRÆDELSESTIDSPUNKT
Dette fortolkningsbidrag træder i kraft for årsregnskaber, der dækker regnskabsår, som begynder 1. juli 1999 eller senere. Det tilskyndes, at standarden anvendes før dette tidspunkt. Ændringer i regnskabspraksis skal regnskabsmæssigt behandles i overensstemmelse med IAS 8.
Virksomheder skal anvende ændringen i afsnit 6 på regnskabsår, som begynder 1. januar 2005 eller derefter. Hvis en virksomhed anvender IFRS 2 i et tidligere regnskabsår, finder ændringen anvendelse på det tidligere regnskabsår.
SIC-FORTOLKNINGSBIDRAG 13
Fælles kontrollerede virksomheder — Ikke-monetære indskud fra venturedeltagere
HENVISNINGER
—
IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
—
IAS 16 
Materielle anlægsaktiver
—
IAS 18 
Omsætning
—
IAS 31 
Kapitalandele i joint ventures
PROBLEMSTILLING
1.
IAS 31.48 omtaler både indskud og salg mellem en venturedeltager og et joint venture på følgende måde: »Når en venturedeltager indskyder aktiver i eller sælger aktiver til et joint venture, skal indregning af andelen af gevinst eller tab på transaktionen afspejle transaktionens indhold«. Endvidere anføres det i IAS 31.24, at »en fælles kontrolleret virksomhed er et joint venture, som indebærer etablering af et selskab, et interessentskab eller en anden virksomhed, hvori hver venturedeltager har en kapitalandel«. Der gives ingen konkret vejledning om indregning af gevinster og tab hidrørende fra indskud af ikke-monetære aktiver i fælles kontrollerede virksomheder.
2.
Indskud i en fælles kontrolleret virksomhed er overførsel af aktiver fra venturedeltagere til gengæld for en egenkapitalinteresse i den fælles kontrollerede virksomhed. Indskud af denne art kan foretages på forskellige måder. De kan foretages samtidigt af venturedeltagerne enten ved etableringen af den fælles kontrollerede virksomhed eller efterfølgende. Det vederlag, venturedeltager modtager til gengæld for aktiver indskudt i den fælles kontrollerede virksomhed, kan ligeledes omfatte likvide beholdninger eller en anden form for vederlag, som ikke afhænger af den fælles kontrollerede virksomheds fremtidige pengestrømme (»yderligere vederlag«).
3.
Problemstillingerne er følgende:
a)
hvornår den relevante del af gevinster eller tab hidrørende fra indskuddet af et ikke-monetært aktiv i en fælles kontrolleret virksomhed til gengæld for en egenkapitalinteresse i den fælles kontrollerede virksomhed skal indregnes af venturedeltager i resultatopgørelsen
b)
hvordan yderligere vederlag regnskabsmæssigt skal behandles af venturedeltager, og
c)
hvordan eventuelle urealiserede gevinster eller tab skal præsenteres i venturedeltagers koncernregnskab.
4.
Dette fortolkningsbidrag omhandler venturedeltagers regnskabsmæssige behandling af ikke-monetære indskud i en fælles kontrolleret virksomhed til gengæld for en egenkapitalinteresse i den fælles kontrollerede virksomhed, som regnskabsmæssigt behandles efter den indre værdis metode eller ved pro rata-konsolidering.
KONSENSUS
5.
Ved anvendelsen af IAS 31.48 på ikke-monetære indskud i en fælles kontrolleret virksomhed til gengæld for en egenkapitalinteresse i denne skal en venturedeltager i årets resultat indregne den del af gevinster eller tab, som kan henføres til de andre venturedeltageres egenkapitalinteresser, medmindre:
a)
væsentlige risici og afkast tilknyttet ejendomsretten til de indskudte ikke-monetære aktiver ikke er overgået til den fælles kontrollerede virksomhed, eller
b)
gevinsten eller tabet på det ikke-monetære indskud ikke kan måles pålideligt, eller
c)
indskudstransaktionen ikke har forretningsmæssigt indhold ifølge definitionen af denne term i IAS 16.
Hvis undtagelse a), b) eller c) finder anvendelse, anses gevinsten eller tabet at være urealiseret og indregnes derfor ikke i resultatet, medmindre afsnit 6 ligeledes finder anvendelse.
6.
Hvis venturedeltager ud over at modtage en egenkapitalinteresse i den fælles kontrollerede virksomhed ligeledes modtager monetære eller ikke-monetære aktiver, skal venturedeltager indregne en passende del af gevinsten eller tabet på transaktionen i resultatet.
7.
Urealiserede gevinster eller tab på ikke-monetære aktiver indskudt i den fælles kontrollerede virksomhed skal elimineres i de underliggende aktiver ved pro rata-konsolidering eller i investeringen ved brug af den indre værdis metode. Sådanne urealiserede gevinster eller tab skal ikke præsenteres som udskudte gevinster eller tab i venturedeltagers koncernbalance.
8-13.
[Ikke relevant for individuelle fortolkningsbidrag]
TIDSPUNKT FOR KONSENSUS
Juni 1998
IKRAFTTRÆDELSESTIDSPUNKT
Dette fortolkningsbidrag træder i kraft for årsregnskaber, der dækker regnskabsår, som begynder 1. januar 1999 eller senere. Det tilskyndes, at standarden anvendes før dette tidspunkt. Der skal redegøres for ændringer i regnskabspraksis i overensstemmelse med IAS 8.
14.
Ændringerne af den regnskabsmæssige behandling af de i afsnit 5 angivne ikke-monetære indskudstransaktioner skal anvendes fremadrettet på fremtidige transaktioner.
15.
Virksomheder skal anvende ændringerne fra IAS 16 til dette fortolkningsbidrag på regnskabsår, der begynder 1. januar 2005 eller derefter. Hvis en virksomhed anvender denne standard i et tidligere regnskabsår, finder ændringerne ligeledes anvendelse for det tidligere regnskabsår.
SIC-FORTOLKNINGSBIDRAG 15
Operationelle leasingkontrakter — Incitamenter
HENVISNINGER
—
IAS 1 
Præsentation af årsregnskaber
 (ajourført 2003)
—
IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
—
IAS 17 
Leasingkontrakter (ajourført 2003)
PROBLEMSTILLING
1.
Ved forhandling eller fornyelse af en eksisterende operationel leasingkontrakt kan leasinggiver give leasingtager incitamenter til at indgå en kontrakt. Sådanne incitamenter kan eksempelvis være kontant forudbetaling til leasingtager eller leasinggivers godtgørelse eller afholdelse af leasingtagers omkostninger (eksempelvis flytteomkostninger, indretning af lejemål og omkostninger tilknyttet forpligtelser, som leasingtager har i henhold til en allerede eksisterende leasingkontrakt). Alternativt kan det aftales, at leasingtager ikke skal betale nogen lejeydelse eller kun en reduceret lejeydelse i starten af leasingperioden.
2.
Problemopstillingen er, hvordan sådanne incitamenter vedrørende en operationel leasingkontrakt skal indregnes i henholdsvis leasingtagers og leasinggivers årsregnskaber.
KONSENSUS
3.
Alle incitamenter for indgåelse eller fornyelse af en eksisterende operationel leasingkontrakt skal indregnes som en integreret del af det aftalte nettovederlag for anvendelsen af det leasede aktiv, uden hensyn til incitamentets art eller form eller betalingstidspunkterne.
4.
Leasinggiver skal indregne de samlede incitamentomkostninger som en reduktion af lejeindtægterne over leasingperioden på et lineært grundlag, medmindre et andet systematisk grundlag bedre viser det tidsmæssige mønster, hvorefter brugsfordelene fra det leasede aktiv mindskes.
5.
Leasingtager skal indregne de samlede incitamentfordele som en reduktion af lejeomkostningerne over leasingperioden på et lineært grundlag, medmindre et andet systematisk grundlag bedre viser det tidsmæssige mønster for leasingtagers brugsfordele fra anvendelsen af det leasede aktiv.
6.
Omkostninger afholdt af leasingtager, herunder omkostninger vedrørende en allerede eksisterende leasingkontrakt (eksempelvis omkostninger vedrørende opsigelse, flytning eller indretning af lejemål), skal regnskabsmæssigt behandles af leasingtager i overensstemmelse med de standarder, der finder anvendelse på disse omkostninger, herunder omkostninger, som i praksis godtgøres gennem en incitamentordning.
TIDSPUNKT FOR KONSENSUS
Juni 1998
IKRAFTTRÆDELSESTIDSPUNKT
Dette fortolkningsbidrag træder i kraft for leasingperioder, som begynder 1. januar 1999 eller senere.
SIC-FORTOLKNINGSBIDRAG 21
Indkomstskatter — Genindvinding af omvurderede ikke-afskrivningsberettigede aktiver
HENVISNINGER
—
IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
—
IAS 12 
Indkomstskatter
—
IAS 16 
Materielle anlægsaktiver (ajourført 2003)
—
IAS 40 
Investeringsejendomme
 (ajourført 2003)
PROBLEMSTILLING
1.
I henhold til IAS 12.51 skal målingen af udskudte skatteforpligtelser og skatteaktiver afspejle de skattemæssige konsekvenser af den måde, hvorpå virksomheden på balancedagen forventer at genindvinde eller afvikle den regnskabsmæssige værdi af de aktiver og forpligtelser, som medfører midlertidige forskelle.
2.
IAS 12.20 angiver, at omvurderingen af et aktiv ikke altid påvirker skattepligtig indkomst (skattemæssigt underskud) for regnskabsåret for omvurderingen, og at der eventuelt ikke foretages nogen regulering af aktivets skattemæssige værdi som følge af omvurderingen. Hvis den fremtidige genindvinding af den regnskabsmæssige værdi er skattepligtig, udgør eventuelle forskelle mellem den regnskabsmæssige værdi af et omvurderet aktiv og dets skattemæssige værdi en midlertidig forskel og medfører en udskudt skatteforpligtelse eller et udskudt skatteaktiv.
3.
Problemstillingen er, hvordan udtrykket »genindvinding« skal fortolkes i forhold til et aktiv, som ikke afskrives (et ikke-afskrivningsberettiget aktiv) og omvurderes i overensstemmelse med afsnit 31 i IAS 16.
4.
Dette fortolkningsbidrag finder ligeledes anvendelse på investeringsejendomme, som indregnes til omvurderet værdi i henhold til IAS 40.33, men som ville anses for at være ikke-afskrivningsberettigede ved anvendelse af IAS 16.
KONSENSUS
5.
Den udskudte skatteforpligtelse eller det udskudte skatteaktiv, som opstår ved omvurderingen af et ikke-afskrivningsberettiget aktiv i overensstemmelse med IAS 16.31, skal måles på grundlag af de skattemæssige konsekvenser af genindvindingen af den regnskabsmæssige værdi af dette aktiv ved salg, uanset målingsgrundlaget for aktivets regnskabsmæssige værdi. Tilsvarende gælder, at hvis skattelovgivningen for det skattepligtige beløb fra salget af et aktiv angiver en gældende skattesats, som afviger fra den gældende skattesats for det skattepligtige beløb hidrørende fra anvendelsen af aktivet, anvendes førstnævnte skattesats derfor ved målingen af den udskudte skatteforpligtelse eller det udskudte skatteaktiv tilknyttet et ikke-afskrivningsberettiget aktiv.
TIDSPUNKT FOR KONSENSUS
August 1999
IKRAFTTRÆDELSESTIDSPUNKT
Dette fortolkningsbidrag træder i kraft 15. juli 2000. Ændringer i regnskabspraksis skal regnskabsmæssigt behandles i overensstemmelse med IAS 8.
SIC-FORTOLKNINGSBIDRAG 25
Indkomstskatter — Ændringer i virksomhedens eller dens aktionærers skattemæssige stilling
HENVISNINGER
—
IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
—
IAS 12 
Indkomstskatter
PROBLEMSTILLING
1.
En ændring i virksomhedens eller dens aktionærers skattemæssige stilling kan have konsekvenser for virksomheden ved at øge eller reducere dens skatteforpligtelser eller -aktiver. Dette kan eksempelvis forekomme ved børsnotering af virksomhedens egenkapitalinstrumenter eller ved omstrukturering af virksomhedens egenkapital. Det kan ligeledes forekomme, hvis en aktionær med bestemmende indflydelse flytter til udlandet. Som følge af en sådan begivenhed kan virksomheden blive beskattet anderledes. Den kan eksempelvis få eller miste en skattebegunstigelse eller blive beskattet med en anden skattesats i fremtiden.
2.
En ændring i virksomhedens eller dens aktionærers skattemæssige stilling kan have en øjeblikkelig virkning på virksomhedens aktuelle skatteforpligtelser eller -aktiver. Ændringer kan ligeledes medføre en forøgelse eller reduktion af virksomhedens indregnede udskudte skatteforpligtelser og -aktiver afhængig af, hvilken virkning ændringen i skattemæssig stilling har på de skattemæssige konsekvenser fra genindvindingen eller afviklingen af den regnskabsmæssige værdi af virksomhedens aktiver og forpligtelser.
3.
Problemstillingen er, hvordan virksomheden regnskabsmæssigt skal behandle de skattemæssige konsekvenser af en ændring i virksomhedens eller dens aktionærers skattemæssige stilling.
KONSENSUS
4.
En ændring i virksomhedens eller dens aktionærers skattemæssige stilling medfører ikke en forøgelse eller reduktion af beløb indregnet direkte på egenkapitalen. Konsekvensen på aktuelle og udskudte skatter af en ændring i den skattemæssige stilling skal medtages i årets resultat, medmindre disse konsekvenser er tilknyttet transaktioner og begivenheder, som i det samme eller et andet regnskabsår medfører en direkte indregning i den indregnede egenkapital. Skattemæssige konsekvenser, som er tilknyttet ændringer i den indregnede egenkapital i det samme eller et andet regnskabsår (og som ikke medtages i årets resultat), skal indregnes direkte på egenkapitalen.
TIDSPUNKT FOR KONSENSUS
August 1999
IKRAFTTRÆDELSESTIDSPUNKT
Dette fortolkningsbidrag træder i kraft 15. juli 2000. Ændringer i regnskabspraksis skal regnskabsmæssigt behandles i overensstemmelse med IAS 8.
SIC-FORTOLKNINGSBIDRAG 27
Vurdering af indholdet af transaktioner, som har juridisk form af en leasingkontrakt
HENVISNINGER
—
IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
—
IAS 11 
Entreprisekontrakter
—
IAS 17 
Leasingkontrakter (ajourført 2003)
—
IAS 18 
Omsætning
—
IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
—
IAS 39 
Finansielle instrumenter: Indregning og måling (ajourført 2003)
—
IFRS 4 
Forsikringskontrakter
PROBLEMSTILLING
1.
En virksomhed kan indgå en transaktion eller en række transaktioner (en ordning) med en ikke-nærtstående part eller parter (investor), som har juridisk form af en leasingkontrakt. Eksempelvis kan virksomheden lease aktiver til investor og tilbagelease de samme aktiver eller alternativt sælge aktiver og tilbagelease de samme aktiver. Ordningers form samt deres vilkår og betingelser kan være vidt forskellige. I eksemplet med leasing og tilbageleasing kan ordningens formål være, at investor opnår en skattefordel, som denne deler med virksomheden i form af et honorar, frem for at overdrage brugsretten til et aktiv.
2.
Når ordningen med en investor har juridisk form af en leasingkontrakt, er problemstillingerne følgende:
a)
hvordan virksomheden fastlægger, om en række transaktioner er forbundne og regnskabsmæssigt skal behandles som én transaktion
b)
hvorvidt ordningen opfylder definitionen på en leasingkontrakt i henhold til IAS 17, og hvis dette ikke er tilfældet,
i)
hvorvidt en eventuel separat investeringskonto og eventuelle leasingforpligtelser er virksomhedens aktiver og forpligtelser (se appendiks A, eksempel A2a))
ii)
hvordan virksomheden regnskabsmæssigt skal behandle andre forpligtelser, der opstår i forbindelse med ordningen, og
iii)
hvordan virksomheden regnskabsmæssigt skal behandle et honorar fra investor.
KONSENSUS
3.
En række transaktioner, som har juridisk form af en leasingkontrakt, er forbundne og skal regnskabsmæssigt behandles som én transaktion, når deres samlede økonomiske virkning ikke kan vurderes uden henvisning til transaktionerne som en helhed. Dette er eksempelvis tilfældet, når rækken af transaktioner er nært forbundne, forhandlet samlet og foretages samtidig eller i fortsættelse af hinanden. (Appendiks A illustrerer anvendelsen af dette fortolkningsbidrag).
4.
Den regnskabsmæssige behandling skal afspejle ordningens indhold. Alle aspekter og konsekvenser af ordningen skal vurderes ved bestemmelsen af dens indhold, med særlig vægt på de aspekter og konsekvenser, som har en økonomisk virkning.
5.
IAS 17 finder anvendelse, når ordningens indhold omfatter overdragelsen af brugsretten til et aktiv i en aftalt periode. Følgende er eksempler på forhold, som separat indikerer, at ordningens indhold eventuelt ikke er en leasingkontrakt i henhold til IAS 17. (Appendiks B illustrerer anvendelsen af dette fortolkningsbidrag):
a)
virksomheden bibeholder alle væsentlige risici og afkast forbundet med ejendomsretten til det underliggende aktiv og har i al væsentlighed den samme brugsret som før ordningen
b)
det primære formål med ordningen er at opnå en bestemt skattemæssig fordel frem for at overdrage brugsretten til et aktiv, og
c)
en option medtages på vilkår, som gør dens udnyttelse så godt som sikker (eksempelvis en put-option, som kan udnyttes til en kurs, som er væsentligt højere end den forventede dagsværdi på optionens udnyttelsestidspunkt).
6.
Definitionerne og vejledningen i 
begrebsrammens
 afsnit 49-64 finder anvendelse ved vurderingen af, om en separat investeringskonto og leasingforpligtelser er virksomhedens aktiver og forpligtelser. Følgende er eksempler på forhold, som samlet indikerer, at en separat investeringskonto og leasingforpligtelser ikke opfylder definitionen på et aktiv og en forpligtelse og ikke skal indregnes af virksomheden:
a)
virksomheden kan ikke disponere over investeringskontoen til egne formål og er ikke forpligtet til at betale leasingydelserne. Dette er eksempelvis tilfældet, når et forudbetalt beløb indsættes på en separat investeringskonto for at beskytte investor og kun kan anvendes til at betale investor, hvis investor indvilliger i, at leasingydelserne skal betales af midlerne på investeringskontoen, samt at virksomheden ikke kan tilbageholde udbetalinger til investor fra investeringskontoen
b)
det er meget usandsynligt, at virksomheden vil skulle godtgøre det fulde honorar fra en investor samt betale eventuelle yderligere beløb, eller virksomheden vil skulle betale beløb vedrørende andre forpligtelser (eksempelvis en garanti), hvis den ikke har modtaget honorar. Betaling er meget usandsynlig, når eksempelvis ordningens vilkår foreskriver, at et forudbetalt beløb skal investeres i risikofri aktiver, som forventes at ville frembringe tilstrækkelige pengestrømme til at dække leasingforpligtelser, og
c)
de eneste forventede pengestrømme tilknyttet ordningen, bortset fra de oprindelige pengestrømme ved ordningens indgåelse, er leasingydelser, som fuldt ud dækkes af udbetalinger fra den separate investeringskonto oprettet med de oprindelige pengestrømme.
7.
Ordningens andre forpligtelser, herunder eventuelle garantier og forpligtelser ved opsigelse før tid, skal, afhængig af ordningens vilkår, regnskabsmæssigt behandles i henhold til enten IAS 37, IAS 39 eller IFRS 4.
8.
Betingelserne i IAS 18, afsnit 20, finder anvendelse på forholdene for den enkelte ordning, når det fastlægges, hvorvidt et honorar skal indregnes som indtægt. Faktorer såsom om virksomheden fortsat har et engagement i form af fremtidige forpligtelser, som virksomheden skal opfylde for at modtage honoraret, om virksomheden har bibeholdt risici, vilkårene for eventuelle garantiordninger samt risikoen for, at honoraret vil skulle tilbagebetales, skal tages i betragtning. Følgende er eksempler på forhold, som hver især indikerer, at det er uhensigtsmæssigt, at virksomheden indregner hele honoraret som indtægt ved modtagelsen, hvis dette er ved ordningens indgåelse:
a)
forpligtelser til at udføre eller at afstå fra visse væsentlige aktiviteter er en betingelse for at opnå et honorar, og derfor er indgåelsen af en juridisk bindende aftale ikke den væsentligste handling, som ordningen kræver
b)
brugen af det underliggende aktiv er underlagt restriktioner, hvilket i praksis medfører, at virksomhedens mulighed for at anvende aktivet (eksempelvis forbruge, sælge eller stille det som sikkerhed) begrænses eller ændres væsentligt
c)
tilbagebetaling af en del af honoraret samt eventuelt et yderligere beløb er ikke usandsynlig. Dette kan eksempelvis være tilfældet, når:
i)
det underliggende aktiv ikke er et specialiseret aktiv, som virksomheden har brug for i driften, og der derfor er en mulighed for, at virksomheden vil betale et beløb for at opsige ordningen før tid, eller
ii)
virksomheden er forpligtet i henhold til ordningen eller har hel eller delvis frihed til at investere et forudbetalt beløb i aktiver, som er forbundet med mere end ubetydelig risiko (eksempelvis valuta-, rente- eller kreditrisiko). I dette tilfælde er det ikke usandsynligt, at investeringen vil være utilstrækkelig til at dække leasingforpligtelser, og der er derfor en mulighed for, at virksomheden vil skulle betale et vist beløb.
9.
Honoraret skal præsenteres i resultatopgørelsen på baggrund af dets økonomiske indhold og art.
OPLYSNINGER
10.
Alle forhold vedrørende en ordning, som af indhold ikke er en leasingkontrakt i henhold til IAS 17, skal tages i betragtning, når det skal vurderes, hvilke oplysninger der er nødvendige for at opnå en forståelse af ordningen og den valgte regnskabsmæssige behandling. For hvert regnskabsår, hvor en ordning løber, skal virksomheden give følgende oplysninger:
a)
en beskrivelse af ordningen, herunder:
i)
det underliggende aktiv og eventuelle restriktioner vedrørende brugsretten
ii)
ordningens løbetid og andre væsentlige vilkår
iii)
de forbundne transaktioner, herunder eventuelle optioner, og
b)
den regnskabsmæssige behandling af et eventuelt modtaget honorar, det beløb, som er indregnet som indtægt i regnskabsåret og den post i resultatopgørelsen, hvori beløbet er medtaget.
11.
De i dette fortolkningsbidrags afsnit 10 krævede oplysninger skal gives for hver enkelt ordning eller samlet for hver kategori af ordninger. En kategori er en gruppering af ordninger med underliggende aktiver af sammenlignelig art (eksempelvis elværker).
TIDSPUNKT FOR KONSENSUS
Februar 2000
IKRAFTTRÆDELSESTIDSPUNKT
Dette fortolkningsbidrag træder i kraft 31. december 2001. Ændringer i regnskabspraksis skal regnskabsmæssigt behandles i overensstemmelse med IAS 8.
SIC-FORTOLKNINGSBIDRAG 29
Oplysning — Koncessionsaftaler
HENVISNINGER
—
IAS 1 
Præsentation af årsregnskaber
 (ajourført 2003)
—
IAS 16 
Materielle anlægsaktiver (ajourført 2003)
—
IAS 17 
Leasingkontrakter (ajourført 2003)
—
IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
—
IAS 38 
Immaterielle aktiver (ajourført 2004)
PROBLEMSTILLING
1.
En virksomhed (koncessionshaveren) kan indgå en aftale med en anden virksomhed (koncessionsgiveren) om levering af tjenesteydelser, som giver offentligheden adgang til større økonomiske og samfundsmæssige faciliteter. Koncessionsgiveren kan være en statsejet eller privat virksomhed, herunder en offentlig myndighed. Som eksempel på områder omfattet af koncessionsaftaler kan nævnes vandrensnings- og forsyningsfaciliteter, motorveje, parkeringsanlæg, tunneler, broer, lufthavne og telekommunikationsnetværk. Som eksempel på områder, som ikke er omfattet af koncessionsaftaler, kan nævnes en virksomheds outsourcing af interne funktioner (eksempelvis kantine, vedligeholdelse af bygninger og bogholderi- eller informationsteknologifunktioner).
2.
En koncessionsaftale medfører normalt, at koncessionsgiveren overdrager følgende til koncessionshaveren i koncessionsperioden:
a)
retten til at levere tjenesteydelser, som giver offentligheden adgang til større økonomiske og samfundsmæssige faciliteter, og
b)
i visse tilfælde brugsretten til specifikke materielle, immaterielle eller finansielle aktiver
mod at koncessionshaveren:
c)
forpligter sig til i koncessionsperioden at levere tjenesteydelser i overensstemmelse med bestemte vilkå, og
d)
eventuelt forpligter sig til ved slutningen af koncessionsperioden at returnere rettigheder modtaget ved begyndelsen af koncessionsperioden og/eller anskaffet i løbet af koncessionsperioden.
3.
Det fælles kendetegn for alle koncessionsaftaler er, at koncessionshaver både modtager en ret og påtager sig en forpligtelse til at levere offentlige tjenesteydelser.
4.
Problemstillingen er, hvilke oplysninger der skal gives i noterne i henholdsvis koncessionshavers og koncessionsgivers årsregnskab.
5.
Nogle aspekter og oplysningskrav vedrørende visse koncessionsaftaler er allerede behandlet i eksisterende internationale regnskabsstandarder (eksempelvis finder IAS 16 anvendelse på anskaffelse af materielle anlægsaktiver, IAS 17 finder anvendelse på leasing af aktiver, og IAS 38 finder anvendelse på anskaffelse af immaterielle aktiver). Dog kan en koncessionsaftale omfatte kontrakter til senere opfyldelse, som ikke omhandles i internationale regnskabsstandarder, medmindre kontrakterne er tabsgivende. I så fald finder IAS 37 anvendelse. Derfor omhandler dette fortolkningsbidrag supplerende oplysningskrav for koncessionsaftaler.
KONSENSUS
6.
Alle forhold vedrørende koncessionsaftaler skal tages i betragtning, når det bestemmes, hvilke oplysninger der skal gives i noterne. Koncessionshaveren og koncessionsgiveren skal for hvert regnskabsår give følgende oplysninger:
a)
en beskrivelse af koncessionsaftalen
b)
væsentlige betingelser i henhold til aftalen, som kan påvirke beløb, tidspunkt og sikkerhed for fremtidige pengestrømme (eksempelvis koncessionsperioden, pristilpasningstidspunkter samt grundlaget for pristilpasning eller genforhandling)
c)
arten og omfanget (eksempelvis mængde, tidsperiode eller beløb, alt efter hvad der er relevant) af:
i)
brugsretten til specifikke aktiver
ii)
forpligtelser til at levere eller rettigheder til at forvente levering af tjenesteydelser
iii)
forpligtelser til at anskaffe eller opføre materielle anlægsaktiver
iv)
forpligtelser til at levere eller rettigheder til at modtage specifikke aktiver ved slutningen af koncessionsperioden
v)
rettigheder til forlængelse og opsigelse af aftalen, og
vi)
andre rettigheder og forpligtelser (eksempelvis hovedreparationer), og
d)
ændringer i aftalen, der er sket i regnskabsåret.
7.
De i dette fortolkningsbidrags afsnit 6 krævede oplysninger skal gives for hver enkelt koncessionsaftale eller samlet for hver kategori af koncessionsaftaler. En kategori er en gruppering af koncessionsaftaler vedrørende tjenesteydelser af sammenlignelig art (eksempelvis opkrævning af vejafgift, telekommunikation og vandrensning).
TIDSPUNKT FOR KONSENSUS
Maj 2001
IKRAFTTRÆDELSESTIDSPUNKT
Dette fortolkningsbidrag træder i kraft 31. december 2001.
SIC-FORTOLKNINGSBIDRAG 31
Omsætning — Byttehandler vedrørende reklameydelser
HENVISNINGER
—
IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
—
IAS 18 
Omsætning
PROBLEMSTILLING
1.
En virksomhed (sælger) kan indgå en byttehandel om at levere reklameydelser til en kunde (kunden) til gengæld for at modtage reklameydelser fra denne. Der kan vises reklamer på internettet, på offentlige steder, i tv eller i radioen, i blade eller et andet medie.
2.
I nogle tilfælde udveksles der ikke noget kontant beløb eller anden form for vederlag mellem virksomhederne. I andre tilfælde udveksles foruden reklameydelserne lige store eller omtrent lige store kontante beløb eller anden form for vederlag.
3.
En sælger, som leverer reklameydelser som led i den ordinære drift, indregner omsætning fra byttehandler ved reklameydelser i henhold til IAS 18, når, blandt andet, de udvekslede reklameydelser ikke svarer til hinanden (IAS 18.12), og omsætningen kan måles pålideligt (IAS 18.20a)). Dette fortolkningsbidrag finder kun anvendelse ved udveksling af forskelligartede reklameydelser. Udveksling af ensartede reklameydelser udgør ikke en omsætningsskabende transaktion i henhold til IAS 18.
4.
Problemstillingen er, i hvilke tilfælde en sælger pålideligt kan måle omsætningen til dagsværdien af modtagne eller leverede reklameydelser ved en byttehandel.
KONSENSUS
5.
Omsætning fra en byttehandel med reklameydelser kan ikke måles pålideligt til dagsværdien af modtagne reklameydelser. En sælger kan imidlertid pålideligt måle omsætningen til dagsværdien af de reklameydelser, denne leverer ved en byttehandel, hvis der kan henvises til handler, som ikke er byttehandler, og som:
a)
vedrører reklameydelser svarende til reklameydelserne i forbindelse med byttehandlen
b)
foretages jævnligt
c)
er væsentlige målt i antal transaktioner og beløb sammenlignet med alle transaktioner vedrørende reklameydelser svarende til reklameydelserne i forbindelse med byttehandlen
d)
omfatter kontanter og/eller anden form for vederlag (eksempelvis let omsættelige værdipapirer, ikke-monetære aktiver og andre ydelser) med en dagsværdi, som kan måles pålideligt, og
e)
ikke har den samme modpart som ved byttehandlen.
TIDSPUNKT FOR KONSENSUS
Maj 2001
IKRAFTTRÆDELSESTIDSPUNKT
Dette fortolkningsbidrag træder i kraft 31. december 2001. Ændringer i regnskabspraksis skal regnskabsmæssigt behandles i overensstemmelse med IAS 8.
SIC-FORTOLKNINGSBIDRAG 32
Immaterielle aktiver — Omkostninger ved udvikling af websider
HENVISNINGER
—
IAS 1 
Præsentation af årsregnskaber
 (ajourført 2003)
—
IAS 2 
Varebeholdninger (ajourført 2003)
—
IAS 11 
Entreprisekontrakter
—
IAS 16 
Materielle anlægsaktiver (ajourført 2003)
—
IAS 17 
Leasingkontrakter (ajourført 2003)
—
IAS 36 
Værdiforringelse af aktiver (ajourført 2004)
—
IAS 38 
Immaterielle aktiver (ajourført 2004)
—
IFRS 3 
Virksomhedssammenslutninger
PROBLEMSTILLING
1.
En virksomhed kan afholde interne omkostninger ved udviklingen og driften af en webside til interne eller eksterne bruger. En webside, som er udviklet til eksterne brugere, kan have forskellige formål så som at fremme og markedsføre virksomhedens produkter og tjenesteydelser, tilbyde elektroniske tjenesteydelser og sælge produkter og tjenesteydelser. En webside, som er udviklet til interne brugere, kan anvendes til at opbevare virksomhedspolitikker og kundeoplysninger og til søgning efter relevante oplysninger.
2.
Faserne i udviklingen af en webside kan beskrives som følger:
a)
Planlægning — omfatter forundersøgelse, definition af mål og specifikationer, evaluering af alternativer og præferenceudvælgelse.
b)
Udvikling af applikationer og infrastruktur — omfatter køb af domænenavn, køb og udvikling af hardware og operativsystem, installation af udviklede applikationer samt belastningstest.
c)
Udvikling af grafisk design — omfatter design af websiderne.
d)
Udvikling af indhold — omfatter produktion, køb, forberedelse og overførelse af information i form af tekst eller grafik til websiden, før udviklingen af websiden er afsluttet. Denne information kan enten opbevares i adskilte databaser, som integreres i (eller hvor der er adgang fra) websiden, eller som kodes direkte i siderne på websiden.
3.
Når udviklingen af en webside er afsluttet, indledes driftsfasen. I denne fase vedligeholder og forbedrer virksomheden applikationer, infrastruktur, grafisk design og indhold på websiden.
4.
Ved den regnskabsmæssige behandling af interne omkostninger ved udviklingen og driften af en webside til interne eller eksterne brugere er problemstillingerne følgende:
a)
hvorvidt websiden er et internt oparbejdet immaterielt aktiv, og bestemmelserne i IAS 38 finder anvendelse, og
b)
den korrekte regnskabsmæssige behandling af sådanne omkostninger.
5.
Dette fortolkningsbidrag finder ikke anvendelse på omkostninger ved køb, udvikling og anvendelse af hardware (eksempelvis webservere, staging-servere, produktionsservere og internet-forbindelser) for en webside. Sådanne omkostninger behandles regnskabsmæssigt i henhold til IAS 16. Når virksomheden afholder omkostninger til en internetudbyder, som hoster virksomhedens webside, indregnes disse omkostninger i henhold til IAS 1.78 og 
Begrebsrammen
, når tjenesteydelser modtages.
6.
IAS 38 finder ikke anvendelse på immaterielle aktiver, som besiddes af virksomheden med henblik på salg som led i det normale forretningsforløb (jf. IAS 2 og IAS 11) eller leasingkontrakter, som er omfattet af IAS 17. Dette fortolkningsbidrag finder derfor ikke anvendelse på omkostninger ved udviklingen eller driften af websider (eller webside-software), som besiddes til videresalg til en anden virksomhed. Når en webside leases i henhold til en operationel leasingkontrakt, anvender leasinggiver dette fortolkningsbidrag. Når en webside leases i henhold til en finansiel leasingkontrakt, anvender leasingtager dette fortolkningsbidrag efter første indregning af det leasede aktiv.
KONSENSUS
7.
En virksomheds webside, som er udviklet af virksomheden og anvendes af interne eller eksterne brugere, er et internt oparbejdet immaterielt aktiv, og bestemmelserne i IAS 38 finder anvendelse.
8.
En webside, som virksomheden selv udvikler, må udelukkende indregnes som et immaterielt aktiv, hvis virksomheden ud over at opfylde de generelle bestemmelser i IAS 38.21 om indregning og første måling opfylder bestemmelserne i IAS 38.57. Især kan virksomheden opfylde kravet i IAS 38.57d) om dokumentation af, at websiden vil kunne frembringe sandsynlige fremtidige økonomiske fordele, hvis websiden eksempelvis frembringer omsætning, herunder direkte omsætning, ved, at det er muligt at afgive ordrer via websiden. Virksomheden kan ikke dokumentere, at en webside, som udelukkende eller hovedsagelig er udviklet til at fremme og markedsføre virksomhedens produkter og tjenesteydelser, vil frembringe sandsynlige fremtidige økonomisk fordele, og som følge heraf skal alle omkostninger ved udviklingen af en sådan webside indregnes, når de afholdes.
9.
Interne omkostninger ved udviklingen og driften af virksomhedens webside skal regnskabsmæssigt behandles i henhold til IAS 38. Arten af hver aktivitet, som omkostningerne vedrører (eksempelvis uddannelse af ansatte og vedligeholdelse af websider), og websidens færdiggørelsesgrad eller efterfølgende modifikationsfase skal evalueres for at fastlægge den korrekte regnskabsmæssige behandling (appendikset til dette fortolkningsbidrag indeholder yderligere vejledning). Eksempelvis:
a)
planlægningsfasen er af samme art som forskningsfasen i IAS 38.54-56. Omkostninger, som afholdes i denne fase, skal indregnes, når de afholdes
b)
faserne, hvor applikationer, infrastruktur, grafisk design og indhold udvikles, er af samme art som udviklingsfasen i IAS 38.57-64, forudsat at indholdet udvikles med et andet formål end at fremme og markedsføre virksomhedens produkter og tjenesteydelser. Omkostninger, som afholdes i disse faser, skal medtages i kostprisen for en webside, som indregnes som et immaterielt aktiv i henhold til afsnit 8 i dette fortolkningsbidrag, når omkostninger direkte kan henføres til og er nødvendige for oprettelsen, fremstillingen eller udviklingen af websiden til den af ledelsen planlagte anvendelse. Eksempelvis skal omkostninger ved køb eller produktionen af indhold (bortset fra indhold med henblik på at fremme og markedsføre virksomhedens produkter og tjenesteydelser) specifikt for en webside eller omkostninger til at gøre indhold anvendeligt på websiden (eksempelvis et gebyr for en brugerlicens) medtages i udviklingsomkostningen, når denne betingelse er opfyldt. I henhold til IAS 38.71 må omkostninger til et immaterielt gode, som er indregnet som omkostning i tidligere regnskabsår, dog ikke indregnes som en del af et immaterielt aktivs kostpris på et senere tidspunkt (eksempelvis hvis omkostninger vedrørende copyright er fuldt ud afskrevne, og indholdet efterfølgende er lagt ud på en webside)
c)
omkostninger, som afholdes i fasen, hvor indhold udvikles, skal indregnes som omkostning i henhold til IAS 38.69 c), når de afholdes, forudsat at indholdet udvikles for at fremme og markedsføre virksomhedens produkter og tjenesteydelser (eksempelvis digitale fotos af virksomhedens produkter). Ved regnskabsmæssig behandling af omkostninger, som afholdes i forbindelse med tjenesteydelser, hvor der eksempelvis tages digitale fotos af virksomhedens produkter med henblik på en fremvisning heraf, skal omkostningerne indregnes i takt med, at tjenesteydelserne modtages i løbet af processen, og ikke når de digitale fotos lægges ud på websiden
d)
driftsfasen indledes, når udviklingen af websiden er afsluttet. Omkostninger, som afholdes i denne fase, skal indregnes som omkostning, når de afholdes, medmindre indregningskriterierne i IAS 38.18 er opfyldt.
10.
En webside, som indregnes som et immaterielt aktiv i henhold til afsnit 8 i dette fortolkningsbidrag, skal efter første indregning måles ved anvendelse af bestemmelserne i IAS 38.72-87. Det bedste skøn over websidens brugstid skal være kort.
TIDSPUNKT FOR KONSENSUS
Maj 2001
IKRAFTTRÆDELSESTIDSPUNKT
Dette fortolkningsbidrag træder i kraft den 25. marts 2002. Virkningen af anvendelsen af dette fortolkningsbidrag skal regnskabsmæssigt behandles ved anvendelse af overgangsbestemmelserne i den udgave af IAS 38, der blev udgivet i 1998. Dette medfører, at når en webside ikke opfylder kriterierne for indregning som et immaterielt aktiv, men det tidligere har været indregnet som et aktiv, så skal virksomheden ophøre med at indregne det immaterielle aktiv, når dette fortolkningsbidrag træder i kraft. Når websiden allerede eksisterer, og omkostninger ved dets udvikling opfylder kriterierne for indregning som et immaterielt aktiv, og det ikke tidligere har været indregnet som et aktiv, så må det immaterielle aktiv ikke indregnes efter dette fortolkningsbidrags ikrafttrædelsestidspunkt. Når en webside allerede eksisterer, og omkostningerne ved dets udvikling opfylder kriterierne for indregning som et immaterielt aktiv, og det tidligere har været indregnet som et aktiv og ved første måling er målt til kostpris, så anses det beløb, som blev indregnet første gang, for at have været korrekt opgjort.

Summary:
Internationale regnskabsstandarder vedtaget i Den Europæiske Union
RESUMÉ AF:
Forordning (EF) nr. 1126/2008 af 3. november 2008 om vedtagelse af visse internationale regnskabsstandarder i overensstemmelse med forordning (EF) nr. 1606/2002
HVAD ER FORMÅLET MED FORORDNINGEN?
Den fastlægger de 
internationale regnskabsstandarder
, der er vedtaget af EU. I henhold til en parallel forordning (forordning (EF) nr. 
1606/2002
 — 
Internationale regnskabsstandarder
), skal alle 
børsnoterede selskaber
*
 i EU, herunder banker og forsikringsselskaber, udarbejde deres koncernregnskaber i henhold til disse krav. 
 
Den erstatter og ophæver forordning (EF) nr. 
1725/2003
, der tidligere havde vedtaget visse internationale regnskabsstandarder.
HOVEDPUNKTER
Forordningen og efterfølgende ændringer omfatter:
27 internationale regnskabsstandarder, der spænder fra aflæggelse af regnskaber til låneomkostninger og immaterielle aktiver 
 
16 
internationale standarder for regnskabsaflæggelse
 vedrørende emner såsom selskabskombinationer og forsikringsaftaler 
 
19 fortolkninger fra 
International Financial Reporting Interpretations Committee
, der blandt andet omfatter retten til afkast fra dekommissionerings-, genopbygnings- og miljørehabiliteringsfonde 
 
8 fortolkninger fra Standard Interpretations Committee, herunder indførelsen af 
euroen
 og regeringsstøtte. 
 
Europa-Kommissionen
:
træffer afgørelse om anvendelsen af internationale regnskabsstandarder i Den Europæiske Union i samråd med 
Regnskabskontroludvalget
 
 
offentliggør en ændringsforordning, hver gang EU godkender en ny standard, der er udstedt af 
International Accounting Standards Board
.
HVORNÅR GÆLDER FORORDNINGEN FRA?
Den trådte i kraft den 2. december 2008.
BAGGRUND
Børsnoterede selskaber skal udarbejde koncernregnskaber i henhold til et samlet sæt internationale regnskabsstandarder. 
 
Standarderne har til formål at sikre gennemsigtighed og sammenlignelighed i virksomhedsregnskaber. Disse oplysninger bidrager til, at EU’s kapitalmarked fungerer effektivt og omkostningseffektivt. 
 
For yderligere oplysninger henvises til:
Regnskabsaflæggelse
 (
Europa-Kommissionen
).
VIGTIGE BEGREBER
Børsnoterede selskaber:
 selskaber hvis aktier omsættes på et reguleret marked.
HOVEDDOKUMENT
Kommissionens forordning (EF) nr. 
1126/2008
 af 3. november 2008 om vedtagelse af visse internationale regnskabsstandarder i overensstemmelse med Europa-Parlamentets og Rådets forordning (EF) nr. 1606/2002 (EUT L 320 af 29.11.2008, s. 1-481).
Efterfølgende ændringer af forordning (EF) nr. 1126/2008 er indarbejdet i grundteksten. Denne 
konsoliderede udgave
 har ingen retsvirkning.
TILHØRENDE DOKUMENTER
Europa-Parlamentets og Rådets forordning (EF) nr. 
1606/2002
 af 19. juli 2002 om anvendelse af internationale regnskabsstandarder (EFT L 243 af 11.9.2002, s. 1-4).
Se den 
konsoliderede udgave
.
Kommissionens forordning (EF) nr. 
1725/2003
 af 29. september 2003 om vedtagelse af visse internationale regnskabsstandarder i overensstemmelse med Europa-Parlamentets og Rådets forordning (EF) nr. 1606/2002 (EUT L 261 af 13.10.2003, s. 1-420).
Se den 
konsoliderede udgave
.
seneste ajourføring 02.05.2019